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The Financial Situation
IT WAS, of course, inevitable that as recent months in popular thought about agriculture than about
have passed the agricultural program of the almost any other economic question. This has been
Administration should be thrust more and more into true throughout the whole post-war period, and is
the limelight; inevitable because both of the major probably attributable to the fact that the farmers
political parties feel the need of capturing the so- of the country have organized themselves into politicalled rural vote, because the agricultural program cally powerful groups, with the result that sincere
of the Administration at many points unpleasantly but misguided popular leaders as well as demagogues
touches industry and trade, and because the con- are constantly before the people with quack remedies
stitutionality of the larger part of that program which they are able to make sound plausible to large
is being presented to the Supreme Court with the groups not well versed in economics and not given
probability that a final decision will be reached to careful thinking on their own account. But whatever the cause, the farmers of this country, as well
within the next month or two.
as a good many others we
Farm Problems to the Fore
are afraid, are being made
Human Progress vs. Human Liberty?
the victims of wholly unBut inevitable or not,
"When we disparage or discredit the power
sound programs which in
these issues have been
of democratic government to deal with our
the long run will do few any
much in the news during
present problems we are rejecting nothing
less and nothing more than the part which
good and will more often
the past week or two.
the people are to have in modern government.
than
not do serious injury
Numerous officials conwise
whether
it
is
fact,
considering
We are, in
to continue along the course of the past or
to those for whom they are
nected in one way or anwhether we shall in the interest of security
professedly formulated. It
other with the Administraand greater material advantage curtail the
is moreover true that polirights and liberties of the citizen. If this be
tion have been repeatedly
true, it must be upon the theory that the
cies of this sort are not conasserting of late that the
citizen, with his privileges and guarantees, as
fined
to any one political
embarrassprinciples"
of
the
"basic
found in our Constitution, is an
ment in the race for national supremacy. ...
party.
On the contrary,
farm program of the Ad"When it is proposed to curtail or limit
all
individuals and
nearly
ministration must be and
his
judgthe rights of the citizen and control
ments as to how he shell direct his business,
groups now making strenuwould be made a permayou are not changing our form of government
ous efforts to prepare for
nent part of the policies of
—you are destroying it. Once the dike of
constitutional restraint is opened and the
the political campaigns of
the. nation. This general
sea of arbitrary power which lies behind is innext year have their own
idea ran like a scarlet
vited in, the inundation of personal rights
particular farm panacea
thread through the address
and personal liberty will ultimately be full
and complete.
which may differ from the
of the President on Mon"There must be and there is something
others in detail (and at
day before the American
essentially unsound, politically and economically unsound, with this theory—this philosotimes in important particuFarm Bureau Federation
phy—that human progress is at war with
lars) but which none the
in Chicago,an address that
human liberty. . . .
"It has been demonstrated too often and
less seems to rest upon a
left his hearers in no doubt
in other lands is being demonstrated to-day
certain group of mistaken
that the Administration
that to curtail or destroy the power and rights
ideas about agriculture and
of the individual, to silence the popular voice
would proceed promptly to
contributes neither to human happiness nor
its part in our economic
formulate a substitute prohuman progress; contributes neither to peace
system.
gram of the general nature
nor to national power. It is a delusion; it is
a pretense."
of the present one should
There is no need for us to add to these
The New Deal Idea
the Supreme Court hold
admirable observations of Senator Borah
evening
last.
over
the
made
radio
Sunday
on
existing statutes unconThe official New Deal
They seem to us to afford a complete refutastitutional. The Secretary
philosophy,which incidenttion of both the New Deal with its regimentation and those who are saying that the only
of Agriculture, in his anally did not originate in its
alternative to the New Deal is dictatorship
nual report to Congress,
entirety with the present
in one form or another.
How fortunate the country would be if
made public early in the
Administration and which
Senator Borah's own program reflected stich
week, likewise came to the
certainly has a good many
wisdom as this at all points!
defense of the existing proadherents elsewhere, apgram in the course of an
pearsto be about asfollows:
exposition of the effect of past tariff policies upon For many years our system of protective tariffs has
agricultural exports, and therefore upon the welfare been devised for the benefit of the manufacturer
of the American farmer. The arguments before the only. Since industrial operations are for the most
Supreme Court during the week on cases brought part carried forward under conditions of relatively
to test the validity of the larger part of the agricul- concentrated control, it has not been difficult for
tural program of the Administration did not always business managers to control production jointly and
confine themselves strictly to the legalistic aspects to raise prices more or less at will, thus insuring
of these issues, but touched at several points upon profitability of operations. The agricultural products of this country have not enjoyed this tariff
their economic phases.
protection, either because the import duties have not
Muddled Ideas
been placed upon them or else because most of our
These various discussions have not by any means crops are raised in considerable part for export and
always hewed to the line. They have raised a number thus cannot benefit from tariff duties. Farm operaof false issues and have at times beclouded rather tions are, moreover, carried on by a very large number
than clarified basic principles. It often seems that of individually minded independent producers who,
fallacies somehow flourish more fully and live longer even under otherwise favorable circumstances, would
3736
Financial Chronicle
Dec. 14 1935
not be able to join effectively in collusive effort to factors which are rarely recognized
and even more
control production or prices. The result has been rarely mentioned. They are never referred to by polilow, prices and unprofitable operations for the ticians eager to obtain the vote of the farmer. Yet
farmer and high prices for those manufactured prod- they are deserving of very careful consideration on
ucts he buys. The remedy proposed grows directly the part of all who would understand the present sitfrom this analysis of the cause of present conditions. uation and who would do what may wisely be done
It consists in laying taxes upon that part of the to improve rural conditions. The American farmer
farmers' products domestically consumed, using the has become market minded, and his operations speproceeds of such taxes to pay what is called the cialized with markets in
mind,to an almost incredible
equivalent of a tariff on farm products directly to degree
during
the
past
two
decades. During this pethe producer, and at the same time making effective
joint agreements under government offices (or better riod the average American farm has changed from
still at government dictation) to control production. an enterprise designed primarily to produce most of
the necessaries for its owner and his family, with a
Applying a Hair of the Dog
"cash
crop" or crops for the purpose of providing
Echoes of this type of reasoning have been heard
from several quarters during the past week or two, funds for the purchase of the relatively small amount
including the President himself at Chicago on Mon- of goods not produced at home. To-day and for some
day. The trouble with it, or one of the most important years past, the "cash crop" has been the important
defects in it, is found in its resemblance to the old consideration, since it must now furnish funds to
remedy of applying a hair of the dog that did the buy an automobile,a radio,and various other modern
biting. We should be disposed to make a good many conveniences, while less and less attention is devoted
to stocking the larder with home grown products.
reservations to the general diagnosis of existing agricultural ills set forth above, but it is not necessary Several important results have emerged from this
to do so in order to show how ill chosen the remedy is process, but the most important, as far as the present
that grows out of this analysis. The tariff system discussion is concerned, is the fact that it has in a
very large degree placed the farmer at the mercy of
outlined and the tendency toward monopoly in industhe
markets, and made him a victim of the "business
try have often been roundly condemned,and we think
cycle"
in a degree never before the case with the
rightly so, by representatives of the farmers. The excessive protectionism of the past decade and a half, farmer rank and file.
Contemporaneously with this change, and perhaps
whatever artificial stimulus it may have given cerin part as a result of it, the farmer has permitted
tain industries, certainly has not been of service to
the country as a whole, and it is doubtful if any of himself to become greatly over-indebted. He therethe really sound American industries have received fore found himself when times grew difficult not
permanent benefit of any kind from it. Certainly only with new wants (now grown to be "necessities")
monopolistic practices have been of no real service calling for cash, but also with heavy debt charges to
either to industry or to the country as a whole. If carry which called for more cash. The farmer is thus
these programs have hurt the agriculturist, and we demanding not a restoration of time honored condithink they have, the obvious remedy lies in eliminat- tions, but an opportunity to operate in a manner that
ing them, not in applying the same harmful policies was as a rule unknown to him prior to the World
to agriculture. What some of the new-fangled no- War, and to live in a way that certainly he never
tions seem to advocate is subsidy to all groups in the dreamed of 20 years ago. He has adopted a new mode
of operations and insists upon a new standard of livpopulation, which of course would mean subsidy to
ing. Whether it is a higher standard of living as the
none, since no one gains when all are merely exchangpoliticians would have us believe depends upon defiing largesse among themselves.
nitions of terms. For our part we are not prepared
Out of the false notions such as those outlined in
to say that a farmer with an automobile, a radio, elecpreceding paragraphs, not only the New Deal protric lights, and a half dozen other modern convegrams as such but numerous other substitute proniences or luxuries (often not paid for), but facing
grams are now being brought forward, sometimes
many uncertainties as to whether he and his family
In old familiar forms and sometimes in slightly alhave and will continue to have sufficient food and
tered garb. Practically all of them are defended on warm
clothing, is better off than his father was withthe ground that industry has long been the recipient out
most of the modern conveniences but assured of
of political favors, and that the time has come when ample
food and good shelter.
corresponding favors ought to be Ranted to agriculThe Lean with the Fat
ture, although some special pleaders are fond of expatiating upon the "basic nature" or the "fundaBut of course the farmer is entitled to make his
mental importance" of agriculture, as though it, or own choice in these matters. The point is simply
any other branch of business, could be really "basic" that he must take the lean along with the fat. No
unless it is able to stand on its own feet and earn more than any other individual in the economic world
its own way. Of course the President and the others is he entitled to more than he can earn in a frees'
are on strong ground when they say that real pros- country where the government essays nothing more
perity depends upon a proper equilibrium in eco- than the maintenance of a fair field and no favors.
nomic life, including among other things a sound If he can produce goods which he can exchange in
balance between agriculture and industry, but the the markets of the world for all the manufactured
way, and the only way,in which such a balance can conveniences he wants, very good. But he must not
be attained and maintained is by -ridding both expect others to provide them for him, and above
industry and agriculture of all artificial restraints all neither he nor his spokesmen ought to set up the
and depriving both of special favors, leaving natural claim that there is some sacrosanct quality about
law to effect the adjustments necessary for the equi-- his business that entitles him to more than he can
librium desired.
earn. What is needed, apart from the withdrawal
A Neglected Factor
of the government from the business of subsidizing
But there are other important factors responsible the farmer and trying to run his business for him,
for the present plight of agriculture in this country, is simply an elimination of conditions such as those
Volume 141
Financial Chronicle
8737
imposed by exorbitant import duties, trade re- instruments, which now represent the sole interest
strictions, and monopolistic or semi-monopolistic of the banks in the metallic stocks. The excess depractices (including those of labor) which discrimi- posit of certificates probably represents both an adnate against the farmer. When that is done, the justment for previous delays and the retirement of
farmer along with everybody else will have to look National bank notes from circulation. Gold certifiafter himself.
cate holdings of the banks increased to $7,520,349,000
If we have dwelt upon this subject at some length, on Dec. 11 from $7,410,351,000 on Dec. 4. Other cash
it is because it is so much in the forefront of discus- increased nearly $10,000,000, and total reserves thus
sion to-day, is so'often misunderstood, and promises mounted to $7,773,249,000 from $7,653,520,000. Only
to play so important a part in the formulation of a small increase was noted in Federal Reserve notes
national policies in the future.
in actual circulation, the latest total being $3,653,741,000 against $3,648,243,000. Member bank deAnother Silver Episode
posits on reserve account moved up to $6,039,613,000
HE past week has produced another of those fanon Dec. 11 against $5,905,115,000 on Dec. 4, and
tastic episodes in the prosecution of our absurd
"other deposits" showed a small increase, but Treassilver buying policy, which according to the Secreury deposits on general account and foreign bank
tary of the Treasury has increased the government's
deposits both declined, so that total deposits insilver holdings by substantially more than 750,000,creased to $6,343,555,000 from $6,231,231,000. The
000 ounces. During most of the past week the trade
increase of reserves far overshadowed the added liawas under the impression that the Treasury was no
bilities, so that the reserve ratio was marked up to
longer in the markets for any important quantities
77.8% from 77.5%. In other respects the statement
of the metal. The result was of course a collapse and
remains routine. Discounts by the System moved up
consternation in these markets, where speculation
to $6,106,000 from $5,368,000, while industrial adhas been fattening for many months at the expense of
vances are reported at $32,790,000 against $32,the American tax-payer. Vague assertions made late
395,000. Open market holdings of bankers' bills inin the week at Washington that buying operations
creased $4,000 to $4,679,000, but United States govhad been "decentralized" did not serve greatly
ernment security holdings fell $10,000 to $2,430,to clarify the situation. The whole affair was no
171,000.
credit to the Treasury Department—any more than
Corporate Dividend Declarations
our entire silver policy is to the Administration that
gave birth to it. The sooner we can arrange to drop TN RECENT weeks many of the leading companies
this silver farce and dispose of our holdings the bet- .I. in a wide variety of industries have declared
ter for all concerned. But we fear there is small extra or special dividends or increased the quarterly
prospect of such a consummation in the near future. rates on their equity stocks. Among those companies
which took favorable action the present week were
Federal Reserve Bank Statement
the following notable instances: Youngstown Sheet
OR a long time past the chief characteristic of & Tube Co. declared a dividend of $1.37/
1
2a share on
the weekly condition statements of the 12 Fed- account of accumulations on the 5/
1
2% preferred
eral Reserve banks, combined, has been the evidence stock, $100 par value, payable Jan. 1; this will be
contained therein of rapidly increasing totals of idle the first payment on the shares since April 1 1932,
funds. The statement made available yesterday is when a regular quarterly payment was made. Singer
no exception to the rule. Due to continued large gold Manufacturing Co. declared a special dividend of $15
receipts from Europe and heavy expenditures of a share in addition to the usual extra dividend of
Treasury cash and funds on deposit with the Federal $2.50 and the regular $1.50 quarterly dividend, all
Reserve banks, member bank deposits with those in- payable Dec. 31. Pittsburgh & Lake Erie RR. destitutions on reserve account again increased sharply clared an extra dividend of $1 a share in addition to
in the week to Wednesday night. In the absence of the regular semi-annual dividend of $1.25 a share
any action to check the tendency, excess reserve on the capital stock, payable Feb. 1. United Shoe
deposits over requirements increased no less than Machinery Corp. declared an extra of $2 a share in
$130,000,000, and now are estimated at $3,310,- addition to the regular quarterly dividend of 62/
1
2c.
000,000. This figure is nearly seven times the amount a share.on the common stock, payable Jan. 6. J. C.
that was considered a dangerous upper limit before Penney Co. declared an extra dividend of $1.50 a
the current era of credit and currency manipula- share in addition to a larger quarterly of 75c. on the
tion. Many authorities now have pointed out the common stock, payable, in both cases, Dec. 31; predangers of the position and the need for early cor- vious quarterly dividends were 50c. a share. Amerrective measures through increase of reserve require- ican Brake Shoe & Foundry Co. declared an extra
ments or liquidation by Federal Reserve banks of dividend of 25c. a share in addition to the regular
United States government securities. Gold imports quarterly of like amount on the common stock, both
row are dwindling, and in the next week or two ex- payable Dec. 31. Midland Steel Products Co. decess reserves will decline sharply, owing to increases clared a dividend of 25c. a share on the common stock
of currency in circulation and payment in cash for a and another of 50c. a share on the $2 non-cumulative
large part of the $900,000,000 new Treasury securi- preferred stock, both payable Jan. 1, which will be
ties recently sold. But after the holiday period, idle the first distribution on either stock since Jan.1 1932,
funds will again tend to mount at a dizzying pace, when 75c. was paid on the common and 50c. on the
and it is earnestly to be hoped that practical steps preferred. Detroit Edison Co. declared an extra divithen will be taken to diminish, at least in some de- dend of$1 a share in addition to the regular quarterly
gree, the dangerously inflationary potentialities of of like amount, payable, in both instances, Jan. 15.
the unprecedentedly huge idle credit resources.
American Superpower Corp. declared a dividend of
In the week covered by the latest banking statis- $6.50 a share on the $6 cumul. 1st preferred stock,
tics, gold additions to the monetary stocks were re- payable Jan. 2, which will pay up all accumulations
ported at $59,000,000. But the Treasury deposited on the stock as well as the regular quarterly $1.50
with the gold certificate fund $109,998,000 of these due at that date.
T
F
3738
Financial Chronicle
Government Cotton Crop Report
HE final estimate of the cotton crop for this year
was placed at 10,734,000 bales by the Department of Agriculture in its final forecast for the year
issued at Washington on Monday of this week. The
indicated yield was placed at 407,000 bales below the
estimate issued in November. The yield for each
month since the first guess was made last August,
has been reduced every time. For the five monthly
reports made, from August to December inclusive,
the total decline in the cotton crop estimate has been
1,064,000 bales. The largest single reduction was
that made in the final forecast just issued. There will
be a further revision next March when the report of
the Census Bureau is issued showing the total
ginnings for this year's crop. It is generally the case
that the last mentioned figures are in excess of those
of the final estimate. The increase in some years has
been quite large.
The reduction in the final estimate this year as
compared with the November forecast was largely
due to conditions shown in Texas and Oklahoma,
which were reported as unfavorable to maturing and
picking of the late crop. These are the two States
where late picking, extending in some years late into
the spring, have increased late ginnings. The final
estimate this year of 10,734,000 bales compares with
the preceding year's harvest of 9,636,000 bales. The
harvested acreage this year was estimated at 27,331,000 acres and was only 1.3% greater than the area
harvested the preceding year. The area under cultivation on July 1 of this year was estimated at
27,872,000 acres. The yield per acre for the 1935 crop
was placed at 188 pounds against an average yield of
170.9 pounds last year. Ginnings to December this
year have reached a total of 9,362,000 bales which was
87.2% of the estimated yield of the year, against
9,020,000 ginned to Dec. 1 1934, the latter figure
being 93.6% of that year's total harvest.
T
The New York Stock Market
HE New York stock market developed a high
degree of irregularity this week, in good part
because of the universal uncertainty regarding the
silver purchase policy of the United States Treasury.
Unsettlement was especially pronounced in stocks
of mining companies with an interest in silver metal,
and the movement may well be regarded as salutary,
for it indicates clearly the extent to which such artificial factors as the egregious silver program of the
United States government affect the market. Other
sections of the list were affected only to a moderate
degree, but realization sales were general at times
and recessions for the week are to be noted in nearly
all prominent groups of stocks. There were, however, numerous new high records for the movement
and the year during the early sessions. The declines,
moreover, were offset in part by occasional rallies.
Trading on the New York Stock Exchange averaged
more than 2,000,000 shares in the full sessions, indicating continued public interest in stocks.
Share prices were well maintained last Saturday,
as the international situation gave evidence of improvement and an expectation existed of further
gains in business conditions here. The upward trend
was resumed during the first part of the session last
Monday, with stocks in general demand. Uneasiness
began to prevail, however, when it appeared that the
United States Treasury was no longer taking all
T
Dec. 14 1935
offerings of silver metal on the London market at its
pegged price. Copper stocks moved lower late on
Monday, since silver is an important by-product of
the copper mining industry, and other issues that are
directly affected also receded. Various specialties
moved sharply higher. In Tuesday's dealings the unsettlement increased and extended to nearly all
stocks. Copper and silver mining issues fell precipitately on reports that no bids whatever were available in London for silver. Although the Treasury
in Washington indicated that its general program
of buying under the Silver Purchase Act was to be
carried out, no information was available on the significance of the immediate developments. The
opinion gained ground that the Treasury preferred
withdrawal from the London market for the time
being because of the possibility that Chinese nationalization of silver might result in tremendous stocks
of the metal being thrown on the market. The recessions of 1 to 6 points in mining stocks soon occasioned sympathetic weakness in other departments
of the market, and losses of 1 to 3 points appeared
elsewhere. Sentiment improved somewhat on
Wednesday, partly because small purchases of silver
at reduced levels were resumed in London by the
Treasury. Mining stocks were firm until just before
the close, when another wave of selling developed
and carried levels off 1 to 4 points. Other groups of
issues were steady. With the silver position still
uncertain on Thursday, further recessions appeared
in the leading mining issues, but they were on a comparatiVely small scale. Oil stocks were marked
higher in that session, owing to reports of possible
price advances. Railroad shares were affected adversely when formal action was taken to reorganize
the St. Louis Southwestern (Cotton Belt) System
under Section 77. Other groups of stocks reflected
mild uncertainty. In a rather quiet market yesterday, prices were firm at first but liquidation soon
appeared in some volume and sizable recessions were
the rule at the close. A few specialties resisted the
general trend and closed higher.
In the listed bond market a fair degree of activity
was maintained all week, with high-grade securities
steady. United States government securities and the
leading utility, railroad and industrial bonds hardly
varied at all. Bonds that are selling far under par
value and therefore are of speculative interest were
in good demand at times, but periods of liquidation
also were noted. The speculative carrier issues were
affected by the reorganization proceedings of the
Cotton Belt System. In the foreign dollar list a
sharp advance developed in Italian bonds, owing to
the moves in Europe for quick settlement of the war
with Ethiopia on a basis favorable to Rome. Commodity price movements were uncertain most of the
week, but a sharp advance in grains developed yesterday. Silver, as already noted,fell in all markets because the Treasury altered its buying policy. Other
commodities showed only modest variations. In the
foreign exchange markets, strength was imparted to
French francs by the Parliamentary victories of Premier Pierre Laval,and other gold gold units also were
firm. Sterling was steady, along with the numerous
other units of the so-called sterling bloc. Silver currencies of the Far East dropped because of the developments affecting the white metal.
On the New York Stock Exchange 229 stocks
touched new high levels for the year and six stocks
touched new low levels. On the New York Curb Exchange 154 stocks touched new high levels and 18
Volume 141
Financial Chronicle
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged
at 3
/
4%.
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 1,318,720
shares; on Monday they were 2,507,730 shares; on
Tuesday, 2,341,299 shares; on Wednesday, 2,126,290
shares; on Thursday,2,135,760 shares,and on Friday,
1,893,584 shares. On the New York Curb Exchange
the sales last Saturday were 306,805 shares; on Monday, 527,630 shares; on Tuesday, 519,560 shares; on
Wednesday, 499,405 shares; on Thursday, 444,780
shares, and on Friday, 409,225 shares.
The market last Saturday, after shaking off some
of the lethargy that had characterized it on preceding
days, almost doubled its trading volume for the halfday session, and closed with prices moderately
higher. This spirit of confidence was short-lived, as
indecision marked the resumption of trading on Monday, with the entire market on Tuesday experiencing
unsettling effects due to heavy liquidation of mining
shares. A moderate firming up of prices was in evidence on Wednesday owing to the relaxation of tension with respect to the silver market, only to react
to lower levels on Thursday, due to a dearth of new
developments of a confident character. Yesterday
liquidation set in as the market got under way, and
substantial declines were recorded at the close. General Electric closed yesterday at 353
/
4 against 377
/8
on Friday of last week; Consolidated Gas of N.Y. at
30% against 32%; Columbia Gas & Elec. at 13%
against 14¼; Public Service of N. J. at 43 against
443
/
4; J. I. Case Threshing Machine at 97% against
100; International Harvester at 61/
1
4 against 62;
Sears, Roebuck & Co. at 65% against 66%; Montgomery Ward & Co. at 39 against 39; Woolworth at
4 against 5C), and American Tel. &
551/
Tel. at 154 exdividend against 1591/
4. Allied Chemical & Dye
closed yesterday at 155/
1
4 against 161% on Friday
of last week; Columbian Carbon at 933
/
4 against
933
/
4; E. I. du Pont de Nemours at 135/
1
4 against
1383
/
4; National Cash Register A at 21 against 221/
8;
International Nickel at 42% against 45%; National
" Dairy Products at 19% against 20; Texas Gulf Sulphur at 303
/
4 against 31%; National Biscuit at 321/2
against 34; Continental Can at82 against 907
/
8;Eastman Kodak at 1563
,4 against 1601/
4; Standard
Brands at 14% against 14%; Westinghouse Elec. &
Mfg. at 92/
1
4 against 92%; Lorillard at 241/
8 against
25; United States Industrial Alcohol at 45 ex-dividend against 48; Canada Dry at 13% against 13%;
Schenley Distillers at 51% against 53%, and National Distillers at 30% against 311/
4.
The steel stocks closed lower as compared with
Friday one week ago. United States Steel closed
yesterday at 46 against 47% on Friday of last week;
Bethlehem Steel at 463
/
4 against 48; Republic Steel
at 17% against 18%,and Youngstown Sheet & Tube
at 37 against 37%. In the motor group, Auburn
Auto closed yesterday at 363
/
4 against 39/
1
4 on Friday
of last week; General Motors at 54% against 54%;
Chrysler at 84% against 82%, and Hupp Motors at
21/2 against 2%. In the rubber group, Goodyear Tire
Sz Rubber closed yesterday at 20% against 213
/
8 on
Friday of last week; U. S. Rubber at 14% against
151/
8, and B.F. Goodrich at 11% against 12%. The
railroad shares followed the general trend of prices
and show losses for the week. Pennsylvania RR.
closed yesterday at 30% against 31%; Atchison Topeka & Santa Fe at 56 against 57%; New York
Central at 27 against 281/
8; Union Pacific at 106
3739
against 109%; Southern Pacific at 22% against
24%; Southern Railway at 123
/
4 against 147
/8, and
Northern Pacific at 21% against 23%. Among the
oil stocks, Standard Oil of N. J. closed yesterday at
483
/
8 against 48% on Friday of last week; Shell UniOn
Oil at 15% against 15, and Atlantic Refining at 243
/
4
against 24. In the copper group, Anaconda Copper
closed yesterday at 26% against 27% on Friday of
last week; Kennecott Copper at 277
/8 against 291/
8;
American Smelting & Refining at 56% against 62/
1
4,
and Phelps Dodge at 24% against 27%.
Trade and industrial indices suggest that a fair
degree of activity is being maintained in leading
lines. Steel ingot production for the week ending
to-day was estimated by the American Iron and
Steel Institute at 55.7% of capacity against 56.4% a
week ago. The drop of 0.7 points amounts to about
1.2% decrease in production. Electric power output
for the week ended Dec. 7 was 1,969,662,000 kilowatt
hours, according to the Edison Electric Institute.
This compares with 1,876,684,000 kilowatt hours in
the preceding week, which contained a holiday, and
with 1,743,427,000 kilowatt hours in the corresponding week of 1934. Car loadings of revenue freight for
the week ended Dec. 7 amounted to 637,133 cars, the
Association of American Railroads reports. This is
an increase of 66,706 cars over the preceding week
and of 85,648 cars over the same week in 1934.
As indicating the course of the commodity markets,
the December option for wheat in Chicago closed
yesterday at 101%c. as against 96c. the close on Friday of last week. December corn at Chicago closed
yesterday at 59%c. as against 583
/
8c. the close on
Friday of last week. December oats at Chicago
closed yesterday at 271/
8c. as against 243
/
4c. the close
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.00c. as against 12.20c. the close on
Friday of last week. The spot price for rubber
yesterday was 13.00c. as against 13.12c. the close on
Friday of last week. Domestic copper closed yesterday at 9/
1
4c., the same as on Friday of last week.
In London the price of bar silver yesterday was
26 7/16 pence per ounce as against 29 3/16 pence per
ounce the close on Friday of last week,and spot silver
in New York closed yesterday at 603
/
4c. as compared
with 653
/
8c. the close on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.93 as against
$4.923
/
4 the close on Friday of last week, and cable
transfers on Paris closed yesterday at 6.61c. as
against 6.60%c. the close on Friday of last week.
European Stock Markets
TOCK markets in all the leading European financial centers were dull this week, with trends
moderately uncertain. The more important changes
at London, Paris and Berlin were toward lower levels, partly because the international situation relating to Italy and Ethiopia became steadily more confusing. Traders and investors plainly desired some
clarification of trends before increasing commitments, and in these circumstances very little activity
was reported on any European exchange. Additional
uncertainty of a pronounced order was introduced by
the sudden and unexplained changes in the silver
buying procedure of the United States Treasury.
When bids for silver were lacking in London, Tuesday, huge supplies of that metal seemed to appear,
and the sharp recession in the price carried shares
of silver mining companies down too. Nor was there
S
3740
Financial Chronicle
any recovery on the hesitant resumption of Treasury
buying. The Paris Bourse again was dominated almost entirely by internal political developments, and
irregular upward and downward movements resulted from the varying views as to whether Premier
Laval would continue to receive support in Parliament. The Berlin Boerse was dull throughout, and
price movements were of little significance. Industrial trends in the foremost European countries are
proving less satisfactory, with the rosters of the unemployed on the increase. Latest British unemployment statistics reflect a rise of 2,172 during November, to an aggregate of 1,918,562. The unemployed
in Germany increased 156,000 in November to
1,985,000.
Dealings were small on the London Stock Exchange in the initial session of the week, as most interests preferred to await clarifying indications on
the international political situation. British funds
were dull and unchanged, but some of the industrial
issues were firm. Anglo-American trading favorites
improved on favorable week-end advices from New
York, but other issues in the international section
were soft. Activity on Tuesday again was restricted,
but the tone was better in gilt-edged issues, while
some good features appeared in the industrial group.
Home rail stocks were soft, and declines appeared in
the silver shares owing to uncertainty regarding
American policy. The international group was irregular. The sharp decline in the price of silver
metal dominated the London market, Wednesday,
with silver mining shares down precipitately. British funds receded slightly, and industrial issues also
softened. Gold mining stocks and international securities joined the decline. Little business was done
at London on Thursday, but the tone was firm. British funds improved fractionally, and small gains also
were recorded in industrial stocks. Silver and gold
mining shares regained a little of their previous
losses, but international issues were irregular. Small
declines were noted in most issues at London yesterday. Firmness prevailed, however, among mining,
home rail and international issues.
The Paris Bourse long has been subject to kaleidoscopic changes because of the difficult internal situation, and the session on Monday again demonstrated the influence of the political position. Rentes
and French equities receded, despite the vote of confidence given to Premier Laval late last week, and
international securities were in demand. Such cross
movements on the Bourse usually reflect a flight
from the franc. A decision by the French Senate to
postpone debate on fundamental policies caused an
advance in rentes on Tuesday. The Treasury announced a new issue of 2,000,000,000 francs 5% national defense bonds, due in 30 years, and priced at
95, but even this announcement failed to prevent
gains in securities already listed. French bank, utility and industrial stocks were firm, but a little selling
appeared in international securities. Trends were
reversed once again on Wednesday, when rentes and
French equities showed slight weakness. The international group also moved lower, owing to the universal unsettlement occasioned by the vacillating silver purchase policy of the United States Treasury.
In a dull session on Thursday, rentes showed early
firmness but lost their gains in a subsequent reaction.
Disappointment resulted from maintenance of the
6% bank rate, despite a diminution of gold exports,
and French equities also dipped. International securities were sluggish. A general but modest de-
Dec. 14 1935
cline developed on the Bourse yesterday, owing to
renewed uncertainty on political questions.
Modest liquidation of securities developed on the
Berlin Boerse in the first trading session of the current week, and as there was little demand, most issues drifted slowly lower. Losses were fractional in
almost all instances, for the selling pressure was not
acute. Fixed-interest issues fell with equities. The
opening on Tuesday was soft, but modest demand was
noted as the session progressed and previous levels
again were attained as the market closed. Transactions at all times were on a very small scale. The
dealings on Wednesday were so dull that many issues were not quoted throughout the session. Tendencies were weak, with utility stocks off more than
others. Lack of interest again was the only feature
of note on the German market, Thursday. Prices
continued to drift slowly downward, but as offerings
barely exceeded the modest demand changes were
measured in small fractions. Small fractional advances were reported in a very dull session yesterday.
Peace Negotiations
OMETHING of an international furore has been
occasioned by the latest efforts of British and
French representatives, acting jointly and in complete accord, to find a basis for settlement of the
Italo-Ethiopian war without further resort to sanctions. Sir Samuel Hoare, Foreign Secretary of the
British Cabinet, paid a visit to Premier Pierre Laval,
of France,last Saturday, and in a surprisingly short
space of time they announced agreement on terms
to be submitted tentatively to Italy and Ethiopia. Secrecy apparently was to be maintained regarding the
proposals, but it soon was reported on excellent authority in Paris that almost half of Ethiopia would
be turned over to Premier Benito Mussolini if the
plan proved acceptable. Keen resentment was expressed in England over this obvious "sell-out" of
the League, and lame attempts by the Baldwin
Cabinet to gloss the situation over merely added fuel
to the flames. In Geneva, also, great concern was
manifested. The peace proposals, nevertheless, were
formally submitted at Rome on Wednesday, and at
Addis Ababa on Thursday, by the respective envoys
of the British and French governments. The League
project of applying oil sanctions against Italy has
been postponed indefinitely, and a special meeting
of the League Council has been called, ostensibly to
consider some minor matters.
It may well be assumed that the latest peace proposals were elaborated with the full knowledge and
perhaps the approval of the Italian government.
British and French Foreign Office experts on Ethiopian affairs conferred for weeks in Paris, and it
is quite impossible that any of the conclusions
reached and subsequently endorsed by Sir Samuel
Hoare and Premier Laval should have remained unknown to any of the great Powers concerned. The
Anglo-French peace conversations were undertaken
at the apparent request of the League of Nations,for
when that body agreed to proceed with sanctions it
also voted approval of a Belgian suggestion to give
England and France negotiating powers. It was
pointed out in these columns at the time that the
League delegation of powers to negotiate received
little public attention, despite its obvious bearing
on the genuine intentions of the two governments
that dominate the League and determine its policies.
Rome dispatches now state that the latest proposals
were received cheerfully by the Italian government,
S
Volume 141
Financial Chronicle
but a demand for a connecting link between Eritrea
and Italian Somaliland may be made as a bargaining
point. Whether the plans will prove acceptable to
Emperor Haile Selassie is far more doubtful, but
resistance by that ruler seems unlikely if Britain and
France urge acceptance. Complicating the situation
is the possibility that the British government's suggestions to the Ethiopian Emperor may be determined in part by the reaction of the British public
to the scheme. Initial declarations by Emperor Haile
Selassie are said to be highly unfavorable.
Rumors that the British and French governments
were in complete accord were confirmed soon after
Sir Samuel Hoare arrived in Paris, last Saturday.
Premier Mussolini made a speech on the international
situation earlier that day in Rome, and it was noted
with surprise that bombastic utterances were conspicuously absent from that address. The Italian
Premier promised to resist any sanctions of the
League, but he made no threats. The British and
French spokesmen agreed, however, that they would
not regard the remarks of the Italian dictator in a
political light, and they issued a communication
stating that they were in accord. The precise extent
of the Anglo-French accord began to appear last
Sunday, when several Paris newspapers divulged the
tentative peace terms. The proposed arrangement,
called an "exchange" of territories, called for cession
to Italy of almost the whole of Tigre Province
in the north of Ethiopia, and transference of a huge
slice of southern Ethiopia, including a belt 250 miles
broad and 600 to 700 miles long, to an Italian corporation. These areas would include some of the
healthful highlands suitable for European colonization. The Ethiopians, in return, would receive an
outlet to the sea either through Eritrea or British
Somaliland, and they would receive full recognition
of the independence of what remained of the Ethiopian Empire. These proposals, which have not yet
been officially confirmed, promptly were reported
in the British press, and the British government,
with equal rapidity, was accused of having violated
its election promises to support the League to the
utmost. It was pointed out in England, as everywhere else, that the concessions to Italy far exceeded
the proposals of the League Committee of Five, which
it had been understood would not be exceeded.
The dismay felt generally in England on this matter was too widespread and too manifest to be disregarded even by the newly elected Conservative regime of Prime Minister Stanley Baldwin. It wag
intimated that Sir Samuel Hoare had far exceeded
his authority, and the Cabinet was said to be divided, with Captain Anthony Eden, Minister for
League of Nations Affairs, ready to resign. Whether
such intimations reflected the real situation or not
is not especially important. It is significant, however, that Captain Eden did not resign and that Sir
Samuel Hoare was not repudiated by the Cabinet.
The London correspondent of the New York "Times"
pointed out, Tuesday, that the government evidently
preferred violation of its pre-election pledges to repudiation of its Foreign Minister. Two slight modifications were made in the Anglo-French plans because of the perturbation caused by the disclosures,
it was said. A decision was reached to inform Emperor Haile Selassie of the nature of the proposals
at the same time that Premier Mussolini was "informed," and it was likewise agreed that discussion
of oil sanctions might proceed at Geneva while the
negotiations were in progress.
3741
Prime Minister Stanley Baldwin was roundly assailed in the House of Commons, but his apologies to
that body contained no hint of any change of heart.
He told the Commons that his lips "were not yet
unsealed," because the negotiations still were in
progress. He added, however, that if he were at liberty to speak he could make a case that would convince the Commons the government need not be
ashamed of the proceedings. The pledge that the British government would seek a-settlement acceptable to
Italy, Ethiopia and the League was repeated. Representatives of many small countries were at Geneva,
when the proposals became known, owing to the previous plan for voting oil sanctions against Italy on
Dec. 12. Anglo-French pressure for a delay in such
sanctions was successful, of course, but the small
nations were reported in revolt against the two great
Powers of Europe, and the sanctions committee insisted upon a full debate next Wednesday, when the
Council meets. Dispatches from the French capital
consistently have revealed the true trend of affairs
in the Italo-Ethiopian dispute, and it is especially
interesting,for that reason,to note a report of Thursday to the effect that all sanctions against Italy
might be abandoned if Ethiopia declined to accept
the Franco-British plan for peace. It seems clear
that the newest Anglo-French rapprochement involves some highly important considerations of a
strictly European nature, but no actual disclosures
so far have been made.
Military Stalemate
developments
of military importance have
EW
been noted in Ethiopia during recent weeks,
possibily because of the general belief that the' principal European nations will arrange the outcome to
suit themselves in any event. Airplane raids by the
Italian flying corps have constituted the principal
and almost the only noteworthy activity for more
than a week. The town of Dessie, where Emperor
Haile Selassie maintained his headquarters, was
bombed by a bristling array of Italian war machines
on Dec.6 and for a time it seemed that international
complications might follow. The Italian ;flyers
dropped their bombs without much discrimination,
for a hospital plainly marked with the American
flag was hit and damaged, while Red Cross tents also
were destroyed. As a result of the bombardment a
few Ethiopians were killed, including a number of
women and children, and the entire population was
terror stricken for a time. The Italian air raids were
repeated last Saturday and Sunday, but such activities thereafter were transferred to a more strictly
military section of the Somaliland front. Land
forces of Italy and Ethiopia continued to engage in
occasional skirmishes, and both sides claimed victories. The several commanders issued periodic
statements to the effect that they anticipated big
battles, but it may be doubted if the actual fighting
will increase until the results of the current negotiations by representatives of the British, French and
Italian governments are determined.
F
Naval Parley
of the naval armaments
discussion
ORMAL
problem was started in London last Monday
by representatives of the five leading naval Powers—
the United States, Great Britain, Japan, France and
Italy. Extensive preliminary exchanges had prepared the ground for the meeting and had demonstrated to the satisfaction of most experts that little
F
3742
Financial Chronicle
Doc. 14 1935
actually is to be gained from a formal gathering, but Davis added some brief remarks of his own to the
the impending termination of the Washington and effect that the views set forth in the letter still are
London treaties makes the conference necessary. In expressive of American aims, and he made it clear
their first brief declarations at the start of the cur- also that this country desires continuance of the
rent meeting, delegates of the various countries laid ratio principle of naval balance. Simple renewal of
down principles which are precisely in accord with existing treaties with such modifications as circumall previous indications and only on minor points stances warrant was the keynote sounded by the
were any surprises provided. It is apparent,for this American spokesman.
reason, that extreme difficulty will be experienced in
The Japanese attitude was made known in public
attaining even the appearance of general agreement statements issued at London in advance of the foron any fundamental point. The leading naval Pow- mal meeting. Japan denounced the Washington
ers have drifted ever farther apart on questions of treaty and has indicated with great emphasis that
policy in recent years, and the current extensive parity with Great Britain and America is desired,
building programs are one indication of the under- on the tonnage basis of the Japanese fleet. Admiral
lying trend. In these circumstances an agreement Osamu Nagana, head of the Japanese delegation, reon curtailment of naval strength is out of the ques- iterated these views in his statement at the start of
tion and is hardly ever mentioned, while extreme the London conference. Any new treaty, he said,
doubt exists even as to the likelihood of a limitation should be based upon the fundamental idea of setting
agreement of any significance.
up, among the great naval Powers, a common limit of
Speaking in behalf of the British government, naval armaments to be fixed as low as possible and
Prime Minister Stanley Baldwin welcomed the dele- which they shall not be allowed to exceed. Especially
gations graciously as they gathered at the conference desirable, it was added, is a drastic reduction of
table. It was noted that each Dominion of the Em- offensive forces. Charles Corbin, speaking for
pire had its own representative present, whereas in France, made it clear that his country would coformer naval gatherings leaders of the London gov- operate loyally in all armaments discussions, but he
ernment spoke for the entire British Commonwealth added that the French delegates must take into acof Nations. Mr. Baldwin urged all delegations to count the considerable distances of the French seamake their general views known at the initial ses- board and the extensive imperial responsibilities of
sion, and he proceeded to set the example. Continu- his country. The Italian Ambassador to London,
ance of both quantitative and qualitative limitations Dino Grandi, declared that his government wishes
is held important by the London authorities, he said. to avoid an armaments race and would do all in its
They would like to see a reduction in the sizes of all power to prevent unrestricted competition. "You
the larger types of ships and of the guns they carry, will appreciate," Mr. Grandi added, "that my govand they still press for the abolition of the sub- ernment is compelled to take carefully into account
marine. An international agreement along these the present situation which has been created by
the
lines undoubtedly would lead to great economies in attitude of many of the States belonging to
the
future naval construction, Mr. Baldwin pointed out. League of Nations in regard to my country. None
After a few mildly optimistic remarks, he disclosed the less, Italy, which has consistently promoted or
that France and Italy have agreed to accept rules supported all initiatives in the disarmament field,
for the treatment Of merchant ships by submarines comes to-day to this naval conference animated by
in time of war, provided such rules were set forth the same spirit of adherence to the principles of
in a treaty separate from the London accord. An limitation and reduction which she has so tenaciously
agreement to abide by the rules already is in force upheld for so many years." Tile conference began on
among Great Britain, the United States and Japan. Wednesday its consideration of the precise stipula"I am convinced," Mr. Baldwin said in conclusion, tions of each delegation. Japanese representatives
"that if all the countries here represented will be were the first to state their views in extended fashion,
prepared to yield a little of their maximum demands and reports immediately began to be circulated of an
for the sake of the general good, an agreement should impending deadlock.
be possible between us which will not only permit a
Premier Laval Sustained
reduction to be made in the total tonnages of naval
armaments throughout the world but will also add
IFFICULTIES experienced by the French govto the general sense of security."
ernment with regard to the armed Fascist
Norman H. Davis, spokesman for the American organizations of France were dissipated, for the time
delegation, accepted the invitation of the British being at least, when Premier Pierre Laval extracted
Prime Minister and proceeded to set forth once again promises from leaders of the Fascists that they
the view of this country that actual reductions in would disarm. The long expected debate on this
armaments should be effected. This he did by read- matter developed in the Parliament on Dec. 6 and
ing a letter of instruction sent to him by President continued until last Saturday morning. Leon Blum,
Roosevelt on Oct. 5 1934. "I ask you," the President Socialist leader, posed the question of transforming
said in that communication, "to propose at the first the semi-military organizations into unarmed groups
opportunity to the British and Japanese a substan- by promising that his own followers would renounce
tial proportional reduction in the present naval all resort to arms. Representatives of the "Fascist
levels. I suggest a total tonnage reduction of 20% Leagues" made similar declarations, and Premier
below existing treaty tonnage. If it is not possible Pierre Laval thereupon called for a vote of conto agree on this percentage, please seek from the fidence, in which he was sustained by 351 to 219 balBritish and Japanese a lesser reduction-15%, or lots. Whether this truce will last very long is a
10%, or 5%. The United States must adhere to the problem, and one that already is arousing doubts in
high purpose of progressive reduction. . . . Only France. Three bills were introduced by the governif all else fails should you seek to secure agreement ment to insure disarmament by the Fascists, and they
providing for the maintenance and extension of exist- were passed readily. But the Senate still must act
ing treaties over as long a period as possible." Mr. on the measures and a vigorous debate is anticipated
D
Volume 141
Financial Chronicle
next week. Meanwhile,resentment against the measures is said to be growing, and the ultimate result
of the French internal political difficulties remains
unpredictable. Efforts were made by the Cabinet
this week to insure speedy action by the Parliament
on the budget, but objections promptly were voiced
by various Deputies. In some reports from Paris it
is suggested that the French people are becoming
resigned to the thought of another devaluation of the
franc, although no one pretends fo know how this
might be accomplished.
Egyptian Affairs
ITATIO.N in Egypt against the virtually complete domination of that country's affairs by
Great Britain reached a point this week where even
the Egyptian Cabinet was involved, and as a consequence it appears that a return to the Constitutional
form of government first adopted in 1923 and several times abandoned once again will be permitted.
Rioting in Egypt was pronounced some weeks ago,
when the British government augmented its forces
there because of Italian troop concentrations on the
Libyan border. The agitation was renewed early this
week, and it was indicated on Tuesday that the Cabinet headed by Premier Tewfik Nessim Pasha would
resign in a body if the British government failed to
relax its opposition to restoration of the 1923 Constitution. The resignations were written out on
Wednesday, it seems, but on Thursday an announcement said that Constitutional government would be
. restored, and King Fuad promptly signed a royal
decree to that effect. Removal of the cause for the
resignation of the Cabinet was followed by withdrawal of the resignations, and the Cabinet will continue in office. Under the Constitution the conduct
of Egyptian internal affairs rests with the Senate
and Chamber of Deputies. But no change is effected
in the British control of Egyptian foreign affairs or
the military protectorate exercised by the London
government.
M
3743
sentatives that this would be unsatisfactory. The
nascent nationalism of China is finding expression
in strikes and demonstrations of students in Peiping
and other centers against the supine policy of the
Chinese leaders.
Cuban Politics
ACTIONAL strife in Cuba regarding the procedure for the coming general elections in that
island resulted in the resignation, last Wednesday,
of Provisional President Carlos Mendieta. Jose A.
Barnet, who was Secretary of State under Senor
Mendieta, automatically became President, and he
was confirmed in that provisional office late on
Thursday by the Electoral College. This change,
according to observers in Havana, will tend to adjust
difficulties anticipated in connection with the elections of Jan. 10. Colonel Mendieta was himself a
leader of one of the parties in Cuba, and some of
his opponents clamored for his resignation so that
every assurance would exist of an impartial election.
The powerful Democratic party, headed by former
President Mario G. Menocal, threatened to abstain
from participation in the general elections unless
Colonel Mendieta resigned. The several factions
appear to be content with the temporary incumbency
of Senor Barnet, who is a career diplomat with no
political affiliations. Of the 18 members of the Electoral College, 17 voted for Senor Barnet, and it is
understood the Provisional President's own vote was
the only one cast for another candidate. He promised
Cuba a "serene, impartial and disinterested administration."
F
Latin American Debts
OME brief but possibly significant indications
were made available this week that the external
debts of Bolivia and Colombia,long in complete default, now are being studied by both governments
with a view to resumption of debt service. It is obvious that Bolivia, exhausted by the long war with
Paraguay, could take only halting steps in that direcChina and Japan
tion as yet. Colombia, on the other hand, long has
ITH a persistence that is worthy of a better
been considered here in a position to make at least
cause, the Japanese military authorities in partial payments, for a favorable balance of trade is
northern China are pushing their endeavors to detach enjoyed by that country along with a substantial gold
large areas of China proper from that country and
output and internal peace. The Bolivian President,
add them to their previous areas of conquest. Pro-lose Luis Tejada Sorzano, intimated at a press contests voiced in London and Washington last week
ference in La Paz, Monday, that his government is
against clear violations of the Nine-Power Treaty
contemplating "normal" payments on external debts
apparently made some impression in Tokio, for there
as soon as possible. He pointed out that revenues of
was less pressure to form so-called autonomous
the government have increased of late. President
States in the territory that the Japanese plainly
Alfonso Lopez, of Colombia, referred to the Colomdesire to bring under their own influence. Negotiabian government's external debt on Tuesday, in the
tions are progressing, however, for the organization
course of an address before dignitaries of local govof local regimes that would prove very friendly to
ernment units of that country. In a report to the
Japan, while recognizing the sovereignty of the NanNew York "Times," he was quoted as saying that the
king government, for the time being in any event.
arrangement of the foreign debt is one of the probNew terms, such as "Political Affairs Councils," are
lems causing serious concern. "It seems clear,"
being invented for the nominally Chinese bodies inPresident Lopez added,"that we cannot forget what
tended to effect the changes. Delicately persuasive,
we owe and indefinitely not recognize the nation's
in the meantime, are huge mass-flights of Japanese and the States' obligations to foreign creditors.
airplanes over the city of Peiping and the adjacent Something must
be done because we cannot liquidate
area, which is strictly a part of old China. To the the situation by simply disregarding our obligations
west of Manchukuo, in Chahar Province, fighting is and renouncing the possibility of ever again resorting
reported between native troops and invading forces to credit."
of mixed Jpanese and Manchukuoan effectives, and
Discount Rates of Foreign Central Banks
the usual explanations are furnished of a need to
Efforts
order.
apparently are being made
maintain
HERE have been no changes during the week in
by the Nanking government to retain financial conthe discount rates of any of the foreign central
trol over the territory wanted by the Japanese, but banks. Present rates at the leading centers are shown
the latter are indicating through their military repre- in the table which follows:
S
W
T
Financial Chronicle
3744
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria- ___
Batavia-___
Belgium _ _ _
Bulgaria__
Canada____
bile
Colombia_ _
zechoslovaltia____
Danzig_._ _
Denmark_ _
England___
Estonla____
Finland__
France _ _ _ _
Germany..
Greece ____
Holland ___
Rate in
Effect
Data
Dec.13 Established
PreMoue
Rale
334
4
2
6
24
4
4
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
44
24
7
__
44
5
3.4
5
34
2
5
4
8
4
7
34
Jan. 25 1933
Oct. 21 1935
Aug. 21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Nov. 25 1935
Sept. 30 1932
Oct. 13 1933
Nov. 13 1935
44
6
24
24
534
44
5
5
7.4
4
Country
Rate fn
Date
Effect
Dec.13 Established
Hungary-__ 4
India3
Ireland _._ _ 3
Italy
5
Japan
3.65
Java
44
Jugoslavia. 5
Lithuania
6
Morocco
64
Norway
34
Poland_
5
Portug al_
4
Rumania _ _ 34
SouthAfrica 34
5
Spain
Sweden_ _ _ _ 24
Switzerland 24
Aug. 28 1935
Nov. 20 1935
June 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
May 15 1933
July 10 1935
Dec. 1 1933
May 2 1935
Prenous
Rate
4.4
312
34
44
3
334
04
7
44
4
6
534
6
4
5.4
3
2
Foreign Money Rates
IN LONDON open market discount rates for short
bills on Friday were Y
i% as against 9-16@%
on Friday of last week, and Y
i% for three-months'
bills as against %% on Friday of last week. Money
on call in London on Friday was %.At Paris the
open market rate remains at 7% and in Switzerland
at 2%.
Bank of England Statement
HE statement of the Bank for the week ended
Dec. 11 shows still another gain in bullion of
£923,280, which brings the total to £200,062,992,
the highest figure ever reported. However, as the
gain in gold was attended by an expansion of £5,363,000 in note circulation, reserves fell off £4,440,000. Public deposits decreased £231,000 and
other deposits £9,657,063. Of the latter amount
£9,324,146 was from bankers'accounts and £332,917
from other accounts. The reserve ratio dropped to
35.49% from 36.11% a week ago; last year the ratio
was 40.16%. Loans on government securitis decreased £5,205,000 and those on other securities
£223,462. The latter consists of discounts and
advances, which fell off £634,181 and securities which
rose £410,719. No change was made in the 2%
discount rate. Below are the figures with comparisons of previous years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Dec. 11
1935
Dec. 12
1934
Dec. 13
1933
Dec. 14
1932
Dec. 16
1931
410,931.000 393,221,328 381,891,433 372.256,239 363,534,400
Circulation
6,842.000 7.926,190 14,544,387 8,537,123 12,026,544
Public deposits
131,591,435 140,260,653 132,324,874 120.659.474 111.517,033
Other deposits
Bankers accounts_ 94,387.267 103,302,606 95,561,394 86,291.044 73,337,785
37,204.168 36,958,047 36,763,480 34,268.430 38,179,248
Other accounts_
Govt. securities_ _ _ _ 84,212,999 85,821,413 72,906,692 74,249,011 61.465,906
22,991,392 20,749,244 22,044.016 29.788,096 47,081,490
Other securities
Disct.& advances. 10.079.807 10,135.945 8,400,921 11,740,213 12,871,998
12,911,585 10,613.299 13,643,095 18,047,883 34,209,492
Securities
Reserve notes & coin 49,133.000 59,515,607 69,814,357 43,048,977 32,893.964
Coin and bullion_ - 200,062,992 192,736,935 191,705,790 140,305,216 121.428,364
35.49%
40.16%
Propor. of res. to Bab
47.53%
33.31% -26.62%
2%
2%
Bank rate
6%
2%
2%
Dec. 14 1935
respectively. Below we furnish a comparison of the
different items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Dec. 6 1935
Dec. 7 1934
Dec. 8 1933
Francs
Francs
Francs
Francs
—285,856,898 63,904,918,441 82,314,313,166 77,079.038,281
36,830,024
—89,000,000
10,325,915
16,793.263
Gold holdings
Credit bals. abroad_
a French commercial
bills discounted_ _ —919,000,000 10,084,245,214 3,256,950,686 3,830,515,212
b Bills bought abr.d
950,666,473 1,156,137,400
+17,000.000 1,296,980,831
Adv.against securs_ +125,000,000 3,391,130.319 3,219,810,386 2,898.828,657
Notes circulation... —758,000,000 81,688,710,695 81,289,897,005 80,903,947,370
Cred. cure. accts_... —550,000.000 11,637,799.667 20,551,999,350 16,519,082,879
Propor'n of gold on
hand to sight Bab
79.12%
+0.68%
70.62%
80.83%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE statement for the first quarter of December
shows an increase in gold and bullion of 126,000
marks, bringing the total up to 88,277,000 marks.
Gold a year ago aggregated 78,648,000 marks and
two years ago 397,752,000 marks. Reserve in foreign
currency, silver and other coin, notes on other
German banks and investments register increases,
namely 40,000 marks, 27,592,000 marks, 3,498,000
marks and 414,000 marks respectively. The Bank's
reserve ratio is now 2.31%, compared with 2.22%
last year and 11.7% the previous year. Notes in
circulation record a loss of 141,544,000 marks, bringing the total down to 4,044,580,000 marks. Circulation a year ago stood at 3,716,833,000 marks and the
year before at 3,455,858,000 marks. A decrease also
appears in bills of exchange and checks of 199,369,000 marks, in advances of 36,487,000 marks, in
other daily maturing obligations of 70,622,000 marks
and in other liabilities of 1,819,000 marks. Below we
furnish a comparison of the different items for three
years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and buthon
Of which depos. abroad
Reserve in foreign CurcBills of exch. and checks
Silver and other coin_ __
Notes on other Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes In circulation
0th.daily matur.obligOther liabilities
Propor, of gold & torn
CWT,to onto elrourn_
Dec. 7 1935
Dec. 7 1934
Dec. 7 1933
Retchsmarks Retchsmarks Retchsmarke
Retchsmarks
78,648,000 397,752,000
88.277,000
+126,000
21.204,000
21,034,000
No change
52,633,000
5.296,000
4,177,000
+40.000
5,838.000
—199,369.000 3.951.769,000 3,707,922,000 .003,474,000
+27.590,000 155,626,000 180,643,000 208,852,000
8,417,000
+3,498.000
8,762,000
7.764,000
41,695.000
—36.487,000
91,519,000
75.873,000
+414,000 661.602,000 756,331,000 529,000,000
—7,797,000 778,885,000 681,565,000 511,102.000
—141.544,000 4,044,580,000 3.716,833,000 ,455,858,000
—70,622.000 735,486,000 856,840,000 414,272,000
—1,819,000 290,417,000 312,597,000 246,374,000
+0.08%
2.31%
2.22%
11.7%
New York Money Market
ONEY market dealings remained on a very
small scale in New York this week. Idle
funds continued to accumulate and excess reserves
of member banks over requirements mounted to ever
higher levels. There was a little more demand for
accommodation, but it was trifling in comparison
Bank of France Statement
with the available supplies of money, and rates reHE statement for the week ended Dec. 6 again mained unchanged in all departments of
the market.
shows a loss in gold holdings, the current The Treasury sold last Monday an
issue of $50,decline being 285,856,898 francs. Gold now aggre- 000,000 discount bills due in 273 days, and awards
gates 65,904,918,441 francs, in comparison with were made at an average discount of 0.108%, com82,314,313,166 francs last year and 77,079,038,281 puted on an annual bank discount basis. Call loans
francs the previous year. A decrease also appears in on the New York Stock Exchange were 34% for all
credit balances abroad of 89,000.000 francs,in French transactions, whether renewals or new loans. Time
commercial bills discounted of 919,000,000 and in money was offered freely at 1% for all maturities up
creditor current accounts of 550,000,000francs. The to six months, with takers few and far between. LitBank's ratio is now 70.62%, compared with 80.83% tle activity was noted in commercial paper or banka year ago and 79.12% two years ago. Notes in ers' bills, rates being carried over.
circulation record a contraction of 758,000,000 francs,
New York Money Rates
bringing the total down to 81,688,710,695 francs.
Circulation last year stood at 81,289,897,005 francs
EALING in detail with call loan rates on the
Stock Exchange from day to day, 4
and the year before at 80,903,947,370 francs. Bills
3 of 1%
bought abroad and advances against securities register remained the ruling quotation all through the week
increases of 17,000,000 francs and 125,000,000 francs for both new loans and renewals. The market for
M
T
D
Financial Chronicle
Volume 141
time money shows no change, no transactions having
been reported this week. Rates are now quoted at
1% for all maturities. The market for prime commercial paper has been fairly active this week though
transactions have been restricted to some extent by
a short supply of higher grade paper. Rates are 4
3 %
for extra choice names running from four to six months
and 1% for names less known.
Bankers' Acceptances
THE demand for prime bankers' acceptances has
been exceptionally good this week, but transactions have been few due to the shortage of prime bills.
Rates are unchanged. Quotations of the American
Acceptance Council for bills up to and including 90
days are 3-16% bid and H% asked; for four months,
3..1% bid and 3-16% asked; for five and six months,
/% bid and 5-16% asked. The bill buying rate of
the New York Reserve Bank is M% for bills running
from 1 to 90 days, 4
3 % for 91- to 120-day bills, and
1% for 121- to 180-day bills. The Federal Reserve
banks' holdings of acceptances increased from $4,675,000 to $4,679,000. 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:
SPOT DELIVERY
Prime eligible bills
—180 Days— —150 Days— —120 Days—
Bid
Asked
Bid
Asked
Bid
Asked
34
'ii
34
sis
34
Prime eligible bills
—90Days— —60Days— —30Days—
Bid
Asked
Bid
Asked
Bid
Asked
ie
34Ns
34Ns34
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
34% bid
% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
an Francisco
Rate in
Ernst on
Dec. 13
Date
Established
Previous
Rate
2
I%
2
1%
2
2
2
2
2
2
2
2
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
2%
2
2%
2
2%
234
234
234
234
234
234
214
Course of Sterling Exchange
TERLING exchange is exceptionally steady.
Fluctuations are narrow and show hardly any
perceptible change from last week. Trading on this
side is limited, but the steady flow of funds to London
shows that the pound is in demand at other centers.
The practical cessation of United States Treasury
purchases of silver in the London market which have
hitherto been considered a supporting factor for
sterling is thus far without effect on foreign exchange
quotations. The French franc has firmed up to such
an extent that no support is required from the
British exchange control. The range for sterling this
week has been between $4.92% and $4.933 for
bankers'sight bills, compared with a range of between
$4.923/2 and $4.933/2 last week. The range for cable
transfers has been between $4.923A and .933A compared with a range of $4.925A and $4.93% a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
S
3745
market gold price, and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Dec. 7
74.562 I Wednesday, Dec. 11
74.62
Monday, Dec. 9
74.701 I Thursday, Dec. 12_74.
.5
60
1
Tuesday, Dec. 10
74.74 I Friday,
Dec. 13
LONDON OPEN MARKET GOLD PRICE
1415. 134d. I Wednesday, Dec. 11.._1418.
Saturday, Dec. 7
_
1418. Md. I Thursday, Dec. 12_ _1415. 2d.
Monday, Dec. 9
Tuesday, Dec. 10
1418.
I Friday,
Dec. 13_ _1418. lmd.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Dec 7
$35.00 I Wednesday, Dec. 11
$35.00
Monday, Dec 9_,
35.00 Thursday, Dec. 12
35.00
Tuesday, Dec. 10
35.00 I Friday,
Dec. 13
35.00
An outstanding feature of the financial situation
likely to have a bearing on foreign exchange as the
sharp drop in the price of silver in world markets on
Monday and Tuesday. It had been considered
hitherto that the heavy purchases of silver for
account of the United States Treasury were an
important factor in giving firmness to sterling.
Ample proof of the accuracy of this view was
afforded on several occasions a few months ago, as
for instance, when on Aug. 14 the Treasury acquired
in one day approximately 25,000,000 ounces of silver,
causing sterling to rise to $4.983/ from $4.973
4 at
the previous close. Frequently since then the
market has had evidence of excessively large purchases of silver in London for United States Treasury
account which were accompanied by sharp advances
in sterling in terms of the dollar, attributable to no
other cause than the Treasury transactions. Since
Aug. 14 silver purchases in London for United States
account seem to have averaged around $1,500,000 of
sterling daily, no small element of support considering the extremely low volume of business on commercial account.
Upon the withdrawal of the Treasury's agents on
Monday and Tuesday, accompanied by the sharp
decline in silver prices, there was not the least sign
of disturbance in the foreign exchange market.
Sterling continued steady. Trading was very light.
The steadiness was the more remarkable inasmuch as
there is every indication of a consistently good
demand for United States securities in the London
market. The conclusion to be drawn is that there
must be a large offsetting flow of funds to the
London market, either for investment or for safety.
On Wednesday the United States Treasury seemed
to have resumed purchases in the London silver
market, thus preventing a further erratic collapse in
the price, but according to the best obtainable information the total purchases on that day did not exceed
450,000 ounces, whereas for months purchases for
United States Treasury account ran between 2,000,000 and 3,000,000 ounces a day.
The steady daily purchases of gold in the London
open market, chiefly for account of foreign interests,
are an important factor giving steadiness to sterling
at this time, which is recognized as the peak of
seasonal pressure against the pound on commercial
account.
All London indices point to the continued upward
trend of domestic business in England with a consequent mood of confidence prevailing not only in
the City but throughout the country. At the end of
November the London clearing banks' deposits were
at a new high of £2,039,494,000, an increase for the
month of £3,820,000. The London bank clearings
increased between the first of January and the end
of November by 5%, or £1,647,942,000.
3746
Financial Chronicle
Owing to the low rates of interest now prevailing in
London for government issues and other gilt-edged
securities, and in view of the high taxation, investors
on the other side are turning to industrial securities.
The greater faith in industrials is justified by expanding profits, increasing dividends being reported daily
by companies representative of virtually all trades.
The banks and other large institutional investors are,
of course, still obliged to invest a large part of their
funds in gilt- edged securities. Owing to the increased trade activity, higher wages, and better
purchasing power, the Bank of England circulation is
much greater than a year ago.
Open market money rates are expected to firm up
fractionally during the holiday period, in view of
year-end settlements, but thus far there is no change
in these rates, and should firmness develop it will be
of the most temporary character. Call money
against bills is in supply at %%. Two- and threemonths' bills are 9-16% to %%,four-months' bills
%% to 11-16%,and six-months'bills 11-16% to %%.
All the gold available in the London open market
was taken for unknown destinations, chiefly for
hoarding with the London banks. On Saturday last
there was available £127,000, on Monday £226,000,
on Tuesday £506,000, on Wednesday £268,000, on
Thursday £195,000, and on Friday £266,000. On
Tuesday the Bank of England bought £515,057 in
gold bars; on Thursday £250,412.
At the Port of New York the gold movement for
the week ended Dec. 11, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,DEC. 5-DEC. 11, INCLUSIVE
Imports
Exports
$46,000,000 from France
4,437,000 from Holland
3,328,000 from Canada
804,000from India
None
117,000 from Russia
3,000 from Guatemala
$54,689,000 total
Net Change in Gold Held Earmarked for Foreign Account
Decrease: $496,000
Note—We have been notified that approximately $986,000 of gold was
received at San Francisco,of which $866,000 came from China and $120,000
came from Australia.
The above figures are for the week ended on
Wednesday. On Thursday $9,529,900 of gold was
received, of which $5,937,100 came from France,
81,694,000 from Canada, $1,552,000 from India,
$277,200 from Chile, and $49,600 came from England. There were no exports of the metal but gold
held earmarked for foreign account increased
$297,200. On Friday $3,049,300 of the metal was
received, of which $1,891,100 came from France,
and $1,158,200 came from Canada. There were no
exports of the metal or change in gold held earmarked
for foreign account. On Thursday it was reported
that $387,000 of gold was received at San Francisco
from China.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount of
13/8% to a discount of 13-16%.
Referring to day-to-day rates sterling exchange on
Saturday last was steady in extremely dull trading.
Bankers' sight was $4.92%@$4.93; cable transfers,
$4.92%@$4.93X. On Monday in limited trading
the pound was steady. The range was 84.92%@
,$4.93 for bankers' sight and $4.92%@$4.933/ for
cable transfers. On Tuesday sterling displayed a
slightly firmer undertone and narrow fluctuations.
Bankers' sight was $4.93®$4.933; cable transfers,
8. On Wednesday the market con$4.933'@$4.93/
Dec. 14 1935
tinued dull and sterling steady. The range was
$4.92%@$4.92% for bankers' sight and $4.92M ®
.92% for cable transfers. On Thursday sterling
was slightly easier. The range was $4.923@$4.92
for bankers' sight and .92/
8@$4.92/ for cable
transfers. On Friday sterling was slightly more
active. The range was .92%@$4.92% for bankers'
sight and $4.923@ .93 for cable transfers. Closing quotations on Friday were .92k for demand
and $6.61 for cable transfers. Commercial sight
bills finished at $4.92%; 60-day bills at $4.91%;
90-day bills at $4.919; documents for payment
(60 days) at $4.91%, and seven-day grain bills at
$4.921
/
1. Cotton and grain for payment closed at
$4.92%.
Continental and Other Foreign Exchange
RENCH francs are firmer, ruling ever since
Friday of last week at rates which preclude
further gold shipments from Paris to New York.
The greater firmness in the franc is due largely to a.
restoration of confidence in the internal political
situation in France as M. Laval seems to have
successfully reconciled opposing elements. The
improved tone is likewise attributed to a general
feeling that the Italo-Ethiopian conflict will not reach
European shores.
The Bank of France rediscount rate continues at
6%, to which point it was raised on Nov. 25. The
Paris market expected at least a full 1% reduction
in the rate on Dec. 11. While the reduction has been
deferred, it is still expected that the rate will be
rapidly lowered in the days immediately ahead,
barring unforeseen adverse developments.
The current Bank of France statement as of Dec. 5
shows a further loss in gold holdings of 285,856,898
francs. It is thought probable that the forthcoming
statement, for Dec. 12, may also show a loss of gold,
but the present decrease and any that may appear in
the Dec. 12 statement represents engagements of
gold made a few weeks ago. The current loss compares with the severe loss shown in the Nov. 29
statement of 2,834,237,571 francs and brings the
total loss of gold by the Bank of France in the past
seven weeks to approximately 6,121,000,000 francs.
While currently the spot franc is firmer, franc
futures are at a discount. Thirty-day francs fluctuated this week between 5 and 10 points discount,
while 90-day francs had a discount range of between
15 and 23 points. The wide discount on future
exchange indicates uncertainty, but the future franc
rate is very much improved as compared with the
Quotations prevailing a few weeks ago.
Belgas continue the strongest of the Continental
currencies reflecting the slow and steady improvement which has developed in the Belgian economic
situation. The statement of the National Bank of
Belgium for the week ended Dec. 5 shows a further
increase in gold holdings of 6,600,000 belgas, bringing the total gold stock to 3,486,700,000 belgas. The
bank's ratio of gold to circulation stands at 83.58%,
while its ratio of gold to sight liabilities is 67.36%.
Italian lire continue to be only nominally quoted,
but even the nominal quotation is sagging. Last
week Italian cable transfers were quoted at 8.10.
The rate this week was frequently at 8.08 and
ranged during the week between 8.08 and 8.10. No
official information reaches the market in regard to
the financial and economic position of Italy.
F
Financial Chronicle
Volume 141
The German foreign exchange situation continues
critical. Neither the active trade balance nor Germany's export trade as a whole render available
sufficient foreign exchange to enable Dr. Schacht to
meet his most urgent requirements. Practically all
Germany's foreign trade is on a barter basis. Of the
total German exports not more than 20% represents
straight sales against dollars, pounds, or any other
currency not subject to exchange restrictions. This
proportion. however small, requires still further
qualification. About one-half is earmarked for the
payment of interest on short-term "standstill" debts
(which is still transferred in cash to all countries), for
certain privileged debt payments, freight, insurance,
expenses of diplomatic and other agencies abroad.
Hence 10% of total export proceeds is all that the
Reichsbank can dispose of freely for the purchase of
goods which can not be bought from Germany's
clearing partners. This extreme restriction accounts
for the high, near par, quotations for the so-called
free or gold mark. The various blocked marks areat a severe discount.
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
Range
New Dollar
This Week
Parity
6.59% to 6.6114
6.63
16.84 to 16.88
16.95
8.08 to 8.10
8.91
32.67
32.40 to 32.49M
67.68 to 67.85
68.06
3747
and thus far, at least, there are no indications of
necessity for marking up the rate.
Bankers' sight on Amsterdam finished on Friday
at 67.72, against 67.91 on Friday of last week; cable
transfers at 67.73, against 67.92; and commercial
sight bills at 67.70, against 67.89. Swiss francs closed
at 32.433/i for checks and at 32.443/ for cable transfers, against 32.46 and 32.47. Copenhagen checks
finished at 22.01 and cable transfers at 22.02, against
22.00 and 22.01. Checks on Sweden closed at 25.41
and cable transfers at 25.42, against 25.41 and 25.42;
while checks on Norway finished at 24.76 and cable
transfers at 24.77, against 24.76 and 24.77. Spanish
pesetas closed at 13.69 for bankers' sight bills and at
13.70 for cable transfers, against 13.67 and 13.68.
XCHANGE on the South American countries
displays steady improvement and a greater
degree of freedom in the so-called unofficial markets.
The Argentine situation is particularly promising.
The Central Bank of Argentina's statement for
Nov. 30 shows ratio of gold reserve to notes in circulation of 145.4%, while the ratio to total sight
liabilities stands at 80.83%. A few days ago the
Argentine central bank discounted with 10 Argentine
commercial banks and banking institutions three
series of Argentine government short-term notes
aggregating 25,300,000 pesos, with interest rates
varying from 2% to 3%. Within a few days the
Department of Finance will authorize the National
Mortgage Bank to issue 50,000,000 pesos new
mortgage cedulas (internal bonds) bearing 5%
interest. Argentina is finding it both convenient
and easy to rely more on its own capital savings.
Argentine paper pesos closed on Friday, official
quotations, at 32.86 for bankers' sight bills, against
32.85 on Friday of last week; cable transfers at 32 8,
against 32 8. The unofficial or free market close was
27.40@27.45, against 27.50@27.55. Brazilian milreis, official rates, are 83-i for bankers' sight bills and
8.46 for cable transfers, against 83 and 8.45. The
unofficial or free market close was 5.55, against 5.55.
Chilean exchange is nominally quoted on the new
basis at 5.19, against 5.19. Peru is nominal at 24.82,
against 24.95.
E
The London check rate on Paris closed on Friday
at 74.51 against 74.57 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.60, against 6.593/i on Friday of last
week; cable transfers at 6.61, against 6.603/2; and
2. Antcommercial sight bills at 6.58, against 6.573/
werp belgas closed at 16.86 for bankers' sight bills
and at 16.87 for cable transfers, against 16.86 and
16.87. Final quotations for Berlin marks were 40.23
for bankers' sight bills and 40.24 for cable transfers,
in comparison with 40.26 and 40.27. Italian lire are
nominally quoted at 8.08 for bankers' sight bills
and at 8.09 for cable transfers, against 8.09 and 8.10.
Austrian schillings..closed at 18.83, against 18.80;
exchange on Czechoslovakia at 4.15, against
4.143
4; on Bucharest at 0.80, against 0.80; on
Poland at 18.90, against 18.88; and on Finland at
XCHANGE on the Far Eastern countries seems
2.183i, against 2.18. Greek exchange closed at
not to have been materially affected by the
0.933/ for bankers' sight bills and at 0.94 for cable
transfers, against 0.933/i and 0.94%.
sharp drop in silver prices in the London market, due
largely to recent legislation in Nanking and Hong
XCHANGE on the countries neutral during the Kong bringing the Hong Kong and Shanghai dollar
war presents no new features of importance. into close relationship with sterling exchange.
The Scandinavian currencies move in close sympathy Shanghai is now pegged to sterling at the rate of
with sterling. Holland guilders are relatively easy is. 23/
2d. per dollar. There are no positive indicathe
the
of
dollar although
Dutch situation tions from official sources that the United States
in terms
The
steady
improvement.
in dollar Treasury has permanently abandoned its world silver
softness
shows
relationship is partly seasonal but is due chie ly to purchases. Department of Commerce figures pubtransfers of Dutch funds to American security lished on Dec. 12 show that silver imports in Novemmarkets. The current statement of the Netherlands ber aggregated 87,729,568 ounces, which is the
bank shows an increase of 2,000,000 guilders in gold, highest in a long time and compares with 68,384,037
bringing the total stock to 630,100,000 guilders. The ounces acquired in October. Of the total imports in
gold cover is at 74.8%. Guilder futures are ruling November 79,375,684 ounces came from England,
at rather severe discounts in terms of the dollar, due clearly indicating the concentration there of silver
largely to the conviction that Dutch money will purchases by the Treasury. The magnitude of the
move into American investments for some time to November imports may have had a part in causing
come. These funds represent largely surplus ac- the Treasury to diminish its buying. Practically all
cumulations in Holland and can not be construed as the silver bought by the Treasury in London in
a flight from the guilder. The Dutch bank rate recent months represents metal smuggled from China
continues at 33/2%, where it was fixed on Nov. 13 despite thefact that death is the penalty for smuggling.
E
E
3748
Financial Chronicle
Closing quotations for yen checks yesterday were
28.77, against 28.75 on Friday of last week. Hong
Kong closed at 32h@32 5-16, against 33 9-16@,
33%; Shanghai at 29%@29%, against 29%@30;
Manila at 50.05, against 50.05; Singapore at)57.75,
against 57.90; Bombay at 37.24, against 37.22; and
Calcutta at 37.24, against 37.22.
Dec. 14 1935
criticism is rife and opposition is gathering headway,
to put the best foot forward and make as good a presentation of the case as possible. Mr. Roosevelt did
this with a good deal of popular effectiveness in his
speech on Monday before the convention of the American Farm Bureau Federation at Chicago. Unfortunately, however, he failed to answer some of the
Foreign Exchange Rates
most fundamental objections to the Administration's
URSUANT to the requirements of Section 522 farm program, and some of his claims
were rebutted
I
of the Tariff Act of 1922, the Federal Reserve in Secretary Wallace'
s annual report which was
Bank is now certifying daily to the Secretary of the made
public on Tuesday. The questions with which
Treasury the buying rate for cable transfers in the
the members of the Supreme Court bombarded Sodifferent countries of the world. We give below a
licitor General Stanley Reed on the same two days,
record for the week just passed:
in
the course of his arguments for the government
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
in the trial of the Agricultural Adjustment Act and
DEC. 7 1935 TO DEC. 13 1935 INCLUSIVE
Bankhead Cotton Control Act cases, were clear inNoon Buying Rate for Cable Transfers in New York
timation
s that the Administration's course might not
Country snd M
Value in Vatted States Money
Unit
prove
to
be all plain sailing. Add to these the rebuke
Dec. 7
Dec. 9 Dec. 10 Dec. 11 Dec. 12 Dec. 13
-whic
h
the
Home Owners' Loan Corporation received
Europe$
A ustt is,schillhag
.187616* .187833* .187866* .187916* .187966* .187966*
in the Wisconsin case, the outbreak of opposition
Belgium, belga
.168476 .168396 .168419 .168442 .168515 .168615
Bulgaria, ley
.013500* .013375* .013375* .013375* .013375 .013375*
which has greeted Major Berry's "greatest industrial
Czechoslovakia, krone .041445 .041425 .041421 .041420 .041482
.041464
Denmark, krone
.219987 .219950 .220108 .219863 .219816 .219925
conferenc
e ever held" at Washington, the refusal of
England, pound sterl'g 4.928916 4.927333 4.931168 4.924916
.923583 4.927500
Finland, markka
.021745 .021735 .021735 .021708 .021730 .021740
the
utility
holding companies to register with the
France. franc
.066050 .065951 .065968 .066020 .066115 .066108
Germany, reichsmark .402542 .402183 .402021 .402292
.402330 .402292
Securities and Exchange Commission, a further inGreece, drachma
.009412 .009400 .009385 .009390 .009390 .009385
Holland, guilder
.678385 .676992 .676685 .677121 .677500 .677307
crease in the cost of living from October to November
Hungary, pengo
.296260* .296250* .296250* .296250* .296125* .296125*
Italy, lira
.080950* .080900* .080850* .080841* .080800* .080791*
as reported by the National Industrial Conference
Norway, krone
.247570 .247533 .247716 .247425 .247350 .247518
Poland, zloty
.188420 .188480 .188500 .188480 .188620 .188580
Board, and the figures produced by William Green
Portugal, escudo
.044867 .044880 .044920 .044850 .044830 .044857
Rumania,leu
007975 .007875 .007875 .007862 .007862 .007868
showing
an unemployment total of 11,650,000 in OcSpain, peseta
.136783 .136671 .136635 .136739 .136903 .136928
Sweden,krona
254054 .254000 .254216 .253933 .253870 .254016
tober,
Switzerland, franc___ .324428 .324017 .323960 .324046
and
we have a situation over which the Admin.324400 .324453
Yugoslavia, dinar__ .022900 .022900 .022893
.022900 .022912 .022887
istration may well feel concern.
AsiaGhlnaThe account of the agricultural revival which
Chefoo (yuan) dol'r .296250 .295833 .295833
.293333 .292916 .293333
Hankow(ruan)dol'r .296666 .296250 .296250 .293750
.293333 .293750
Roosevelt gave at Chicago was, on the surface, highly
Shanghai(yuan)dol., .295937 .295625 .295625 .293541
.292916
.293333
Tientsin(yuan) dol'r .296666 .296250 .296250
.293750 .293333 .293750
Hong Kong, dollar_ .329375 .329062 .328750
encouraging. It described vividly the depression of
.327500 .316250 .318125
India, rupee
.371775 .371860 .372085 .371695 .371510 .371900
the
Japan, yen
farming industry before the New Deal took hold,
'.287130 .287215 .287480 .287275 .287110
.287190
Singapore (S. S.) dol'r .575625 .575625
.576875 .576250 .575625 .575625
Australasia-contrasted the conditions then with improved condiAustralia, pound
3.910937'3.911562'33134374'3.909375* 3.910625'3.912812*
New Zealand, pound 3.941250•
tions now, reiterated the aim to bring about parity
3.941875'3.943750'3.940312* 3.940937*3.943125*
AfricaSouth Africa. pound__ 4.874000•14.873250•4.8
between agricultural and industrial prices, pointed to
76250*
4.869000*4.8
4.870500•
73250*
North America....Mnada, dollar
increased
sales of farm machinery and automobiles
.988750 .988750 .989088 .988828 .988984 .991761
Cuba. peso
.999200 .999200
.999200 .999200 .999200
Mexico, peso (silver)_ .277675 .277675 .999200
as evidences of returning prosperity for the farmers,
.277675
.277675
.277675
.277675
Newfoundland, dollar .986250 .986250 .986562
.986437 .986562 .989375
South Americaand defended at some length the recent reciprocal
Argentina, peso
.328475* .328400. .328575* .328400* .328275 328325*
Brazil, milrels
tariff
.083813* .083920* .083920* .083916* .083920* .084170*
treaty with Canada. It also made clear the
Chile, peso
.050950• .060950* .050950* .050950* .050950* 350950*
Uruguay. peso
convictio
.802750• .802750* .801500* .802125* .802750 302750*
n of the Administration that without FedColombia, peso
.570600• .571500* .570600* .569800• .569000* .566600*
eral aid a restoration of agricultural health and
*Nominal rates; firm rates not available.
"balance" could not have been expected, and left no
Gold Bullion in European Banks
doubt of the purpose of the Administration to conHE following table indicates the amount of gold tinue in the way in which it has already
gone. It was
bullion (converted into pounds sterling at par distinctly an optimistic speech,phrased in Mr.Rooseof exchange) in the principal European banks as of velt's best manner and evidently intended to claim
Dec. 12 1935, together with comparisons as of the everything that could be claimed without appearing
corresponding dates in the previous four years:
to claim too much.
What was omitted, however, is quite as important
Banks of1935
1934
1933
1932
1931
as
what was included. There was no reference, for
£
£
£
£
£
England__ _ 200,062,992 192,736,935 191,705,790
example,
121,428,364
140,305,216
to the fact that the original Agricultural
France a__ 527,239,347 658,514,505 616,632,306 666.750,956 543,948,064
Germany b.
3.362,155
2,872,200
17,259,550
Adjustme
36,935,000
48,089,300
nt
Act was unconstitutional in so far as it
Spain
90,209,000
90,666,000
90,435,000
90,333,000
89,873,000
Italy
42,575,000
65,081,000
76,361,000
attempte
60,848,000
62,888,000
to
d
confer legislative power upon the ExNetherlands
52,342,000
70,308,000
76,681,000
75,096,000
86,049,000
Nat. Beig
99,431,000
71,513,000
77,744,000
73,074,000
74,290,000
ecutive
in
determination of rates of taxation, or
the
Switzerland
46,743,000
69,482,000
61,710,000
89,166,000
60,964.000
Sweden_
22,086,000
15,785,000
14,341,000
11,433,000
11,443,000
to the question of the constitutionality of processing
De
k
6.555.000
7,396,000
7,937,000
7,399,000
8,015,000
No ay
6,602,000
6,583,000
6,573,000
8.014,000
6,559,000
taxes which is now before the Supreme Court. Notheek_ 1
,07,404
1,250,937,640 1,236,839,646 1,273,573,172 1,097,327,728
ing
was said about the effect of the processing taxes
Y. w k_ 1,,16t,930,825 1,250,862,951 1,239,658,154 1.273.985.612 1.071.768.687
in raising the cost of food to consumers or the cost
re the gold holdings of the Bank of France as reported in the n,ew form
ent. b Gold holdings of the Bank of Germany are exclusive of g d held
of materials to manufacturers, or of the expanding
the amount of which the present year Is £1,051.700.
list of products to which such taxes, together with
An Administration on the Defensive
other restrictions, have been applied, or of the exIndications are multiplying that the Administra- traordinary authority given to the Secretary of Agtion, in spite of the protestations of its supporters riculture to extend the list under certain competitive
conditions. It was not to be expected that reference
that everything is going as well as should be expected,
would be made to the great number of Federal emis actually in a position where it has need to look to ployees needed
to administer the system or the politits defenses. There is a natural disposition, when ical machine which has thus been built up, but these
__um=
P
T
Volume 141
Financial Chronicle.
are nevertheless essential. elements in the picture.
Mr. Roosevelt was certainly within his rights in
making as strong and convincing a presentation of
the agricultural case as possible, but it is to be regretted that he did not accord more sincerity to his
critics. It was neither fair nor dignified to say that
"lifting prices on the farm up to the level where the
farmer and his family can live is opposed chiefly by
the few who profited heavily from the depression,"
that "it is they and their henchmen who are doing
their best to foment city people against the farmer
and the farm program," and that "it is that type of
political profiteer who seeks to discredit the vote in
favor of a continued corn-hog program by comparing
your desire for a fair price for the farmer to the appetite of hogs for corn." The Canadian treaty may or
may not have all the good effects that Mr. Roosevelt
predicted, but it was going far to declare that "dispensers of discord are saying that farmers have been
victimized" by the treaty "and are painting pictures
of a great flood of imports of farm products rushing
across the border."
On the question of parity, a subject to which Mr.
Roosevelt devoted much space in his speech,the President and the Secretary of Agriculture do not seem
to be in accord. "The true measure of farm prosperity," Secretary Wallace declares in his annual report,
"is the farm income rather than merely the relationship of farm prices to other prices. Scarcity conditions can raise prices almost indefinitely, but not incomes. By reducing acreage and live stock breeding
greatly the farmers could raise their prices still more
in relation to other prices, but they would penalize
consumers, cause a big drop in the consumption of
farm products and stimulate farm competition. Parity prices are not an end but a means. They are necessary, but they are not all that is necessary to establish a good rural-urban balance. Farm income is
a better criterion." His conclusion was that "it may
seem necessary to find some other definite basis for
determining what share of the national income
should go to agriculture." Elsewhere in his report he
declared that "in the long run the farm income depends on the buying power of consumers.... Before
agriculture can get an increased share, the national
income must be increased.. . . Until consumer incomes rise from their present levels, consumers are
not likely to spend much more for food and other agricultural products than they did this year."
The parity theory has been one of the underlying
principles of New Deal policy. The decision which
the Supreme Court handed down on Monday regarding the Home Owners' Loan Corporation Act struck
a fatal blow at another New Deal contention. An
amended provision of the Act, passed in the last session of Congress, authorized the transformation of
State loan and savings associations into Federal corporations, with the consent of 51% of the shares, notwithstanding any prohibitions of State laws. The
provision was contested by three Wisconsin institutions, subject under the laws of that State to regulation by a State agency and enjoying the status of
quasi-public corporations. The government argued
that the conversion was justified by the power given
to Congress to coin money and regulate its value, and
the authority given to State banks under the National Banking Act to become National banks with
the consent of two-thirds of their stockholders.
Chief Justice Hughes made short work of the Corporation's pretensions. The provision in question,
Ile declared, "Is an unconstitutional encroachment
3749
upon the reserved powers of the States." "The power
of transformation," if sustained on the ground that
State laws are inconsistent, is "not confined to
building and loan associations or savings banks or insurance companies or to members of the Home Loan
Bank,except by the adventitious features of this particular enactment. It extends in that view to monied
corporations generally, and even to other corporations if Congress chooses to convert them into creatures of the Federal government. Compulsion, by
hypothecy, being lawful, the percentage of assenting.
shares voted in a given instance or exacted by a given
statute assumes the aspect of an accident. Fifty-one
per cent is the minimum required here. Another Act
may reduce the minimum to 10% or even 1%, or
dispense with approval altogether." Thus, again, did
the Chief Justice find a New Deal pretension without
support in the Constitution, and put the Administration in a position where it needs to explain why
such a claim was ever made.
The opposition which broke out in the Berry conference had been long in developing, and only the
violence of its initial manifestation could have been
a surprise. There is a deep conviction among American business men and industrialists that organized
co-operation with the government, under whatever
form it may be attempted, will prove an entering
wedge for a return to the essential principles, if not
the methods, of the National Industrial Recovery
Act, and that it is for this purpose that the so-called
"skeletonized" National Recovery Administration
has been kept going. The revolt of business and industry against Federal control will be intensified
if the Administration gives its support to the labor
demands which William Green announced to the
conference on Tuesday, for among the demands are
found the shortened work week without reduction
of wages, collective bargaining, and reinforcement of
existing labor laws by the enactment of the °Mahoney Federal Licensing Bill. Taken in connection
with the contest in the courts over the Public Utility
Holding Company Act, there is evidence of more
widespread and determined opposition to the business policies of the Administration than there has
been at any previous time.
The significance of judicial dissent and popular
opposition is enhanced by the near approach of the
next session of Congress and the presidential campaign. That Mr. Roosevelt will make a strong defense of his policies and ask for their continuance
and extension goes without saying. If, however, the
Supreme Court in the interval sets aside, either as
a whole or in important parts, the Agricultural Adjustment Act, the Bankhead Cotton Control Act and
the Holding Company Act, the foundations of New
Deal policies will be so badly shaken as greatly to
endanger the whole structure. There are other
points, too, at which defense is needed. The country
will want to know why there are stilteleven or twelve
million of unemployed, why food prices continue to
rise, whether Treasury outlays are to be radically
curtailed with a view to balancing the budget,
whether Federal housing, admittedly a failure thus
far, is to continue on the program, whether the burden of old age pensions and unemployment insurance
is to be added to other financial burdens, and what
is to be done to rehabilitate the railroads. The Administration, in short, has reached a point where
there is imperative need of justifying its course. The
strategic situation has changed, and the once aggressive New Deal is now on the defensive.
3750
-Financial Chronicle
Dec. 14 1935
Morality and Expediency in World
have given the Cabinet pause, and Prime Minister
Baldwin's remarks in the House were not of a kind
Politics
There is something peculiarly shocking to the
moral sense in the Ethiopian "peace terms," socalled, that were made public in a general summary
on Monday and in an official text yesterday. In complete disregard, apparently, of Ethiopian opinion
and the declared policy of the League, the Foreign
Secretary of Great Britain and the Premier of
France have agreed upon a plan, intended to be endorsed by their respective governments and submitted to Premier Mussolini,under which more than half
of the territory of Ethiopia is to be given to
Italy as the price of an agreement to stop the war.
Both in the area of the territory which it is proposed
-o allot, and in the selection of the areas of which
Ethiopia is to be dispossessed, the proposal goes far
beyond the arrangement which was suggested to the
League some months ago, when it was hoped that
sanctions might be avoided, and beyond anything
that British and French experts who have been working on the subject at Paris are supposed even to have
considered. Part of the territory in question is
thought to be sterile and unhealthy, but another
large part is fertile and suitable for European colonization. In addition to the allotment of territory, the
plan is understood to give to Italy control of a port
in Eritrea which is to be assigned to Ethiopia, but
since the port is to be reached by a corridor through
Italian territory and the interior region which the
corridor touches will be in Italian hands, Italy can
take both the corridor and the port whenever it feels
strong enough to do so.
From whatever point of view the plan is regarded,
its provisions are amazing. Ever since the ItaloEthiopian controversy reached the stage where hostilities were imminent, it has been generally understood that Ethiopia would probably have to submit
to some deprivation of territory, and there have been
intimations from time to time that the Emperor
would be willing to agree to some cession. The HoareLaval proposal, however, gives Italy a good deal
more than Italy has ever asked for. The League of
Nations, having solemnly declared that Italy is the
aggressor, stands committed to the rejection of any
settlement to which Italy, Ethiopia and the League
do not agree. Now, in open disregard of both Ethiopia and the League, Great Britain and France plan
a settlement which gives Italy a bonus and wipes out,
to all intents and purposes, the stigma of aggression.
How the assent of either Ethiopia or the League was
to be obtained was not indicated, but the two Powers
evidently thought that their united pressure would be
sufficient to overcome any objections. For Italy, the
lure held out is a vast allotment of territory to which
neither Great Britain nor France has the slightest
legal or moral claim, and relief from present sanctions and others which the League might possibly
impose. For Ethiopia, the reward is the recognition
of "complete sovereignty and independence" in such
territory as will be left to it, and the privilege of
asking the aid of the League in carrying out "necessary and inevitable reforms."
To what extent the action of Sir Samuel Hoare
and Premier Laval registered the previous decisions
of their governments is not yet known. The first reports from London were to the effect that the British
Cabinet, while surprised and somewhat disturbed at.
the publication of the terms, would probably accept
them, but stormy debates in the House of Commons
and outspoken criticism in the country appear to
to do either him or his government any credit. It
is now reported that the plan may be modified, but
how the plan in any form can be reconciled with political morality is hard to see. Sir Samuel Hoare is
not so powerful a figure politically as to defy his
colleagues and deliberately take the diplomatic bit
in his teeth, and it will probably appear, when the
whole truth is known,that he acted with all needful
authority, that he and the Cabinet were chagrined
at the premature announcement of the scheme, and
that the revolt of public opinion was unexpected. No
great effort to read between the lines is required to
see that Captain Anthony Eden, who at first was reported to be so indignant that he meant at once t6
resign, yielded to official pressure in remaining in
office. If there was hope of acceptance by Ethiopia,
it has been dashed by the indignant denunciation of
the plan, in a formal statement by the Ethiopian
Minister at Paris, as bestowing a reward upon an
aggressor and ignoring the position taken by the
League.
An Ethiopian protest was to be expected, but the
most significant signs of revolt have appeared in the
League. Commenting some months ago upon the situation within the League, when the appeals of Ethiopia were being ignored and the Ethiopian delegate
was excluded from committee conferences, we
pointed out that the treatment which Great Britain
and France were then according to Ethiopia might
at any time be visited upon other small States if
controversies with larger Powers arose, and that
the protection which the Covenant was supposed to
offer to all League members was showing itself to be,
in the case of small or weak States, hardly more than
a form of words. One or two of the smaller Powers,
indeed, were reported at the time as feeling some
anxiety over their own possible future, but the British and French had control, and the later pressure
for sanctions banished for the time being, apparently, all thought of other dangers.
The announcement of the Paris plan changed the
situation overnight. Never since the League was
formed has so sharp a rift appeared among the member States. Spokesmen of the smaller Powers have
made no concealment of their resentment at the action of Great Britain and France in ignoring the
League and planning an unjust settlement, and their
words have been echoed in Canada, South Africa,
Poland and Soviet Russia. The halo which has surrounded the League has suddenly vanished, and in
place of an elaborate peace mechanism the League
appears as a war instrument which Great Britain
and, France have used for their own purposes, and
in which the smaller States serve only as pawns in
the diplomatic game.
Thanks to the resistance of the lesser Powers, two
things have been accomplished. The scheme of submitting the Paris plan to a small committee which
Great Britain and France would control has been
defeated, and a full meeting of the Council has been
called for next Wednesday to consider the plan and
decide what shall be done. Mr. Eden, meantime, has
declared that the plan was "neither definitive nor
sacrosanct." The proposals, he said, were "suggestions which,it is hoped, may make possible the beginning of negotiations. If the League does not agree
to these suggestions, we will make no complaint. Indeed, we would cordially welcome any suggestions
for their improvement." Whether this was a diplo-
Volume 141
Financial Chronicle
matic way of intimating that the two Powers would
be glad of a chance to back out of the matter, in view
of the storm which the proposals have stirred up, or
only a move to divert attention while negotiations
are being pressed, is not clear. The remarkable outbreak of public opposition in England, and the violent partisan attacks in France, seem to support the
former explanation. For the moment, however, the
League has called a halt, and the small States are
responsible for it. The two Powers will perhaps
think twice before inviting a wider and more vigor-
3751
ous opposition in which large States may openly join.
The motives which induced the extraordinary
Anglo-French proposals, while still a matter of conjecture, do not seem to be altogether obscure. The
proposal to add oil to the list of articles to which
sanctions would apply has aroused some serious misgivings, partly because such action would be certain
to intensify Italian hostility to the League and make
peace negotiations much more difficult, and partly
because the United States cannot be counted upon
(Continued on page 3755)
Gross and Net Earnings of United States Railroads for the
Month of October
we find that the output of motor vehicles was more
than double that of October 1934-275,021 cars as
against 131,991 cars—and moreover was the largest
on record for the month since October 1929. In October 1933 the number of cars turned out was 134,683,
up from 48,702 cars in October 1932 and 80,142 cars
in October 1931. In 1930 the output of automobiles
was 154,401 cars, and back in October 1929, 380,617
cars. There was also gratifying improvement in the
iron and steel industry. According to the statistics
compiled by the Iron and Steel Institute, production
of steel ingots reached 3,116,184 gross tons, or 110%
more than the 1,481,902 gross tons produced in October 1934. This, also, is the largest ingot output for
the month since 1929, the comparisons being 2,084,894
tons in October 1933, 1,087,058 tons in October 1932,
1,590,180 tons in 1931, 2,692,539 tons in 1930, and
4,534,326 tons in October 1929. In the case of pig
iron, the "Iron Age" reports that 1,978,411 gross tons
were produced in October the present year as against
only 951,062 tons in October 1934 and 1,356,361 tons
in October 1933. Back in 1932the output was 644,808
tons; in 1931, 1,173,283 tons; in 1930, 2,164,768 tons,
and in 1929, no less than 3,588,118 tons.
Turning to another industry—that of the mining
of coal—we find that while the soft coal output was
on a greatly increased scale, it having been the
largest since 1930, there was a decided falling off in
the case of the anthracite production. In October
the present year the quantity of bituminous coal
mined in the United States aggregated 36,697,000 net
tons as compared with only 32,807,000 net tons in
October 1934; 29,656,000 tons in 1933;32,677,000 tons
in 1932, and 35,700,000 tons in October 1931, but
comparing with 44,150,000 tons in October 1930 and
no less than 52,174,000 tons in October 1929. On the
other hand, the current year's output of Pennsylvania anthracite was only 4,271,000 net tons as
against 4,729,000 net tons in October 1934; 4,711,000
tons in October 1933; 5,234,000 net tons in 1932;
6,561,000 net tons in 1931; 7,443,000 tons in 1930, and
8,026,000 tons in 1929.
In the building industries greater activity was
decidedly pronounced. The F. W. Dodge Corp.
reports that construction contracts awarded in the
37 States east of the Rocky Mountains in October the
1935
Month of October—
1934
(+) Or .Dec. (—)
present year called for an expenditure of $200,237,385
Mileage of 144 roads
238,791
—1,406 0.59%
$340,891,477 6292,495,988 +548.095,489 16.44%
Gross earnings
863,700
as compared with $135,224,800 in October
232,039,557 211,456,713
Operating expenses
+20,582,844 9.73%
68.13%
72.29%
Ratio 01 expenses to earnings.
—4.16%
1934, or an increase of almost 50%. It is, moreover,
$108,551,920 $81,039,275 +327,512,645 33.95%
Net earnings
the largest total for the month since October 1931.
It is obvious, from what has been said, that im- The comparisons back to 1929 are: $145,367,200 in
provement in many aspects of trade and industry October 1933; $107,273,900 in 1932; $242,094,200 in
contributed to the gains in railroad earnings now 1931; $336,706,400 in October 1930, and $445,642,300
noted. As instances showing the industrial trend in October 1929. Lumber production, as might be
during the month under review, the statistics regard- expected, in view of the increase in the building
ing automobile production'me first in order. Here trade, also showed a large increase. According
Like other commercial indices, gross and net earnings of railroads now are reflecting a substantial
degree of recovery from the depression. The improvement is less marked, of course, than might be
expected in view of the gains to be noted in other
spheres of business, but that is due to fairly plain
causes such as the requirement of the Federal regulating authorities for exorbitantly high wage scales
and the ever-increasing competition of motor and
other carriers. These factors and the extremely
heavy taxation with which the railroads are struggling are preventing the chief carriers of the nation
from exhibiting that degree of resilience displayed
in some other aspects of the American business scene.
So serious are the still prevalent adversities that
directors of another great railroad, the St. Louis
Southwestern Railway Co., found it advisable on
Dec. 3 to vote for the suspension of interest payments due Jan. 1 next on various bond obligations.
With default by a railroad of such prominence more
than a possibility, it would be idle to claim that the
troubles of the principal carriers are over because
some increase now is shown in earnings. In one
sense the necessity for fairer treatment has been
recognized through passage of the Motor Carrier Act,
which now is being implemented, but this tendency
should be carried to much greater lengths.
Notwithstanding such considerations, it is plain
that the railroads shared in October to an enlarged
degree in the business recovery of the current year.
Gross earnings of 144 roads amounted to $340,591,477
in that month,against $292,495,988 in October of last
year, the increase being $48,095,48E, or 16.44%. Net
earnings, abnormally depressed heretofore, showed a
rebound to $108,551,920 from $81,039,275, a gain of
$27,512,645, or 33.95%. Due largely to the enforced
restoration or the high wage scales of the pre-depression years, operating expenses absorbed an undue
part of the increase of revenues, and this is a matter
of especial importance, since it may necessitate in
some instances a further deferment of repairs and
proper maintenance. But the improvement now to
be noted remains substantial, and it is likewise a
matter for gratification that analysis of the returns
by districts and regions discloses gains in every part
of the country.
3752
Financial Chronicle
to the figures compiled by the National Lumber
Manufacturers Association, an average of 577 identical mills for the five weeks ended Nov. 2 1935 show
a cut of 1,140,645,000 feet as against 717,798,000 feet
in the same five weeks of 1934. This is a gain of 59%
over last year and is 53% above the record of comparable mills during the corresponding period of
1933. Shipments of lumber in the same five weeks
aggregated 1,043,683,000 feet as compared with only
720,278,000 feet in the corresponding period of 1933,
an increase of 45%. Orders received,too,in the same
five weeks were on a greatly increased scale, having
been 1,015,558,000 feet as against 729,397,000 feet in
the similar period of 1934, or 39% higher than those
of 1934 and 42% above those of the corresponding
weeks of 1933.
As it happens, too the Western grain movement
was on a greatly enlarged scale in October the
present year than in the month a year ago-in fact,
it was the largest recorded for October in all recent
years. The increase extended to all the different
staples save corn, the movement of which was very
much smaller than in the month last year. We deal
in detail with the Western grain traffic in a separate
paragraph further along in this article, and will
therefore only note here that the receipts at the
Western primary markets of the five cereals, wheat,
corn, oats, barley and rye, combined, for the four
weeks ending Oct. 26 the current year reached
58,429,000 bushels as against but 38,772,000 bushels
in the corresponding four weeks of 1934; 44,874,000
bushels in the similar period of 1933; 54,991,000
bushels in 1932; 52,908,000 bushels in 1931; 55,888,000 bushels in 1930, and 74,025,000 bushels in
the same four weeks of 1929.
The best indication, however, of railroad traffic as
a whole is furnished by the returns showing the loading of revenue freight, as these deal with all classes
of freight and cover all parts of the United States,
and hence furnish a sort of composite picture of
freight traffic as a whole on the entire railroad system of the country. On that point the statistics compiled by the Car Service Division of the Association
of American Railroads show that for the four weeks
of October 1935 the loading of revenue freight totaled
2,881,924 cars as against only 2,534,940 cars in the
same period of 1934; 2,632,481 cars in October 1933,
and 2,534,048 cars in October 1932, but comparing
with 3,035,450 cars in October 1931; 3,817,786 cars
in 1930, and no less than 4,679,411 cars in the same
period of 1929.
With substantial increases in gross and net earnings alike, the distinctive feature of the returns for
the railroads of the country as a whole,so the returns
of the separate roads and systems are distinguished
for the same characteristic. Gains in both gross and
net, many of them of large size, in the case of virtually all the leading roads and systems, come from
all parts of the country and from all classes of roads.
The roads and systems distinguished in that way,
indeed, are so numerous that it would involve too
much time and space to enumerate them all, even in •
the case of the roads that outrank others in that
respect. We need, however, mention only a few
roads and systems to indicate the general tendency
toward a marked improvement as compared with the
poor results in October a year ago. Taking first the
Pennsylvania RR.and the New York Central System
(which head the list for increases in gross earnings),
we find that the former enlarged its gross of a year
ago in amount of $4,838,184 and its net earnings in
Dec. 14 1935
amount of $1,170,839, and that the latter increased
its gross earnings by $3,589,168 and its net earnings
in amount of $2,285,955. These figures cover the
operations of the New York Central and its leased
lines. Including the Pittsburgh & Lake Erie, the
result is an increase in gross earnings of $3,995,358
and of $2,474,845 in net. The Great Northern, with
a gain in gross earnings of $3,007,091, reports a gain
in net of $2,375,186; the Southern Pacific, with an
increase in gross of $2,807,526, shows a gain in net
of $1,653,064; the Baltimore & Ohio has added
$2,846,904 to its gross earnings and $1,099,753 to its
net earnings; the Union Pacific, with $2,111,059
increase in gross, has a gain in net of $1,121,776; the
Chesapeake & Ohio, with $1,961,354 increase in gross,
reports a gain of $1,498,264 in net; the Atchison Topeka & Santa Fe, with a gain of $1,917,728 in gross,
shows $873,815 increase in net; the Chicago Milwaukee St. Paul & Pacific, with $1,315,663 gain in
gross, has added $692,830 to its net, and the
Norfolk & Western, with an increase of $1,280,326
in gross, has enlarged its net by $1,438,766. In
the table we now present all changes are shown
for the separate roads and systems for amounts
in excess of $100,000, whether increases or decreases, and in both gross and net. It will be
observed that the Bangor & Aroostook is the only
road having a loss in gross earnings in excess of the
$100,000 limit, and that the same road, along with
the Long Island RR., the Central of New Jersey, and
the Lehigh Valley, are the only roads which have suffered losses in the net of $100,000 or over.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF OCTOBER 1935
Increase
Increase
Penns_ylvania
$4.838,184 Deny.& Rio Or. West'n.
313,090
New York Central
a3,589,168 Chic. New Orleans &
Great Northern
Texas Pacific
3,007,091
293,159
Baltimore & Ohio
2,846,904 Chic. R.I.& Pac.(2 rds.)
280,697
Southern Pacific(2 rds.)_ 2.807,526 Lake Sup. & Ishpeming..
261,941
Union Pacific (4 roads)-- 2,111,059 Bessemer & Lake Erie__..
258,290
Chesapeake & Ohio
1,961,354 Seaboard Air Line
257,547
Atchison Topeka & S. Fe 1.917,728 Yazoo & Miss. Valley__ _
246,155
Chic. Milw. St. P.& Pac. 1,315.663 Chic. St. P. Minn. &
Norfolk & Western
Omaha
1,280,326
238,934
Illinois Central
1,224,189 Atlantic Coast Line
237,541
Northern Pacific.i
1,183,999 Central of Georgia
231,243
Louisville & Nashville.- 1.107,536 Det. Toledo & Ironton
187,751
Pere Marquette
1,082,653 Col. & Southern (2 rds.)_
186,909
1,029,003 Mobile dr Ohio
175,981
Southern
876.528 Gulf Mobile & Northern_
Chic. Burl. & Quincy__
174,627
Erie (2 roads)
774.443 Chic. & Eastern Illinois_
172,266
739,829 Dela. Lack.& Western__
168,568
Grand Trunk Western
N.Y.N. H. dr Hartford_
639,946 Alton
165.371
Missouri Pacific
633.258 Spokane Portl. & Seattle
145,631
N. Y. Chic. & St. Louis_
132.242
631,712 St. Louis Southwestern_
Wabash
619,505 Texas & Pacific
123,764
Missouri-Kansas-Texas _
611,126 Chicago Indianapolis dr
122,462
Minn. St. P.& S.S.Marie
Louisville
601,584
Duluth Missabe & Nor__
600,860 Pittsburgh & West. Va....
104,753
104,051
Elgin Joliet & Eastern__ _
534,991 Kansas City Southern_ _ _
Wheeling & Lake Erie__
512.686 Los Angeles & Salt Lake_
100.025
Reading
451,933
Virginian
423,507
Total (67 roads)
$46.516,358
St. L. San Fran.(3 rds.)_
416,296
Pittsburgh & Lake Erie__
406,190
Decrease
Chicago & North West'n
404,205 Bangor & Aroostook_ _ _
$139,580
Western Pacific
333,751
Boston dr Maine
Total(1 road)
318,627
$139,580
a These figures cover the operations of the New York Central and the
leased Mies-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie. the result is an 1 acrease of $3,995,358.
PATS/CIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
OCTOBER 1935
Increase
Increase
$2,375,186 Denver & Rio Or. West'n
Great Northern
259,811
a2,285.955 St. L. San Fran.(3 rds.)_
New York Central
257.004
Southern Pacific(2 rds.)- 1.653.064 Atlantic Coast Line
234.324
1.498,264 Lake Sup. & Ishpeming_
Chesapeake & Ohio
232,31
1,438,766 Yazoo & Miss. Valley__
Norfolk & Western
212,481
1,170,839 Bessemer & Lake Erie__
Pennsylvania
205.935
1,121,776 Western Pacific
Union Pacific (4 rds.)
201,912
1.099,753 Wabash
Baltimore & Ohio
189,908
Northern Pacific
1.004,026 Pitts. & Lake Erie
188,890
905,551 Colo. & Southern (2 rds.)
Southern
145,390
Atch. Top. & Santa Fe
873,815 Detroit Toledo & Ironton
143,391
788,266 Texas & Pacific
Pere Marquette
129,521
Erie (2 roads)
719,809 Seaboard Air Line_ _ __
127,158
Chic. Milw. St. P.& Pac.
692,830 Chic. & Eastern Illinois_
123,650
Missouri-Kansas-Tex_ _
554,141 Chic. St. P. Minn. &
Omaha
N. Y. Chicago dr St. L
123,325
539,220
Dul. Missabe & Northern
515,011 Gulf Mobile dr Northern..
117,066
Minn. St. P.& S. S. M.
106,360
426,022 Central of Georgia
Missouri Pacific
421,352 Alton
102,972
Illinois Central
421,151
N.Y. N. H.& Hartford_
Total (55 roads)
$26.544.805
419.095
Grand Think Western__
363.287
357,453
Reading
Decrease
Chic. Burl. & Quincy_
342,809
$281,816
Virginian
327,159 Long Island
Louisville & Nashville_ _
304,706 Central of New Jersey.153,198
Elgin Joliet & Eastern _
291,454 Bangor & Aroostook_ _ _ 124,403
Wheeling & Lake Erie_ _ _
269,599 Lehigh Valley
119.029
Cinn. New Orleans &
Total (4 roads)
Texas Pacific
$678,446
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central
Cincinnati Northern and Evansville Indianapolis dr Terre Haute. Including Pittsburgh & Lake Erie. the result is an increase of $2,474.845.
When the roads are arranged in groups or geographical divisions, according to their location, as is
our custom, the favorable character of the showing as
compared with October last year is brought out very
strikingly by the fact that all three districts-the
Eastern, the Southern and the Western-including
all the several regions grouped under these various
districts, record gains in both gross and net earnings
alike. As previously explained, we group the roads
to conform to the classification of the Interstate
Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
SUMMARY BY GROUPS
Gross Earnings
District and Region
1934
Month of October
1935
Inc.(+)or Dec.(-)
$
S
Eastern District$
%
12,228,930
+998.638 8.17
New England region (10 roads)____ 13,227,568
Great Lakes region (24 roads)
+8,419,911 15.41
63,044,725 54,624,814
Central Eastern region (18 roads).- 66.920,243 56,764,461 +10,155,782 17.89
Total (52 roads)
Southern DistrictSouthern tegion (28 roads)
Pocahontas region (4 roads)
143,192,536
Total(60 roads)
Total all districts (144 roads)
123,618,205
39,877,462 134,413,674
21,643,756
17,922,085
61,521,218
Total (32 roads)
Western District46,868,603
Northwestern region (16 roads)__
Central Western region (20 roads). 63,349,601
25,659,519
Southwestern region (24 roads)
+19,574,331
15.83
+5.463,788 15.88
+3,721,671 20.77
52,335,759
+9.185,459 17.55
38,643,793
54,879,362
23,018,869
+8,224,810 21.28
+8,470,239 15.43
+2,640,650 11.47
135,877.723 116,542,024
+19,335,699 16.59
340,591.477 292,495,988
+48,095,489
16.44
Net Earnings
District and Region
1934 inc.(+)or Dec.(-)
1935
Month ofOctober -Mileage---Eastern District$
$
$
1935
1934
%
New England region__ 7,098
7,142 3,488,477 3,238,129 +250,348 7.73
Great Lakes region_ 26,726 26,869 18,110,680 12,824.669 +5.286.011 41.22
Central Eastern reg'n_ 25,044 25,080 21,306,292 17,857,985 +3,448,307 19.31
58,868 59,091 42,905,449 33,920,783 +8,984,666 26.49
Total
Southern District7,023,530 +3,181,260 45.29
Southern region
39,097 39,301 10,204,790
'Pocahontas region_ _ _ 6.014 6,035 10.918,725 7,608.658 +3,310,067 43.50
Total
Western DistrictNorthwestern region__
Central Western reg'n
Southwestern region__
Total
3753
Financial Chronicle
Volume 141
45,111 45,336 21,123,515 14,632,188 +6,491.327 44.36
48,272 48,519 16,984,962 11,243,304 +5,741,658 51.07
54.820 55,158 20,388,401 16,002,876 +4,385,526 27.41
30,314 30,687 7,149,593 5,240,125 +1,909.468 36.44
133,406 134,364 44,522,956 32,486,304 +12036,652 37.05
Total all districts____237,385 238,791 108,551,920 81,039.275 +27512,645 33.95
NOTE-Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England Region-Comprises the New England States.
Great Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region-Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River. and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova. W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region-Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va..
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region-Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region-Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
We have already pointed out that Western roads
(taking them collectively) had the advantage of a
very much larger grain traffic than in October last
year-in fact, the largest for the month since 1929.
With the single exception of corn (the movement of
which was on a greatly reduced scale as compared to
a year ago), all the different cereals, in greater or less
degree, contributed to the increase, the gain in the
ease of wheat and of oats having been particularly
pronounced. Thus for the four weeks ending Oct. 26
1935, receipts of wheat at the Western primary markets aggregated 26,329,000 bushels as compared with
only 12,221,000 bushels in the same four weeks of
1934; of corn, only 8,156,000 bushels as against
15,304,000 bushels; of oats, 11,874,000 bushels as
compared with 4,256,000 bushels; of barley, 9,093,000
bushels as compared with 5,488,000 bushels, and of
rye, 2,977,000 bushels as compared with 1,503,000
bushels. Altogether, the receipts at the Western primary markets of the five items, wheat, corn, oats,
barley and rye, during the four weeks ending Oct. 26
the current year aggregated 58,429,000 bushels as
against only 38,772,000 bushels in the same four
weeks of 1934; 44,874,000 bushels in the same period
of 1933; 54,991,000 bushels in 1932; 52,908,000 bushels in 1931, and 55,888,000 bushels in 1930, but comparing with 74,025,000 bushels in the corresponding
period of 1929. In the subjoined table we give the
details of the Western grain movement, in our usual
form:
WESTERN FLOUR AND GRAIN RECEIPTS
Barley
Oats
Corn
Wheat
4 WIrs.Ended Flour
(bush.)
(bush.)
(bush.)
(bush.)
(bbts.)
Oct. 26
Chicago810.000
1935-.. 945,000 1,890,000 2,957,000 2.059,000
868,000
895,000
1934__-- 819.000 1,066,000 3,182,000
Minneapolis399,000 2,749,000 3,448,000
10,572,000
1935_
542,000 1,405,000
1,180,000
4,228,000
1934__
Duluth1.717.000
2,896,000
57,000
1935____4,658,000
657.000
241,000
16,000
2,306,000
1934____
Milwaukee164,000 2,394,000
235,000
11,000
1935--80,000
293,000 1.945,000
361,000
428,000
51,000
1934-Toledo9,000
730,000
68,000
1935----673,000
118,000
470,000
493,000
104.000
1934_
Detroit125,000
85,000
18,000
175,000
1935____
120,000
110,000
32,000
120,000
1934_
Omaha
Indianapolis &
5,000
1,617,000
1935-_--2,151.000 1,387,000
364,000
3,332,000
652,000
1934_
Si. Louis186,000
472,000
1,148,000
600,000
470,000
1935.._
153,000
528,000
906,000
630.000
1934_-_- 468,000
Peoria86.000
1935___ 156.000
166,000
1934__-- 145,000
Kansas City3,769,000
62,000
1935____.
45,000 1,361,000
1934____
St. Joseph-_
1935--424,000
199.000
1934____
Wichita603,000
1935____
531,000
1904_
Sioux City169,000
1935_ 21,000
1,674,000
1,364,000
208,000
69,000
520,000
3,998,000
441,000
322,000
113,000
530,000
321,000
327,000
33,000
53,000
4,000
45,000
95,000
246,000
128,000
50,000
Rye
(bush.)
804,000
914,000
911,000
178.000
866.000
10.000
18.000
7,000
24,000
4,000
1.000
28,000
82,000
266,000
17,000
3.000
224,000
218,000
167,000
93,000
175,000
4,000
17.000
Total all1935____ 1.713,000 26,329.000 8,156,000 11,874,000 9,093,000 2,977.000
1934____ 1,528,000 12,221,000 15,304,000 4,256,000 5,488,000 1.503,000
Flour
Jan. 1 to
(Ibis.)
Oct. 26
Chicago-.
1935____ 7,702,000
1934___- 7,324,000
Minneapolis1935__
1934Duluth1935_
1934_
MilwaukeeI935__ - 700,000
1934.- 646,000
Toledo1935_
1934__
Detroit1935._
1934Indianapolis & Omaha
34,000
1035____
1934_ _
LoutsSt.
1935.- 4,910,000
1934____ 5,082,000
Peoria1935-- 1,581,000
1934____ 1.723,000
Kansas City1935__.- 606,000
1934_ __ _ 480,000
St. Joseph1935__
1934_ _
Wichita1935_
1934
Sioux City1935_
1934.___
Wheat
(bush.)
Corn
(bush.)
18,221.000 20,535,000
20,204,000 54,256,000
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
15,338,000 5,826,000 4,342.000
11,820,000 8,737.000 6,403.000
50.742,000
37.538,000
2,532,000 23,363,000 18,707.000 3,572,000
7,190,000 20,226,000 2,693.000
15,594,000
16,539.000
20,977,000
107,000 12,833,000 5,471,000 2.231,000
524,000
1,410,000 4,516.000
4,263,000
4,148,000
3,242,000
4,440,000
7,878,000
1,930,000 12,841,000
1,589,000 13,488,000
87,000
444,000
10,969,000
10,061.000
883,000
1,288,000
3,965,000
4,348,000
148.000
168,000
69.000
178,000
1,081,000
1,058,000
156,000
405,000
727,000
667,000
909,000
895,000
481,000
322,000
21,438,000 14,048,000
20,630,000 33,648.000
10,938,000
6,854.000
32.000
23,000
615,000
1.140.000
12,872,000 8,407,000
16.836,000 12,365,000
5,193,000
4,519,000
1,142,000
839,000
139,000
217.000
1,066,000 11,571,000
1,416,000 13,473,000
1,840,000 2,411,000 1,747.000
800.000
1,976,000 2,293,000
42,694.000 13,881,000
36,592,000 22,053,000
3,297,000
1,514,000
3,519,000
3,157,000
1,460,000
5,504,000
1.918,000
1,617.000
12,988,000
14,999,000
150,000
1,214,000
89,000
153,000
3,000
2.000
2,000
1,251,000
872,000
565,000
2,033,000
689,000
209.000
693,000
104.000
66,000
10.000
Totalall1935____15,533,000 197,528,000 78,735,000 82,120,000 48,180.000 13,351,000
1934-15.255.000 187,580.000 173.974,000 43,866,000 51,292,000 12,733,000
On the other hand, the Western livestock movement appears to have been considerably smaller
than in October 1934. At Chicago the receipts embraced only 9,917 carloads in October the present
year as against 14,679 carloads in October last year;
at Omaha but 4,605 cars as compared with 6,359 cars,
and at Kansas City only 5,692 cars as against 8,561
cars.
As to the cotton traffic in the South, this was on a
greatly increased scale so far as the port movement
3754
Financial Chronicle
of the staple is concerned, but fell far below that of a
year ago in the case of overland shipments of cotton.
These latter aggregated only 78,705 bales in October
the present year as against 97,379 bales in October
1934 and 89,836 bales in October 1933, but comparing
with 58,566 bales in October 1932; 74,219 bales in
October 1931; 78,670 bales in October 1930, and
84,965 bales in October 1929. Receipts of cotton at
the Southern outports in October the current year
reached 1,676,620 bales as compared with only
961,203 bales in October last year; 1,614,061 bales in
October 1933, and 1,562,157 bales in October 1932.
Going further back, however, comparison is with
2,149,633 bales in October 1931; 2,090,822 bales in
October 1930, and 2,314,730 bales in October 1929.
In the subjoined table we give the details of the port
movement of the staple for the past three years:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER 1935, 1934
AND 1933, AND SINCE JAN. 1 1935, 1934 AND 1933.
Month of October
Etna Jan. 1
Ports
Galveston
Houston, &o
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Chrhiti
Lake Charles
Brunswick
Beaumont
Jacksonville
Total
1935
1934
390,846
477,280
408,160
102,801
36,187
94,280
77,844
7,763
11,746
34,423
10,938
223,446
294,128
255,395
33,275
18,420
21,807
23,504
3,711
15,206
53,094
15,466
200
2,012
1,539
23,907
445
1,676,620
1933
1935
1934
1933
515,230 905,233 1,107,279 1,472,406
614,076 897,498 1,103,650 2,309,229
306,900 1,104,021 1,034,723 1,380,158
30,709 218,380 163,481 234.583
94,145 131,167
20,060 105,803
29,503 247,833 120,885 194,531
25,217 161,507 111,109 182,653
5,226
29,769
13,782
12.428
38,350
11,430
41,648
34,211
32,012 291,818 275,472 427,563
45,361 120,176
18,666
51,543
19,170
14,683
2,086
3,406
8,323
30,733
800
2,146
14.665
4,060
7,030
961,203 1,614,061 4,066,422 4,132,002 6,566,041
Results for Earlier Years
The substantial gains (as indicated above) recorded in
railroad earnings in October the present year-namely, $48,095,489 in gross and $27,512,645 in net-follow losses in October last year of $1,494,550 in gross and $9,217,800 in net, and
these decreases,in turn, came on top of $393,640 loss in gross
and $7,336,988 loss in net in October 1933; $64,475,794 loss in
gross and $3,578,421 loss in net in 1932; $120,136,900 loss in
gross and $55,222,527 loss in net in October 1931; $125,569,031
loss in gross and $47,300,393 loss in net in October 1930,
and $9,890,014 loss in gross and $12,183,372 loss in net in
October 1929. On the other hand, these losses followed very
notable improvement in October 1928, when our tabulations
registered $36,755,850 gain in gross and $35,437,734 gain in
net. But these gains, in turn, came after decreases in the
previous year, our tabulations for October 1927 having shown
a falling off of $23,440,266 in gross and of $13,364,491 in net
as compared with 1926. Carrying the comparisons further
back, we find that the 1927 decreases came after increases in
1926 not materially different from the 1927 losses, the 1926
gains having been $18,043,581 in gross and $13,361,419 in
net. In the year before, too, that is, in 1925, the record was
one of increases in gross and net alike-$18,585,008 in gross
and $12,054,757 in the net; this was notwithstanding the
heavy losses then suffered by the anthracite carriers on
account of the strike then under way in the anthracite
regions, but at least, as far as the gross earnings are concerned, the 1925 gain was little more than a recovery of the
loss sustained in October 1924, a year when industrial
activity was at a low ebb because of the then pending Presidential election. In other words, in October 1924 there was
a loss in gross of $15,135,757 as compared with 1923. In the
net there was no falling off in October 1924, but rather an
improvement in the considerable sum of $26,209,836, due to
the great curtailment of operating expenses then effected as
a result of increasing efficiency of operations.
As a matter of fact, improvement in net results was a distinctive feature of the returns in virtually all the years (barring only 1927 and 1929) after the abandonment of government operations and the return of the roads to private control, up to the collapse in October 1929, just as in the
period preceding net results had been growing steadily
worse, year by year. In October 1923 our compilations
showed $37,248,224 gain in gross and $20,895,378 gain in
net. It is true that if we go back still another year, to
1922, we find that gross earnings then increased only $13,074,292, following a tremendous loss in the year preceding
(1921), when trade was extremely depressed, and this was
attended by an augmentation in expenses of $30,758,244,
leaving, therefore, an actual loss in the net for the month in
Dec. 14 1935
that year of $17,683,952. On the other hand, however, the
fact should not escape attention that in October 1921 a
prodigious saving in expenses had been effected-dire need
having forced the utmost economy and compelled the elimination of every item of outlay that could be spared or deferred for the time being. Owing to this great saving in
expenses there was a substantial addition to the net in 1921
in face of the enormous contraction in the gross revenues.
In brief, the decrease in the gross in October 1921 reached
the huge sum of $105,922,430, but this was attended at the
time by a saving in expenses in amount of no less than
$128,453,510, yielding a gain in the net of $22,531,080. Of
course, a genuine basis for the great cut in expenses in 1921
existed in the huge antecedent increases in expenses. In
addition, also, the carriers had the advantage of a 12%
reduction in the wages of railroad employees made by the
Railroad Labor Board, effective July 1 1921.
As indicating the extent of the antecedent rise in operating
costs, it is only necessary to say that expenses kept mounting in very pronounced fashion for a number of successive
years, owing to repeated advances in wages and the growing
cost of operations generally. So much was this the case that
even the big advances then made in railroad rates,passenger and freight-did not suffice to absorb the constant
additions to the expenses. The experience in that respect
of the carriers in October 1920 furnishes a capital illustration of the truth of this remark. The roads had then just
been favored with a new advance in rates, calculated to add
$125,000,000 a month to their gross earnings, and, accordingly, our tabulations then showed an increase in gross
earnings in amount of $130,570,938, or 25.94%; but, unfortunately, $115,634,417 of this was consumed by augmented
expenses, leaving only $14,936,521 gain in the net earnings,
or 14.49%. This growth in the expenses had added significance in view of the huge rise in operating costs in preceding years. Thus, in October 1919 our tables showed $18,942,496 increase in gross, accompanied by $21,136,161 increase in expenses, leaving actually $2,193,665 loss in net.
In October 1918, owing to the first great advance in passenger and freight rates made by the Director-General of
Railroads under government control, gross earnings registered a gain in the large sum of $106,956,817, or 28.30%, but
expenses moved up in amount of $122,450,404, or 47.97%causing a loss in net of $15,493,587, or 12.63%. In October
1917 the situation was much the same. The gross at that
time increased $43,937,332, but expenses ran up in amount
of $50,267,176, leaving net smaller by $6,329,844. In the
following we furnish a summary of the October comparisons of gross and net for each year back to 1909:
Gross Rarnings
Month
of
October
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Year
Given
year
Preceding
Per
Cent
$251,187,152 1225,109,822 +526,077,330
256,585,392 253,922,867 +2,662,525
260.482,221 259.111,859 +1,370,362
293,738,091 258,473,408 +35,264,683
299,195,006 300,476,017 -1,281,011
209,325,262 298,066,118 -28,740,858
311,179,375 274,091,434 +37,087,941
345,790,899 310,740.113 +35,050,786
389,017,309 345,079,977 +43,937,332
484,824,750 377.867,933 +106,956,817
508,023.854 489,081,358 +18,942,496
633,852,588 503,281,630 +130,570,938
534,332,833 640,255,263 -105,922,430
545,759,206 532,684,914 +13,074,292
686,328,886 549,080,662 +37,248,224
571,405,130 588,540,887 -15,135,757
590,161,046 571,576,038 +18,585,008
604,052,017 586,008,436 +18,043,581
582,542,179 605,982,445 -23,440,266
616,710,737 579,954,887 +36,755.850
607,584,997 617,475,011 -9,890,014
482,712,524 608,281,555 -125,589,031
362.647,702 482,784,602-120,136,900
298,076,110 362,551.904 -64,475,794
297,690,747 298,084,387
-393,640
292,488,478 293,983,028 -1,494,550
340.591,477 292,495,988 +48,095,489
Net Earnings
Month
of
October
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Mileage
Inc. 1+) or
Dec.(-)
Year
Given
Year
Precede
11.58 222,632 219,144
1.05 232,162 228,050
0.53 236,291 233,199
13.64 237,217 233,545
0.48 243,690 240,886
9.64 244,917 241,093
13.57 248,072 247,009
11.28 246,683 246,000
12.73 247.048 245,967
28.30 230,184 230,576
3.87 233,192 233,136
25.94 231,439 229,935
16.54 235,228 234,686
2.45 233,872 232,882
6.78 235,608 236,015
2.59 235,189 235,825
3.25 238,724 236,564
3.08 230,654 236,898
2.45 238,828 238,041
6.33 240.661 239,602
1.61 241,622 241,451
20.64 242,578 241,555
24.87 242,745 242.174
17.78 242,031 242,024
0.13 240,858 242.177
0.62 238,937 240,428
16.44 237,385 238,791
Inc.(+) or Dec.(-)
Year
Given
Year
Preceding
Amount
Per Cent
$99,243,438
91,451,609
93,836,492
108,046,804
97,700,506
87,660,794
119,324,551
130,861,148
125,244,540
107,088.318
104,003,198
117,998,825
137,928,640
120,216,296
141,922,971
168,760,421
180,695,428
193,990,813
180,600,126
216,522,015
204,335.941
157,115,953
101,919,028
98,336,295
91.000.573
80,423.303
108,551,920
$85,452,483
102,480,704
91,725,725
93,224,776
110,811,359
95,674,714
89,244,989
119,063,024
131,574,384
122,581,905
106,196,863
103,062,304
115,397,560
137,900,248
121,027,593
142,540,585
168,640,671
180,629,394
193,701,962
181.084,281
216,519,313
204,416,346
157,141,555
101,914,716
98,337,581
89,641,103
81,039,275
+313,790,955
-11,029,095
+2,101,767
+14,282,082
-13,110,853
-8,014,020
A-30,079,582
+11,798,120
-6,329,844
-15,493,587
--2,193,684
+14,936,521
+22,531,080
-17,683,952
+20,895,378
+26,209,836
+12,054,757
+13,361,419
-13,101,836
+35,437,734
-12,183,372
-47,300,393
-55,222,527
--3,578,421
-7,336,988
-9,217,800
+27,512,645
16.25
10.76
2.30
15.90
11.85
8.38
33.70
9.91
4.81
12.63
2.07
14.49
19.49
12.84
17.26
18.38
7.14
7.35
6.88
19.56
5.83
23.13
35.14
3.51
7.46
10.28
33.95
3755
Financial Chronicle
specified
limit
is
a
where
there
cases
authorities except in
Morality and Expediency in World
to the total subscriptions They do not include issues of
Politics
capital by private companies except where particulars are
Volume 141
(Concluded from page 3751)
to join in the prohibition. Secretary Hull is considerably less eager than he appeared to be to enforce a
kind of moral embargo in addition to the embargo
provided for by law, and some of the smaller European States, already restive under the restrictions
which sanctions have imposed upon their trade, are
believed to be strongly averse to extending the sanctions list. Once the policy of sanctions was adopted,
however, consistency required that it should be adhered to and, if need be, enlarged, but it was clear
enough that a further advance might prolong the
war and add to its complications. The Paris plan,
looked at from this angle, suggests a panicky state of
mind at Downing Street and the Quai d'Orsay, with
peace at a great price an immediate necessity if disaster was to be averted.
Something may also be attributed to the gloomy
outlook at the London Naval Conference. Having
flatly rejected the demand of Japan for naval parity,
and learning also that France, while opposing parity
for Japan, will not accept any inferior status for itself the dominant Power in the Far East, and either
a naval race. That brings the situation in the Far
East into the picture. There seems to be no immediate prospect of war in the Pacific, but no one
doubts the fixed determination of Japan to make itself, the Conference faces the dreaded possibility of
the prolongation or the extension of war in Europe
and Africa would greatly aid the Japanese plans.
The political situation in Egypt, also, becomes more
rather than less disturbing. It may well have seemed
more than ever urgent that the halo-Ethiopian war
should be ended as soon as possible, and ended to
the satisfaction- of Italy. One may reasonably suspect that the Paris offer, violative as it was of international morality and the professions which Great
Britain and France have made of respect for the
League, was made with an eye to the effect of a
speedy peace upon the situation in Asia. There is
all too little ground for expecting that an Ethiopian
settlement on any terms would prevent an ultimate
conflict in the Pacific, but it would remove one
plague spot from the map and give Europe more time
to prepare.
The whole situation enforces once more the soundness of the American policy of isolation and aloofness. More than ever may the United States congratulate itself that it is not a member of the League,
and in no way a party to the political scheme that
has been devised at Paris. Now that the nature of
European secret diplomacy has been again revealed,
it is increasingly clear that such methods are not
for us. It is to be hoped that no further entanglements will result from the London Conference, for
in naval matters as in others the only safe course for
the United States is to keep its hands free.
New Capital Issues in Great Britain
The following statistics have been compiled by the Midland
Bank, Ltd. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British government for purely financial purposes; shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already issued
securities which add nothing to the capital resorces of the
company whose securities have been offered; issues for conversion or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans by municipal and county
publicly announced. In all cases the figures are based
upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Month of
November
11 Months to
Nov. 30
£33,107,000
33,021,000
15,501.000
9,742,000
13.468,000
21,401000
29,425,000
28,111.000
48,769.000
27,970,000
12,945,000
19,910.000
4,409,000
10.807,000
12,787,000
13,056,000
£190,762,000
375,748,000
196,442,000
228,131,000
202,065,000
197.479.000
195,495.000
223,103.000
288,352.000
337,823,000
248,466,000
220,297.000
85,974,000
108,726,000
126,515.000
137,148,000
19 AAA nnn
171 Ana nnn
1,10e
Year to
Nov. 30
£197,910,000
422,527,000
204,906,000
247.484.000
209,602.000
199,174,000
221.561,000
257.505.000
308,515.000
364,185,000
273,163,000
225.581,000
101.836,000
111.418.000
130,828,000
143.502,000
1R6 R413 nny
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank, Limited]
1932
1933
1934
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17,467,795
3,312,507
72.500
17.000
19,745,198
10,807,078
£8,310,263
7,187,385
13.447.603
8,247,859
14,614,014
17.541,251
6.001,777
21,208,047
7,164,097
10.026,260
12,786,859
£10,853,233
7,007,995
7,081.462
9,590,367
22,440,935
12,048,454
14.997,397
9.878,332
6,747,571
23,446,272
13.056,095
£16,592,347
12,620,080
12,386,235
4,108,238
19,727,811
20.610.166
53.909.166
6.682,428
7.719,440
4.706,804
12,543,554
£108,726,166
£126,515,415
£137.148,113
£171.606,269
4,312.163
8,353,481
13,041,644
ma01R:129
£132 WI MR
£150 11,39 757
January
February
March
April
May
June
July
August
September
October
November
11 months_
December
VIM!
1935
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank, Limited]
United India and Other Mit. Foreign
Ceylon
Countries Countries
Kingdom
1933-JanuarY
February
March
April
May
June
July
August
September
October
November
89,960,000 4,971,000 23,929,000 7,655,000 126,515,000
11 months
5,098,000
December
Year
11 months
867,000
341.000
6.353,000
8,682,000
5,309,000
6.011,000
8,665,000
11,397,000
7,021,000
9,958.000
3,165,000
5.631.000
20,764.000
11,016,000
359.000 10,853,000
49,000 1,763,000
45.000 7,008,000
221,000 1,433,000
873.000
190,000 7,082.000
7,000
63,000 9,590,000
850,000
12,000
37,000 22.441.000
62,000 10,945,000
386.000 12,048.000
32,000 4.609,000
25,000 14,998,000
1.000 5,014,000
5,485,000 1,228.000 9.878,000
413,000 6,748,000
566.000
137,000
156.000 23,446,000
61,000 2,465,000
141,000 13,056,000
1,899,000
97,618,000
583,000 35,903,000 3,043,000 137,148,000
9,122,000
December
550,000 3,355,000
14,000 13.042,000
106741000 1,133,000 39,258,000 3,058,000 150,190.000
Year
11 months
47,000
95,059,000 5.018,000 24,796.000 7,996,000 132,869,000
1934-January
February
March
April
May
June
July
August
September
October
November
1935-January
February
March
April
May
June
July
August
September
October
November
Total
E
E
E
E
I
110,000 8,310,000
7,875,000
58.000
269,000
4.917,000
30.000 1,727,000
493,000 7,167,000
12,287,000
1.000 1,160.000
13,448,000
7,283,000
965,000 8,248,000
241,000
292,000 14,614,000
9,328,000 4.753,000
5.000 1,070,000
437.000 17.541,000
16,029,000
244,000
478,000 6.002,000
5,232,000
48,000
15,589,000 4,334.000 21,208,000
1,285,000
250,000 7.164,000
176,000
6.738,000
185,000 10,026,000
6,814,000
11,000 3,016,000
437,000
111,000 12,787,000
12,172,000
67,000
•
•
•
•
•
•
•
957,000 1,202,000 16,592,000
586,000 12,620,000
2,348,000
176.000 12,386.000
1,135.000
5.000 4,108.000
660,000
254,000 19,728,000
568.000
154,000 20,610.000
872,000
287,000 53,909,000
3.622,000
6,682.000
1921,000
7,719,000
375,000
4.707,000
222,000
188.000 12,544.000
3,136,000
14,433,000
9.688.000
11076,000
3,443.000
18,788,000
19,571,000
49,999,000
4,761,000
7,344.000
3,940,000
9,204,000
545,000
15,000
152248000
690.000 15.815.000 2.852.000 171.606.000
118,000
13,000
The Course of the Bond Market
Bond prices have remained at recent top levels without
much fluctation this week. The lower-grade rails, which
have advanced actively in recent weeks, fluctuated in a
mixed trend. U. S. Government bonds remained as lethargic as they have been for some time. The average of
8 long term issues at 107.51 is now half-way between the
January low and the July high.
High-grade railroad bonds have moved in a narrow range.
Many gains recorded earlier in the week were later reduced
fractionally. Baltimore & Ohio 4s, 1948, closed at 1025
%,
unchanged for the week; Union Pacific 4s, 2008, advanced
1 to 107. Lower-grade railroad bonds showed erratic
fluctuations. Baltimore & Ohio 5s, 1996, declined 1 to close
3756
Financial Chronicle
at 74; New York Central 43's, 2013, at 733
4, were up %;
Atlantic Coast Line 43/2s, 1964, lost 1%, closing at 84%.
Price movements in the utility group have been confined
within narrow limits with no marked tendency either one
way or the other in any classification. Among high grades,
Metropolitan Edison 43's, 1968, and Commonwealth
Edison 3%s, 1965, made peak prices at 1083c1 and 104,
respectively, while most issues in this group have been quite
stable. Among lower grades Lehigh Power Securities 6s,
2026, closed at 1093/2, up M; Minneapolis Power & Light
5s, 1955, advanced % to 101%; Western Union Telegraph
5s, 1960, at 103 were down %;Interborough Rapid Transit
6s, 1932, closed unchanged at 64. After a lapse of several
weeks, there was new financing consisting of $45,000,000
Southwestern Bell Telephone 33s, 1964.
The industrial list has shown a mixed trend without regard
to quality but dependent to a degree upon the industry
represented. Thus, Vanadium Corp. 5s, 1941, dropped
23/2 points to 833., whereas General Steel Castings 53.s,
1949, advanced 2 points to 90. Coal issues have been all
lower with particular weakness in Hudson Coal 5s, 1962,
off 2%points at403. On the other hand,the building group
has been generally higher with Walworth 6s, 1945, gaining
% point to 93. Richfield Oil 6s, 1944 (Ctfs.), advanced
3
6% points to 37/s.
The U. S. Rubber 5s, 1947, after
making a new high at 102, closed at 1013
4, up Yg point.
The most outstanding movement in this week's foreign
bond market has been the recovery in Italian bonds, from
3 to 10 points, as a result of the peace negotiations. On
Friday, however, they lost a couple of points, when the
negotiations appeared to have run into some difficulties.
Other issues revealing strength included Polish, Austrian
and Japanese bonds, which gained up to 2 points. Minor
changes characterized the balance of the list.
Mood's computed bond prices and bond yield averages
are given in the following tables.
MOODY'S BOND PRICES?
(Based on Average Y(ek1s)
1935
Daily
Asercigea
U.S.
120
Govt. Domestic
Bonds
S.
Cory.•
Aaa
Ad
Moic4m .
.
.4.4.46,-.406666666606ciaioci6060sgsaioiddiooriMe6Evi
m
O000...*
mO
m
119.07
119.07
118.86
119.27
119.07
L19.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
17.43
19.69
16.82
17.02
05.37
17.02
m
04.51
CISQ,ONVD4VWC0011501..C1C9.40WW0041.0.4.0SONO.W.00,COVIVOr.“0.
NO...ICVOLI...O01.440VV,W,Vq000,t00000q.8..t.WOOCII,1
118.45
118.45
118.45
118.25
118.04
117.84
117.22
117.22
117.22
116.82
117.02
117.22
117.43
117.02
117.63
117.83
118.25
118.68
119.07
119.27
119.48
119.69
119.27
119.27
118.88
118.68
118.45
118.45
118.04
118.45
118.86
118.86
04D.,5011tONCOOD
CO.tORORWOOVCIN
118.86
118.86
118.86
118.86
118.86
118.86
119.07
118.86
118.66
118.66
118.45
Mc.immmr,
ivic4Moic4
Dec. 13-- 107.51 106.25
12 107.53 106.25
107.55 106.25
10... 107.58 106.25
9.. 107.62 106.25
7-- 107.85 108.42
6..- 107.54 106.25
5-- 107.53 106.25
4__ 107.82 106.07
3__ 107.55 105.89
2._ 107.41 105.72
WeaklyNov.29-- 107.43 105.72
22_ 107.48 105.37
15-- 107.52 104.85
8-- 107.67 104.51
107.55 104.33
Oct. 25-- 107.43 104.33
18-- 107.13 103.65
11__ 106.84 103.65
4._ 106.67 103.48
Sept.27_ - 106.73 103.82
20... 106.39 103.135
13-- 107.15 103.99
6-- 107.53 103.82
Ame.80-- 107.50 103.32
23-- 107.64 103.48
16.- 108.50 103.48
9.. 108.88 103.32
2._ 109.06 103.48
July26.- 109.05 103.32
19-- 109.19 103.48
12- 109.00 103.15
108.95 103.65
June 28._ 108.99 103.32
21_ 08.80 103.32
14_ 08.81 102.64
7_. 08.61 101.64
May 31._ 08.22 101.64
24- 08.66 101.81
17_ 08.55 101.97
10_ 08.61 101.64
3. 08.89 101.81
Apr. 28_ 08.61 101.81
19_
12._ 108.25 100.81
5-- 108.54 100.17
Mars29_ 108.07 99.38
22._ 107.79 100.49
15_ 107.94 00.49
8_ 107.85 01.64
L. 108.22 02.47
Feb. 23_ 108.44 02.81
15_ 107.49 02.30
8_ 107.47 01.64
I-- 107.10 01.31
Jan. 25_ 107.33 02.14
18_ 106.79 100.81
11._ 106.81 100.81
4_ _ 105.76 100.33
High 1935 109.20 106.42
Low 1935 105.66 99.20
}Ugh 1934 106.81 100.00
Low 1934 99.06 84.85
Yr.AgoDee.13'34 105.15 99.20
2 Yrs.Ago
Dec.1333 100.02 84.10
120 Domestic Corporate*
by Ratings
A
Baa
105.20
105.37
105.37
105.03
105.03
105.20
105.20
105.03
104.85
104.68
104.51
90.55
90.55
90.55
90.55
90.69
90.83
90.69
90.69
90.69
90.13
90.00
Dec. 14 1935
MOODY'S BOND YIELD AVERAGES?
(Based on Individual Closing Prices)
120 Domestic
Corporate* by Groups
RR.
P. U. Indus.
100.17
100.33
100.33
100.33
100.49
100.49
100.33
100.17
100.17
99.52
99.20
107.49
107.49
107.49
107.49
107.49
107.49
107.49
107.49
107.31
107.31
107.14
111.54
111.54
111.54
111.35
111.54
111.54
111.54
111.54
111.35
111.16
111.16
104.33 90.00 99.04
103.82 89.45 98.09
103.48 88.50 97.00
103.32 88.10 96.70
103.15 87.96 96.85
103.32 88.10 97.00
102.64 87.17 96.08
102.98 87.04 98.39
102.81 86.64 98.64
103.15 87.68 97.47
103.15 87.04 97.16
103.48 87.43 97.62
102.98 87.30 97.62
102.81 88.51 96.70
102.98 88.77 97.16
102.81 86.91 97.00
102.98 86.12 96.70
103.32 85.74 96.23
103.48 84.85 98.08
103.15 85.35 98.39
103.48 84.47 95.78
103.66 85.61 97.31
103.48 85.23 97.47
102.81 85.87 97.94
101.97 84.72 96.70
101.14 82.50 94.29
101.47 82.38 94.14
101.64 82.60 94.43
101.47 83.35 94.88
101.47 82.02 93.85
101.47 82.50 94.29
100.98 82.87 95.63
rehang e Close d
99.68 80.84 94.29
99.36 79.56 92.82
98.88 77.88 90.83
100.17 79.45 93.55
100.33 79.11 93.26
101.14 81.42 95.83
101.84 82.99 97.78
102.14 83.97 99.68
101.14 83.80 99.68
100.49 82.50 99.04
100.33 82.38 99.04
100.81 84.35 100.49
99.52 82.26 99.68
99.52 82.50 100.17
98.88 81.54 100.00
105.37 90.83 100.49
98.73 77.88 90.69
99.04 83.72 100.49
81.78 66.38 86.61
107.31
107.31
107.14
106.96
106.78
106.60
108.25
108.07
105.37
105.54
105.54
105.89
105.54
105.20
105.37
105.72
105.54
105.54
105.72
105.89
108.07
105.89
105.20
104.68
104.33
103.99
103.65
103.68
103.82
103.82
103.99
02.64
110.98
111.16
111.16
110.61
110.05
109.68
109.12
109.49
108.94
108.75
108.57
108.76
108.57
108.21
108.39
108.39
108.39
108.94
108.57
108.39
108.39
108.39
107.67
107.67
107.31
107.31
107.49
107.85
107.85
107.85
107.67
107.67
101.14
101.14
100.98
00.08
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
98.23
95.93
94.58
107.49
94.14
94.58
74.25
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
106.78
106.98
106.96
111.54
106.78
106.78
96.54
98.25
79.68
98.25
93.85 106.42
80.84
66.04
83.97
74.67
95.63
All
1935
120
Daily
DomesAverages
tic
Dec. 13._
12._
11._
10._
9__
7__
6__
5_
4._
8-2._
WeeklyNov.29._
22__
15._
8_
1_
Dot. 25-18._
11_
4_
36/4.27-20._
13._
6__
WS.8023_
16_
9-.
2_
28-18-12_
8-rune 28-21._
14-7-Say 31_
24_
17-10._
3-1pr. 26_
19_
12._
5._
dar.29....
22._
15._
8-1_
'eh. 23-15_
8._
1-an. 25...
18._
II__
4_.
OW 1935
LIM:11935
OW 1934
Plla 1934
r. Agolee.13'34
2 Yrs.Ago
lee. 13'33
rub
120 Domestic Corporate
by Ratings
A
120 Domestic
Corporate by Groups
Aaa
Aa
4.38
4.38
4.38
4.38
4.38
4.37
4.38
4.38
4.39
4.40
4.41
3.72
3.72
3.72
3.72
3.72
3.72
3.71
3.72
3.73
3.73
3.74
3.98
3.98
3.99
3.98
3.97
3.97
3.98
3.98
3.99
4.00
4.00
4.41
4.43
4.46
4.48
4.49
4.49
4.53
4.53
4.64
4.62
4.53
4.51
4.52
4.55
4.54
4.54
4.56
4.54
4.55
4.54
4.58
4.53
4.55
4.55
4.59
4.65
4.65
4.64
4.63
4.65
4.64
4.84
3.74
3.74
3.74
3.75
3.76
3.77
3.80
3.80
3.80
3.82
3.81
3.80
3.79
3.81
3.78
3.78
3.75
3.78
8.71
3.70
3.69
3.68
8.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
3.73
4.00
4.01
4.04
4.05
4.07
4.09
4.10
4.09
4.11
4.11
4.12
4.10
4.11
4.14
4.15
4.14
4.15
4.15
4.15
4.14
4.15
4.15
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
4.70
4.74
4.79
4.72
4.72
4.65
4.60
4.58
4.61
4.65
4.67
4.82
4.70
4.70
4.73
4.37
4.80
4.75
5.81
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.78
3.78
3.79
3.78
3.79
3.68
3.82
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
3.97
4.25
4.24
5.20
4.80
3.81
4.27
4.86
6.24
4.86
5.87
4.48
5.23
6.14
7.62
5.88
4.44
4.43
4.43
4.45
4.45
4.44
4.44
4.45
4.46
4.47
4.48
Baa
RR.
5.38
5.38
5.38
5.38
5.37
5.36
5.37
5.37
5.37
5.41
5.42
4.74
4.73
4.73
4.73
4.72
4.72
4.73
4.74
4.74
4.78
4.80
11
30
ForP. U. Indus. signs.
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.32
4.32
4.33
5.42
4.81
4.32
4.49
4.87
4.32
5.46
4.52
4.94
4.33
5.53
4.54
4.34
4.96
5.56
4.55
4.35
4.95
5.57
4.56
4.94
4.36
4.55
5.56
4.38
5.00
5.63
4.59
4.39
4.98
5.64
4.57
4.43
4.97
5.67
4.58
4.42
4.91
5.60
4.56
4.42
4.93
5.64
4.56
4.40
4.90
5.61
4.54
4.42
4.90
5.62
4.57
4.44
4.96
4.58
5.68
4.43
4.93
4.67
5.86
4.94
4.41
5.65
4.58
4.42
4.96
5.71
4.57
4.42
4.99
4.55
5.74
4.41
5.00
5.81
4.54
4.98
4.40
5.77
4.58
4.39
5.02
5.84
4.54
4.40
4.92
5.75
4.53
4.44
4.91
5.78
4.54
4.88
4.47
5.73
4.58
4.49
4.96
6.82
4.63
5.12
4.81
6.00
4.68
5.13
4.53
6.01
4.66
5.11
4.53
6.00
4.65
4.52
5.93
5.08
4.66
4.52
5.15
6.04
4.66
5.12
4.51
4.68
6.00
4.59
5.03
5.97
4.89
Stock E xchang a Close d
4.68
5.12
8.14
4.77
4.68
5.22
4.79
6.25
4.69
6.40
5.36
4.82
4.69
5.17
4.74
6.26
4.69
4.73
6.29
5.19
4.86
4.68
6.09
5.03
4.65
4.89
8.96
4.65
4.68
4.77
4.62
5.88
4.77
4.68
5.91
4.77
4.85
4.72
6.00
4.81
4.88
4.81
6.01
4.73
4.03
4.72
5.88
4.70
4.99
4.77
4.78
6.02
5.01
4.74
4.78
6.00
4.75
5.10
4.82
6.08
4.72
4.31
4.43
5.36
6.37
6.13
4.83
6.40
4.81
5.90
4.72
5.10
6.75
6.74
6.06
7.58
4.094.09
4.09
4.10
4.09
4.09
4.09
4.09
4.10
4.11
4.11
6.23
6.17
6.13
6.34
6.43
6.53
6.48
6.49
6.58
6.69
6.69
4.12
4.11
4.11
4.14
4.17
4.19
4.22
4.20
4.23
4.24
4.25
4.24
4.25
4.27
4.28
4.26
4.26
4.23
4.25
4.26
4.26
4.26
4.30
4.30
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.30
6.86
6.53
6.41
6.31
6.46
6.34
6.97
6.85
6.90
6.64
6.79
6.50
6.62
6.58
6.59
8.24
6.17
6.15
6.12
5.97
5.91
5.85
5.81
5.80
6.81
5.82
5.83
5.88
5.88
5.85
5.97
5.93
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.09
4.35
4.35
4.97
6.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.16
8.15
6.22
8.30
5.78
6.97
II.65
6.35
5.15
4.37
6.38
6.70
5.03
8.92
•These prices are computed from average yields on the Mists ot one -ideal- bond (4;1% coupon, featuring in 3 years) and do not purport to show either the aVerage
level or the average move neat of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the Issue of Feb. 8 1932, page 907.
"Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds Used In computing these indexes was published in the issue of May 18 1935.
page 3291. tf Average of 30 foreign bonds but adlusted to a comparable basis with previous averages of 40 foreign bonds
Indications ot Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Dec. 13 1935.
Business activity continued to surge ahead. There was a
drop in coal output, petroleum runs and automotive activity
during the past week, but this was more than offset by car
loadings, electric output and steel activity, which are keeping up at an excellent pace. The electric output reached a
new all-time peak. The break in silver had a very unsettling
effect, especially in commodity markets, cotton being the
chief sufferer for a time. Retail trade reports showed a
heavy volume of business, all departments reflecting Christmas buying. The demand for wearing apparel continues
very marked. The cotton market experienced quite a break
in the early part of the week, but later recovered most of
the losses. Wheat took a sensational leap forward to-day,
advancing the limit of 5c. in frenzied bidding. This great
spurt was due to the drastic action of Argentina in setting
a minimum price equal to 89c. a bushel. This action of Argentina was wholly unexpected, and many big operators were
caught short. Other commodities were generally quiet and
showed no marked changes in prices. More business concerns took favorable dividend action for their stockholders.
Sears Roebuck & Co. sales for the four weeks ended Dec. 3
show a gain of 23% over the same period in 1934. 3'. C. Penney's November sales totaled $24,979,608. This is an increase of 16.8% over the same month last year and is a new
high record for that month. Liquor companies reported the
largest business since repeal. The weather in New York was
somewhat warmer during the week. Rains and snow fell
early in the week, and to-day it was threatening and somewhat colder. Sheets of rain, which began falling Friday
night, rapidly filled creeks and bayous and swirled into the
low section of Houston Heights and the Airline farms community, isolating hundreds of persons in their homes. With
Buffalo bayou already out of its banks, and threatening a
repetition of the disastrous 1929 flood, all forces of the city
and hundreds of volunteer workers late Saturday night were
working feverishly to combat the damage of raging waters.
No loss of life was reported, but hundreds were marooned in
and near the city. Bridges across the White Oak bayou on
Heights Boulevard were rendered impassable when approaches on the north side were washed away. The rainfall
in Houston and vicinity ranged from 5 inches to more than
10 inches at Hiilendahl, about 10 miles west of Houston.
Property damage was estimated in millions of dollars, and
hundreds of persons were homeless. On the 11th inst. the
city's flood death toll was reported as eight, and torrential
rains were falling, but the waters of the bayous were receding
despite the new precipitation. To-day it was cloudy and
cold here, with temperatures ranging from 37 to 44 degrees.
The forecast was for rain, with moderate temperature tonight and Saturday. Overnight at Boston it was 30 to 44
degrees; Baltimore, 38 to 44; Pittsburgh,32 to 38; Portland,
Me., 22 to 40; Chicago, 34 to 36; Cincinnati, 32 to 38; Cleveland, 32 to 40; Detroit, 32 to 34; Charleston, 54 to 60; Milwaukee, 34 to 36; Dallas, 40 to 58; Savannah, 54 to 64;
Kansas City, 40 to 52; Springfield, Mo., 36 to 50; Oklahoma
City, 40 to 54; Salt Lake City, 30 to 46; Seattle, 42 to 48;
Montreal, 26 to 34, and Winnipeg. 20 to 22.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Slightly Higher
Atchison Topeka & Banta Fe Ry_
Baltimore et Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul dc Pao. Ry
Chicago & North Western Ry_ _ _
Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry_
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
feature of this week's commodity movements. However,
due to the sharp rise in wheat prices on Friday, Moody's
Daily Index of Staple Commodity Prices closed at slightly
higher levels than last week, Friday's Index of 166.4 comparing with 166.0 a week ago.
Other items exhibiting rising tendencies included scrap
steel, hides and corn. On the other hand, top hogs, silver,
cotton, rubber, wool and cocoa declined, while silk, copper,
lead, coffee and sugar remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
2 weeks ago, Nov.29
Month ago, Nov. 15
Year ago,
Dec. 14
1934 High- Aug. 20
Low- Jan 2
1935 High- Oct. 7-9
Low- Mar. 18
167.6
167.8
151.2
156.2
126.0
175.3
148.4
"Annalist" Weekly Index of Wholesale Commodity
Prices Down 0.8 Point During Week of Dec. 10
A loss of 0.8 point for the week in The "Annalist" Weekly
Index of Wholesale Commodity Prices reflected lower prices
for wheat and some of the other grains, flour, cattle and
other livestock, beef and cotton. In noting this, the
"Annalist" also had the following to say:
Tin also was lower, while eggs, potatoes, barley and rye, cocoa, apples
and rubber made gains, of limited proportions in most cases. While the
decline of the index reflected a number of forces, uncertainty about the fate
of the Agricultural Adjustment Act as reflected in the Hoosac Mills case.
on which hearings opened Monday in tne Supreme Court, was probably
the most important single influence.
THE ANNALIST WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
Dec. 10. 1935 Dec. 3 1935 Dec. 11 1934
Farm products
122.4
123.4
109.0
Food Products
136.2
137.3
118.7
Textile products
*119.1
1/118.9
107.6
Fuels
169.8
169.8
161.2
Metals
111.5
111.6
109.6
Building materials
111.8
111.8
112.1
Chemicals
98.2
98.2
99.1
Miscellaneous
84.9
84.8
77.5
All commodities
129.1
129.9
117.4
a All commodities on old dollar basis
76.7
RA A
77.3
•Preliminary. y Revised. a Based on exchange quotations for France,
Switzer
and and Holland; Belgium included prior to March, 1935.
Revenue Freight Car Loadings Rise 66,706 Cars in
Week
Loading of revenue freight for the week ended Dec. 7 1935
totaled 637,133 ears. This is an increase of 66,706 cars,
or 11.7%, from the preceding week, a rise of 85,648 cars,
or 15.5%, from the total for the like week of 1934, and an
increase of 95,141 cars, or 17.6%, over the total loadings for
the corresponding week of 1933. For the week ended Nov.
30 loadings were 16.9% above the corresponding week of
1934 and 14.2% higher than those for the like week of 1933.
Loadings for the week ended Nov.23 showed a gain of 15.0%
when compared with 1934 and a rise of 10.4% when comparison is made with the same week of 1933.
The first 18 major railroads to report for the week ended
Dec. 7 1935 loaded a total of 300,165 cars of revenue freight
on their own lines, compared with 269,997 cars in the preceding week and 261,657 cars in the seven days ended Dec.8
1934. A comparative table follows:
19,260
26,970
20,506
15,427
18,840
13,851
2,804
2,037
5,026
15,074
38,472
4,429
17,773
57,601
6,488
5,217
24,905
5,482
17,160
24,633
19,103
13,670
15,986
12,048
2,668
2,053
4,407
13,282
34,099
4,076
17,157
52,237
5,453
5,319
21,923
4,723
18,031
23,882
18,348
14,561
17,185
12,119
2,647
2,325
4,227
14,139
32,985
4,103
13,627
49,035
4,423
3,362
21,726
4,932
4,827
13,387
7,143
7,296
7,243
9,269
1,415
1,958
2,549
7,568
37,375
8,511
3.753
33,989
5,005
4,551
x6,818
8,341
4,633
12,908
7,204
6,955
6.564
9.025
1,303
1,936
2,544
7,460
34,484
8,232
3,513
32,789
4,699
4,089
x6,684
7,28
4,131
11,091
5.473
5,844
5,824
8,007
1,071.
1,752
2,310
6,043
30,462
7,063
3,049
27,594
3,981
3,755
x5,636
6,965
300,165 269.997 261.657 170,998 162,303 140.051
x Excludes cars interchanged between S. P. Co.-Pacific Lines and Texas dr
New Orleans RR. Co.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cara)
Total
Weeks EndedDec. 7 1935 Nov. 30 1935 Dec.8 1935.
Chicago Rock Island & Pacific Ry
Illinois Central System
Bt. Louis-San Francisco Ry
21,087
30,790
13,151
x19,226
27,593
12,346
19,830
27,141
11,566
65,028
59,165
58,537
x Five loading days only.
The Association of American Railroads, in reviewing the
The sharp break in the foreign price of silver has been the
166.0
165.1
165.7
165.8
164.2
164.9
166.4
Receivedfrom Connections
Weeks Ended-
Dec. 7 Nov. 30 Dec. 8 Dec. 7 Nov. 30 Dec.8
1934
1934
1935 1935
1935
1935
Total
Moody's Daily Commodity Index Closes
for Week
Fri., Dec. 6
Sat.. Dec. 7
Mon., Dec. 9
'rues., Dec. 10
Wed., Dec. 11
Thurs., Dec. 12
Fri., Dec. 13
3757
Financial Chronicle
Volume 141
week ended Nov. 30, reported as follows:
Loading of revenue freight for the week ended Nov. 30 totaled 570,427
cars. This was an increase of 82,242 cars, or 16.8% above the corresponding
week in 1934 and an increase of 70,831 cars, or 14.2% above the same week
in 1933. For the second time this year loading of revenue freight exceeded
the corresponding week in 1931 by more than 10,000 cars. All three years
Included Thanksgiving Day holiday.
Loading of revenue freight for the week of Nov. 36 was a decrease of
76,076 cars, or 11.8% below the preceding week this year due to the
holiday.
Miscellaneous freight loading totaled 228,278 cars, a decrease of 29,273
cars below the preceding week, but an increase of 46,827 cars above the
corresponding week in 1934 and 45,238 cars above the same week in 1933.
Loading of merchandise less than carload lot freight totaled 137,846 cars,
a decrease of 23,245 cars below the preceding week, but an increase of
1,077 cars above the corresponding week in 1934. It was, however, a decrease
of 3,733 cars below the same week in 1933.
Coal loading amounted to 120,276 cars, a decrease of 12,273 cars below
the preceding week, but an Increase of 16,679 cars above the corresponding
week in 1934 and 15,815 cars above the same week in 1933.
Grain and grain products loading totaled 30,162 cars, a decrease of 3,196
cars below the preceding week, but an increase of 6,381 cars above the
corresponding week in 1934 and 3,688 cars above the same week in 1933.
In the Western districts alone, grain and grain products loading for the
week ended Nov. 30 totaled 17,733 cars, an increase of 3,367 cars above the
same week in 1934.
Live stock loading amounted to 13,026 cars, a decrease of 2,382 cars
below the preceding week, 2,847 cars below the same week in 1934, and
1,366 cars below the same week in 1933. In the Western districts alone,
loading of live stock for the week ended Nov. 30 totaled 9,851 cars, a decrease
of 1,934 cars below the same week in 1934.
Forest products loading totaled 25,954 cars, a decrease of 2,616 cars below
the preceding week, but an increase of 7,286 cars above the same week in
1934 and 4,977 cars above the same week in 1933.
Ore loading amounted to 7,108 cars, a decrease of 3,025 cars below the
preceding week, but an increase of 3,529 cars above the corresponding week
in 1934 and 4,269 cars above the corresponding week in 1933.
Coke loading amounted to 7,777 cars, a decrease of 66 cars below the
preceding week, but an increase of 3,310 cars above the same week in 1934
and 1,943 cars above the same week in 1933.
All districts reported increases for the week of Nov. 30 in the number of
cars loaded with revenue freight compared with the corresponding week last
year. All districts also reported increases 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
Five weeks in March
Four necks in April
Four weeks in May
Five weeks in June
Four weeks in July
Five weeks in August
Four weeks in September
Four weeks in October
Week of Nov. 2
Week of Nov. 9
Week of Nov. 16
Week of Nov. 23
Week of Nov. 30
Total
1935
1934
1933
2370,471
2,325,601
3,014,609
2,303.103
2,327,120
3,035,153
2,228,737
3,102,066
2,631,558
2.881,924
680,662
653,525
628,330
646,503
570,427
2,183,081
2,314,475
3.067,612
2,340,460
2,446,365
3,084,630
2,351,015
3,072,864
2,501,950
2,534,940
613,048
594,790
585,034
561.942
488,185
1,924,208
1,970.566
2,354,521
2,025,564
2.143,194
2,926.247
2,498,390
3.204,919
2.567.071
2,632,481
614,136
583.073
602,708
585,738
499,596
29.199,789
28.740.391
27.132.412
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Nov. 30 1935. During this period a total of 107 roads
showed increases when compared with the corresponding
week last year. The most important of these roads which
showed increases were the New York Central Lines, the
Baltimore & Ohio RR., the Pennsylvania System, the
Atchison Topeka & Santa Fe System, the Southern System,
the Union Pacific System, and the Southern Pacific RR,.
3758
Financial Chronicle
Dec. 14 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED NOV. 30
Total Revenue
Freight Loaded
Railroads
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & LouisvCentral Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna az West_
Detroit az Mackinac
Detroit Toledo Os Ironton
Detroit az Toledo Shore LineErie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines.....
N. Y. N. H. de Hartford
New York Ontario az Western_ N.Y.Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.._
Pittsburgh & West Virginia.....
Rutland
Wabash
Wheeling .k Lake Erie
Total
Allegehny DistrictAkron Canton az Youngstown
Baltimore & Ohio
Bessemer az Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR.of New jersey.....
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
Penn-Reading Seashore Lines...
PennsylvaniaSystem
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
•
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk az Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont az Northern
Richmond Fred. & Potomac...
Seaboard Air Line
Southern System
Winston-Salem Southbound__ _
Total
Group BAlabama Tennessee & Northern
Atlanta Birmingham az Coast
Atl.& W.P.-W.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Total Loads Received
from Connections
1935
1934
1933
1935
583
1,236
7,077
1,313
17
976
4.460
8.212
225
2,373
342
10,838
4,125
116
1.329
6,982
2,457
3,398
1,849
34,109
9,341
1,627
4,076
5,367
5.453
259
314
983
508
4,723
3,123
502
1,325
6,453
1,161
19
869
3,708
7,120
206
1,224
160
8,954
1,714
116
977
6,421
2,542
3.041
1,745
27,487
8,609
1,341
3,858
3,253
4,058
379
338
665
542
4,093
2,419
416
1,456
6,297
1,293
12
863
4,755
7,600
236
1,417
179
10,076
2,119
105
1,114
6,426
2,303
3,158
1,450
29,069
8,808
1,675
3,237
3,788
3,751
332
308
1,037
519
4.481
2,652
1,133
232
9,323
1,817
66
2,006
6,378
5,751
73
1,370
3,138
12,261
6,906
1,611
1,047
6,810
2,209
166
48
34,497
10,496
1,740
8.232
4,041
4,699
17
148
1,047
868
7,281
2,958
1934
879
243
8.388
1.351
46
1,643
5,862
5,067
63
1,055
2,181
9,887
5,154
1,539
877
5,719
1,896
171
27
27,229
9,748
1,330
6.557
3.330
3.837
39
234
733
772
5,726
2,017
127.791
105,299
110,932
138.369
113,600
521
24,633
2.251
292
1,226
5,448
626
332
164
675
791
52,237
11,248
8,861
76
2,766
328
21,194
1,372
242
1.076
4,454
592
327
130
775
1.003
44,894
10,273
3,904
68
2.515
324
21,967
1,342
303
a
4,745
0
357
169
749
928
45.806
10,020
6,390
66
2,628
680
12,908
1,580
7
18
9,902
43
30
22
2,738
1,304
32,789
14,576
1,886
463
10,473
903
5,148
4,683
112,147
93.147
95,794
83,631
69.070
19,103
17,157
727
2,945
16,571
12,740
663
3,190
16.184
12,212
514
2,758
7,204
3,513
1,157
745
5,737
3,113
820
369
39,932
33,164
31,688
12,619
10.039
7,514
1.079
307
110
42
942
380
279
6,364
16,887
142
7,438
955
350
113
35
1,092
392
247
6,774
15,740
129
7,286
1.073
296
128
33
1,169
356
251
6,051
15,956
156
4,686
1,486
755
332
51
994
941
2,580
3,541
11,764
678
4,488
1,425
783
282
84
995
782
2,772
3,141
10,399
813
34,046
33,265
32,755
27,808
25,764
182
571
657
3,835
323
720
201
668
576
3,107
246
868
138
581
557
2,765
190
873
123
637
1,193
2,484
272
764
104
627
1,007
2,220
236
537
1934
1935
1934
1933
1935
747
314
1,689
18,617
17,738
152
116
1.722
2,456
322
575
271
1,248
16,032
14,199
107
109
1,677
2,367
290
697
300
1,097
16,377
13,982
149
125
1,595
2,540
242
1,203
344
833
9,490
3,903
303
319
1,431
1,855
575
Total
49,961
42,539
42,008
25,729
21,572
Grand total Southern Dig
84,007
75,804
74,763
53.537
47.336
675
12,116
1,764
15,986
3,387
535
377
5,306
249
9,433
494
718
1,427
4,127
8,471
96
1,792
512
10,253
1.737
14,267
3,095
291
282
3,043
216
9,618
490
265
1.227
3,838
7,728
105
873
500
11,817
1,887
14,373
2,792
342
384
2,946
217
7,228
410
272
1,436
3,064
7,831
87
961
2,097
9,025
2,520
6,564
3,536
117
286
5,559
118
2,159
442
91
1,603
1,912
2,409
225
1,035
1,217
7,396
1,956
5,459
2,059
67
246
3,558
97
2,145
281
60
1,290
1.848
2,127
197
677
57,838
56,547
39,698
30,680
17,110
2,556
329
13,670
1,140
9,597
2,807
1,563
4,007
797
1,214
1,849
951
91
14.930
138
360
12,787
729
1,306
15,536
2,065
169
12,655
1,409
8.264
2,388
1,222
2.741
474
982
1,588
438
132
12,896
159
189
11,260
541
1,413
16,571
2,316
141
14,442
1.599
9,082
2,350
1,364
2,954
312
1,420
1,784
588
76
12,784
197
282
13,971
455
1,311
4,633
1,988
70
6,955
794
6,298
1,922
1,174
2,195
16
923
1,163
286
96
4,157
200
839
7,946
13
1,495
4,161
1,540
29
5,498
544
5,035
1,502
750
2,043
5
953
837
164
22
2.941
216
701
6,702
8
1,349
87,931
78,521
83,999
43,163
35,000
137
124
216
2.668
2,053
158
1,546
1,342
129
334
673
96
4,407
13,282
40
115
7,647
2,354
6,993
4,912
2,155
261
24
140
146
139
2.574
2,331
167
1,411
1,482
98
360
650
73
3,615
11.959
33
93
6,225
1.703
6,401
5,074
1,542
178
18
122
131
162
2,217
2.085
167
1,382
1,043
96
289
467
146
4.153
11,818
36
202
7,304
1,840
6,008
4,988
1,217
a
22
3,738
272
194
1,303
1,936
918
1,549
1,049
309
650
183
196
2,544
7,460
16
103
3,484
1,620
2,527
3,288
14,219
84
37
2,917
265
142
1,281
2,140
728
1,258
687
281
666
174
155
2,144
5,563
21
102
2.773
1,182
2,055
2,546
11,091
71
34
Group B (Concluded)Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville de Nashville
Macon Dublin & Savannah__
MissisfilPig Central
Mobile & Ohio
Nashville Chattanooga & St. L
Tennessee Central
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Mllw. St. P.& Pacific
ChicagoSt. P. Minn. & Omaha
Duluth Mamba & Northern__
Duluth South Shore az Atlantic_
Elgin Joliet & Eastern
Ft.Dodge Des Moines & South.
GreatNorthern
Green Bay az Western
Lake Superior & Ishpeming....
Minneapolis & St. Louis
Minn. St. Paul & S. 8. M
Northern Pacific
Spokane International- - _
Spokane Portland az Seattle
Total
11
8,897
55
29
18
2,083
715
27.503
12,450
778
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Central Western DistrictAtch. Top. az Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy.
Chicagoaz Illinois Midland....
ChicagoRock Island & Pacific.
Chicago& Eastern Illinois
Colorado & Southern
Denver & MO Grande Western
Denver& Salt Lake
Fort Worth & Denver City
IllinoisTerminal
North Western Pacific
Peoria dc Pekin Union
Southern Pacific (Pacific)
St. Joseph az Grand Island
Toledo Peoria & 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 dt Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas-Texas Lines
MissouriPacific
Natchez dz Southern
Quanah Acme dr Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New OrleansTexas & Pacific
Terminal RR. Ass'n of St.Louis
Wichita Falls & Southern
Weatherford M. W.& N. W.
66,953
I
1,180
354
632
7.394
3,230
361
167
1,165
1,826
532
Total
38,276
51.666
46.412
47.679
45.893
Note-Figures for 1934 revised. •Previous figures. a Not available. b Includes figures for the Boston & Albany RR.. the 0. 0. C. at St. Louis RR.. and the
Michigan Central RR.
Number of Surplus Freight Cars in Good Repair on
Nov. 14 Again Higher
Class I railroads on Nov. 14 had 232,688 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on Dec.
12. This was an increase of 24,530 cars compared with the
number of such cars on Oct. 31, at which time there were
208,158 surplus freight cars.
Surplus coal cars on Nov. 14 totaled 61,045, an increase
of 13,317 cars above the previous period, while surplus box
cars totaled 133,918, an increase of 8,579 cars compared with
Oct. 31.
Reports also showed 21,663 surplus stock cars, an increase
of 1,673 compared with Oct. 31, while surplus refrigerator
cars totaled 6,371 or an increase of 719 for the same period.
1936 Expected to Prove Better Business Year Than
1935-Col. Leonard P. Ayres of Cleveland Trust
Regards Business Sentiment Far Too Optimistic
for Full Recovery to Be Long Delayed-Real
Recovery Involves Confidence in Federal Credit,
Permananence of Representative Government and
Preservation of Economic System
"At the present time," says Colonel Leonard P. Ayres, Vice
President of the Cleveland Trust Co. of Cleveland, "business
sentiment is far too optimistic to believe that the attainment
of full recovery can be long delayed." This view was expressed by Colonel Ayres in an address before the Cleveland
Chamber of Commerce on Dec. 10, the address substantially
constituting the comment in the Dec. 15 issue of the trust
company's "Business Bulletin," of which Colonel Ayres is
editor. According to Colonel Ayres, the inescapable conclusion is "that if we are ever again to experience prosperity in
this country there will have to be a change in the fundamental nature of this recovery." In part, he continued:
So far this has been mostly a consumption goods recovery, depending on
individual spending, and subsidized by public expenditures. In this country
a full recovery cannot be attained merely by increasing the output of consumption goods, nor can it be in any progressive industrial country. A consumption economy is static, and as such it is utterly alien to our traditions
and practices. . . .
If we are ever again to have a real recovery and a real prosperity it must
come through a large-scale business revival in the durable goods industries.
It will require the production of almost twice as much iron and steel as we
are making now, and the manufacturing of about twice as much cement, and
the use of nearly twice as much lumber, and the transportation by railroads
and trucks of almost twice as much freight. It must produce large volumes
of capital goods, as well as consumption goods.
We know that such a recovery is possible, for we have had them repeatedly
in the past. It will come when our people have sufficient confidence in the
future to make new investments in that future. It will be based on the
firm confidence in the future that will lead business men to improve and
enlarge their plants, and to extend their enterprises, with borrowed money.
It involves full faith and firm confidence in the future of Federal credit,
the future of our money, the permanence of our form of representative government, and the preservation of our economic system.
The statement is made by Colonel Ayres that "It now
seems reasonable to expect that 1936 will prove to be a somewhat better business year, and largely because of the continued operation of the economic forces that have made this
3759
Financial Chronicle
Volume 141
year a better one for business than last year. Individual consumers' purchasing power should be at least as large next
year as it has been this year," he adds, "and he says: "It
seems reasonable to expect that more rather than less employment will be found for our enormous accumulations of
bank deposits and bank credit that are now largely inactive."
In his forecast for the year, Colonel Ayres said:
Forecasts
American traditions and customs sanction the folly of making forecasts at
the end of each year concerning the prospects for business during the coming
year. In compliance with the obligation thus placed upon business commentators the present writer hazards the following expressions of purely
personal opinion about the prospects• for business during 1936:
The volume of industrial production in 1936, as measured by the index
of the Federal Reserve Board, will probably exceed that of 1935 by less
than 12%. The output of passenger automobiles in this country may increase,
but probably by less than 10%. The production of iron and steel should
advance by between 10 and 20%. The output of bituminous coal is likely
to be greater by about 5%. It seems probable that the production of textiles
will be smaller next year than it has been this year.
It seems probable that the value of contracts for residences will increase
by more than 50%, and that of non•residence buildings by not over 10%.
The loadings of railroad freight will probably not increase by over 10%.
The output of electric power will probably increase by less than 10% . Other
statistical series of great social importance which the writer thinks will
advance next year, but not by an average of more than 10% over the levels
of this year, include industrial employment, industrial payrolls, wholesale
prices, the cost of living, and farm income.
The New York Stock Exchange publishes figures each month showing the
average quoted prices for all the bonds and stocks listed there. The writer
believes that the average price of the bonds for 1936 will not differ from
that of 1935 by more than 5%, and he thinks the average price of the
stocks will be higher than it has been this year, but not more than 10%
higher than it is now.
It may well prove that the year 1936 will produce more developments of
fundamental consequence to the future of American business than any previous
year in our history. Early in the year the membership of the new Federal
Reserve Board will be, announced, and the choice of the personnel may well
have far•reaching influences on the future of our money and credit. During
the year there will be numerous decisions by the Supreme Court which will
be of the utmost importance. In the second half of the year we shall be
engaged in the election campaign, which will largely center on problems concerning the relationships between government and business. It seems probable
that during such a year the volume of business discussion will reach unprecedented heights, while physical production and new enterprise will be
restricted to modest progress.
Retail Prices Advanced Further During November
According to Fairchild Publications Retail Price
Index
The upward trend in retail prices evidenced since Aug. 1,
continued during November, according to the Fairchild
Publications Retail Price Index. Quotations during November advanced 0.4 of 1% above October, and also 0.6 of 1%
above November 1934, said an announcement issued Dec. 12
by Fairchild Publications, which added:
Prices on Dec. 1 were the highest since July 1 1934. Current prices are
1.8% below the 1934 high and 3.2% above the 1935 low. Prices are also
26.8% above the depression low, recorded on May 1 1933.
With the exception of men's apparel, all major subdivisions tended
higher, with women's apparel recording the greatest advance. Women's
apparel prices also show the greatest gain above a year ago, as well as above
the 1935 low. Women's apparel prices are back to the 1934 high.
Despite the fact that piece goods prices have shown the greatest gain
since the 1933 low, they nevertheless continue to show the greatest decrease
under the base period January 1931. Infants' wear while showing the
smallest gain above the depression low, also shows the smallest decrease
below the January 1931, period. There has been a considerably narrowing
of the spread between the various groups during the past several months.
fhe tendency against sharp mark-ups In prices continues, according to
A. W. Zelomok, economist, under whose supervision the Index is constructed. While most of the items Included lathe ndax have tended higher,
the gains have been comparatively slight. As yet, many items are still
selling below replacement, according to Mr. Zelomek.
THE FAIRCHILD PUBLICATIONS RETA L PRICE INDEX
January 1931=100. Copyright 1935. Fairchild News Service
May 1
1933
Dec. 1
1934
Sept. 1
1935
Oct. 1
1935
Non. 1
1935
Dec. 1
1935
69.4
65.1
70.7
71.8
76.4
70.2
87.4
86.1
87.3
88.8
94.3
89.2
85.7
84.8
87.1
88.4
93.4
87.8
86.0
84.9
87.2
88.8
93.4
88.5
87.6
84.8
87.2
89.1
92.6
89.0
88.0
84.9
87.2
89.4
92.7
89.1
57.4
69.2
68.6
66.7
83.4
108.2
64.3
82.1
107.9
64.3
82.2
108.1
64.5
82.5
107.4
64.5
82.7
107.6
65.0
72.9
97.7
100.3
96.8
95.8
97.9
96.4
09.6
96.1
99.9
96.4
59.2
75.5
83.6
66.8
69.2
76.5
76.3
102.2
92.6
93.1
86.0
82.6
74.8
102.9
92.1
93.0
85.9
81.7
74.8
103.8
92.1
94.5
86.0
81.7
75.1
103.9
92.1
95.8
86.3
81.7
75.2
103.9
91.9
97.1
86.4
81.7
64.9
69.6
74.3
69.7
70.1
76.3
87.2
92.9
84.6
81.7
87.2
90.1
86.8
91.8
85.8
81.3
86 7
90.0
86.8
91.8
86.1
81.8
86.8
90.0
86.9
91.5
86.2
81.6
87.0
90.1
86.9
91.5
86.2
81.6
87.1
90.3
74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5
97.4
94.0
91.5
95.6
101.6
60.1
76.6
77.4
91.6
96.9
92.8
90.4
93.1
100.5
57.9
75 3
78.4
92.5
95.8.
92.8
90.4
93.6
101.8
58.4
74.8
78.7
92.9
94.7
92.8
90.4
93.7
102.6.
58.6
74.9
78.7
93.2
94.7
92.8
90.6
94.1
102.5
58.6
74.9
78.7
93.2
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets & comtortables
Women's apparel:
Hosiery
Aprons St house dresses_
Corsets and brassieres._
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear
Flats and caps
Clothing. Incl. overalls
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical Instruments
Luggage
Elec. household appliances
China
•Revised.
Increase of 1.4% in Retail Costs of Food During Two
Weeks Ended Nov. 19 Reported by United States
Department of Labor
The index of retail food costs rose 1.4% during the two
weeks ended Nov. 19, the Bureau of Labor Statistics of the
United States Department of Labor announced Dec. 5. The
increase, it is stated, is due chiefly to advances of 3.2% in
prices of dairy products and 7.0% for fresh fruits and vegetables. The rise was general throughout the country, but
was most marked in the Middle Atlantic and North Central
areas. The Bureau continued:
The composite index now stands at 81.5 (1923-25 equals 100.0). This
Is an increase of 8.6% compared with the corresponding period of last year,
when the index was 75.0. When converted to the 1913 base, the present
index is 129.2. The index as previously published on the 1913 base stood
a. 159.7 on Nov. 15 1929.
Cereals and bakery products increased 0.1 of 1%. Of the 13 items in the
group, eight decreased or showed no change. The price of flour fell off 0.2
of 1%, with decreases in seven cities and no price change in 35 cities.
White bread rose 0.2 of 1% as the result of increases in 11 cities, with the
greatest increase, 10.0%, reported from Kansas City.
Meat prices rose 0.2 of 1%. The price of pork loin roast and pork chops
rose 7.0%, and all lamb products advanced. All beef items and the other
pork items fell in price. Meat prices in general are lower than they were
four weeks ago.
Prices of dairy products rose throughout the country. Butter increased
9.6%, a seasonal increase which is somewhat higher than usual. There was
an advance of lc. a quart in the price of fresh milk, delivered, in San
Francisco, St. Louis, and New Orleans, In Denver milk prices decreased
0.4 of 1% per quart. In other cities the price was unchanged. Cheese and
evaporated milk cads showed an average increase of 0.6 of 1%. There was
no change in the price of cream.
INDEX NUMBERS OF RETAIL FOOD COSTS a
[Three-Year Average 1923-25=1001
1935
Commodity Groups
Corresponding Period in
Nor. 5 Oct. 22
1932
Nov. 19 2 Weeks 4 Weeks 1934
1933
Ago
Ago
Nov. 20 Nov. 21 Nov. 15
Current
70.8
75.0
65.6
80.5
80.4
81.5
All foods
92.0
73.3
94.4
86.9
94.9
Cereals& bakery products_ 95.0
70.0
66.8
97.1
76.7
97.2
100.6
Meats
69.1
75.3
65.8
74.4
75.1
77.5
Dairy products
82.1
78.4
75.0
84.9
85.8
86.7
Eggs
67.0
58.6
50.4
53.4
55.4
58.7
Fruits and vegetables
49.0
67.2
56.1
50.7
53.1
56.8
Fresh
73.0
83.2
67.6
79.9
79.8
80.0
Canned
59.0
63.0
50.6
60.0
59.4
59.0
Dried
73.1
73.8
68 4
67.8
67.8
68.0
Beverages and chocolate
49.9
49.9
66.1
83.5
86.3
85.1
Fats and oils
64.5
64.6
58.8
66.9
67.1
67.0
Sugar and sweets
Prellminary-subject to revision.
Eggs showed an average decrease of 2.1%, with the heaviest decline
reported from the Pacific Coast cities. Although the average price moved
downward, changes were variable and advances were reported for 23 cities.
The price of fruits and vegetables rose 5.9%. The increase was greatest
for fresh fruits and vegetables, although advances were reported for 21 of
the 29 items in the group. Advances in these prices amounted to 7.0% and
ranged from 1.0% for carrots to 15.5% for potatoes. Higher prices for
potatoes were reported from every city, with the most marked increases in
New England and the Middle Atlantic area.
Prices of fats and oils fell 1.8%, with a decrease of 4.4% for lard and
1.3% for lard compound.
There were no significant price changes for beverages nor for sugar and
sweets.
INDEX NUMBERS OF RETAIL FOOD COSTS
'Three-Year Average 1923-25=1001
1935
Regional Areas
Corresponding Period in
Nov. 5 Oct. 22
1932
1933
Nov. 19 2 Weeks 4 Weeks 1934
Nov. 20 Nov. 21 Nov. 15
Ago
Ago
Current
65.6
70.8
75.0
80.5
80.4
81.5
United States
71.1
66.5
75.4
79.6
79.1
80.3
New England
67.9
72.3
76.1
81.6
81.5
82.6
Middle Atlantic
63.3
69.8
73.1
80.2
79.9
80.8
East North Central
70.5
64.6
77.2
82.4
84.1
82.1
West North Central
64.1
70.0
74.6
81.7
81.1
81.9
South Atlantic
66.3
61.0
71.7
77.6
77.0
76.9
East South Central
69.2
62.3
75.4
77.8
79.2
78.3
West South Central
69.2
64.2
77.5
83.8
82.3
83.4
Mountain
66.4
70.5
74.8
79.3
77.1
78.0
Pacific
a Preliminary-subject to revision.
The price advance of 1.4% during the two weeks ended Nov. 19 was the
result of increases in 48 of the 51 reporting cities. These increases ranged
from 0.1 of 1% in Atlanta to 3.1% in St. Louis, where milk prices rose
9.9%, butter 14.4%, and fruits and vegetables 7.3%.
Index of Wholesale Commodity Prices of National
Fertilizer Association Down Slightly During Week
of Dec. 7
Following four consecutive weekly advances, the wholesale
commodity price index compiled by the National Fertilizer
Association showed a slight decline in the week ended Dec. 7.
The index for the week stood at 79.9% of the 1926-28 average,
compared with 80.1 in the preceding week, 79.4 a month ago,
and 75.5 a year ago. In noting the foregoing, an announcement by the Association, Dec. 9, also said:
The trend of commodity prices was generally downward in the latest week,
with six of the component groups of the index declining and only two
advancing. The most important decline occurred in the grains, feeds and livestock group, with 11 commodities in the group moving downward and two advancing, and with grain and livestock prices generally lower. The trend of
foodstuff prices was mixed, with five items rising and four declining, resulting
in a small decline in the foods group index. There was a sharp rise in egg
prices, but such important commodities as sugar, flour and potato prices
were lower during the week. The textiles index registered a small decline,
with an advance in wool prices failing to counterbalance slightly lower
quotations for cotton, burlap, hemp and silk. A moderate drop occurred in
the index representing miscellaneous commodities, the result of lower quota.
Financial Chronicle
100.0
All groups combined
79.9
Month
Ago
Year
Ago
87.7
69.3
84.4
71.6
72.0
86.6
77.4
84.1
84.8
80.9
95.6
65.8
70.6
101.7
87.1
68.5
81.8
70.1
72.6
87.9
78.4
84.1
84.7
77.3
95.6
66.0
70.9
101.7
75.7
69.6
77.2
69.3
68.2
88.4
79.2
81.7
85.9
69.4
93.8
65.7
75.0
99.8
80.1
79.4
75.5
Wholesale Commodity Prices Up Further During Week
of Dec. 7 According to United States Department
of Labor
During the first week of December wholesale commodity
prices continued the rise of the five preceding weeks and
advanced 0.1%,according to an announcement made Dec. 12
by Commissioner Lubin of the Bureau of Labor Statistics
of the U. S. Department of Labor. In his announcement
Mr. Lubin stated:
The moderate increase during the week ended Dec. 7 Drought the all
commodity index to 90.9% of tne 1926 average. The net advance over the
five week period has been 1.4%. The general index is, however, still
fractionally below tne hIgn point of the year (81.0) reached during the
week of Sept. 21.
Continued advancing market prices of farm products and processed foods
largely accounted for the increase in the composite index. Fractional
advances are also shown for the metals and metal products group and
housefurnisnIng goods group. Hides and leather products, chemicals and
drugs, and miscellaneous commodities decreased during the, week. Average prices of textile products, fuel and lignting materials, and building
materials remained unchanged.
After remaining uncnanged for three consecutive weeks, the index for
the large group "all commodities other than farm products and processed
foods" representing industrial commodities showed a decline of 0.1% which
brought the index to 78.9. Tile level of tnis group is slightly below the
high of tne year (79.0) reacned during the week of Nov. 16.
P4WW ,
11
WWWWW ,
-4MOWOWN4,
WW'
80.9
80.8
+0.1
80.1
+1.0
k,ML.IMMM;o.;-
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 uroducts and foods_ _
Nov. Percent- Nov. Percent- Dec. Percent30
age
8
age
age
9
1935 Change 1935 Change 1934 Change
78.5
85.9
95.5
72.9
75.9
86.3
85.4
81.0
82.1
67.5
+0.8
+0.6
-0.7
0.0
0.0
+0.1
0.0
-0.4
+0.1
-0.1
77.5
84.1
95.6
72.8
75.5
86.2
85.7
81.1
82.1
67.4
+2.1 71.7 +10.3
+2.7 74.9 +15.4
-0.8 85.0 +11.5
+0.1 69.3 +5.2
+0.5 .76.0 -0.1
+0.2 85.4 +1.2
-0.4 85.1 +0.4
-0.5 77.8 +3.7
+0.1 82.4 -0.2
0.0 71.0 -5.1
M
Commodity Groups
Dee.
7
1935
W
A comparison of the present level of wholesale prices with
the preceding seek and the corresponding weeks of last
month and a year ago is shown in the following table contained in Mr. Lubin's statement:
79.0
-0.1
78.9
0.0
76.7
78.3
+5.5
+0.8'
From the announcement issued by the Commissioner, we
also take the following:
Nov.
30
1935
Nov.
23
1935
Nov.
16
1935
Nov.
9
1935
Dec.
8
1934
80.9
80.8
80.6
80.4
80.1
76.7
79.0
79.1
86.4
94.8
72.9
75.9
86.4
85.4
80.7
82.2
67.4
78.5
85.9
95.5
72.9
75.9
86.3
85.4
81.0
82.1
67.5
78.2
85.8
95.7
73.1
75.7
86.4
85.8
80.9
82.1
67.4
77.8
84.9
95.8
73.0
75.6
86.3
86.0
81.1
82.1
67.4
77.5
84.1
95.6
72.8
75.5
86.2
85.7
81.1
82.1
67.4
56.0
63.3
89.0
75.9
74.5
83.3
85.3
73.6
81.8
65.6
75 0
700
70 0
700
7R0
77.61
Larger Than Seasonal Increase in Department Store
Sales in November Reported by Board of Governors
of Federal Reserve System
"Value of department store sales, on a daily average basis,
increased in November by more than the usual seasonal
amount," according to the Board of Governors of the Federal
Reserve System, which said that "the Board's seasonally
adjusted index advanced to 80% of the 1923-1925 average
as compared with 77% in October and 81% in September."
The Board on Dec. 12 added:
Aggregate value of sales reported for November was 10% larger than
a year ago and the total for the first 11 months of the year was 5% larger.
REPORTS BY FEDERAL RESERVE DISTRICTS
P. C. Changefrom Year Ago
a
November*
Jan. I to
Nov. 30*
No. of
Stores
Reporting
No. of
Cities
Included
+7
+7
+11
+11
+11
+13
+14
+4
+12
+9
+6
+15
+1
+3
+4
+7
+6
+7
+1
+7
+6
+6
+11
49
.54
30
31
54
35
64
35
40
20
25
93
27
27
13
12
24
21
29
20
22
13
11
32
Federal Reserve Districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
530
251
+5
Total
+10
• November figures preliminary; in most cities the month had the same number
of business days this year and sat year, but in November his year there were five
Saturdays as compared with four a year ago.
Electric Production for Latest Week Made Another
New High at 1,969,662,000 Kwh.
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 Dec. 7 1935 totaled 1,969,662,000 kwh. This was the
highest point weekly electric output has ever reached. Total
output for the latest week indicated a gain of 13.0% over
the corresponding week of 1934, when output totaled 1,743,427,000 kwh.
Electric output during the week ended Nov. 30 totaled
1,876,684,000 kwh. This was a gain of 11.5% over the
1,683,590,000 kwh. produced during the week ended Nov.24
1934, The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Mawr Geographic
Regions
Week Ended
Dec. 7 1935
New England
Middle Atlantis
Central Industrial.- -West Central
Southern States
Rocky Mountain
Pacific Coast
11.9
10.5
17.9
11.8
10.8
17.1
12.5
Total United States_
Week of-
Week Ended
Week Ended
Week Ended
Nov. 30 1938 Nov. 23 1935 Nov. 16 1935
11.5
9.6
18.6
9.2
12.2
17.1
' 12.8
11.5
13.0
14.5
DATA FOR RECENT WEEKS
1935
1933
1932
1931
1,424
1,476
1,491
1,499
1,506
1,508
1,628
1,533
1,525
1,521
1,532
1.475
1.510
1.519
1,563
1,554
1.415
1,582
1,663
1,660
1.646
1,653
1.656
1,647
1.652
1,628
1,623
1.655
1,600
1,671
1.672
1.676
1.565
1.524
1930
WWWWW*VN..NA.44.441-...
Comomwmocamr.c-movcevno
wommv ,.......mw.......sw,...,am
t 2.
c. -'41c1c.c.t'9
''''....c.c.cc..?!°.'.
1,743,427,000
1,767,418,000
1,787.936,000
1.680.467.000
cr0V4VR.1t7t79.1"7 CC .0.4V?
W.WWWW...COMVI.V..M
Dec. 7....., 1,969,862,000
Dee. 14...
Dec. 21...
Dee 2R
14.6
1929
1
Sept. 7.- _ 1.752,066,000 1.564.867.000
Sept. 14_ _ _ 1,827,513,000 1,633,683.000
Sept. 21_ _ 1,851,541.000 1,630.947.000
Sept. 28_ _ _ 1,857.470,000 1,648.976.000
Oct. 5_ _ _ 1,863.483,000 1,659,192,000
Oct. 12- _ 1,867,127,000 1.656,864.000
Oct. 19.,. 1,863,086,000 1,667,505,000
Oct. 26.. _ _ 1,895,817,000 1,677,229,000
Nov. 2._. 1,897,180.000 1,669.217.000
Nov. 9_ _ _ 1.913,684.000 1,675,760,000
Nov. 18_ -. 1,938,560.000 1,691,048.000
Nov. 23__ _ 1,953,119.000 1,705,413.000
16.7
10.8
21.4
17.4
10.7
17.9
12.8
Weekly Data for Previous Years
In Millions of Kilowatt-Hours
P. C.
Ch'ge
1934
++++++++++++++
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
Droduete end tnnria
Dec.
9
1933
Dec.
7
1935
1
An Increase of 2.5% in the livestock and poultry sub-group and 0.8%
In the other farm products subgroup more than offset the 3.6% decline
in the grains subgroup. The average increase for farm products during
the week of Dec. 7 was 0.8%. Individual farm products which advanced
in price were steers, hogs, lambs, live poultry at Chicago, cotton, lemons,
oranges, fresh vegetables and wool. Decreases were shown for corn, oats,
rye, wheat, eggs, peanuts, and seeds. The current farm product Index
79.1-is 10.3% above the corresponding week of 1934 and 41% higher
than two years ago.
Due mainly to higher prices of butter, cheese, fresh fruits and vegetables,
and meats, the index for tne foods group rose 0.6%. Cereal products,lard,
raw sugar, and vegetable oils on tne other hand, showed declining prices
during the week. The index for the foods group as a whole-86.4-is
15.4% above that of the corresponding week of last year and 36.5% higher
than two years ago.
Strengthening prices of agricultural implements, certain iron and steel
items, antimony and pig tin caused the index for tne metals and metal
products group to advance fractionally. Average prices of motor vehicles
and plumbing and neating Items were steady.
Higner prices for thing-room furniture resulted in the 0.1% increase
In tne nousefurnisning goods group. Tile subgroup of furnishings remained
at the level of the preceding week.
Slightly higher prices for leather were more than counterbalanced by a
4% decline in average prices of hides and skins and resulted in the 0.7%
decrease in tne index for the hides and leather products group. Shoes and
other leather products, including suit cases, traveling bags and gloves,
remained stationary.
Tne index for tne chemicals and drugs group showed a drop of 0.4%
due to a sharp reduction in prices of fertilizer materials. Mixed fertilizers,
drugs and pharmaceuticals, and chemicals snowed little or no change from
the preceding week.
Prices of cattle feed averaged 1.5% lower during the week. Crude
rubber also declined 1.5%; paper and pulp and automobile tires and tubes
remained unchanged.
Commodity Groups
M
Foods
87.6
Fuel
69.3
Grains, feeds and livestock
83.7
Textiles
71.4
Miscellaneous commodities.- 71.5
Automobiles
86.6
Building materials
77.6
Metals
84.0
House-furnishing goods
84.8
Fats and oils
81.4
Chemicals and drugs
95.6
Fertilizer materials
64.5
Mixed fertilizers
70.6
Agricultural implements
101.7
Preceding
Week
[sWOMOW.WV
.0
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
Latest
Week
Dec. 7
1935
Group
Ist-W001.-WW!..Wts
Per Cent
Each GTOUP
Bears to the
Total Index
•
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association (1926-1928=100
Dec. 14 1935
Minor fluctuations in prices of tne tnree remaining groups-textile products, fuel and lignting materials, and building materials-resulted in no
Change in tne index for either of these groups. Paint and paint materials.
silk and rayon, cotton goods, and anthracite coal averaged lower. Clothing
and bituminous coal, on tne other hand, showed slightly nigher prices.
The remaining subgroups within these major groups continued at the levels
of the preceding week.
The index of the Bureau of Labor Statistics includes 784 price series
weignted according to tneir relative importance in tne country's markets
and based on the average for the year 1926 as 100.0.
The following table shows index numbers of the main groups of commodities for the past five weeks and for the weeks of Dec.8 1934 and Dec. 9
1933:
wmmwo...1,
OMWWL.66
3760
tions for hides, starch and rubber. A sharp drop in the price of phosphate
rock was responsible for the lower index of fertilizer materials. The only
two groups which showed advances during the week were fats and oils, largely
due to higher prices for butter, and building materials, reflecting an advance
in Southern pine quotations.
Thirty-one price series included in the index declined during the week and
13 advanced; in the preceding week there were 23 declines and 18 advances;
in the second preceding week there were 16 declines and 32 advances.
1,675
1.808
1,792
1,778
1,819
1,806
1.799
1,824
1.816
1.798
1.794
1,818
1,718
1.806
1.841
1.800
1,638
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
1935
Jan_ ___
Feb__-March _
April__
May......
June_ __
July__
Aug____
Sept__ _
7.762.513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
Nov....,.
3761
Financial Chronicle
Volume 141
1934
P. C.
Ch'pe
7,131,158 +8.9
6,608,356 +6.7
7,198,232 +4.2
6,978,419 +5.8
7,249.732 +4.1
7,056,116 +4.9
7,116;261 +9.6
7,309.575 +10.5
6.832,260 +14.0
7,384.922
7.160,756
7,538.337
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
Total_
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 approldmately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Valuation of Construction Contracts Awarded in
November
The construction industry continues to record larger
activity than was shown a year ago. For November a contract total for all classes of construction in the amount of
$188,115,000 was reported by F. W. Dodge Corp. in the
37 eastern States. This was an increase of about 68% over
the total of $111,691,500 reported for the same area in
November 1934. Last month's construction volume, however, failed to attain the level of $200,595,700 reported by
the Dodge organization for October of this year.
November awards for residential building, as apart from other classes or
construction, totaled $39,695,200 in the 37 eastern States; this was practically twice the total of $19,909,700 shown for November of last year and
compares with 855.100,300 reported for October 1935.
Non-residential building undertaken during November amounted to
$68,080,300 as against $39,439,500 for November 1934. and $59,180,400 for
October 1935.
Heavy engineering types, generally classified as public works and utilities, undertaken during last month in the 37 eastern States amounted to
$80,339,500. This compares with $52,342.300 for November 1934. and
$86,315,000 for October of this year.
For the 11 elapsed months of 1935 total construction of all types undertaken in the 37 States amounted to $1,580,408,400 as against $1.450,423,500 for the corresponding 11 months of 1934; this represents a gain
over last year of 9%•
The most striking improvement in construction has occurred in residential building. For this class of construction the total for the elapsed
11 months of 1935 amounted to 11433,703,000 in tbe 37 eastern States as
against only $234,289.600 for the corresponding 11 months of 1934: this
represents a gain of 85% over last year.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS
Month of November1936-Reeldential building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Public works and utilities
Total construction
First Eleven Months193b-Reeldentlal building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Public works and utilities
No. of
Projects
New Floor
Space (87.
4,756
2,753
1,747
12,253,200
11,679,700
187,800
$39,695,200
68,080,300
80,339,500
9,256
24,120,700
$188,115,000
3,346
2,695
1,462
5,313,700
7,254,900
203,100
$19,909,700
39,439,500
52,342,300
7,503
12,771,700
$111,691,500
57,880
33,080
14,282
123,517,400
92,555,700
2,043,600
5433,703,000
550,982,600
595,722,800
105.242
218,116.700
$1.580.408.400
35,388
33,082
18,288
60,206,500
80,496,200
2,501,800
$234,289,600
514,964,400
701,169,500
Valuation
Total construction
86,758
143,204.500 $1.450,423,500
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS
1935
No. of
Projects
Month of NovemberResidential building
Non-residential building
Public works and utilities...-
Valuation
1934
No. of
Projects
Valuation
5,326
2,975
1,864
$76,337,100
76,149.400
130,206,600
3,827
2,951
1,407
$47,452,700
41,337,300
116,417,300
10,165
282,693,100
8,185
$205,207,300
First Eleven Months
Residential building
68.653
Non-residential building
44,818
Public works and utilities__ 22,722
$1,021,322,200
1,493,375,300
2,535,010,900
42,161
41,212
20,871
$533,701,000
973,577,300
1,811,411,000
Total construction
Total construction
136,193 55,049,708,400
104,244 $3,318,689,300
Increase of 0.6% from October to November in Cost of
Living of Wage-Earners in United States Reported
by National Industrial Conference Board
The cost of living of wage earners in the United States
again advanced, according to the National Industrial Conference Board, increasing 0.5% from October to November.
The most substantial increase was noted in food prices. In
November of this year living costs had risen 4.3% over their
level of November 1934, and 17.9% over the low of April 1933,
but they were 16.5% lower than in November 1929. The
Board, under date of Dec. 11, also announced:
Food prices rose 1.1% from October to November. Since November 1934
there has been an increase of 9.3%, and Since the low Point of 1933 a rise
of 39.1%. Food prices, however, were still 21.2% below the level of
November 1929.
Rents continued on their upward trend, which has been uninterrupted since
the beginning of 1934. In November 1935 they were 0.4% higher than in
October, 9.6% higher than in November 1934, and 16.4% higher than in
the beginning of 1934, but 20.7% lower than in November 1929.
Clothing prices increased very slightly, 0.1% from October to November.
While they have risen 22.7% since the low point of 1933, in November of
this year they were 3.7% lower than in November of last year and 24.6%
lower than in November 1929.
Coal prices moved up seasonally 0.7%, but they were 0.2% lower than in
November 1934 and 7.8% lower than in November 1929.
The cost of sundries averaged the same in November as in October. Since
November 1934 there has been an increase of 0.6%, and since the low point
of 1933 an increase of 4.6%. The decline in the cost of sundries since
November 1929 amounts to only 6.0%.
The purchasing value of the dollar was 118.6c. in November 1935 as compared with 119.2e. in October 1935, 123.8c. in November 1934, and 1000.
in 1923.
Relative
Importance
in
Family
Budget
Item
33
20
12
Food.:
Housing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and electricity
Sundries
so
Index Numbers of
the Cost of Living
1923=100
Nov.
1935
Oct.
1935
86.1
73.0
74.5
78.2
70.7
86.6
85.7
88.4
•93.4
85.2
72.7
74.4
78.3
70.6
86.2
85.1
88.4
93.4
Per Cent
Increase (4-)
or Dec.(-)
from
00. 193510
Nov. 1935
+1.1
+0.4
+0.1
-0.1
+0.1
+0.5
+0.7
100
84.3
83.9
Weighted average of all items_
+0.5
Purchasing value of dollar
118.6
119.2
-0.5
indexes
on
food
price
of
the
United States Bureau of Labor Statistics,
x Based
average of Nov. Sand Nov. 19 1935, and average of Oct. 8 and Oct. 22 1935.
Production of Lumber During Four Weeks Ended
Nov. 30 48% Above Like Period Last Year-Ship..
ments Show Gain of 22%
We give herewith data on identical mills for the four week
period ended Nov. 30 1935 as reported by the National
Lumber Manufacturers Association on Dec. 10.
An average of 557 mills reported as follows to the National Lumber
Trade Barometer for the four weeks ended Nov. 30 1935:
(ire 1,000 Feet)
Softwoods
Hardwoods
Tt.el lumbar
Production
1935
1934
784,203
36,913
R21 115
Shipments
1935
Orders Received
1934
1935
526,945 698,125
26,383
36,505
569,525
31,203
762,248 564,705
39,789
30,431
M2225
500 725
509(127
724525
1934
Min 125
Production during the four weeks ended Nov. 30 1935. as reported by
these mills, was 48% above that of corresponding weeks of 1934, and
37% above the record of comparable mills during the same period of 1933.
Softwood cut in 1935 was 49% above output during the same weeks of 1934
and hardwood cut was 40% above that of the 1934 period.
Shipments during the four weeks ended Nov. 30 1935. were 22% above
those of corresponding weeks of 1934. softwoods showing gain of 23% and
hardwoods, gain of 17%.
Orders received during the four weeks ended Nov. 30 1935 were 35%
above those of corresponding weeks of 1934 and 11% above those of similar
weeks of 1933. Softwoods in 1935 showed order gain of 35% and hardwoods
gain of 31% over the corresponding weeks of 1934.
On Nov. 30 1935. gross stocks as reported by 486 softwood mills were
3,534,540.000 feet, the equivalent of 165 days' average production, as compared with 3,788.335,000 feet on Dec. 1 1934. the equivalent of 177 days'
production.
On Nov. 30 1935, unfilled orders as reported by 486 softwood mills were
641.335,000 feet, the equivalent of 30 days' average production, as comwith 452,058.000 feat on Dec. 1 1934, the equivalent of 21 days' procrrucetdion.
Decreases Noted in Employment and Payrolls in New
York State Factories from Mid-October to MidNovember by Department of Labor-New 'York
City Also Reports Declines
The number of workers employed in New York State factories decreased 1.0% from the middle of October to the
middle of November, according to a statement issued Dec. 10
by Industrial Commissioner Elmer F. Andrews. Total payrolls declined 2.7% during the same period. The usual
changes from October to November, as shown by the average
movement for the last 21 years, are decreases of 0.5% in
employment and 0.84, in payrolls. While the decreases
occurring this November were somewhat greater than usual,
they followed larger than usual seasonal increases in both
September and October of this year. A number of plants
remained closed for the observance of Armistice Day on
Monday of the week covered by many of the reports; this
accounted for part of the decline in total payrolls. Commissioner Andrews also had the following to say in his
statement of Dec. 10:
Reductions in forces this November were largely seasonal in nature.
Sharp curtailment occurred in men's and women's clothing factories, shoe
factories, fruit and vegetable canneries, and in some beverage plants. On.
the other hand, November was the fourth consecutive month in which some
of the metals industries increased their forces.
These statements are based upon reports from 1,624 representative factories
located throughout the State. These concerns employed 355,863 workers in
November on a total weekly payroll of $8,539,571. The reports are collected
and tabulated and the results analyzed in the Division of Statistics and
Information under the direction of Dr. E. B. Patton.
The index of factory employment for the State, wan: the three-year average
1925-127 as 100, was 77.0 in November, 8.6% above the index for November
a year ago. The index of factory payrolls was 64.5, 14.9% above last
November. . . .
Financial Chronicle
3762
Individ' ual Localities Report Both Increases and Decreases in Forces
New York City factories reported decreases of 2.1% in employment and
5.0% in payrolls. Seasonal decline in activity among the clothing industries,
which are concentrated there, accounted for a large part of the decreases. . . .
Three of the six major up-State industrial areas reported net gains in
employment and two reported decreases. The sixth, the Binghamton-EndicottJohnson City district, reported practically no net change in the number
employed but a decline of 10.9% in total wage payments; payrolls were
lower there in shoe and clothing factories and in metal and wood products
plants. In all districts, total payrolls were affected by the fact that a
number of plants remained closed during Monday of the week covered by
many of the reports, for the observance of Armistice Day. In Buffalo a
good part of the net increase in working forces was due to further gains in
some of the metal plants. In Utica the employment gain was due to somewhat larger forces in some of the textile mills and metal plants. The
Syracuse district reported slightly larger forces and payrolls in the some
of the metal, clay products and chemical plants. In the Albany-SchenectadyTroy district somewhat smaller working forces were reported by some of
higher
the metal plants and textile mills, while wage payments were slightly
The
than in October in some other metal plants and clothing factories.
Rochester district reported sharp curtailment of forces at some shoe factores
larger
and fruit and vegetable canneries, while total payrolls were somewhat
In some of the chemical plants and textile mills.
The percentage changes from October to November in employment and
payrolls by districts are given below:
October to November 1935
City
Buffalo
Utica
Syracuse
Dinahamton-Endicott-Johnson City
Albany-Schenectady-Troy
New York City
Rochester
Employment
.
+1.0
+0.4
+0.1
—1.2
—2.1
—2.3
Payrolls
—0.3
—0.2
+1.9
—10.9
+0.6
—5.0
+0.5
New Business Holds Up Well at Lumber Mills
—Shipments Gain
New business at the lumber mills during the holiday week
ended Nov. 30 declined less than 2% from the preceding
full week, mill shipments gained 4% and production dropped
15%, according to reports to the National Lumber Manufacturers Association from regional associations. Reported
lumber orders (hardwoods and softwoods) were 12% above
output and reported shipments were about one-half of 1%
above production, compared with 3% below and 17% below,
respectively, the preceding week. All items were reported
by 460 identical softwood mills as appreciably in excess of
corresponding seek of 1934, production at these mills being
reported as 53% above last year; new business 46% above;
shipments 34% above.
feet
During tne week ended Nov. 30, 539 mills produced 183.415.000
booked
of hard woods and softwoods combined; shipped 184.265,000 feet:
were
orders of 204,797,000 feet. Revised figures for the preceding week
mills, 574; production. 214,763.000 feet; shipments, 177,830.000 feet;
orders, 207,855.000 feet.
orders
All regions but Southern Pine and Northern Hemlock reported
Northern
above production; all but Southern Pine, West Coast. Cypress and
Pine reported shipments below output during the week ended Nov. 30.
shipments
All reporting regions but Northern Pine showed orders and
and all reported production above corresponding week of 1934.
equivalent
Identical softwood mills reported unfilled orders on Nov. 30 the
with
of 31 days' average production and stocks of 168 days. compared
22 days and 179 days a year ago.
holiday
Forest products carloadings totaled 25.954 cars during the
week,
week ended Nov.30 1935. This was 2,616 cars below the preceding
corresponding
7,286 cars above the same week of 1934 and 4,977 cars above
week of 1933.
Lumber orders reported for the week ended Nov. 30 1935 by 172 soft
of the
wood mills totaled 194,312.000 feet. or 12% above the production
175,578,000
were
week
the
same
for
reported
as
same mills. Shipments
feet, or 1% above production. Production was 173.735.000 feet. feet,
Reports from 81 hardwood mills give new business as 10.485.000
week were
or 8% above production. Shipments as reported for the same
9,680,000 feet.
8.687,000 feet, or 10% below production. Production was
Unfilled Orders and Stocks
orders
Reports from 466 softwood mills on Nov. 30 1935 give unfilled
identical
of 634.073.000 feet and gross stocks of 3.463.468 feet. Tne 455
1935,
30
softwood mills report unfilled orders as 632.734,000 feet on Nov.
445,409,000
or the equivalent of31 days'average production,compared withsimilar
date
feet. or the equivalent of 22 days' average production on
a year ago.
Identical Mill Reports
172.743.000
Last week's production of 460 identical softwood mills was
respectively,
feet, and a year ago it was 112.995.000 feet: shipments were.
feet
193,693.000
174,768.000 feet and 130.467.000. and orders received,
and 132,694.000 feet.
Output of Car Makers Group in November Surpassed
All Previous Records for the Month
New evidence of what is being accomplished under the
new fall model announcement plan which the automobile
industry has undertaken was revealed on Dec.6 by the regular monthly preliminary production estimate released by the
Automobile Manufacturers Association, indicating that the
November output of its members surpassed by 67% the best
previous November production of the group.
The report placed the output of Association members for
November at 295.927 units, which was not only an increase
times
of 43% over the preceding month but was nearly four
that of November last year. The best previous November
production of the manufacturers' group was in 1925, when the
output totaled 177.643.
Because the industry heretofore has staged the introduction of its new models in January, the Association also made
Dec. 14 1935
available comparisons of last month's output with those of
corresponding first new model months.
These indicated that the November output exceeded that
of the best previous January (January 1929) by 10%.
On the basis of this estimate, the 11 months' output for
the group was placed at 2,533,436 cars and trucks, which was
not only a gain of 31% over the corresponding months last
year but exceeded the production for every corresponding
period back to the record year of 1929.
Output of the group for the two months, October and
November, amounted to 502,539, which represents an unusually large production at this season and an increase of
194% over the same period last year.
The Association's figures, which covers the operations of
all but one of the major producers in the industry, is based
upon reports of factory shipments. The report is summarized
below:
177.643
295.927 x November 1925
November 1935
2 533.436
76,353 11 months 1935
November 1934
1,929,510
206,612 11 months 1934
October 1935
269.812
•January 1929
Best previous November
•Best January output-in history of the Industry.
output in history of the industry.
Textile Trade Activity Continued at Favorable Rate in
November According to "Rayon Organon"—Predicta Record Rayon Production During 1935 by
Leading Countries
Activity in the textile industry continued at a favorable
rate during November, due chiefly to larger consumption of
cotton and wool, and a continued high rate of rayon production, according to the "Rayon Organon," published by the
Textile Economics Bureau, Inc. An announcement issued
Dec. 9 by the Bureau also said:
Consumption of cotton, the most important item of the textile series, may
Increase somewhat further during the next few months, says the paper, but
doubt is expressed as to whether the present record consumption of wool
can persist. "For this reason," it is added, "we expect the textile Index to
hold its present high level for the next few months, but any appreciable
Increase from the present levels would not seem to be in prospect."
Activity in the silk division slowed down considerably during November,
deliveries to American mills totaling 37,012 bales against 48,167 bales for
October and 38,476 bales average for 1934. This November drop was
expected, as the silk now being delivered is at the higher price levels of
recent months. The takings of Japanese silk for the 1935-36 season are
uniformly lower than last season because of the high prices obtaining.
While the deliveries of non-acetate rayon to American mills dropped in
November, says the "Organon," the decline from October was less than
seasonally nomuil, and the seasonally adjusted deliveries index actually increased. Stocks of rayon yarn held by producers on Nov. 30 were equal to
five weeks' supply, unchanged from Oct. 30. Because of the season of the
year, these stocks are considered remarkably low.
The phenomenal records of wool consumption over the last few months
have attracted wide interest, according to the paper, and explanations therefor are rampant. Improvement in the industrial situation with its attendant
increased usage of wool proclucts is believed to be the most important factor.
It is pointed out that October consumption of 42,800,000 pounds equaled
the all-time record of March 1923. Doubt is expressed that wool consumption
will stay at its present high levels for many months longer.
Pointing out that the United States will not be alone in
establishing a new high record output of rayon yarn and
fiber for 1935, as England, Japan and Italy, other important
producing countries, also will establish new records, the "Organon" said:
Japanese production of rayon for the 10 months ending October 1935
showed an increase of 45% compared with the corresponding 1934 period.
At this rate the indicated 1935 Japanese rayon production would reach a
new high of about 220,000,000 pounds compared with 153,100,000 pounds
for 1934.
Italian rayon production totaled 84,749,000 pounds for the seven months
ending August, an increase of 43% over the 59,023,000 pounds output for
the corresponding 1934 period. Government orders are responsible for the
Italian rayon boom, principally for the supplying of rayon underwear for
the troops in Ethiopia. Even the normally large exports of rayon and
rayon products have declined appreciably to supply the new and pressing
requirements of the War Department.
British production of rayon yarn and products totaled 89,490.000 pounds
for the nine months ending September 1935, an increase of 32% compared
with the output of 67,500,000 pounds in the corresponding 1934 period.
The bulk of this increase was in yarn taken by the weaving industry.
Petroleum and Its Products—League Actions on-Oil
Embargo Again Delayed—Opposition of Small
Nations Forces Matter Before Full Council on
Dec. 25—Small Refiners Offer Premium for East
Texas Oil—Increased Allowable Request Seen
Refused by Texas Commission—California Output
at New High—National Crude Production Off in
Week
Further delay in a vote of the League of Nations on the
question of placing an embargo on shipments of petroleum
from its members to Italy developed on Dec. 12 when
dispatches from Geneva disclosed that opposition of the
smaller nations to preliminary peace terms forced a postponement of the entire matter.
The opposition of the smaller nations resulted in agreements to bring the proposed peace terms before the full
Council of the League on Dec. 18. Members of the Committee of Eighteen were scheduled to meet on Thursday to
discuss the oil embargo proposals but this question will not
be settled until the full Council meeting on Dec. 12.
Statistics compiled in Texas indicated that shipments of
oil and (or) refined products from America to Italy have
reached a total of approximately 1,500,000 barrels during
Financial Chronicle
Volume 141
the past month or so. Most of the material is being moved in
Italian tankers. Independents are furnishing the bulk of the
supplies.
The Phillips Petroleum Co. recently turned down a $10,000,000 order from the Italian government because of the
latter's demands for extended credit, Frank Phillips, President, disclosed during the week. Speaking on industry's
prospects in general, Mr. Phillips struck an extremely
bullish note.
Reports from East Texas rumored that smaller operators
were offering a premium of 5 cents a barrel over the posted
price of $1 maintained by the major companies in an effort
to obtain connections in the field. This development
followed indications that the pleas of several small operators
and royalty owners for increased allowables in the East
Texas field will be denied by the Railroad Commission.
The Commission, it was disclosed, has issued an order for
retesting 150 key wells in the field so as to obtain the new
potential and bottom-hole pressure figures which will be
considered in future proration orders. The tests will be
completed by Jan. 12.
Statistics compiled by Commission engineers disclose dhat
on Dec. 1, production from 19,258 wells in the East Texas
field totaled 434,450 barrels daily, the allowable being based
on an hourly potential flow of 14,541,365 barrels. There
were 209 new wells completed in November.
A substantial reduction in daily average production of
"hot" oil in the East Texas area has been accomplished in
the past week. Advices to local oil men place the cut at
8,000 barrels, bringing the daily average to 29,000 barrels,
which is the lowest total recorded since last May when produetion was estimated around 30,000 barrels daily.
Daily average crude oil production in California for the
first week of December reached a new five-year at 689,30a
barrels, an increase of 22,050 barrels over the estimated daily
average of 667,250 barrels in the previous week,the California
"Oil World" reported. A one-day high of 697,048 barrels
was set during the week. Kettleman reached a new record
high.
The estimate of the "Oil World" was slightly above the
production for California reported by the American Petroleum
Institute. The trade group set California production at
513,800 barrrels, up 19,800 barrels from the previous week
and comparing with the Bureau of Mines report indicating
December market demand for the State at 513,800 barrels.
Daily average production for the Nation was off 35,150
barrels for the week ended Dec. 7, the American Petroleum
Institute stated. Substantial declines in Oklahoma, Kansas and Texas offset the increase shown on the West Coast.
Production of 458,550 barrels in Oklahoma was under the
480,100 level estimated by the Bureau of Mines. Kansas
also brought production under the Bureau of Mines estimate,
but Texas held slightly in excess of the Bureau's figures.
An increase of 445,000 barrels in stocks of domestic and
foreign crude production during the final week of November
was disclosed in a report of Petroleum Administrator Ickes
made public in Washington on Dec. 9. The total rose to
299,222,000 barrels. A decline of 69,000 barrels in holdings
of foreign crude was offset by an increase of 514,000 barrels
in stocks of domestic crude.
A decline of 32,000 barrels in daily average crude runs
to stills in October pared the total to 2,746,000 barrels from
the peak recorded in the previous month, the report pointed
out. Substantial reductions in daily average reZeipts of
both domestic and foreign crude at refineries were achieved
during the month, with the average for foreign crude at the
lowest point since February. Stocks of crude oil at refineries on Oct. 31 of 59,188,000 barrels compared with 61,532,000 barrels a week earlier.
October production of natural gasoline-influenced by
favorable prices, higher crude output and a collapse of curtailment in the Panhandle-rose to a daily average of 4,842,000 gallons, the highest on record since December 1931.
Stocks reflected the increase demand, breaking from 215,586,000 gallons at the outset of the month to 184,128,000
gallons at the close of October.
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford,Pa
Lima (Ohio 011 Co.)
Corning.Pa
Illinois
Western Kentucky
Mid*Cont., Okla., 40 and above
Hutchinson, Tex., 40 and over
Spindletop, Tex.. 40 and over
Winkler, Tel
Smackover. Ak.24 and over
$2.30
1.15
1.32
1.12
1.13
1.08
.81
1.03
.75
.70
Eldorado. Ark.,40
31.00
Rusk, Tex., 40 and over
1.00
Darla Creek
.87
Midland District, Mich
1.02
Sunburst Mont
1.23
Santa Fe Springs. Ca1,38 & over. - .89
Huntington. Calif.. 30 and over
.82
Kettleman Hills,39 and over
.90
Petrone.Canada
1.10
REFINED PRODUCTS-EASTERN GASOLINE PRICES ADBULK
VANCED-MID-CONTINEN r
MARKET
FIRMSREFINERY RUNS SHOW SHARP REDUC CION-GASOLINE
STOCKS OFF 474.000 BARRELS
A general advance in'wholesale and retail gasoline prices
in the New York-New England market was posted during
the week by the Socony-Vacuum Oil Co., Inc., following a
markup of X cent a gallon in tank car prices of gasoline in
New York by the Hartol Products Corp. earlier in the week.
Socony's advance, posted Tuesday, and effective on
Dec. 12, meant an increase in the price of the company's
featured brand of gasoline of X cent a gallon to 73. cents,
3763
New York Harbor. A similar advance in tank-car quotations
also was effective throughout the entire area.11.-- to.•J-1.•
Retail advances were 3-10ths of a cent in Metropolitan
New York City, a similar advance being posted in Long
Island. Changes in other points in the New York-New England area restored sub-normal prices to "normal" postings in
most instances. Western New York, where the markets
are sub-normal, was not included in the advances. Other
companies followed.
Several factors influenced the contra-seasonal advance in
gasoline prices, market observers pointed out. Chief of
these is the continued good demand for gasoline which has
kept motor fuel moving into consuming channels in record
levels. The strengthening of the Mid-Continent market,
coupled with the bettered statistical position of the industry
due to the lowered refinery operating rates also were important factors.
Other refined products in the local market showed little
change. Prices for fuel oils are well maintained following
the recent advances and nearing seasonal gains in consumption have bolstered the undertone of the market. The expected advance in Grade bunker fuel oil failed to materialize
but it is reported imminent.
The strength in the Eastern Seaboard markets spread to
Philadelphia where the Atlantic Refining Co. instituted
advances in both retail and wholesale gasoline quotations.
Tank-car prices were marked up X cent a gallon, with the
service station level being advanced M cent. Other companies met the new standard.
Increased purchases by major companies coupled with the
lowered operating rate of refineries and sustained record
demand for gasoline brought an advance of % cent a gallon
in the price of low-octane material in the Mid-Continent
market, restoring the former price level which ruled until
about two weeks ago when a flood of offerings brought a
temporary recession.
Prices were restored to the 43j to 4 8 cents a gallon,
refinery, base at which they had been for several months.
An increase in offerings out of Oklahoma and East Texas
in the final week of November, coupled with an alarmingly
high operating rate at refineries brought a temporary dip
to 45% to 47/s cents a gallon.
A cut of 4.4 points in the operating rates of reporting
refineries to 71.6% of capacity was reported by the American
Petroleum Institute. The lowered refinery rate was accompanied by a dip in daily average crude oil runs to stills
of 153,000 barrels to 2,483,000 barrels. Gas and fuel oil
stocks were off 1,707,000 barrels under seasonal rising
demand to 104,574,000 barrels.
An increase of 637,000 barrels in bulk terminal holdings
of gasoline in the first week of the month was more than
offset by a drop of 1,111,000 barrels in refinery holdings,
the net decline of 474,000 barrels paring the total on Dec. 7
to 4.2,686,000 barrels. This contra-seasonal decline in
gasoline stocks was the first reduction in three weeks. The
trend toward lower motor fuel stocks was interrupted in
mid-November.
Representative price changes follow:
Dec. 9-Hartol Products Corp. advanced tank-car gasoline 3 cent a
gallon at New York harbor to 6% cents, refinery.
Dec. 10-S000ny-Yacutun advanced tank-car gasoline % cent a gallon
at New York harbor to 7)i, cents for Its featured brand. The advance.
effective Dec. 12. took in the New York-New England area. Minor
readjustments in retail prices also were posted. Metropolitan New York
"pump" prices being lifted 0.03 cents a gallon.
Dec. 11-The Mid-Continent market for low-oCtane gasoline rose
7 cents, refinery.
3 to 4%
cent a gallon to 4%
Dec. 12-Atlantic Refining advanced tank-car prices of gasoline % cent
cent a gallon.
a gallon at Philadelphia, retail prices moving up
Gasoline, Service Station,Tax Included
$ 169
Minneapolis
5.175
Cincinnati
5.198
:New York
215
New Orleans
.175
Cleveland
.116
Brooklyn
.185
Philadelphia
.20
Denver
.17
Newark
.19
Pittsburgh
.155
Detroit
.17
Camden
15
San Francisco
.205
Jacksonville
17
Boston
.172
St. Louis
Houston
.165
Buffalo
Angeles
.15
Los
16
Chicago
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
North Texas_$.0334-.033( New Orleans-$.033(-.04
New York
.034-.04
Tulsa
Los Angeles.. .Q434-.05
(Bayonne)
Fuel Oil, F.O.B. Refinery or Terminal
1.80
New Orleans C
I California 27 p us D
N. Y.(Bayonne)
$1.15-1.251Ph1la.. bunker C.-- .95
8.95
Bunker C
Diesel 28-36 D.-- 1.65
Gas 011, F.O.B. Refinery or Terminal
iChicago.$.02%-.02%
N.Y.(Bayonne)
yi I Tulea
%
1
32-36 00-..02,4,02
27 plus--3.04 -.041
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
5.0554-.05M
New YorkChicago
Standard 011 N. J__$.07
ColonialBescon_5.063( New Orleans- .05 14-.053(
Solapny-Vacuum____ .07%
063( Los Ang.,ex-- .05%-.04it
Texas
Tide Water oil Co_ .07
Gulf
063( Gulf ports.... .053(-.051(
Richfield 011(Calif.) .06%
.0334-.05%
.06% Tulsa
Republic 011
Warner-Quinlan Co- .06%
Shell Eaet'n Pet-- .06h
:Notincluding 2% city sale:tax.
Daily Average Crude Oil Output/Again DeclinesOff 35,150 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Dec. 7 1935 was 2,785,300 barrels. This was a drop of
35,150 barrels from the output of the previous week. The
current week's figure was, however, above the 2,540,200
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during December. Daily aver-
3764
Financial Chronicle
age production for the four weeks ended Dec. 7 1935 is
estimated at 2,824,100 barrels. The daily average output
for the week ended Dec. 8 1934 totaled 2,386,850 barrels.
Further details as reported by the Institute follow:
Dec. 14 1935
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Dec. 7 totaled 432,000 barrels.
a daily average of 61,714 barrels, compared with a daily average of 87,429
barrels for the week ended Nov. 30 and 98,071 barrels daily for the four
weeks ended Dec. 7.
Thera were no receipts of California oil at Atlantic and Gulf Coast ports
for the week ended Dec. 7. This compares with a daily average of 21,000
barrels for the weak ended Nov. 30 and 18,571 barrels daily for the four
weeks ended Dec. 7.
Reports received from refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining capacity of the United States,
indicate that 2,483,000 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,24,832,000 barrels offinished gasoline; 5,296.000 barrels
of unfinished gasoline and 104,574,000 barrels of gas and fuel oil. Gasoline
at Bulk Terminals, in transit and in pipe lines amounted to 17.854,000
barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 544,000 barrels daily
during the week.
The yield of gasoline from crude at refineries showed an unexpected gain,
the average for the United States rising to 44.9% from 44.2% in September.
Accordingly, the output of motor fuel rose to a new high level of 41,862,000
barrels.
The domestic demand for motor fuel in October exceeded expectations, the
total of 41,401,000 barrels being 10% above the corresponding total of a year
ago. On the other hand, exports of motor fuel showed the first material
decline in several months, the total being 2,461,000 barrels, compared with
2,985,000 barrels in September. This decline was not related to events in
Italy as, according to statistics of the Bureau of Foreign and Domestic Commerce, no gasoline was shipped from the United States to that country either
In September or October 1935. However, exports of crude oil to Italy
increased from 62,000 barrels in September to 417,000 barrels in October.
Stocks of finished and unfinished gasoline were reduced more than anticipated,
the total of 49,798,000 barrels for Oct. 31 being the low point for the year.
The (Iceland for the other major refined products, particularly for kerosene and the lighter grades of fuel oil, increased in October.
According to the Bureau of Labor Statistics, the price index for petroleum
products for October 1935 was 50.1 compared with 50.6 in September 1935
and 50.4 for October 1934.
The refinery data of this report were compiled from refineries having an
aggregate daily recorded crude oil capacity of 3,755,000 barrels. These
refineries operated during October 1935 at 73% of their capacity, compared
with an operating ratio of 74% in September.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
SUPPLY AND DEMAND OF ALL OILS
(Thousands of Barrels of 42 Gallons)
Actual Production
Dept. of
Interior
Calcula- IVeek End. Week End
tions
Dec. 7
Nov. 30
Dec.
1935
1935
480.100
138,700
Oklahoma
Kansas
Week
Ended
Dec. 8
1934
458,550
135,500
484,700
145,800
489,250
142,500
454.800
122,150
58.500
59,800
25,600
159,150
45,900
435,000
64,750
208,300
67,100
59,800
25,650
165,250
45,400
434,000
64,050
206.700
62,650
59,650
25,600
163.600
46,250
433,500
63,750
207,200
52.550
56,050
27,500
137,450
44,600
413,300
54.850
164,700
1,005,800 1.057,000 1,067,950 1,062,200
951,000
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas
Average
4 Weeks
Ended
Dec. 7
1935
North Louisiana
Coastal Louisiana
Total Louisiana
krkansas
Eastern
Michigan
Wyoming
Montana
Colorado
Mexico
1New
36,850
124,350
34,550
126,700
34,100
126,850
23,800
85,000
128,000
161,200
161.250
160,950
108.800
28,100
97,800
41,800
35,100
11,500
4,000
55,500
29,550
102,350
44,850
36,750
13,300
4,151)
57,300
29,700
104,700
49,650
36,550
13,150
4,150
57,850
29,600
104,600
48,600
36,650
13,000
4,100
57,500
31,100
100,350
27,450
35.750
11,400
3,250
44,900
Total East of California- 2,026,400 2,100,500 2.155,450 2,148.950 1,890.950
:Ialffornia
513,800
684.800
665,000
675,150
435.900
Total United States-- 2.540.200 2.785.300 2.820.450 2.824.100 2.386,850
Note-The figures indicated above do not Include any estimate of any oil which
ight have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED DEC.7 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity of Plants
District
Poteneta!
Rate
East Coast__
Appalachian..
Ind.,111.,Ky.
Okla., Kan.,
Missouri..
Inland Texas
Texas Gulf__
La. Gulf....__
No. La.-Ark
Rocky MtnCalifornia__
Totals week:
DVS. 7 1935_
Nov. 30 1935
Crude Runs
to Stilts
Stocks
Stocks a Stocks
of
of
of
b Siocko
Gas
UnFinof
Reporting
Daily P. C ished finished Other
and
Aver. Oper- Gaso- Gasp- Motor
Fuel
Total P. C. age
Oil
Wed
Fuel
line
tine
612
154
442
612 100.0
146 94.8
424 95.9
445 72.7 12,018
91 62.3 1,827
325 78.7 7,228
453
330
680
169
80
97
852
384
160
658
163
72
60
789
233
88
594
126
43
46
492
3,869
3,869
84.8
48.5
96.8
96.4
90.0
61.9
92.6
3,468 89.6
3,468 89.6
875
281
557
185 10,951
60
888
45 3,578
4,559
1,326
4,211
1,143
240
774
9,360
447
183
1,544
277
34
107
991
635 4,537
1,580 1,652
115 10,730
___. 4,603
544
125
764
110
1,600 66,327
2,483 71.6 c42,686
2,636 76.0 d43 190
5,296
5.368
4,455 104,574
4.580 106,281
60.7
55.0
90.3
77.3
59.7
76.7
62.4
a Amount of unfinished gasoline contained In naphtha distillates. b Es boated.
Includes unblended natural gasoline at refineries and plants: also blended motor
fuel at plants. c Includes 24,832,000 barrels at refineries and 17,854,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 25,943,000 barrels at refineries
and 17.247.000 barrels at bulk terminals, in transit and pipe lines.
of Crude Petroleum During October
Reached 88,160,000 Barrels
The monthly petroleum report of the United States Bureau
of Mines showed that the production of crude petroleum in
October 1935 totaled 88,160,000 barrels, a daily average, of
2,843,900 barrels. This average is 40,300 barrels above the
average in the previous month, and is the highest since October 1929. The report further disclosed:
Production
Most of the producing States reported gains in daily average production in
October; even the Eastern and Central States stepped up their output. Louisiana and Michigan continued to set new production records. Daily average
production in California increased about 10,000 barrels over September, the
October figure being 650,100 barrels. Texas was one of the few States that
recorded a decline in production in October, its average decreasing from
1,068,800 barrels in September to 1,084,400 barrels in October. This decline
in Texas was due principally to lower estimates for "hot oil" production in
East Texas, most of the other arms in Texas showing increases.
The Increase in crude oil production was reflected in the trend of crude
oil stocks; that is, the gain in output was followed by a reduction in the
withdrawal. The withdrawal from total refillable crude stocks in October
was 3,550,000 barrels, compared with 4,261,000 barrels taken out in September. Stocks of crude oil on hand Oct. 31 amounted to 317,155,000 barrels.
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
mPorts: b
Crude petroleum:
Bonded warehouses
For domestic use
Refined products:
Bonded warehouses
For domestic use
rotal new supply, all oils
Daily average
Decrease in stocks, all oils_ __.
Demandrota' demand
Daily average
.,xports:
Crude petroleum
Refined products
)omestio demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
Total domestic demand
Daily average
Oct.
1935
Sept.
1935
Oct.
1934
88,160
2,844
3,574
174
91,908
2,965
84,109
2,804
3,202
162
87,473
2,916
76,593 818,755 760,869
2,471
2,693
2,503
3,267 31,606 30,053
1,507
120
1,456
79,980 851,868 792,378
2,802
2,580
2,607
597
1,880
888
2,002
918
414
95,717
3,088
1,035
804
92,220
3,074
6,732
4,466
102,449
3,305
96,686
3,223
4,810
5,950
4,971
7,867
41,401
4,520
30,988
1,820
97
638
1,949
558
4,273
147
5,298
37,862
3,892
28,160
1,697
73
548
1,889
1,037
4,363
138
4,189
37,674 362,866 341,527
3,957 37,847 35,022
27,988 283,746 269,111
1,874 16,589 15,600
75
775
736
629
5,486
6,354
1,591 14,516 , 12,270
6,048
6,320
507
3,792 42,081 36,976
126
1,728
1,707
4,156 37.210 35,066
91,689
2,958
83,848
2,795
82,169 809,164 760,417
2,662
2,651
2,601
Jan.-Oct. Jan.-Oct.
1935
1934
726
2,158
6,202
20,459
3,762
25,682
814 10,154
8,465
532
7,325
3,754
84,210 896,008 834,041
2,718
2,947
2,744
7,195
17,293
21,484
91,405 913,301 855,525
3,004
2,949
2,814
3,277
5,959
42,991
61,146
34,010
61,098
Stocks:rude petroleum
Ihtural gasoline
refined products
317,155 320,705 346,800 317,155 346,800
4,384
4,255
5,133
4,384
4,255
225,316 227.749 229,659 225,316 229,659
Total, all oils
Days' aunnly
546,855 553,587 580,714 546,855 580,714
165
197
206
172
182
a From Coal Division. b Imports of crude as reported to Bureau of Mines;imports
Of refined products from Bureau of Foreign and Domestic Commerce.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
(Thousands of Barrels of 42 Gallons)
October 1935
Total
Arkansas
California:
Huntington Beach_ _
Kettleman Hills
Long Beach
Sante Fe Springs
Rest of State
Total California....
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest ct State
Total Louisiana... _
Michigan
Montana
Nex Mexico
New York
Ohio-Central et Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City._
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Texas-Gulf Coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming_
Others
Total U. S
930
DailyAo.
30.0
September 1935
Total
DatlyAv.
878
29.3
Jan.Oct.,
1935
9,181
Jan.Oct..
1934
9,358
43.2
1,340
1,283
42.8
12,513
12,578
3,104
2,642
100.1
88.1
21,018
17,775
77.7
81.1
2,407
2,435
21,710
19,077
54.8
1,698
1,644
54.8
12,845
12,331
374.3 11,206
11,603
373.5
98,424
83,575
650.1 19,210
20,152
640.3 166,510 145,336
4.2
130
138
4.6
1,299
942
12.6
391
370
12.3
3,592
3,853
68
2.2
66
2.2
639
716
4,785
154.4
4,550
151.7
45,950
38,877
14.9
462
433
14.4
4,440
3,981
122.8
3,807
3,545
118.2
18,862
32,690
948
30.6
826
7,616
27.5
7,408
153.4
4,755
4,371
26,478
145.7
40,098
1,649
53.2
8,944
1,448
48.3
12,449
13.2
409
2,875
408
3,755
13.6
1,822
58.8
13,947
1,762
58.7
16.930
11.9
3,133
370
348
11.6
3,517
286
9.3
281
2,725
2,651
9.4
81
2.6
832
74
2.5
783
387
11.9
355
3.557
3,434
11.9
140.3
53,191
4,348
4,012
46,413
133.7
4,083
32,098
131.7
3,951
39,709
131.7
242,5. 6,971
7,519
66,173
68,544
232.4
15,950
514.5 14,934
497.8 154,666 151,462
1,356
12,061
13,233
43.8
1,251
41.7
5,571
50,296
179.7
52.126
5,300
176.7
4.727
41,955
152.5
45,663
4,609
150.3
14,720
474.8 14,524
484.1 147,334 154,631
1,686
16,797
17,664
54.4
55.8
1,673
6,292
57,690
61,561
203.0 '6,058
201.9
32.996 1,064.4 32,064 1,068.8 324,348 321,369
357
3,302
3,434
10.5
11.5
314
527
5,216
5.443
17.0
17.0
510
680
5,080
6,159
21.9
23.2
694
10,503
11,375
1,207
38.9
40.2
1,204
4
37
43
.....5
88,160 2,843.9
84.109 2.803.6
a Includes Missouri, Mississippi, Tennessee and Utah.
818,755
760,860
Production of Coal for Latest Week Above Same Period
a Year Ago
The weekly coal report of the United States Bureau of
Mines stated that production of soft coal for the country
during the week ended Nov. 30 was estimated at 7,350,000 net
tons in comparison with 8,152,000 tons in the preceding week.
Production during the corresponding week in 1934 amounted
to 6,306,000 tons.
Anthracite production in Pennsylvania during the week
ended Nov. 30 was estimated at 920,000 net tons. Compared
with the output in the preceding week, this shows a decrease
of 80,000 tons. Production in the corresponding week last
year amounted to only 779,000 tons.
Production of bituminous coal during the month of October
was estimated at 37,664,000 net tons, as against 24,944,000
tons during September and 32,807,000 net tons during October
1934. Hard coal output for October was estimated at
4,279,000 net tons. This compares with 4,172,000 net tons
produced during September and 4,729,000 tons during October
a year ago.
During the calendar year to Nov. 30 1935 a total of 332,.
917,000 tons of bituminous coal and 46,383,000 net tons o
Pennsylvania anthracite were produeed. This compares with
325,326,000 tons of soft coal and 52,510,000 tons of hard coal
produced in the same period of 1934. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
Week Ended
Nov. 30
1935 c
3765
Financial Chronicle
Volume 141
Noy. 23
19356
Calendar Year to Date
Dec. 1
1934
1934 e
1935
1929
Bitum. coal aTot,for per'd 7,350,000 8,152,000 6,306,000 6332917000 325,326,000 487,943.000
Daily avge__ 1,470,000 1,359,000 1,261,000 1,184,000 1,156,000 1,727,000
Pa. Ruth. isTot,for per'd 920,000 1.000,000 779.000 46.383,000 52.510.000 66,448.000
Daily avge__ 184,000 166,700 155,800
188.500
166,500
238,600
Beehive coke815,000
912,800 6.101,000
Tot,for per'd
24,600
24,600
18,300
2,850
3.192
4.100
Daily avge__
3,050
4,100
21.332
a Includes lignite, coal made into coke, local sales, and colliery fuel b 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" coal. c Subject to revision. d Revised. e Adjusted to make comparable
the number of working days in the three years.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL. BY
STATES (IN THOUSANDS OF NET TONS)
(The current estimates are based on railroad carloadings and river shipments
revision on receipt of monthly tonnage reports from districts and
to
and are sublect
State sources or of final annual returns from the operators.)
Week Ended
Monthly Production
State
Total bituminous coal
Pennsylvania anthracite
1
23
93
180
1
905
325
68
161
710
176
32
10
88
38
82
390
2
180
59
152
1
832
330
75
123
588
155
38
20
91
28
52
410
9
71
442
747
3
4,792
1,536
304
717
3.380
760
172
38
372
136
338
2,144
Sept.
Oct
1935
1934
8
10
614
813
287
292
457
631
2
5
2,900 3,847
891 1,403
205
315
467
605
2,385 2.759
618
697
105
152
48
62
225
271
94
124
146
246
1,390 1.770
.1 1,0.
WW0.001-4
.= CONCWD.O.W
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminousEastern b
Western c
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern d
Northern e
Wyoming
Other Western States
Wb
.WWW.WOWO2,114.. VOW,
.0000WCP.O...40.01W01.2
Nov. 23 Nov. 16 Nov. 24 Oct.
1935 p 1935 p 1934r 1935r
1,825
78
15
98
223
42
1,656
459
130
•
( 3,046
1,806 1 5,321
90
124
16
63
69
418
175 1,075
40
154
1,399 8,544
480 2,324
95
530
•
4
8,152
1.000
7,807
599
7.306 37,664 24.944 32,807
951 4,279 4,172 4.729
1,996
3,732
291
59
180
703
92
5,172
1,490
386
1
3,152
4.541
338
64
368
827
148
6,797
2,022
525
2
Grand total
9.152 8.406 8.257 41.943 29.116 37 cut
•Coal taken from under the Kentucky mountains through openings in Virginia
s credited in the current reports for 1935 to Virglnia,and the figures are therefore not
directly comparable with former years. b Represents that portion of the State which
is not included in Western Pennsylvania. c Figures are comparable with records for
1934, and cover production of Western Pennsylvania as defined by the NRA Sub
Divisional Code Authority. d Includes operations on the M. & W.; C. at O.; Virginian; K. & M.: B. C. & G.; and on the B. & 0. In Kanawha, Mason, and Clay
counties. e Rest of State, including the Panhandle District, and Grant, Mineral,
and Tucker counties. p Preliminary. r Revised. s Alaska. Georgia, North Carolina,
and South Dakota included in "Other Western States," • Less than 1,000 tons.
Natural Gasoline Production at Highest
Point Since 1931
The Department of the Interior reported that the output
of natural gasoline continued to reach new high levels in
1935-in fact, the daily average for October 1935 (4,842,000
gallons) was the highest since December 1931. The gain in
output in recent months has resulted from a number of causes
such as generally favorable prices, increased crude oil (and
gas) production, and a virtual breakdown of curtailment in
the Panhandle. Production in all the principal fields increased in October, the gains in the Panhandle, Kettleman
Hills and Oklahoma City fields being outstanding. Daily
average production in the Panhandle was nearly 750,000 gallons daily, 100,000 gallons higher than in September, but considerably below tile peak of November 1934. Stocks of
natural gasoline reflected the brisk demand and declined
materially; the total on hand Oct. 31 was 184,128,000 gallons
October
compared with 215,586,000 gallons on hand at the beginning
of the month.
PRODUCTION AND STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
Stocks
Production
Oct. 31 1935
Oct.
1935
Sept.
1935
East Coast-Appalachian. 5,537 4,260
Ill., Mich.,
850
946
Kentucky_
Oklahoma__ _ 36,118 31,216
2,964 2,447
Kansas
43,982 39.752
Texas
4,308 4,146
1,101 1,082
Arkansas _
Rocky Mtn_ 4,904 4,431
50,268 46,300
California_
Jan.Oct.
1934
Jo
Oct.
1935
50,520
8,073
308,325
25,822
415,493
38,569
11,154
43,645
425,851
46,500
Sept. 30 1935
At
At
At
At
Refin- Plants Refirt- Plants
eries & Ter- cries & Terminals
minals
6,006
84
1,857
9,408
84
3.020
238
245 1.806
6,900 1,764
294,000 2,772 20,888 3,822 25,883
126 1,188
42 1,552
22,500
379,100 5,964 68.513 5,586 74,841
168 5,993
84 4,977
32,900
282
126
122
84
11.000
48,100 3,528 1,048 3,990 1,320
421,200 61,236 3,362 74,550 3,179
150,108 134,484 1,327,452 1,262,200 81,554 102,564 98,666 115,920
Total
4,150
4,367
Daily avge_ _ 4,842 4,483
Tot. (thous.
30,052 1,942 2,442 2,373 2,760
31,606
of barrels) 3,574 3,202
99
104
107
115
Daily avge
Anthracte Shipments 20.33% Below a
Year Ago
Shipments of anthracite for the month of November 1935,
as reported to the Anthracite Institute, amounted to 2,868,490 net tons. This is a decrease, as compared with
shipments during the preceding month of October, of 812,762
net tons, or 22.08%, and when compared with November
1934, shows a decrease of 732,162 net tons, or 20.33%.
Shipments by originating carriers (in net tons) are as
follows:
November
Month ofReading Company
Lehigh Valley Rit
Central RR. of New Jersey
Dais. Lackawanna & Western RR_
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ontario & Western Railway.._
Lehigh & New England RR
Tntal
November
1935
October
1935
November
1934
October
1934
566,626
497,249
225,917
363,098
325,351
319,178
265,508
182,988
122,595
858,279
589,533
261,538
403,133
319,160
423,303
416,450
206,892
202,964
817,394
628,315
254,267
416,806
335,951
479,992
315.115
204,298
148,514
718,702
698,116
328,281
494,255
443,335
488,316
382,253
212,254
2131,198
_2 8811 490 3831252 3.000.512 4.028.710
Effect of Good Week's Trade in Major Metals Nullified
by Break in Silver
"Metal and Mineral Markets" of Dec. 12 stated that
major non-ferrous metals-copper,lead and zinc-wire doing
very well last week until the silver disturbance struck in
full force on the afternoon of Dec. 10 and caused buyers to
pause for further developments. In the silver division, the
temporary withdrawal of the Treasury from supporting the
market was taken to indicate that the Administration called
a halt awaiting definite information as to the full meaning
of the recent move in China that aims at establishing a
managed currency tied to the pound sterling. Dumping of
silver by China to purchase gold, it was pointed out, did not
fit in with the program. Sales of copper, lead and zinc in
the domestic market were above the average last week.
Tin was quiet and slightly lower. "Metal and Mineral
Markets" further stated:
Copper Sales Large
The domestic copper market was beginning to enjoy more activity when
the unsettled silver situation injected an atmosphere of uncertainty throughout the industry. According to the Copper Association, sales for the last
week in the domestic market amounted to a little over 19,500 tons, which
compares with 9,000 tons the previous week. Some producers believe
enthusiasm for a higher copper price received more than a slight jolt, due
to the unsettlement, though most operators still believe that a higher price
before the end of the year is likely. The price remained unchanged at
9.25c. Valley.
The foreign market during the last week displayed signs of strength until
Tuesday. Speculators became excited on the developments in silver and,
in the opinion of observers here, attached too much importance to the move
in that metal. Quotations abroad on Dec. 11 ranged from 8.6254. to
8.8254. c.i.f.
Sir Edmund Davis, president at the annual meeting of Rhodesian AngloAmerican in London, made it clear that the Northern Rhodesian copper
producers favored a price policy that would not restrict the movement
of copper into consumptive channels. "Should world copper consumption
continue at the present rate of about 1,400,000 long tons a year." he said.
"existing stocks of copper of about 500.000 tons should show further reduction within the next few months, and it is reasonable to suppose that tha
Rhodesian mines would have to increase production." He favored a price
of copper not in excess of £40 a long ton, holding to the opinion that a higher
figure would stimulate production at other properties, leaving the Industry
again in a position where production is larger than consumption.
Lead Buying Continues
Lead suffered less than other metals on the upset in silvan Buying
was good throughout the week, sales for the period totaling more than
7.000 tons, or well above the weekly average. A week previous the sales
amounted to about 6,200 tons. The demand came chiefly from battery
manufacturers and pigment makers, with January shipment metal predominating in the week's business. Producers were pleased with the steady
call for lead for December shipment, which, it is claimed, points to a continued high rate of consumption.
The undertone of the market was firm. Prices held at 4.50c., New York.
the contract settling basis of the American Smelting & Refining Co., and
at 4.354., St. Louis. As for some time past, St. Joseph Lead obtained
a premium on its own brands sold in the East.
Financial Chronicle
3766
The statement on total stocks of lead above ground as of Nov. 1 satisfied
most producers that the market is heading in the right direction. Total
stocks, including lead contained in ore at smelters, amounted to 319,478
tons at the beginning of last month, against 322,395 tons a month previous.
Zinc Firm at 4.85
The volume of zinc sales for the last week amounted to about 5,000 tons.
a good week's business. The feature of the market was the announcement
of the November statistics, which showed zinc shipments the highest for
the year, totaling 47,871 tons for the month. Stocks were reduced more
than 10,000 tons during the month, to 85,777 tons. Producers believe
this fact, together with the recent increased buying, is establishing a seller's
market. The lowered foreign zinc price of Dec. 11 temporarily checked
the trend toward a higher domestic price, producers believe.
Tin Trade Inactive
The move to increase production to 90% seemed to restrict buying of
tin, for the last week was a quiet one. Prices eased in London, on spot
as well as forward metal. Straits tin in New York, on spot, settled at 50c.,
against 51.75c. a week ago.
Chinese tin, 99%, was quoted as follows: Dec. 5th, 50c.; 6th,50c.;7th,
49.875C.; 9th, 49.375c.; 10th, 49c.; 11th, 48.875c.
Exports of Tin During October Under International
Tin Agreement-Increase of 10% in Shipment
Quotas Recommended by Committee
During October the five countries participating in the
International Tin Agreement exported 13,071 tons of tin, according to a communique issued Dec. 6 by the International
Tin Committee through the New York office of the International Tin Research and Development Council. This compares with 8,489 tons exported in September. The September
total differs from that given in our issue of Oct. 26, page 2654,
In as much as the amount of exports for Bolivia, totaling
2,306 tons, was not available at the issuance of the Committee's communique for that month.
In the statement of Dec.6 it was noted that the Committee
recommended to the signatory governments, which are, in
addition to Bolivia, Netherlands East Indies, Nigeria, Malaya
and Siam, that the shipments quotas should be raised 10%
to 90% of standard tonnages, for the period January to
March 1936. The following is the communique of Dec. 6:
INTERNATIONAL TIN COMMITTEE
Communique
1. The International Tin Committee met at The Hague on Dec. 6 1935.
2. The monthly statistics as to exports are as follows:
August
Netherlands East Indies
Nigeria
Bolivia
Malaya
Slam
3,474
'
546
2,225
3,642
957
September
October
1,904
919
2,306
2,583
777
3,465
644
2,417
5,787
758
3. The Committee agreed to recommend to the signatory governments that
the quotas be increased to 90% of standard tonnages, for the three months
January to March 1936.
October World Zinc Output Totals 126,837 Tons
The following table shows zinc production of the world
during the month October 1935 and three preceding months,
by primary metallurgical works, as reported by the American
Bureau of Metal Statistics, in short tons:
United States
Other North America
y Belgium
France
Germany
Italy
Rhodesia
Spain
Anglo-Australian
x Elsewhere
October
September
August
July
36,701
16,169
18,365
5,065
12,201
2,434
1,837
775
12,290
20,000
36,088
14,464
18,100
4,646
11,573
2.394
1,921
538
11,421
19,500
35,922
15,932
18,300
4,614
11,642
2,440
1,926
584
11,372
19,500
35,055
17,013
18,100
4.498
11.443
2,450
1,938
560
12,442
15,400
World's total
125,837
118.899
120.645
122.212
x Includes Norway, Poland, Japan and Indo-China, together with estimates for
Czechoslovakia, Jugoslavia and Russia, the Quantities of which are small. Y Partly
estimated.
World Copper Production for Third Quarter of 1935,
Ex-United States
"Metal and Minerals Markets," in its issue of Nov. 28, published the following table of copper production in short tons,
as compiled by the American Bureau of Metal Statistics:
As accounting of the production of copper in the world from ore originating outside of the United States, according to countries where produced as
blister copper, with a few exceptions, during the first, second and third
quarters of 1935, with comparable data for the fourth quarter of 1934, in
short tons.
Fourth Quarter First Quarter Second Quarter Third Quarter
1934
1935
1935
1935
•U. S., foreign ore..b Mexico
Canada
Chile
Peru
Germany
Russia
C Other Europe
d Japan
India
Other Asia
Australia
e Africa
5.700
14,900
48.700
82,400
8,100
15,400
14.600
22,600
20,400
1,600
300
4,600
83,000
8,300
11,500
48,800
87,000
8,100
15,000
15,600
22,200
19,000
2,000
300
4,200
83,800
8,800
12,200
50,000
79,500
7.800
13,800
20,000
18,500
19.000
2,000
300
5,400
77,500
9,600
10,600
46,300
59,300
8,300
16,800
f16.500
23,600
18,800
1,900
300
4,700
63,000
Totals
322,300
325,800
313,300
279,700
Monthly averages_._. 107,400
108,600
104,400
93,200
Daily averages
3,500
3,620
3,443
3.040
•Copper content of foreign ore and matte imported, included receipts from
Cuba, admitted free of duty. b Imports of blister copper into United States from
Mexico. c Partly estimated; includes Great Britain, Spain, France, Norway,
Sweden, Italy, Yugoslavia, Rumania and Belgium ex-Katangs. Copper from
Zatanga matte smelted in Belgium is credited to Africa. d Japanese production is
given in terms of refined copper, which Includes a certain proportion of reworked
Dec. 14 1935
scrap and perhaps some other duplication. e Partly estimated; comprises Belgian
Congo, Rhodesia and South Africa. f Conjectural.
Steel Shipments Show Decrease in November
Shipments of steel products by subsidiaries of United
States Steel Corp. amounted to 681,820 tons in November,
a decrease of 4,921 tons as compared with the previous
monthly total of 686,741 tons. In November 1934 shipments were 366,119 tons. Below we list the figures by
months since January 1931:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED
Month
January
February
March
April
May
June
July
August
September
October
November
December
Yearly adjustment_
total for
VAAY
Year 1931
Year 1932
Year 1933
Year 1934
Year 1935
800,031
762,522
907,251
878,558
764,178
653.104
593,900
573,372
486,928
476,032
435.697
351,211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310.007
275,594
227,576
285.138
275,929
256,793
335,321
455.302
603,937
701,322
668,155
575.161
572,897
430,358
600,639
331,777
385.500
588,209
643,009
745,063
985.337
369,938
378,023
370,306
343,962
366,119
418,630
534,055
583,137
668,056
591,728
598,915
578,108
547,794
624,497
614,933
686.741
681.820
a(6.040)
8(5,160)
b(44.283)
2(19,907)
7 AIR 744
5 074 na5
SAM 225
A
ans (1813
a Reduction. b addition.
Steel Production Highest of Any November Since 1929
Daily production of steel ingots in November averaged
121,279 gross tons, the highest daily average of any November
since 1929 and the highest of any month since May 1934,
according to figures released on Dec. 7 by the American Iron
and Steel Institute.
The daily average production in November 1929 was 135,427
gross tons of ingots, while in May 1934 production averaged
125,907 gross tons. In October of this year production averaged 116,535 gross tons ner day.
Total production of 3,153,247 gross tons of steel ingots in
November brought the tonnage of ingots produced thus far
in 1935 to a total of 28% above production in the first 11
months of 1934. Ingot production from January through
November of this year has totaled 30,343,769 gross tons, which
compares with 23,634,861 gross tons in the corresponding
period of 1934.
Production in the month of November of this year was 96%
above production of 1,610,625 gross tons in November 1934.
In October 1935 a total of 3,146,446 gross tons of ingots
were produced.
Operations in November were at 54.78% of capacity, compared with 52.64% in October and 28.130A in November 1934.
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOFS-JANUARY 1934 TO NOVEMBER 1935
[Reported by companies which in 1934 made 97.91% of the open hearth and
100% of the Bessemer ingot production.]
Calculated Monthly
Production
PeriodGross
Tons
1935January
February
March
First quarter
2,871.531
2.777,765
2,868.141
Calculated
Daily
a P.C.of Production
Capacity (Gross Tons)
48.04
52.28
49.83
108.353
115,740
110,313
Number
of
Working
Days
27
24
26
8,517.437
49.97
110,616
77
2.640,504
2.635,857
2,230.893
45.87
44.10
40.31
101.558
97,624
89,236
28
27
25
Second quarter
7,507.254
43.48
96,247
78
First 6 months
16,024,691
46.70
103,385
155
2,270,224
2,919.326
2,829.835
39.44
48.84
51.13
87.316
108,123
113,193
26
27
25
April
May
June
July
August
September
Third quarter
8,019.385
46.44
102,813
78
Nine months
24.044.076
46.61
103.193
233
October
November
'3,146,446
3353,247
'52.64
54.78
'116,535
121,279
27
26
1934January
February
March
1.997.129
2,211,944
2,798.440
33.59
41.86
47.07
73,968
92.164
103,646
27
24
27
First quarter
7,007,513
40.80
89.840
78
2,936.064
3,399,494
3,059.483
53.34
57.18
53.44
117,443
125,907
117,672
25
27
26
Second quarter
9,395.041
54.70
120,449
78
First 6 months
16,402,554
47.75
105,145
156
1,489.453
1.381,350
1,288,977
27.06
23.24
23.05
59,578
51.161
50,759
25
27
25
April
May
June
July
August
September
Third quarter
4,139.780
24.42
53,763
77
Nine months
20.542,334
40.04
88.165
233
1,481,902
1,610,625
1,964,257
24.93
28.13
35.68
54,885
61.947
78,570
27
26
25
5,056,784
29.44
64.831
78
October
November
December
Fourth quarter
Total
82.312
311
37.38
25.599.118
a Calculated on annual capacities as of Dec. 31 1934 as follows: Open hearth and
Bessemer ingots, 68,849,717 gross tons. b Calculated on annual capacities as of
Dee.31 1933 as follows: Open hearth and Bessemer ingots,68,478,813 gross tons.
•Revised.
World Lead Production Rises During October
Figures recently released by the American Bureau of Metal
Statistics disclosed that world production of refined lead
reached a total of 131,333 short tons during the month of
October. This compares with 119,793 tons produced during
the preceding month of September. The average daily rate
of production during the month under review totaled 4,236
tons, as against 3,993 tons in September and 4,231 tons daily
during October 1934.
The following table gives, in short tons, lead production of
the world allocated so far as possible to country of origin of
the ore:
a United States
Canada
Mexico
Germany
Italy
Spain
b Other Europe
c Australia
Burma
Tunis
&Elsewhere
October 1935
September 1935
37,844
14,406
12,562
11,574
4,431
5,337
15,900
18,120
6,754
2,205
2,200
29,358
12,936
7,759
12,680
4,231
4,344
15,600
20,998
6,754
1,433
3,700
119,793
131,333
Totals
1 a From domestic material only. b Includes Belgium, Russia, Great Britain,
Poland, France, Austria, Czechoslovakia and Yugoslavia; partly estimated. c Includes Australian lead refined in Great Britain. d Includes Argentina, Peru, Japan,
cod the product of foreign ore smelted In United States; partly estimated.
Steel Production Dips But Scrap Index Advances
The "Iron Age," in its Dec. 12 issue, stated that steel production has fallen from 57 to 56% of capacity, but scrap
prices, as represented by the "Iron Age" average of heavy
melting steel quotations at Pittsburgh, Chicago and Philadelphia, have risen from $13.25 to $13.42 a gross ton, the
highest level reached since September 1930. The strength of
scrap is country-wide. Besides an increase of 50c. a ton in
heavy melting steel in the important Pittsburgh market, there
have been advances of that grade at Detroit, Cleveland, Cincinnati, St. Louis and Boston. The "Age" further stated:
The decline in ingot output reflects a relaxation of consumer pressure for
finished steel following the reaffirmation of most existing prices for first
quarter. Few buyers actually accumulated large stocks, but most users had
entered heavy commitments for December delivery, and these have been
revised to spread shipments through the coming quarter. Relieved of the
necessity for stocking finished steel against higher prices, many in the
trade, and especially jobbers, are reverting to the customary practice of
paring inventories as the year-end approaches.
The reaction on mill schedules, so far as flat-rolled products are concerned, has been cushioned by the large day-to-day requirements of the
automobile industry, which is operating at a high rate following fall introduction of new models. The heavy requirements of motor car makers are
also reflected in liberal first quarter contracting in pig iron by automotive
foundries, whose melt has so depleted stocks accumulated as the result of
the late October price advance that relatively little metal will be carried
over into the new year.
In the face of less pressing, albeit still sizable demands on finishing
mills, the industry's operations are benefiting from heavy anticipatory orders
for semi•finished steel, the prices of which did advance. Similarly, there
has been an acceleration of the output of the few finished items that were
marked up in price, among them track bolts, track spikes, fence posts and
bolts and nuts. Tin plate mill operations have been lifted from 75 to 80%
of capacity, in line with the customary policy of providing generous Christmas payrolls.
These counteracting influences, together with the general trend of consumption, will, among them, determine the courts of steel production during
the remainder of the month. The strength of scrap suggests that further
increases in steel output are in sight. Reports of operations at different
centers this week reveal conflicting trends.
Output has risen two points to 62% in the Youngstown district and two
2 points
/
points to 84% in the Cleveland-Lorain area, but has receded 41
to 59% at Chicago, two points to 39% in the Philadelphia district, two
points to 78% in the Wheeling district, and three points to 82% in the
lower Ohio River region. Pittsburgh operations are holding at 44%,
Detroit at 95%, and the South at 50%.
Structural steel lettings of 18,000 tons compare with 16,425 tons in the
previous week. New projects total 19,350 tons as against 24,900 tons a
week ago. Reinforcing bar awards call for 4,000 tons and plate lettings for
2,700 tons. Total awards of structural steel, plate work, reinforcing steel
and piling reported in the "Iron Age" to date this year are 1,095,127 tons
as compared with 1,092,973 tons in the corresponding period in 1934.
Bids were taken this week on a Boston pier, requiring 5,300 tons of plates,
structural steel, bearing piles and reinforcing. St. Louis has asked for new
bids on a water conduit calling for 8,300 tons of plates.
The placing of contracts on government-financed projects on or before the
deadline, Dec. 15, will add considerable tonnage in reinforcing bars, structural steel and cast iron pipe to producers' books.
Railroads are expanding car and locomotive repairs, and both utilities
and oil companies are becoming larger users of iron and steel. The Long
Island RR. has ordered 1,000 tons of rails and the Wabash is closing for
10,000 tons.
New England by-product foundry coke will be advanced 50c. a ton Dec. 16.
The "Iron Age" composite prices on pig iron and finished steel are unchanged
at $18.84 a gross ton and 2.130e. a pound, respectively. Re-sale prices
on steel pipe are weak in the East, and irregularities in alloy and carbon
bars, sheets and strip are reported in the Detroit area.
TIIE "IRON AGE" COMPOSITE PRICES
Finished Steel
'Based on steel bars, beams, tank plates
Dec. 10 1935, 2.130c. a Lb.
2.130c.1 wire. rails, black pipe. sheets and hot
wk ago
One week
9.130c. rolled strips These products mat
One nionth ago
2 1240. 85% of the United States output.
One year ago
111gh
Low
2.130c, Oct. 1
2.124c. Jan. 8
193,5
2 199c. Apr. 24
2.008c. Jan. 2
1934
2.0150. Oct. 3
1.867c. Apr. 18
1933
1 977c. Oct. 4
1.926o. Feb. 2
1932
2.037o. Jan. 13
1.945e. Dee. 29
1931
2 2710. Jan. 7
2 018c. Dec. 9
1930
9.317c. Apr. 2
2.273c. Oct 29
1929
2 286c. Deo. 11
2.217c. July 17
1928
2 402c. Jan. 4
2.2120. Nov. 1
1927
3767
Financial Chronicle
Volume 141
Pig Iron
[Based on average of basic iron at Valley
Dec. 10 1935, 818.84 a Gross Ton
furnace and foundry irons at Chicago
:18.84
ago
week
One
18 841 Philadelphia, Buffalo, Valley and
One month ago
17.901 Birmingham.
One year ago
Low
High
$17.83 May 14
S18.84 Nov. 5
1935
16.90 Jan 27
17.90 May 1
13.56 Jan. 3
16.90 Dec. 5
11993334
13..56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
6
15.90 Jan.
15.90 Dec. 16
18.21 Jan. 7
1
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
Nov. 1
17.54
4
Jan.
19.71
1927
Steel Scrap
I Based on No. 1 heavy melting stee
Dec. 10 1935,:13.42 a Gross Ton
31 Quotations at Pittsburgh. Philadelphia
30
1137
21
One week ago
12.75) and Chicago.
One month ago
One year ago
LOW
High
$10.33 Apr. 23
713.42 Dec. 10
1935
Sept.25
9.50
13
Mar.
13.00
3
934
193
6.75 Jan. 3
12.25 Aug. 8
6.43 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
Dec. 3
14.08
29
Jan.
17.58
1929
13.08 July 2
16.50 Dec. 31
8
1927
13.08 Nov. 22
15.25 Jan. 11
The American Iron and Steel Institute on Dec. 9 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.0%
of the steel capacity of the industry will be 55.7% of the
capacity for the current week, compared with 56.4% last
week, 52.6% one month ago, and 32.7% one year ago. This
represents a decrease of 0.7 points or 1.2% from the estimate
for the week of Dec. 2. Weekly indicated rates of steel
operations since Dec. 10 1934 follow:
1934Dec. 10
Dec. 17
Dec. 24
Den. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan, 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
1935Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
1935July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sent. 23
Sept.30
Oct. 7
32.8%
35.3%
39.9%
42.2%
44.0%
48.0%
48.1%
48.8%
41.9%
45.8%
49.7%
45.3%
48.9%
.8%
49.7%
14
.350c1t9
Oct. 21
Oct. 28
Nov. 5
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
5C.4%
51.8%
54.9%
50.9%
52.6%
53.7%
55 4%
56.4%
55 7%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Dec.9 stated:
Rising demand for steel, in which the lighter finishes still predominate,
heavier requirements for structural and railroad material in prospect, a
strong market for pig iron and scrap, and a generally firm price situation
ae imparting to the industry a buoyancy unusual for December.
In sheets, strip, bars, and tin plate, mills now have a large volume of
releases for shipment over the remainder of December, through January
and in some instances extending into February, insuring a high operating
average for them during midwinter months. With sheet and tin plate
mills at 75 to 80%, some steelmakers are deferring for the present the
customary year-end repairs.
In structural shapes, reinforcing material, and pipe, the volume of inquiries
from Public Works Administration projects now makes it appeal impossible
for fabricators to meet the government's deadline with bids by Dec. 15.
While the majority of general contract awards are expected this month, a
considerable portion of the program will extend into the early months
oz 1936.
Railroad repair shop activity is increasing, and steel shipments to them
have improved. New York Central is taking bids on 30,000 to 40.000 tons
of rails, and has doubled its immediate car repair schedule, obtaining bids
on steel for 3,000 units. Illinois Central has received a government loan
for $3,000,000 for rehabilitating cars, and Chicago Burlington & Quincy is
buying additional steel for repairing 1,250 cars. Delaware Lackawanna &
Western has awarded 10,000 tons of rails. Southern Pacific is in the market
for 40,769 tons.
Large inquiries for steel for construction work multiplied during the
week, some for private interests. Socony Vacuum Oil Go., New York, is
negotiating for two tank ships requiring 10,000 tons of steel, and more
demand was noted for oil tanks in Eastern States. Los Angeles is taking
bids on 27,000 to 33,000 tons of plates for a water main ; St. Louis for
8,300 tons; Cincinnati for 5,700 tons of cast pipe. Structural shape
awards in the week totaled 18,900 tons, compared with 21,220 tons in the
preceding week.
Daily average steel ingot production in November, 121,279 gross tons,
was the largest for any November since 1929. The gain over October was
5%. The month's output, 3,153,247 tons, was 1.1% higher than ()Mabee'.
For 11 months, 30,313,507 tons is an increase of 27.2% over the first 11
la 1934.
Daily average pig iron production in November, 68,876 gross tons, was
7.9% above October, and highest since October 1930. Total output for
the month, 2,066,294 tons, was 4.4% higher than in October. For 11
months output of 18,924,987 tons is 26.6% over the first 11 in 1934. A net
gain of six active stacks was wade in November, to 122.
Currently, pig iron shipments are moderately neavier than in November.
Some valley producers are obtaining premiums of $1 a ton over the recent
increase of $1, for immediate delivery. Scrap is active and prices are
strong, "Steel's" composite advancing 4c. to $13.16.
While base prices of cold finished carbon steel bars have been raised $3 a
ton, an accompanying reduction of $3 a ton in chemical extras results in no
change in net prices on most tonnage. Width and gage extras have been
adopted for the first time on skelp, in line with similar extras on plates,
bars, sheets, and strip. Prices of large bolts have been raised about 10%,
and small bolts 3%. Due to the entry of several new mills into production,
concessions of $3 a ton are noted on sheets and strip in the Detroit district.
Automobile output for the week, 93,000, snapped back to the pre-Thanksgiving week level.
Steelworks operations last week increased 1 point to 57%, a new high
2
1
2 point to 63%; eastern Pennsylvania, /
1
for the year. Chicago advanced /
2; New England, 3 to 93; Buffalo, 7 to 47; Youngstown, 2 to 60.
/
to 391
Pittsburgh declined 2 points to 43. Other districts were unchanged.
"Steel's" iron and steel price composite is up 2c. to $33.30, while the
finished steel index holds at $53.70.
Steel ingot production for the week ended Dec. 9 is placed
at slightly over 57% of capacity according to the "Wali
Financial Chronicle
3768
Street Journal" of Dec. 11. This compares with 56.)%
in the previous week and 55% two weeks ago. The "Journal'
further stated:
U. S. Steel is estimated at 46%,against 45% in the week before and 43%
two weeks ago. Leading independents are credited with 67%. the same as
in the preceding week. Two weeks ago these companies were at 66%.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
approximate changes, in points, from the week immediately preceding: '
Dec. 14 1935
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
57
3134
30
1534
2614
37
64
82
6314
+54
+254
+2
—154
—154
—2
—3
—254
+254
U. S. Steel
46
+1
27
+154
2714 +154
1554 — li
—134
27
—2
43
—3
65
82
—134
6554 +254
Independents
67
35
3154
1534
26
33
63
32
62
+354
+2
+2
—1
—2
—2
—3
+2
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 Dec. 11, as reported by
the Federal Reserve banks, was $2,480,000,000, an increase
of $5,000,000 compared with the preceding week and of
$8,000,000 compared with the corresponding week in 1934.
After noting these facts, the Board of Governors of the Federal Reserve System proceeds as follows:
On Dec. 11 total Reserve bank credit amounted to $2,474,000,000. an
increase of $4,000,000 for the week. This increase corresponds with increases of $135.000,000 in member bank reserve balances and $5,000,000 in
non-member deposits and other Federal Reserve accounts, offset in part
by increases of $59.000,000 in monetary gold stock and $5,000,000 in Treasury and national bank currency and decreases of $2,000.000 in money in
circulation and $68,000,000 in Treasury cash and deposits with Federal
Reserve banks. Member bank reserve balances on Dec. 11 were estimated to be approximately $3,310,000,000 in excess of legal requirements.
Relatively small changes wcre reported in holdings of discounted and
purchased bills and tndustrial advances. An increase of $8,000.000 in
holdings of United States Treasury notes was offset by decreases of $4,000.000 each in noldings of United States bonds and Treasury bills.
The statement in full for the week ended Dec. 11, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3814 and 3815.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Dec. 11 1935 were as follows:
Increase (+) or Decrease (—)
Since
DEC. 12 1934
Dec. 4 1935
$
$
Bills discounted
6.000.000
+1,000,000
—3.000.000
Bills bought
—1,000,000
5,000,000
U. S. Government securities
2,430.000,000
Industrial advances (not including
$28,000,000 commitm'ts—Dec. 11) 33,000,000
+22,000,000
+1.000,000
Other Reserve bank credit
—6,000.000
+3,000,000
Dec. 11 1935
Tots. Reserve bank credit
2,474,000,000
Monetary gold stock
10068000,000
Treasury dc National bank currency-2,447,000,000
+12,000,000
+4,000,000
+59,000.000 +1,888,000,000
—39.000,000
+5.000,000
Money in circulation
5,841,000,000
—2.000,000 +309,000,000
Member bank reserve balances
6,040,000,000 +135.000,000 +1,928,000,000
Treasury cash and deposits with Federal Reserve banks
2,558,000.000 —68,000,000 —502,000,000
Non-member deposits and other Federal Reserve accounts
5.50,000.000
+5.000,000 +127.000,000
•Less than $500,000.
Returns of Member Banks in New York City
and Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks,for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
—New York City— --Chicago-Dee. 11 Dec. 4 Dec. 12 Dec. 11 Dec. 4 Dec. 12
1935
1935
1934
1934
1935
1935
, Assets—
$
$
$
$
$
$
Loans and investments—total— 7,883 7,856 7.213
1.555
1,776 1.790
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except banks)
891
59
860
59
581
52
744
734
799
150
150
170
Accepts. and com'i paper bought
170
Loans on real estate
124
L08123 to banks
39
Other loans
1.172
170
124
62
1,180
226
133
79
1,188
17
16
6
246
17
16
6
248
67
20
12
217
U. S. Govern.;direct obligations 3,289
Obligations fully guaranteed by
United States Government_
377
Other securities
1,018
3.276
2,941
980
993
709
374
1,017
272
942
95
239
95
236
78
229
1,372
49
74
782
641
38
195
81
611
37
205
82
489
38
167
102
--------26
27
29
27
Reserve with F. R. Bank
Cash in vault
Due from domestic banks
Other assets—net
Liabilities—
Demand deposits--adjusted
Time deposits
United states Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
493
2,565
57
87
503
5,920
572
152
5,812
575
167
4,747
596
425
1.482
400
58
1,452
400
59
1,226
365
28
2,265
404
2,286
410
1,763
114
533
5
536
4
457
2
Borrowing
Other liabilities
Capital account
354
1,458
356
1,462
9
350
1,466
44
229
- - -45
229
---45
228
2,610
59
80
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 given out on Thursday, simultaneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System 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 Dec. 4:
The condition statement of weekly reporting member banks in 101 leading cities on Dec. 4 shows a decrease for the week of $114,000,000 in total
loans and investments, an Increase of $135,000,000 in reserve balances with
Federal Reserve banks, decreases of $107,000,000 in demand deposits—
adjusted. $29,000,000 in time deposits and $22,000.000 in government
deposits, and an increase of $169,000,000 in deposit balances standing to the
credit of domestic banks.
Loans to brokers and dealers in securities in New York City increased
$32,000,000; loans to brokers and dealers outside New York City declined
$33,000,000; and loans on securities to others (except banks) increased
$9,000,000. Holdings of acceptances and commercial paper bought increased $3,000,000: real estate loans increased $1,000.000; loans to banks
declined $53,000,000 in the New York district: and "Other loans" increased
$14,000,000.
Holdings of United States government direct obligations declined $58,000,000 in the New York district. $12,000,000 in the San Francisco district.
$6,000,000 in the Boston district and $80,000,000 at all reporting member
banks; holdings of obligations fully guaranteed by the United States govern.
ment declined $3,000.000: and holdings of "other securities" declined
$15,000,000 in the New York district, and $35,000,000 at all reporting
member banks.
Demand deposits—adjusted declined 854,000,000 in the New York
district, $36.000,000 in the San Francisco district, $32,000,000 in the
Chicago district and $107,000,000 at all reporting member banks, and
increased $14,000.000 in the Boston district. Time deposits declined
$11,000,000 in the New York district, $9,000,000 in the Cleveland district
and $29,000.000 at all reporting member banks. Government deposits
declined $22,000.000. Deposit balances of other domestic banks increased
$91,000,000 in the New York district. $23.000.000 in the Boston district.
$11,000,000 in the Philadelphia district and $169,000,000 at all reporting
member banks.
A summary of the -principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec.4 1935,follows:
Dec. 4 1935
Assets—
Loans and investments—total_ _ _20,518.000,000
Loans to brokers and dealers:
in New York City
882,000,000
Outside New York City
170,000,000
Loans on securities to others
(except banks)
2,094,000,000
Accepts, and com'l paper bought_ 356,000,000
Loans on real estate
1,141.000,000
Loans to banks
98,000,000
Other loans
3,415,000,000
U. S. govt. direct obligations_ _ 8,221,000,000
Obligations fully guaranteed by
United States government
1.134,000,000
Other securities
. 3,007,000.000
Reserve with Fed. Reserve banks. 4,894,000,000
Cash in vault—
361,000,000
Due from domestic banks
2,370.000,000
Lfeddifttet—
Demand deposits—adlusted
13,911,000,000
Time deposits
4,843,000,000
United States govt. deposits
482,000,000
Inter-bank deposits:
Domestic banks
5,505,000,000
Foreign banks
443,000,000
Borrowings
1,000,000
Increase (+) OT Decrease (—)
Since
Dec. 5 1934
Nov. 27 1935
—114,000,000 +1,418,000,000
+32.000,000
—3,000,000
+142,000,000
+7,000,000
+9,000.000
+3,000,000
+1.000,000
—52,000,000
+14,000,000
—80,000,000
—206,000,000
--105.000,000
—3,000,000
—35,000,000
+521,000,000
+54,000.000
—36,000,000
+114,000,000
+927,000,000
+135,000,000 +1,696,000,000
+59,000.000
+3,000,000
+47,000,000 +553,000,000
—107,000,000 +2,429,000,000
—29,000,000
+96,000,000
—22.000,000 —343,000,000
+169,000,000 +1.131.000.000
-1- 6,000,000 +305,000.000
—4,000,000
+1,000,000
Monthly Meeting of Directors of Bank for International
Settlements—Optimism Voiced by Central Bank
Heads—Little of Withdrawn Gold Taken for
Hoarding According to Governor Tannery of Bank
of France.
With the conclusion on Dec. 9 of the Monthly two-day
meeting at Basle, Switzerland, of the board of the Bank for
International Settlements, the European Central bank heads
were reported as apparently generally hopeful that there
would be no further hard monetary strain before spring,
although making, of course, the usual reservation of bankers.
These reservations, said a wireless message to the New York
"Times" apply particularly to the French internal and
Italian external situations, which remain the principal
immediate unknown quantities in the monetary situation.
In part the advices to the "Times" also said:
Volume 141
Financial Chronicle
Jean Tannery, Governor of the Bank of France, in recounting the last
six weeks to Governors, said the 6,000,000,000 francs in gold lost in his
bank in that period was only half the amount lost in the May run and the
Bank's next statement would show a loss of only 300,000,000 francs.
against 2,834.000.000 francs the week before.
Little Gold Taken for Hoarding
"Contrary to what occurred last spring, there was little withdrawal
he said.
hoarding,"
of gold this time for
"Fhe confidence of the mass of the French population in money was
not shaken. The withdrawals originated in repatriation of foreign capital
and the transformation of important franc deposits into dollar or sterling
deposits through unjustified fear of devaluation, as well as because of the
rise in Wall Street."
One gold-bloc banker said in private conversation that this event,
following the previous runs in Holland and France, showed that Central
Bank co-operation was now "so strong that it was almost impossible to
drive a country off gold so long as it wanted to stay on."
It was pointed out, too, that this time the private banks were able
to handle the demand for dollars in Paris, and the United States Treasury
did not have to intervene directly, as it had done in May. Gold-bloc
bankers gave the Bank of England generous credit for its co-operation in
the recent franc crisis. Dr. Hjalmar Schacht, head of the Reichsbank,
explained to his colleagues why he had taken the drastic step of banning
imports to Germany of her own marks. Montague Norman, Governor
of the Bank of England, made the most of the success of the £300,000,000
loan. G. Bachmann. head of the Swiss Bank, reported on Swiss efforts
to balance the budget with higher taxation.
Statement of Condition of Bank for International
Settlements as of Nov. 30
The monthly statement of the Bank for International Settlements, issued Dec. 4, shows that the bank's funds declined
during November.18,000,000 Swiss francs to a total of 649,000,000, it was stated in a wireless account from Basle, Switzerland, Dec. 4, to the New Lork "Times" of Dec. 5. The advices also said:
The lose was all in central bank deposits for their own account. Gold bar
deposits increased 1,000,000 francs, and gold bar assets fell 5,000,000 to
27,000,000, more than covering deposits.
The statement, as usual, does not include earmarked gold held in custody
for central banks, whose total now is known to be in nine figures. Almost
all this gold is held for smaller European central banks which formerly were
on the gold exchange standard.
The following is the statement of the bank, as contained in
Associated Press advices from Basle, Dec.4 (figures in Swiss
francs at par):
Assets—
Gold in bars
Cash:
On hand and on current account with banks
Sight funds at Interest
Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances
2. Treasury bills
•
Total
Time funds at interest:
Not exceeding three months
Sundry bills and Investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and slx months:
(a) Treasury bills
(b) Sundry investments
3. Over six months:
za) Treasury hills
(b) Sundry investments
Total
Other assets:
1. Guaranty of central banks on bills sold
2. Sundry Items
Prey. Month
November
27,646,529.20 32,230,767.26
2,688,273.45 2.973,573.50
15,647,444.99 19,294,124.57
..131,388,584.16 127,485,957.18
201,252,009.62 211,611,047.88
332,640,593.78 339.097,005.06
36,264,556.32 40,283,285.62
33,762,012.86 34,995,861,10
43,426,194.49 64,711,833.61
27,550,246.35 34,844,372.69
53,064,291.58 31.795,518.78
30,603,960.66 22,214,504.32
34,383,825.90 34,358.063.46
222,790,531.84 222,920,153.96
6.174,246.98 6,201,118.78
5,335,618.95 5.412,117.12
Total
11,509,865.93 11,613,235.90
Total assets
Llabilates—
Capital paid up
Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
649,187,795.51 668,362,145.96
Total
Long-term commitments:
I. Annuity trust account deposits
2. German Government deposit
3, French Government deposits (Saar)
4. French Government guarantee fund
Total
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
(a) Not exceeding three months
(b) Sight
•
Total
2. Central banks for account of others:
(a) Not exceeding three months
(h) Sight
125,000,000.00 125,000,000.00
3,324,345.55 3,324,345.55
5,844,908.94 5,844,908.94
11,689,817.85 11,689,817.85
20,859,072.34 20,859,072.34
154,905,000.00 154,811,250.00
77,452,500.00 77.405,625.00
2,030,500.00 2,030,500.00
61,930,084.72 61,930,084.72
296,318,084.72 296,177,459.72
103,703,523.74 104,467,019.93
22,089,127.83 40,392,998.31
125,792,651.57 144,860,018.24
2,969,232.99 2,966,451.95
9,968,803.38 10,420.017.09
Total
3. Other depositors:
(a) Not exceeding three months
(b) Sight
12,838,036.37 13,386,469.04
Total
Sight deposits (gold)
Miscellaneous.
I. Guaranty on commercial bills sold
2. Sundry items
761.076.11 2.727,748.09
21,687.241.35 20,496,432.88
Total
Total liabilities
298,932.00
462,144.11
500,495.00
2,227,253.09
6.220,891.66 6,243,679.00
39,710,741.39 38,611,266.65
45,931,633.05 44,854,945.65
649,187,795.51 668,362,145.96
British-French Plan Viewed as Endangering Peace in
Italo-Ethiopian War—Smaller Powers in League
Oppose Ceding Ethipoian Territory to Italy—
League Council to Discuss Plan Next Week—Oil
Embargo Delayed
Possible disruption of the League of Nations was predicted
by some observers this week, as the result of the new pro-
3769
poso.1 for settlement of the Halo-Ethiopian war which was
presented to the belligerents jointly by Great Britain and
France. Details of the peace plan as made public yesterday
(Dec. 13) at Rome would give Italy sovereignty or control
over approximately two-thirds of Ethiopia. The smaller nations who are members of the League, and who have been supporting sanctions against Italy, are said to regard the proposal as a betrayal of League principles. A meeting of the
Steering Committee of Eighteen, which had been called for
Dec. 12 to consider the imposition of an oil embargo against
Italy, adjourned after a preliminary discussion of the peace
plan, and representatives of the smaller powers on the Committee succeeded in forcing agreement for a full debate on the
peace proposals when the League Council convenes on Dec. 17.
Meanwhile it was reported that if Italy should accept the
plan, and Ethiopia should reject it, it might become necessary
for the League to remove the trade ban against Italy and
instead impose sanctions against Ethiopia. Such action, it
was said, would conflict with the policies of most League
members, aside from Great Britain and France.
The proposed peace plan was mentioned in the "Chronicle"
of Dec. 7, page 3612. The Ethiopian Legation in Paris on
Dec. 11 announced that no peace terms could be considered
which infringed on Ethiopia's territorial or political integrity.
A Paris dispatch of Dec.11 to the New York "Herald Tribune"
described this statement as follows:.
Belaten Geta Wolde Mariam Ayelin, the Ethiopian Minister, issued a
communique stating:
"Ethiopia has been the victim of unjustified aggression, which was
solemnly condemned, unanimously, by the Council and Assembly of the
League of Nations.
"Under these circumstances the Ethiopian government is firmly resolved
to reject any proposition which, directly or indirectly, gives Italian aggression a premium, ignores the basic principles asserted by the Council and
the League committees, especially the principle of the territorial and
political integrity of Ethiopia, and which would tend to bring on a weak
State pressure to make it submit to the domination of a powerful government which has never ceased to maintain that it would insure its triumph
by force, with, without or against the League."
A Paris dispatch of Dec. 8 to the New York "Times" discussed the new peace proposals as follows:
To-morrow's French press will publish various accounts of the proposed
basis of settlement, all of them agreeing on their main lines. The "Petit
Parisien" describes it as a formula for an "exchange of territory" between
Italy and Ethiopia.
The Plan for Italy
In this "exchange" Italy would receive in the north all the Tigre territory at present occupied, except Aksum, and also Danakil. In the south
the Italian frontier would run along the 8th parallel to the 39th meridian,
which means Italy would receive Ogaden, Bale and and Boran Provinces.
Ethiopia would get in exchange the port of Aasab with the corridor along
the existing road. There is no longer any question, says the "Petit Parisien,"
of condominium as during last August, nor of tutelage of the League of
Nations over the Ethiopian government, as was suggested by the Committee
of Five last September.
Recent military operations in Ethiopia were featured by
an Italian air raid on the town of Dessye on Dec. 6, when
nine planes dropped hundreds of bombs which Idlled 32 persons and wounded more than 200. The main object of attack
was the field headquarters of Emperor Haile Selassie, but
the Emperor was not injtired, although the building was
struck by several bombs. Other bombs also hit the American
Seventh Day Adventist Hospital and a Red Cross tent.
United Press advices of Dec. 12 from Geneva to the New
York "Sun" summarized League preparations as follows:
Opposition of Turkey and Poland obliged France and Britain to abandon
their plan to submit the peace proposal to the Council's Committee of Five,
where with the support of Spain, they would have a majority. The Committee of Five is composed of France, Britain, Turkey, Spain and Poland.
Under those circumstances, the Committee of Five could continue negotiations with Premier Mussolini sad the Emperor of Ethiopia as it wished.
Poland Wants Oil Ban Delayed
Consequently, it becomes necessary to submit the plan directly to the
Council, where Turkey, Rumania and other small powers, possibly with
Russia's support, may continue to battle against it.
Tytus FComarnicki of Poland proposed that action on the oil embargo
be delayed pending debate by the Council.
Premier Laval of France and Capt. Anthony Eden of Great Britain, reaffirming their loyalty to the League, agreed that the Council should examine
the Franco.British proposals as soon as possible after it meets.
"Any final settlement must be acceptable to the League as well as to
the two parties," Capt. Eden said.
He suggested that the Council should be called as soon as possible to
examine the situation and said that Britain would accept the Council's
decision.
M. Laval made a statement similar to Capt. Eden's. He stressed that
France and Britain have acted throughout within the framework of the
League.
The Committee then adjourned until Saturday, when it will discuss the
report of the experts who have been examining means of applying sanctions,
thus delaying action on the oil embargo.
Would Keep Sanctions in Effect
In his proposal for delay on the embargo, Mr. Komarnicki said the FrancoBritish plan created an entirely new situation, but emphasized that only
the Council has power to deal with it.
"I think we should abstain from any measure of a political character
until the moment that the Council Is able to pronounce on the merits of
the new propositions," he said.
"Adoption by this Committee of any new measure would prejudice the
work which the Council must undertake shortly in accordance with its
powers."
Mr. Komarnicki also contended that the present economic and financial
sanctions which actually have been applied against Italy should remain in
effect. He insisted that the Franco-British plan should not affect "the
execution of resolutions already taken."
3770
Financial Chronicle
Dec. 14 1935
"The proposals are neither definitive nor sacrosanct," Capt. Eden said
after the Committee meeting. "TI,ey are suggestions which it is hoped
will make possible the beginning of negotiations."
B. Laval promised that the Franco-British plan would be distributed
at once among members of the Council for their perusal.
McIvor was Sales Manager of the former Board, and Mr.
Shaw is Dean of the Agricultural College of the University
of Saskatchewan. In noting the appointment of the new
Board, the Ottawa correspondent of the Toronto "Globe,"
under date of Dec. 3 said:
Oil Exports from United States to Italy Increased in
October—Department of Commerce Says Credit
Embargo is Practically Useless—Standard Oil Co.
of N. J. States It Has Taken Little War Business
—Ban on Shipments of Oil and Copper to Belligerents Is Urged
The Department of Commerce, in a statement issued on
Dec. 6, expressed the opinion that an embargo on credits to
Italy is of limited practical effect, since "credit purchases
from most countries had already been largely eliminated."
At the same time the Department reported that crude oil
exports to Italy had increased from 62,000 barrels in September to 417,000 barrels in October. September was the last
full month before President Roosevelt issued his arms embargo resolution and announced that sales to Italy and
Ethiopia would be at the shippers' risk. A recent reference
to neutrality moves on the part of the United States Government was contained in the "Chronicle" of Dec. 7, pages
3612-13.
A Washington dispatch of Dec.6 to the New York "Herald
Tribune" quoted from the Department of Commerce statement as follows:
The Advisory Board of seven members, which was authorized by the
Bennett government, has been discarded.
Appointment of the new Board, forecast some days ago, will be accompanied by a radical change in the wheat marketing policy of Canada.
Whereas the former Administration deemed it to be in the interests of the
country to maintain world prices of wheat by stabilization operations on
the Winnipeg Grain Exchange, the new Board is to abandon the Atlaslike attitude of Mr. McFarland and to make efforts to reduce the enormous
Canadian surplus of wheat by offering it for sale in the world's markets at
competitive prices and not at exorbitant premiums over Argentine,
Australian and other wheats.
This does not necessarily mean that Canada is going to slaughter prices
and risk heavy loss in connection with the Dominion's commitment of
$200,000,000 on account of wheat. It is hoped that within a reasonable
time the government will be able to get out of the marketing business.
Coincident with announcement of reorganization of the Board, the
Minister issued a statement expressing the intention of.the Dominion
government to have Canada's wheat surplus restored to a normal basis.
The statement was as follows:
"The concentration of surplus stocks of wheat in Canada during the past
few years has created an abnormal situation in the world wheat trade.
"Last June this situation was recognized by Parliament as not being in
the interests of Canada or her wheat producers, and the Dominion government desires to have our surplus restored to a normal basis. To accomplish this the Wheat Board will seek the good-will and co-operation of the
grain and milling trades in all importing countries.
"It is not necessary to have, and there will not be, any 'fire sale of
Canadian wheat, but it will be for sale at competitive values and will
not be held at exorbitant premiums over other wheats."
Complete figures on the value of goods exported to Italy during October
were made public by the Department of Commerce as $6,529,365, compared
with $4,795,887 in September, or a 35% increase. However, a comparison
with figures for October-September 1934 showed that the gain was seasonal.
A year ago, October exports to Italy were valued at $6,225,917, while
September shipments were $4,741,659. These figures show that exports in
October and September 1935 were only slightly above the same months a
year ago.
"In October," the Department of Commerce said in reference to trade
with Italy, "a tightening of internal credits is reported from most sections
of Italy, although in the important Milan district the collection situation
continues to be reported as good, reflecting a good rate of circulation of
money and of merchandise turnover as prices advance. International payments seem to be growing more difficult, and there is, moreover, a slight
tendency, not previously observed, for a few importers to use the exchange
restrictions as an excuse for delays in settlement.
"An embargo on credits to Italy is of limited practical effect, since credit
purchases from most foreign countries had already been largely eliminated.
Supply of exchange for payment of foreign goods is on a preferential basis,
precedence being given to importations of materials necessary for conduct
of war."
The current issue of the "Lamp," a magazine published
by the Standard Oil Co. of New Jersey, says in an editorial
that company is anxious, "both for humane and business
reasons, that peace between Italy and Ethiopia be restored
at the earliest possible date." The editorial continues, in
part:
Our company is firmly of the opinion that nothing should be done by
any citizen to embarrass the efforts of the United States government to
avoid entanglement in the European political situation. As between patriotic obligations and business opportunities, there can be no choice: despite
our duty to stockholders and employees, our first loyalty is to the nation.
In some quarters our company has been criticized, usually through a lack
of knowledge of the facts,for its petroleum sales in Italy since the beginning
of the recent war. A frank explanation of the business done and the reasons
therefor is in order.
When the extraordinary demand for oil in the war operations developed.
the Standard Oil Co.(New Jersey) as majority owner of an old established
domestic company in Italy, was in a favored position to get this expanded
business.
As a matter of policy we did not take it. With the single exception of
some crude oil purchased and transported by an affiliated company and resold by it last September to a broker, no Standard Oil Co. (New Jersey)
interest has made shipments of what might be termed war business. The
increased business has been obtained by other companies and brokers
which have not customarily supplied oil to Italy.
Just as definitely as the company declined to take advantage of opportunities for securing this war time trade it felt obligated to prevent so far
as possible disturbance of its domestic business in Italy.
Raymond Leslie Buell, President of the Foreign Policy
Association, said in a speech on Dec. 7 that if the United
States is not to become 'a silent partner of Italian aggression," the government should impose an embargo on the
export of oil and copper. His speech was reported as follows
n the New York "Times" of Dec. 8:
"If the American government is not to become a silent partner of Italian
aggression, then it should impose an embargo upon the export of oil and
copper, regardless of Mussolini's threat and regardless of the League."
Mr. Buell, who recently returned from Europe, declared that if the
League of Nations members were unwilling to take the risks inherent in
the application of sanctions, "the only alternative is a return to the balance
of power and armaments race, which can lead sooner or later only to a new
war."
Canadian Grain Board Reorganized—James R. Murray
Appointed Chairman
Reorganization of the Canadian Grain Board to be composed of James R. Murray, Chairman; George Mayor and
A. M.Shaw, was announced at Ottawa on Dec. 3 by William
D. Euler, Canadian Minister of Trade and Finance. The
new Board succeeds that appointed last August by R. B.
Bennett, then Premier of Canada, made up of John I.
McFarland, Chairman; David L. Smith, Vice-Chairman,
and H. C. Grant. The appointment of the earlier Board
was referred to in our issue of Aug. 17, page 1013.
The Chairman of the new Board is Vice-President and
General Manager of the Alberta Pacific Grain Co.; Mr.
Bulgaria Remits 15% of Jan. 1 Interest on 7% Settlement Loan 1926—Rulings on Bonds by New York
Stock Exchange
Speyer & Co. and J. Henry Schroder Banking Corp. as
7%
American fiscal agents for the Kingdom of Bulgaria'
settlement loan 1926, announced Dec. 10 that the Bulgarian
government has transferred sufficient funds in dollars to
provide for payment of 15% of the interest due Jan. 1 1936.
Payment will be made on or after that date at the rate of
$5.25 per $35 coupon, and $2.62 per $17.50 coupon, upon
Presentation of such coupons, with an appropriate letter of
transmittal, at the office of either of the fiscal agents for
the stamping of such payment thereon. Such coupons
will be returned to the bondholders, to be reattached to
their bonds, in order that their claim for the balance may
be preserved, it is stated.
Through its Secretary, Ashbel Green, the New York Stock
Exchange on Dec. 12issued the following rulings on the bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 12 1935.
Notice having been received that payment of $5.25 per $1,000 bond wil
presentation
for
on
1936,
be made on amount of the interest due Jan. 1
stamping of coupons from Kingdom of Bulgaria 7% settlement loan 1926
dollar bonds, due 1967:
The Committe on Securities rules that the bonds be quoted ex-interest
$5.25 per $1,000 bond on Jan. 2 1936;
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of transactions made beginning Jan. 2 1936, must carry the July
1 1935 ($5.25 paid), Jan. 1 1936 ($5.25 paid) and subsequent coupons.
ASHBEL GREEN, Secretary.
All Nations Excepting Finland Default on Payment
of Dec. 15 War Debt Instalments Due United
States—Great Britain Repeats Desire to Resume
Discussions
The instalments due the United States from foreign governments to-morrow (Dec. 15) will be met only by Finland,
which nation has not defaulted on any of its payments.
The Finnish instalment amounts to $230,453. The intention of Finland to make this payment was noted in our issue
of Nov. 23, page 3302.
Great Britain notified the United States on Dec. 11 that
she would default on the present instalment due and also
those in arrears. In noting this, Associated Press advices
from Washington, Dec. 11, to the New York "Herald
Tribune" of Dec. 12, continued:
A firm but polite note transmitted to Cordell Hull, Secretary of State, by
Sir Ronald Lindsay, the British Ambassador, said that his government
saw no prospect of being able soon to advance a proposed basis for the
resumption of payments.
Britain is the first of 12 nations whose semi-annual instalments are due
Sunday to inform the State Department of a refusal to meet those obligations. Similar notes are expected soon from 11 others, which, like Britain
have been long in default.
The British note was in reply to the regular reminder dispatched by
the State Department to all the debtor nations.
In that note the United States reiterated that it was "fully disposed to
discuss any proposals which your government may desire to put forward
In regard to the payment of this indebtedness."
British Envoy's Note
Sir Ronald Lindsay wrote:
I have been instructed by his Majesty's principal Secretary of State for
Foreign Affairs to inform you in reply that his Majesty's government note
with appreciation the continued readiness of the United States government
to discuss any proposals which his Majesty's government may.desire to put
forward on the matter.
It does not appear to my government, however, that circumstances have
so changed since their note of June 4 1934, as to enable proposals to be put
forward at the present time which would be acceptable to both governments. They wish to repeat, however, that they will be glad to resume
discussions whenever the situation warrants the hope that a satisfactory
result might be reached.
Volume 141
Financial Chronicle
As to the payments due Dec. 15 a Washington account
of Dec. 11, appearing in the New York "Times' of Dec. 12,
had the following to say:
Great Britain owes on Dec. 15 a payment of $117.670.765.05, of which
$32,000,000 is on account of principal and the rest interest, and an instalment of the annuity due under the Hoover moratorium. Her arrears
total $465,132,541.78, so that the grand total due from her on Dec. 15 is
$582,803,306.83.
From the 12 countries the new amounts due total $155,051,301.24
and the total, including arrears, $965,414,177.54. Finland's payment this
month will be $230,453.
The governments having payments due on Dec. 15, in addition to Great
Britain and Finland, are Belgium, Czechoslovakia, Estonia, France,
Hungary, Italy, Latvia, Lithuania, Poland and Rumania. Only Great
Britain and Finland have been heard from.
The State Department at Washington announced on Dec.
7 that it had been notified by Finland,through Eero Jarnefeit,
Minister, that it would pay its instalment. United Press
advices from Paris, Dec. 12, said that the French Foreign
Office had that day drafted a noted to the United States
announcing the French government's default. The advices
continued:
The note will be delivered to the State Department in Washington
Saturday or Monday (Dec. 14 or 16), and resembles that of last June. It
thanks the United States again for offering to negotiate, but states that
France is unable to do so.
Default on the instalments due the United States on
June 15 by the various foreign governments (excepting
Finland) was referred to in the "Chronicle" of June 22,
pa.ge 4143.
Japan Seeks Naval Parity as London Conference
Opens—Rejects President Roosevelt's Suggestion
for a 20% Cut in All Fleets, with Retention of
5-5-36 Ratio—Japanese Plan Opposed by Other
Delegates—Norman Davis Outlines United States
Position
The five-power naval limitation conference opened in
London on Dee. 9, attended by delegates from Great Britain,
the United States, Japan, France and Italy, as well as representatives of most of the British Dominions. The principal
development of the conference this week was the Japanese
proposal for a navy as large as that of any other power. On
Dec.9 the Japanese rejected President Roosevelt's suggestion
for a 20% reduction of existing naval strength of all countries,
retaining the present 5-5-3 ratio for Great Britain, the
United States and Japan. This proposal had been made by
Norman Davis, head of the American delegation to the
conference.
On Dec. 12 the Japanese thesis of a "common upper limit"
(to quote the London correspondent of the New York
"Times") was torn to tatters in the 5-power naval conference.
In part the London advices Dec. 12 to the "Times"continued:
Nothing is left of it but a vague outline, and already there is a tendency,
to which even the Japanese are adapting themselves, to seek some other
solution.
The direction in which they would like to see this search turn, if conversations apart from the main discussions are any criterion, is toward a
ship ratio of 5-4-4, which they suggested in preliminary three-cornered
talks last Winter without any progress. . . .
The prospect is that the 5-4-4 ratio suggestion will not get any further
than has the thesis of naval parity for Japan when advanced under other
guises.
The conference session to-day was wholly devoted to demolition of the
"common upper limit" and the job was done thoroughly. As soon as the
delegates assembled in committee, Viscount Monsen, the acting Chairman,
began the bombardment with a statement on how it would affect the
British position. Great Britain, Lord Monsell pointed out, had responsibilities the world over which the British Fleet even now had proved inadequate
to meet.
Britain could not think of reducing as the Japanese suggested, he asserted.
Therefore, the "common upper limit," in accordance with the Japanese
plan, would involve no reduction to less than Japan's present strength but
an increase to a strength above that of any existing navy. The result.
moreover, would entail a tremendous building up by Japan; in fact, such
huge building up by everybody that it was out of the question.
Norman H. Davis next stated the American objections, making three
points. First, that adoption of the Japanese idea would result in an increase,
not a decrease, in armaments,and that therefore it was not acceptable to the
United States; second, that the Japanese plan took no account of real naval
needs, and third, that it would upset the Washington treaty's theory of
naval equilibrium.
Delegates from Australia, Canada and South Africa, who followed, were
equally firm in their objections, framed on similar lines to those of the
Americans and British.
The Italian spokesman, who talked next, was categorical in his refusal
to accept the Japanese thesis as far as his country was concerned. His
objections coincided with those of Mr. Davis.
The French objection was based on different grounds. The delegate
pointed out that the Japanese seemed to have adopted an attitude that
the questions affecting the three great Pacific powers should be settled first
and the European aspects dealt with afterward, as at the Washington
conference. . . .
When the Japanese thesis is finally disposed of it is expected that the
British will produce their suggested compromise plan, but that is not likely
to happen this week.
Japan's present naval strength is 886,000 tons; that of the United States,
1,100,000; Britain, 1,185.000, France, 740,000, and Italy, 508,000. The
Japanese fleet, however, is composed mostly of modern vessels.
3771
If a tonnage reduction of one-fifth was impossible, then a lesser reduction
of 15. 10 or even 5% should be sought, Mr. Roosevelt said. This was
stated in a letter of instructions from him to Mr. Davis, who read the message to a hushed audience which included statesmen and admirals representing, besides the United States, Great Britain, Japan, France and Italy.
Davis Has Instructions
If all reduction proposals failed, then, according to President Roosevelt's
instructions to Mr. Davis, the existing Washington and London naval
treaties should be renewed, with their limitations upon total tonnages and
upon sizes of battleships and cruisers.
"Abandonment of these treaties," the President's letter said, "would
throw the principle of relative security wholly out of balance. It would
result in competitive naval building, the consequences of which no one can
foretell."
The Japanese delegation's reaction to the reduction proposal was that it
would "mean prolongation of the ratio system," and consequently was
"inacceptable to us." In making this announcement to the press the
Japanese revealed, however, that they were not maintaining their earlier
stand that nothing must be discussed at the conference until the 5-5-3
ratios were abolished.
Stanley Baldwin, Britain's Prime Minister, who presided at the conference's opening session, advocated prolonging the principles of the Washington and London treaties. He also argued that submarines should be
abolished.
A description of the Japanese proposals is given below, as
contained in part in a London dispatch of Dec. 11 to the
New York "Times:"
For two hours this afternoon the five-power naval conference, sitting in
committee,listened to an exposition by the Japanese of their naval position
in response to questions put to them yesterday. The session was private,
but as far as can be learned to-night the amount of precise information
gleaned was not large.
The four questions to which the Japanese were asked to reply are understood to have been these:
1. Does the "common upper limit" imply building up by other naval
powers or reduction by the stronger powers to meet it?
2. If Japan considers the Anglo-American level necessary to her, what
is her building program?
3. What has happened since the Washington conference to change
Japan's viewpoint that the 5-5-3 ratio was ample for her security?
4. Does the upper limit proposed for all powers refer to quantity, quality
or both?
The answer of the Japanese to the first question is understood to have
been that their idea was the nations should reduce their naval forces to
the lowest limit consonant with national safety.
Pressed for details, Admiral Nagano explained that if all powers carried
out the Japanese proposal to abolish capital ships, aircraft carriers and heavy
cruisers, the "common upper limit" would be well below Japan's present
total strength, which is 800,000 tons.
He admitted, however, that other powers would have to reduce more
heavily than Japan.
ro the second question no precise answer was given.
As for the third, the Japanese spokesmen intimated that even at Washington they had not considered the ratio allowed Japan sufficient, and that
world conditions since then had made it even less so.
Their answer to the fourth question was substantially that the "common
upper limit" would be quantitative, each power framing its building thetein
'against its requirements.
Chinese Fiscal Reforms Described by Wei Ting-Sheng—
Outlines Methods of Simplification Devised in Last
Nine Years
A detailed summary of Chinese fiscal reforms in the past
nine years was given in an address on Oct. 17 before the
Nanking Rotary Club by Wei Ting-Sheng, member of the
Legislative Yuan of the National government. Mr. Wei,
who himself initiated many of the ficancial changes, said
that there is still much to be done in behalf of sound finances
in China, and that much must be borrowed from the systems
in other countries in order to place the Treasury on an
efficient basis.
Mr. Wei pointed out that recent reconstruction work may
• be classified in three categories: (1) delimitation of the
scope of finance of central, provincial and local governments;
(2) simplification and rationalization of taxes, and (3) creation of internal checks in fiscal administration. The last
named, he said, has three aspects, viz.:
(a) Machinery for positive control over fiscal operations.
(b) Machinery for negative control over fiscal operations.
(c) Machinery for centralization in the management of money and
property.
The fiscal system law of 1934, he said, seeks to define the
financial powers of each governmental division. Similarly,
that statute simplifies the system of taxation.
In discussing fiscal administration, Mr. Wei said, in part
(as reported in the "North-China Daily News" of Nov.1):
A London dispatch of Dec. 9 to the New York "Herald
Tribune" reported the speech of Mr. Davis on that date
as follows:
The comptrolling personnel work for the office to which they are attached
is entirely controlled by an independent high office, the Comptroller-General's Office of the State Council. Because of their relatively independent
status in the offices in which they serve they are not obliged to exaggerate
their budget estimates, tolerate illegitimate disbursements, forge vouchers
or falsify their reports. Their head office, the Comptroller-General's Office,
consists of one Comptroller-General and six Comptroller-Directors, who in
turn organize into three directorates of statistics, budget and accounting,
each with two Directors and a force of some 100 men, all supposed to be
expert statisticians, budgeteers and accountants, respectively. Through their
control over the statisticians, budgeteers and accountants, they have in their
hands the conditions of efficiency, economy and the general working status
of every public office in the government. The provinces and counties will
gradually also have similar offices which, in turn, will be under the direction
of the Comptroller-General. This office is, therefore, at once a general
supervisory office and a political general staff, because it has the most
complete statistical information of the entire country and can submit plans
of vital political importance.
A 20% tonnage reduction in the world's leading navies to promote international peace was proposed by President Roosevelt through Norman H.
Davis, American Ambassador-at-Large, at the opening session here of tha
five-power naval conference. The session was held in the Locarno Room
of the British Foreign Office.
Machinery for Control
According to our system, the Ministry of Audit in the capital, and the
Bureaux of Audit in the provinces send out men to the different public offices
to examine their books, documents, money and property, the efficiency of
their personnel and +he economy of their undertakings. Each of the audit-
3772
Financial Chronicle
ing offices consists of three branches, namely: (1) pre-auditing, (2) postauditing, (3) inspection. If an act which is questionable is privately permitted by a pre-auditor it may be censured by a post-auditor. If a postauditor reaches a comprcenise with a wrongdoer, it may yet be unearthed by
an inspector. In this way, every office and every important act is
checked over by three independent checking forces. It will be a rare case if
any corrupt practice is not brought into daylight.
Cashiers and Silences Managers
We are further planning to centralize and control cash offices, to dispossess
every public office of its money holdings except petty cash, and place them
in the government's depository banks. Though each office is granted an
appropriation, yet it shall be rendered inaccessible to them until it has to
be paid to the government's creditors. This is the general practice in all
Anglo-Saxon countries. We here claim no originality. This idea has already
been approved by the political authorities.
Brazil Approves Pact for Liquidation of $30,000,000 of
Commercial Indebtedness Due United States
Rio de Janeiro (Brazil) advices of Dec.8 by Haves,appearing in the New York "Journal of Commerce' of Dec. 9, had
the following to say:
President Getulio Vargas last night approved the agreement for liquidation of Brazilian commercial indebtedness to the United States amounting
to about $30,000,000.
The Brazilian Government already had considered the agreement as the
text had been completed for consultation with the financial committees of
Parliament. With the Presidential approval the liquidation arrangements
are expected to proceed at an early date.
Personnel of New Standing Committee on Customers'
Men Appointed by New York Stock ExchangeRules Governing Solicitors of Business in Securities Amended
At its meeting Dec. 11 the Governing Committee of the
New York Stock Exchange appointed seven as members
of the new standing Committee on Customers' Men. This
Committee was created by a constitutional amendment following the recommendation of a Special Committee which
has been making an intensive study of the problems relating
to customers' men. The action providing for the creation
of the Committee was referred to in our issue of Nov. 23,
page 3305. The personnel of the new body follows:
John A. Cissel (Exchange Governor),
Gayer G. Dominick (Governing Member),
Robert Wm. Heelips (Exchange Governor),
William Mc C. Martin. Jr. (Exchange Governor),
Egbert Moxham (Partner of Shields & Co.).
Morton F. Stern (Partner of J. S. Bache & Co.),
Henry Rogers Winthrop (Governing Member).
An announcement issued by the Stock Exchange following
the meeting of the Governing Committee Dec. 11 said:
The Governing Committee also adopted a series of amendments to the
Rules of the Governing Committee relating to supervision of customers'
men and other employees of member firms engaged in the soliciatiton of
business in securities. These amendments follow the recommendations
contained in the report of the special committee.
The Rules amended were those covering the approval of customers'
accounts and supervision of those accounts handled by branch office managers, junior or senior customers' men and service men (Chapter XII, see.
10): the requirement that members must forward confirmations, statements
or other communications direct to non-member customers (Chapter XII,
Sec. 13 and 14); speculative transactions for branch office managers, customers' men, service men, security salesmen and securities traders (Chapter XII, Sec. 7-c).
The new Rules also provide, in Chapter XVII, for definitions of the
terms "customers' man," "service man," "securities salesman," and
"securities trader."
The followmg are the definitions as contained in the new
rules:
A "customers' man" is an employee engaged primarily in the solicitation
of commission business in securities.
A "service man" is an employee engaged primarily in servicing accounts
allotted to him by the firm and not engaged in the business of soliciting
commission business in securities.
A "securities salesman" is an employee engaged primarily in the sale
of securities for cash or on a dealer basis.
A "securities trader" is an employee engaged primarily in trading in
securities for the account of the firm by which he is employed.
Five Rules on International Arbitrage Adopted by
New York Stock Exchange-Committee Sends
Circulars to Members Governing Methods of International Accounts
The Committee on Foreign Business of the New York
Stock Exchange issued to members Dec. 12 a series of five
circulars containing rulings of that Committee with reference
to international arbitrage joint accounts; international
arbitrage for member's own account; commissions on international arbitrage joint accounts; payment by members of
wire costs in connection with international arbitrage joint
accounts; transactions against international firm bids and
offers; and registration of international arbitrage non-menber
correspondents. In one of the circulars international arbi
trage was defined asThe business of buying or selling securities in one market with the intent
of reversing such transactions in a market in a country different from that
in which the original transaction has taken place, in order to profit from
price differences between such markets, and which business is not casual
but contains the element of continuity.
The Committee on Foreign Business was appointed on
Aug. 28 1935, to supervise the business activities of members
of the Exchange outside of the continental United States.
The personnel of the Committee was given in our issues
of Sept. 14, page 1714, and Aug. 31, page 1394.
Dec. 14 1935
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Dec. 1 1935
The New York Stock Exchange issued the following announcement on Dec. 9 showing the total market value of
listed bonds on the Exchange as of Dec. 1:
As of Dec. 1 1935 there were 1,467 bond issues aggregating $42,232,888,273
par value listed on the New York Stock Exchange, with a total market value
of $38,464,704,863.
This compares with 1,483 bond issues aggregating $42,298,955,051 par value listed on the Exchange Nov. 1 1935 with a
total market value of $38,170,537,291.
In the following table listed bonds are classified by governmental and industrial groups with the aggregate market
value and average price for each;
Dec. 1 1935
Market
Value
'United States Government
Foreign Government
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing.Food
Rubber and tires
Amusement
Land and realty
Machinery and metals
Mining (excluding Iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Textile
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Business and office equipment
Shipping services
Shipbuilding and operating
Leather and boots
Tobacco
U. S. companies operating abroad....
Foreign companies (incl. Can.& Cuba)
Miscellaneous Businesses
All listed bonds
Nov.1 1935
Aver,
Price
Market
Value
Aver.
Price
18,959,284,769 104.36 18,916,086.415 104.28
4,407,397,458 82.58 4,349,812,546 81.47
6,725,050 88.54
6,955,063 85.04
87,123,011 106.00
82.034,540 10641
93,261,533 102.21
91,768,882 100.57
50,692,159 92.30
49,928,796 90.91
27,240,414 100.40
27,053.213 99.71
270,081.501 101.86
270,070,515 101.86
147,900,915 102.91
148,025,448 102.54
62.156,298 89.51
61,688,944 89.10
16,084,813 41.58
15.428,197 39.94
35,116,627 56.30
33.077,947 52.78
106,928,218 58.97
106.866.127 58.93
317,977,152 95.09
366,408,255 95.19
67.036,023 86.42
66,701,045 82.34
18,131,744 86.57
17,822,326 84.08
8,063,795,105 74.97 7,888,209,740 72.89
458,078,964 97.11
509,134,698 96.71
8,822,024 59.96
8,832,413 60.03
1,851,171,668 104.16 1,810.787,848 103.56
198.296,855 89.37
206,429,677 93.10
1,158,814,540 107.90 1,111,660,615 107.90
426,493,961 76.09 431,239.305 78.68
21,241,205 104.75
21,089.120 104.00
20,325,545 60.33
18,717,498 55.55
15,066,380 64.15
13,758,030 58.57
4.918,128 103.81
927,894 103.38
46,181.857 124.85
46,507,695 125.73
229,552,831 63.16
226.560,364 82.33
19,398,569 57.58
1,276,562,995 68.90
6,132,500 111.50 1,277,288,957 66.86
38,484,704,863 91.08 38,170,537,291 90.24
The following table, compiled by us, gives a two-year comparison of the total market value and the total average price
of bonds listed on the Exchange:
Market
Value
Average
Price
Market
Value
Average
Price
1933Nov. 1
Dec. 1
$
33,651,082,433
34,179,882,418
$
82.83
81.36
$
39,405,708,220
39,665,455,602
8
89.39
89.85
1934Jan, 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug 1
Sept. 1
Dot. 1
34,861,038,409
36.263,747.352
36,843,301,965
37,198,258,126
37,780.651,738
38,239,206,987
39,547,117,863
89,473,326,184
39,453,963,492
38,751,279,426
40,659,643,442
41,064,263,510
41.111.937,232
40.360.681,526
40,147,199,897
39,617,835,878
39.864,332.759
39,457,462,834
39,061,593,570
38,374.693,665
38,170,537,291
38.464.704.883
90.73
91.30
91.29
89.49
90.69
90.62
91.62
91.71
0044
89.93
90.24
91.08
1934Nov. 1
Dec. 1
1935Jan. 1
83.34 Feb. 1
88.84 Mar. 1
88.27 Apr. 1
89.15 May 1
90.46 June 1
90.17 July 1
90.80 Aug. 1
89.79 Sept. 1
88.99 Oct. 1
88.27 Nov.1
Dee. 1
Short Interest on New York Stock Exchange Nov. 29
Reported at 1,032,788 Shares-Highest Total for
Year
The total short interest existing as of the opening of business on Nov. 29, as compiled from information secured by
the New York Stock Exchange from its members, was
1,032,788 shares, the Exchange announced Dec. 7. This is the
highest figure this year and compares with 930,219 shares
as of Oct. 31.
The following tabulation shows the short interest existin^:
at the close of each month since the beginning of this year:
Jan. 31
Feb. 28
Mar. 29
Apr. 30
764.854
741,513
760.678
772,230
May 31
June 28
July 31
768,199
840,537
870,813
Aug. 80
Sept.30
Oct. 31
Nov.29
998,872
913,620
930,219
1 032,788
SEC Requires Sales Prospectuses to Say Securities Have
Not Been "Approved or Disapproved" by Commission
The Securities and Exchange Commission announced
Dec. 10 that it has amended the form of statement, required
to be carried on the facing sheet of Securities Act prospectuses, which explains that the Commission does not pass
on the merits of securities. The amendment consists of
inserting the words "or disapproved." The required statement for prospectuses other than newspaper prospectuses
reads, after the amendment, as follows:
These securities have not been approved or disapproved by the Securities
and Exchange Commission.
(insert name of issuer) has registered the
securities by filing certain information with the Commission. The Commission has not passed on the merits of any securities registered with it.
It is a criminal offense to represent that the Commission has approved
these securities or has made any finding that the statements in this prospectus or in the registration statement are correct.
The announcement of the Commission said:
The Commission wishes to take this occasion to emphasize again that
registration of a security does not imply quality or merit. The C011111118131011
Is an office for the registry of information on securities. It does not pass on
the merits of securities.
Volume 141
Financial Chronicle
Filing of Registration Statements Under Securities Act
The filing of 11 additional registration statements under
the Securities Act of 1933 was announced on Dec. 10 by the
Securities and Exchange Commission (in Release No. 595).
The Commission said that the total involved is $13,185,380,
of which $10,668,380 represents new issues. The securities
Involved are grouped as follows:
_
No. of Issues
5
3
2
1
Type
Commercial and industrial
Investment trusts
Securities in reorganization
Certificates of deposit
Total
$2,815,000.00
7,833,380.00
1,678,000.00
839,000.00
The following are the securities (Nos. 1789-1799, inclusive)
for which registration is pending, as announced by the SEC
Dec. 10:
Comenonwealth Investment Co. (2-1789, Form A-1), of San Francisco,
Calif., seeking to issue 500,000 shares of $1 par value common capital stock.
The price at which the shares are to be offered is based on the net asset
value per share plus 7%, at the time the offering is made. As of Nov. 16
1935 the offering price would have been $4.79 per share, or $2,395,000 for
the 500,000 shares. North American Securities Co., of San Francisco, is
the principal underwriter, and S. Waldo Coleman, of San Francisco, is
President of the company. Filed Nov. 29 1935.
Alaska Hurrah Gold Mines (2-1790, Form A-1), of Seattle, Wash., seeking
to issue 900,000 shares of lc. par value common stock, to be offered at 50c.
Tom 'r. Lane, of Seattle, is President of the corporation. Filed
share.
a
Dec. 2 1933.
Acme Rayon Corp. (2-1791, Form A-2), of Cleveland, Ohio, seeking to
issue 15,000 shares of $99 par value $6 cumulative preferred stock and
30,000 shares of no par value common stock. Of the stock being registered,
10,317 shares of common are to be reserved for exchange with present stockholders, 1,000 preferred and 1,000 common are to be reserved for the acquisition of real estate and 1,500 shares of common are to be reserved for the
fulfillment of an employment contract with Fred Niederhauser. The remaining 14,000 shares of preferred and 17,183 shares of common are to be offered
In units consisting of one share of each at $100 a unit. C. P. Green, of
Cleveland, is President of the corporation. Filed Dec. 2 1935.
1Wellington Fund, Inc. (2-1792, Form A-1), of Camden, N. J., seekirik to
issue $5,000,000 of common stock, or approximately 282,555 shares, based
on the market value as of Oct. 31 1935. The stock is to be offered to the
public at the daily market value plus commissions equal to 8% of the
offering price. W. L. Morgan, of Philadelphia, is President of the corporation. Filed Dec. 2 1935.
Sterling Gold Mining Corp. (2-1793, Form A-1), of Houston, Tex., seeking
to register 550,000 shares of $1 par value common capital stock. J. A.
Filed
Hamilton, of Cordes, Ariz., is President of the corporation.
Nov. 30 1935.
Sterling Gold Mining Corp. (2-1794, Form A-1), of Houston, Tex., seeking
to issue 50,000 shares of $1 par value common capital stock, to be offered
at par. J. A. Hamilton, of Cordes, Ariz., is President of the corporation.
Filed Nov. 30 1935.
National Pressure Cooker Co. (2-1795, Form A-2), of Eau Claire, Wis.,
seeking to register 40,000 shares of $2 par value common capital stock.
E. R. Hamilton and Jason & Co., stockholders, are each selling 20,000
shares of their individual holdings to Barney Johnson & Co., the underwriter, who will offer the stock to the public at $12.50 a share. E. R.
Hamilton, of Eau Claire, is President of the company. Filed Dec. 4 1935.
Bondholders Pettective Committee for the Protection of the Holders of
Monogram Realty Co. First Mortgage 6% Serial Real Estate Gold Bonds
(2-1796, Form D-1), of St. Louis, Mo., seeking to register certificates of
deposit for first mortgage 6% serial real estate gold bonds, dated March 25
1925, and due serially on and prior to May 1 1935, of the Monogram Realty
Co., in the principal amount of $839,000, which certificates have already
been issued. Filed Dec. 3 1935.
I. F. Steinmeyer (2-1797, Form E-1), of St. Louis, Mo., seeking to issue
$839,000 of first mortgage 5% income bonds, to be exchanged for certificates
of deposit representing $839,000 principal amount of first mortgage 6%
serial real estate gold bonds of Monogram Realty Co. Filed Dec. 3 1935.
Central States Life Insurance Co. (2-1798, Form E-1), of St. Louis, Mo.,
registering as guarantor of taxes on property and certain minimum interest
payments on 2839,000 principal amolint of first mortgage 5% income bonds
to be issued by I. F. Steinmeyer in exchange for certificates of deposit representing $839,000 principal amount of first mortrage 6% serial real estate
gold bonds of Monogram Realty Co. Filed Dec. 3 1935.
Deposited Bonds and Shares Corp. (2-1799, Form C-1), of Los Angeles,
Calif., seeking to issue 1.000 insurance shares participations. series A. Nels
Gross, of Los Angeles, is President of the corporation. Filed Dec. 4 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 Dec. 7, page 3616.
New York Stock Exchange to Drop 101 Securities from
List—Issues Already Suspended with Failure to
Apply for Registration with SEC to Be Dropped
Dec.31
The Governing Committee of the New York Stock Exchange at its meeting Dec. 11 approved the recommendations
of the Committee on Stock List that some 101 securities,
all of which already have been suspended from dealings on
the Exchange, be stricken from the list on Dec. 31 1935.
The complete list of the securities and the recommendations
of the Committee on Stock List as approved follow:
Dec. 2 1935
To the Governing Committee.
Exchange
Stock
New York
Gentlemen—The Committee on Stock List recommends that the securities
listed below, all of which have already been suspended from dealings on
the New York Stock Exchange, be stricken from the list on Dec. 311935.
The Committee on Stock List wishes to point out that many of these
securities have either matured, have been redeemed, or have gone out of
existence, and that in many cases other securities of the same company
remain listed on the New York Stock Exchange and are unaffected by this
action.
3773
The Securities and Exchange Commission has advised that no application need be made by the Exchange to the Commission to strike from the
list of this Exchange securities as to which no registration is effective.
None of the following securities are now registered on this Exchange under
the Securities Exchange Act of 1934.
The securities included in this recommendation may be divided into four
groups:
1. Securities suspended prior to Oct. 11 1934, when exemption from the
necessity of temporary registration expired.
2. Securities suspended on Oct. 11 1934 because of failure to apply for
temporary registration.
3. Securities suspended between Oct. 11 1934 and July 16 1935 for reasons other than failure to apply for permanent registration.
4. Securities suspended for failure to apply for permanent registration.
Group IV (Continued)
Group I
Russian Imperial Government 4% rentes Moto Meter Gauge & Equipment Corp.
common stock, $1 par value
Cres Carpet Co. capital stock
Karstadt (Rudolph). Inc., Amer. shares Pierce Oil Corp. Cl. B. stk. (corn.) $25 par
Brunswick Terminal & By. Securities Southern Dairies, Inc.—
Class A stock, no par value
Co. capital stock.
Class B stock, no par value
Group II
Piece Dye Works (The)—
United
Co.
Chemical
American Agricultural
Common stock, no par value
(Conn.) $6 cum. pref. stock, no par
614% cum. pref. stock. $100 par
American Cyanamid Co. 15-yr. sinking
Utah Copper Co. capital stock, $10 par
fund 5% gold debs. due Oct. 1 1942
Art Metal Construction Co. capital stock Western Dairy Products Co.—
Class A stock, no par value
$10 par value
Vot, trust ctfs. for class B stock, no par
Bank Az New York & Trust Co. capital
Trim Products Corp. com, stock, no par
stock $100 par value
Butte & Superior Mining Co. common Atlanta Gas Light Co. 1st mtge. gold
5% 50-year bonds, due June 1 1947
stock $10 par value
Canada Steamship Lines. Ltd., 1st & gen. Atlantic & Yadkin By. Co. 1st mtge.
50-year guar. gold bonds, due Apr. 1'49
M.6% gold bonds, A, due Oct. 1 1941
Chicago St. P. Minn.& Omaha By.Co.— Duluth Missabe dr Northern By. Co.
gen. mtge..5% bonds due Jan. 1 1941
Common stock, $100 par value
Havana Electric By. Co.—
7% non-cum. pref. stock. $100 par
Consol. mtge.5% bonds, due Feb. 1 '52
-year
20
M.
1st
Co.
Packing
(Jacob)
fold
25-year gold debentures, series of 1926,
6% s. 1. gold bonds, due Nov. 1 1942
due Sept. 1 1951
Duke Price Power Co., Ltd., 1st M.6%
s. I. gold bonds,ser. A.due May 1 1966 Indiana Natural Gas & 011 Co. ref. mtge.
30-yr. 5% gu. g. bds., due May I 1936
Fifth Avenue Bank of New York capital
Mississippi Central RR.Co. 1st mtge.5%
stock, $100 par value
gold bonds, due July 1 1949
Fifth Avenue Bus Securities Corp.
Texas & Pacific By. Co. 2d mtge. 5%
common stock, no par value
gold income bonds, due Dec. 1 2000
First Nat. Bank capital stock. UN par
Havana Else By.Co.,con. stk. pur. ware. Portland General Electric Co. 1st mtge.
5% bonds due July 1 1935 (assented)
International Paper Co., 7% cum. pref.,
Utica Gas dr Elec. Co. ref. & ext. mtge.
par
gold 5% bonds 50-yr., due July 1 1957
Keystone Telephone Co. 1st mtge. 5%
Western Electric Co., Inc., 20-year 5%
30-year bonds, due July 1 1935
gold debenture bonds, due April 1 1944
Mackay Cos. 4% cum. pf. stk., $100 par
Manhattan By. Co. ctf. of dep. for 2d Foundation Co. (The) corn. stk_ no par
Iowa Central By. Co. (The) Mt. of dep.
mtge.4% gold bonds due June 1 2013
for 1st mtge. 5% 50-year gold bonds,
Mortgage Bond Co. of New York 4%
due June 1 1938
10-60 yr. mtge.ser 2 bds. due Oct. I '66
North American Cement Corp.614% ser. Minneapolis & St. Louis RR. Co. (The)
cif. of dep. for ref. & ext. M.5% 50-yr.
debs.
1940
I
Sept.
due
gold
f.
As.
gold bonds, ser. A, due Feb. I 1962
Pocahontas Congo'. Collieries Co., Inc.,
1st M.5% s, f. bonds due July 1 1957 New York State By.—
CU. of dep. for 50-year 1st consol. M.
Prairie Oil & Gas Co.com.stk., $25 par
414% gold bonds, series A
Prairie Pipe Line Co. corn. stk. $25 par
Ctf. of dep. for 50-year 1st mtge. cons.
par
$5
Amer.
cap.
of
Co.
stk.
Ins.
Rossi
614% gold bonds,ser. A. due Nov. 1
U. S. Trust Co., cap. stock. $100 par
1962
Victor Fuel Co. 1st mtge. 5% a. f. bonds
Mines, Ltd., corn. stk., no par
Noranda
due July 1 1953
Warner Co. 1st mtge. 6% sinking fund Houston Oil Co. of Texas Mb. of tenet.
interest in common stock, $100 par
bonds due April 1 1944
Western Md.By. Co.7% 1st pf. $100 par Atlantic City RR. Co. 1st cons. mtge.
gold 4% (guar.) bonds. due July 1 1951
Group III
American-La France & Foamite Corp. Rio Grande Southern RR. Co.(The)—
1st mtge.4% gold bonds, due July 140
common stock, no par value
1st M.4% g. bds.,guar., due July 1'40
Aviation Corp. (The) $5 par stock
Broadway & Seventh Ave. RR. Co. 1st Bethlehem Steel Co.—
Pur. money & impt. mtge. 5% 20-yr.
cons. mtge. 5% bonds due Dec. 1 1943
s. f. bonds, due July 1 1936
Burns Bros. V. t. c. for corn. A & B stocks
1st lien AL ref. mtge. 5% 30-year gold
City Stores Co.—
bonds, series A. due May 11942
stock
A
Class
Vot. tr. ctfs, for class A common stock Cleveland & Mahoning Valley By. Co.
50-yr. g. M.5% bonds. due Jan. 1 1938
Voting trust certificates for common
Cuban Cane Products Co., Inc.. 20-year Georgia Midland By. Co., 1st mtge. 3%
bonds, due April 1 1946
6% gold debentures due Jan. 1 1950
Gen. Refractories Co. V. t. c. for cap. stk. Kalamazoo Allegan & Grand Rapids RR.
Co. 1st mtge. 5% guar. (currency)
Howe Sound Co. v, t. c. for capital stock
bonds, due July 1 1938
Laclede Gas Light Co. ref. & ext. mtge,
Steel Co. 1st consol. mtge.
Lackawanna
1934
1
April
5% bonds due
g. bds.,5% ser. A.due March 1 1950
Marlin Rockwell Corp.(N. Y.) common
Midvale Steel & Ordnance Co.20-yr. coll.
stock, no par vame
trust 5% a. f. gold bds.. due Mar. I '36
Murray Body Corp. 1st mtge. 614% 5. f.
Mobile & Birmingahm RR. Co.—
gold bonds due Dec. I 1934
lien gold 5% small bonds, due
Prior
Electric
1st
Co. 5%
Portland General
July 1 1945
mtge. bonds due July 1 1935 (plain)
gold 5% bonds, due July 1 1945
lien
Pr.
par
$100
capital
Co.
stock,
Express
S.
U.
Mtge. gold 4% bds., due July I 1945
Group IV
Mtge. gold 4% bonds, due July I 1945
Havana Electric By. Co.—
Pittsb. Shenango dr Lake Erie RR. Co.
Common stock, no par value
let M.(con.) g. 5% bds., due July 1 '43
6% cum, preferred stock. $100 par
1st M.gold 5% bonds. due Oct. 1 1940
mallinson (H. R.) & Co.. Inc.—
Richmond & Mecklenburgh RR. Co. 1st
Common stock, no par value
mtge. gold 4% bonds, due Nov. 1 1948
7% cum. pref. stock. $100 par value
Lighting Co. 1st mtge. 5%
Syracuse
common
Mexican Petroleum Co., Ltd.,
bonds. due June 1 1951
stock, $100 par value
Mobile & Birmingham P.R. Co., 4% Utica Electric Light & Power Co. 1st
M.8. f. g.5% 50-yr. bds. due Jan. 1'50
non-cum, preferred stock, $100 par
COMMITTEE ON STOCK LIST.
J. M. B. Hoxey, Executive Assistant.
Counsel of SEC Issues Opinion Easing Requirements
on Solicitations with Respect to Reorganization
Plans for Public Utility Holding Companies
An opinion of its General Counsel, John J. Burns, was
made public on Dec. 2 by the Securities and Exchange Commission regarding the application of Section 11 (g) of the
Public Utility Holding Company Act of 1935 to solicitations
in connection with reorganization plans for public utility
holding companies and their subsidiaries. The opinion
follows:
Section 11 (g) of the Public Utility Holding Company Act of 1935 makes
it unlawful to solicit any proxy, conscfnt, authorization, power of attorney,
deposit, or dissent in respect of any reorganization plan of a registered
holding company or a subsidiary thereof, in court proceedings or otherwise,
unless the Commission has made a report on the plan. It is my opinion
that this requirement does not apply to cases where solicitation with respect
to the plan in question has been commenced in good faith before registration,
or where the plan has been approved by a court before that time.
Haiti Files with SEC for Registration on New York
Stock Exchange of $8,411,638 of External 30-year
Sinking Fund 6% Gold Bonds
Announcement was made on Dec. 1 by the Securities and
Exchange Commission of the filing of a registration statement
3774
Financial Chronicle
by the Republic of Haiti (on Form 18) for permanent registration on the New York Stock Exchange of $8,441,538 of
customs and general revenue external 30-year sinking fund
6% gold bonds, series A. In noting this, Washington advices, Dec. 1, to the New York "Herald-Tribune" of Dec. 2,
said:
According to the agreement, set forth in the statement for registration,
between the Haiti and the National City Co. and the National City Bank
on Oct. 6 1922, all payments were to be made in gold coin of weight and
fineness of that date. The statement, contending there has been no
failure to pay principal and interest or any sinking fund amortization instalments, added:
The bonds to be registered under the present application are issued only
in one currency and are payable in accordance with the terms of the above
quotation from the loan contract, except as modified by American legislation.
"Customsreceupts in the last fiscal year were given as 24,314.958 gourdes
(five gourdes equal one dollar United States currency) and Internal revenue
receipts as 4,519,504 gourdes, or a total of 28,834,462 gourdes. Other
miscellaneous revenues brought the grand total to 30,091,640 gourdes.
"Governmental expenditures for fiscal year ended Sept. 30 1935, was
put as 42,444,526 gourdes, of which 6.680.679 gourdes was for Garde
d'Haltl.
"Exports for the year 1934-1935 were put at 35,629,205 gourdes and
mports at 41,161,621."
The statement said that to secure and guarantee payment of principal
and interest on the bonds as well as sums payable for amortization, the
government created a first charge on all internal revenues and customs
revenues subject only to a prior charge on such customs revenues, not
exceeding 5% thereof, for payment of salaries, allowances and expenses
of the general receiver and the financial adviser, as provided in the treaty
of Sept. 16 1915, between Haiti and the United States. The government
hypothecates such revenue and authorizes the general receiver, or his
successor, after expiration of the treaty to set aside from the hypothecated
revenues the sums which must be remitted for interest and amortization.
A recent postponement by the SEC of hearings on bonds
offerings of Haiti was referred to in our issue of Nov. 16,
page 3149.
Activities of New York Stock Exchange in Eliminating
Fraudulent Securities Outlined to Securities
Commissioners by Dean K. Worcester, Executive
Vice-President
In addressing (on Dec. 6) the National Association
of Securities Commissioners, at their eighteenth annual convention in Miami, Fla., Dean K. Worcester, Executive VicePresident of the New York Stock Exchange, outlined the Exchange's endeavors to eliminate from the securities business
dishonest people and fraudulent securities, and also defined
the work of the Securities Exchange Act of 1934 in combating
these evil factors.
Mr. Worcester, in referring to the various listing requirements formulated by the exchanges before the passage of the
Securities Exchange Act, said that under the Act "the listing
requirements for all exchanges are made uniform and are
subject, within statutory limits, to the control of the Securities and Exchange Commission." He said that, accordingly,
a security, before it can become listed, must conform to the
standards established by the exchange on which listing is
sought and by the Federal government. "This, I think, it
goes without saying, affords a better opportunity than ever
for the Federal government and the State governments to
assist each other in attaining the objectives which they
mutually desire." Mr. Worcester continued:
It seems to me that the Securities Exchange Act makes it clear that the
proper market for the right type of security is on a national securities exchange, rather than on no exchange at all. A potent weapon has been used
to bring about the listing of eligible securities by denying to unlisted or
unregistered securities any value as collateral in the hands of a member of an
exchange or any broker or dealer doing business through a member of an
exchange. The identity of the exchange upon which the securities are listed
or registered is immaterial.
Is it not clear that the State commissions can help the Federal government by making it as easy as possible to qualify within the State those
securities which are registered upon a national securities exchange and
which, consequently, conform to the uniform conditions imposed by the SEC
as prerequisites to registration and listing? Is it not clear, also, that the
Interests both of the investors within the State and the legitimate security
dealers within the State are best served if only a single operation is needed
both to list a security upon an exchange and to qualify it for sale within
the State?
I am suggesting, you see, that when a security has met the tests imposed
by the Securities Exchange Act and by the exchange upon which it is listed,
the greatest practicable measure of exemption from additional State requirements should be granted by the States to that security. I suggest that
this would simplify the problems of eligible corporations in financing themselves through the sale of capital securities while, at the same time, providing
an incentive for these corporations to list their securities, thereby carrying
out one of the major objectives of the Securities Exchange Act.
As to the activities of the Stock Exchange in eliminating
fraudulent securities and the wrong people from the securities business, Mr. Worcester said:
I shall not try to outline, except very briefly, the activities of the New
York Stock Exchange in endeavoring, with the limited means at its command, to keep the wrong type of people out of the securities business. The
Exchange has no power to punish anyone except its own members, and any
Influence that it may have in controlling or influencing the activities of
others must derive from whatever reputation the Exchange has achieved as
an institution standing essentially for honor and integrity in security
transactions.
You are all familiar with the phrase "just and equitable principles of
trade" as the time-honored expression of the principles upon which the
Stock Exchange is founded. Perhaps a few of the more detailed provisions
of the Constitution and Rules of the Exchange may be of interest as Illustrating the extent to which this concept permeates the whole fabric of the
Exchange. Under the Constitution of the Exchange, a member who is found
guilty of fraud or fraudulent acts must be expelled. This penalty is the
severest that the Stock Exchange can impose, and you will note that it is
mandatory. A member who is found to have made a fictitious transaction
Dec. 14 1935
must be either suspended or expelled. The same mandatory discipline must
be imposed on a member who gives an order for the purchase or sale of
securities, the execution of which would involve no change of ownership or
who executes such an order with knowledge of its character. It is mandatory to suspend or to expel a member who is found to have made a misstatement upon a material point to a committee of the Exchange. The
Governing Committee may even expel a member if it finds that he was
guilty of fraudulent or dishonest acts before he became a member, and that
he did not disclose the facts and circumstances when applying for membership. Needless to say, I have not attempted here to summarize all the
aspects of the disciplinary control of the Exchange over its members. I am
seeking rather to point out a few of the more basic provisions which indicate how deeply the intolerance of questionable acts or dealings is inherent
in the foundations of the Exchange.
As an example along a different line, a rule of the Exchange requires
that if a security—that is, a stock certificate or a bond—has been delivered
by one member to another, and then turns out to have been stolen, it may
be returned successively from member to member until it reaches the member
who originally introduced it into the market. No fixed time limit is placed
on this, and it is not even necessary that any member involved should have
had knowledge that the security was a stolen security. The point is that
members should not permit themselves to be used for the purpose of selling
stolen securities, and the requirement that a member who sells a stolen
county must take it back and refund the money, even perhaps after many
years, certainly operates to cause members to scrutinize their customers with
care and to avoid doing business for questionable clients.
Another aspect of the Exchange's activity in fighting security frauds is
illustrated by the zeal with which it guards its quotations.
The Supreme Court of the United States, as you know, has held that the
quotations on the Exchange—that is, quotations of the prices established in
transactions in securities upon the Exchange—are the property of the Exchange. Consequently, the Exchange has legal authority behind it in permitting or in refusing to permit these quotations to be furnished to others
besides its member firms. . . .
The Stock Exchange has never relaxed its rigid control nor lowered its
standards, and every epplicant for ticker service, before receiving approval
on his application, must pass the scrutiny of a Standing Committee of the
Exchange. Similarly, no member of the Exchange is permitted to allow
his effice to be connected by private telephone or telegraph line with any
non-member of the Exchange, except by a similar process of scrutiny and
approval.
Banks Permitted to Deduct from Income Tax Returns
Assessments Paid to FDIC
A ruling made by the Internal Revenue Bureau, at
Washington, on Dec. 5 permits banks to deduct, on Federal
income tax returns, assessments paid to the Federal Deposit
Insurance Corporation. The ruling according to Washington
(Associated Press) advices of Dec. b, holds that:
Such an assessment, paid in accordance with the provisions of the Banking Act of 1935, is an allowable deduction as an ordinary and necessary
business expense in the Federal income tax return of the insured bank for
the taxable year in which the assessment is actually paid.
The advices continued:
l'he ruling will effect approximately 14,000 banks which are members of
the surety agency.
Insurance Corporation officials estimated the annual assessment this
Year at around $33,000,000. The Treasury ruling would make this sum
available for deduction as a business expense, but officials were unable to
estimate what the saving might be in taxes.
Under the Ranking Act of 1935 the banks are required to
pay an assessment of 1-12 of 1%jofAtheir total deposits
annually.
Winthrop W. Aldrich of Chase National Bank Demands
Fundamental Changes in Government Policies—
Says Business Revival Cannot Continue Indefinitely Unless Budget Is Balanced, Currencies
Are Stabilized, Expenditures Reduced and Excess
Bank Reserves Lowered
The business improvement recorded in the United States
during the past year cannot continue indefinitely until
certain fundamental conditions which created the depression
are corrected, Winthrop W. Aldrich, Chairman of the board
of the Chase National Bank of New York City, told the
Chamber of Commerce of Houston, Tex., at a dinner on
Dec. 11. Among the steps necessary for a sound industrial
revival, Mr. Aldrich listed a balanced budget, reduction of
government expenditures, international currency stabilization and a substantial increase in reserve requirements for
the member banks of the Federal Reserve System.
Speaking on "Business Revival and Government Policy,"
Mr. Aldrich said that current business improvement is due
to three principal causes:
1. The lessening of fear generated by New Deal policies.
The invalidation of certain legislation by the Supreme Court
and the reassertion by Congress of its legislative prerogatives
have done much to eliminate this fear, the banker said.
He added that the Banking Act of 1935 is a definite improvement in the existing law, while the Public Utilities
despite its defects, is a much improved measure as compared
with the first draft presented by the Administration. He
continued:
It is possible to fight, therefore, with growing hope against the tendencies;
which have threatened the American system of States' rights and free
enterprise: against the forces that have attempted to substitute a government by unpredictable and uncertain executive decree for a government
of laws of general and definite application. The battle is not won, but
we know now that many of the things we feared from the summer of 1933
to the summer of 1935 will not happen.
2. The disappearance of the National Recovery Administration.
3. Tremendous replacement demand for all kinds of
products.
Volume 141
Financial Chronicle
Nevertheless, Mr. Aldrich said, while these factors have
aided business recovery,• certain fundamental trends must
be checked if that recovery is to be made permanent. He
denounced the theory of "pump-priming" as a justification
for vast Federal expenditures, and said that plans must be
made for a balanced budget if the financial system of the
country is to be saved from eventual collapse.
With regard to work relief, Mr. Aldrich said that he could
appreciate the gain in morale by providing work for the
unemployed in preference to the dole. He added, however,
that the financial burden so imposed is so great that it
must jeopardize public credit if long continued.
Mr. Aldrich took occasion to challenge the recent statement by President Roosevelt that "great bankers" had told
him in the spring of 1933 that the public debt of the government could safely rise to between $55,000,000,000 and
$70,000,000,000. He said:
The question of now much debt the United States government could
safely incur is not one which any banker should venture to answer with
definite figures. As I have already indicated, the answer would depend
both on moral and on material considerations. A government which has
repudiated its obligations cannot safely incur debt to the same extent
as a government which has always faithfully met its obligations. A government which is willing and able to tax the great body of the people will have
far better credit than a government which tries to delude itself and its
people into the belief that only the wealthy need to pay taxes, despite
the fact that the estimates of its own treasury reveal that confiscatory taxes
on larger inheritances and large incomes will bring in relatively little
additional revenue. A government which is using borrowed money for
vitally necessary purposes, prudently and carefully, and which clearly
intends to borrow only what it absolutely must have, can safely borrow
more than a government which is spending borrowed money recklessly.
In discussing the reserve policy of the Federal Reserve
Board, Mr. Aldrich said in part:
I believe that measures should immediately be taken to reduce these
excess reserves, and I believe that the first measure that should be taken
Is to raise reserve requirements very substantially. It seems to me that
this should be done In any case, because it is clear to me that the reserve
requirements were put far too low in 1917. Both the over-expansion of
credit in 1922-28 and the over-rapid liquidation of credit between the
middle of 1931 and early 1932 were greatly intensified by the unduly low
reserve requirements. The higher reserve requirements which we had in
days before the Federal Reserve System came in gave us much greater
safety both on the upswing and on the downswing.
I do not believe that it is desirable that reserve requirements should
be frequently changed. I believe in fixed reserve requirements and dependable reserve requirements. I would raise them adequately now,
while the excess reserves are very great, and then I would let them alone.
I would like to see this measure used first in any case, because I am very
doubtful that it will be used at all if we wait until a time when speculative
excitement is great and when a good many individual banks have allowed
their individual excess reserves to disappear, even though the general system
still has large excess reserves. The method of raising reserve requirements
puts pressure on all banks. The measure of selling government securities
puts pressure primarily upon the liquid central money markets.
In the course of recent discussion, timid fears have been expressed that
raising the existing reserve requirements would put certain pressure on
some individual banks which might lead them to sell some government
securities or which would have, in other ways, an adverse effect on financial
sentiment. But there is no argument which could possibly apply at the
present time which would not apply with redoubled force to action at a
later time. If we can ever use the method of increasing reserve requirements, we can do it now.
Changing Character of Bank Assets One of Most
Notable Developments in Recent Years According
to Commission Reporting on New York State
Banking Structure—Rebuilding of Capital Funds
One of Greatest Problems Facing Banks, Says
Commission Headed by S. Sloan Colt
Reporting on its study of banking conditions in New York
State, the Commission headed by S. Sloan Colt lists as the
principal issues which have been raised by banking developments during the past 11 years:
1. The changing character of bank assets.
2.
8.
4.
5.
The growth of time deposits in commercial banks.
The need of adequate capital funds as a protection to depositors.
Changes in earning power of banks, and
Branch banking.
The changing character of bank assets is described by the
Commission as "one of the most notable developments in
banking in recent years," and it says: "One conclusion from
recent developments seems inevitable. With the growing
volume of capital assets and long-term assets the element of
quality is of supreme importance." The rebuilding of capital
funds is referred to by the Commission as "one of the greatest
problems facing the banks." The report observes that "much
has been done In the way of writing off accumulated losses,
but the process of reconstructing portfolios has probably not
yet been completed." No final recommendations are made
by the Commission, which states that "instead it proposes to
follow up this report with a questionnaire to the members
of the State Association designed to secure additional information and viewpoints from individual bankers and local
groups in order that local conditions may be given due weight
In determining future policies."
The Commission for Study of the Banking Structure was
appointed in June 1934 by the New York State Bankers Association; its report, published under the head "Banking Developments in New York State, 1923-34," was made public Dec. 8.
The report consists of a foreword setting forth the purposes
of the study, five chapters of text, and an appendix consisting of 76 statistical tables. The data presented in the report
relate to National banks and State commercial banks and
3775
trust companies in the State outside New York City, but do
not include mutual savings banks.
The announcement regarding the report says:
This study is the first of its kind to be made available by the bankers
themselves analyzing their operating activities with a view to finding a
solution to the issues which confront them. The New York State Bankers
Association has made this study an essential part of its program in order to
develop a better understanding on the part of both the bankers and the
public of the problems which have existed in the past and continue to exist.
It is believed that through a study of the facts the bankers may meet these
problems in such a way as to benefit their own communities and be of
maximum service to the public.
In pointing out the necessity for adjustment to the changing economic order, the report says:
That banking in the State of New York, in common with the entire American banking system, is undergoing an epochal transition under the impact
of the major economic changes of recent years, is universally recognized by
students of the situation. In periods of great change, adaptability is the
first prerequisite of survival. Banks, like other institutions, must adopt their
policies and practices to the needs of the public, otherwise the reason for
their existence disappears.
The facts revealed in this study and the questions raised present a challenge
to bankers. The task is essentially one that faces each individual banker.
The Commission believes that in this study it has made available a number
of facts which point in the general direction of a solution to our problem
if the bankers themselves will start at the foundation and build a stronger
structure.. Fundamentally, the interests of the stockholder, the depositor
and the community as a whole all lie in the same direction. The welfare
of each depends upon the quality of management.
After commenting briefly on the rapid expansion in bank
assets during the 1920s and the liquidation after 1929, the loss
and failure record of the banks in the State (outside New
York City) is summarized as follows:
The record of the banks during the period of liquidation indicates that
many of them were poorly equipped to withstand the trials of adverse
economic conditions. Since 1929, 132 banks in this State, outside New
York City, have failed or have been reorganized or taken over after waivers
of deposits. These institutions had deposits of more than $150,000,000. In
addition to losses from failures, the gross losses and charge-offs of the operating banks of the State averaged about $75,000,000 a year during the four
years 1931-34, inclusive. This figure compares with average annual gross
operating earnings in the same four years of about $115,000,000. During
those four years gross and net operating earnings were declining while losses
and charge-offs were rising. Needless to say, the banking system of the
State operated in the red during each of those years. Since 1929 losses of
capital funds have been between $250,000,000 and $300,000,000, of which
about 90% was in active banks and about 10% in failed banks. It is this
record of losses and failures which has led to our study of banking conditions
in the State in order to determine, if possible, the elements of weakness and
the causes of the difficulties.
As to the principal issues raised by banking developments
in the past 11 years the Commission has the following to say:
The Changing Character of Bank Assets
One of the most notable developments in banking in recent years has been
the changing character of bank assets. The proportion of bank assets consisting of investments, real estate loans and collateral loans, which for
purposes of convenience and brevity we refer to as "capital assets," has
been increasing steadily, while the proportion consisting of unsecured loans
has been growing smaller and smaller.
Whatever the theory of commercial banking may be, we face an accomplished fact, a practical condition where true self-liquidating ccsnmercial
loans have dwindled to small proportions and capital assets have become
the predominant part of bank portfolios.
One conclusion from recent developments seems inevitable. With the
growing volume of capital assets and long-term assets, the element of
quality is of supreme importance. The extent to which capital values may
shrink in periods of declining prices and depressions is now appreciated.
As long as prices are rising and business is growing, banks can carry on with
assets of secondary quality and perhaps make large profits, but the day of
reckoning always comes when the economic trend changes. These periodic
reverses must be expected, and the bank that fails to recognize this fact in
the selection of its assets does not weather the storms.
The question is even broader than the matter of the safety of banks. It
raises the entire problem of economic stability. In periods when business
activity is growing rapidly it is a well-known fact that often the excessive
expansion of bank credit provides an unhealthy stimulus, especially to speculative activity, with the result that the boom and the consequent depression
reach larger proportions than they otherwise would. In other words, the
banks have often contributed to the condition which ultimately led to the
collapse in values and the depreciation in bank assets.
The problem is how to prevent, or at least check, the excessive expansion
of credit in such periods. The assets on which credit can be extended are
practically unlimited. When reserves are plentiful and banks follow the
practice of making loans and investments of all types in a broad way the
necessity for setting up rigid standards of quality or some other check to
prevent unsound credit expansion is evident.
The Growth of Time Deposits in Commercial Banks
The growth in capital assets has been related in a way to the growth in
time deposits, which have now become nearly 60% of total deposits in
New York State commercial banks outside New York City. In the struggle
of banks for size there have been keen competition for deposits, high interest
rates paid on deposits, a rapid expansion of resources, and in many cases a
leveling down of the quality of assets. Many institutions have paid out
over 50% of their gross earnings in interest on deposits, in a number of
years, and the average over a period of years for the commercial banks in
this State outside of New York City was over 40%.
The rates paid on time deposits have frequently been as high or higher
than the yields on the highest grade investments. As a result, the banks
have attracted savings which otherwise would have gone directly into investments or would have reached the borrower through other institutions. These
competitive rates for deposits have frequently led banks to acquire loans
and investments, without making sufficient allowance for the possibility of
losses involved in these assets. In the course of a complete business cycle,
therefore, this seemingly profitable business hats frequently resulted in great
net loss because insufficient reserves have been accumulated to meet the
losses which inevitably arise. The predominant business of the so-called
commercial banks has come to be that of bringing together the investor, in
3776
Financial Chronicle
the guise of a depositor, and the borrower, rather than that of supplying
short-term business credits for which there has been little demand. Conditions and developments have been such that many of our commercial banks
have taken on something of the nature of investment trusts.
We have seen, however, that hi fact and in practice these time deposits
are little different from demand deposits in times of stress. The real
problem which faces individual banks and the whole banking system is how
best to provide protection from a serious decline in asset values. The difficulty is accentuated by a lack of adjustment between assets of a long-term
nature and liabilities which are payable on demand. The banks are not
only guaranteeing the investment of the public's funds, but they are including in that guarantee an obligation to convert these investments into cash
practically on demand. The banks assume the burden of any depreciation.
Taking the savings of the people and investing them is, of course, a social
service which the public demands from its financial institutions. In some
communities the commercial bank is the only available institution for rendering that service. It is a question, however, whether commercial banks
have been doing a savings bank business without following the rules and
standards essential in that business.
Dec. 14 1935
assume a more liberal attitude toward business men needing working capital:
Fifth. That closer co-operation than ever should be maintained between
C. P. A.'s, commercial credit men and bankers.
In the earlier portion of his address Mr. Pouch said
in part:
Since 1929 various agencies of our industrial system have been assisted
In one form or another by the Federal government. The Reconstruction
Finance Corporation was organized to furnish capital to the banks, mortgage companies and railroads when they could not secure credit in the
regular way. Later in the depression the government came to the relief
of farmers and to-day is contributing liberally to the unemployed.
Very little effort, however, was made to assist the unfortunate business
man who in the ordinary course of events relies on banks and other financial
institutions for temporary working capital, until June 19 1934, when
Section 13-B was added to the Federal Reserve Act, permitting the Federal
Reserve banks to extend special credit facilities to industry and commerce.
About $280,000,000 of Federal Reserve bank money was made available
for loans on a sound and reasonable basis to established commercial and
Industrial eiaterprises for working capital, with maturities up to five years.
The 12 Federal Reserve banks have approved loans of $121,947,000 to
The Need of Adequate Capital Funds as a Protection to Depositors
Nov. 27. . . .
One of the greatest problems facing the banks currently is to rebuild
Remember this money can only be borrowed if the local bank cannot
their capital funds. Much has been done in the way of writing off accumuaccommodate the applicant. It is not the purpose of these loans to start
lated losses, but the process of reconstructing portfolios has probably not
a new business or to stave off inevitable bankruptcy. The applicant should
yet been completed. At the same time, many banks still have the capital
have a reasonable prospect of making money with the help of the 13-B loan.
funds supplied by the government, which are proving burdensome under
These loans are meant to provide working capital, to keep a business
present conditions of abnormally low earnings. This process of rebuilding
going or to expand it. Typical uses for borrowed money are: to keep up
the capital structure and paying off the preferred stock, debentures, &c.,
or increase payrolls, to add to inventory, to buy raw materials, to make it
is proving to be slow and difficult for many institutions because of the
possible to buy for cash, to give customers credit, to take care of increasing
continued decline in current operating earnings. Furthermore, as government
sales, to conduct sales campaigns and to pay trade creditors.
credit expands the deposits of the banks increase, thus accentuating the
The applicant should not hesitate because his business is small or unproblem of capital funds.
usual. Reserve bank loans have been made as large as $6,000.000 and as
small as $250. And all kinds of businesses have been listed among 13-B
Change in Earning Power of Banks
borrowers.
Related to the question of rebuilding capital funds is the pressing problem
These borrowers can be divided into two classes:
of current operating earnings. In 1934 barely one-third of the banks of
First. Those that have demonstrated their ability to make money during
the State had any net income, after accumulated losses and charge-offs.
normal business cycles but in 1927, 1928 and 1929 made the mistake of
Interest on deposits is still by far the heaviest item of expense. Even
thinking that a new era had arrived and that the old yardsticks and cautious
with the 2% rate on time deposits which went into effect Oct. 1 1935,
business principles were not necessary.
interest will still probably be the largest single item of expense for most
Second. The type which lacks management ability and those that start
banks. Banks cannot continue to pay out 60 much for deposits which they
a business without proprietary or working capital and hope to operate on
cannot lend or invest profitably and safely. This is especially true in
a shoe-string.
view of the added cost of the annual assessment for deposit insurance.
From my personal observation of the 1,000 applications examined by
Another possible method of meeting the situation is to increase service
the Industrial Advisory Committee of the Second Federal Reserve District,
charges, which have already been adopted by a large number of banks.
I would judge that there are twice as many in the second class as in the
Branch Banking
first, but I wish this evening to advocate leniency for the first class who
may be able to weather the storm if given a chance. . . .
There are many communities where the banks' problems are especially
While statistics are usually dry, still I feel that a few figures to explain
difficult because they do not have a sufficient demand for sound local loans
the results obtained by the industrial loans under 13-B might be interesting
and are forced into investments, sometimes in periods when investments of
to you. The latest available figures for the entire 12 Federal Reserve banks
even the highest grade are obviously not satisfactory risks for bank portof the country show that there have been 7,500 applications presented,
folios. There are other communities where the banks have practically only
while in the New York District there have been 1,000. These applications
one type of local outlet for their money. Many banks have found it exceedhave amounted to $302,331,000 in the entire country, as against $77,000,000
ingly difficult to reduce costs sufficiently to live within the income from
in the New York District. As previously stated, the applications are first
available suitable loans. We may ask whether branch banking is the answer
presented to a committee of five business men in each of the 12 districts,
to such situations. It is claimed by the advocates of branch banking that
and
after they have studied and analyzed them carefully they pass them
branch systems are much better equipped to handle investments than the
on to the Board of Directors of the Federal Reserve Bank with their recomsmall unit banks.
.
mendation to either accept or reject them. It has been interesting to note
The following are the members of the Commission for that in the large majority of cases, there has been only a slight difference in
the
of
the
Banking
Study
Structure:
opinion of the business men and the bankers. In fact in the New York
Raymond N. Ball, President Lincoln-Alliance Bank & Trust Co., Rochester.
District the Board of Directors of the Federal Reserve Bank have approved
- Philip A. Benson, President Dime Savings Bank of Brooklyn.
more loans than the Advisory Committee, composed of business men. The
figures show that the Committee approved 348 cases totalling $30,378,000,
William A. Boyd, President First National Bank, Ithaca.
While
the Directors of the Bank approved 365 cases, totalling $30,746,000.
S. Sloan Colt, Chairman, President Bankers Trust Co., New York City.
Five hundred and three cases, totalling about $38,000.000, were declined:
Lewis G. Harriman, President Manufacturers & Traders Trust Co., Buffalo.
100 cases, amounting to $6,000.000, were withdrawn, and 35 approved
J. L. Jacobs, President* Tupper Lake National Bank.
cases are pending closing. Let me also add that about so% of the loans
William H. liniffin, Vice-President Bank of Rockville Centre Trust Co.
have been made by the Federal Reserve Bank direct and 50% with banks
W. W. Maloney 3rd, President Fallkill National Bank & Trust Co.,
and other financial institutions given commitments. . . •
Poughkeepsie.
This is not the time for the credit granter in the bank or in industry to be
W. T. McCaffrey, President Lincoln National Bank & Trust Co., Syracuse.
"Jittery." Reasonably sound loans can be made even though they do not
Bayard F. Pope, Chairman Advisory Committee, Marine Midland Trust Co.,
look like prime loans at first. The splendid record of the Federal Reserve
New York City.
Bank of the Second (New York) District with industrial loans has been
C. S. Ruffner, President Schenectady Trust Co.
due to much hard work and thorough investigation in addition to carefully
S. G. H. Turner, Chairman of Board, First National Bank & Trust Co.,
working out difficult problems of readjustment. Standard rules and
raE
.
E r.
ratios may be used as a general guide, but I am inclined to believe that in
. Richter was Statistician to the Commission. ".....,_,...., the past too much emphasis has been placed on them. Each credit risk
.---4
,—.
should be given individual attention and not rushed through the mill on a
and
W. H. Pouch of Advisory Committee of New York mass production basis. I would like to see prospective earnings
studied more closely and given greater weight in final decisions.
Federal Reserve District on Industrial Loans Under expenses
budgets
The C. P. A.in making an audit might educate business man to use
Section 13-B of Federal Reserve Act—Declares A on
income as well as expenses. Surveys of the future volume, studies of
Number of Banks in Big Cities Have Not Been prospective earning, percentages, and estimate of expenses, give the execuInterested in Handling Such Loans
tive a clearer picture of what he is aiming at.
Discussing credits to industry under Section 13-B of the
Federal Reserve Act, William H. Pbuch, Chairman of the
Industrial Advisory Committee of the Federal Reserve Bank
of New York, stated on Dec. 9 that "I am sorry to say that
a large number of banks in our big cities have not been
interested in 13-B loans."
Mr. Pouch made this statement in addressing the credit
conference of the New York State Society of Certified
Public Accountants at the Waldorf-Astoria, New York, and
in his further remarks he said:
In many cases they claim the loans have been too small or too expensive
for them to handle. These are usually the banks that object to government entering the banking field, but I venture to predict that unless they
show some interest in helping the small-sized business man and take an
Interest in seeing that he is supplied with reasonable requirements for
working capital they will find government devising some way of supplying
such working capital. Since a large proportion of the banks' deposits are
now guaranteed by the government, the necessity for liquidity is not as
great and more liberal loaning policies can be formulated.
In closing let me say that I have endeavored to point out:
First. That there is a demand for legitimate working capital, although
it may not be as large as some thought in 1933;
Second. That the Federal Reserve banks have faithfully tried to supply
.
that demand;
Third. In doing so it has developed that one-third of the applications
have been serviced with prospects of a very slight loss;
Fourth. If it is Considered advisable that government agencies should
withdraw from the commercial banking field, financial institutions must
Federal Land Banks Offer $100,000,000 of 10-20-Year
3% Consolidated Farm Loan Bonds—Part of Proceeds to Be Used to Retire $62,710,420 of 4%
Bonds—Books Closed Following Over-Subscription
Formal offering was made on Dec. 10 of an issue of $100,000,000 of 10-20-year Federal Land Bank 3% consolidated
Federal Farm Loan bonds, due Jan. 1 1956, and not redeemable before Jan. 1 1946. The books for the offering were
closed at 10:45 a. in., Dec. 10, following a heavy oversubscription, according to announcement of W. I. Myers,
Governor of the Farm Credit Administration.
Proceeds from the sale of the consolidated bonds will be
used to retire approximately $62,710,420 principal amount
of 434% bonds of the individual Federal Land banks, which
have been called for payment Jan. 1 1936, and for loaning and
general corporate purposes. The calling of the 4%% bonds
was noted in our issue of Dec. 7, page 3622. The new 3%
consolidated bonds, which are issued under the authority
of the Federal Farm Loan Act, as amended, and which are
the joint and several obligations of the 12 Federal Land
banks, were priced at 983 and interest to yield about
3.08%.
In announcing the closing of the books on Dec. 10,
Governor Myers said:
Volume 141
Financial Chronicle
This is the first occasion since 1930 that the Federal Land banks have
offered bonds to investors in any large amount for the purpose of new
financing, and the response of investors to this bond issue is very gratifying.
le For the past two years the Federal Land banks have obtained funds
for new loans by exchanging their bonds for Government-guaranteed bonds
of the Federal Farm Mortgage Corporation. This was considered as only
a temporary method of marketing Federal Land bank bonds. For some
time the banks have anticipated returning to the investment market for
their funds.
This new Federal Land bank financing reopens a direct channel of normal
business relationships between farmers*and investors. Long-term farm
mortgage loans are made available at 4% a year and under present conditions funds for making these loans are obtained by selling 3% consolidated
bonds of the Federal Land banks secured by first farm mortgages on farms
throughout the United States.
The offering was made under the direction of Charles R.
Dunn, fiscal agent for the Land banks, and with the cooperation of a nationwide banking group comprising Alex.
Brown & Sons; the Chase National Bank of the City of
New York; Brown, Harriman it Co., Inc.; Guaranty Trust
Co. of New York; the National City Bank of New York;
Edward B. Smith & Co.; The First Boston Corp., and Lee
Higginson Corp. On June 18, last, this same banking
syndicate offered, in a refunding operation, $239,000,000 of
3% consolidated bonds of the Land banks. Reference to
this previous financing was made in these columns of June 22,
page 4148.
A circular issued incident to the latest offering (Dec. 10)
•
contained the following:
The Federal Land Banks
The 12 Federal Land banks reported, as of Oct. 311935,aggregate capital
stock of $235,173,852.50, paid-in suprlus of $89,822.039.13, and total
assets of $2,393,142,576.88. The banks are incorporated under Federal
law, and operate under the supervision of the FCA,a branch of the Government. The terms of certain statutory emergency provisions for assistance
to borrowers are described in the within letter.
Description of Consolidated Bonds
Consolidated Federal Farm Loan bonds (hereinafter referred to as consolidated bonds) issued under the authority of the Federal Farm Loan Act,
as amended, are the joint and several obligations of the 12 Federal Land
banks. The law requires that all consolidated bonds be issued only against
collateral security of at least an equal principal amount of obligations of
the United States Government, and (or) first mortgage loans on farm properties, made in amounts not exceeding 50% of the value of the mortgaged
land and 20% of the value of the permanent, insured improvements thereon,
as ascertained by Land bank appraisers at the time the loans are made;
and that the earning power of the land boa principal factor in the appraisals.
Since June 1933. estimates of earning power have been based primarily on
the average yield of the land during the past several years, and average
prices of its products prevailing during the period 1909-1914, as indicative
of the normal earning power of the land.
The collateral for consolidated bonds (which bonds, including the bonds
now offered, will aggregate approximately $1,510,000,000 in principal
amount) is deposited in trust with Farm Loan Registrars and is held by them
as security for all outstanding consolidated bonds, separate and apart from
collateral held by them for bonds issued individually by the banks. At the
time that these bonds are issued, approximately 1% of the principal amount
of the collateral for consolidated bonds will consist of obligations of the
government. The balance of such collateral will consist of first mortgage
loans, a portion of which will be loans on which matured instalments of
principal or interest are in default or have been extended, which defaulted
or extended loans are permitted by the law to be included as eligible collateral. The law permits collateral security deposited with a Farm Loan
Registrar to be withdrawn at any time on the substitution therefor of an
equal face amount of eligible collateral.
Although these bonds are not government obligations, and are not guaranteed by the government,they are the secured obligations of banks operating
under Federal charter with governmental supervision by the FCA.
Legality as Investments for Savings Banks and Trust Funds and as Security
for Public Deposits
The law provides that Federal Farm Loan bonds shall be lawful investments for all fiduciary and trust funds under the jurisdiction of the United
States government. They are also eligible as security for government deposits and for Postal Savings funds.
In the opinion of the General Counsel of the FCA, consolidated bonds
are eligible for investment by savings banks under the laws of a majority
of the States (including New York and Massachusetts), and are made
eligible by statute for the investment of trust funds in more than 20 States,
as more fully enumerated in the within letter.
Tax Exemption
The Supreme Court of the United States has upheld the constitutionality
of the Act creating the banks and the provision exempting their obligations
from Federal State, municipal and local taxation. The exemptions include
exemption from surtaxes on the income from the bonds. The transfer of
the bonds, by inheritance, gift. &c., is, of course, subject to taxation under
any applicable valid laws providing for the taxation of transfers of personal
property.
The circular also stated:
Definitive bonds will, it is expected, be ready for delivery Jan. 2 1936.
To the extent that holders of 4 % bonds called for redemption agree, prior
to the closing of the books, to surrender them on the payment date at 100%
of their face value in payment for these 3% consolidated bonds, they are
to receive, so far as practicable, preferential treatment; and in such cases
the appropriate cash payments will be made to holders. It is expected that
approximately $10,500,000 principal amount of these consolidated bonds
will be sold to the United States government (including its agencies and
instrumentalities) in exchange for called 434% bonds, at the offering price
less the commissions which are to be paid in connection with other exchange subscriptions.
President Fleming of A. B. A. Urges Banks to Assume
Functions Oftered by Federal Agencies Thus
Enabling Government to Withdraw from Business
and Make Possible Increased Bank Earnings—
Remarks of S. Sloan Colt at Bankers' Forum,
American Institute of Banking
In urging that the banks of the country "study the whole
field of bank credit in a very intensive manner," Robert V.
3777
Fleming, President of the American Bankers Association,
speaking at the Forum Dinner, New York Chapter American
Institute of Banking on Dec. 12, declared that "I believe it
is possible for us to discover mw and at the same time
sound channels for putting our customers' funds to work
where we shall feel confident of a fair return while rendering
a service to community and national development."
Mr. Fleming went on to say:
"During the emergency the government of necessity took over some of
the functions of banks by aiding the people of the country where chartered
institutions were unable to do so on account of existing conditions. This
has brought about a situation directly affecting bank earnings. We often
hear complaints against the government's participating in business; let us,
therefore, make it possible for the government to get out of business.
"I do not advocate the making of unsound loans, or engaging in any
practice contrary to sound banking principles. I do not propose that we
should not always have in mind the need for maintaining an adequate degree
of liquidity, but I have seen statistics recently showing that these agencies
of Government at the present time are extending credit in a volume in
excess of one quarter of the total loans made by all the chartered banks
in the country.
"Where the government has to continue to function in such capacity, it
must be financed, and to a great extent it is the banks which must do the
financing; hence, we find the situation where the government is extending
credit to the public at a reasonable rate and, on the other hand, is financing
itself, largely through the banks, at the lowest rates of interest we have
ever known in our history.
"You can see how this strikes right at the heart of bank earnings. It is
my belief that the people prefer to deal with chartered institutions, carefully
supervised by national or State authorities, rather than directly with governmental agencies which cannot function as elastically as private organizations. Therefore, I believe bankers should explore the possibility of handling
these credits at a reasonable rate of interest to the public, thereby helping
the government to reduce its expenses and, in turn, augment bank earnings.
Through this improved and enlarged service to the public the prestige of our
Institutions will be enhanced and by the increased earnings the structure
of our banks will be strengthened for the benefit of depositors and stock.
holders alike."
In describing changes that have taken place In commercial
banking, Mr. Fleming made the following outstanding points:
1. "Great changes in the practice of corporate institutions with respect
to finance operations indicate that at present we cannot depend upon strictly
commercial loans as the main source of earnings in our commercial banking
institutions.
2. "Many agencies established by the government as emergency organizations are still functioning and will have to continue to function until we
as bankers take over the facilities now offered by these agencies wherever
we can soundly do so.
3. "With the broadened facilities now available through the Federal
Reserve System and the fact that public confidence in the safety of banks
has been restored, there is no longer any need for banks to maintain such
a high percentage of liquidity, and bankers can adopt a broader, longrange viewpoint in dealing with their customers.
4. "The Banking Act of 1935 makes the improved real estate loan type
of asset in the portfolios of member banks eligible as collateral with their
Federal reserve banks. First mortgage amortized loans on real estate, which
can be made under Title II, National Housing Act, are also particularly
desirable, as there is no industry which can do more to stimulate employment
and help in the stability of the country than the construction of homes.
5. "There should be co-operation between all banks engaged in mortgage
lending in order that this feature of banking service may be kept on a
sound and proper basis."
Mr. Fleming and S. Sloan Colt, President of the Bankers
Trust Company and President of the New York State Bankers Association, were the guests of honor at the dinner at
which H. Donald Campbell, President of the Chase National
Bank, presided. Federal Judge John C. Knox was also a
speaker at the dinner. Regarding Mr. Colt's remarks we
quote as follows from the "Wall Street Journal" of Dec. 13:
Mr. Colt, in referring to a study of New York State's banking structure
carried out under his supervision, emphasized that the development has not
been limited to the Empire State, but has been evident in the whole American banking system. He said:
"The speeding up of production and transportation has resulted in a
lessening need for large inventories with a corresponding diminution in
commercial credit requirements. At the same time the concentration of
both production and distribution into the hands of large corporations which
are able to acquire adequate and even surplus working capital through the
sale of securities has been perhaps an even more important influence tending
toward the same result."
Deposit Contract Unchanged
While this significant change has been going on with remarkable consistency, he said, there has been little or no change in the nature of the
contract with depositors, and little indication of any permanent change in
policies with reference to the building up of reserves or capital funds for
the protection of depositors.
"Does the solution lie in adjustments along these lines, or in improving
the quality of assets, or both?" he asked.
"The pre-dominant business of the so-called commercial banks has come
to be that of bringing together the investor, in the guise of a depositor,
and the borrower, rather than that of supplying short-term business credits
for which there has been little demand. Conditions and developments have
been such that many of our commercial banks have taken on something of
the nature of investment trusts."
Creation of State Mortgage Banks Proposed by New
York State Mortgage Commission According to
Wendell P. Barker—Report to Gov. Lehman—
Views on Mortgage Banks Presented at Hearing
Before Joint Legislative Committee in New York
City.
It was made known on Dec. 7 by Wendell P. Barker,
Chairman of the New York State Mortgage Commission
that the creation of State mortgage banks as substitutes for
the "outworn and discredited' mortgage guaranty companies was being considered by the Commission. Mr.
Barker indicated this at a National Conference on debtor
3778
Financial Chronicle
relief laws at the Waldorf Astoria Hotel in New York City
on Dec. 7. The New York "Times" reports that the
conference which analyzed legislation governing bankruptcies, mortgages, corporate reorganizations and debtor
relief for cities, business and farmers, was productive of
many proposals for legal reform. It was called by the
School of Law of New York University, in conjunction with
the school's alumni association as part of its centennial
celebration. The "Times" stated:
At the morning session Thomas D. Thacher, Solicitor General of the
United States in the Hoover administration, recommended general revision of the Bankruptcy Act along the lines laid down by Joseph Chamberlain in his reorganization of the English bankruptcy laws in 1833. Mr.
Thacher urged that such revision be approached "solely from the standpoint of the national interest. ...
Mr. Barker, at the afternoon session, defined the functions which the
State mortgage banks would discharge if they were authorized by the
Commission. It would be their purpose, he said, to lend money on mortgages and issue bonds to the public so that "the public will have the bonds
of a mortgage bank backed up by all the resources and all the combined
mortgages of the institution."
Noting that important changes in State statutes designed
to stabilize real estate and protect mortgage investments
have been recommended by the State Mortgage Commission
in a report to Governor Lehman the "Times" of Dec. 8 said:
The proposals include the creation of a State mortgage bank for mortgage supervision and discount; the licensing of real estate appraisers, and
simplification of the so-called Torrens law for the State registration of
property titles.
Wendell P. Barker, Chairman of the Conunission, withheld a detailed
discussion of the recommendations to give Governor Lehman an opportunity to pass on them. The suggestions, Mr. Barker explained, are the
result of several months of study by the Commission, which expects to
make further recommendations to the Governor in time for the drafting
of suitable legislation for presentation at the forthcoming session of the
Legislature.
Before the Joint Legislative Committee investigating the
situation as to guaranteed real estate mortgage bonds, Dr.
Marcus Nadler, Professor of International Finance at New
York University proposed the formation of a State mortgage
bank or banks operating under drastic restrictions and
supervision as the best means of re-establishing the real
estate investment market.
The hearing, held in the Bar Association building at 42
West Forty-fourth Street, was the first of a series (we quote
from the "Times") in which the Committee will hear expert
testimony on methods to cure the ills of the real estate banking system, which led to the widespread defaults in guaranteed mortgages. In addition to State mortgage banks,
the committee will consider also mortgage-guarantee companies limited to whole mortgages, or issuance of certificates
on single mortgages and the proposal to create a new State
department of mortgages and real estate. Senator Lazarus
Joseph of the Bronx is Chairman of the Committee.
At the hearing on Dec. 5, Charles A. Miller, President
of the Savings Bank Trust Co., and Louis A. Pink, State
Superintendent of Insurance stated that, functioning
properly, the mortgage banks should prevent repetition of
the real estate market collapse and afford opportunities to
certain types of investors to obtain worth-while securities.
announcing the tenders to the offering, Secretary Morgenthau said:
The total amount applied for was $239,295,000, of which $50,000,000 was
accepted. The accepted bids ranged in price from 99.920, equivalent to a
rate of about 0.105% per annum, to 99.914, equivalent to a rate of about
0.113% 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 99.918, and the average rate is about 0.108% per annum on a
bank discount basis.
Treasury Announces Final Figures on Dec. 15 Financing—Cash Subscriptions of $972,222,100 Allotted
for 23A% Bonds and 1% Notes—$4,522,244,800
Subscribed—Exchange Subscriptions of $410,688,600 Allotted in Full
The final subscriptions and allotment figures with respect
to the offering last week of 2Y
I Treasury bonds of 1945-47
and 1M% Treasury notes of series C-1940, were announced
on Dec. 10 by Henry Morgenthau Jr., Secretary of the
Treasury. The bonds and notes were offered for cash in
amount of $450,000,000, or thereabouts, each—a total of
$900,000,000—and in addition were also offered for the
amount of maturing 23 % Treasury notes of series D-1935
tendered in exchange. The 23% notes, of which $418,291,900 are outstanding, mature to-morrow (Dec. 15).
Reference to this financing of the government was made in
these columns of Dec. 7, pages 3622-3624.
Cash subscriptions received to the offered totaled $4,5)22,244,600, Secretary Morgenthau announced. The amount
allocated was reported at $972,222,100. All exchange subscriptions of the maturing 23-'% notes, amounting to $484,418,400, were allotted in full.
For the 23
4% bonds cash subscriptions of $2,034,979,700
were received and $484,418,400 allotted. The exchange
subscriptions tendered and allotted for the bonds amounted
to $161,317,700. A total of $2,487,264,900 was tendered
in cash for the 1% notes, of which $487,803,700 was
allocated. The tenders and allotments of the exchange
subscriptions for the notes were in amount of $249,370,900.
Subscriptions and allotments, as announced by Secretary
Morgenthau, were divided among the several Federal
Reserve districts and the Treasury as follows:
211% TREASURY BONDS OF 1945-47
Federal
Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Value of Commercial Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$178,400,000 Nov. 30 Compares with $180,400,000
Oct. 31
The following announcement, showing the value of commercial paper outstanding on Nov. 30, was issued by the
Federal Reserve Bank of New York on Dec. 12:
Reports received by this bank from commercial paper dealers show a
total of $178,400,000 of open market paper outstanding on Nov. 30 1935.
The Nov.30 total compares with $180,400,000 outstanding
at the close of October and $177,900,000 at the end of
November 1934. Below we furnish a record of the figures
since they were first reported by the Bank on Oct. 31 1931:
1935—
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 28
Jan. 31
1934—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
$178,400,000
180,400,000
183,100,000
176,800,000
163,600,000
159,300.000
173,000,000
173.000,000
181,900,000
176,700,000
170.900,000
166,200,000
177,900,000
187,700,000
192,000,000
188,100,000
168,400,000
1934—
June 30
May 31
Apr. 30
Mar.31
Feb. 28
Jan. 31
1933—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 28
$151,300,000
141,500,000
139,400,000
132,800,000
117,300,000
108,400,000
108,700,000
133,400,000
129,700,000
122,900,000
107,400,000
96,900,000
72,700,000
60,100,000
64,000,000
71,900,000
84,200,000
1933—
Jan. 31
1932—
Dec. 31
Nov.30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 29
Jan. 31
1931—
Dec. 31
Nov.30
Oct. 31
884,800,000
81,100,000
109,500,000
113,200,000
110,100,000
108,100,000
100,400,000
103,300,000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
117,714,784
173,684,384
210,000,000
$239,295,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated Dec. 11—$50,000,000
Accepted at Average Rate of 0.108%
Tenders amounting to exactly the amount offered were
accepted for the offering of $50,000,000, or thereabouts, of
273-day Treasury bills, dated Dec. 11, it was announced on
Dec. 9 by Secretary of the Treasury Henry Morgenthau Jr.
The total amount of bids received was $239,295,000.
The offering was referred to in our issue of Dec. 7, page
3622. The bids to the bills, which mature on Sept. 9 1936,
were received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, Dec. 9. In
Dec. 14 1935
Total
Cash
Subscriptions
Received
Total
Exchange
Subscriptions
Received
(Allotted
In Full)
Total
Total
Subscriptions Subscriptions
Received
Allotted
$141,755,900
999,987,850
96,168,300
86,357,650
69,342,900
82,728,500
198,787,550
57,280,000
19,424,900
43,161,150
56,867,900
182,434,100
683,000
$5,047,800
100,657,300
2,570,500
1,509,000
3,062,400
762,500
39,950,100
1,962,300
950,000
3,327,500
744,600
656,000
118,000
$148.803,500
1,100,645,150
98,738,800
87,866,650
72.405.300
83,491,000
238,737,650
59,242,300
20,374,900
46,488,650
57,612,400
183,090,100
801,000
$38,728,000
331,901,900
25,068,450
22,919,350
20,296,800
20,933,000
88,254,050
16,270,750
6,190,900
14,942,150
16,534,650
43,410,600
285,500
$2,034,979,700 $161,317,700 82.166,297,400 $645,736,100
131% TREASURY NOTES OF SERIES C-1940
Federal
Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total
Cash
Subscriptions
Received
Total
Exchange
Subscriptions
Received
(Allotted
in Full)
Total
Subscriptions
Received
Total
Subscriptions
Allotted
$163,185,200
1,308,829,200
128,222,700
155,714,400
70,473,800
71,661,300
251,243,100
54,440,100
23,569,500
41,601,400
50,323,200
167,491,000
510,000
$11,207,400
138,324,500
3,708,000
5,793,500
23,162,000
5,830,000
31,107,800
7,512,800
5,191,000
8,433,400
2,262,500
6,677,000
161,000
$174,392,600
1,447,153,700
131,930,700
161,507,900
93,635,800
77,491,300
282,350,900
61,952,900
28,760,500
50,034,800
52,585,700
174,168,000
671,000
$43,784,600
388,007,400
28,411,400
36,424,700
88,237.800
20,403,500
81,530,700
18,866,900
10,388,000
17,454,100
14,582,500
38,822,000
261,000
12,487,264,900 8249,370,900 $2,738,835,800 $737,174,600
New Offering of 273-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts—To Be Dated Dec. 18
Tenders to a new offering of $50,000,000, or thereabouts,
of 273-day Treasury bills, dated Dec. 18 1935, were invited
on Dec. 12 by Henry Morgenthau Jr., Secretary of the
Treasury. The bids will be received up to 2 p. m., Eastern
Standard Time, Dec. 16 at the Federal Reserve banks, or the
branches thereof, but will not be received at the Treasury
Department, Washington. The bills will be sold on a discount basis to the highest bidders. They will mature on
Sept. 16 1936, and on the maturity date the face amount
will be payable without interest. On Dec. 18 there is a
maturity of Treasury bills in amount of $50,006,000.
From Secretary Morgenthau's announcement of Dec. 12
the following is taken:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000. $10,000. $100,000, and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of tne face amount of Treasury bills applied for, unless tne tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 16 1935,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices-will follow as soon as possible thereafter, probably on tne following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for,and his action in any such respect shall be final. Tnose
submitting tenders will be advised of tne 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 Dec. 18 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.
New $1 Silver Certificate, Showing Both Sides of Seal
of United States to be Issued Next Week
Secretary of the Treasury Morgenthau announced Dec.
12 that the new type $1 silver certificates will be available
to the public at most banks on Dec. 18.
The most noticeable change in the new $1 bill is an entirely
new design on the back, which presents both sides of the
Great Seal of the United States. That a new $1 certificate
would be issued was first made known on Aug. 15 by Secretary Morgenthau when, as noted in our issue of Aug. 17,
page 1020, he announced that production was under way at
the Bureau of Engraving and Printing. Secretary Morgenthau's announcement of Dec. 12 said:
The obverse of the Great Seal is the familiar eagle design with the motto
"E Pluribus Unum."
The reverse of the Great Seal, presented for the first time on any money,
shows an unfinished pyramid, surmounted by an eye in a triangular glory,
and bears two Latin mottoes, l'he motto above the design is "Annuit
Coeptis," translated as "He (God) prospered our endeavors." The lower
motto is "Nevus Ordo Seclorum" and is translated as "A new order of the
ages."
The face of the bill shows only minor changes, but its production embodies
a new process. The signatures of the Secretary of the Treasury and of the
Treasurer of the United States, instead of being printed with other portions
of the design, are over-printed later from steel dies as the bills are numbered
and sealed.
Several million of the now bills are being distributed to banks throughout
the United States, through the Federal Reserve banks.
Gold Receipts by Mints and Assay Offices During Week
of Dec. 6-Imports Totaled $115,366,409
Gold in the amount of $118,457,411.96 was received by the
mints and assay offices during the week of Dec. 6, it was
announced by the Treasury on Dec. 9. The Treasury
indicated that of the amount received $115,366,409.29 was
imports, $505,936.58 secondary, and $2,585,066.09 new
domestic.
lb The amount of gold received during the week of Dec. 6
by the various mints and assay offices is shown in the following tabulation issued by the Treasury:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Secondary
Imports
$24,071.71 $171.610.64
192,800.00
114.650,900.00
658,918.51
60,250.38
29,054.10
32,519.07
36,309.23
15,912.23
New
Domestic
$564.27
71,500.00
1,199,648.75
672,488.72
212.12
640,652.23
Total for week ended Dec.6 1935_2115.366,409.29 $505,936.58 $2,585,066.09
$188,058 of Hoarded Gold Received During Week of
Dec. 4-$40,938 Coin and $147,120 Certificates
Receipts of gold coin and gold certificates during the week
of Dec. 4 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Dec. 9, amounted to $188,057.78. 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
Dec. 4, amounted to $134,092,981.13. Of the total received during the week of Dec. 4, the figures show $40,937.78 was gold coin and $147,120 gold certificates. The
total receipts are shown as follows:
Gold Coin
Received by Federal Reserve banks:
Week ended Dec. 4
Received previously
Total to Dec. 4
Received by Treasurer's Office:
Week ended Dec. 4
Received previously
$40,937.78
30,956,177.35
Gold Certificates
2142,220.00
100,377,390.00
$30.997.115.13 $100,519,610.00
266.256.00
84.900.00
2.305,100.00
5266,256.00
$2,310,000.00
Total to Dec. 4
Note-Gold bars deposited with the New York Assay Office In the amount of
$200,572.69 previously reported.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 748,395.85
Fine Ounces During Week of Dec. 6
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
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Financial Chronicle
Volume 141
the Department during the week of Dec. 6 turned over
748,395.85 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Dec. 9 showed that
of this amount 161,660 fine ounces were received at the
Philadelphia Mint, 568,593.96 at the San Francisco Mint,
and 18,141.89 fine ounces at the Mint at Denver.
The Treasury's statement of Dec. 9 indicated that the
total receipts from the time of the issuance of the proclamation and up to Dec. 6 were 56,943,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441.
The total weekly receipts since the beginning of 1935 are
as follows (we omit the fractional part of the ounce):
Week Ended1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Ounces
467.385
504,363
732.210
973,305
321,760
1,167,706
1,126,572
403.179
1,184,819
844.528
1.555,985
554,454
695,556
836.198
1,438,681
502.258
67.704
Week Ended- Ounces
1935173,900
May 3
686.930
May 10
86,907
May 17
363.073
May 24
247,954
May 31
203,482
June 7
462,541
June 14
1,253,628
June 21
407,100
June 28
796,750
July 5
621,682
July 12
608,621
July 19
379.010
July 26
863,739
Aug. 2
751,234
Aug. 9
667.100
Aug. 16
1.313,754
Aug. 23
Week Ended1935Aug. 30
sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 16
Nov. 22
Nov. 29
Dec. 6
Ounces
509.502
310.040
755,232
551,402
1,505,625
448.440
771.743
707,095
972.384
1,146.453
820,550
1,430.886
1,139,617
957.288
748,396
In our issue of Oct. 19, page 2518, we gave the weekly
receipts during the year 1934.
Silver Transferred to United States Under Nationalization Order During Week of Dec. 6 Amounted to
3,141.37 Fine Ounces
Announcement was made by the Treasury Department on
Dec. 9 that 3,141.37 fine ounces of silver were transferred to
the United States during the week of Dec. 6, under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9(given in our columns
of Aug. 11 1934, page 858) was issued, amount to 113,030,905.21 find ounces, the Treasury announced. During the
week of Dec. 6 the silver, according to the Treasury's statement, was received as follows by the various mints and
assay offices.
Fine Ounces
1,680.00
373.25
109.00
416.54
308.06
254.52
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Dec.6 1935
3 141.37
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine Oa.
1935309.117
Jan. 4
535,734
Jan. 11
75,797
Jan. 18
62.077
Jan. 25
134,096
Feb. 1
33.806
Feb. 8
45,803
Feb. 15
152,331
Feb. 22
38.135
Mar, 1
57,085
Mar. 8
19,994
Mar. 15
54.822
Mar. 22
7,615
Mar. 29
5,163
Apr. 5
6,755
Apr. 12
68.771
Apr. 19
50,259
Apr. 26
Week Ended- Fine Ozs. f Week Ended- Fine On.
193519355.395
7,941 Aug. 30
May 3
1.425
5,311 Sept. 6
May 10
11,959
13
Sept.
11,480
May 17
10,817
100,197 Sept. 20
May 24
3,742
5,252 Sept.27
May 31
1,497
9,988 Oct. 4
June 7
2,621
9,517 Oct. 11
June 14
7.377
18
Oct.
26,002
June 21
1,909
16,360 Oct. 25
June 28
1,619
2.814 Nov. 1
July 5
1,440
9,697 Nov. 8
July 12
2,495
5,956 Nov. 16
July 19
8,800
16,306 Nov. 22
July 26
1,289
2,010 Nov. 29
Aug 2
3,141
9,404 Dec. 6
Aug 9
4,270
Aug. 16
3,008
Aug. 23
Figures from the time of the issuance of the order of
Aug. 9 1934 and up to Dec. 28 1934 were given in our issue
of Oct. 19, page 2518.
President Roosevelt Concludes Holiday at Warm
Springs, Ga.-Back in Washington, Prepares for
Congress Opening Jan. 3-Budget and Relief
Problems Occupy Time-Pledges Continuance of
CCC
President Roosevelt returned to the White House on
Dec. 10, prepared for three weeks of work on the budget and
relief questions before the opening of Congress on Jan. 3.
The President concluded his holiday at Warm Springs, Ga.,
on Dec. 8, and traveled into the Middle West, where he delivered speeches at Chicago and at South Bend, Ind. Those
addresses are referred to in detail elsewhere in this issue of
the "Chronicle." Before leaving Warm Springs, the President on Dec. 7 visited a nearby Civilian Conservation Corps
camp, which he commended as a "really historic" post, since
it was one of the first CCC establishments set up under the
employment relief program. The President's remarks on
this occasion were described as follows in a Warm Springs
dispatch of Dec. 7 to the New York "Herald Tribune":
Taking cognizance of concern in this section over discontinuance of this
camp upon completion of its current work program, he expressed the hope
that be could "find enough work to keep this camp going another two
years."
Hopes to Retain CCC
"I want to say a word about the good you are doing for other people," he
continued. "You are rendering a real service to this community and State.
It is permanent work which will be useful to the generations to come. That
is one reason why the people of the country believe in the CCC.
"As times get better, we will manage somehow to dig up money in the
Treasury to keep the CCC going as a permanent institution."
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Financial Chronicle
After reporting President Roosevelt's return to Washington, Associated Press advices of Dec. 10 from that city said:
The budget occupied much of Mr. Roosevelt's time at Warm Springs, Ga.,
during his annual Thanksgiving visit which lasted from Nov. 20 until he
left for yesterday's speech in Chicago. Representative Buchanan, Democrat,
of Texas, the Chairman of the House Appropriations Committee, was a visitor
there and returned to urge a plan to bring the 1937 budget to within $500,000,000 of balancing, as compared with this year's estimated deficit of
$3,281,000,000. But relief continued a doubtful factor. Mr. Buchanan said
that if Mr. Roosevelt asked more funds for direct relief, it would not be
more than $1,000,000,000. The President has said that the relief estimates
will be the last to go into his budget message.
Dec. 14 1935
in October 1935. In the motor car industry, which has found some of
Its best markets on farms and in small towns, over the same three-year
span employment has increased from 42% to 105%. These simple figures
show how industrial employment in the cities has been benefited by the
Improvement in the farmers' condition.
According to the President, "lifting prices on the farm
up to the level where the farmer and his family can live is
opposed chiefly by the few who profited heavily from the
depression." 'It is that type of political profiteer," he
asserted, "who seeks to discredit the vote in favor of a
continued corn-bog program by comparing your desire for
On Dec. 11 a decrease in expenditures for Federal relief, a fair price for the farmer to the appetite of hogs for corn."
"Yet," he added, "I know that the great masses of city
after this fiscal year ends June 30, was forecast by President
Roosevelt and some leading members of Congress, according people are fair-minded . . . and I believe with all my heart
to a Washington dispatch (Dec. 11) to the New York "Times," that millions of these city people, struggling back toward
better days, resent the attempts of political advantage
which also said, in part:
seekers and profiteers to heap ridicule upon the recovery
Mr. Roosevelt, who has been reticent on this subject despite indications
efforts that all of us are making."
that he planned to prune the "extraordinary budget" as much as possible,
The President made the statement that "dispensers of
told school superintendents from 36 States who called on him at the White
House that the Administration was trying to cut down the budget and keep
discord are saying that farmers have been victimized by
relief expenditures as low as possible.
the new reciprocal trade agreement with Canada and are
Meanwhile, Chairman Buchanan of the House Appropriations Committee
painting pictures of a great flood of imports of farm products
and several other Congress members exhibited in interviews a rising feeling
rushing across the border." "Agriculture, far from being
against further large appropriations for relief.
crucified by this agreement," said the President, "actually
Mr. Buchanan said:
gains from it," and he asserted that "we believe . . . that
"There won't be any relief appropriation as far as I am concerned. There
the general increase in our trade with Canada, including the
has been too much dole now, and the sooner we get out of it the better,
exports of our factories, will so add to the purchasing power
whatever conclusions the step may cause. The job of caring for the unemoloyed should be turned back to the States, which have the primary
of hundreds of thousands of wage earners that they will be
responsibility."
able to spend far more than they do to-day for the products
Hope to Make Funds Last
of our own farms, our own forests and our own fisheries."
Other committee members, including Democrats and Republicans, declared
In its Chicago dispatch Dec. 9 the New York "Times,"
that steps should be taken to make the present $4,000,000,000 work relief
noting the presentation of a gold medal to the President by
fund last well into the next fiscal year.
the Federation, said:
The protest against spending further large
sums for relief was stronger
among House members than Senators, although none of the latter who were
approached to-day favored continuation of light construction of the Werke
Progress Administration type. . . .
Mr. Buchanan expressed belief that about $50,000,000 for public buildings
and works would be appropriated during' the new Congressional session, but
he thought that this would not be turned over to Secretary Ickes's PWA for
disbursal, but would be spent through regular governmental channels. . . •
President Backs More School Aid
In his talk to the school superintendents, who had come to pay a courtesy
call, Mr. Roosevelt dwelt in some detail an the aid to educational work given
from relief funds, an allocation which the President smilingly stated had been
made by stretching the law a bit. He planned to continue to stretch
the law.
The first stretching was done, he said, to provide Federal funds for the
building and repairing of schools, then the National Youth Administration
was authorized to use funds in helping boys and girls to continue their
education. Finally, funds were given for the employment of 43,000 teachers
under the relief program.
As a result of this work in one field alone, Mr. Roosevelt said, 500,000
adults were taught to read and write.
While the Administration was trying to cut down the relief budget, Mr.
Roosevelt added, a great many things could be done for education.
President Roosevelt at Convention of American Farm
Bureau Federation Defends Administration's
Farm Policies—Canadian Trade Agreement Cited
as Bringing Gains to Agriculture and Increasing
Trade with Dominion—Gold Medal of Federation
Presented to President
Defending the Administration measures in behalf of
agriculture, President Roosevelt, addressing the convention
in Chicago on Dec. 9 of the American Farm Federation
Bureau, declared that "what you wanted and what you and
I have endeavored to achieve was to put an end to the
destructive forces that were threatening American agriculture." The President added:
We sought to stop the rule of tooth and claw that threw farmers into
bankruptcy, or turned them virtually into serfs, forced them to let their
buildings, fences and machinery deteriorate, made them rob their soil
of it's God-given fertility, deprived their sons and daughters of a decent
opportunity on the farm. To those days, I trust, the organized power
of the nation has put an end forever.
The President went on to state that "I say the 'organized
power of the nation' advisedly, because you and I as Americans who still believe in our republican form of constitutional
government know,as a simple fact, that 48 separate sovereign
States, acting each one as a separate unit, never were able
and never will be able to legislate or to administer individual
•laws adequately to balance the agricultural life of a nation
so greatly dependent on nationally grown crops of many
kinds."
Referring to the "five years preceding the beginning of
the World War," as "years of fair prosperity in this country,"
the President said:
They were the last years before the widespread disturbance caused by
the World War took place in our economic life. And measured by the
figures built upon this standard, the relative purchasing power of the
farmer had fallen to less than 50% of normal in early 1933.
I promised to do what I could to remedy this, and without burdening
you with unnecessary figures, let the record say that a relative purchasing
power of below 50% has now moved up to-day to better than 90%•
As
I have pointed out before, this rise in farm prices has meant a very substantial improvement in the farm income of the United States. The
best available figures show that it has increased nearly $3,000,000,000 in
the past 236 years.
The President went on to say that "this buying •power
has been felt in many lines of business", and added:
Outstanding among these is the farm equipment industry. in which
employment jumped from 27% of the average in October 1932 to
116%
Speaks as AAA Case Is Heard
Mr. Roosevelt spoke in this nerve centre of American agriculture at
about the time the Supreme Court in Washington began hearing arguments
on the constitutionality of Agricultural Adjustment Administration processing taxes, which are the backbone of the Administration's program.
The President took no official notice of this parallel and made no legalistic
presentation, but he carefully constructed a picture of conditions of "interdependence" between agriculture and industry which left no doubt of
his intention, in the event that the Supreme Court should overthrow the
AAA, to bring forward a substitute program.
Immediately after his address President Roosevelt received from the
hands of Edward A. O'Neal, President of the Federation, a gold medal.
the organization's highest honor conferred on persons who have contributed to the welfare of American agriculture. Although 13 other
Persons have received this "award for distinguished and meritorious service," Mr. Roosevelt was the first President to be so honored.
The President went Immediately to the amphitheatre upon alighting
at 9.45 from a special train which brought him overnight from Warm
Springs, Ga., where he had spent a holiday of more than two weeks, and
after a one-minute introduction by Mr. O'Neal, launched into his speech.
Mayor Entertains President
Close by the President while he spoke was Mayor Edward A. Kelly
of Chicago, who entertained him immediately after the address at a steak
luncheon in the Saddle and Sirloin Club, close by the hall. Also present
was Governor Henry Horner of Illinois. Among those who came here to
meet the President were Postmaster-General Farley, Secretary Wallace
and Frank J. Walker, Chairman of the National Emergency Council.
At the conclusion of the luncheon, at 12.30 p. m„ Mr. Roosevelt again
boarded his train to go to South Bend, Ind., where this afternoon he
attended a special convocation at Notre Dame University commemorating
the establishment of the Commonwealth of the Philippine Islands and
received an honorary degree.
The President's address at Notre Dame University is
referred to under another head in this issue. We give
herewith his speech before the American Farm Bureau
Federation:
Three years ago in addressing the farmers of the nation, I reminded
them that the economic life of the United States is a seamless web. This
was a means of illustrating the great dependence of each economic unit
in the nation upon every other unit. Farm prosperity cannot exist without
city prosperity, and city prosperity cannot exist without farm prosperity.
It is therefore especially appropriate for you, as representatives of the
farmers of the nation, to meet here in this great metropolis of the Middle
West—here in Chicago where the interests of agriculture are interwoven
with the interests of other industries serving the nation's needs. Here
Is a common meeting ground of agriculture, transportation, industry and
labor.
Only a few generations ago interdependence between agriculture and
Industry was not in any way as great as it is to-day; but now your welfare
depends in part on what you in the country do and in large part on what
people do in the cities as well.
Your own experience of three and four years ago doubtless brings all
of this vividly to your minds. Your sufferings—those sufferings of rural
America—were not because you were not producing—for your granaries
and storehouses were bursting with the products of your labor—but because
things in city and country had both got out of balance and purchasing
power had declined to the point where people in the cities did not have
the money to buy farm produce and people on the farms did not have the
money to buy city products.
Two things were at that time especially clear. First, that because of
almost unbelievably low prices for farm products the growers of these
products could not meet their indebtedness. could not pay their taxes
and could not meet the living expenses of their families.
The other fact was that in most major crops a constantly accumulating
surplus had reached such absurdly high levels that crop price levels could
not possibly rise until something was done to cut down to a reasonable
level the bulging surplus which overhung the market.
For these reasons the recovery program that this Administration proposed and that Congress enacted was a many-sided one. The Administration and the Congress that took office in March 1933 recognized that
the emrgency they faced then came from many caused and endangered
the life of many groups.
Consequently, it put the power of government behind not only railroads
and banks but the industrial workers of the nation, the farmers, the small
Volume 141
Financial Chronicle
3781
home owners, the unemployed and the young people who suffered from
utter lack of opportunity.
It was a great emergency and it required swift action. Mistakes were
Inevitable because it was a new field.
It was inevitable, too, that time had to elapse before results were fully
felt. When the many cells of our economic life were dying for lack of
the blood of purchasing power,it took time, after fear had begun to subside.
for new, vital purchasing power to be diffused once more.
But that life is coming back—buoyant, happy life—we need no evidence
beyond what we see and hear around us.
Justice and old-fashioned common sense demanded that in the building
of purchasing power we had to start with agriculture. I knew enough of
the problems of the men and women who were partners with the soil to
realize the depth of their suffering and the /3xtent of their need back there
In 1932 and early 1933. I knew the pangs of fear and moments of rejoicing that come to the farmer as the harvest frowns or smiles.
And I realize the almost equally crushing sense of futility that comes to
a farmer when, after months of toiling from morning to night, he reaps
a bumper crop, only to see the price fall so low that it scarcely pays him
to take his crop to market.
of city dwellers is several billion dollars higher than in 1932, and I think
you will agree with me that bargain prices for food in 1932 were little
consolation to people in cities with no income whatsoever.
Though food prices in the cities are not on the average as high as they
were, for example, in 1929. yet they are in many cases too high. It is
difficult to explain why, in many cases, if the farmer gets an increase for
his food crop over what he got three years ago, the consumer in the city
has to pay two and three and four times the amount of that increase.
Lifting prices on the farm up to the level where the farmer and his
family can live is opposed chiefly by the few who profited heavily from
the depression. It is they and their henchmen who are doing their best to
foment city people against the farmers and the farm program. It is that
type of political profiteer who seeks to discredit the vote in favor of a
continued corn-hog program by comparing your desire for a fair price for
the farm to the appetitie of hogs for corn.
Yet I know that the great masses of city people are fair-minded. They,
like yourselves, suffered deeply from the depression, and I believe with all
my heart that millions of these city people, struggling back toward better
days. resent the attempts of political advantage seekers and profiteers to
heap ridicule upon the recovery efforts that all of us are making.
Involuntary Speculation of Farmer
One of the greatest curses of American life has been speculation. I
do not refer to the obvious speculation in stocks and bonds and land booms.
You and I know that it is not inherently a good thing for individuals in
any nation to be able to make great fortunes by playing the market without
the necessity of using much in the way either of toil or of brains; their tools
are a little capital and a good deal of luck.
The kind of speculation I am talking about is the involuntary speculation
of the farmer when he puts his crops into the ground. How can it be
healthy for a country to have the price of crops vary 300 and 500 and 700%
all In loss than a generation?
If you invest your savings or your capital in what you consider a wholly
safe investment, which will conserve your principal so that you will still
have that principal intact after 10 years or 20 years or 30 years, you are
naturally aghast if the value of that investment drops 50%. Equally,
when you make the investment you do not expect the principal suddenly
to increase 50% in value.
And yet, we have shrugged our shoulders when we have seen cotton
run up and down the scale between 414 cents and 28 cents; wheat run
down and up the scale between $1.50 and 30 cents—corn, hogs, cattle.
potatoes, rye, peaches—all of them fluctuating from month to month and
from year to year in mad gyrations, which, of necessity, have left the
growers of them speculators against their will.
"Organised Power of Nation" in Behalf of Agriculture
The measures to which we turned to stop the decline and rout of American
agriculture originated in the aspirations of the farmers themselves expressed
through the several farm organizations. I turned to these organizations
and took their counsel and sought to help them to get these purposes
embodied in the law of the land.
What you wanted and what you and I have endeavored to achieve was
to put an end to the destructive forces that were threatening American
agriculture. We sought to stop the rule of tooth and claw that threw
farmers into bankruptcy or turned them virtually into serfs, forced them
to let their buildings, fences and machinery deteriorate, made them rob
their soil of its God-given fertility, deprived their sons and daughters
of a decent opportunity on the farm. To those days, I trust, the organized
power of the nation has put an end forever.
I say "the organized power of the nation" advisedly, because you and
I as Americans who still believe in our republican form of constitutional
government know, as a simple fact, that 48 separate sovereign States,
acting each one as a separate unit, never were able and never will be able
to legislate or to administer individual laws adequately to balance the
agricultural life of a nation so greatly dependent on nationally grown crops
of many kinds.
As a first step, organized agriculture pointed out that it was necessary
to bring agriculture into a fair degree of equality with other parts of our
economic life. For so long as agriculture remained a dead weight on
economic life, sooner or later the entire structure would crash. We used
for temporary guidance the idea of parity between farm prices and industrial prices.
As you know, the figures that we used to determine the degree to which
agricultural prices had fallen in relation to other prices were based upon
the figures of 1909 to 1914. This was a fairly satisfactory way of measuring
our efforts.
Those five years preceding the beginning of the World War were years
of fair prosperity in this country. They were the last years before the
widespread disturbance caused by the World War took plac3 in our economic
life. And measured by the figures built upon this standard, the relative
purchasing power of the farmer had fallen to less than 50% of normal
in early 1933.
Canadian Trade Agreement
Some of the same type of individuals and groups also are trying to stir
up farmers against other phases of the broad recovery program. Dispensers
of discord are saying that farmers have been victimized by the new reciprocal trade agreement with Canada. and are painting pictures of a great
flood of imports of farm products rushing across the border.
Just as I am confident that the great masses of city people are fairminded, so I am sure that the great majority of American farmers will be
fair in their judgment of the new trade agreement.
If.the calamity howlers should happen to be right, you have every
assurance that Canada and the United States will join in correcting inequalities, but I do not believe for a single moment that the calamity howlers
are right.
Agriculture, far from being crucified by this agreement, as some have
told you, actually gains from it. We export more agricultural products to
Canada than we have imported from her. We shall continue to do so for the
very simple reason that the United States, with its larger area of agricultural land. its more varied climate and its vastly greater population, produces far more of most agricultural products, including animal products,
vegetables and fruits, than does Canada. In tne case of tne few reductions
teat nave been made, quota limitations are set on the amount that may
be brought in at the lower rates.
On the other side of the picture, we believe, and most unbiased men
believe, that the general increase in our trade with Canada, including the
exports of our factories, will so add to the purchasing power of hundreds of
tnousands of wage-earners tnat they will be able to spend far more than
they do to-day for the products of our own farms, our own forests and our
own fisheries.
Greater trade is merely another word for more production and more
employment. The proof of this particular pudding is in the eating; the
best way to judge tne new accord is to observe now it works out. Analyze
and remember the source and the motives of the objections. Remember,
too, the old saying. "It all depends on whose baby has the measles."
But the success that nes attended and is attending our efforts to stem
the depression and set the tide running the other way cannot blind us to
the necessity of looking ahead to the permanent measures which are necessary to a more stable. economic life. We are regaining a more fair balance
among the groups that constitute the nation and we must look to the
factors that will make that balance stable.
The thing we all are seeking is justice in the common-sense interpretation of that word—the interpretation that means "do unto your neighbor
as you would be done by."
That interpretation means justice against exploitation on the part of
those who do not care much for the lives, the happiness and the prosperity
of their neighbors.
The nation applauds the efforts of its agencies of government to deal
swiftly with kidnappers, gangsters and racketeers. That is justice.
The nation applauds the efforts of its agencies of government to save
Innocent victims from wildcat banking, from watered stocks, and from all
other kinds of "confidence games." That is justice.
The nation applauds tne efforts of government to obtain and to maintain
fair rewards for labor, whether it be tne labor of the farmer or the labor of
the factory worker or the labor of the white-collar man. That is justice.
The nation applauds efforts, through the agencies of government, to
give a greater social security to the aged and to the unemployed, to improve
health, and to create better opportunities for our young people. That,too,
Is justice.
Sees Progress Through Justice
In this quest for justice we have made progress. It is a lasting progress
because the people of the nation have learned more about effective cooperation in the past two and a half years than in the previous 25 years.
We understand more than ever before what that term "the seamless web"
means.
We seek to balance agriculture and we have made great strides. But in
balancing agriculture we know that it must be in balance not alone with
itself, but with industry and business as well—that the producing public
must give consideration to the consuming public.
Year by year as we go on many details, many problems will need to be
analyzed and solved. Agriculture and industry and business are in overwhelming majorities co-operating for a common justice as never before.
In these present days we have seen and are seeing, not a rebirth of material
prosperity alone;of greater significance to our national future is that spiritual
reawakening, that deeper understanding that has come to our land.
We who strive to dispel the bitterness and the littleness of the few who
still think and talk in terms of the old and utter selfishness, we are working
toward the destruction of sectionalism, of class antagonism and of malice.
We who strive for co-operation among all parts of our great population
in every part of the nation. we intend to win through to a better day. We
strive for America, and if we shall succeed, as by God's help we will.
America will point the way toward a better world.
Rise in Farm Prices Viewed as Benefitting Many Lines of Business
I promised to do what I could to remedy this, and without burdening
you with unnecessary figures let the record say that a relative purchasing
power of below 50% has now moved up to-day to better than 90%.
As I have pointed out before, this rise in farm prices has meant a very
substantial improvement in the farm income of the United States. The
best available figures show that it has increased nearly $3.000,000.000
in the past 2A years.
This buying power has been felt in many lines of business. Outstanding
among these is the farm equipment industry, in which employment jumped
from 27% of the average in October 1932 to 118% in October 1935. In
the motor car industry, which has found some of its best markets on farms
and in small towns, over the same three-year span employment has increase from 42% to 105%. These simple figures show how industrial
employment in the cities has been benefited by the improvement in the
farmers' condition.
Increasing payrolls in the farm equipment and automobile industries
in turn are stimulating other lines. Only a few days ago I noted an item
In the papers which I thought very significant. It told of increased
activity in the textile mills. One reason, said the newspaper accuont, was
the demand for textiles in the manufacture of automobiles.
There you have the complete chain. The cotton-growing South, with
more money to spend, buys new automobiles. rho automobile makers
buy more cotton goods from manufacturers in the Northeast and these
manufacturers in turn go into the market for more cotton. Goods are
moving again, and as goods are moving, so is money moving once more,
and as it flows, millions of farm and city families are getting a bigger
share of the national income.
I think it is safe to say that although prices for farm products show
many increases over depression lows, the farm program instead of burdening
consumers as a group has actually given them net benefits.
There aro individuals whose incomes have not risen in proportion to
the rise in certain food prices, but at the same time the total net income
President Roosevelt Declares United States Has No
Intention of Getting "Mixed Up" in Wars of Rest
of World—Remarks at Chicago Luncheon at Saddle
and Sirloin Club
At a luncheun in Chicago, on Dec. 9, given at the Saddle
and Sirloin Club, President Roosevelt took occasion to state
that "we have no intention of getting mixed up in the wars
of the rest of the world." His remarks at the luncheon were
extemporaneous, and as officiall y made public were as
follows:
3782
Financial Chronicle
Mayor Kelly, Governor Horner, My Friends:
It was a very generous welcome you have given me. I have had a most
delightful stay. I wish it were longer and that the train were not going
in 10 minutes, but if I had stayed longer the Postmaster-General and I
would have asked for just one more steak.
One of my greatest responsibilities in Washington is looking after the
figures of the members of the Cabinet.
I am glad the Mayor has spoken as he has about Chicago, but there is a
great deal more he could have said—Chicago, more than almost any other
city in the country, is a veritable crossroads—a place where all the elements
of the nation meet. The stockyards form one of the focal points of that
crossroads. That is why the people of this great city have as good an
opportunity as any people in the nation to see a cross section of the nation.
You see the industrial factors, the labor factors, the agricultural factors,
the transportation factors.
As you know, we are trying to weld all those factors into a more unified
whole. We are trying to prevent any one of them from growing at the
expense of the other. We want all of them to grow in the same proportion,
with that proportion based, of course, on the needs of the whole country.
Up to recently we were, in a large sense, a pioneering nation, trying out
many new fields of endeavor in virgin territory. That is why some of
the things that are being attempted by government—not just the government
in Washington, but also the State and city governments—are concerned
with new problems, new problems that have come with the rounding out
of the nation.
I suppose, to use a very simple example, that I am working personally
on a problem which will affect Chicago. Down in Georgia I have a few
acres of very cheap land, and on that land I am trying to grow beef
cattle. That is one of the things that shows that we in this country are
developing new lines of thought. Probably my beef cattle will never see
Chicago, but, to carry the illustration a little further, think what has been
done with cattle and hogs. Think of the livestock of the United States a
hundred years ago. Stack up any of the beef cattle or any of the hogs
of that period against the average run that you get in this city every day.
We have shown over that period of years that we can round out cattle and
hogs through unified national effort. We have improved the breed and we
are continuing to improve the breed—not only of livestock but of human
beings as well.
We are seeking to give certain advantages to a whole lot of people in this
country who are underprivileged. And the simple way of describing what
we—the government of all kinds throughout the country—are trying to do
is simply to try to help the underprivileged, because by helping them we
know that we will also help those people who have more of the good things
of life.
I am very proud of the people as a whole, regardless of party, though I
suppose in a campaign year a lot of people will not think so. But it actually
goes deeper than mere party—it goes down to some of the basic things
that we in the greatest country in the world are trying to do for humanity.
In doing it, in helping ourselves make our own country better, we are
doing the only thing we con possibly do to help the rest of the world.
You and I know that we have no intention of getting mixed up in the
wars of the rest of the world, so about the only thing that is left for us to
do is to set for them an example, with the hope that when they see the
road we are traveling as a great nation of 125,000,000 people, they will stop
their local and their international quarrels and squabbles and take a leaf
out of the notebook of the United States.
I want to tell you all at sin how happy I am to have been here to-day.
This has been a wonderful gathering—both the one of the farmers and this
one where I see so many distinguished citizens of this great city and great
State.
I love to come to Chicago. I have been here, as you know, many times
before, and I am coming back again very soon.
Dec. 14 1935
the confidence and support of his people—the Hon. Carlos Pena Romulo of
Manila, Philippine Islands."
According to a dispatch from South Bend to the New York
"Times" the visit by the President was made the occasion for
a welcome by high State officials and the city of South Bend,
most of whose 100,000 citizens seemed to have massed on the
sidewalks to see and cheer Mr. Roosevelt as he was driven
over a route of four miles from the railroad station to the
University.
The President's address follows:
In acknowledging the honor which through the granting of this Degree
the University of Notre Dame confers upon me, I wish first personally to
thank your President, the Very Reverend John F. O'Hara, and all the
members of your faculty. I deeply appreciate the honor and the accompanying citation. One in public life learns that personally he can never be
worthy of the honors that come to him as an official of the United States.
But it is equally true that I am most happy to be so honored. The honor
places upon me an additional obligation to try to live up to the citation—
both for the sake of my country and as a new Alumnus of the University
of Notre Dame. I am glad to take part in this special convocation called
to honor the new Commonwealth of the Philippines.
Almost 40 years ago the United States took over the sovereignty of the
Philippine Islands. The acceptance of sovereignty was but an obligation
to serve the people of the Philippines until the day they might themselves
be independent and take their own place among the nations of the world.
We are here to welcome the Commonwealth. I consider it one of the
happiest events of my office as President of the United States to have signed
In the name of the United States the instrument which will give national
freedom to the Philippine people.
The time is not given toe to recite the history of those 40 years. That
history reveals one of the most extraordinary examples of national co-operation,
national adjustment and national independence the world has ever witnessed. It is a tribute to the genius of the Philippine people. Subject to
the government of a country other than their own, they generously adjusted
themselves to conditions often not to their liking; they patiently waited;
they forfeited none of that freedom which is natively theirs as a people,
and which they have so definitely expressed with due regard for fundamental
human rights in their new constitution.
We have a clear right also to congratulate ourselves as a people because
In the long run we have chosen the right course with respect to the Philippine
Islands. Through our power we have not sought our own. Through our
power we have sought to benefit others.
Both Nations Respect Rights of Men
That both nations kept to the policy leading to this most happy result
is due to the fact that both nations have the deepest respect for the
inalienable rights of man. These rights were specifically championed more
than a century and a half ago in our own Declaration of Independence.
Those same rights are championed in the new Constitution of the Philippine
Commonwealth.
There can be no true national life either within a nation itself or between
that nation and other nations unless there be the specific acknowledgment of,
and the support of organic law to, the rights of man. Supreme among
those rights we, and now the Philippine Commonwealth, hold to be the
rights of freedom of education and freedom of religious worship.
This University from which we send our welcome to the new Commonwealth exemplifies the principles of which I speak. Through the history
of this great Middle West—Its first explorers and first missionaries—Joliet,
Marquette, De La Salle, Hennepin—its lone eagle, Father Badin who is
buried here—its apostolic Father Sorin, founder of Notre Dame University—
its zealous missionaries of other faiths—its pioneers of varied nationalities—
all have contributed to the upbuilding of our country because all have subscribed to those fundamental principles of freedom—freedom of education,
freedom of worship.
Long ago, George Mason in the Virginia Declaration of Rights voiced
what has become one of the deepest convictions of the American people:
"Religion, or the duty which we owe to OM Creator, and the manner of discharging
It, can be directed only by reason and conviction, not by force or violence, and
therefore all men are equally entitled to the free exercise of religion according to the
dictates of conscience."
In the conflict of policies and of political systems which the world to-day
witnesses, the United States has held forth for its own guidance and for the
guidance of other nations if they will accept it, this great torch of liberty
of human thought, liberty of human conscience. We will never lower it.
We will never permit, if we can help it, the light to grow dim. Rather
through every means legitimately within our power and our office, we will
seek to increase that light, that its rays may extend the farther, that its
glory may be seen even from afar.
Every vindication of the sanctity of these rights at home; every prayer
that other nations may accept them, is an indication of how virile, how
living they are in the hearts of every true American.
Of their own initiative, by their own appreciation, the Philippine Commonwealth has now also championed them before the world. Through the
favor of Divine Providence may they be blessed as a people with prosperity.
May they grow in grace through their own Constitution to the peace and
well-being of the whole world.
President Roosevelt Upholds Right of Religious Freedom—Says This Nation Has Always Championed
Liberty of Conscience—Speaks at Notre Dame
University After Receiving Honorary Degree—
Praises Act Granting Philippine Independence
Freedom of education and freedom of religious worship are
the supreme "rights of man" which must be upheld by every
civilized nation, President Roosevelt declared on Dec. 9 in an
address at a special convocation at Notre Dame University,
at South Bend, Ind. Mr. Roosevelt spoke after he had been
awarded an honorary degree of Doctor of Laws in recognition
of his achievements as President, and particularly for his
part in granting independence to the Philippine Islands. A
similar degree was also awarded to Carlos P. Romulo, Philippine editor and leader in the independence movement. The
President devoted much of his address to the Philippines,
whose independence, he said, was rooted in the Declaration
of Independence of the United States, where the rights of
man were specifically championed.
The President quoted George Mason, who said in the Virginitt Declaration of Rights, that "all men are equally entitled to the free exercise of religion according to the dictates
of conscience." The United States, Mr. Roosevelt said, has Continued Aid for Blind Pledged by President Roosealways held forth "this great torch of liberty or human
velt—Says Blind Have "Splendid Vision" in All
but Physical Sense
thought, liberty of conscience." That principle will always
be followed, he promised, and he praised the Philippine ComPresident Roosevelt on Dec. 5 pledged the government to
monwealth for also championing the same rights before the continue its co-operation of the work for the blind. Speakworld. Tributes to the President were said by George Car- ing by telephone from Warm Springs, Ga., on the occasion
dinal Mundelein, Archbishop of Chicago (who introduced the of the opening of the new building of the American AssociaPresident), and the Rev. John F. O'Hara, President of the tion for the Blind, in New York City, Mr. Roosevelt conUniversity.
gratulated the blind on their "splendid vision" in all but the
•
The texts of the citations for degrees follow:
physical sense. In speaking of those who are "handicapped
by lack of vision," the President said that he meant "handiTHE PRESIDENT
capped in a purely physical sense, for they certainly have
"On a leader and ruler who, with faith and invincible courage when other
splendid vision in every other way." Other features of the
brave men were faltering, took the reins of government at a crisis which
ceremony are noted below, as described in the New York
threatened with collapse and chaos the centuried civilization and institu"Herald Tribune" of Dec. 6:
tions of our country and the rest of the world, and who is now by achievement even more than by official position the First Citizen of our Republic
—the Honorable Franklin Delano Roosevelt, President of the United States."
MR. ROMULO
"On an eminent Catholic journalist, orator, educator and public servant,
who has had a leading part in the establishment of the newest nation, a
man who by his convincing championship of Christian principles has won
The President expressed appreciation for his acquaintance with Miss Helen
Keller, M. C. Bilge], President of the foundation, and Robert B. Irwin, its
Executive Director.
The building was the gift of Mr. Migel, a patron of the blind for 40 years.
Its cost was estimated at about $90,000, exclusive of the land. Mr. Migel
turned the key of the building over to Mr. Irwin, saying that giving was a
selfish pleasure and that he deserved no thanks.
Financial Chronicle
Volume 141
Dr. Otis W. Caldwell, a member of the Executive Committee, followed
with a statement of the many accomplishments of the fundation, including
distribution of braille typewriters and 4,489 radio sets to blind persons, and
scholarships amounting to $33,843.
Harvey D. Gibson, Treasurer of the fund, described the Helen Keller
Memorial Room, and Miss Keller responded, thanking Mr. Migel for his gift.
"Here the blind will find the things they most long for," she said,
"friends, expert advice and the comforting sense that someone cares about
them and wants to make their world happier and more livable."
National Campaign Begun for Abolition of Slums—
"First Houses" Dedicated in New York City—
President Roosevelt Hails Resettlement Project in
Pine Mountain Valley (Georgia)
At a luncheon meeting of the National Public Housing
Conference, held at the Hotel Commodore, New York on
Dec. 3, a national campaign was started for the abolition of
slums and for increased Federal aid to promote low-cost
housing. The speakers at the meeting included Mrs.
Franklin D. Roosevelt, United States Senator Robert F.
Wagner, of New York, and Mayor La Guardia, of New
York City. They offered their full support of the plan,
stressed the need for further Federal assistance, and outlined plans for legislation by the next session of Congress
to promote the movement.
The meeting followed the dedication on Dec. 3 of "First
Houses," at Avenue A and East 3rd Street, New York City's
experiment in slum clearance with Government funds and
relief labor. In a telegram read at the dedication ceremonies,
President Roosevelt said:
Congratulations on the opening of First Houses by the New York City
Housing Authority. I am sorry that I cannot be with you to see in person
this answer to the great national need for better American homes and
housing conditions.
In the New York "Times" of Dec. 4 it was stated:
Governor Lehman, Mayor La Guardia. Mrs. Roosevelt and others in
public life united in acclaiming this first lew-cost housing project built
with government funds by a government Housing Authority. fhey
declared it a first step in a now policy of home building for low-income
groups by government agencies.
Mrs. Roosevelt, after remarking that she rejoiced in this beginning
to provide docent living quarters, said that she brought a personal message
from her husband.
"He told me to extend his congratulations and thanks to those who have
completed these First Houses and his good wishea to those who are going
to live there."
She said that there was urgent necessity to-day for low-cost housing
and elimination of slums, because the slums breed crime and disease.
•"I hope the day is dawning," she continued, "when private capital will
devote itself to bettor and cheaper housing, but we know that the government will have to continue to build for the low-income groups. That is a
departure for us, but other governments have done it.
"Low-cost housing must go on in the United States, but it will not go
on unless this is a success. This is the first time that rentals have been
within the roach of the people who formerly lived in this area. Now
the question is. will the tenants do their part to make this experiment
successful."
Governor Lehman Calls Project Sound
Governor Lehman also stressed the importance of the project as "a
new field of public responsibility," and declared that "under the pressure
of emergency people have acquired a new sensitiveness to human values
and needs." He added that "abolishment of sub-standard housing is
socially imperative and economically sound."
Mayor La Guardia, with an arm flung wide to indicate the group of eight
modern tenements set down amid old-law buildings, declared; "This is
boondoggling exhibit A and we're proud of it."
While on his vacation in Warm Springs, Ga., President
Roosevelt on Dec. 2 made his first inspection of the Pine
Mountain Valley resettlement project, about 15 miles from
Warm Springs. Some 75 families, it is stated, already
occupy new cottages on small plots within the community.
The correspondent of the New York "Times" at Warm
Springs, in advices from that place Dec. 2, stated:
Eventually the community will sustain 250 to 300 families. They are
brought from cities as well as unprofitable farms, but all have rural backgrounds.
The settlers gathered to cheer the President, whose extemporaneous talk
was recorded by sound motion picture cameras.
"I can't toll you how happy I am about what has been accomplished
hero in the short space of one year," he said.
"In the United States there are not just 300 families that need some kind
of government help to better their living conditions. There are probably
1,000.000 fat-Mlles.
"The government can't do this for all of them because there isn't enough
money in the Treasury, but it can set an example not only to help those
who are hero, but the tens of thousands who are not.
"The success of this work depends on pretty careful government planning
in a field that is new. This is an experiment, and as we go ahead we are
going to make good, and do it cheaper and better.
"Obligation" to Make Good
"An obligation rests on you to set an example to the rest of the nation.
That example. I am sure, will be followed by countless counties. You
have not only an obligation to make good for your own sakes, but for the
sake of thousands of other men, women and children who need this help.
The bigger the percentage of you people who make good, the bigger will be
the incentive."
Mr. Roosevelt congratulated them on their success thus far; it had been
reported to him that the earlier settlers had shown a profit on their crops.
He continued:
"A tremendous lot can be done with this country. We and our ancestors
took a lot out of it and gave little back. We took the soil and the timber
without thought of preserving them. So here, in one sense, we are atoning
for the sins of our fathers.
"It will take a long time, perhaps two or three generations, to bring
the rural life of America up to the standard that we want for it."
3783
Science Advisory Board in Report to President
Roosevelt Proposes Creation of Permanent Board
Zoning of Farm Lands Urged
In a report to President Roosevelt the Temporary Science
Advisory Board recommends the creation of a permanent
and politically untrammeled Science Advisory Board, with
a view to making the most effective social use of the nation's
scientific services. The report was submitted by the
Chairman of the Temporary Board, Dr. Karl T. Compton,
according to Washington advices Dec. 2 to the New York
"Times," which in part added:
The Board, created by Mr. Roosevelt on July 31 1933, to act under
the jurisdiction of the National Academy of Sciences and the National
Research Council, suggested that a permanent agency should be composed
of a small group of the nation's leading scientists and engineers, who would
serve without compensation. The present Board's life terminated Dec. 1
with the expiration of the President's Executive Order.
"In the evolution of our national life we have now reached a point where
science, and the research which has discovered and released its powers.
cannot be left to accidental application," the report said in urging a permanent organization.
Great stress, however, was laid on the point that such a Board should
not be subject to political influences.
"Freedom of scientific work from political or policy-making influences
is a prime consideration," Dr. Compton said. "It is not our function to
appraise national planning by Federal agencies or express an opinion on it.
Whatever the trend of social or political thought and whatever the degree
of national planning, the people of the country have the right to expect
that the scientific services are always free to report and interpret the
facts in a given field of inquiry as they find them, and not as the government
of the day may wish to have them,reported or interpreted.
Expert Judgment Essential
"The endurance of our traditional form of government," the report
says, "will depend in increasing measure on the quality of expert judgment.
tempered with experience, which is available to government and the
willingness of government to accept such judgment." . . .
One of the principal recommendations in the report concerns grantin-aid of research projects which hold definite promise of importance,
industrially, medically or otherwise, in the public interest. At present
there are many developments of this nature which, it says, a relatively
small amount of financial support would release for the stimulation of
industry and commerce and the improvement of public health.
An appropriation of $3.500,000 for scientific research by non-governmental institutions during the next two years is recommended, with an
annual appropriation of $100,000 for the support of the proposed Science
Advisory Board.
During the last year the Science Advisory Board has studied a number
of subjects in which the Federal scientific bureaus are interested. These
reports, which soon will be made public, cover the mapping services of
the Federal government; the relation of the patent system to the stimulation
of new industries; the relationship of the Bureau of Chemistry and Soils
to the other bureaus in the Department of Agriculture.
Ways to prevent agriculture from "writing its own death
sentence" have been proposed by the Science Advisory
Board in its report to the President, said United Press
advices from Washington Dec. 3, from which we also quote:
Maps showing "zones of risk" to farmers and development of droughtresisting cereals were outlined by W. L. G. Goerg, of the American Geographical Society, who drafted the land-planning section of the report
on behalf of the nation's leading scientists.
Under this mapping proposal, farm lands would be zoned just as many
cities now list their territory for residential, commercial and industrial
use. Under what the report described as "protective management,"
certain submarginal land would be closed to new settlement and cultivation.
Although the Board's attitude toward regimentation was far from
cordial, it recognized that national self-preservation demanded certain
basic regulations.
"Where cultivation has become self-destructive, the issue is clear cut,"
the report said. "Here national land policy will inscribe on the map
of the United States the boundary lines of areas to be placed under protective management. Whatever difference of opinion there may be
about policies of relocating our population, there can be none as to the
public interest wherever agriculture is writing its own death sentence.
"One of the most important responsibilities in any national land program lies with our soil erosion investigation and erosion control management. The recognition of the critical significance of such work is one of
the principal steps toward a permanent land policy."
The Board was made up of the following members:
Karl T. Compton, President, Massachusetts Institute of Technology.
W. W. Campbell, President, National Academy of Sciences.
fsalah Bowman, Chairman, National Research Council and President
of Johns Hopkins University.
Gano Dunn, President, J. G. White Engineering Corp., New York.
Frank B. Jewett, President, Bell Telephone Laboratories, New York.
Charles F. Kettering, President, General Motors Research Corp.
C. K. Leith, Professor of Geology, University of Wisconsin.
John C. Merriam, President, Carnegie Institution of Washington.
R. A. Milliken, Chairman of the Executive Council, California Institute
of Technology.
Rogers Adams, Chairman, Department of Chemistry, University of
Mine's.
Simon Flexner, Rockefeller Institute, New York.
Lewis R. Jones, Professor of Plant PathologY, University Of WhICODBill.
Frank R. Lillie, Dean of Biological Sciences, University of Chicago.
Milton J. Rosenau, Professor of Preventive Medicine and Hygiene,
Harvard Medical School.
Thomas Parran, New York State Commissioner of Health.
Supreme Court Declares Invalid Section of Home
Owners Loan Act—Provision Authorizing Federal
Incorporation of State Building and Loan Association in Absence of State Sanction "Unconstitutional Encroachment" Upon State Powers—Decision Given in Case of Wisconsin Associations
Under a unanimous decision of the U. S. Supreme Court
on Dec. 9, it is held that "the Home Owners Loan Act, to
the extent that it permits the conversion of State [building
3784
Financial Chronicle
and loan] Associations into Federal ones in contravention of
the laws of the place of their creation is an unconstitutional
encroachment upon the reserved powers of the States."
Speaking of State corporations, the Court's ruling, read
by Associate Justice Cardozo, said:
They may not divest themselves of a franchise, when once it is accepted.
if the local statutes or decisions command them to retain it.
The Supreme Court's conclusions affirmed a ruling by
the Supreme Court of Wisconsin (we quote from the Milwaukee "Sentinel" of Dec. 10) that three Milwaukee building
and loan associations must remain under State control
.because they were chartered as State corporations, and
Wisconsin had refused to pass legislation authorizing conversion to Federal charters.
From the "Sentinel" we also quote:
The Hopkins Federal Savings & Loan Association, Milwaukee. and the
West Lawn Building & Loan Association, Racine, had received Federal
enarters, and two other Milwaukee associations, the Northern and the
Reliance, bad voted to Federalize, when the State Banking Commission
took legal action a year ago to retain jurisdiction over them. The State
Supreme Court reversed Judge Charles L. Aarons, and was upheld Dec. 9
by the United States High Court.
The decision did not pass on toe constitutionality of Federal building and
loan associations in cases where State's rights are not invaded. These
include loan associations originally organized under Federal charters, and
State-chartered associations in States where legislation is enacted permitting
Federalization. . .
Peter A. Cleary, Chairman of the State Banking Commission, declared
yesterday, upon learning of the decision:
"The Banking Commission felt from the outset that the Federal Government had no pwer under the Constitution or under sound business operation
to create these Federally subsidized institutions in competition with the
long existing privately operated State building and loan associations. If
the Federal Government could absorb building and loan associations by
competing with them through tax-subsidized companies, it could absorb
the manufacturing business and the retail business or any other business the
same way."
"The decision means that our building and loan associations need have no
fear that the mortgage business will be socialized," said Carl Taylor,
Executive Secretary of the Wisconsin Building & Loan League, pointing
out that the 187 loan associations in the State, 100 of which are located
In Milwaukee County, will be greatly benefitted by the ruling. . .
The Northern Building & Loan Association, with capital of $2,288.000,
will not be affected by the decision, according to B. F. Kumthorn, Secretary-Treasurer, since it was not cnartered by the Federal government, and
has been under State supervision during the litigation.
The Banking Commission was represented before the Supreme Court at
Washington by Benjamin Foss and Joseph Brazy. Milwaukee attorneys.
According to Associated Press advices from Washington,
Dec. 9 the government was not a direct party in the case,
but HOLC lawyers argued as a friend of the Court that a
section of the act authorized such conversion even over
State objections in the interest of the "general welfare." From
the same advices we quote:
Of significance to some lawyers, involving a question as to whether some
members of the Court possibly might feel that conversion even with State
permission was questionable, was this paragraph:
"Confining ourselves now to the precise and narrow question presented
upon the records here before us, we hold that the conversion of petitioners
from State Into Federal associations is of no effect when voted against
the protest of Wisconsin. Beyond that we do not go."
Justice Cardozo asserted that "there has been an illegitimate encroachment by the government of the nation upon a domain of activity set apart
by the Constitution as the province of the States." The opinion added:
"No question is here presented as to the scope of the war power or of the
power of eminent domain or of the power to regulate transactions affecting
inter-State or foreign commerce.
"The effect of .hese,If they have any,upon the powers reserved by the
Constitution to the States or to the people will be considered where the
need arises."
The Home Owners Loan Corporation Act, enacted in 1933,
was amended in 1934. From the Washington account
Dec. 9 to the New York "Herald Tribune" we quote in part
as follows, the Supreme Court's conclusions:
Justice Cardozo found:
"First: Congress did not mean that the conversion from State associations into Federal ones should be conditioned upon the consent of the State
or compliance with its laws.
"Under Section 5 (I) as enacted in 1033, the argument could have been
made with force that the laws of the State must be obeyed in the process of
conversion. The provision then was, as we have alreday pointed out, that
the association was to act 'upon a vote of its stockholders as provided by
the law under which it operates.' But Congress would not leave it so.
By an amendment of the statute, approved April 27 1934. there was substituted a provision that conversion would be effective 'upon a vote of 51%
or more of the votes cast at a legal meeting called to consider such action.'
Thus Congress erected a standard of its own, which was to be uniform in all
the States irrespective of the local laws.
States' Rights Ignored
_
"A bare majority of the shares voted at a meeting was Cobs enough to
give authority for fundamental changes of policy and power, no matter
how many other shares were unrepresented at the meeting. We are unable
to accede to the suggestion of the Court below that the percentage was meant
to be a minimum which the local laws might raise, though they were powerless to reduce it. Nothing in the wording of the statute gives support to
that construction. On the contrary, comparison of the act as amended with
the act as first adopted impels to the conclusion that Congress had in mind
to take possession of the field to the exclusion of other occupants. Thereafter the procedure for conversion and the power to convert were to be
governed by a uniform rule, irrespective of repugnant limitations prevailing
in the States.
"Whatever doubt might exist as to the correctness of this view disappears
when other and cognate statutes are subjected to our scrutiny."
After reviewing various cases. Justice Cardozo found:
"Second: The home owners loan act, to the extent that it permits the
conversion of State associations into Federal ones in contravention of the
laws of the place of their creation. is an unconstitutional encroachment
upon the reserved powers of the States. United States Constitution,
Amendment X.
Dec. 14 1935
"If Section 5 (I) may be upheld when State laws are inconsistent, any
savings bank or insurance company as well as any building and loan association. may be converted into a savings and loan association with a charter
from the central government, provided only that 51% of the shares represented at a meeting vote approval of the change. Indeed, as counsel for
the petitioners insisted at our bar, the power of transformation, if it is
adequate in such conditions, is not confined to building and loan associations or savings banks or insurance companies or to members of the
Home Loan Bank, except by the adventitious features of this particular
enactment. It extends in that view to moneyed corporations generally and
even to other corporations if Congress chooses to convert them into creatures
of the Federal Government.
Compulsion, by hypothesis, being lawful,
the percentage of assenting shares voted in a given instance or exacted by a
given statute assumes the aspect of an accident.
"Fifty-one per cent is the minimum required here. Another act may
reduce the minimum to 10% or even 1, or dispense with approval altogether."
The findings of the Wisconsin Supreme Court were noted
in our issue of Dec. 29 1934, page 4060.
Federal Home Loan Bank Board on Supreme Court
Decision Affecting Validity of Provision of Home
Owners Loan Act—Viewed as Limited to Three
Wisconsin Associations
Under date of Dec.9 Associated Press advices from Washington said:
The Federal Home Loan Bank Board asserted to-night that the Supreme
Court's decision affected only three Wisconsin building and loan associations.
"As far as the three Wisconsin converted associations are concerned, they
will not be adversely affected in the existing insurance of their shareholders
under the Federal Savings & Loan Insurance Corporation nor in the investments already made in the shares of any of them by the government, if they
wish to continue them," said a statement.
At present, 37 States have laws specifically authorizing State associations
to convert to Federal charters, while of the other 11, Wisconsin is the only
State in which protest against conversion has arisen.
Validity of AAA Processing Taxes and Bankhead
Cotton Control Act Argued Before United States
Supreme Court—Hearings Held in Hoosac Mills
and Lee Moor Cases—Government Ends Oral
Pleading after Solicitor-General Reed Collapses
Constitutionality of the processing taxes levied under the
Agricultural Adjustment Act was argued before the United
States Supreme Court on Dec. 9 and 10. Solicitor-General
Stenley Reed opened the argument on the Hoosac Mills case,
involving the cotton processing and floor taxes, on Dec. 9,
and acknowledged that this constituted a direct test of the
constitutionality of the AAA. Former Senator George
Wharton Pepper represented the receivers of the Hoosac
Mills Corporation in attacking the Act as a whole. He
declared that the law was not a revenue measure but an
attempt to subject to Federal regulation fields of activity
which the Constitution reserves to the individual States.
The argument on this case, and on another case, involving
the validity of the Bankhead Cotton Control Act, was terminated on Dec. 10, after Mr. Reed announced that he was
ill and was physically unable to continue his address. On
Dec. 11 the Government decided to give no further oral
arguments, but to permit the case to be submitted to the
Supreme Court on briefs already filed. The suit involving
the Bankhead Act was an appeal by Lee Moor, Texas cotton
producer, from the refusal of district and circuit courts to
support him in his attempt to force the Texas & New Orleans
Railway to carry bales of cotton which did not have certificates that it was exempt from the tax imposed by the Act
on cotton produced over the grower's quota, or that the tax
had been paid.
A Washington dispatch on Dec. 9 to the New York
"Herald Tribune" describes the opening arguments in part
as follows:
Solicitor-General Read had talked in a monotone for almost an hour before
Associate Justice McReynolds started what quickly grew into a shower
of questions from the bench. Nearly all of them were directed to one
question: fhe method by which the processing tax of 4.2 cents per pound
on cotton had been computed.
As Mr. Reed strove to explain the intricacies of this process with the
aid of pages of charts and statistics incorporated in the Government's
brief and in the addendum to the transcript of the record, smiles began to
appear on the faces of newspaper men, government experts and other spectators who had gone through the same ordeal during the first months of
the AAA in 1933.
The accuracy of the computation of the tax is not at stake, and was
freely acknowledged by Mr. Pepper. However, the method of the calculation has a direct bearing on the question of the sufficiency of the standard
which Congress prescribed for the Secretary of Agriculture to follow in
fixing the processing taxes. Associate Justice Brandeis, an expert on statistics, and Associate Justice Stone came to Mr. Reed's assistance from time
to time as Associate Justices McReynolds, Sutherland and Butler questioned him closely.
No Open Hostility
The so-called "conservative" justices of the Court seemed to be moved
by genuine curiosity—at least, they were not obviously hostile to the Government as they were on several occasions last year.
"Who fixes the tax?" Justice McReynolds asked.
"Congress fixes the formula," Mr. Reed replied.
"What is the formula "asked Justice McReynolds.
Mr. Reed again read the formula, which he had explained several times
previously: that the processing tax on a particular commodity should be
tha difference between the current average farm price and the fair exchange
value of the commodity. The fair exchange value is that which will give
the farmer purchasing power equivalent to that which he had during the
period—August 1909-July 1914—except in the case of tobacco and potatoes: for which the past-war decade is used for the base. . . .
Volume 141
Financial Chronicle
3785
Justices Join in Discussion
.;astices Sutherland, Butler. Stone and Brandeis entered in to the ensuing
discussion. Mr. Reed explained. in general, that the list of commodities
by which the farmer purchasing power is gauged had been worked out over
many years and that it was fairly constant, with weighted averages for each
product. Justice Brandeis asked if the statistical methods pursued wera
not similar to those used by the Department of Labor and other Government agencies. Mr. Reed thought so. At any rate, he said, Congress
knew how the Department of Agriculture got its statistics when it passed
the act and prescribed that those statistics should be used in computing
the tax.
Justice McReynolds inquired whether if some other result than 4.2 cents
per pound had been achieved for the cotton processing tax it would have
been open to inquiry in court. Mr. Reed said that the accuracy of the
computation could be challenged, but that it was not challenged in this case.
In his general argument Mr. Reed stressed the plea that the application
of the cotton processing tax was a valid exercise of the taxing power. He
drew a sharp distinction between a tax applied as a penalty for regulatory
purposes and the processing taxes, the revenue from which it used to pay
farmers who "voluntarily" co-operate with the Government. In drawing
this distinction, Mr. Reed was thought by some observers to be sacrificing
deliberately the Government's argument for the constitutionality of the
Bankhead cotton act. The test case in the Bankhead act follows immediately on the Hoosac Mills case.
The AAA, Mr. Reed said, could not be regarded as a measure adopted
to meet the emergencies of the depression which began in 1929, because
the accumulation of certain agricultural surpluses had begun Years before
then and had led to several unsuccessful attempts to apply Federal remedies.
7. Does it violate the due process clause of the Constitution by being
arbitrary and capricious, by encroaching upon individual liberty and freedom of contract, by denying producers appeal from the Secretary of Agriculture's orders, or by being confiscatory?
8. Does the act involve an invalid delegation of power?
9. Is the petitioner estopped from asserting the unconstitutionality of
the act
10. Was the lower court wrong in dismissing the petitioner's request
because he had an adequate remedy at law
Termination of arguments on Dec. 10 was noted as
follows in a Washington dispatch of that date to the New
York "Times";
Arguments of the Manufacturers' Association, as a "Mend of the Court."
were summarized in the brief as follows:
1. The processing taxes are an integral part of a scheme to restrict production.
2. The scheme constitutes a gigantic combination in restraint of production.
3. If this legislation is lawful, the United States has almost unlimited
power Over production in the States.
4. It is a fundamental principle that power granted the United States
should not be construed as to nullify powers clearly reserved to the States.
5. Control of agriculture is reserved to the States.
6. Tnis legislation is not Justified as a means of carrying out toe fiscal
policies of toe United States.
7. The processing taxes violate due process of law.
The brief attacks tne Government's contention tnat Congressis authorized
to levy the processing taxes under Article I, Section 8, of toe Constitution.
This section gives Congress the right "to levy.. . taxes... to. .. provide for toe general welfare of toe United States." Toe Government
maintains that this so-called "welfare clause" gives Congress the right to
levy taxes not only in respect to matters which it can legislate, but in
respect to all matters wnich it determines are for the general welfare of the
United States.
The manufacturers contend that the Madisonian interpretation of the
welfare clause is the "proper interpretation," thus, since toe United States
"is not autnorized to legislate or deal with agriculture, the processing taxes
are "not within the general welfare of the United States," the brief says.
Even if toe broader Hamiltonian interpretation of the welfare clause is
adopted, and Congress may levy taxes and appropriate tax money in
matters which it cannot regulate, the manufacturers contend that Congress
cannot use this mere right to appropriate to bring about regulation of
agriculture. wnich it is forbidden by the Constitution to regulate.
The brief charges the taxes "also violate the due process clause of the
Fifth Amendment" by taking "without compensation the property of one
parson or a class of persons by taxation or otherwise in order to merely
hand it over to another person or class of persons.
The point on which Mr. Reed was being questioned when he was overcome was whether the case presented an adequate record for determination
of the constitutional issue involved. Previously, in one crisp sentence—
"The Court does not desire to hear you further on that point"—Chief
Justice Hughes had barred Mr. Reed's contention that the record as presented by the lower court was "non-adversary" and did not present adequate
real antagonism between the parties to the suit. The Government had
entered the case as a friend of the Court.
Another of the technical points under questioning is also involved in the
refusal by some utility holding companies to register with the Securities
and Exchange Commission.
The Circuit Court of Appeals, in dismissing Mr. Moor's suit, held that
he was estopped from appealing the constitutionality of the Bankhead Act
because he had applied for and received an allotment of 855 bales of cotton
to be produced tax-free. Utility companies have contended that registration would prevent them from combating the Holding Company Act.
SEC lawyers, however, point out that the utilities are not accepting any
benefit by registering and further that the registration form contains a
specific statement that the registrant does not waive any right to sue.
However, the obvious stress laid by the Court upon the point excited
much interest. It is not raised in the Government's amicus curiae brief
as finally filed, although Thornton Hardie of El Paso, counsel for Mr. Moor,
told the Court that it was mentioned in the original draft of the brief as
sent to him. The inference was drawn by some that the point had been
deleted in view of the Government's position on the utilities issue.
Mr. Hardie, in reply to questions from Justice Van Deventer and Butler,
said that his client had accepted the Bankhead quota under "duress and
coercion" because he was in financial difficulties and forced to realize on
his crop and the only way he could sell it was to accept the quota.
The same conditions caused his client's inability to pay the tax and then
sue for recovery, he said.
Neither of the lower courts passed on the constitutionality of the act.
Mr. Hardie's associate, Henry E. Hackney of Uniontown. Pa., argued
this phase of the case. Mr. Reed never got to the constitutionality of
the act in his plea because of the questions from the bench and his collapse.
The Court evinced an interest in whether the Bankhead Act could be
grounded on inter-State commerce.
We also quote from a Washington dispatch of Dec. 11
to the New York "Journal of Commerce" regarding the
Government's decision to end its oral arguments:
Announcing the decision of the Government to proceed no further with
oral arguments, the Department of Justice pointed out that the litigation
does not bring in issue constitutionality of the AAA, as to which arguments
had been completed immediately before the Lee Moor case was called up
yesterday.
"Since the remaining questions are fully covered in the Government's
brief, and since the parties to the case have finished their oral argument,"
the announcement said, "the Solicitor-General believes that it is not desirable to request the Court to delay the case for further oral argument on the
part of the Government."
Prepared for Adverse Ruling
Meanwhile Secretary of Agriculture Wallace declared to-day that the
AAA is "prepared" to meet an adverse decision by the Supreme Court
in the Hoosac Mills case. . ..
Asked to amplify reports that he has proposed a National sales tax of
2% to replace processing taxes should the latter be invalidated, the Secretary merely replied that "I have frequently discussed the advantages and
disadvantages of the sales tax."
Recent refereace to suits involving the constitutionality of
the Bankhead Act appeared in the 'Chronicle" of Nov. 16,
page 3158. A Washington dispatch of Dec. 3 to the New
York "Times" summarized Mr. Moor's contentions as
follows:
Ten questions were presented to the Supreme Court by Mr. Moor's
lawyers, Thornton Hardie, Henry Eastman Hackney and Gerner W.
Green. These inquiries were in effect:
1. Is the Bankhead Act an attempt to regulate and control production
and price in violation of the Constitution?
2. Is the Bankhead tax invalid becuase it is not levied for a public purpose or for the general welfare?
Holds State Powers Invaded
3. Is the tax a direct levy and therefore invalid because it is not
apportioned?
4. If it is an indirect tax, is it void because it is not uniform throughout
the country?
5. Is the act a proper and valid exercise of Congressional power to
regulate inter-State commerce?
6. Does the statute violate the Constitution by encroaching the powers
reserved to the States?
Other attacks on the processing taxes imposed under the
AAA were made in court last week. On Dec. 3 the National
Association of Cotton Manufacturers made public a brief
prior to filing with the United States Supreme Court in
connection with the Hoosac Mills case, in which it was
contended that the taxes violate the Fifth Amendment to
the Constitution and nullify State's rights.
On Dec.2 the Washburn-Crosby Company,a Kansas milling concern, filed with the Supreme Court a new appeal to
pass quickly upon the constitutionality of wheat processing
taxes. The brief reminded the Court that it recently consented to review litigation involving constitutionality of rice
processing taxes, and contended that the two cases were
similar.
The brief of the Cotton Manufacturers Association was
summarized as follows in a Boston dispatch of Dec. 3 to
the United Press:
Recent court decisions on processing taxes were noted in
the "Chronicle" of Nov. 30, page 3470.
Constitutionality of New York State Mortgage Law
Upheld by Justice Bleakley of New York Supreme
Court—New York Supreme Court Justice Frankenthaler Also Upholds Provision in Law Governing
Powers of Commission
On Dec. 5 Justice Alfred Frankenthaler, in the New York
Supreme Court, upheld the validity of Section 6 of the State
Mortgage Commission Act, which authorizes the Mortgage
Commission to "take over from the Superintendent of Insurance or the Superintendent of Banks and from any agent
appointed by either of them, and from all guarantee corporations in rehabilitation or liquidation, and from all depositories, custodians and agents acting in respect thereof, possession and control of, and legal title to all of the bonds, notes,
other evidences of indebtedness and mortgages in respect
whereof outstanding mortgage investments have been issued
or guaranteed by such guarantee corporations."
Justice Frankenthaler, in sustaining the constitutionality
of the provision, directed the Chase National Bank, as depository of 12 mortgages for which certificates were sold by
the Union Guarantee and Mortgage Co. to deliver the mortgages to the Mortgage Commission. Stating that the Commission is to take charge of the apartment properties covered
by the mortgages, the New York "Times" of Dec. 6 added:
The Commission had demanded the mortgages, but the Chase Bank refused
to turn them over until the legal validity had been passed upon. The Commission then applied to Justice Frankenthaler for an order compelling the
bank to give up the mortgages. The proceeding was opposed solely on the
ground that Section 6 of the Mortgage Commission Act is unconstitutional.
Similarity of Cases Denied
Milbank, Tweed, Hope & Webb, counsel for the bank, contended that in
cases heard by the Court of Appeals in which the law had been upheld the
facts were not similar.
Justice Frankenthaler's decision cited the high court's opinion and pointed
out that on Sept. 9 last the Court of Appeals in the matter of Oberhammer
upheld the right of the Mortgage Commission to take over control and servicing of a mortgage investment from the issuing company that has been
named as the servicing agent in the certificates and also in a plan of
reorganization effected under the Schackno Act.
"At least until those interested in the investment have agreed upon some
other method of control and administration of the investment, the Legislature
could give to a public officer the authority in such a case to take care of the
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Financial Chronicle
mortgage investment and to take appropriate steps for the protection of the
holders' certificates," said the Court of Appeals.
The high court decided that such change of depository and substitution of
agent "do not constitute an impairment of the obligation of the contract
between the certificate holders and the guarantee corporation."
Opinion Given by Court
"Neither the certificates issued by the company nor the authentication
endorsed on them by the depository contain even the slightest suggestion
that the bonds and mortgages, in addition to being deposited with the
Chase Bank, were also to be assigned or transferred to the latter," said
Justice Frankenthaler. "The language of the certificates is directly to the
contrary, for they expressly state that the company is transferring to each
certificate holder an undivided share in each bond or mortgage deposited
with the bank.
"Although the certificates do, it is true, provide that the holders, by
acceptance thereof, are bound by all the provisions of the deposit agreement
of Nov. 15 1927, there is nothing in them to put their holders on notice that
the deposit agreement contains provisions which are evidently inconsistent
with the express statements in the certificates that they constitute assignments of parts of the bonds and mortgages.
The Union Guarantee & Mortgage Co. had sold several million dollars'
worth of certificates when the Superintendent of Insurance took it over for
rehabilitation. Under Justice Frankenthaler's decision the State Mortgage
Commission will now attend to the servicing of the mortgages and will be
in a position to start foreclosure proceedings if they become necessary. The
bank reported that five of the mortgages are not in default, and that the
defaults are small in the others. Two have been reorganized.
The right of the New York State Mortgage Commission
to mortgage properties under its jurisdiction to raise money
for necessary improvements, as well as for the payment of
taxes and interest, was upheld on Nov. 29 at White Plains,
N. Y:, by State Supreme Court Justice William F. Bleakley.
Pointing out that this was the third decision by Justice
Bleakley bearing upon the powers of the new Mortgage
Commission, which controls 8800,000,000 in certificated
mortgages throughout the State, a dispatch from White
Plains Nov. 29 to the New York "Times" went on to say:
The ruling was handed down in the case of Charles Everett Moore of
White Plains, a lawyer, who challenged the constitutionality of the Mortgage Commission, particularly Its right to raise $1.900 through a mortgage
of the Colonial Trust Co. on premises in which he was interested as a
holder of a certificate of the Westchester Title & Trust Co.
The Commission said it would use the money raised by the mortgage
to pay arrears of taxes, an unpaid balance on a boiler installation and for
a connection with a main sewer. Mr. Moore contended the contemplated
acts would deprive him of property without due process of law, impair the
obligation of contract and deprive the Supreme Court of its inherent equity
jurisdiction, all in violation of the Constitution.
The Previous Decisions
The right of the Commission to take custody of mortgaged property and
the mortgages themselves was upheld by Justice Bleakley in the case of
Mrs. Anna Oberhammer, which went to the Court of Appeals. In the
ease of Joseph Wolff the Court established the right of the Commission
to pledge a mortgage for a loan to pay taxes and interest for a future period.
"The third phase is now presented," said the decision in the Moore
case, "namely, has the Commission the power to mortgage a property for
the purpose of paying taxes, instalment due on boiler and cost of connecting
with the main sewer. I see no distinction between pledging a certificate
for the purpose of paying taxes and issuing a mortgage upon property
acquired by foreclosing a certificate mortgage, where the proceeds will be
applied to the same use."
Justice Bleakley declared it was true the money would be used in part
for the boiler and sewer connections, "but the boiler is necessary to make
the home habitable, and the sewer connection is required by law."
"At the time of the issuance of the certificates," said Justice Bleakley,
"no restriction was placed upon the right of the title company to mortgage
the property. In the interest of the certificate holders the power to mortgage has been given to the Mortgage Commission, and where the power is
properly exercised the right will be upheld."
Earlier decisions of Justice Bleakley were noted in these
columns July 13, page 208, and Sept. 14, page 1699. A
ruling by the State Appellate Court upholding the law
creating the Commission was referred to in our Nov. 30
issue, page 3470
NLRB Sues to Enforce Collective Bargaining Order—
Action Against Greyhound Lines Expected to
Culminate in Ruling on Constitutionality of Labor
Relations Act
The National Labor Relations Board on Dec. 11 announced that it had petitioned the Federal Circuit Court of
Appeals in Philadelphia to enforce a collective bargaining
order against the Pennsylvania Greyhound Lines, Inc., and
the Pennsylvania Greyhound Management Company. On
Dec. 7 the Board had ordered the two companies to cease
and desist alleged interference with employees in the exercise
of their rights of collective bargaining. It was expected
that the court petition would have the effect of bringing
the National Labor Relations Act nearer to a final ruling
concerning its constitutionality. Counsel for the companies
said on Dec. 9 that they would pay no attention to the
Labor Board's order "until passed upon by a court of competent jurisdiction."
A previous reference to the action of the NLRB in this
case was contained in the "Chronicle" of Oct. 12, page 2374.
A Philadelphia dispatch of Dec. 11 to the New York "Times"
gave the following additional details of the latest step taken
by the Board:
11 The Board's collective bargaining order was issued against the Greyhound Lines following a series of hearings in Pittsburgh on complaint of
Division 1,063 of the Amalgamated Association of Street Electric Railway
and Motor Coach Employes of America.
The union charged that the companies had engaged in "unfair labor
practices" by refusing to deal with their employes who belonged to the
association.
Dec. 14 1935
The Board, in its findings, charged that companies had "discouraged
membership" in the union, had "coerced" its employes against "collective
bargaining" and had discharged several of them because of their activities
in behalf of the union.
When the bus lines ignored the order, the petition stated, the Board
Issued an "injunction" restraining them from continuing the alleged Practices. It ordered the companies to reinstate the discharged employes
with back pay, and directed them to post notices in conspicuous places
Informing the employes of "their rights" under the Wagner Labor Bill.
Injunction Against Collection of Back Tax Granted
to Carter Coal Co. in Action Challenging Validity
of Guffey Coal Conservation Act—Federal Judge
Paul in Lynchburg, Va., Issues Preliminary Injunction to 14 Coal Producers
A permanent injunction relieving the Carter Coal Co. of
West Virginia from paying the penalty tax accrued to date
under the Guffey Coal Conservation Act, was granted to the
Carter Coal Co. of West Virginia on Dec. 10 by Justice
Jesse C. Adkins, of the District of Columbia Supreme Court
in the action brought by the company to test the validity of
the Act.
Associated Press advices from Washington Dec. 10, said:
The injunction was granted in Justice Adkin's formal decree filed to-day,
which officially terminated the case in the District Court. The decree also
granted a temporary injunction restraining the Government from collection
of the 13%% tax pending the outcome of a Supreme Court appeal.
Government attorney's inunediately served notice they would appeal the
permanent injunction, contending It was "illogical" as the Supreme Court
may sustain the act and thus make the company liable for the penalty.
A'reference to the Carter suit appeared in our Nov. 16
issue, page 3156.
At Lynchburg, Va., on Dec. 11 Federal Judge John Paul
granted a preliminary injunction to 14 Virginia and West
Virginia coal producers, restraining the Government from
collecting a penalty tax for their refusal to accept the coal
code. In granting the injunction, Judge Paul, expressed
serious doubt as to the constitutionality of the Act, according
to Associated Press accounts from Lynchburg which in part
added:
The decision, filed two days after Judge Paul had heard attorneys for
the producers and the Government argue merits of the prayer, will remain
effective until evidence can be taken on a motion for a permanent injunction.
The producers would enjoin the Government until the Supreme Court
passes upon the constitutionality of the Guffey Act. That decision is
expected within four or five months, on several Kentucky cases already
sent up for hearing. . . .
Actually, the Court decision entered to-day was in the name of the
Pocahontas Fuel Co., Inc., but Judge Paul will apply his findings to two
Other Virginia petitioners and 11 from West Virginia. The motions were
argued jointly by agreement.
Judge Paul concluded that the plaintiffs were in "Imminent danger of
irreparable injury," and that they had no clear, adequate and complete
remedy at law. In order to afford them due process of law for the protection
of their constitutional rights, he held the preliminary injunction to be
justified.
The Court referred to the Is% tax as a "penalty," saying that the
amount accruing "is so drastic, excessive and extreme as reasonably to
deter or prevent the plaintiff from testing the constitutionality of said act,
unless it can be relieved from the payment thereof pending the judicial
determination of the validity of said act or code."
NBCC Fixes Coal Prices for Four Areas—Arkansas,
Oklahoma and Two Districts in Colorado and New
Mexico Affected
Announcement was made by the National Bituminous Coal
Commission on Dec. 12 of its approval of minimum price
schedules for four coal producing areas, namely, Arkansas,
Oklahoma, northern and southern Colorado and New
Mexico, it was stated in Washington advices, Dec. 12, to
the New York "Journal of Commerce" of. Dec. 13. The
advices continued:
In announcing the price schedules, the Commission approved those submitted by the Arkansas-Oklahoma producers (district 14) and modified
those submitted by the three other areas, districts 16, 17 and 18.
Arkansas-Oklahoma Area
Tho minimum price schedule for the Arkansas-Oklahoma territory
includes prices effective as of Nov.26 and, as in the case of all areas is based
on free on board mine prices per ton. The price schedule varies from 75c.
per ton for slack to $4.60 for furnace egg coal and $7 for sacked smithing
coal in carload lots.
For the northern Colorado area (district 16) prices effective as of Dec. 6,
the schedule embraces prices ranging from $1.65 per ton for slack to $4.75
for lump.
Southern Colorado Districts
In the southern Colorado area (district 17), prices range from Si per ton
for slack to $4.35 for lump. The top price for the Now Mexico area (district 18) is $4.50 per ton for lump coal.
The Commission's price schedules are quoted for the trade areas of the
producing districts and are based en classifications by sizes and qualitites
of coal mined in those districts.
All price schedules are subject to further orders of the Commission.
Anthracite Coal Workers Vote for 30-Hour Week and
Pay Increases at Convention in Washington
Prior to the adjournment on Dec. 6 of the tri-district
convention of anthracite coal workers, held in Washington,
the delegates, representing, it is stated, some 100,000
unionized anthracite workers, adopted a report submitted
by the scale committee calling for a 6-hour day and a 5-day
week in addition to a "substantial increase" of wages. In
reporting this, Associated Press advices from Washington,
Dec. 6, said:
Volume 141
Financial Chronicle
rhe demand constituted a mandate to the miners' negotiating committee
which will meet with representatives of the operators early next year to
draft a new working agreement. The existing pact, adopted in 1930, will
expire April 1.
The convention did not go on record on the question of suggested Federal
regulatory legislation for the anthracite industry, but John L. Lewis,
President of the United Mine Workers of America, told reporters the subject was under consideration. Definite action in the matter was being
withheld, Mr. Lewis indicated, pending the outcome of Court tests of
constitutionality of the Guffey soft coal act, which provides strict Governmental regulation of the bituminous coal industry.
Authoritative sources said, however, the question would be injected into
the anthracite wage negotiations. In the mean time. it was learned a serious effort would be made by the union to enlist the support of some of the
operators in the movement.
In addition to increased wages and a shorter work week the convention
Indorsed demands for equalization of working time at all collieries, elimination of the physical examination for men being rehired, abolition of the
Individual or special contract system, establishment of seniority rights and
the "complete" check-off.
Elimination of the physical examination was demanded on the ground
that certain companies used it to discriminate against employees for union
activity and other reasons.
Utilities and Government Unable to Agree on Case to
Text Holding Company Act—SEC and Department
of Justice Ignore Offer of Private Concerns to
Co-operate in Court Action
Counsel representing the government and various utility
holding companies sought this week to reach an agreement
for a court test designed to determine the constitutionality
of the Public Utility Holding Company Act, but were unable
to accept a common legal procedure. Attorney-General
Cummings on Dec. 12 asked the District of Columbia
Supreme Court to delay suits by seven holding concerns to
enjoin the Act's enforcement, pending a ruling by the
United States Supreme Court on the government's suit in
New York against the Electric Bond & Share Co. Government officials have indicated that they would prefer this case
for test purposes, but attorneys for the seven concerns
contended that the case did not present all constitutional
aspects of the law, and asked an agreement to consolidate
three of the four cases into a single suit.
The District of Columbia Supreme Court suggested on
Dec. 12 that the government and counsel for private concerns seek an agreement as to consolidation, but Mr. Cummings said that in his opinion such negotiations would be
futile. The Court later postponed hearings until next week
in the hope that an agreement could be reached by counsel
by that time. Under date of Dec. 12, Associated Press
accounts from Washington said:
Among arguments advanced by Mr. Cummings were the following:
The "multiplicity of suits" confronting the government.
The previously started government test case against the Electric Bond &
Share Co.
"The government has always conceived that it has a duty to the public,
the Congress and the holding companies to test the Act promptly," Mr.
Cummings said.
"To insure preservation of the rights of companies subject to the Act,
the government has taken in three directions."
The Attorney-General then cited the Security and Exchange Commission's rule that registering companies may reserve any legal or con" stitutional right, the government's order that no criminal suits should be
filed against holding companies, and the Postmaster-General's ruling that
no company should be barred from using the malls under the Act.
He argued that the Electric Bond & Share suit is adequate to test "the
basic fundamentals of the Act." and "a concentration of the effort of the
government on one suit at a time is demanded for reasons of both economy
and thoroughness."
From the Washington dispatch, Dec. 12 to the New York
"Times" we take the following:
John C. Higgins of Sullivan & Cromwell, Counsel for two of the companies, North American and American Water Works and Electric, told the
Court that in view of the attitude taken by Mr. Cummings the utilities
would not try to "force themselves upon the government." . . .
The utilities were represented, in addition to Mr. Higgins. by Dean
Acheson, former Under-Secretary of the Treasury, and James Oates of
Moor. Cutting & Sibley. Tho companies other than North American and
American Water Works & Electric were United Light & Power, United
Light & Railways. Continental Gas & Electric. American Light & Traction
and Tennessee Electric Power Co.
Attorney-General Cummings announced on Dee. 11
that he personally would argue in the District of Columbia
Supreme Court in seeking a stay of proceedings in the
seven actions brought by holding companies. The government's position was outlined as follows in a Washington dispatch of Dec. 11 to the New York "Times":
Mr. Cummings argued in the United States Supreme Court early this
year in the gold clause cases, but has not personally appeared in any other
case since assuming office.
Government arguments will be based on the contention that an orderly
and economical disposition of the controversy between it and the utilities
would be most effectively achieved by a speedy determinatin of the suit
against the Electric Bond & Share, which the government feels presents the
best opportunity to obtain from the Supreme Court "an authoritative
determination of the validity of the essential features of the Act."
One of the government contentions is that no public interest will be served
by pressing for a decision of the issue in a multitude of suits.
About 50 suits have been begun against the government, either in the
District of Columbia Supreme Court or in district courts elsewhere, and the
government now seeks to have them thrown out on the ground of lack of
jurisdiction, or delayed.
The suits here were brought by the North American Co., American Water
Works & Electric Co., Inc:, United Light & Power Co., United Light &
Railways Co., Continental Gas & Electric Corp., American Light &
Traction Co., and Tennessee Electric Power Co.
The SEC and Department of Justice continued to-day to ignore the
suggestion of Philip H. Gadsden, Chairman of the Committee of Public
3787
Utility'Executives, that the SEC and the utilities get together to determine
upon three or four suits for expedition to the Supreme Court. "'here appeared little chance of conferences being held. adi
In a statement issued, Dec. 10, Mr. Philip H. Gadsden,
Chairman of the Committee of Public Utility Executives,
said in part:
"We recognize that it is important, not only to the electric light and power
and gas industry, but in the interest of general business recovery, that the
constitutionality of the Act should be passed upon as soon as possible by the
Supreme Court of the United States: The utilities are anxious to avoid
lengthy and burdensome litigation based upon a multitude of legal actions.
"The situation confronting the industry and the Commission to-day is
briefly this:
"A number of individual utility holding companies and their subsidiaries,
faced with an order to register under the Public Utility Act, realizing that
registration would set into operation its drastic provisions, and being advised
by counsel that suci registration might operate to their legal disadvantage,
filed suits asking that members of the Commission and other public officials
be enjoined from enforcing the provisions of the Act, and that its constitutionality be determined.
"Each of these companies was acting in its individual interest and in the
interests of its stockholders. In its opinion and the opinion of its counsel,
there was no other way in which these interests could be assured proper
legal protection.
"The Commission, on the other hand, has filed a suit against the Electric
Bond & Share Co., and has already moved to have several of the actions
which have been filed by utility companies suspended until the constitutionality of the Act is determined in its own suit.
"We had hoped that the Attorney-General and the Commission would be
able to agree with us upon a method to avoid multiplicity of suits, and are
still hopeful that the Commission will be agreeable to co-operate with us
along this line. One case, coming from the District Court of Maryland. has
already reached the Circuit Court of Appeals for the Fourth Circuit, and
presumably will be promptly argued there. But for the Commission to now
single out one company from the whole industry and start suit against it
does not necessarily constitute a fair test of any remaining issues. There
are several types of electric utility systems, widely different in their structures and the relationships with their subsidiaries. It would hardly be fair
to the stockholders of one type of system to have these issues decided solely
upon the incidence of the provisions of the Act upon a wholly different
type of company."
The most recent reference to court actions in connection
with the Holding Company Act was given in the "Chronicle"
of Dec. 7, pages 3626-27.
National Electrical Manufacturers Association Sues
New York Workers Union—Invoke Anti-Trust Law
in Effort to Check Alleged Conspiracy to Interfere
with Business
Differences between many of the leading manufacturers
of electrical products and the New York Union, Local No. 3,
of the International Brotherhood of Electrical Workers,
over the installation of equipment in the New York Metropolitan District have culminated in suit by the manufacturers charging the union with alleged conspiring to ruin
their business in this territory and demanding heavy damages.
The Association on Dec. 10 had the following to say regarding the action:
The complaint was filed in the U. S. District Court in New York City on
Dec. 9, by the National Electrical Manufacturers Association and 14 of
Its members. In an announcement to members, W. J. Donald, Managing
Director of N.E.M.A., describes the action as "a battle for industrial
liberty" of crucial interest not only to the electrical trade but to all industry
and to the consuming public.
Tne New York union is accused of conspiracy in restraint of trade and
of injuring the plaintiff's businesses in various ways, including coercion of
New York City property owners, builders. architects and contractors,
tnrougn fear of strikes and boycotts, to refrain from buying electrical
equipment manufactured by any of the plaintiffs. The Court is asked to
grant temporary and permanent injunctions against the union and Its
officers.
The National Electrical Manufacturers Association is one of the country's
largest trade associations, with a membership of more than 400 manufacturers, representing about 80% of the total volume of electrical products
such as domestic appliances, electric ranges, fans, insulating materials,
electric tools, turbines, motors, generators, switches, circuit breakers,
panel-boards, transformers, power switchboards, wire and cable, x-ray
apparatus. At its peak in 1929 the total production of the industry was
valued at nearly two billion dollars.
None of the members of the union local are employed in the factories
Involved, and the complaint points out that this is not a suit between
employers and employees with respect to working conditions. The plaintiff's factories now employ both union and non-union workers. and one of
the alleged purposes of the conspiracy cnarged against Local No. 3 is to
compel all wiring or assembling of electrical equipment installed within the
Metropolitan area to be done by union men.
Toe manufacturers assert that the welfare of their many thousand
employees, as well as the welfare of the companies, is dependent upon the
freedom of the employers to carry on their business without hindrance and
molestation.
In his statement Mr. Donald says:
The National Electrical Manufacturers Association believes that the
public interest is best served by maintaining freedom of distribution and
Installation of electrical products. It believes that a manufacturer has
It believes that a
the right to sell his own products to whom he choses.
manufacturer has a responsibility for the satisfactory performance of his
is necessary to
products
such
of
installation
products. Where the proper
Insure satisfaction it believes that it is contrary to public interest for any
group or organization to seek to impose arbitrary or artificial restrictions
upon the exercise of that rignt by the manufacturer or the consumer.
In bringing this suit N.E.M.A. and the co-plaintiff companies are
performing a public service, at a time when all good Americans are doing
their utmost to promote industry and employment. Any blockade of the
normal channels of trade,such as this complaint charges. Is an interference
with industrial recovery.
The companies named as co-plaintiffs with the Association are:
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Financial Chronicle
Allen-Bradley Co.. Milwaukee, Wis.
Allis-Chalmers Manufacturing Co.. Milwaukee, Wis.
Clark Controller Co., Cleveland, Ohio.
Colt's Patent Fire Arms Manufacturing Co:, Hartford, Conn.
Cutler-Hammer, Inc., Milwaukee, Wis.
The Electric Controller & Manufacturing Co., Cleveland, Ohio.
General Electric Co., Schenectady, N. Y.
Hardwick Hindle, Inc., Newark, N. J.
Monitor Controller Co., Baltimore, Md.
Palmer Electric & Manufacturing Co., Waltham, Mass.
The Bowan-Controller Co., Baltimore, Md.
Square D. Co., Detroit, Mich.
Trumbull Electric Manufacturing Co., Plainville, Conn.
Westinghouse Electric & Manufacturing Co., Pittsburgh. Pa.
In the New York "Herald Tribune" of Dec. 10 it was
• stated:
The defendant union has about 7,000 members, Mr. Kirkman, its President said. He refused to comment in detail on the complaint when reached
last night, saying that he had only just received it and had not as yet
had time to study it. Mr. Kirkman said, though, that the union was
determined to use only union-made fixtures in their work.
Mr. Merritt [of counsel for the N.E.M.A.] said that the manufacturers
employed both union and non-union labor. They had no guaranty, he
said, that even if the plants were unionized that Local No. 3 would drop
the bar against their products.
Taxpayers Required to File Two Copies of Federal
Income Tax Returns Under New Treasury Decision
—Duplicate Copy to Be Made Available to State
and Local Tax Collectors
Under a decision reached by the Treasury Department,
made known Dec. 3, taxpayers will be required to file in
duplicate their Federal income tax returns next March.
From Washington Dec. 3, advices to the New York "Times"
said:
Guy T. Helvering, Commissioner of Internal Revenue, said to-day that
the Treasury had definitely decided to require the filing of duplicate
returns by each taxpayer. The actual regulation setting forth the requirement was not ready for public distribution, but he expected to have a statement ready for the public by the end of the week.
The Treasury order will be based on a law, passed at the last session of
Congress, which repealed the previous law requiring full publicity of Income
statistics. The repealer provided that Federal income tax returns "or
copies thereof" be made available to any person cnarged witn tne administration of any State or local tax law.
Confronted witn the task of complying witn teas section of the law, the
Treasury has decided that the only feasible way was to require each taxpayer to file a duplicate of his return. These copies will be held at the
offices of the various Collectors of Internal Revenue, of which there is at
least one in each State, and will be available tc State and local officials who
wish to examine them for local tax purposes.
Officials say that if the original return is filed under oath there will be
no need to nave tne coopy sworn to also. All supporting schedules will also
have to be filed in duplicate, unless present plans are changed,thus throwing
an especially heavy burden on large income taxpayers.
Extensive State and local investigations to cneck tneir tax returns against
Federal returns are expected to follow tne new step. Under present conditions income tax returns are not readily available to local officials because
the single return filed by an individual may be in Washington ratner than
in a city brinach office or may be temporarily withdrawn from circulation
entirely because of statistical work. The law previously required a Presidential order, opening the returns for State inspection, but this requreiment
is now waived.
Repeal of Publicity Feature of Federal Revenue Act
Sought by Merchants Association of New York
and Other Bodies—Provision Requiring Corporations to File List of Those Receiving Over $15,000
Viewed as Benefitting "Racketeers"
Faced by the likelihood that, unless prompt action can be
obtained from Congress, the salary paid in 1934 to every
corporation employee receiving over $15,000 a year may be
made public in 1936, local and national business organizations have joined in a campaign to bring about the repeal of
the publicity feature of Section 148 (d) of the Federal
Revenue Act of 1934.
It is stated that the organizations which have joined in
this effort regard the provision as almost as obnoxious as the
pink-slip provisoin repealed by the last Congress, since
salary publicity would not only provide a card index of wellpaid officials for the benefit of racketeers. Organizations
co-operating in the repeal movement include Merchants'
Association of New York, National Retail Dry Goods
Association, New York Board of Trade, Bronx Board of
Trade, Sixth Avenue Association, Fifth Avenue Association,
Broadway Association, West Side Association of Commerce,
and the Thirty-fourth Street-Midtown Association. In its
announcement Dec. 9 regarding the movement, the Merchants Association said:
The objectionable section of the law requires that every corporation
"subject to taxation under this title shall in its return submit a list of the
names of all officers and employees of such corporation and the respective
amounts paid to them during the taxable year by the corporation as salary,
commission, bonus, or other compensation for personal services rendered,
if the aggregate amount so paid to the indivudal is in excess of 815,000."
The last sentence of the section requires the Secretary of tne Treasury to
submit an annual report to Congress compiled from tne returns and "containing tne names of, and tne amounts paid to, each such officer and
employee and tne name of the paying organization."
It is in this last sentence that the expectation of publicity lies. Acting
under its provisions the Treasury Department furnished corporations.
filing their returns in 1935, a form known as Form C-1 on which tney were
required to set forth the names, positions held and the compensation of all
those employees who received over $15,000 a year in the fiscal year for which
the return was made, and it is expected that the information on these returns
will be used as the basis for the Secretary's report to Congress. When the
matter was brought to the attention of the Commissioner of Internal
Dec. 14 1935
Revenue by the Merchants' Association, the Commissioner stated that
whether or not Congress will permit public examination of the annual report
submitted under Section 148 (d) will be a matter of public policy entirely
witnin the discretion of Congress to decide.
In explaining that it had been authorized by other organizations to announce their participation in a campaign for repeal
of the publicity feature the Merchants' Association said:
There appears to be little doubt that the requirement under which the
Secretary of the Treasury must submit this information to Congress will
lead to publicity. Such publicity, except that the field covered is not
quite so broad, would be open to all the objections registered against the
pink-slip provision which formerly required publicity for net incomes. In
fact, in some respects, it would be worse because from the publication of the
net income it was impossible for anyone to determine the source or the
amount of salary that was represented. This provision would have the
effect of revealing to fellow employees exactly what their associates receive,
would lead to jealousy and would have a most serious effect upon the
morale in many corporations. It might similarly lead to unplesantness and
difficulty in familes and with acquaintances as the result of this intireAte
information being available to neighbors and associates. Furthermore, in
the fully documented and conveniently tabulated form required by the law
the information would be made available to every advertiser, high-pressure
salesman, exploiter, racketeer, kidnapper and blackmailer in the United
States. Responsible employees might be subjected to annoyances and
damages which might cost them their positions or even their lives.
There seems to be no justification whatever for the discrimination which
results from requiring such information from persons working for corporations while at the same time exempting those working for unincorporated
enterprises and partnerships. This publicity provision is thoroughly
objectionable and Congress ought to be quite willing to repeal it.
No good reason has been advanced, so far as we can determine, which
would justify the disclosure of such private information.
Valuation of Insurance Company Securities to Be on
Basis of Market Quotations as of Dec. 31 1935—
Resolution Adopted at National Convention of
Insurance Commissioners—Exceptions as to Defaults and Other Bonds
The National Convention of Insurance Commissioners in
New York City adopted, on Dec. 3, the recommendations of
its Committee on Valuation of Securities that the valuation
of securities in the annual statements of insurance companies
be on the basis of the market quotations as of Dec. 31 1935.
The Committee's recommendations, agreed upon on Dec. 2
(somewhat similar to those adopted a year ago), makes certain • exceptions as to defaulted bonds and State and
municipal bonds. As given in the New York "Journal of
Commerce," Dec. 3, the resolution fixing the basis for valuation follows:
Book of Valuations
Resolved, That the book containing the valuations of securities 118 of
Dec. 31 1935, published under the auspices of the National Convention of
Insurance Commissioners, shall be upon the following basis:
1. Stocks and bonds (other than those described in 2 below) shall be
valued at market quotations of Dec. 31 1935.
2. (a) Bonds of States of the United States and of Provinces of the United
States and of Provinces of the Dominion of Canada and political subdivisions
thereof shall be valued as provided in the resolution adopted July 12 1935
by this convention. (A copy of this resolution is given below.)
(b) Such bonds, if issued in 1935, prior to July 1, shall be valued at
July 1 market quotations; if issued subsequent to July 1 the original offering
prices (cost) shall be used.
3. Bonds in default shall be valued on a flat basis, i.e., including past due
and accrued interest. A symbol F shall be used to designate such values.
4. Stock valuations shall include dividends declared or accrued.
"Fair Market Value" Defined
Resolved, That for the inventory of stocks and bonds in the annual statements of insurance companies as of Dec. 31 1935, the following basis is
recommended as fair market value:
1. All bonds amply secured and not in default should be valued on an
amortized basis whenever permitted by law.
2. All other bonds—and where amortization is not permitted by law all
bonds—should be valued as shown in "Valuations of Securities" books published under the auspices of the National Convention of Insurance Commissioners.
3. Stocks should be valued as shown in "Valuations of Securities" book
described above, except as hereinafter provided.
4. Stocks held by life insurance companies may be valued in the aggregate
at the cost or book value, whichever is lower, provided the income received
by such companies on such stocks in the aggregate, during each of the five
years preceding the date of valuation, shall have been at a rate sufficient to
meet the interest required to maintain policy reserves and other policy
obligations, and provided further, that the net investment income received by
such companies on their ledger assets shall not have been less than required
to maintain the reserve. This shall not apply to stocks of corporations in
receivership or similar status. Cost as used shall be held to include stocks
received as exchanges or rights received as dividends or otherwise at not to
exceed the market value quoted on the date acquired.
Further resolved, That in eases where the condition of insurance companies
may require the immediate disposition of securities, it is recommended that
the discretion of the State supervisory officials of insurance should be exercised to vary the general formula herein set forth, so as to adopt prices
reflected by the exchanges.
The resolution of July 12 1935, referred to above, was as
follows:
Resolved, That the Committee on Valuation of Securities of the National
Convention of Insurance Commissioners recommends the following basis of
valuing bonds of States of the United States and of Provinces of the
Dominion of Canada and political subdivisions thereof for the inventory of
such securities in the annual statements of insurance companies as of
Dec. 31 1935:
1. Such bonds, where not in default, should be valued at the mean of the
values established by the National Convention of Insurance Commissioners
for Dec. 31 1934, and the market quotations of July 1 1935.
2. Where such bonds are in default, values should be established by the
publishers of the convention book containing security values with such
reasonable adjustments of market quotations as are warranted by the circum.
Volume 141
Financial Chronicle
stances involved in the separate issues. These adjusted values should approximate the mean of the valuations established by the convention for Dec. 31
1934, and the indicated market quotations of July 1 1935. These adjustments in values shall be subject to review by the Committee on Valuation
of Securities.
The recommendations of a year ago were given in our issue
of Dec. 8 1934, page 3574.
Resolution of Convention of Insurance Commissioners
Extend Requirements for Examination of Companies Operating in More Than Three States—
Title of Commission Changed
A resolution adopted on Dec. 4, in New York City by the
National Convention of Insurance Commissioners proposes
that insurance companies operating in more than three States
be subject to examination not only in their home State, but
also in States in which they are licensed to operate. From
the New York "Herald Tribune" of Dec. 5 we quote:
The so-called "convention examination," adopted some time ago and,
which, according to the Commissioners, has stopped indiscriminate and
Independent examinations, was extended under yesterday's resolution to
Include examination of payment of taxes to the respective States in which
the company is licensed, as well as solvency and other matters.
The resolution stated further "that all companies be examined as above
through the National Association of Insurance Commissioners committee
on examinations, giving fair representation to the States, with due regard
to geographical location and volume of business in force."
In the same paper it was also stated
After being known as the National Convention of Insurance Commissioners for more than 60 years, the organization's new constitution, which
was adopted yesterday, changes its name to National Association of Insurance Commissioners. The change in name and the proposed new constitution were designed to broaden the scope of the group, which first met
in 1871.
George N. Peek Declares United States-Canadian Tariff
Pact Involves "A Direct Reversal" of President
Roosevelt's Position in 1932 Campaign—In Final
Report on Foreign Trade Says Resignation is Due
to Lack of Sympathy with Administration's Policies
George N. Peek, whose resignation as President of the
Export-Import Bank was noted in our Dec. 7 issue, page
3631, completed on Dec. 6 his final report on foreign trade.
Mr. Peek, who, as we reported last week, likewise indicated
that he had sent to President Roosevelt his resignation as
Foreign Trade Adviser, declares in his report that the
recently concluded trade agreement between the United
States and Canada "involves a direct reversal" of the
President's position for the 1932 campaign. As to this we
quote as follows from the Washington account Dec. 7 to
the New York "Herald Tribune":
Using the Canadian agreement as his text, Mr. Peek charged:
First, that it involves a direct reversal of Mr. Roosevelt's 1932 campaign
pledge not to reduce duties on farm products and his professed determination to revive industry by increasing the purchasing power of American
farmers.
Second. that through the operation of the State Department's unconstitutional most-favored-nation policy all the trade argreements concluded,
excepting that with Cuba,"substantially effect a general tariff reduction,"
which is "a matter of major national policy" on wnich Congress has not
passed.
"It is my considered view that these are developments which were not
contemplated by Congress at the time of the Trade Agreements Act of
1934," Mr.Peek said. "1 feel that Congressshould be consulted specifically
upon them regardless of the tecnnical authority granted to the President
under the Act of 1934."
Asks Roosevelt Intentions
The President, Mr. Peek observed, had the power to terminate any
trade agreement in whole or in part.
"Will he avail himself of this authority?" Mr. Peek inquired. "Will ne
consult Congress?"
The net effect of the Canadian agreement, Mr. Peek found, was to
assure Canada an increased share of United States markets for agricultural
and forest productions, in return for "the expectation" that certain United
States industries would obtain larger markets in Canada for their products,
-especially of productive machinery." The theory that increased exports
of manufactured products would improve the purchasing power of American
wage earners and so increase their consumption of American farm products,
was, Mr. Peek asserted, "precisely tne theory upon which three Republican
Administrations acted during the .2os when American agriculture progressively declined."
In noting that Mr. Peek states that he had not resigned
on account of the Canadian pact, the account (Dec. 7) to
the "Herald Tribune" added:
He pointed out that he had offered his resignation last July but had
been persuaded by the President to withdraw it.
Outlines Resignation Causes
"The real cause of my resignation is any lack of sympathy with the whole
policy that is being followed with regard to international trade and financial
transactions.
"In New York on Armistice Day I made a few observations to my old
friends of the War Industries Board, setting up a hypothetical program of
8 points under two headings: one internationalist policies, the other an
American program. That did not meet witn tne approval of tne President.
and that was the immediate cause of my resignation."
Mr. Peek said the President nad sent him a letter expressing displeasure,
but he refused to make public its contents.
Asked as to his future plans, he said he would open his own office in
Washington Monday morning.
ei am going to stay here and fight it out on this line," he said.
"It isn't a partisan question," he added. "All tnese major issues cut
squarely across both major parties. Every major issue does."
Asked if he intended to support Mr. Roosevelt for re-election, Mr. Peek
grinned and replied: "That's something else again."
3789
Backs no General Plan
Asked if he intended to make a fight against the crop-reduction program of the Agricultural Adjustment Administration and for the equalization fee, the export debenture plan or any of the other subsidized export
or "two-price" systems in the promotion of which he was active for a
decade prior to Mr. Roosevelt's inauguration, Mr. Peek said that he was
convinced that under present world conditions no general plan would work.
"The export debenture plan might be a suitable method to apply pursuant to an arrangement with a particular country," he said. "It couldn't
be worked generally. No plan will work generally."
•
In his speech at the reunion of the War Industries Board on Armistice
Day, Mr.Peek said that the nation had "straddled long enough" with international and nationalist policies. The two could not be mixed, he said.
He urged adoption of "a policy for America," which he contrasted, point
by point, with "a policy for internationalists," He urged:
Tightening of the immigration laws.
Preservation of the American market, price levels and employments,
by selective imports and exports and tariff reductions only for specific
advantages in individual foreign countries, instead of laissezfaire and
the unconditional most-favored-nation policy.
Stabilization of the American dollar and tne American price level—
tnereafter "stabilization by agreement with individual countries or blocs
where possible," instead of currency stabilization by international action.
Control of the export of capital instead of the resumption of general foreign
Construction of a Navy designed to meet American requirements in
place of "naval limitation by international agreement to meet the requirements of Great Britain, Japan, France, Italy and Germany."
Development of American shipping and communications systems.
Settlement of disputes by arbitration confirmed by the Senate, instead
of by the World Court and other foreign tribunals.
Strict neutrality and avoidance of moral Judgment on belligerents in
case of wars in Europe and Asia* a "cash and carry" policy for wartime
trade. For the Americas: The Monroe Doctrine plus the good neighbor
policy.
Mr. Peek denied to-day that he had any plans for working with General
Hugh S. Johnson, his former colleague on the War Industries Board and in
the Roosevelt Administration. In his public utterances, General Johnson
nas indicated accord witn many of the international trade and financial
policies urged by Mr. Peak. In advocating a policy of strict neutrality
in war time and reliance on a "cash and carry" policy to control war time
trade with belligerents, both are in agreement with Bernard M. Baruch,
tneir one-time cnief on the War Industries Board.
A further extract from the same advices follows:
For Nation by Nation Trade
In supplementing his formal analysis at a press conference this morning,
Mr. Peek verbally reiterated his belief that "the way to trade is to trade."
By that phrase, he said, he meant that trade negotiations snould be conduced on a "country by country" basis under a "conditional" ratner than
tne unconditional most-favored-nation principle.
These agreements. ne said, need not necessarily be barter arrangements.
but they should assure definite outlets for specific goods of which the United
States had troublesome surpluses. The unconditional policy of the State
Department went back only to 1922. Mr. Peek asserted.
From 1789 until 1922, he said, the most-favored nation policy of the
United States was conditional—that is, tne concessions made to one country
were extended to otner countries only if they made corresponding concessions. He said the Cuban agreement adopted last year had been successful
because it was "a real reciprocal agreement of an exclusive character."
A dispatch from Washington Dec. 7 to the New York
"Times" had the following to say:
Outlines Foreign Trading Plan
Although conceding during the course of nis press conference tnat the
export-debenture plan which he once championed would not work out
to-day, Mr. Peek contended that "any general plan in connection with
exports comes back to the necessity of negotiating with individual countries."
It was idle to talk of horizontal tariff reductions, according to Mr. Peek,
"as long as all other countries are conducting their exterior relations on a
national basis designed to benefit only the individual country concerned."
He recalled the Export-Import Bank's unsuccessful attempt to negotiate
a deal with Germany for the export of 800.000 bales of American cotton,
which, he said, had been blocked by the State Department, as illustrative
of the method of foreign trading he would like to see adopted.
Under the arrangement, he explained. Germany was to pay 25% cash
and the remainder in special marks convertible at not less than the prevailing rate of exchange, and under which no credit was to be extended nor
goods shipped until payment had been made here.
Charles R. Gay Criticizes Government Spending
Policy—Says False Philosophy Can Lead Only to
Ruin—Tells California Bankers "Normal Recovery" Is Needed—Advocates Restoration of Gold
Standard Without Further Devaluation of Dollar
The general adoption by government of the philosophy of
spending may mean the end of our present economic order,
Charles R. Gay, President of the New York Stock Exchange,
said in an address before Group V of the California Bankers
Association, in Los Angeles, on Dec. 7. Mr. Gay said that if
this philosophy is carried to its logical conclusion it will mean
the end of wealth and the restriction of production to bare
necessities. "No nation that abandons thrift and saving and
investment," he stated, "can avoid a reversion to savagery."
He declared that continuation of the philosophy would
destroy the function of banks and of investment markets.
We shall not be assured of a return to normal conditions in
this country, he continued, "until we have a sound money
system, a banking system devoted to the financing of spontaneous industrial and commercial enterprise, and an economic order resting on hard work, thrift, saving, investment
and increased production."
Mr. Gay said that the present Administration's program
has been based on recovery, relief and reform. Throughout
its policies, he said, has run "a punitive or vengeful spirit,"
and incident thereto he cited the original Securities Act of
1933, which, he said, was so framed that it tended to restrict
investment and reduce confidence. While admitting that
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Financial Chronicle
business recovery is proceeding, he said that it is being
endangered by vast government expenditures, which make for
the possibilities of inflation. He added, in part:
What we want is a healthy, wholesome, normal recovery, without frenzy or
distorted values or unnatural gains. And because of this we would welcome a
government policy which would permit recovery to continue in a normal
way. We should welcome a balancing of the budget, at the earliest practicable moment. We should like to see the restoration of a complete gold
standard without further devaluation of the dollar. We would welcome a
policy of economy in government with a view to the release of funds for
Investment in the productive enterprises of the nation. We should welcome
a revision of that part of our tax laws that now penalizes the sale of
securities in times of rising prices and thus creates an artificial scarcity
value and intensifies the rise of stock prices.
The path of recovery is not only beset by the perils of inflation. It may
be made insecure by legislation. In recent years a false and unhappy economic philosophy has seized the people of this country. It is the philosophy that every problem of resources and production has been solved,
that we live in an age of endless abundance. It matters not that this has
been over and over again disproved by statistics and economics alike. It
has seized hold of the people. This philosophy, having once adopted the
theory of overabundance, necessarily goes on to show that the one problem
of society is to persuade the nation to consume. If there are poverty and
low wages and scant living it must be due, they say, to deficient consumer
power. Hence, the final solution of all economic problems is forced spending.
In this unsound philosophy lies a menace to our whole economic system,
not a potential danger but a present one, already upon us. It is a broad
philosophy, so broad that it covers every activity of our economic order.
It is the underlying philosophy of technocracy. From it there come a very
host of proposals. One is the 30-hour week, aimed to promote consumption
by spreading work at high wages. Another is the theory of spending one's
way out of depression. Still a third is the issue of paper money to promote
trade, whether for the purpose of a soldiers' bonus or other purpose. Still a
fourth is the theory that interest rates must be beaten down to the disappearance point.
Senator McNary to Introduce Three-Point Farm Relief
Bill at Coming Session of Congress
The intention of Senator McNary of Oregon, Republican
leader in the Senate, to introduce with the opening of Congress a three-point farm relief bill as a basis for "a natural
transition from the Agricultural Adjustment Act to a longtime program" was made in Associated Press accounts from
Washington, Dec. 6, which said that Mr. McNary hopes the
measure will be at least a starter for consideration by Congress in event the Supreme Court invalidates the Agricultural Adjustment Act. From the same advices we take the
following:
Unlike the AAA, which sets crop limits for farmers involved in control
programs and gives them cash for taking land out of production, the McNary
bill seeks indirectly to control surpluses by the optional application of either
the equalization fee, export debenture or domestic allotment plans.
Senator McNary realizes that this is nothing new, but he feels that "there
is a lot of good in the old bill yet."
It 4s the same proposal that he put forward in 1932. The plan, supporters
say, aims to segregate the surplus for export, assist in making the tariff
effective on crops, control surpluses by penalizing overproduction and stimulate co-operative marketing.
Under the equalization fee plan, the government would take charge of
surpluses, which would be sold abroad at the best figures obtainable. The
Idea would be to raise domestic prices of the crops by removing surpluses.
Farmers would be assessed a fee to make up for losses and charges incurred
In sales abroad. The government would aim to discourage any overproduction by an automatic setup in the fee.
The export debenture involves a Federal appropriation or bounty. Exporters of surpluses would receive Treasury certificates amounting to one-half
the tariff on the similar imported product. Other debenture rates would be
established for commodities on the free list, such as raw cotton.
Under the domestic allotment plan, all handlers of farm products would
be licensed. It seeks to force domestic prices up by requiring handlers to
purchase that portion of a crop necessary for domestic use at a price not
less than the average cost of production for the year. Violators would lose
their licenses.
Under his plan, Senator McNary holds, production would be controlled,
because if farmers persisted in overproduction, a lesser proportion of the
crop would sell at the domestic prices, and a larger percentage would
bring the lower prices in the world market. Senator McNary says that
farmers would be wise enough to aljust production accordingly.
Secretary Wallace Says Class Balance Is Needed to
Save Capitalism—Next 20 Years Will Determine
Economic Future, He Tells Connecticut Pastors—
Predicts Methods to Save AAA if Law Is Found
Unconstitutional
The only way to preserve the capitalistic system is the
attainment of "a mutually harmonious balance between the
human classes," Secretary of Agriculture Wallace said in
an address before the Connecticut Council of Churches at
New Haven on Dec. 7. The next 20 years, he said, will
determine "if there is a satisfactory method of stopping the
continually disintegrating effect of pressure groups and
building up a stronger sense of the general welfare without
sacrificing any essential liberty to democratic process and the
essential spiritual sacredness of the individual as an individual."
In an interview at Chicago on Dec. 4, Mr. Wallace told
newspaper men that Federal officials are already considering
means of circumventing a possible Supreme Court decision
invalidating the Agricultural Adjustment Act. This interview was reported as follows in the Chicago "Journal of
Commerce" on Dec. 5:
"We know the Court may act unfavorably on the AAA," the Secretary
told newspaper men at the International Live Stock Exposition. "We
know, too, that a lot of interests, particularly In Chicago and New York,
would like to destroy it—probably for political reasons.
Dec. 14 1935
Other Tax Ideas
"Should the act be thrown out, however, there are a number of other
possibilities which might make it possible to continue, namely, substituting
a sales tax, an income tax, or some other kind of a tax which might be
developed."
Mr. Wallace declared the AAA so important to the welfare of the farmers
under their present circumstances that not even a Supreme Court decision
could destroy it. He said he is convinced the AAA is popular with the
farmers and that opposition is centered in a few radical farm leaders and in
the cities.
Blames 1934 Drouth
He admitted the "high cost of living" resulting from rising farm prices
but blamed the drouth of 1934 and not the AAA, saying the farmer still is
not getting his proportionate share of the consumer's dollar. Farm income
now, he said, is about $8.000.000,000 a year. as compared to approximately
$5.000,000,000 when the depression was at its worst and to $19,000,000.000
in the years before 1929.
'
737,w Haven dispatch of Dec. 7 to the New York "Times"
quoted from Mr. Wallace's speech of that date as follows:
"Social engineering within the democratic progress, aimed at raising the
life of the lower half of the population and creating a higher degree of
economic security, will undoubtedly be needed to save the capitalistic
system in superficial manifestations," he went on.
"It is not suggested here that the needs of the times will be met on the
one hand by accepting the simple faith of the Fundamentalists who still
retain the faith of 300 years ago, or on the other hand, by accepting the
materialistic dialectic of Marx and Lenin.
"My analysis of the difficulties of the past 100 years is superficially
somewhat similar in some respects to the socialistic analysis, but I would
find the cure not in a materialistic dialect, but in a dialectic which embraces the facts of modern science and economies an1 then inquires as to
the direction which should be given these facts thus recognizing the intangible. the cultural and the religious."
Referring to a New York clergyman whom he quoted as saying "it is
against the way of God to destroy what He in His goodness has given us,"
the Secretary said:
"I wonder if this attitude isn't due to a lack of familiarity with the
mechanics of the farm program? Any one familiar with the Adjustment
Administration knows that it has not destroyed food,and does not propose to.
Surely no one would care to urge that it lathe farmers'divine duty to produce
cotton at 5 cents a pound, hogs at $3 a hundred and wheat at 30 cents a
bushel and go bankrupt at the end of the year."
Secretary Wallace in Annual Report Declares Agriculture Is Not Laggard in Production—Increased
Output Planned, but Report Says Unless Urban
Industry Increases Output Result Will Be Lower
Farm Prices
Co-operative crop adjustments, besides aiding farmers and
at the same time safeguarding the interests of consumers,
have invigorated urban industry and pointed the way to a
balanced abundance, declares Secretary of Agriculture Henry
A. Wallace, in his annual report to the President, issued
Dec. 10. Further progress depends, he says, on the co-operation of non-farm business in a co-ordinated effort for general
expansion.
Asserting that agriculture, despite the recent drought and
the cropedjustments, is producing, relatively to the demand,
far more abundantly than urban industry, the report points
to the importance of correcting this disparity. It urges increased industrial production. Otherwise, with farm production well maintained, farm purchasing power will sag, it
contends. "With agriculture continuing to supply the domestic market abundantly, as it fully intends to do," says the
Secretary, "parity prices for agriculture would require an
industrial production level at least 10% higher than that
of 1929." Agriculture is not the laggard in production, the
report declares. Factories processing farm products employed in 1934 about 82% as many wage earners as they
did in 1929, it says, whereas factories processing non-agricultural raw materials employed only 70% as much labor as
they did in 1929. Before agriculture can have permanently
a fair share of the national Income, the report insists, the
national production as a whole must be increased. The
report also says:
Fundamentally, the problem is to give agriculture its due share of the
national incotne through an approach to abundance rather than through an
approach to scarcity. This necessitates an increase in both farm production
and factory production, but at different rates. Agriculture has begun to
plan for an increased output. But the result, unless urban industry, too,
Increases its output, will be lower relative farm prices and possibly a further
decline in the farm share of the national income, if not also in the absolute
Income of agriculture. Agriculture cannot achieve its goal without the
co-operation of industry.
Gross farm income from the production of 1935 and from
rental and benefit payments, the Secretary states, will be
approximately $7,800,000,000, as compared with $7,300,000,000
from the production of 1934 and $5,337,000,000 in 1932. Farm
commodities in September had 86% of their pre-war average
purchasing power, as compared with 55% in 1933. FurthermGre, the report points out that farm costs of production
have increased less than the gross farm income in the last
two years, so that the net return to agriculture has increased
proportionately more than the gross return. In support of
his contention that farm recovery has imparted a stimulus
to urban recovery, the Secretary says it appears that about
four out of every 10 persons re-employed in urban industry
since the spring of 1933 owe the recovery of their jobs to
the improvement in the farm situation. Further information
embodied in the report is indicated as follows by the Department of Agriculture:
Statistical evidence compiled by the United States Department of Agriculture indicates that car-lot thipments of manufactured goods from 18
Northeastern States for use primarily by farmers in 10 Southeastern States
Volume 141
showed an increase of 75% in the first year after the farm adjustment programs and other recovery measures were started. Sales of automobiles on
farms and in small towns increased 38% in 1934 over 1933, whereas in
cities of more than 10,000 population sales of automobiles increased
only 18%.
That consumers have not suffered from the farm programs may be judged
from the farm commodity price level. Farm commodities in August 1935
averaged only 6% above the pre-war level, whereas the prices of the things
that farmers usually buy averaged 26% above the pre-war level. Food
prices to consumers in August 1935 averaged about 80% of the 1928 level
and had risen to that point from 60% in 1933. The average employed
factory worker's earnings had also risen to about 80% of the 1928 level,
the report observes.
Shortages of certain food items, notably hog products, must be traced to
the 1934 drought and not to the Agricultural Adjustment Administration
programs. For the current crop year the supply of most food, crops is fully
adequate, certain classes of wheat being the only exception. This year's
increased production of food crops will enable farmers shortly to increase
the supply of livestock products, in line with the revised terms of AAA
contracts. Secretary Wallace declares the necessity for controlled production
continues, though the emphasis should now be shifted from reduction to
adequate balanced output for the available market, domestic and foreign.
Analysis of the foreign trade situation further emphasizes the need for
crop control, the report contends. The Secretary reiterates his conviction
that the United States would benefit from a more liberal import policy.
He declares there is no reason to be alarmed over the recent moderate
increase in certain farm imports and argues that an exclusion policy would
react disastrously on the agricultural export trade.
High tariffs on export crops, besides being useless most of
the time, according to the report, commit agriculture to a
high tariff philosophy, encourage other industries to demand
prohibitive tariffs on their goods, and provoke retaliatory
action abroad. Thus, without safeguarding agriculture's
home market, such tariffs damage its foreign market, the
basis of which is reciprocal international trade. The report
also discusses farm land values and urges farmers to ponder
the dangers of speculation and overvaluation. It describes
various aspects of the Department's land program, including
retirement of submarginal areas, problems involved in resettlement, and the provision for forests and wildlife areas. It
discussed the Department's projects for basic research under
the new Bankhead-Jones law, recounts scientific achievements in the Department's bureaus, and gives statistics on
Federal road construction for the last fiscal year.
Bureau of Agricultural Economics Reports Year of
Varied Work—Finds Processing Tax Passed on to
Consumers
The Bureau of Agricultural Economics continued most of
its established activities and engaged in new ones as necessitated by emergencies or the need for new information in
guiding the policies of agricultural adjustment, according to
Dr. A. G. Black, Chief of the Bureau, who in his annual
report states that these activities covered a wide range,from
emergency drought surveys and the listing of feed supplies
to specific economic research on complicated current
problems.
Dr. Black reports that "the economic effects of Agricultural Adjustment Administration marketing agreements and
processing taxes were studied," and says:
Studies of the effects of processing taxes have been made, particularly
in relation to wheat, cotton and hogs. Briefly, the findings are that
processors in general have not absorbed the taxes, but that they have been
passed on to the consumer or have tended to lower prices to farmers below
what these prices would be if some means other than processing were available for financing the program.
If the effects of the taxes are considered, along with benefit payments to
farmers and with price increases due to the control of production, it is
evident that the income of wheat, cotton and hog producers has been raised.
In a chapter on current-information services, Dr. Black
says the gathering of statistics of production of agricultural
products, of stocks and movements to market, of prices, foreign trade, and related subjects, is the basic work of the
Bureau. He tells how the crop and livestock estimating service of the Bureau has been expanded to aid in adjustment
programs, and of the help given in connection with the Bankhead cotton program. Various features of the report (made
public Dec. 2) are summarized, in part, as follows by the
Department of Agriculture:
Dr. Black reports that the principal developments in the work of the
foreign offices of the Foreign Agricultural Service were—
(1) A start at concentration of reporting on a commodity basis in the
European offices.
(2) A marked increase in participation by Foreign Agricultural Service
officers at international conferences ; and
(3) A considerable extension in activities of agricultural attaches as
advisers to the heads of the embassies or legations to which they are
accredited.
A preliminary report on the consumption of American and other growths
of cotton in Japan, and a report on cotton production in southern Brazil
was issued. Studies were made of foreign agricultural policies. A number
of special reports were issued analyzing the factors affecting agricultural
exports to China.
In a chapter on standardization and inspection of farm products, Dr. Black
says a significant phase of this work has been the increased interest on the
part of consumers and consumer organizations. Recognizing this trend and
its importance, the Bureau for the first time sent an exhibit showing the
use of quality standards in the labeling of products for consumer use to the
annual meeting of the American Home Economics Association. Work on
standards which will be of practical use to consumers, and on labeling methods for showing quality is being pushed more effectively than heretofore.
During the year changes were made in standards for grades of cotton,
and new grain standards were put into effect. Progress was made in
developing standards of livestock; there was an increase in the quantity of
meat graded under Bureau standards, and the work in wool standards and
grading was improved.
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Financial Chronicle
More than 306,000 cars of fruits and vegetables were inspected at shipping
points during the year, and 53,443 cars in receiving markets. More than
5,000,000 dozen cans of fruits and vegetables were graded. The Buaeau
expanded its grading and inspecting of dairy and poultry products, and
tobacco inspection operations involved the largest total of tobacco inspected
in any year except the fiscal year 1934.
The unusual and frequent change of prices of farm products during the
year maintained the demand for current market-news reports, it is stated.
The Bureau's leased-wire reporting system covered about 9,000 miles, giving
instant communication between about 50 offices in the principal market
centers and a large number of short-time field stations. Full-time livestock
market reporting offices were maintained at 23 important public livestock
markets. . . .
The Bureau administers a number of regulatory laws such as the Cotton
Futures Act, Cotton Standards Act, Grain Standards Act, Warehouse Act,
Produce Agency Act, Perishable Commodities Act, and Standard Container Act.
Many economic research projects were carried on. They included a
national program of cotton research, studies in packaging cotton, a survey
of the world cotton situation, a regional-adjustment survey, research in types
of farming, and a detailed study of wheat farming.
The Bureau computed costs of producing corn, wheat, oats, milk and
cotton. It made localized studies in farm management, and conducted
surveys on farm taxes, bank loans in agriculture, net demand deposits in
agricultural areas, farm properties acquired through foreclosures, country.
bank policy, production-credit loan policies, seed loan borrowings, and
agricultural insurance.
An index of world industrial production was prepared to afford a measure
of changes in world demand. The Bureau undertook to estimate monthly
receipts from the sale of farm products by States. It collected much information regarding the effect of freight rates upon the shift in the transportation
of agricultural products from railroads to trucks.
Other research included studies of price spreads between producers and
consumers, and statistical research on supply of and demand for various
farm products and movements of farm population. Aid was given in some
States in studies of local governmental problems with a view to making local
government less expensive and more efficient.
Four-Year Program for Cotton Announced—Fixes
Total Base Area at 44,500,000 Acres or 1,000,000
Acres Below 1935
Approval by Secretary of Agriculture Wallace of a fouryear cotton adjustment contract was announced on Dec. 2
by the Agricultural Adjustment Administration. The contract, covering thE, years 1936, 1937, 1938 and 1939, will be
offered to cotton producers to replace the one expiring at
the close of this year. The new program adopts a total
base cotton area of 44,500,000 acres, it is stated. This year
45,500,000 acres were allotted as eligible for cotton planting.
In Washington advices Dec. 2 to the New York "Herald
Tribune" of Dec. 3 it was stated:
The cotton contract for next year calls for a further restriction of production. Cotton farmers will be required to reduce their planting 30%
below their base acreage and, at their option, may receive benefit payments
on a reduction as agreat as 45%. The comparable terms were 35 to 45%
In 1934, and 25 to 35% this year. The AAA pointed out that while the
9,000,000 world carryover of American cotton on Aug. 1 1935 was 4,000,000
bales below the record carryover of 1932, it was still 3.000,000 bales largar
than the average carryover for the 10-year period ended in 1933. Therefore,
it concluded, production must still be kept below consumption.
Crop Near Consumption
pr The reduction in total cotton acreage this yaar was actually 32.8%,
and the current crop is estimated to have yielded 11,169,000 bales, against
a tentatively estimated consumption, domestic and export, of about
12,000,000 bales for the cotton year ending next Aug. 1.
A cotton producer will receive at least five cents a pound on the average
yield of the acres which he retires from production. He must raise at
least 25% of his base average.
Cotton benefit payments will be paid in single payments made as soon
as the work of checking compliance is completed following the planting
season in each county. At the rate of five cents a pound, the average
payment will approximate $8.60 an acre, approximately that paid in 1934.
Cotton contractors are prohibited from increasing their plantings of
peanuts, tobacco or rice beyond their 1934 or 1935 plantings, whichever
were the higher. In fixing the base-cotton acreage, each State is permitted to choose from a variety of formulas, but whichever formula is
chosen must be applied to the entire State. A total base acreage of
44,500.000 acres for the nation is declared.
The new cotton contract also provides for increased payments to sharecroppers and certain classes of tenants.
Potato Growers with Sales of 50 Bushels or Less Annually. from 1932 to 1935 to Receive Tax Free Allotment of Equal Amount
r Any potato grower whose average annual sales of potatoes
during the years 1932-1935 were 50 bushels or less will
receive a tax free allotment of potatoes equal to such annual
sales under regulations for administration of the Potato Act
of 1935 which were announced Dec. 5 by the Agricultural
Adjustment Administration. The announcement stated:
P In order to obtain tax free allotments, each grower will file an application
under which he will establish his past sales. County offices will announce
the time for filing applications.
If a grower's past sales during the base period. 1932-1935, were .50 bushels
of potatoes annually, he will receive tax exemption stamps for the potato
allotment year which began Dec. 1 1935, equal to 50 bushels of potatoes.
If his average sales were 30 bushels, he will receive tax exemption stamps
equal to 30 bushels.
Farms which produce 5 bushels of potatoes or leas annually were specifically exempted under the provisions of the Potato Act from any tax. The
Increase in the exemption was possible, however, under subsection (2) of
section 205 of the Act.
The AAA followed the unanimous recommendations of the National
Potato Advisory Committee, made on Nov. 21 1935, in increasing the
exemption.
"Study of data available from the 1934 census of agriculture indicates
that the exemption of 50 bushels will require a slightly larger downward
adjustment, probably not more than 1%, in the sales allotments to farms
3792
Financial Chronicle
selling more than 50 bushels of potatoes than would be required if the
exemption were not allowed," J. B. Hutson, director of the division in
charge of the potato program, said.
The tax exempt sales allotment of potatoes under the
Potato Act was referred to in our issue of Nov. 9, page 2988.
Consumers Exempt from Penalties Under Potato Act
of 1935, AAA Announces
The Agricultural Adjustment Administration announced
Dec. 7 that consumers buying potatoes in the ordinary way
are exempt from penalties under the Potato Act of 1935. The
announcement was made after the Bureau of Internal
Revenue had issued regulations relating to the taxes imposed
by the Potato Act.
"The penalty provision, insofar as any consumer is concerned, applies only to persons who knowingly violate the
act by purchasing potatoes which were not packed in closed
and stamped containers at the time of their first sale," J. B.
Hutson, director of the division which has charge of the
potato program, said. He added:
This means that a buyer would not violate the Act unless he purchased
potatoes direct from the grower, while knowing that the grower had not
complied with the requirements of the Act with regard to packaging and
stamping.
The majority of the retail sales of potatoes—sales from store to consumer—do not come within the scope of the Potato Act. The Act says the
first sale of potatoes harvested and sold on or after Dec. 1 1935. shall be
in closed containers bearing tax-exempt or tax paid stamps. The first sale
means only the initial sale by the producer. The potatoes sold by retailers
do not represent the first sale unless the retailer is also the grower of the
potatoes he is selling. Consumers buying potatoes from retailers need
have no concern if the potatoes are not in closed and stamped containers.
rho potatoes need be in such stamped containers only at the time of the
first sale.
Consequently, in most instances, observance of the provision relating
to first sale means that the statute has been complied with to the fullest
extent and that the law does not apply to the ordinary sale to the consumer.
Housewives and other purchasers of potatoes for consumption will continue
to buy their potatoes in the customary way, unaffected directly by the law.
Recommendations for amendment of Section 220 of the
Act to specifically exclude the consumer from any possible
penalty in connection with packaging and the affixing of
stamps to packages have been made by the National Potato
Advisory Committee and the Potato Program Development
Committee, it is stated. Both groups are composed of
representative commercial potato growers. The recommendations will be referred to Congress after it convenes
in January. The Potato Act, the text of which was given
in our issue of Sept. 14, page 1657, became effective Dec. 1
on potatoes harvested and sold after that date. Almost all
the potatoes which are being sold now, however, were harvested before Dec. 1 and consequently are not affected by
the law. Mr. Hutson also stated:
Only about 1% of the total potato crop of the United States is dug
between Dec. land March 1. The other 99% of the crop comes from States
which harvest from March 1 to Dec. 1.
Fite great bulk of the potatoes harvested and sold after Dec. 1 will be
marketed without payment of a tax since the growers are automatically
entitled to sales apportionments approximately equal to sales averages
for past years. The aim of the Potato Act is to eliminate, through a tax
on the sale of surplus potatoes, the gluts which have depressed prices in
the past. If the law operates successfully, both consumer and growers
will be benefited.
New Corn-Hog Contract Offered to Farmers for 1936
and 1937—Provides for 30% increase in Hog Froduction Next Year—Corn Crop Would Be Limited
to 95,000,000 Acres
Announcement of a 1936-37 corn-hog adjustment program,
along lines of that recommended by the Agricultural Adjustment Administration about a month ago, was made on Dec. 2
by Henry A. Wallace, Secretary of Agriculture. The contract proposes a 30% increase in hog production next year
over this year's output, and also proposes to restrict the corn
crop to 95,000,000 acres, an increase of about 1,400,000 over
the acreage permitted in 1935. The recommendations of
the AAA for the two-year program were referred to in our
issue of Nov. 23, page 3321.
In reporting Secretary Wallace's announcement of the new
program, United Press advices from Washington, Dec. 2,
to the New York "Journal of Commerce" of Dec. 3, said:
Details were revealed as the Bureau of Agricultural Economics, the
Government's chief agricultural research agency,reported results of a survey
showing that Agricultural Adjustment Act processing taxes either had-been
passed on to the consumer or had been paid indirectly by the farmer who
received lower prices for his products.
Under the new adjustment program a corn acreage base and a market hog
base will be fixed after appraisal by community committees and review by
county allotment committees.
Co-operating producers must agree to plant corn next year on at least
25% of their base acreages. They will be permitted to retire from 10 to
30% of their base acreage for soil-improving or erosion-preventing purposes.
Hog growers must agree to produce between 50 and 100% of the base market
production.
The 1936 corn adjustment payment will be 35 cents per bushel on the anpraised yield times adjusted acreage, less a pro rata share of local administrative expenses.
Corn adjustment payments will be made in two instalments. The first.
at the rate of 20 cents a bushel is to be made about Aug. 1. The second
will be due about Dec.31 1936, at the rate of 15 cents per bushel.
A payment of $1.25 per head will be made on each hog in tne base. Deductions will be made at the rate of $2.50 per head if a producer fails to
raise 50% of his base. The total payment to a producer will be the same
for a production ranging from 50% to 100% of his base. For example. a•
producer who base is 100 flogs and wno produces any number from 50 to
Dec. 14 1935
100 head will receive a payment of $125. If he produces only 40 head
his payment will be $100. Deductions of $5 per head will be made if he
raises more than his assigned base.
Hog payments, less the pro rata snare of local administrative expenses,
will be made in one instalment about Dec. 31 1936.
In 1937 rates will be announced by Nov. 30 1936, but tne rate on corn
will not be less than 30 cents per bushel and the rate on hogs will not be
less than $1.25 per head.
The goal of the program. Secretary Wallace said, "Is to balance production at a point where the supplies of these commodities will sell at a price
low enough to move tnem freely into consumption, but edge enougn to keep
tn3m coming along over a period of years—keeping in mind tne need for
protecting our natural resources, which in this case is the soil—and to bring
about these adjustments through a continuation of democratic processes
involving a high degree of local administrative responsibility."
jmuelrys1t
:
ntatleor iaFonaddr
$133,387,289 in Re
Benefit Payments Distributed by AAA
Co-operating in Six
Programs DuringSept.30
During the first quarter of the current fiscal year, July 1
to Sept. 30, farmers co-operating in six agricultural adjustment programs received rental and benefit payments totaling
8133,387,289, according to the monthly report issued Dec. 8
by the Comptroller of the Agricultural Adjustment Administration. Such payments accounted for the greater part of the
total expenditures of 059,352,843 reported for the period,
said an announcement issued by the AAA, which continued:
as Disbursements for the period, aside .from benefit payments, were listed
follows:
Removal and conservation of surplus, $969,182; drought relief, food conservation and disease eradication operations,$4,572,386;trust fund operations,$2,176.556;
administrative expenses, $11,325,646; and tax refunds, 56,921,785.
The report shows that total available funds amounted to $208,072,434,
made up of $169,493,451 from proceeds of appropriations and trust funds,
and $36,578,983 from processing tax receipts reported only through Aug. 31
at the time the report was prepared. Expenditures chargeable against appropriations and trust funds amounted to $11,193,985 for the period, leaving a
balance of $158,299,486. Expenditures chargeable against processing tax
receipts amounted to $148,158,878, creating a deficit of $111,579,895. Thus,
the net balance of total funds available as compared to total expenditures
was $46,719,591 as of Oct. 1.
The deficit shown as a result of the excess of expenditures chargeable against
processing tax receipts over actual receipts would show a balance instead,
if processing tax funds now held up as a result of court action were received,
officials stated. It is estimated that as of Sept. 30 a total of $126,281,273
of processing taxes are due but unpaid as a result of such litigation. If
this were paid, the deficit would be wiped out and a surplus of approximately
$14,701,379 would exist. The total balance available as of Sept. 30 then
would become $173,000,884. The estimate of the amount of taxes due, but
unpaid or held in escrow under court action, was based on normal receipts
r
fsorceitphtes. months in which funds have been withheld, adjusted for actual
Processing tax collections for the period amounted to $40,855,549, of
which $5,746,638 was from wheat, $2,445,860 from cotton, $8,566,105 from
tobacco, $510,650 from field corn, $5,580,688 from hags, $319,154 from
paper and jute, $16,939,172 from sugar, $115,915 from peanuts, $124,256
from rice, $47,776 from the cotton ginning tax under the Bankhead Act,
$285,617 from tobacco under the Kerr-Smith Act, $1,267 from rye, and
unclassified $171,853.
In connection with the processing tax collections, officials emphasized
the fact that the relation of the cost of processing taxes to the citizens of
a State as compared to the benefit payments received by farmers within the
same State, can not be determined by a comparison of tax collections by
States to rental and benefit payments by States. It was pointed out that
reports of tax reports merely indicate the amount of taxes collected from
processors on farm commodities processed within a State. Studies have
shown that processors generally pass the taxes on to the ultimate consumer,
and from processing centers such products are distributed over the entire
country. Thus, such reports give no indication of the actual amount of
processing taxes paid by consumers living within the boundaries of any
given State. The only possible method to determine the amount of taxes
paid by the people living within a given State, officials say, is to determine
the quantity of taxed commodities actually consumed within its boundaries,
and then, to determine whether the tax was borne by the processor, passed
on to the consumer or back to the farmer.
Processing tax collections have been largest in Illinois, which is the
largest processor of hogs, and also is an important center for manufactures
of wheat and corn. Next highest collections come in New York, where
large amounts of wheat, corn, hogs, cotton and tobacco are processed;
North Carolina, an important manufacturer of tobacco and cotton products;
and Minnesota, which is the leading wheat-milling State. The agricultural
products processed in these States from commodities subject to a processing
tax, however, were sold in every State in the Union.
Expenditures for the three-month period chargeable against processing tax
receipts were as follows:
Rental and benefit payments, $133,388,977: removal of surplus. $113,681; administrative expenses, $7,734,436; and tax refunds, $6,921,785.
Expenditures chargeable against definite appropriations or trust funds
amounted to $11,193,965, divided as follows;
An adjustment of $1,688 for rental and benefit payments; $855,502 for removal of
surplus: $4,572,386 for drought relief, food conservation and disease eradication:
$2,176,556 in trust fund disbursements, and $3,591.210 for administration.
as Amounts
fa
in rental and benefit payments, by commodity, were
Cotton. 514,850,534; wheat. $36,809,250; tobacco, $5,780.715; corn-bogs. $57.313,078; sugar, $14,599,171, and rice, $4,034,541.
Drought relief operations involved $849,251, of which $784,579 represents
expenditures in connection with conservation of seeds, $51,886, for feed
and forage, $437 for purchase of sheep and goats, $12,350 for purchase of
drought cattle. Indemnities paid producers under the program for eradication of Bang's disease and bovine tuberculosis amounted to $3,723,134.
Surplus removal operations included $37,100 for hogs, $885,502 for dairy
products, and $76,574 for peanuts.
Opposition to AAA Production Control Voiced by New
York State Grange
By an overwhelming majority the New York State
Grange in annual convention at Oneonta, N. Y., on Dec. 12
registered its disapproval of the Agricultural Administration
Financial Chronicle
Volume 141
plan of production control. The delegates approved a
resolution introduced by the Wyoming County Pomona
Grange, declaring that "the remedy for many of the ills
affecting agriculture lies within the means of farmers themselves.' The resolution further declared:
The farmers are capable and better fitted to apply these remedies. We
favor the support of farmer-owned, farmer-controlled co-operatives in
place of the AAA plan of production control.
Associated Press adviees from Oneonta, likewise report
as follows regarding the resolution, copies of which were
forwarded to President Roosevelt, Secretary Wallace and
New York's Senators and Representatives:
The resolution also declared the convention's belief that "the greatest
assistance the Government can render agriculture is through properly conducted research to establish more efficient methods of marketing, through
the development of new uses for agricultural products and through more
efficient methods of production leading to lower costs.
Conference to Be Held in South to Determine Attitude
Toward AAA Cotton Control Act—Administration
to Seek Views on Voluntary Curb in Event of Adverse Court Decision
The fact that the Agricultural Adjustment Administration is planning to ascertain the views of producers as to
whether controlled cotton production shall be continued
on a voluntary basis, was disclosed in a Washington dispatch Dec. 12 to the New York "Times" which indicated
that the Administration was moved to act, with the possibility of an unfavorable Supreme Court decision on the
Bankheacl Cotton Control Act. From the dispatch to the
•
"Times" we quote:
Headed for Atlanta were some of the AAA's foremost cotton experts
and most persuasive orators. They were of tne opinion that invalidation of
the compulsory control law probably was only a matter of time, and were
bent on "selling" field agents on the need for learning to do without it.
The Atlanta conference is the first of three to be held for the purpose
of discussing points of opposition to a 1936 control program without mandatory restraints.
The subsequent meetings will be held at Dallas and Memphis. The
Atlanta session is scneduled for to-morrow and Saturday: that at Memptis
on Monday and Tuesday, and that at Dallas on Dec. 19 and 20. Upon
the basis of observations made at these meetings, officials will report to
Secretary Wallace on whether a strictly voluntary production control
program can be made effective.
Rising Prices Raise Question
Although of importance in themselves, the Cotton Belt meetings are
expected to provide the answer to an even more vital problem confronting
the AAA. It involves the extent to wnich AAA programs may be jeopardized by rising prices for commodities the production of which it hopes to
control.
•
AAA Ends Authorization for December Sugar
Withdrawals
The Agricultural Adjustment Administration, it was
announced., Dec. 11, has stopped the issuance of applications during December for 30-day withdrawals of sugar
under bond. An announcement by the Sugar Section of
the AAA said.
No further applications for 30-day withdrawals of sugars under bond
will be granted for the year 1935 under Section 201 (b) of General Sugar
Order No. 1, Revision I. This section of the order provides for release
of non-quota sugars from customs custody under bond for processing
upon condition that such sugars or their equivalent are returned to customs
custody within 30 days.
The raw sugars released front customs custody recently under the order
have been or will be used mainly to prevent exhaustion of year-end refiners
quota stocks. Sugar Section officials said, and in effect will be deducted
from next years' quota.
The procedure for releasing the sugar under bond was
referred to in our issue of Oct. 26, page 2651.
No Program for Marketing of 1936 Wool and Mohair
Clip to Be Put Into Effect, Governor Myers of
FCA Announces
Acting upon the recommendation of the Wool and Mohair
Advisory Committee of the Farm Credit Administration,
Governor W.I. Myers announced on Dec. 1 that no program
for the marketing of the 1936 clip will be put into effect. He
added that the Committee will be maintained to continue its
work in connection with some 14,000,000 pounds of unsold
wool now in Boston and Philadelphia in which the FCA is
financially interested. This unsold tonnage is largely all
accumulation from the 1935 clip, it is stated. Judging from
the present sale it is expected this wool will have been marketed before the new clip comes on, and in this connection the
Governor points out that wools which have been restricted
from sale either by growers or financing concerns will not
have the supervision of the Committee after Dec. 31 this year,
unless released for sale prior to that date. Governor Myers
stated:
During the period in which the Committee has been in existence approximately 190,000,000 pounds of wool in which the FCA had a financial interest
have been handled by the farmers' co-operatives and wool dealers who have
been parties to the plans worked out by this Committee for the orderly
marketing of wool. The situation in the wool market in this country to-day
is almost the reverse of what it was in 1933 when the Committee was
formed. Wool growers were facing a critical time in their operations, and
wool was selling in the country at about 10c. per pound. Wool growers
could see no immediate relief. It was believed that if a sound marketing
program under supervision of a committee composed of men familiar with
wool marketing were followed that the dumping of many thousands of
pounds of wool on an already disorganized and overloaded market could be
3793
avoided. With the co-operation of the farmers' co-operative marketing
organizations, the wool trade and the FCA, the Committee worked out an
agreement whereby the consignees receiving wool were required to sell
consigned wool ratably and equitably with their own accumulations, thus
making for the orderly marketing of wool in response to consumptive demand
without forced sales and without any attempt to withhold wool and mohair
from the market. This plan was varied slightly last year in that the grower
was given the option as to whether he would sell the new clip at shearing
time or soon thereafter, or if not sold, to consign the clip to a wool firm
chosen by the grower from the list of houses approved by the Wool and
Mohair Advisory Committee.
In bringing to a close any further program, Governor Myers
emphasized that the emergency condition existing at the time
the Committee was formed in 1933 has passed and that the
objectives sought have been reached. During these three
years all interests have co-operated with the FCA to the
fullest extent, an announcement in the matter pointed out,
adding:
Harry Embach, General Manager of the National Wool Marketing Corporation, whose memberships consist of 28 growers' co-operative marketing
associations representing all wool-producing sections of the country, has continuously acted as Chairman of the Committee. Other members of the Coramittee have been F. R. Marshall of Utah, Secretary of the National Wool
Growers Association; Robert L. Turnbull, member of firth of Dewey Gould,
Boston; Joel R. Parrish, Reconstruction Finance Corporation; Sidney A.
Eiseman, of Eiseman Bros., Beaton, and George H. Brennan, Intermediate
Credit Commissioner.
Membership in Federal Credit Unions Increasing
10,000 Monthly According to C. R. Orchard,
Director—Unions Being Chartered at Rate of 100
a Month
Within little more than a year after Congress passed the
Federal Credit Union Act over 77,600 men and women saved
over $1,306,000 through newly-organized credit unions operatin,, under Federal charters, according to a statement made
inbWashington, yesterday (Dec.6), by Director C. R. Orchard
of the Credit Union Section of the Farm Credit Administration. These figures are taken from the Sept. 30 ouarterly
reports of only about three-fifths of the 800 Federal Credit
Unions which have obtained charters to date, most of the remaining number not having been organized for a sufficient
period to justify quarterly reports, Mr. Orchard said. He
stated:
These organizations, including factory workers, many department store
employees, and neighborhood groups in many States, have made almost 30,000
loans during the past year for a total of over $1,600,000.
saving
A large proportion of the 77,000 men and women who have started
money during the first year of Federal Credit Unions had not heretofore
show
saved systematically. Studies made by several groups of credit unions
bank
that in some organizations over 85% of the members had never had
accounts, or any regular method of saving before they became credit union
members.
The quarterly reports indicate that the membership of Federal Credit
Unions is growing at the rate of more than 10,000 a month, and in addition
growth in
the passage of the Federal Credit Union Act has stimulated the
membership of many of the credit unions organized under State laws. Credit
Unions set up under State laws go back as far as 1909 and to-day there
are about 3,000 such organizations in the United States.
Federal Credit Unions, to enable men and women to save money in small
at the
sums and obtain loans at reasonable rates, are now being chartered
in the
rate of about 100 a month. Groups of 50 or more employees engaged
credit
same occupation or neighbors in the same community are organizing
month.
a
unions to save money in small instalments of as little as 25c.
to
possible
it
making
Loans are made at the rate of 1% a month or less,
year.
obtain a loan of $100 at a cost of only $6.50, amortized through the
$4,500,000 of Stock Being Retired by Regional Agricultural Credit Corporations—Governor Myers of
FCA Reports on Progress of Liquidation
Progress in the liquidation of the government-owned
Regional Agricultural Credit Corporations has progressed to
the point where they are retiring $4,500,000 of their $44,500,000 of stock, announced W. I. Myers, Governor of the
Farm Credit Administration, in Washington, Nov. 28. These
12 Corporations, with 23 branch offices, loaned $304,000,000
and have now liquidated over 84% of their loans, leaving less
than $48,800,000 outstanding, Governor Myers noted. He
further reported:
Set up by the government in 1932 to make crop production and livestock
loans to farmers, with funds obtained from the Reconstruction Finance
Corporation, the RACC had outstanding at the peak in August 1933 in
short-term loans over $158,000,000. The Corporations were placed under
the FCA when the latter was organized in 1933.
The use of emergency credit from the regional corporations declined after
1933, and in April 1934, after the production credit associations had been
organized to make short-term loans on a co-operative basis the RACC ceased
to make new loans. Since then a large part of the loans of the Corporations
have been repaid, or refinanced by institutions under the FCA or by private
agencies. The number of main offices has been consolidated to eight, and
the branch offices to nine.
Since May 1934 the production credit associations have purchased from
the RACC loans aggregating $21,157,554. Of the total amount purchased
only $3,434,737 is outstanding. In addition to the purchase of loans from
the RACC, production credit associations have refinanced many borrowers
who had loans from the Corporation. Loans so made for refinancing
amounted on Oct. 31 to $14,476,540.
Overwhelming Opposition to New NRA Legislation
Shown in Returns to Questionnaire of National
Association of Manufacturers
The National Association of Manufacturers announced on
Dec. 7 the analysis of a questionnaire sent to manufacturers
throughout the country seeking a cross-section of opinion
as to whether new legislation similar to the NIRA should
Financial Chronicle
3794
be enacted by Congress, even if the constitutional limitations
could be met. The returns, including large and small
plants, are said to show an overwhelming majority opposed
to new legislation in any form. The Association reports
as follows:
More than 10,000 replies have been received and analyzed. Eignty-two
per cent voted a flat "No." Of tne remaining 18%,no analysis is available
as to tne extent to which they considered legislation should go. All variety
of opinions are included in that group.
Toe question submitted was, "Do you favor legislation continuing in
any form the principles and policies of the NIRA7" thus permitting a
straight "yes" or "no" answer. There was no editorial expression accompanying tne questionnaire which might influence the reply.
The more than 10,000 companies whose replies have been analyzed employ
nearly 3,900,000 wage earners, or over one-half of all the manufacturing
employees of tne United States.
ImiTne representative cnaracter of the inquiry is revealed by tne fact tnat
nearly 3,000 of these companies employ less than 25 employees, and 2,900
companies employ between 25 and 100 employees.
Within the 82% opposing flatly any new legislation embodying tne
principles and policies of the N1RA are embodied 90% of the total number
of employees of companies reporting, or almost half of the manufacturing
employees.
Representative of this industrial sentiment. the National Association of
Manufacturers, in convention the past week, adopted resolutions opposing
government regulation of wages and hours, and added:
"As between the present anti-trust laws, which have been judicially
Interpreted over a period of 45 years, on the one hand, and new legislation
of the type of the National Industrial Recovery Act, which purported to
grant limited exemptions from the anti-trust laws, we unhesitatingly choose
the anti-trust laws."
Conference Called by Major Berry Attended by Few
Important Business Representatives—Labor Delegates Propose Principal Program Incident to
Drafting Legislation to Replace NIRA—Further
Meeting Intimated—Transfer of Skeletonized NRA
to Department of Commerce Recommended
An industry-labor round table conference, held in Washington on Dec. 9 and 10 under the Chairmanship of Major
George L. Berry, Co-ordinator for Industrial Co-operation,
was largely ignored by representatives of the nation's most
important industries. As a result, spokesmen for labor
interests brought forward the only major program proposed
at the conference. It was nevertheless reported on Dec. 11
that Major Berry believed that the meeting had served to
record the opinion of American industry on current economi3
problems, and that he might submit a number of controversial questions to a council of industrial progress in Washington
The conference was called by Major Berry
next week.
with a view toward developing plans for drafting a substitute
for the National Industrial Recovery Act. Incidentally it
VMS pointed out in Washington advices, Dec. 4 to the New
York "Journal of Commerce" that with the admission by
Major Berry, that the NRA is dead, indeed. Secretary of
Commerce Roper's Business Advisory Council recommended
on that day the transfer to his Department of Commerce the
surviving functions of the skeletonized NRA. In part the
Washington account Dec. 4 to the "Journal of Commerce"
continued:
These developments transpired as the National Association of Manufacturers and the congress of American industry in session in New York voiced
their opposition to the proposal of Major Berry that representatives of all
industries meet in Washington with labor for the consideration of problems,
for the solution of which NIRA was originally created by Congress.
Hits Industrial "Jitters"
In the face of growing opposition to NRA in anyIform, Major Berry in
acknowledging the death of NRA declared he could "see no reason why
some industry leaders prefer to indulge in a bad case of NRA jitters rather
than to face squarely toward the realities of the present and future."
In a statement to-day, Co-ordinator Berry announced the national
industry conference beginning Monday would direct its efforts toward
solving unemployment and stemming the "rising tide of business taxation."
Such limitation, it was pointed out by trade association executives is
somewhat in contrast with his statement of October 3 in which he asserted
that there are two phases of the "industrial co-operation" situation to
which he is required to give his immediate attention. They are:
"1. To give the fullest degree of encouragement to the development of
voluntary agreements contemplated by the Executive order dated Sept. 26
establishing certain definite relationships between the Federal Trade Commission and the NRA. In this work I shall give the fullest measure of
assistance in composing such differences as may arise with a view of consummating at the earliest possible date such voluntary agreements as are
permissible under the law.
"2. It will be my purpose to obtain from both management and labor In
industry, their attitude with regard to the development of some permanent
procedure for establishing fair trade practices in industry. This work will
Involve many conferences between management and labor with a view to
establishing a program that both feel will be helpful in developing and
maintaining prosperity and stability in industry. There is no law to compel
conferences and this is not an undesirable situation, because in my judgment, the processes of persuasion and frank discussions, and in the end,
agreements, will lead to the most lasting results."
Berry explained that the information submitted to him and the experience
as former division advisor of the NRA he believed that both management
and labor feel there is a field for industrial co-operation in the United
States, "and that there is ample justification for the establishment of some
instrumentality that would prevent violent and destructive practices, sometimes referred to as 'cut-throat competition.'"
With industrial leaders demanding to be let alone and the Roper council
favoring centralization in the Commerce Department of the duties, which
it might be inferred Major Berry would have had restored to NRA in some
form, that official to-day declared:
"The Government has no agenda for the (Dec. 9) meeting, and no formula for conclusions to be reached."
Dec. 14 1935
Advisory Council Acts
The Business Advisory Council, which has been at odds with the Administration over proposals for regulation of industry, at its meeting to-day
adopted the following resolution:
"Resolved, that the Council recommends that the personnel and functions of the skeleton NRA be transferred to the Department of Commerce
where kindred activities and surveys connected with business and industry
are conducted by trained career men, conversant with the background of
those problems of business and industry which were temporarily dealt with
by the NRA during the emergency."
Disorderly scenes marked the opening of the industrylabor conference on Dec. 9. A Washington dispatch of that
date to the New York "Times" reported the meeting in
part as follows:
During the uproar in the Department of Labor Auditorium, where
approximately 2,000 business executives and labor spokesmen had gathered,
Major Berry and an executive of a furniture trade association gave each
other the lie and the chairman offered to make his opponent"eat" his words.
When the main conference, under Major Berry's direction, broke up
into groups, it appeared that some of the industrial divisions were opposed
to sending a spokesman to an industrial council. Support for the formation
of such a body came principally from the apparel,food, drug and chemical
divisions and some of the distribution groups.
Spokesmen for the needle units said that 95 of the allied groups, representing some 650,000 employees, favored some form of governmental aid
which would result in minimum wages, maximum hours and fair trade
practices. The robe and allied divisions, said to represent about 5% of the
apparel groups, dissented.
Split on Forming Council
Of 28 groups canvassed by the opponents of the plan, 11 were not in
favor of the formation of an industrial council and refused to send a delegate:
nine held no meetings: two adjourned without action: five decided to send
delegates and one referred the question back to a committee.
The manufactured products industry decided to send a delegate to an
industrial council, but enjoined him to insist on the adoption of the program
of the National Associadon of Manufacturers.
The organized labor group which sent a large delegation, representing
most,if not all, of the 109 national and international unions in the American
Federation of Labor was 100% in favor of the formation of a council.
At the round table conferences 13 suggestions, a summary of the many
thousands of proposals made to the Co-ordinator by business and other
groups, were considered. They were not for adoption unless the various
groups were in accord. They were as follows:
1. Amendment of the Federal Trade Commission Act granting the
Commission more authority to meet fair-trade-practice and working-hour
requirements.
Enactment of a maximum work-week law.
3. Enactment of the O'Mahoney bill for licensing and taxation of all
corporations in interstate commerce.
4. Modification of the anti-trust laws.
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.in
Eg
sta
eblpl
mishom
ym
enen
t to
Federal subsidy for business as a means of in.f a Fal
6. Consideration of the effect upon domestic production of the competition of imports from foreign countries.
7. Establishment of a national industrial organization to concern itself
with Federal and State business legislation.
of8
no
.rma
Conise
ld
mer
pa
lotionen
ym oft.allocating the jobless to all industries on the basis
9. Encouragement of new industries to absorb the unemployed.
10. Establishment of an industrial council under Federal auspices to
Promote industrial co-operation.
em
llp.
loE
yra
xaenit.ation
nm
of the taxation question and its relationship to un12. Consideration of a national program for training labor, with a view
to meeting the shostages developing in many skilled employments.
13. Establishment, under the census clause of the Constitution. of a
system of unemployment censuses, providing a job inventory to be used by a
Federal employment office in placing workers.
William Green, President of the American Federation of
Labor, proposed a six-point program at the meeting on
Dec. 10. A Washington dispatch of that date to the New
York "Journal of Commerce" summarized the program as
follows:
I. Shortening the work week.
2. Minimum wage standards for women and minors.
3. Elimination of child labor, night work for women and home work.
4. Enforcement of the Labor Disputes Act.
diff
5er
. en
Fotrim
alui
cation of wage and hour standards for labor without sectional
6. Licensing of industry as contemplated in the O'Mahoney bill now
pending In Congress.
Such program would hardly invite approval of employer groups, representatives of industrial organizations commented this afternoon. The
O'Mahoney bill would give control to the government over industry to a
degree that really appals industry spokesmen, who aver that tne bill was
written for trie Wyoming Senator by A. F. of L.lawyers.
Major Berry's opinions regarding the results of the
sessions were noted as follows in a Washington dispatch of
Dec. 11 to the New York "Herald Tribune":
Unchanged in his position that such a Council,its members not committed
to any specific administration viewpoint, is certain to reach sound conclusions, Major Berry found two encouraging developments to-day on the
labor front.
The General Executive Board of the Amalgamated Clothing Workers of
America, in ratifying the formation of John L. Lewis's Committee on
Industrial Organization,scored the recent "violent attack" of the National
Association of Manufacturers and its affiliates "on the legislative policies
put into effect by the Roosevelt Administration." Such attacks, tne Board
said, warrant every possible effort to organize all industries.
Apparel Group Asks Control
In addition, tne labor apparel group, wnich elected Sidney Hillman,
President of the Amalgamated, as its representative to the proposed industrial council, announced its intention to urge legislation for the clothing
Industries along the lines of the Guffey Act enacted by the last Congress
in behalf of the bituminous coal industry.
Both moves were supplemented by Major Berry's announcement that
the vatic:MS standard labor groups headed by William Green, President
of the American Federation of Labor, would be represented in the forthcoming meetings of the Council. On the side of industry, Major Berry
said, "members of industry management, in many cases representing
majorities of their respective groups, will sit in the industrial council where
these opinions are to be discussed and wnich will seek to draw final conclusions which may be considered as favorable to the majority of industrial
opinion. I wisn to make clear what has been said before, that council
members will not at any point be committed to anything until the persons
whom they are authorized to represent have been consulted.
Volume 141
Financial Chronicle
Changes in Federal Trade Commission Act Urged by
Commission in Annual Report—Seeks Jurisdiction
Over Unfair Practices in Commerce—Would Amend
Anti-Trust Act to Prohibit Acquisition of Assets
of Competing Corporations
Recommendations for changes in the Federal Trade Com• mission Act and the Clayton Anti-trust law, which would
broaden its powers, are made by the Federal Trade Commission in its annual report, made public Nov. 29. It is recommended in the report "that Section 5 of the Federal Trade
Commission Act be amended to specifically prohibit not only
unfair methods of competition in commerce, but also unfair
or deceptive acts and practices, so as to give the Commission
clear jurisdiction over a practice which is unfair or deceptive
to the public, but may not necessarily be unfair to a competitor. Other recommendations suggested are clarification
of the Clayton Act with respect to price discriminations and
corporate acquisitions of competitors' capital stock." In
making its recommendations the Commission states that—
As an outgrowth of experience in particular cases during administration
and enforcement of the laws committed to its jurisdiction, and of its experience in conducting various investigations directed by Congressional authority,
thc Commission has from time to time suggested amendments designed to
make the laws referred to more effective. The Commission deems its appropriate in submitting this annual report to review its various suggestions
previously made and to submit its present views as to the desirability of such
amendments.
In proposing that Section 5 of the Federal Trade Commission Act be amended "to give the Commission clear jurisdiction over a practice which is unfair or deceptive to the public," the Commission says:
There are times when such a practice is so universal in an industry that
the public is primarily injured rather than individual competitors. In such
cases it is very difficult, if not impossible, to show injury to competitors,
but the injury to the public is manifest.
The Commission therefore recommends that the first two paragraphs of
Section 5 be amended to read as follows:
Sec. 5. Unfair methods of competition In commerce and unfair or deceptive acts
declared unlawful.
The Commission Is hereby empowered and directed to prevent persons, partnerships or corporations, except banks and common carriers subject to the Acts to regulate commerce, from using unfair methods of competition in commerce and unfair
or deceptive acts and practices in commerce.
and practices in commerce are hereby
The report continues:
In the interest of simplicity and uniformity of enforcement procedure, the
Commission also recommends a number of other amendments to the procedural requirements of Section 5.
Among the more important of such recommendations, the Commission
recommends the insertion of appropriate language to provide that it shall
not be necessary to establish a violation of its orders issued under Section 5
as a condition precedent to obtaining the court review provided for and to
provide that, when the Commission's order is affirmed, the court shall thereupon issue its own order commanding obedience to the order of the Commission.
The Commission further reocmmends that Section 5 be amended so as to
provide That if a respondent does not take advantage of the opportunity
for court review within 60 days after issuance of the Commission's order,
the order shall become final and conclusive, and the court may punish
violation thereof as a contempt of court.
Amendments Recommended to Clayton Act—Section 2 now provides that
nothing therein contained shall prevent discrimination in price "on account
of differences in the grade, quality or quantity of the commodity sold, or
that makes only due allowance for difference in the cost of selling or
transportation. . . ." If this be interpreted to mean that any difference
in quantity justifies any amount of discrimination it is plain that the section
may be readily evaded and gives no substantial protection against the evil
denounced. For the purpose of clarifying and promoting a more effective
enforcement of the section, the Commission recommends that the section be
amended to clearly define the discrimination in price intended to be
forbidden.
The situation disclosed in its chain store inquiry, involving the frequent
making of special discounts and allowances by manufacturers to chain stores
without any definite relation to cost of selling, leads the Commission to
suggest that consideration be given to the enactment of legislation supplementing Section 2 so as to require all manufacturers of merchandise, other
than perishables, selling in Inter-State commerce, to report promptly to the
FTC whenever they make special discounts and allowances which are not
openly and generally made and published to the trade; failure to make
such reports or the making of wilfully incorrect reports to be subjected to
penalty. However, it Is readily apparent that the volume of work flowing
from the requirements of such reports would necessitate substantial appropriations to properly administer this provision.
Section 7 now prohibits acquisition by one corporation engaged in commerce of stock in a competing corporation so engaged when the effect may
be to substantially lessen competition between such corporations. If the
section is to accomplish the general purpose of preventing monopoly, it should
be amended to prohibit acquisition of assets, not only indirectly through use
of stock unlawfully acquired but also direct acquisition of assets independently of stock acquisition. The Commission therefore recommends that
both the direct and indirect acquisition of assets be prohibited where the
effects are the same as those already prohibited by the section. Such
amendments would also call for an amendment of Section 11 to make the
procedural remedy as broad as the things prohibited.
Outstanding activities dealt with in the report include the
Commission's general investigations, its trade practice conferences, and its work in correcting and eliminating unfair
methods of competition and other unlawful practices. In
part, the Commission summarizes these and other activities
as follows:
Consolidations and Mergers—The report shows that important consolidations of competing corporations have been consummated through acquisitions
of physical properties, rather than through acquisition of capital stock.
A review of the year's work discloses that 14 preliminary inquiries involving acquisitions, consolidations and mergers were pending at the beginning
of the year. Twenty-three new inquiries were instituted during the year,
and seven were pending at the close. The report states that the year was
probably more important with respect to corporate activities relating to
3795
recapitalization and internal reorganization than with regard to acquisitions,
consolidations and mergers.
Complaints, Orders and Stipulations—In cases arising under the Federal
Trade Commission Act or the Clayton Act, the Commission issued 280 complaints, as compared with 97 in the year 1933-34.. In 125 cases the Commission served upon respondents its orders to cease and desist from unfair
practices which had been alleged in complaints and were found to have been
engaged in by those respondents. This was an increase of 14 over the last
preceding year. The Commission settled by stipulation a total of 391 cases,
an increase of 119 over the last preceding year. Of this total, 151 directly
involved false and misleading advertising cases, while the others related to
unfair trade practices generally.
Export Trade Associations—Forty-three export trade associations operating
under the Webb-Pornerene or Export Trade Act had filed their organization
papers with the Commission as of June 30 1935, in compliance with the
provisions of that Act. . . . The Export Trade Act grants exemptions
from anti-trust laws to associations formed for the sole purpose of engaging
in export trade.
The report also deals with the electric and gas utilities
investigation, the textile inquiry, the milk investigation, the
chain stores inquiry,the trade practice conferences, and legal
activities, and reviews radio, newspaper and magazine advertising, and trust laws and unfair competition abroad.
Next Two or Three Years to Be Period ofi"Real Prosperity," According to Roger W. Babson—Unemployment a Problem to Be Solved Only by Spiritual
Awakening—Sees Lowered Living Standard
According to Roger W. Babson, economist and statistician,
"all statistics indicate that business is getting better and
should soon be back to normal." "Unless something unforeseen happens," says Mr. Babson, "the next two or three years
should witness a period of real prosperity." Mr. Babson finds
that during the past few years the standard of living has been
declining, and he urges that "as we are emerging from the
business depression, it is up to us now to tackle this more
fundamental problem of raising the standard of living"; this
he regards as"a spiritual rather than a political or economic
problem." In part, Mr. Babson, in addressing members of
the New York Sales Executive Club, at the Hotel Roosevelt,
on Dec. 2, also had the following to say:
I expect a business revival. The stock market will become more active
with higher prices; a boom in real estate will follow; and even commodity
prices should materially strengthen. I am, however, disturbed as to the
unemployment situation. The activity of labor unions, recent social security
legislation, and other Administration measures are driving manufacturers
more and more to automatic and other labor-saving machinery. Some of
this machinery has already been installed, but most of it is still in the
blue-print stage. Its effect on unemployment will not be noticeable until
1936 or 1937. . . .
Only a spiritual awakening on the part of both employers and wage
workers will truly solve this unemployment problem. The standard of
living is not determined by automatic machinery or wakes, but by the
desires of people, especially the aims, purposes and ambitions of the employing classes. . . . Unemployment will disappear when a new generation
comes along imbued with a spiritual creative desire to accomplish things
and to be of service. . .
We may have panics and booms, irrespective of spiritual conditions; but
only a spiritual awakening will check the present decline in America's
standard of living. The adoption of a 30-hour week and the destruction
of crops will only delay the desired results. Dr. Townsend and Father
Coughlin may put over their plans, but they also will prolong the present
decline in the standard of living.
Stock markets may be revived by low money rates; real estate activity may
be boosted by advertising campaigns; retail sales may break all records
through the spending of public funds; while commodity prices may be
advanced by killing hogs, burning corn and plowing up cotton. But unemployment can continue with us, just the same. Legislation may help stock
markets, real estate, retail sales nad commodity prices; but no legislation
has ever solved the unemployment problem. Four previous times in this
nation's history an unemployment crisis was reached, namely—in 1730,
1800, 1858 and 1898. Then, as now, various legislative remedies were tried,
but all failed. Only after a great spiritual awakening swept the nation
was unemployment eliminated. To-day the nation is in another unemployment pocket. As Whitefield pulled us out of 1740; as Finney saved the
day in 1830; as Moody reshaped America beginning 1858; and as a score of
national evangelists restored confidence following 1898, so the nation is
awaiting such spiritual leaders to-day.
Rail Prospects Improving According to Views Expressed
in Messages Which Marked 63rd Anniversary of
New York Railroad Club
In commemoration of the 63rd anniversary of the New
York Railroad Club, which celebrated the occasion at a
dinner, attended by more than 2,600 persons, at the Hotel
Commodore in New York City on Dec. 12, leaders of finance
and nationally known publicists sent messages summarizing
the status of the railroad industry to-day. No speeches
marked the occasion.
A "satisfying increase" in both freight and passenger
traffic was hailed by C. E. Smith,President of the Club,and
Vice-President of the New York, New Haven & Hartford
Railroad, in his annual greeting to the membrship. This
increase was attributed by Mr. Smith to the ability of the
railroads "to keep pace with the needs and.desires of their
customers." In this connection he cited the Pennsylvania
Railroad's electrification between New York and Washington
and the many new stream-styled trains as evidence of the
kind of progress which is building patronage.
Pointing out that carloadings in the past two weeks have
exceeded the totals of corresponding weeks of every year back
to 1930,J.J. Pelley, President of the Association of American
Railroads, predicted that this increase, if continued, would
3796
Financial Chronicle
require rebuilding programs, and the acquirement of new
equipment as well.
The steel industry looks forward with confidence to an
ascending scale of purchases of steel by the railways "in
1936 and beyond," said the message of W.A.Irvin,President
of the United Steel Corp. The time is ripe for a great railroad exposition, was the opinion of Edward Hungerford,
writer and pageant director. The railroad problem, according to Mr. Hungerford, may be expressed in three words—
service, rates and publicity. The three go together and it
is useless for the railroads to concentrate their efforts on one
or two alone.
The plight of the railroads is due to the lethargy of their
stockholders, in the opinion of F. J. Lisman, New York
investment banker and student of transportation. If as
few as one-fourth of the owners of railway stocks would
organize to protect their interests, they could easily secure
the type of legislation needed to protect their investments,in
Mr.Lisman's view. If they do notso organize, he contended,
Government ownership will follow and at prices which will
be ruinous to security owners.
A continuance of the current large increase in railway gross
and net earnings was predicted by Samuel 0. Dunn, Editor
of the Railway Age. Government ownership he sees as a
definite danger with "a huge railroad deficit for taxpayers
to meet," but if the increase in traffic and earnings, now
occuring, continues throughout 1936, "private ownership
will be reasonably safe."
That the 60,000,000 thrifty Americans who hold life
insurance policies and the 14,000,000 who are depositors in
mutual savings banks are indirectly the owners of the railways, was pointed out by Philip A. Benson, President of the
Dime Savings Bank of Brooklyn, N. Y., and President of
the Railroad Security Association, Inc. The railways'
difficulties can be dissolved, he said, only by "a change in the
attitude of Government as well as a renewed disposition on
the part of the railroads to set their own houses in order by
readapting their business to meet changing conditions."
Sixth Edition of "Tax Systems of the World" Now
Available
The sixth edition of the "Tax Systems of the World," edited
by the Tax Research Foundation, and containing 366 pages,
was recently issued. The book is published by the Commerce
Clearing House, Inc., Chicago and New York. It contains
200 large scale tables of the status of taxation the world over,
some of which reflect the many new tax laws and changes
enacted by the Congress and the 56 sessions of the 47 State
Legislatures convening in 1935. In presenting the new volume, the publishers state:
As before, the factual information throughout is conveniently arranged by
States and countries, and also by types of taxes. Comparative tables, for
example, show at a glance which States tax chain stores, the tax rate in
each, and other pertinent facts. Similarly, whether one Is concerned with
the different types of taxes levied by a specific State, or in the number of
States imposing a particular form of tax, the answer is immediately available
in concise and understandable form.
The new edition has been considerably enlarged and enhanced by the
Inclusion of 19 new tables covering such matters as State estate and gift
taxes; property tax exemptions; taxation of motor carriers; limitations on
taxation, and the revenue produced by various types of taxation.
The editorial direction of the work by the New York State Tax Commission, and the standing of the 200 tax authorities and specialists in this
country and abroad who contributed their time and services in compiling and
co-ordinating a staggering mass of data into its present practical form should
alone be sufficient endorsement of the book to everyone concerned with
taxation.
Business and professional men, bankers, financial executives, investors,
tax officials, legislators, legislative reference bureaus, trade association exectr
tives, and teachers of public finance and other courses will find "Tax Systems
of the World" an invaluable reference and source book.
Membership in American Institute of Accountants to
Be Restricted After Jan. 1 to Certified Public
Accountants—Advisory Council of Presidents of
State Societies Formed
Announcement that after Jan. 1 1935 admission to the
American Institute of Accountants will be restricted to certified public accountants was made Dec. 9 by Colonel Robert
H. Montgomery,President of the Institute. At the same time
he also announced the formation of an Advisory Council of
Presidents of State Societies of Certified Public Accountants
to meet with the Institute. Mr. Montgomery continued:
These administrative changes became effective with the completion of a
mail ballot on amendment of the by-laws, authorized at the annual meeting
of the Institute at Boston in October.
In the past, admission to the Institute has been open to all who passed a
technical examination set by the Institute's board of examiners or an equivalent examination and satisfied requirements of preliminary education, experience and adherence to the ethics of the profession, whether or not they were
cez tified public accountants.
The new requirement that applicants be certified public accountants, it is
explained, is in a sense giving effect to existing conditions, since approximately 95% of the present members of the Institute are certified public
accountants.
The examinations of the Institute have in the past served two purposes—
in addition to their use in testing applicants for admission to the Institute,
they have been used by approximately 35 States to test applicants for the
certified public accountant certificate. The Institute's beard of examiners
will continue to prepare questions for the latter purpose.
The creation of an Advisory Council for Presidents of State Societies of
Certified Public Accountants is intended to bring about a closer integration
of the accountancy profession and the activities of its various local branches.
Dec. 14 1935
The Council will be convened by the Institute at least once a year, and
will elect its own officers. It will consider matters submitted to it from
time to time by the Council of the Institute, and in its discretion may make
recommendations to the Council of the Institute. A full report of its transactions will be made to the membership of the Institute at the same time as
reports of the Institute's committees.
Speakers at Annual Convention of National Fertilizer
Association Outline Plans for Self-Government of
Fertilizer Industry
At the annual convention of the National Fertilizer Association, held in Atlanta, Ga., Nov. 18, 19 and 20, the chief
subject discussed was self-government of the fertilizer industry. Nearly 400 fertilizer men were present at the sessions. In the opening address of the convention on Nov. 19,
W.T. Wright, of Norfolk, Va., Vice-President of the Association, made a plea for industry co-operation. Speaking on
"Industry Self-Government," Mr. Wright told of the opportunity which the industry has, in the light of past experiences, for governing itself fairly and advantageously under
existing law. He pointed out that many of the provisions
of the invalidated code under the National Industrial Recovery Act can be employed under existing law. The experience gained under that code should be utilized to the
fullest extent in developing a self-government program which
will insure the maintenance of labor standards and the observance of fair trade practice rules, he declared.
Charles J. Brand, Executive Secretary and Treasurer of
the Fertilizer Association, also addressed the convention
Nov. 19, on the "Status of the Industry Plan." Last June,
following the United States Supreme Court decision on the
NIRA, the fertilizer industry, in convention assembled in
White Sulphur Spring, W. Va., unanimously recommended
the development of a self-government program. A voluntary agreement as to labor has been submitted to the National
Recovery Administration and fair trade practice rules to the
Federal Trade Commission as a result; this was noted in our
issue of Oct. 26, page 2680. The convention body heard
Mr. Brand detail the steps taken to develop the plan, including meetings held in 11 Districts covering practically.the
entire United States at which the opinions and suggestions
of a large percentage of the fertilizer producers were obtained.
"These suggestions," he stated, "have been utilized in
drafting the fair trade practice rules and labor provisions
now under consideration for approval by the Trade Commission and NRA."
Both the legal and the practical phases of the industry's
program were explained in Mr. Brand's address. The industry self-government program, he stated, is designed to
maintain the success attained during the period of codal
operation when the industry received public approval as
evidenced by the absence of complaints from consumers of
fertilizers and otherwise. The effective application of the
self-government program will result in methods of fair
dealing highly desirable to farmers who buy fertilizer as
well as to manufacturers who produce it, he pointed out.
The need for fair competition in industry and methods for
its attainment were discussed by James A. Horton, Chief
Examiner of the FTC, before the dinner gathering at the
convention Nov. 19. The desirability of applying fair trade
practice rules for the elimination of practices deemed unlawful
and undesirable to industry and consumers and the procedure
for so doing were stressed in Mr. Horton's address on the
"Promotion of Fair Competition." He was invited to
appear as guest speaker, it is stated, in order to give those
attending the convention a better insight into the principles
involved and policies applied by the Commission for encouraging the fair conduct of business affairs.
M. J. Van Sweringen, Reilroad Financier, Dead
Mantis James Van Sweringen, younger of the two brothers
who built up a vast financial empire of railroads and real
estate, died on Dec. 12 in the Lakeside Hospital at Cleveland, Ohio. He was 54 years old.
Mr. Van Sweringen's death was due to hypertensive myocarditis, a heart ailment. He had been in the hospital
since Oct. 17.
The following is taken from the New York "Times" of
Dec. 13:
For several years Mr. Van Sweringen had appeared as an active officer
only of the Eastern railroads of the System, while 0. P. Van Sweringen
served as Chairman of the Missouri Pacific and was on the boards of the
Western roads, a division of power more legalistic than real, as the brothers
always operated as a team'
At the time of his death Mr. Van Sweringen was Chairman of the Board
of the Nickel Plate Railroad, first of all the Van Sweringen lines; VicePresident of the Allegheny Corp., the chief railroad holding company:
Vice-President of tha Chesapeake Corp. and President of the Cleveland
Rotel Co.
President Roosevelt Appoints Three to Commission to
Investigate Railroad Retirement Annuity System
—Body Required by Retirement Act to Submit
Report by Jan. 1
At Warm Springs, Ga., Dec. 6, President Roosevelt appointed the three members to the investigating commission,
provided for in the Railroad Retirement Act of 1935. The
commission, which under the law also consists of three
members of the Senate designated by the President of that
body, and three members of the House designated by the
Speaker, is authorized to make "a thorough investigation
Volume 141
Financial Chronicle
of all pertinent facts relating to a retirement annuity system
applicable by law to carriers by railroad engaged in interState commerce . . ." It is required to report through
the President to the Congress not later than Jan. 1 1936
the results of the investigation.
The three named by President Roosevelt on Dec.6 follow:
Walter H. Pollack, of New York, Chairman.
Charles M. Hay, of St. Louis, Vice-Chairman.
Dr. Frank J. Warne, of Washington.
The Railroad Retirement Act, the text of which was given
in our issue of Sept. 21, page 1838, becomes effective March
1 1936. In the "Chronicle" of Nov. 2, page 2828, we referred to the appointment by President Roosevelt of the
Railroad Retirement Board, which will administer the Act.
President Roosevelt Appoints Dr. E. Dana Durand
Member of United States Tariff Commission
Dr. E. Dana Durand, Chief Economist of the United
States Tariff Commission since October 1930, was appointed
a member of the Commission on Dec. 8 by President Roosevelt. Mr. Durand, who succeeded to a vacancy left by
John Lee Coulter, assumed his new duties at once. Prior
to coming to the Commission, Dr. Durand had been Statistical Assistant to the Secretary of Commerce and from
1924 had been Chief of the Division of Statistics and Research of the Department of Commerce. From 1909 to
1913 he was the Director of the Bureau of Census. He also
served as Secretary of the United States Industrial Commission from 1900 to 1902 and later as Deputy Commissioner of
the L United States Bureau of Corporations. During the
war he served on the Food Administration, mostly abroad.
At present Dr. Durand is an active member of the Committee of Statistical Experts set up under the International
Convention of Economic Statistics.
Association of Stock Exchange Firms Elected
J. A. Rushton as President
Joseph A. Rushton, partner of Babcock, Rushton & Co.,
Chicago, was elected Chairman of the Chicago Association
of Stock Exchange Firms at the annual meeting of the
Association Dec 6. Other officers elected were:
Chicago
William T. Bacon (Bacon, Whipple & Co.), Vice-Chairman,
James A. Cathcart (Harris, Upham & Co.), Treasurer.
Sidney L. Parry, Secretary.
Thaddeus R. Benson (F. M.Zeiler & Co.). Fred D.Sadler (Sadler & Co.).
and Messrs. Bacon and Cathcart were re-elected to serve as Governors
for three years.
la The following members of the Nominating Committee were elected
to serve one year:
p George E. Barnes (Wayne Hummer & Co.): Alfred W. Mansfield
(Thomson & McKinnon): William McKenna (Jas. II. 011phant & Co.).
Leonard M. Spitzglass (Stein, Brennan & Co.).
Thaddeus R. Benson, the retiring Chairman, had served
in'that capacity for three years. Michael J. O'Brien,
President, the Chicago Stock Exchange, addressed the
meeting on the problems of the Exchange and exchange
business generally.
Charles H. Schoch Designated by Governor Lehman as
New York State
Governor Lehman, of New York, on Dec. 12 designated
Charles H. Schoch, of Brooklyn, as Acting Superintendent
of Banks of New York State pending the appointment of a
successor to George W. Egbert, who died Dec. 5. Mr.
Egbert's death was referred to in our issue of Dec. 7, page
3631. Mr. Schoch was Deputy Superintendent of Banks
under Mr. Egbert. The Albany correspondent of the New
York "Herald-Tribune," in advices from Albany Dec. 12,
said:
,
11 Acting Superintendent of Banks of
1. Mr. Schoch has been Acting Superintendent since the beginning of Mr.
Robert's illness several weeks ago.
Governor Lehman, in his announcement, said that the designation of
Mr. Schoch was made in accordance with Section 14 of the banking law,
"which provides for the designation by the Governor of the deputy to act
as superintendent in case of a vacancy."
Mr. Lehman has not indicated whom he will name as Mr. Egbert's
successor.
John J. Burns, General Counsel to SEC, to Deliver
Lecture at Brooklyn Law School Dec. 17
The operation of the Securities and Exchange Commission,
its work and aims, and a discussion of the new public utility
act will be included in the lecture,"Protecting the Investor,"
which Judge John J. Burns, general counsel to the SEC, will
deliver at the Brooklyn Law School, Brooklyn, N. Y.,
Dec. 17, at 8:30 p. m. Judge Burns' lecture will be the
seventh of a series entitled "Current Developments in Law
and Economics" sponsored by the Brooklyn Law School,
Miss Frieda B. Hennockt director of the course will preside.
Judge Burns, a former judge of the Superior Court of the
Commonwealth of Massachusetts and a former member of
the Harvard Law School faculty, has promised to elucidate
on the Securities and Exchange Act as well as clear up the
details surrounding the registration of securities. The
lecture is open to the public without registration or charge.
Five Group Conferences of Illinois Bankers Association
to Be Held Next Week in Illinois
The Illinois Bankers Association will hold next week five
group conferences, the first of which will be in Chicago at
the Palmer House on Dec. 16. The others will follow on the
3797
17th at Danville; on the 18th at Mt. Vernon; on the 19th at
Springfield, and on the 20th at Rock Island. These meetings,
known as Annual Regional Conferences, are reported to be,
the big mid-year events of the bankers in Illinois and it is
anticipated that all the banks will be represented by their
officers and directors.
An announcement issued at Chicago by the Association on
Dec. 10 also had the following to say:
M. A. Graettinger, Executive Vice-President of the Association, in announcing these conferences, said that the meetings will start at 2:00 o'clock
in the afternoon, the afternoon session being devoted to a frank and open
discussion of such matters which are concerning the bankers to-day, among
which will be operating costs and charges, interest on time deposits, investment and loan policies, customer and public relations, Federal loaning
agencies and Federal legislation including Social Security, taxes and the
Postal Savings System.
Immediately following the afternoon session, the bankers will get together
at dinner, after which they will be addressed by men prominent in the
banking world. At the Chicago meeting Merryle Stanley Rukeyser of the
faculty of Columbia University and well-known financial writer, will
speak on "The Bankers' Role in Business Recovery."
At Danville, Ronald Ransom, Chairman of the Committee on Federal
Legislation, American Bankers Association, and Executive Vice-President,
Fulton NationalHank, Atlanta, will discuss "Banking Legislation."
At Mt. Vernon, W. L. Hemingway, President, Mercantile-Commerce
Bank & Trust Co., St. Louis, will speak on "Banks of To-morrow."
At Springfield, Phil Hanna, Editor of the Chicago "Journal of Commerce," will discuss the subject "The Business Outlook," while at Rock
Island Fred B. Brady, President, State Bank Division, American Bankers
Association, and Vice-President, Commerce Trust Co.. Kansas City. Mo.,
will address the bankers on the subject, "It Begins to Appear What We
Shall Be."
National Association of Real Estate Boards to Hold
Annual Business Meeting in Washington, Jan. 16
The annual business meeting of the National Association
of Real Estate Boards, will be held in Washington, D. C.,
Jan. 16, according to action taken by the Association's
executive committee, it was announced Nov. 30. The
Washington Real Estate Board will be hosts to the meeting
which will have its headquarters at the Washington Hotel.
Regarding the meeting, the announcement of Nov. 30,
issued by the National Association, said:
The meeting will review plans for the Association's work for the year
ahead, including notably plans for sound direction of the new activity expected in home building, in mortgage financing, in leasing, and in the
general real estate market. It will be concerned with Federal and State
legislation ofimportance to real estate expected at that time to be in process.
Officers of the Association and of its institutes and divisions for the year
1936, elected at its annual convention in October, will be inducted into
office at the close of the Washington meeting.
Reference to the recent convention of the National Association of Real Estate Boards was made in our issue of
Nov. 16, page 3166, and Nov. 9, page 2990.
SEC Appoints A. N. Davis Assistant Director of Trading
and Exchange Division
Abraham N. Davis, a former Assistant Attorney-General
of New York, was appointed by the Securities and Exchange
Commission on Dec. 6 as Assistant Director of its Trading
and Exchange Division. The division, of which David
Saperstein is director, has general supervision of trading
activities on National securities exchanges. From Washington advices, Dec. 6, to the New York "Times" of Dec. 7,
we quote:
While serving in the Attorney-General's office in New York, Mr. Davis
was assigned to the bureau of securities. He also was of counsel for the
New York Curb Exchange in 1933 during the investigation by the New
York State Attorney-General into its affairs. He was chief assistant
counsel to the New York State Senate Committee which investigated
activities and relationships between the Associated Gas and Electric
System and some of the members of the New York State Legislature.
Mr. Davis was born in New York in 1892 and was graduated from the
New York Law School in 1913. Recently he has been practicing law in
New York. Ile succeeds Leon Cohen as assistant to Mr. Saperstein.
American Bankers Association to Hold Eastern States
Conference on Banking Service in Philadelphia,
Jan. 23 and 24
An Eastern States conference on banking service will be
held by the American Bankers Association in Philadelphia,
Jan. 23 and 24, as a part of the organization's national program on banking development, it was announced in New
York, Dec. 6, by Robert V. Fleming, President of the Association. The meetings will be held at the Bellevue-Stratford
Hotel. As to the program of the meeting, the announcement
of Dec. 6 said:
The program calls for general sessions the morning and afternoon of
Jan. 23; six departmental forums to discuss a number of specialized banking
subjects the same evening, and general sessions the morning and afternoon
of Jan. 24. The general meetings will be brought to a close by a subscription
dinner meeting the evening of Jan. 24.
Mr. Fleming will preside over the meetings and Harry J. Haas, VicePresident of the First National Bank, Philadelphia, a former President of
the Association, will serve as General Chairman of the arrangements, and
0. Howard Wolfe, Cashier of the Philadelphia National Bank, Philadelphia,
as Vice-Chairman. It is stated that this conference will be the first of
several to be held in various parts of the country presenting a program the
details of which are now in the course of preparation.
The general topic of the conference will embrace the managerial, legislative
and operative problems confronted by all classes of banks and will be held
in addition to the established trust and savings conferences regularly conducted under the auspices of the Association. An outstanding phase of the
meetings will be the development of plans for promoting a general better
public understanding In regard to the functions and policies of banks.
3798
Financial Chronicle
Receiverships of 13 Insolvent National Banks Terminated During November, According to Comptroller of Currency—One Restored to Solvency
The Comptroller of the Currency, J. F. T. O'Connor, announced Dec.8 the completion of the liquidation of 13 receiverships and the restoration of one receivership to solvency
during November 1935, making a total of 173 receiverships
finally closed or restored to solvency since his last annual
report to Congress dated Oct. 31 1934. Total disbursements,
including offsets allowed, to deposits and other creditors of
these 173 institutions, exclusive of the 12 restored to solvency,
aggregated $43,967,785, or an average return of 72.74% of
total liabilities, while unsecured depositors received dividends amounting to an average of 60.12% of their claims.
The following are the 14 banks whose receiverships were
terminated or restored to solvency during November:
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF NOVEMBER
1935
Receiverships
x Ashland Nat. Bank, Ashland, Ky.
First Nat. Bank, Oakland, Neb___ _
First Nat. Bank in Ashton,Iowa__Hamilton Co. Nat. Bank, Cleves,
Ohio
Woodridge Langdon Savings &
Commercial Bank, Washington,
D. C. z
First Nat. Bank, Bishop, Tex
The Bottineau Nat. Bank, Bottlneau, N. flak
First Nat. Bank, Middleport, N.Y.
First Nat. Bank, Randolph, Iowa
First Nat. Bank, Gasport, N.Y
Farmers & Merchants Nat. Bank,
Alcester, S. flak
First Nat. Bank in Lott. Tex
Blossom Nat. Bank, Blossom, Tex_
First & Moorhead Nat. Bank,
Moorhead, Minn
Date
of
Failure
Total DU- Per Cog
Total
bursements
Including Returns
To All
Offsets
Allowed Creditors
Per Cent
Dividends
Paid
Unsecured
Depositors
9-22-32
9-18-33
10-31-33
5505,942
236,610
97,912
104.6
101.56
105.65
107.31
107.712
108.78
11- 6-33
552,149
105.02
106.516
9-4-34
10-15-31
z
124,768
z
82.65
z
72.
6-23-31
12-30-31
9- 8-31
12-30-31
188,460
403,947
62,774
183,353
54.79
76.42
88.85
78.27
27.93
63.22
86.5
62.57
5-17-27
7-25-33
8-17-31
350,395
162,407
55,822
80.93
83.76
76.44
77.46
75.59
68.95
63.38
12-24-28 1.520.830
73.26
z Receiver appointed to levy and collect stock assessment covering deficiency in
value of assets sold, or to complete Unfinished liquidation. z Restored to solvency.
A report of the Comptroller for October was given in these
columns of Nov. 9, page 2982.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Dec. 11, for the transfer of the
New York Stock Exchange membership of Alfred V. Leoman
3rd to Pierre Stralem at $135,000. The previous transaction
was at $140,000, on Nov. 19.
A membership on the Chicago Board of Trade was sold,
Dec.6, at $6,000, off $600 from the last previous transaction.
The Association of Uptown Bankers, New York, announced
this week the election of the following new officers for the
year 1936: President, James S. Alexander, Vice-President of
the Guaranty Trust Co.; Vice-President, Douglas B. Simonson, Vice-President of National City Bank; Secretary-Treasurer, Henry A. Clinkunbroomer, Vice-President of Manufacturers Trust Co.
Announcing that the directors of the Manufacturers Trust
Co., New York, had voted on Dec. 9 the payment of the
regular dividend of 25c., and in addition a special distribution of 25c., payable Jan. 2 to stockholders of record Dec. 14,
Harvey D. Gibson, President, in a letter to the stockholders,
said that while the institution's earnings for 1934, as reported
a year ago, "were very satisfactory," for the present year
"they will be still better." Mr. Gibson's letter, dated Dec. 9,
follows, in part:
Our earnings for 1934, as reported a year ago, were very satisfactory; for
1935 they will be still better. Without taking into account earnings from
any unusual sources—such as securities profits, recoveries, dx., our net
operating earnings for 1935 will, with December estimated, be approximately
$6,500,000, or equivalent to about $4.00 per share. Securities profits and
recoveries will add substantially to this figure. In view of these facts our
directors feel that at this time, without making any commitment whatsoever
for the future, 25c. per share can conservatively be declared, in addition to
the regular dividend. This will make 111), in part, to stockholders who have
retained their stock up to the present time for the dividends they failed to
receive during the very unsettled period of 1933, during which dividends
were omitted. Our regular dividend of 25c. and a special distribution of
25c. additional for this purpose, payable Jan. 2 1936 to stockholders of
record Dec. 14 1935, has therefore been voted by our board of directors
to-day. It is our hope that from time to time in the future, this same procedure can be repeated.
Beginning with the last quarter of this year, net earnings of the bank, less
dividends and any necessary charges, will be added directly to undivided
profits instead of being credited to reserves as has been our procedure for
some time past.
Directors of the Federation Bank & Trust Co., New York,
voted Dec. 10 to increase the surplus account of the bank
from $675,000 to $725,000, by transferring $50,000 from undivided profits to surplus. Total capital funds now stand
at $1,550,000. The directors also voted to pay a dividend of
30c. per share on the $10 par value capital stock of the bank,
payable Jan.3 1936 to stockholders of record at the close of
business Dec. 21 1935. This dividend, it is stated, is an increase of 1% over that of last year. Jeremiah D. Maguire,
President of the bank, made the following statement:
Dec. 14 1935
Our business for the year has shown very satisfactory results. This is
indicated by an increase of over 100% in our commercial business. These
accomplishments are attributable to the excellent co-operative spirit of our
employees and executive personnel, the loyalty of our clients, and the goodwill of the community we serve. Accordingly, we have decided to express
our appreciation to our employees for faithful service rendered by the payment of a 50
i, bonus on their earned yearly salary.
At a meeting of the board of trustees of the Bank of New
York & Trust Co., New York, held Dec. 10, Arthur W. Milburn,President of the Borden Co., was nominated as a trustee
of the bank.
The General Motors Acceptance Corp., New York, was
granted authority on Dec. 5 by the New York State Banking
Department to open a branch office in Shreveport, La.
The following is from the Dec. 6 "Weekly Bulletin" of
the New York State Banking Department:
COLUMBUS BANK
Location—No. 186 Grand Street, New York, N. Y.
Certified copy of order granted at a special term of the Supreme Court of
the State of New York, Part I thereof, held in and for the County of New
York, at the County Court House, Borough of Manhattan, City, County and
State of New York, on the 14th day of November 1935, declaring the subject
dissolved and its corporate existence terminated, filed.
The New York State Banking Department announced
Dec. 9 that it has filed a petition with the Supreme Court
asking permission to pay a further dividend of 5% to the
depositors of the closed Bank of United States, New York,
making a total of 65% so far paid. This will be the fifth
dividend. A 30% dividend was paid In September 1931, followed by a 15% dividend in December 1931, a 10% dividend
in December 1932, and a 5% dividend in September 1934.
The latest dividend, the Banking Department said, will require the disbursement of about $6,500,000 to almost 400,000
depositors, and will bring total payments to depositors to
over $87,800,000.
Charles C. Valentine has been elected to the board of trustees of the Bay Ridge Savings Bank, Brooklyn, New York.
Mr. Valentine is head of C. C. Valentine & Co.
The Mercantile-Commerce Bank & Trust Co. of St. Louis,
Mo., has announced the appointment of Charles B. Shepard
as a representative of its bond department, we learn from
the St. Louis "Globe-Democrat" of Dec. 9, which further
stated:
Mr. Shepard will make his headquarters in Tulsa, Okla., and his territory
will include Oklahoma, Texas and parts of Kansas.
Prior to joining the staff of the Mercantile-Commerce, Mr. Shapard was
connected with the Finance Division of the Federal Emergency Administration
of Public Works in Washington. He was in the investment and banking
business in Tulsa and New York prior to that.
On Nov. 26, the New York State Banking Department approved the organization of the Citizens Bank of Clyde, New
York, with capital of $100,000, representing a conversion of
the Citizens Trust Co. of Clyde to a bank. The Department,
also on the same date, issued an authorization certificate to
the institution empowering it to act as trustee, executor, administrator, transfer agent or registrar of stocks and bonds,
guardian of estates, &c.
Dr. 0. M. W. Sprague, formerly economic adviser to the
Bank of England and former executive assistant to the United
States Treasury, and Arthur N. Maddison, trustee and real
estate executive, were elected directors of the National
Shawmut Bank of Boston at the bank's annual directors'
meeting on Dec. 12.
Checks representing 27% of the deposit liability will be
mailed on Dec. 19 to depositors of the closed Guardian Bank
& Trust Co. of Philadelphia, according to an announcement
by Dr. Luther A. Harr, State Secretary of Banking for Pennsylvania, on Dec. 6. In noting this, the Philadelphia "Record" of Dec. 7 supplied further details as follows:
This will be the second payment by the bank since it closed Sept. 80 1988,
and will amount to $41,067. Through this payment the 1,143 depositors
will have received a total of $125,253, or 87% of the deposit liability
of $152,115.
The second payment was made possible through an additional Reconstruction Finance Corporation loan amounting to approximately $53,000 obtained
in April of this year. Litigation by certain claimants delayed distribution
of this cash.
Concerning the affairs of the old Baltimore Trust Co.,
Baltimore, Md., a dispatch from that city on Dec. 11 to the
New York "Times" contained the following:
Promulgation to-day of a 50% compromise offer as to settlement of the
double liability of stockholders of the old Baltimore Trust Co. revealed that
approximately 815,000 has been paid or offered to the bank receiver. That
sum is available for distribution to depositors and creditors if the offer is
accepted.
Between 850 and 900 of the approximately 3,500 stockholders of the old
trust company have put up or offered to put up the sum available for compromise. To each is offered the chance to settle his liability on a 50%
Compromise basis by Jan. 3. The offer was made conditional upon approximately 6250,000 more being offered on the 50% basis.
Financial Chronicle
Volume 141
From the New York "Times" of Dec. 13, it is learned that
the Third National Bank of Chestertown, Md., had announced the previous day that it would pay an initial
dividend of 10% to holders of certificates of participation of
the assets of the institution on Dec. 16, according to Donald
F. Stam, Chairman.
••••••
Warren F. Sterling, State Bank Commissioner of Maryland, as receiver for the Mercantile Savings Bank of Baltimore, announced on Dec. 3 that he had mailed checks to the
depositors of the institution representing a distribution of
5% on the unpaid balance due to each depositor, according
to the Baltimore "Sun" of Dec. 4, which added:
The amount of this distribution was $16,865.43 and makes a total of 51'%
Is has been distributed to the depositors of that bank.
••••••••••••••••••
The Reconstruction Finance Corporation on Dec. 11 a
nounced details of a plan for reopening the Union Trust Co.
f Cleveland, Ohio, one of the larger banks of the country.
The proposal is made by Oscar L. Cox,receiver of the institution, and involves the purchase by the RFC of $15,000,009 of
preferred stock in the new bank. We quote further from
Washington advices, on the date named, to the New York
"Herald Tribune":
7o
Jesse H. Jones, RFC Chairman, in revealing the plan, said that it has
"merit." He added, however, that it was a problem for the depositors and
stockholders, as well as for the people of Cleveland. The issue is whether
there shall be a new bank or continued liquidation of the old one, Mr.
Jones said. He continued:
The plan would involve the raising of $15,000,000 common capital stock
from the depositors and stockholders of the old bank, and others who might
be Interested; and the purchase by the RFC of $15,000,000 preferred stock
In the new bank, making a total capital of $30,000,000.
"The depositors of the Union Trust Co. would receive an additional 45%
. of their original deposit. This, with the 45% heretofore received, would
\ make a total of 90%, approximately 11% of which would be in stock of
\the new bank."
_...._.,
Concerning the affairs of the closed Rudolph Savings Bank,
Rudolph, Ohio, a dispatch by the Associated Press from
Bowling Green, Ohio, on Dec. 2, contained the following:
A liquidator's petition seeks to pay depositors of the closed Rudolph
Savings Bank a 15% dividend and all deposits of $5 or less in full. The
bank has already paid a 20% dividend.
Regarding the affairs of the defunct First American Bank
& Trust Co. of Lima, Ohio, advices from Lima under date
of Dec. 7, appearing in the Toledo "Blade," has the following to say:
Two steps toward clarifying the liquidation of the Lima First American
Bank & Trust Co. were taken Friday (Dec. 6).
The depositors committee, to which claims totaling $1,300,000 had
been assigned, was dissolved, Common Pleas Judge Emmit E. Everett
approved a plan whereby depositors may or may not take 15% of their
claims in stock of the National Bank of Lima.
--o--
Advices from Morenci, Mich., on Dec. 7, printed in the
Toledo "Blade," stated that A. C. LaRowe, President of
the First State Savings Bank of that place, had resigned
and that A. C. Moine, Vice-President of the Hudson State
Savings Bank, Hudson, Mich., and Manager of the Hudson
bank's branch at Waldron, Mich., had been elected to succeed him. We quote the dispatch:
Mr. LaRowe will remain as a director. The Board of Directors has
beex.increased to seven members which includes A. C. Moine and C. H.
Awkerman of Detroit as new members. Mr. LaRowe assumed the duties
of President after the bank holiday.
We learn from the Milwaukee "Sentinel" of Nov. 28 that
depositors of five closed Milwaukee County, Wis., banks were
to receive additional payments by Dec. 17. The institutions
are:
Bluemound State Bank, 10%, about $5,000.
Burnham Street State Bank, 25%, about $30,000.
Bank of Shorewood, 5%, $22,000.
Franklin State Bank, 2%%, $21,190.
St. Francis State Bank, 10%, about $32,000.
The paper continued in part:
... With the new dividend, the percentage paid by the Bluemound bank
will be raised to 65%; the Burnham bank to 75%; the Bank of Shorewood
to 30%; the Franklin bank, 30; and the St. Francis bank, 50%.
The Bluemound bank has 700 depositors and previously had paid dividends
totaling $25,194. Its deposit liability is $55,262. The Burnham bank has
800 depositors; has paid dividends of $55,988, with a liability of $123,445.
The Bank of Shorewood has 4,200 depositors and has paid dividends totaling
$108,192. Its deposit liability is $459,274.
The Franklin bank has 5,100 depositors; has paid dividends totaling
$214,518 and has deposit liability of $847,607. The St. Francis bank has
1,750 depositors; has paid dividends of $126,412, with a deposit liability of
$328,874.
it is learned from the "Commercial West" of Dec. 7 that
depositors of the closed First Trust & Savings Bank of Sioux
City, Iowa, will receive checks before Christmas aggregating
$57,000, being a 10% dividend. Previous payments bring the
total realized to date to $342,000,-it was stated.
Gurney P. Hood, State Commissioner of Banks for North
Carolina, announced on Dec. 3 that final dividends aggregating $71,032 have been paid to the 4,302 depositors of seven
closed banks in North Carolina, namely, the Merchants &
3799
Farmers Bank of Mooresville; the Bank of Stony Point,
Stony Point; the Citizens' Bank of Edenton; the Harmony
Banking & Trust Co., Harmony; the Citizens Bank of Cleveland; the Peoples Bank of Sanford, and the Bank of Alexander, Taylorsville. The Raleigh "News and Observer" of
Dec. 4, from which the above information is obtained, went
on to say, in part.
The Mooresville payment to 595 depositors aggregated $8,393.87 and made
a total of $23,644.95, or 67%, paid these depositors. In addition, the bank,
which closed on May 25 1932, paid its preferred claimants $1,955 and secured
claimants $77,032.
The Bank of Stony Point paid its 400 depositors $3,043.27, or 7.5%,
making a total of $28,579.87, or 47.5% paid by the institution, which closed
on Feb. 13 1930. In addition, preferred creditors received $913.04.
The largest payment was made by the Citizens Bank of Edenton, which
paid 1,153 depositors $30,327.89, or 11.3%, making a total of $357,659.74,
or 96.3%, paid them. In addition, the bank, which closed on Dec. 26 1930,
paid preferred claimants $20,182.89 and secured creditors $88,632.94.
The smallest payment was made by the Harmony Banking & Trust Co.,
which paid to 147 depositors a total of $2,012.95, or 25%. The dividend was
the only one paid the common claimants of the institution, which closed
on March 2 1934. Preferred claimants received $676.13 and secured
claimants were paid $9,509.40.
The Citizens Bank of Cleveland paid its 307 depositors $2,998.67, a 12.5%
dividend, making a total of $19,513.24, or 72.5%, received by them since the
institution closed on Feb. 13 1934. Preferred claimants were paid $291.61.
The 808 depositors of the Peoples Bank of Sanford received checks aggregating $5,679.47 in payment of a 12.5% dividend, making a total of
$14,766.62, or 32.5%, received by them. The bank closed on May 3 1932,
and preferred claimants were paid $12,534.79.
The Bank of Alexander, Taylorville, paid its 952 depositors $18,575.92,
or 16.7%, making a total of $66,093.85, or 56.7%.
Directors of the Bank of America National Trust & Savings
Association, meeting in Los Angeles on Dec. 10, declared an
extra dividend amounting to $1,000,000 in addition to the
ular quarterly dividend of $1,250,000, bringing total dividends of the National bank for this year to $6,000,000. Both
the regular quarterly dividend of 623,c. a share on the
2,000,000 outstanding shares of Bank of America National
Trust & Savings Association and the extra dividend of 50c.
a share will be payable Dec. 31 to stock of record Dec. 15.
Directors of the Bank of America, California, associated
State bank, declared the regular quarterly dividend of
42 2/3c. a share on the 60,000 outstanding shares.
As Transamerica Corp. owns 99.64% of the stock of the
Bank of America N. T. & S. A., and 98.98% of the stock of
Bank of America, California, it will receive $6,077,000 of the
total $6,100,000 dividends of the two banks for 1935. An
announcement in the matter also said, in part:
L. M. Giannini, President of the California bank, reported to the Board
marked improvement in business conditions throughout California. . . .
During October the net increase in the loan total made by the bank was
$8,393,662.
Dr. A. H. Giannini, Chairman of the bank's General Executive Committee,
in commenting on this report, said: "This is the first substantial evidence
of a change in the loan trend, indicating a returning confidence and a
business, industrial and agricultural expansion on an extensive scale. The
change augurs well for continued increased profits in the months ahead.
Business and the bank will profit alike. Money has been a drug on the
market, but the indications are that this condition is rapidly changing."
The promotion of two Portland, Ore., bankers was announced in San Francisco, Calif., on Nov. 30 by the Bank of
California. H. V. Alward, Manager of the Bank of California's Portland branch, was advanced to a Vice-President
at the head office in the California city, while Frederick
Greenwood was made Manager of the Portland branch in
lieu of Mr. Alward. The "Oregonian" of Dec. 1, from which
the above information is obtained, continued, in part:
While the promotions have been announced by the head office, the actual
election of Mr. Alward to a Vice-Presidency and of Mr. Greenwood to the
local management will not take place until the annual National bank elections on Jan. 14.
When Mr. Alward came to Portland, in July 1927, to assume management
of the local institution, Bank of California here had deposits of about
$8,000,000. Yesterday (Nov. 30) they were in excess of $16,000,000, and
during that time loans have just about doubled.
Mr. Greenwood, a graduate of Dartmouth College, entered the banking
business with the Old National Bank of Spokane, and when the Federal
Reserve Bank was organized went with that newly-formed organization.
Later he was appointed Cashier of the Portland branch, and then its !managing director. He resigned this post to become Assistant Manager of Bank
of California in 1925, a post he has since held.
The Commercial National Bank of Lakeview, Ore. (capitalized at $150,000), and the First National Bank of Tillamook, Ore. (capitalized at $100,000), were placed in voluntary liquidation on Nov. 2 and Nov. 14, respectively. Both
Institutions were absorbed by the First National Bank of
Portland, Portland, Ore.
Effective Nov. 29, the Yakima First National Bank,
Yakima, Wash., was placed in voluntary liquidation. The
Institution, which was capitalized at $500,000, was absorbed
by the National Bank of Commerce of Seattle, Wash.
The Royal Bank of Canada (head office Montreal) has
announced the appointment as Assistant General Managers
of Burnham L. Mitchell, James Muir and Harold G. Hesler,
all of whom have had long and extensive careers with the
Institution. The announcement went on to say:
Mr. Mitchell joined the bank in 1910, and since 1934 has been Supervisor
of Ontario branches. He will continue to supervise these branches from
3800
Financial Chronicle
headquarters in Toronto. Mr. Muir has been General Inspector for the past
four years, and prior to that was connected with the bank in various capacities
for many years, including a three-year stay in New York as Assistant
Supervisor of the bank's business in Central and South America. Mr. Hesler,
Secretary of the bank, has also been connected with the bank since 1910,
and in 1931 was appointed General Inspector.
The sixteenth annual statement of the British Overseas
Bank, Ltd. (head office London), covering the fiscal year
ended Oct. 31 1935, was presented to the shareholders at
their annual general meeting on Dec. 10. It shows net profits
for the period, after allowing rebate of interest and providing
for all bad and doubtful debts (other than provided for out
of contingencies account) of £60,131, which when added to
160,639, the balance to credit of profit and loss brought forward from the preceding 12 months, made £126,770 available
for distribution. Out of this sum £60,000 was appropriated
to pay a dividend on the A ordinary shares at the rate of 6%
per annum (less income tax) for the year ended Oct. 31 1935,
leaving a balance of £60,770 to be carried forward to the
current fiscal year's profit and loss account. Total assets
are shown in the report at £7,959,547, and current deposit
and other accounts (including provision for contingencies
and for bad and doubtful debts) at £2,638,403. The bank's
paid-up capital stands at 12,000,000 and its reserve fund at
£100,000. Arthur C. D. Gairdner is Chairman of the Board
of Directors and Sir James Caird, Deputy Chairman of the
institution.
Dec. 14 1935
The volume of sales again declined on Friday as the market
moved irregularly downward. The'total transactions were
approximately 409,000 against 44D,000 on the preceding day.
There were a few stocks that moved against the trend,
particularly Babcock & Wilcox which registered a gain of
23 points at 69%; Duke Power which climbed up 2 points
to 70; General Tire & Rubber which advanced 2% points to
633, and Standard Power & Light, pref., which forged
ahead 5 points to 28. As compared with the closing quotations of Friday of last week, prices were lower, Aluminum
Co. of America closing last night at 86 against 9054 on
Friday a week ago, American Gas & Electric at 37 against
3734; Atlas Corp. at 12% against 13 8; Canadian Industrial
Alcohol (Class A) at 11% against 123
/
g; Commonwealth
Edison at 9634 against 973.; Consolidated Gas of Baltimore
at 875A against 883; Creole Petroleum at 2134.against 2234;
Glen Alden Coal at 163.4 against 173
4; Gulf Oil of Pennsylvania at 693 against 7054; Hiram Walker at 31% against
3234; Hudson Bay Mining & Smelting at 228
/i against 233i;
Newmont Mining Corp. at 71 against 753; Parker Rust
Proof at 733.4 against 77, and United Shoe Machinery at
843
4 against 87%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Dec. 13 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks
(Number
of
Shares)
Bonds (Par Value),
Domestic
306,805 $2.512,000
527.630 3,964,000
519,560 4,272,000
499,405 3,365,000
444,780 3,952,000
409,225 3,831,000
Foreign
Foreign
Government Corporate
$19,000
63,000
54,000
68.000
79,000
92,000
Total
$22,000 $2,553,000
57,000 4,084,000
84,000 4,410,000
115,000 3,548,000
103,000 4,134,000
59,000 3,982,000
THE CURB EXCHANGE
Trading on the Curb Exchange has been fairly active this
week and with the exception of the decline on Tuesday due
$440,000 522,711,000
375,000
2.707,405 $21,896,000
Total
to the confusion in the world silver prices, the market showed
an upward tendency until Friday when prices moved irJan. 1 to Dec. 13
Week Ended Dec. 13
Sales at
New York Curb
regularly downwards. There have been brief periods of
1934
1934
1935
1935
Exchange
hesitation due to profit taking, but the latter was usually
70,678,421
311,819,352
absorbed without serious check to the upward swing. Public Stocks-No.of shares_ 2,707,405 5,315,587
utilities and specialties have been in good demand and there DomesticBonds
$860,515,700
$21,896,000 $14,051,000 $1,098,664,000
580,880,000
15,598,000
9,606,000
has been some buying in the oil stocks, but the advances in Foreign government375,000
2,149,648,000
12,472,000
41,051,000
Foreign
440,000
corporate
these issues were not particularly noteworthy.
The movement of prices continued upward during the
Total
$22,711,000 $64,708.000 51.126,734,000 !3.591,043,700
two-hour session on Saturday, and while there were occasional fairly active issues that failed to hold the pace,
ENGLISH FINANCIAL MARKET-PER CABLE
the list as a whole was higher at the close. Gains were
The daily closing quotations for securities, &c., at London,
recorded in the miscellaneous specialties, also in the mining
and metal stocks and the public utilities. Oil shares, on as reported by cable, have been as follows the past week:
In..
Wed.,
Thurs..
Tues.,
Mon.,
the other hand, failed to move up with the other groups,
Dec. 13
Dec. 12
7
Dec. 11
Dec. 9
Dec. 10
though there were only minor changes apparent as the Silver, per Os_ 29Dec.
26 7-16d.
2614(1.
3-16d, 285jd.
Not quoted 2714d.
141s.2%cl. 141s. 2d. 141s. Id.
market closed. The transfers for the day approximated Gold, p.fine m1418.110. 141s. Ad. 141s,
Consols. 214%_ Holiday 86%
87
sag
86%
86%
307,000 shares against 158,000 a year ago. The best gains British
3%%
War Loan - Holiday loot
loog
low
low
106%
were recorded by such active stocks as American Cyanamid
4%
B, 13
4 points to 293
4; American Gas & Electric pref. (6), British
Holiday 11,7%
117%
117%
117%
1173(
1960-90
1 point to 109; Standard Oil of Ohio, 1 point to 22%, and
The price of silver per ounce (in cents) in the United
American Superpower 1st pref., 1 point to 75.
been:
Mining shares were the strong stocks on Monday and for States on the same days has63%
81%
60%
62%
64%
N.Y.(for'n) 65%
the most part closed on the side of the advance as the session Bar
50.01
50.01
50.01
U.S. Treasury_ 50.01
50.01
50.01
came to an end. Other issues were somewhat retarded U. S. Treasury
77.57
77.57
77.57
77.57
77.57
(newly mined) 77.57
in the upward swing by profit taking which appeared around
the noon hour. Public utilities and miscellaneous specialties were easier, while oil shares were generally irregular.
COURSE OF BANK CLEARINGS
Advances were recorded by Associated Investors, 23. points
Bank clearings this week will again show an increase comto 35%; Childs pref., 1 point to 36; Driver-Harris (34k),
154 points to 33; Murphy Co. (1.60), 334 points to 154; pared with a year ago. Preliminary figures compiled by us,
St. Regis Paper, Pref., 6 points to 64, and Singer Manu- based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
facturing Co., 4 points to 308.
The trend turned sharply downward on Tuesday led by Dec. 14), bank exchanges for all cities of the United States
the metal shares, which weakened shortly after the market from which it is possible to obtain weekly returns will be
opened, due in a measure to the unsettlement of world 4.7% above those for the corresponding week last year.
silver prices. As the day progressed the selling extended Our preliminary total stands at $5,589,664,105, against $5,to other parts of the list, and while the drop was gradual 336,552,399 for the same week in 1934. At this center there
the closing quotations showed in many instances losses of is a loss for the week ended Friday of 0.5%. Our comfractions up to 2 or more points. The declines included parative summary for the week follows:
01
among others Aluminum Co. of America, 23
4 points to 88;
Per
Clearings-Returns by Telegraph
Babcock & Wilcox, 2 points to 66; Parker Rust-Proof,
1935
1934
Cent
Week Ending Dec. 14
13 points to 73, and United States Radiator pref., 2 points New York
$2,690,645,429 $2,705,521,550
-0.5
to 31.
227,990,988
Chicago
193,292,003 +18.0
283,000,000
The tone of the market was generally improved on Wed- Philadelphia
244,000,000 +16.0
179,000,000
168,000,000
+6.5
nesday, the public utilities and specialties leading the Boston
Kansas City
73,947,093
63,196,120 +17.0
upward movement. The best gains were made by the St. Louis
65,900,000
59,100,000 +11.5
Ban Francisco
115,808,000
94,710,000 +22.3
public utilities, which were helped along to some extent by Pittsburgh
91,301,469
75,691,805 +20.6
the report of the record power output. Oil shares also were Detroit
78,074,604
59,297,205 +31.7
Cleveland
62,668,182
51,983,539 +20.6
higher, but metal stocks were unsettled. Outstanding Baltimore
+7.4
46,373,791
43,171,997
among the gains for the day were American Superpower New Orleans
30,354,000
25,770,000 +17.8
pref., 334 points to 3854; General Tire & Rubber, 23. points
+4.3
Twelve cities. 5 days
33,945,061,556 33,783,734,219
to 5954; Ohio Brass (B), 13 points to 29%; Shenandoah Other
380,311,195 +22.9
cities, 5 days
712,991,865
Corp., 334 points to 4934; Singer Manufacturing Co. (6),
+6.7
all cities, 5 days
$4,658,053,421 54,384,045,414
2534 points to 315, and Western Maryland pref., 3 points AllTotal
-4.2
972,506,985
cities, 1 day
931,610,684
to 80.
+4.7
Total all cities for week
$5,589,694,105 $5,336,552,399
Narrow price movements and a reduced volume of sales
were the outstanding characteristics of the curb trading on
Complete and exact details for the week covered by the
Thursday. Singer Manufacturing Co. was the feature of the foregoing will appear in our issue of next week. We cannot
day as it surged forward 14 points to a new top at 329. Oil furnish them to-day, inasmuch as the week ends to-day
stooks were fairly firm, while miscellaneous specialties and (Saturday) and the Saturday figures will not be available
some of the public utilities made moderate progress upward. until noon to-day. Accordingly, in the above the last day
St. Regis Paper, pref., which registered some good gains of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
during the forepart of the week sold off sharply and closed
at 68 with a loss of 4 points. Babcock & Wilcox continued present further below, we are able to give final and complete
its advance and added 2 points to its gain as it touched 67. results for the week previous-the week ended Dec. 7.
4, and For that week there is an increase of 18.4%, the aggregate
Cities Service, pref., BB moved up 33
4 points to 293
United Gas surged forward 23.. points to 77 8.
of clearings for the whole country being $6,345,366,963,
Financial Chronicle
Volume 141
against $5,361,074,000 in the same week in 1934. Outside
of this city there is an increase of 24.7%, the bank clearings
at this center having recorded a gain of 14.5%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
an increase of 14.8%, in the Boston Reserve District of
17.4% and in the Philadelphia Reserve District • of 28.5%.
The Cleveland Reserve District has managed to enlarge its
totals by 25.7% the Richmond Reserve District by 16.1%
and the Atlanta Reserve District by 15.3%. In the Chicago
Reserve District the totals register a gain of 30.1%, in the
St. Louis Reserve District of 19.9% and in the Minneapolis
Reserve District of 15.5%. The Kansas City Reserve
District has to its credit an expansion of 31.6%, the Dallas
Reserve District of 23.5% and the San Francisco Reserve
District of 30.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK cu.:Naomi
Week Ended Dec. 7 1935
1935
1934
1933
285,468,997
3,938,255,738
410,170.844
263,956,805
130,183,579
135,906,011
475,536,511
136,616,125
98,773,193
135,291,791
60,719,374
274,487,994
243,155,894 +17.4
202,422,637
3,431,077,794 +14.8 2,968,862,700
319,208,766 +28.5
237,278,258
210,065,939 +25.7
169,879,691
112,177,876 +16.1
89,230,667
117,871,1531 +15.3
95,309,603
365,519.756 +30.1
274,650,472
113,906,441 +19.9
96,610,645
85.532,042 +15.5
72,342,682
102,774,671 +31.6
88,053,368
49,146,677 +23.5
45,417,958
210,636,961 +30.3
171,973,734
181,799,531
2.773,520,562
272,538,371
160,142,556
99,065,686
76,792,398
248,257,204
75,994,626
63,106 217
77,228,397
34,895.714
153,993,156
Total
111 cities
Outside N. Y. City--
6,345,366,963
2,534,301,001
5.361,076,000 +18.4
2,031,892,708 +24.7
4.511,032.115
1,627,242,991
4.220.334.418
1,527,061.421
441,088,386
404,604,994 +9.0
344.019.812
261.023,811
32 cities
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Dec. 7
Clearings al1935
First Federal
14e.-Bangor ___
Portland
dass.-Boston. _
Fall River __
Lowell
New Bedford._
Springfield_.
Worcester
:1onn.-Hartford
New Haven_ _ _
1.I.-Providence
S.H.-Manches'r
Total (12 cities)
1934
Inc. or
Dec.
1933
$
$
$
%
Reserve Dist rict-Boston749,133
669,098 +12.0
553,778
2.125,082
1,856,291 +14.5
1,504,211
246,978,871 211,029,256 +17.0 177,184,239
749,540
653.621 +14.7
523,390
385,961
325,746 +18.5 .
289,853
820,456
622,414 +31.8
619,878
3,590,434
2,892,143 +24.1
2,458,785
1,711,039
1,440,999 +18.7
1,280,871
13,041,278
10,464,942 +24.6
7,189,344
3,867,153
3,328,666 +16.2
3,104,326
10,251,500
8,740,600 +17.3
7,211,700
1,198,550
1,132,118 +5.9
502,262
285,468,997
243,155,894 +17.4
Second Feder at Reserve D IstrIct-New
S. Y.-Albany_ _
7,203,085
6,502,196
Binghamton....
1,149,165
917,053
Buffalo
29,900,000
24,700,000
Elmira
661,896
492,912
Jamestown_ _ _.
723,253
526,148
New York_ _ _ _ 3,811,065,962 3,329,181,292
Rochester
8,244,449
7,622,524
Syracuse
3,625,996
3,041,171
Llonn.-Stamford
3,086,414
2,395.937
*250,000
S. J.-Montclair
514.744
24,988,028
Newark
18,579.387
47.357,490
Northern N. J_
36,604,430
202,422,637
1932
$
469.379
2,045,098
159,342,113
559,479
246,553
586,581
2,658,042
1,830,999
6,071,361
3,064,955
7,477,000
447.971
184,799,531
York-+10.8
5,238,512
4,019,862
739.189
+25.3
636,292
+21.1
22,960,126
19,913,054
+34.3
540,640
495,649
443,310
+37.5
706,753
+14.5 2,883,789,424 2.693,272,997
+8.2
5.956,422
5,914,843
+19.2
2,884,989
3,125,965
+28.8
2.190,690
2,977.263
-51.4
450,000
.545,000
+34.5
16.026,031
17,375,690
+29.4
27,643,367
24,537,275
Total(12 cities) 3,938,255,738 3.431,077.794 +14.8 2,968,862,7002.773,520,562
Third Federal Reserve Dist rIct-PhIlad elhlaPa.-Altoona _
541,375
331,498 +63.3
Bethlehem_ _
a451,150
a1,686,159 -73.2
Chester
350,225
351,365 -0.3
Lancaster
1,166,474
866,582 +34.6
Philadelphia - 393,000,000 310,000,000 +26.8
Reading
7,145,438
1.022,385 +609.7
Scranton
2,340,182
2,024,558 +15.6
Wilkes-Barre._
1,007,316
1,132,626 -11.1
York
1,423,734
1,094,754 +30.1
4 ,J,-Trenton._
3,196,100
2,385,000 +34.0
Total(9 cities).
410,170,844
319,208,766 +28.5
587,009
b
280,816
687,624
228,000,000
1,093,001
1,801,463
1,496,734
950,611
2,381,000
311,699
a389,051
272.102
891,477
261,000,000
1,701.159
2,514,927
1,729,233
908,774
3,209,000
237,278,258
272,538,371
Fourth Feder al Reserve D IstrIct-Clev eland-Nilo-Akron_c
c
c
c
Cantonc
c
c
c
Cincinnati.
57,810,843
43,193,431 +33.8
37,437,364
Cleveland
72,715,642
58,620,318 +24.0
46,401,956
Columbus
11,670,900
9,523,100 +22.6
7,201,300
Mansfield
*1.200,000
1,125,105 +6.7
912,554
Pa.-Pittsburgh _ 120,559,421
97,604,015 +23.5
77,836,517
b
Youngstown -b
b
b
c
c
33,251,263
50,992,567
6,654,300
768,227
68,476,199
is
Total(5 cities).
263,956,806
210.065,969 +25.7
169.879,691
160,142.556
Fifth Federal Reserve Dist rict- Richm ondVV.Va.-HuntIon
203,194
99.207 +104.8
3,464,000
3,942,000 -12.1
41a.-Norfolk._
37.307.188
Richmond __
33,901,598 +10.0
1,083,535
3.0.-Charleston
1,074,099
+0.9
63,396,818
54,696,838 +15.9
Md.-Baltimore.
24,728,844
18,464,134 +33.9
D. C.-Wash'g'n
89,650
3,340,000
28,975,187
897,930
41,367,829
14,560,071
347,502
3,749,000
29,000,589
711,921
47,255,533
18,001,141
130,183,579
112,177,876 +16.1
89.230,667
99,065,686
Sixth Federal Reserve Dis trict-Atlan ta3,302,411
Tenn.-Knoxville
2,670,197 +23.7
15,779,780
12,167,706 +29.7
Nashville
47,000,000
43,000,000
+9.3
Ga.-Atlanta _
1,358.385
1,043,959 +30.1
Augusta
863,242 +12.1
967,477
Macon
15,709,000
14,094,000 +11.5
Fla.-Jacksonville
16.016,002
+1.9
Ala.-Birin'ham. 16,323.767
1,368,163
1,119,720 +22.2
Mobile
b
b
b
Miss.-Jackson
134,000 +22.6
164,218
Vicksburg
33,932,810
26,762,327 +26.8
La.-New Orleans
3.380,164
9,730,059
33,400,000
879,938
669,889
10,390,000
11,652,106
91.7,144
b
143,212
23,147,091
1,983.208
8,458,029
23,400,000
686.737
345,579
8,153,154
7.851,321
833.429
b
111,629
24,969,312
117,871,153 +15.3
94,309,603
76,792.398
Total(6 cities).
Total(10 cities)
135,906,011
1935
1934
Inc. or
Dec.
1933
1932
$
s
%
$
s
Seventh Feder al Reserve D istrIct-Chi ca go93,504
Mich.-Adrian -59,623 +56.8
55,425
Ann Arbor_ _774,138
554,841 +39.5
482,586
95,408,463
77,354,685 +23.3
50,650,769
Detroit
Grand Rapids_
2,388,005
1,834,312 +30.2
1,335,192
Lansing
1,291,642
1.965,900 -34.3
606,560
1,040,975
717,084 +45.2
Ind.-Ft. Wayne
599,251
Indianapolis_
15,990,000
11,947,000 +33.8
9,703,000
South 13end__ _
1,064,283
832,452 +27.8
550,381
3,642,267
3,764,126 -3.2
3,140,963
Terre Haute_ _ _
Wis.-Milwaukee
19,378,075
16,390,889 +18.2
15,386,938
1,002,213
769,783 +30.2
la.-Ced. Rapids
218,753
Des Moines_ _ _
9.977,740
8,339,598 +19.6
6,305,406
Sioux City_ _ _
3,187,248
2,697.293 +18.2
1,927,306
Waterloo
b
b
III.-BloombagVn
334,012
682,610 -51.1
411,578
313,883,077 232,506,029 +35.0 179,411,595
Chicago
Decatur
607,704
592.591
+2.6
432,140
Peoria
3,328,274
2,771,502 +20.1
2,120,415
Rockford
852,422
538,368 +58.3
526,418
Springfield_ _
1,292,469
1,201,070 +7.6
805,796
475.538,511
92,223
563,706
50,282,462
1,999,845
421.200
820,518
10,278,000
1.049,404
2,805.881
13,684.888
603,469
4,331,379
1,991,760
is
974,551
153.847.011
393.548
2,141,750
483,046
1.492,563
365,519,756 +30.1
274,650,472
248,257,204
Eighth Federa I Reserve Dis trict-St. Lo uisMInoa..--SEtv.aLonsuisvill_e_.
is
b
86,200,000
71,100,000 +21.2
29,454,061
24,141,994 +22.0
Ky.1.13u1sville5_ _
20,462,064
18,210,447 +12.4
Tenn.-Memphis
is
500,000
454,000 +10.1
Quincy
is
59,600,000
20,521,934
16,215,711
48,100,000
16,578,920
10,907.761
1932
Federal Reserve Diets.
lst Boston....12 cities
2nd New York.12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
5th Richmond - 6 "
6th Atlanta_ _10 ••
7th Chicago ___19 "
8th St Louis__ 4 "
9th Minneapolis 7 "
10th KansasCity 10 "
11th Dallas __ 5 "
12th San Fran_ _12 "
Canada
leek Ended Dec. 7
Clearings at
Total(19 cities)
Inc or
Dec.
3801
273,000
407,945
113,906,441 +19.9
96,610.645
75,994,626
luth _. Reserve Dis trict-Minn eapolis
Ninth
n._ Federal
3,179.856
2,391,308 +33.0
63,583,242
55,790,404 +14.0
Minneapolis._.
25.096,972
21,116,808 +18.8
2,004,902
1.712.770 +17.1
uilarg_
N.
S13
t..PaF
669,738
611,989 +9.4
S. D. Aberdeen_ _
656,119
509,315 +28.8
Mont.-Billings
3,582,364
3,399,448 +5.4
Helena
2,492,137
48,307,199
17,041,535
1,597,503
445,673
341,106
2,117,529
2,464,439
42,471,55.5
13,851,470
1,521,701
526,218
327,864
1,943,970
98,773,193
85,532,042 +15.5
72.342,682
63,106,217
Tenth Federal Reserve DIs trIct-Kens as City
89,695
117,047 -23.4
Neb.-Fremont
119,749
108,321 +10.6
Hastings
2,800,889
2,107,974 +32.9
Lincoln
32,258.961
25,645,010 +25.8
Omaha
2.887,508
2,434,662 +18.6
Kan.-Topeka
2,828,690
2,320,845 +21.9
Wichita
89,207,661
66,222,905 +34.7
Mo.-Kan. City_
3,111,081
2,756,352 +12.9
St. Joseph_ _ _ _
529,542 +66.8
883,305
Colo-Colo.Sprgs
1,104,252
532,013 +107.6
Pueblo
60,633
1,725,786
.21,564,995
1,831,294
1,705,379
57,618,774
2,620,864
464,327
461,316
115,587
109,801
1,588,852
17,980,423
1,666,548
3,159.912
49,277,896
2,344,796
483,301
501.281
102,774,671 +31.6
88,053,368
77,228,397
Eleventh Fede rat Reserve District-Da Has1,175,563
1.010,140 +18.4
Texas-Austin...
37,414,237 +24.6
46,616,379
Dallas
7.747,692
6,380,412 +21.4
Ft Worth
2,784,000
2,486,000 +12.0
Galveston
2,395.740
1,855,888 +29.1
La -Shreveport.
682,324
33.683,067
6,588,542
2,500,000
1,964,025
707,510
24,925,717
5,079,864
2,111,000
2,071,623
45,417,958
34,895,714
Fraud sco-+26.4
20.459,128
+5.9
6,610,000
+32.5
487,104
+17.1
17,840,083
+18.2
11,387,622
+26.8
3,185.580
+38.9
2,833,903
+69.7
3.545,617
+34.5 101,058,665
1,839,449
+53.9
+43.5
1,546.557
+25.7
1.180,026
19,985.814
4.952,000
367,405
14,472,709
9.828,677
3,171,279
2,950.721
7.639,343
86,354,875
2,055.523
1,000,000
1,214,810
Total(4 cities)_
Total(7 cities)_
Total(10 cities)
Total(5 cities).
136,616,125
135,291,791
60,719,374
49,146,677 +23.5
Twelfth Feder al Reserve D istrict-San
34,299,823
27.125,482
Wash.-Seattle _
9,901,000
9,348.000
Spokane
985,017
743,348
Yakima
26.087,463
22,273,660
Ore.-Portland.
15,556.820
13,159,535
Utah-S. L. City
4,314,852
3,403,900
Cal.-Long Beach
4,165,099
2,998,119
Pasadena
5.311.745
Sacramento...
9,016.439
San Francisco _ 163,428,000 121,541.827
2.960,074
1,923,276
San Jose
1,966,855
1,370.751
Santa Barbara_
1,437,318
1.806,552
Stockton
Total(12 cities) 274,487,994 210.636,961 +30.3 171,973,734 153,993,156
Grand total (111
6.345.366,963 5,361,074.000 +18.4 4,511,032.415 4,220.334.418
cities)
OutsideNewYork 2,534,301,001 2,031.892,708 +24.7 1,627.242,991 1,527.061,421
Week Ended Dec. 5
Clearings al1935
Canada$
Toronto
150.580,503
Montreal
133,413,176
Winnipeg
63,220,516
Vancouver
17,643,008
Ottawa
24,699.812
Quebec
5,963,628
Halifax
2,637.930
Hamilton
4,719.861
Calgary
7,447,853
1,877,992
St. John
1,918,075
Victoria
London
3,371,181
Edmonton
4.561,934
Regina
4,254,167
Brandon
352,309
607,232
Lethbridge
Saskatoon
1,827,131
695,586
Moose Jaw
Brantford
974,699
694,201
Fort William..
575,388
New Westminster
314,022
Medicine Hat._ Peterborough_.._
653,510
717,378
Sherbrooke
1,149,218
Kitchener
2,489,138
Windsor
357.120
Prince Albert_ _
806,240
Moncton
653,470
Kingston
576,500
Chatham
488,460
Sarnia
847,148
Sudbury
Total(32 cities)
441,088,386
1934
Inc. or
Dec.
1933
1932
$
%
146,239,609 +3.0
121.703,312 +9.6
67.776.993 -6.7
16.187,970 +9.0
5,313,739 +364.8
4,359,803 +36.8
2.383,283 +10.7
4.259,968 +10.8
6,061,006 +22.9
1,949,933 -3.7
1,629,777 +17.7
3,358,748 +0.4
5.062,674 -1.2
4,617,879 -7.9
367.612 -4.2
596,218 +1.8
1,726.253 +5.8
637,660 +9.1
818,088 +19.1
750,488 -7.5
540,217 +6.5
258,166 +21.6
674,161 -3.1
636.850 +12.6
1,176.928 -2.4
1.898,571 +31.1
333,245 +7.2
904,146 -40.8
646,891
+1.0
541,887
+6.4
501,553 --2.6
691,366 +22.5
$
107.530,912
125,684,694
47,919,184
15,471,294
4,297,419
4,785,366
2.342.347
3,981.545
5,131,913
1,789,946
1.658.977
2,539,573
4.481.686
3,775,969
354,555
439,506
1,488,217
560,665
882,138
682,454
490,231
249,139
614,297
635,073
1,036.523
2,004,687
292.232
788.853
613,918
469,383
460,895
586,221
$
84,260,026
76,122,756
42,448,196
13,110,914
4,352,738
4,036,251
2,422,837
3.792,990
5,429,554
1,482.311
1,416,019
2,467,773
4,314,500
3,204,614
335,084
400,532
1,493,823
609,510
832,968
648.285
453,074
213.975
567,025
475.371
860,341
2.237,696
295,056
745,497
577,806
524.630
418.509
470,150
404,604,994
344,019,812
261,020,811
+9.0
a Not included in totals. is No clearings available.
functioning at present. * Estimated.
c Clearing House not
Financial Chronicle
GOLD
The Bank of England Gold reserve against notes amounted to £197.g
189.063 on the 20th inst., as compared with E196,457.659 on the previous
Wednesday.
Is
Purchases of bar gold announced by the Bank during the week amounted
i.
to E443,216.
Ca
In the open market about E1,800,000 was disposed of at the daily fixing
q
Nervousness has been apparent owing to the situation in France with
regard to political and budgetary difficulties; there has in consequence been
.a general demand for gold in the London market, so that prices included
al
a premium over gold exchange parities although they have ruled at a slightly
r4
lower level owing to the firmer tendency of sterling. The Bank of France
re
has suffered a severe drain of gold; the last return issued-that for Nov.
i..
a
15-showed a reduction in the gold holding of about E12,400.000 as corno
pared with the preceding week and it is estimated that there has been a
a,
;a
further efflux since Nov. 15 of over £20,000,000
g
Quotations during the week:
F.
Equivalent Value
Per
Ounce
of £ Sterling
Nov. 21
128. 0.18d.
1415.FineR
5d.
Nov. 22
125. 0.354.
141s. 3d.
1
Nov. 23
12s. 0.69d.
140s. lid.
Nov.25
12s. 0.65d.
31
140s. 115id.
Nov. 26
0
12s.
0.69d.
11d.
1405.
r4
Nov. 27
125. 0.60d.
1415.
ri.
Average
12s. 0.53d.
1415. 0.92d.
0
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
Imports
Exports
British South Africa
£1.258.940 United States of America-£1.249,383
0
Australia
198.333
U
478.044 France
New Zealand
41,609 Netherlands801,574
4
France
514,228
...,
2,019.982 Sweden
a
Netherlands
5 .
12,584 Switzerland
15,870
Switzerland
26.327 Other_countries
.
Tanganyika Territory_ _ _
4,125
6')
Other countries
13.996
£2,780.263
£3,855,607
The SS. Strathmore which sailed from Bombay on the 23d inst. carries
gold to the value of £420,000 consigned to London and £67,000 to New
York.
SILVER
Owing to the firmness of sterling in terms of the dollar, the limit at which
the American Treasury. was willing to purchase silver was reduced during
the week and the cash price of silver in the London market, which had
been unchanged at 29 5-164. since Nov. 5, declined to 293d. on the
22d inst. and to 29 3-164. the following day. Although the decline was
only a reflection of exchange movements, it caused nervousness and there
were further liquidating sales by the Indian Bazaars and speculators; China
also sold and the pressure offorward offerings caused the difference between
the cash and two months' quotations to widen to 7-I6d. although this
narrowed to 5-16d. to-day.
Movements in the cash price will be influenced by the dollar sterling
exchange; the forward position is more uncertain although it appears steady
and at the moment there are indications of rather more confidence as
yesterday and to-day the Indian Bazaars were more inclined to buy.
_ The following were the United Kingdom imports and exports.2f.silver
registered from mid-day on th8th
e1
inst. to mid7
day on-the-25th inst.:
Imports
Exports
Australia
£40,213 United States of America_ £2,057,720
British India
22,212 Denmark
1,065
Netherlands
55,101 Norway
1,653
Belgium
14,783 Other countries
2,275
France
6,985
Iraq
14,205
Costa Rica
3,046
Other countries
4,853
£161,398
Quotations during the week:
£2,062,713
IN LONDON
-Bar Silver Per Oz. Std.- •- '- IN NEW YORK
Cash
2 Mos.
- (Per Ounce .999 Fine)
Nov. 2I-__ 29 5-16d. 29d.
Nov. 20
Nov. 22__- 293‘d.
28 15-16d.
26, inclusive
65%c.
Nov. 23--_ 29 3-16d. 28 13-16d.
Nov.25_ 293-16d. 28%d.
Nov. 26_ _ 29 3-16d. 284d.
Nov.27_ 29 3-16d. 28Nd.
Average__ _ 29.2194.
28.854d.
The highest rate of exchange on New York recorded during the period
from the21st inst. to the 27th inst. was $4.94)i and the lowest $4.92.
Interagency
Interests
002
2: 22 g
Or....CO.
yr
.
VN.
øCi
.0
S
The report for Oct. 31 shows in the case of agencies
financed wholly from government funds a proprietary interest of the United States as of that date of $3,319,987,316,
which compares with $3,340,910,486 Sept. 30. In the
case of these wholly-owned government agencies, the proprietary interest represents the excess of assets over liabilities, exclusive of inter-agency items.
The government's proprietary interest in agencies financed
partly from government funds and partly from private
funds as of Oct. 31 was shown to be $1,152,730,218. This
compares with $1,142,090,116 as of Sept. 30. In the case
of these partly-owned government agencies, the government's proprietary interest is the excess assets over liabilities exclusive of inter-agency items, less the privatelyowned interests. The statement follows:
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Sr'Al
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF
OCT. 31 1935
The monthly report of the Treasury Department, showing
assets and liabilities as of Oct. 31 1935 of governmental
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
daily statement for Nov. 30. The report is the 17th such
to be issued by the Treasury; the last previous one, for
Sept. 30 1935, appeared in our issue of Nov. 16, pages 3171-
0400 W.
40101VV.
.4
..2
... 4
A2AP g
422
.N0 000500-0)0 0
Surplus
g
a
g
Dec. 14 1935
N .
g A22 2 : .. 808
•
P
,
Capital
Stock
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 27 1935:
Distribution of U. S. Interests
3802
0
$1.
0
a
.
01.800
w060:.4.4.
242 P.
... 01
QQQ 006
.N
...;- a
'ivies
2g2P41
t-
..N...
c6c14064vi
... .
a
a
0
0
q
0
0
I.
0:
E g
0000
g
2
6
I
i
4
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b 0
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4
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a 0
zo
Al g
a,,'li se-2
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a
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kld.02e Di
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dhOgIg40
Co.
8842s2grigozoe
aditia.artol3o
0
E.
-4FaithiN
3
S
3803
Financial Chronicle
Volume 141
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS OF OCT. 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Wholly from Governmem Funds
Recesssiruction Commodity
Finance
Credit
Corp.
Corp.
AssetsLoans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States, Territories. &()
Joint Stock Land banks
Ship construction and reconditioning loans
Mortgage loans (not otherwise classifled)Crop livestock and commodity loans
Other loans
Total loans
Preferred capital stock, &a.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer. United States
On hand and in banks
In transit
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank secure
Production credit associations-class A stock
Railroad bonds and securities
Ship sales notes
Other Investments
Accounts and other receivables
Accrued Interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stook
Stores and supplies
Real estate and other property held for sale
Other assets
Total assets other than inter-agency
Public
Works
Adminis:ration
SnortImport
Banks
432,195
441,337
40,094
329
8,358
901
129,293
853
Total, all assets
267,609
1,418,368
267.609
51,655
225,027
5,310
51,655
2,485
122,758
18,972
4,067
315
1219
54
a
3,028
796
6,261
203
120
3,024
5,066
98,122
5,116
1198,159 2,269,370
3,419
4
877,013
100
3,419
4
17,382
277
567
91
31,703
5,925
47
2,763
63.270
10,552
267
2.894
123
12,497
25,424
131
2,182
10,621
19,924
21,045
19,924
1,755
22,800
77,060
661
1940
35,318
5,450
20
76
2,710
11
547
588
20
2
85
74
a
2,402
1194
2,339,530
273,135
11,601
1,982
75
77.060
2,471
18,531
703
10,803
45,818
65.795
15,692
3,662
463
6.700
102.687
44,903
6,332
14,423
7.555
1,810
11
338
100
18,531
692
5,033
893
23,996
1,275
1,588
12,121
27,935
1,027
10,957
65
2
43
84
524
235,985
58,421
121,344
43,459
182,542
5
432,195
587,520
40,094
329
8,358
901
129.293
1,598
21,074
201,500
2,659
97,905
2,485
464,695
278,757
217
877,013
100
2,419
702
a
54
534
14,845
541
345,470 3,626,336
3,835,224 4,157,513
1,750,664 r1,827,226
r663,895
297 1,432,661
56,100
60.000
273,135
352,085
11,601
58,421
121,344
44,001
182,542
14,845 5,931,656 11,707,633
252,779
100
252,779
100
15.569
316
34,975
2,683
2,009
2,009
114,366
2,281
84
954
82
405
3
139
855
2,858
84
266,782
Total liabilities, capital, and surplus
31,192
745
21,074
601
330
5,310
271,438
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned sui plus.
Reserve for dividends and contingencies__
Legal reserves
Earned surplus and undivided profits--
Total
Other
97,905
22,672
249,190
Inter-agency liabilities:
Due to governmental corporations or agencies 3,834,432
Total, all liabilities
so
110,086
90,812
2,329
4,717,998
Total liabilities other than inter-agency..
U. S.
Shipping
War
Board- Emergency
Merchant
Corps.
Fleet
and
Corp.
Agencies h
114,941
Inter-agency assets:
Due from governmental corps. or agencies_ 6321,747
Capital stocks and paid-in surplus of governmental corporations
76,561
Allocations for capital stock purchases and
paid-in surplus
607,795
Other allocations
1,372,363
LiabilitiesBonds. notes, and debentures:
Obligations guaranteed by United States
Other
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncolleetible items
Other operating reserves
Regional
Agricul- Production Panama
fatal
Credit
Railroad
Credit
Co.
Corp.
Corp.
2,599
4,955
5,199
75
27
683
7,841
5,958
12,754
75
16.697
306,348
409
3,895
139
855
3,895
139
997
12,754
725 1,457,803 5.849,461
44,000
12,327
120,000
7,000
50,000
t3,599,294
545.449 a4,469,779 5,602,564
11,733 3,623,355
141
4,105,870
266.866
409
500,000
3,000
11,250
1112,003
3,268
c57
4,717,998
273,135
11,601
a352,085
125
352,085
234
1,163
c2,035
41
58,421
121,344
650 1,441,106 5.543,112
1,635
36,003 c3,479,506
44,001
182,542
c31.329
3,158
c9,295 c3,370,907
14,845 5,931,656 11,707,633
For footnotes see following page.
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Dec. 7 Dec. 9 Dec. 10 Dec. 11 Dec. 12 Dec. 13
Francs Francs Francs Francs Francs Francs
Bank of Frame
9,500 9,100 9,300 9,400 9,400 9,300
Banque de Paris et Des Pays Bas
978
968
1,007
1,003
1,013
Banque de l'Union Parislenne„
422
416
421
425
429
Canadian Pacific
182
184
178
178
-iii
Canal de Sues
18,100 18,360 18,200 18,100 18,100 18,100
1,064
Cie Distr. d'Electricitie
1,051
1,069
1.064
1,058
1.400
1,369
Cie Generale d'Electricitie
1,370
1.370
1,360
____
18
17
Cie Generale Transatlantique_ _ _
17
17
17
81
Citroen B
79
79
79
79
_
859
Comptolr Nationale d'Escompte
865
878
883
898
76
76
76
Coty S A
78
76
--ii
237
235
Courrieres
230
235
237
540
534
542
542
Credit Commercial de France__ _
544 :1,690
Lyonnais)
1,652
1,690
1,670
Credit
1,680
Logo
2,3202,310 2,290 2.310 2,280
Eaux Lyonnais°
487
483
-iig
483
490
Energie Electrique du Nord__
Littoral_
720
713
715
710
703
Energie Electrique du
576
565
578
570
Kuhlmann
572
870
858
870
870
870
L'Aie Liquid°
860
842
815
839
820
820
Lyon (P L M)
1,045 1,016
1,035 1,045 1,050
Nord Ai
420
410
417
420
420
Orleans 117
24
24
24
24
24
Pathe Capital
1,177
1,175
1,200 1,177 1,195
Pechiney
76.
75.
75.40 74.70 74.60 74.25
Rentes. Perpetuel 3%
79.20 78.50 77.60 76.80 76.90 76.10
Ftentes 4%,1917
78.90 77.90 77.60 76.75 76.90 76.30
Reines 4%,1918
85.25 85.00 84.30 83.60 83.70 82.90
Rentes 434%. 1932 A
84.10
84.10 83.10 82.30 82.30 81.50
1932
B
434%,
Reines
105.80 104.30 104.70 103.30 103.25 102.80
Rentes 5%,1920
2.170 2,175 2,180 2,170 2,150 2,160
Royal Dutch
1,682
1,680
1,699
1,686
1,694
Saint Gobain C lc C
1;56
-iii
Schneider & Cie
Societe Francalse Ford
Societe Generale Bonctere
Societe Lyonnais°
Societe Marseillaise
Tub's° Artificial Silk pref
Union d'Electricitie
Wagon-Lita
Dec. 7 Dec. 9 Dec. 10 Dec. 11 Dec. 12 Dec. 13
Francs France Francs Francs Francs Francs
1,565
1,568
1,570
1,570
1,571
54
54
.52
.52
54
52
29
29
28
28
30
2,337 2,298 2,312 2,290 2,310
__542
545
548
549
546
___ _
86
85
86
87
71
___ 525
_ __ _
530
529
527
528
41
44
43
44
42
____
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Dec. Dec. Dec. Dec. Dec.
7
9
10
11
12
Per Cent of Par
Allgemeine Elektrizitaets-Gesellschaft
36
35
35
35
35
Berliner Handels-Geeellschaft (6%)
114
113 113 114
113
Berliner Kraft U. Licht(8%)
135
135
134
135
134
Commers-und Privat-Bank A 0
84
84
84
84
84
Deessuer GAS (7%)
123
123 122
121
120
Deutsche Bank und DIsconto-Geselischaft_ 83
83
83
83
82
Deutsche Erdoel(4%)
105
104
105
105
104
Deutsche Reichsbahn(German Rya pf 7%). 123 123
123 123
123
Dresdner Bank
84
84
84
83
83
Ftrbenindustrie I0(7%)
149
147 148
147 146
Gesfuerel(6%)
124
123
124
124
123
Hamburg Electric Werke (8%)
130
129
129
129
128
Haan
15
15
15
15
15
Mannesmann Roehren
79
78
78
77
76
Nordeutsch I / Lloyd
17
16
16
17
16
Reicesbank (8%1
178
175 176
175
176
Rhelniscbe Braunkohle(8%)
211
211
211
210
Salsdeturth (7!4%t
igi
188
187
188
186
Siemens & Halske(7%)
168
loo
167
164
163
each
Dec.
13
35
113
134
83
120
82
104
123
82
147
123
128
15
76
16
176
210
185
164
3804
Financial Chronicle
Dec. 14 1935
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS OF OCT. 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Partly from Government and Partly from Private Funds
Federal
Land
Banks
AssetsLoans.
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage ioan companies
Agricultural credit corporations
Co-operative sssociations
States, Territories, erc
Joint Stock Land banks
Ship construction and reconditioning loans_
Mortgage mans (not otherwise classified)._
Crop livestock and commodity loans
Other loans
Total loans
Total assets other than Inter-agency
Inter-agency assets:
Due from governmental corps, or agencies
Capital stocks and paid-In surplus of governmental corporations
Allocations for capital stock purchases and
paid-in surplus
Other allocations
Total, all assets
LtaMetesBonds. notes, and debentures:
Obligations guaranteed by United States
Other
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible Items
Other operating reserves
Total liabilities other than inter-agency
Inter-agency liabilities:
Due to governmental corporations or agencies
Total, all liabilities
Total liabilities, capital, and surplus
Banta
for
Co-operaIces
Home
Owners'
Loan
Corp.1
Home
Loan
Banks
Federal
Savings
and
Loan
Insurance
Corp.
Federai
Savings
and
Loan
Associations
Federal
Deposit
Insurance
Corp.
War
Finance
Corp.q
Total
$
4
95,591
95,591
2,166,758
52,262
48,178
4,083
4 2,811,503
145,043
777,168
56
149,127
777,225
48,178
78,229
7,535
1,589
3
23,980
f80
4,030
3,896
950
94,138
157
10,551
126
121
2,668
10,912
40,944
36,051
23.358
2,094
3
37,906
8
43,342
83,343
111,801
737,329
14,627
101,210
737,329
14,627
71
5,567
35,077
3,319
1,977
121
27,976
6,069
92,341
5,721
2,402,847
k9,436
778
236
437
43
4
204
1,509
30
252.526 1,622,487
139,491
71
17,875
118,784
121
6,239
41
o52,934
.5,318
3,885
96,115
65,582
103,150
52,934
338,310
130 8,017,065
18
122,829 2,982,356
2,149
100
3,843
3.552
221
1,383
74
8,420
48.878
4
4,634
14,075
r100.000
100,000
r3,888
3,888
2,412,283
257,160 1,622,487
1,926,501
145,805
27,623
22,278
5,763
880
1,702
520
5.509
1,431
16
3
19,141
1,893
113,959
221
62
150,802 1,418,462
82
139,496
122,829 3,086,245
1,382,429
52,473
235,173
k89,822
4
4,025
4,634
150,807 1,422,487
4,716
200,000
130,385
4
70,000
30,000
6,353
2,412,283
6,673
257,160 1,622,487
52,934
338,310
4,267
139,496
130 8.135,028
4,213,709
10 2,094,227
25,766
28,509
51,396
8,094
10,855
138
15,079
374
43,679
94
7,8.10
35,056
51,836
6,677 2,922,806
469
7,979
10 6,508,596
6,677 2,922,806
469
7,979
10 6.569.734
289.299
941,031
10 1,390.788
160.853
61,137
112,085
200,000
1,133
2,033
c36,561
186
122,829 3,086.245
103,150
126
7,852
25,656
103,150
m2831,280
21,911
14,911
2,001,305
220,491
52,063
2,748
10,912
425,846
317,459
8,031
10,578
5.755,434
145,103
7 6.048,396
95,595 2,811,503
950
25,758
22,438
2,053,778
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies
Legal reserves
Earned surplus and undivided profits_
Federal
Farm
Mortgage
Corp.
$
2,166,758
Preferred capital stock, &c.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer. United States
On hand and In banks
In transit
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank seem's_
Production credit associations-cla.ss A stock
Railroads bonds and securities
Ship sales notes
Other investments
Accounts and other receivables
Accrued Interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
Real estate and other property held for sale
Other assets
Federal
Intermediate
Credit
Banks
100,000
52,934
2,494
109
52,934
338,310
10,473
26,899
c23,720
130 8,135,028
a Non-stock (or includes non-stock proprietary interests)
b Excess Inter-agency assets (deduct)
c Deficit (deduct).
d Exclusive of Inter-agency assets and liabilities (except bond Investments).
e Also includes real estate and other property held for sale.
f Adjusted for Inter-agency Items and items In transit.
It Excludes contingent assets and liabilities amounting to $217,652 for guaranteed loans, she.
h Includes 11. S. Housing Corporation, U. S. Railroad Administration, U. S. Spruce Production Corporation, and notes received on aczmunt of sale of surplus war
supplies.
I Includes Electric Home and Farm Authority (incorporated under date of Aug. 1 1935 to continue functions of Electric Home and Farm Authority, Ins.); Farm
Credit Administration (crop-Production and other loans); Federal Housing Administration; Federal Prisons Industries, Inc.; Resettlement Administration; Inland Waterways Corporation; RFC Mortgage Company; Tennessee Valley Associated Co-operatives. Inc.; Tennessee Valley Authority. Inc.; loan, to railroads, and inter-agency
interests held by the United States Treasury.
I Net after deducting estimated amount of uncollectible obligations held by the Ftvm Credit Administration.
It Includes 12,171.121 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-In surplus.
1 Preliminary statement.
m Includes unissued bonds covering loans in process.
n Less than $1,000.
o Assets not classified. Includes the amount of Capital stock subscribed by the United States; also 13,888,000 subscribed by the Home Owners Loan Corporation.
p Includes assessments paid in by member banks and trust companies to the amount of $41,031,653.
q In liquidation.
r Represents capital stock, Paid-in Surplus, and other proprietary Inter-agency interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
Includes loans to Federal Land banks amounting to $51,825,741.
t Appropriation provided by Congress.
COMPARATIVE PUBLIC DEBT STATEMENT
On the basis of dally Treasury statements)
March 31 1917
Pre-War
Debt
Aug. 311910
Highest PostWar Debt
Dec. 31 1930]
Lowest PostWar Debt
Gross debt
Net bal. In general fund_
Gross debt less net bal
21,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74.216.460.05
306,803,319.55
1,118,109,534.76
..^..",.. h,nd
Cl 907 597 fbift 91 595 575 509 112 On t14 710 052 707 A9
Nor. 30 1934
a Year Ago
Oct. 311035
Last Month
Nov. 30 1935
$27,298,896,757.95 $29,461.602,046.19 $29,634,021,333.94
Gross debt
1,597,408,838.01
1,473,082,450.99 1,434,388,082.00
Net bal. in general fund_
Gross debt less net bal.
A n na In non in nr1
525.701.487.919.04 527 OSSI 519.195.20 228.199.633.251.94
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdingslof the United States, as officially issued as of July 31
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
andjnet debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
July 31 1935 July 31 1934
1,789,067,634 2,471,880,859
Balance end of month by daily statements, dcc
Add or Deduct—Excess or deficiency of receipts over
—6,496.045
—28,638.067
or under disbursements on belated Items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates___
Settlement on warrant checks
Total
Balance, deficit(—) or surplus 1+)
1,760,429,567
2,465,384,814
25,212,751
691,236,882
3,802,225
4,052,770
28,663,365
138,730,931
3,951,220
3,378,196
724,304,628
174,723,712
27,923,347,045 26,604,551,650
1,011,485,788
527,415,226
188,503,975
57.272,970
109 123,33(1,808 27,189,239 846
Total debt
1,036,124,939 +2290,661:102
Deduct Treasury surplus or add Treasury deficit -628,087,211,869 24,898,578,744
Net debt
a Total gross debt July 31 1935 on the basis of daily Treasury statements was
$29,119,769,527.28. and the net amount of public debt redemption and receipts
AcC.. was 53,567,280.75. b No reduction is made on account Of obligations
of foreign governments or other investments. c Maturity value. d Includes
amount of outstanding bonds called for redemption on April 15 1934.
CONTINGENT LIABILITIES OF THE UNITED STATES JULY 31 1935
-Amount of Contingent Liability
Total
a Interest
Principal
Detail—
Guaranteed by the United Stater
$
$
s
Federal Farm Mortgage Corp.:
862,088,400.00 5,388,052.50 867,476,452.50
3% bonds of 1944-49
99,223,424.79
98,028,700.00 1,194,724.79
334% bonds of 1944-64
290,325.38 232,548,225.38
232,257,900.00
3% bonds of 1942-47
22,452,903.65
127,903.65
22,325,000.00
134% bonds of 1937
59,653,342.37
671,342.37
58,982,000.00
1942-47
01
234% bonds
•1,273,682,000.00 7,672,348.69 1,281,354,348.69
Federal Housing Administration__
Home Owners' Loan Corporation:
77,030.71
677,030.71
4% bonds of 1933-51
3% bonds, series A, 1944-52_ _ _1.115,967,575.00 8,385,837.93 1,124,353,412.93
1,092,247,130.25
371,280.25
_1,091,875,8500.0
1939-49_
B,
series
bonds,
234%
50.077.935.00
341,935.00
49,736,000.00
134% bonds, series C, 1936_ __
50,242,782.46
399,782.46
49,843,000.00
134% bonds, series D, 1937
49,986,144.25
454,044.25
49,532,100.00
1938
E,
series
2% bonds,
813,136.88 326,067,886.88
134% bonds, series F, 1939._ 325,254,750.00
.2,682,209,275.00 10,843,047.48 2,693,052,322.48
Reconstruction Finance Corp.:
234% notes, series E
3% notes, series G
2% notes, series H
+ 1,036.124,939 +2290.661.102
INTEREST-BEARING DEBT OUTSTANDING
July 31 1934
Interest July 31 1935
Payable
S
Title of Loan—
599,724,050
28 Consols of 1930
@
48,954,180
48,954,170
28 of 1916-1936
Q.-F.
25,947,400
25,947,400
Q -F.
28 of 1918-1938
49.800,000
49,800,000
Q.-M.
Os of 1961
28,894,500
-J.
Q.
28,894,500
of
bonds
1946-1947
convertible
33
254,200,000 1,683,445,0(8)
Certificates of indebtedness
J.-D.
1,392,226,350
314s First Liberty Loan, 1932-1947
5,002,450
J.-D.
Cs First Liberty Loan, converted 1932-1947
532,489,3511
-D.
Hs First Liberty Loan. converted 1932-1947..J.
3,492,150
Hs First Liberty Loan, 2d cony., 1932-1947...J.-D.
A -0.d1,322,995,550 4,407,907,200
4148 Fourth Liberty Loan of 1933-1938
758,983,300
A.-0. 758,955,800
ois Treasury bonds of 1947-1952
J -D. 1,036,762,000 1,036,834,500
38 Treasury bonds of 1944-1954
489.087,100
M.-S. 489,087,100
Ma Treasury bonds of 1946-1956
454.135,200
J.-D. 454,135,200
334s Treasury bonds of 1943-1947
J.-D. 352,993,950
352,993,950
3548 Treasury bonds of 1940-1943
M.-S. 544,914,050
544,914,050
35is Treasury bonds of 1941-1943
J -D. 818,646,000
819,096,500
3Hs Treasury bonds of 1946-1949
755,481,350
ht.-S. 755,477,000
3s Treasury bonds of 1951-1955
F.-A. 834,474,100
834,474,100
334s Treasury bonds 01 1941
A.-0. 1,400,570,500 1,400,570,500
4 yis-3 Hs Treasury bonds of 1943-1945
A -D. 1,518,858,800 1,061,942,500
33.(a Treasury bonds of 1944-46
J -D. 1,035.884.900
824,508,050
34 Treasury bonds of 1946-1948
491,377,100
.1.-D
334e Treasury bonds of 1549-1552
-S. 2,406,399,200
ht.
of
bonds
1955-1960
2348 Treasury
79,438,875
U. S. Savings bonds, series A
J.-J. 121,819,840
88,684,020
2 Hs Postal Savings bonds
11,065,233,000 6,050,962,900
Treasury notes
Treasury bills, series maturing1934—Aug. 1
c75,056,000
Aug. 8
c50,078,000
c75,114,000
Aug. 8
Aug. 15
c75,044,000
Aug. 15
c50,254,000
Aug. 22
c50,457,000
Aug. 29
c75,088,000
Sept. 5
c100,236,000
Sept. 26
c50,525,000
Oct. 3
c50,056.000
c50,225,000
Oct. 10
Oct. 17
c50,033,000
c50,040,000
Oct. 24
c50,037,000
Oct. 31
c50,173,000
Nov. 7
Nov. 14
c50,080.000
c50,140,000
Nov. 21
Dee. 19
c75,226,000
Dee. 26
c75,353,000
c75,167,000
1935.—Jan. 2
Jan. 9
c75,235,000
Jan. 16
c75,144,000
Jan. 23
c75,200,000
c75,185,000
Aug. 7
c75,112,000
Aug. 14
c75,024,000
Aug. 21
c50,054,000
Aug. 28
c50,114,000
Sept. 4
c50,052,000
Sept. 11
c50,125,000
Sept. 18
Sept. 25
c50,079,000
Oct. 2
c50,063,000
Oct. 9
c50,021,000
Oct. 16
c50,013,000
Oct. 23
c50,009,000
Ott. 30
c50.013.000
Nov. 6
c50,000,000
Nov. 13
c50,007,000
Nov. 20
c50,045,000
Nov. 27
c50,185,000
Des. 4
c50,072,000
Deo. 11
c50,149,000
Dec. 18
c50,006,000
Deo. 24
c50,071,000
Dec. 31
c50,018,000
1936—Jan. 8
c50,062,000
Jan. 15
c50,020,000
Jan. 22
c50,155.000
Jan. 29
c50,085,000
Feb. 5
c50,091.000
Feb. 11
c50,255,000
Feb. 19
c50,020,000
Feb. 26
c50,037,000
Mar. 4
c50,010,000
Mar. 11
c50,080,000
Mar. 18
c50,059,000
c50,010,000
Mar. 25
c50,000,000
Apr. 1
c50.100,000
Apt. 8
c50.062,000
Apt. 15
c50,015,000
Apr. 22
c50,050,000
Apr. 29
Aggregate of interest-bearing debt
Bearing no Interest
Matured,interest ceased
3805
Financial Chronicle
Volume 141
432,308.50
28,695.65
140,776.22
249,179,166.67
601,780.37 c249,780,947.04
4,224,187,618.21
Total, based upon guarantees
On Credit of the United Slates:
Secretary of Agriculture
Postal Sayings System:
Funds due depositors
Tennessee Valley Authority_
150,053,975.17
16,028,695.65
83,698,276.22
149,621,666.67
16,000,000.00
83,557,500.00
1,204,932,325.60 26,044,518.97 d1230,976,844.57
Total, based upon credit of the
United States
1,230.976,844.57
Other Obligations—
e3239,794,380.00
Federal Reserve notes (face amt.)_
• Includes only bonds issued and outstanding. a After deducting amounts of
funds deposited with the Treasury to meet interest payments. b Interest to
July 1 1935 on $31,234,575 face amount of bonds and interim receipts outstanding
which were called for redemption July 1 1935. c Does not include $3,740,000,000
face amount of notes and accrued interest thereon, held by Treasury and reflected
In the public debt. d Figures as of June 30 1935—figures as of July 31 1935 not
available. Offset by cash in designated depository banks amounting to $384,856,574.78 which is secured by the pledge of collateral as provided in the Regulations
of the Postal Savings System having a face value of 5408,308,237.98; cash in possession
of System amounting to $68,993,433.58, and Government securities with a face
value of $771,578,590 held as investments, and other assets. e In actual circulation,
exclusive of $21,828,555 redemption fund deposited in the Treasury and $270,516,065
of their own Federal Reserve notes held by the issuing banks. Federal Reserve
notes issued are secured by gold certificates in the amount of $3,389,839,000:
United States Government securities of a face value of $205,000,000, and commercial
paper of a face amount of $5,090,000.
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
Nov. 30 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Nov. 30 1935.
CURRENT ASSETS AND LIABILITIES
GOLD
Assets—
Gold
9,919.898.791.27 Cold certificates:
Outstanding (outside
of Treasury)
125,384,149.00
Go:d ctf. fund—Fed.
Reserve Board _ _7,314,172,017.25
Redemption fund—
Fed. Reserve notes.. 17,669,713.35
156,039,430.93
Gold reserve
Exch. stabilization fund_1,800,000,000.00
506,633,480.74
Gold in general fund
9.919,898.791.27
Total
9,919,898,791.27
Total
Note—Reserve against $346,681,016 of United States notes and 51,179.474 of
also secured by
are
1890
of
notes
outstanding.
Treasury
1890
of
notes
Treasury
Silver dollars in the Treasury.
SILVER
$
Liabilities—
$
Assets—
519,275,084.93 Silver ars. outstanding_ 947,049,278.00
Silver
1890
of
notes
Treasury
509,676,305.00
Silver dollars
1.179,474.00
outstanding
80,722,637.93
Silver in gen. fund
Total
1.028,951,389.93
AMU—
Gold (see above)
Silver (see above)
United States notes__
Federal Reserve notes__
Fed. Reserve bank notes
National bank notes ___
Subsidiary silver coln..__
Minor coin
Sliver bullion(cost value)
Sliver bullion (recoinage
value)
Unclassified—
Collections. .40
Deposits in:
Fed. Reserve banks__
Special depos. acct. of
sales of Govt.secs_
Nat. and other bank
depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers._
Foreign depositaries:
To credit of Treasurer of U. 5
To credit of other
Govt. officers
Philippine Treasury:
To credit of Treasurer of U. S
Total
1,028,951.389.93
GENERAL FUND
Liabilities—
506,633,480.74 Treasurer's checks outstanding
80,722,637.93
2.584,102.00 Deposits of Government
officers:
14,606,310.00
Post Office Dept
610,139.00
Board of Trustees,
5,393,899.00
Postal Savings
3,030,514.55
System:
3,157,909.72
5% reserve, lawful
229,148.447.58
money
Other deposits
15,001.50
Postmasters, clerks of
courts, disbursing
3,538.730.79
officers, Ac
112,892,254.29 Deposits for:
Redemption of Nat'l
bank notes(5% fund
597.576,000.00
lawful money)
Uncollected items, exchanges. da
10,191,368.12
4.595,588.28
3,808.722.22
60,078.545.63
12,911,249.77
94,400,977.14
556,898.26
19.292,103.66
195,644,084.96
55,520,270.81 Balance of increment resulting from reduction
in weight of the gold
143,689,540.61
dollar
1,205,837.04
Seigniorage (see ncte l) 233,105,091.39
1 057,593.450.00
1,334,469.57 Workingbalance
Balance to-day
1 434,388,082.00
1,870,794.32
Total
.1,630,032.166.96
1,630,032,166.96
Total
Note 1—This item represents seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver icquired under the Silver Purchase Act of
1934 and the amount returned for the s lver received wider the President's proclamation dated Aug. 9 1934.
Note 2—The amount to the credit of disbursing officers and certain agencies
to-day was $1,976,304,814.09.
3806
Financial Chronicle
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for November
1935 and 1934 and the five months of the fiscal years 1935-36
and 1934-35.
General & Special Funds- -Month of November
--Juty 1 to Nos.30Receipts1935
1934-35
1935-36
1934
Internal Revenue:
Income tax
256,294,517
18,986,232
326,427,087
20,978,622
Miscell. internal revenue
723,618,484
141,808,092
821,244,767
118,530,056
Processing tax on farm prod'ts
220,859,037
47,340,559
7,951,626
56,429,923
Customs
137,342,111
31,225,546
161,044,376
28,375,842
MIscedaneous receipts:
Proceeds of Govt.-owned securities:
Principal-torn obligations
Interest-torn obligations_
273,833
77,705
All other
39,397,797
24,970,750
26,039,999
51,225,408
Panama Canal tolls, &c
10.554,366
1,936,326
9,465,608
2,152,259
Seigniorage
51,024,995
19,593.396
2,673.029
618,224
Other miscellaneous
21,025,991
2,491.121
4.745,226
22,765,171
Total receipts
ExpendituresGeneral-Departmental a
Public buildings a
River and harbor work a
Panama Canal a
Postal deficiency
Retirement funds(U.S.share)
Dist. of Col.(U. S.share)National defense:a
Army
Navy
Veterans' pensions & benefits:
Veterans' Administration a
Adjusted service ctf. fund_
Agricul. Adjust. Admin.a c
Agricultural Adjust. Adminis.
(Act Aug.24 1935)
Farm Credit Administration a
Debt charges-Retirements
Interest
Refunds-Customs
Internal revenue
Processing tax on farm prod.
234,296.827
246,607,387
1,468,196,530
1,460,391,131
34,954.717
1,329.753
7,727,399
897,321
5,000,000
24,937,238
2,738,110
4,701,674
560,842
188,156,541
4,844.592
33,199.444
4,502,945
25,014,655
40,662,400
5,707,500
157,631,520
14,876.920
21,575,286
3,564,257
15,024,176
21.009,100
4,364,295
Total, general
Recovery and relief:
Agricultural aid:
Agricul. Adjust. Admin
Commodity Credit Corp.__
Farm Credit Admin. (incl.
Fed. Farm. Mtge. Corp.)
Federal Land banks
Relief:
Fed. Emerg. Relief Admin.
(Incl. Fed. Surplus Relief
Corporation)
Civil Works Administration
Emerg. Conserva'n work
Dept. of Agricul., relief
Public Work (incl. work rel'f);
Boulder Canyon project__ _
Loans and grants to States,
municipalities. &c
Loans to railroads
Public highway
River and harbor work
Rural Electrifica'n Admin.
Works Progress Admin
All other
Aid to home-owners:
Home-loan system
Emergency housing
Federal Housing Admin_
Resettlement Administra'n_
Subsistence homesteads___
Miscellaneous:
Export-Import Bks. of Wash_
Fed. Deposit Insur. Corp_
Admin. for Indus. Recovery
Reconstruction Finance Corp.
-direct loans .4 expend's
Tennessee Valley Authority
Total recovery and relief _.
Total expenditures
23,273,647
30.072,196
21,077,920
24,990,837
114,072,051
155.484,603
89.979,039
131,055.403
47,991,291
45,981,285
59,498,843
65,731,930
238,037,831
100,000,000
238,810,337
232,448,639
50,003,000
202.348,972
695
b147,526
46,232,150
10,134,840
1.514,746
2,237,473
1,290,031
b2,175,769
39.255,650
14,956,306
1,332,877
1,805,360
2,887,268
2,068
413,780
305,064,800
250.354,687
6,505,198
12,965,731
8,860,952
7,699,055
128,662,650
284.527,183
7,948,049
10,225,091
13,129,588
272,008,376
248,811,496
1,732,650,115
1,396,069,223
2,469,952
2,264.245
24,322,200
616,122,401
55,506,668
153,291,577
108,749,845
b141,612,037
bi4,128,995
2,475,177
8,925,427
2,872,952
622,551,717
24,360,304
35,934,397
11.267,107
75.800,288
65,526
51,285,963
268,676
155,787,893
617,657
33,875,726
9,312,749
410,209,660
368,377
272,773,889
1,796,565
659,635,321
9,458,346
166,802,882
64,764,297
508,837
2,378,122
7,313,651
11,202,540
13,282.053
b363,068
18,094,974
14,926,028
51,442
48,507,622
34,675,845
15,287,469
12,435.000
27,508,014
15,626,615
b5,369,408
b22,254,694
124,769,052
63,404,227
207,241
96,221,171
154,211,479
69,626,967
62,428,000
196,293.483
80,638,950
26,501,107
63,323,131
1,556,453
10.030.708
4,510
20,675,605
913,301
6,603,894
b2,700,603
497,850
4,224,406
51,224,768
b3,486,438
389,796.424
18,687,875
21,637,514
1,428.029,075
1,817,525
395,472
425,795
b722,457
671,092
b4.057,503
4,281,857
261,51.1,135
513,519.511
139,526,490
28,563,011
13,141.739
5,203,654
15,358,793
412,689
2,418,269
2,706,690
1,133,752
4,894,494
376
567,356
4,161,844
2,076,068
b60,614.933
13,003,122
638,607,920
3.160,679,190
1,496,562,870
2,892,632,093
299,222,684
392.000.533
1,692,482,660
1,432,240,962
299,222,634
46.232.150
392,000,533
39,285.650
1,692,482,660
305,064,800
1,432,240,962
128,662,650
252,990,534
352,714,883
1,387,417,860
1,303,578,312
Excess of receipts
Excess of expenditures
Summary
Excess of expenditures
Less public-debt retirements.
Excess of expenditures (excl.
public debt retirements)
Trust acc'ts, increment on gold
&c.. excess of receipts (-) or
expenditures (+)
-10.845,937
Less nat, bank note retire' t
242,144,597
31,030,940
-27,630,657 +223,122,485
-73,309,568
1,610,540,345
270,454,179
1,230,268,744
325,084.226
Total excess of expenditures
211,113,657
325,084,226 1,610,540,345 1,230.268,744
Decrease in general fund balance
38,694,369
981,513,401
214,209,134
406,957,457
Increase in the public debt
172.419,288
245,755,343
933.128,709
110,875,092
Public debt at begin. of month
or year
29.461,602.046 27,188,021,666 28,700,892,625 27,053,141,415
Public debt this date
29,634,021,334 27,298,896,758 29.634,021.334 27,298.896.758
Trust Accounts, Increment
on Gold, &c.
ReceiptsTrust accounts
16,588,998
77,387,607
19,930,422
101,961,076
Increment resulting from reduction in the weight of the gold
dollar
65,780
965,496
312,257
116.584
Seigniorage
33,684,363
25,564,495
47,763,573
92,993.650
Total
50,339,141
45,611,501
195,266,983
126,116,576
ExpendituresTrust accounts
6,509,361
:4,026,495
80,125,344
16,054,166
Transactions in checking acc'ts
of governmental agencies (net)
1,952,903
65,068,398
Chargeable against increment on
gold:
Melting losses, &c
89,044
156,002
97,250
Payment to Fed. Res. banks
(Sec. 13b. Fed. Res. Act,
as amended)
1,837,635
2,585,516
2,683,303
For retirem't of nat. bk. notes
31,030,940
270,454,179
Total
39,493,204
17 980,845
418,389,469
52,807.008
Excess of receipts or credits
10,845,937
27,630,656
73,309,568
Excess of expenditures
223,122A86
a Additional expenditures on these accounts for the months and the fiscal years are
Included under Recovery and Relief Expenditures, the classification of which will be
shown in the statement of classified receipts and expenditures appearing on page .5
of the daily Treasury statement for the 15th of each month.
b Excess of credits (deduct). c Payable from processing taxes on farm products
or advances from the Treasury to be deducted from processing taxes.
Dec. 14 1935
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES NOV. 30 1935
The preliminary statement of the public debt of the United
States Nov. 30 1935, as made up on the basis of the daily
Treasury statement, is as follows:
Bonds3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
231% Postal Savings bonds (10th to 49th ser.)
$49,800,000.00
28,894,500.00
121,820,840.00
$200.515,340_00
Treasury bonds:
431 % bonds of 1947-52
4% bonds of 1944-54
34% bonds of 1946-56
331% bonds of 1943-47
331% bonds of 1940-43
34% bonds of 1941-43
334% bonds of 1948-49
3% bonds of 1951-55
351% bonds 01 1941
331% bonds 011943-45
% bonds of 1944-46
3% bonds of 1946-48
354% bonds of 1949-52
264% bonds of 1955-60
231% bonds of 1945-47
5758,955,800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
755,477,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377.100.00
2,611,156,200.00
568,659,800.00
13,671,952,500.00
135,483,656.25
United States Savings bonds
Total bonds
Treasury Notes231% series 03-1935, maturing Dec. 15 1935._
331% series A-1938, maturing Aug. 1 193624% series 11-1936, maturing Dec. 15 1936._
231% series C-1936, maturing Apr. 15 1936._
131% series D-1936, maturing Sept. 15193&.
I h % series E-1938, maturing June 15 1938_
331% series A-1937, maturing Sept. 15 1937_
3% series 13-1937, maturing Apr. 15 1937____
3% series C-1937, maturing Feb. 15 1937____
244% series A-1938, maturing Feb. 1 1938_
23-4% series 53-1938, maturing June 15 1938._
3% series C-1938, maturing Mar. 15 1938
231% series 03-1938, maturing Sept. 151938.,,
231% series A-1939, maturing June 15 1939_
13-6% series 11-1939, maturing Deo. 15 1939_
% series C-1939, maturing Mar. 15 1939._
144 0,. series A-1940, maturing Mar. 15 1540_
% series 53-1940 maturing June 15 1940._
$14,007,951,496.25
5418.291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
514,066,000.00
686,616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428.400.00
511,473,110,350.00
4% Civil Service retirement fund, series 1936
to 1910
277,800,000.00
4% Foreign Service retirement fund, series
1936 to 1910
2,940,000.00
4% Canal Zone retirement fund, series 1936
to 1910
2,817,000.00
2% Postal Savings System series, maturing
June 30 1939
100,000,000.00
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1 1939
100,000,000.00
11,956,667,350.00
Certificates of Indebtedness
4% Adjusted Service Certificate Fund series.
maturing Jan. 1 1936
Treasury Bills (Maturity Value)Series maturing Dec. 4 1935
Series maturing Dee. 111035
Series maturing Dec. 18 1935
Series maturing Dec. 24 1935
Series maturing Dec. 31 1935
Series maturing Jan. 8 1936
Series maturing Jan. 15 1936
Series maturing Jan. 22 1936
Series maturing Jan. 29 1936
Series maturing Feb. 5 1936
Series maturing Feb. 11 1936
Series maturing Feb. 19 1936
Series maturing Feb. 26 1936
Series maturing Mar. 4 1936
Series maturing Mar. 11 1936
Series maturing Mar, 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 16 1936
Series maturing Mar. 18 1936
Series maturing Mar. 25 1938
Series maturing Apr. 11036
Series maturing Apr. 8 1936
Series maturing Apr. 1.5 1936
Series maturing Apr. 22 1936
Series maturing Apr. 29 1936
Series maturing Slay 6 1936
Series maturing May 13 1936
Series maturing May 20 1936
Series maturing May 27 1936
Series maturing June 3 1936
Series maturing June 10 1936
Series maturing June 17 1936
Series maturing June 24 1936
Series maturing July 1 1936
Series maturing July 8 1936
Series maturing July 15 1936
Series maturing July 22 1936
Series maturing July 29 1936
Series maturing Aug. 5 1936
Series maturing Aug. 12 1936
Series maturing Aug. 19 1936
Series maturing Aug. 26 1936
248,700,000.00
550,072.000.00
50,149,000.00
50,006,000.00
50,071,000.00
50,018,000.00
50,062,000.00
50,020,000.00
50,155,000.00
50.085,000.00
50.091,000.00
50,255,000.00
50,020.000.00
50,037,000.00
50,010.000.00
50,080,000.00
50,107,000.00
50.006,000.00
50,205,000.00
50,830,000.00
50,325,000.00
50,143,000.00
50,132,000.00
50,015,000.00
.50,250,000.00
50,059,000.00
50.010,000.00
50,000,000.00
50,100,000.00
.50,062,000.00
50,015,000.00
50,050,000.00
50,102,000.00
50,072,000.00
50,045,000.00
50,000,000.00
50,046,000.00
50,031,000.00
50,015,000.00
50,040,000.00
50,003,000.00
50,025,000.00
50,111,000.00
50,030,000.00
50,046,000.00
50,102,000.00
50,017,000.00
50,003,000.00
50,050,000.00
2,404,178,000.00
Total interest-bearing debt outstanding
Matured Debt on WMai Interest Has CeasedOld debt matured-Issued prior to April 1 1917
3 %.4% and 431% First Liberty Loan bonds
01 1932-47
4% and 4q% Second Liberty Loan bonds of
1927-42
44% Third Liberty Loan bonds of 1928._
431% Fourth Liberty Loan bonds of 1933-38
34% and 431% Victory notes of 1922-23._
Treasury notes, at various interest rates
Cots. of Indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
1,659.000.00
2,679,850.00
108,950,600.00
760,850.00
18,389,250.00
10.770,400.00
35,752,000.00
317,475.00
Debt Rearing No InterestUnited States notes
Less gold reserve
346,681,016.00
156,039,430.93
5 18,617,496,846.25
$5,967,610.26
67,421,000.00
252.668,035.26
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency.Thrift and Treasury savings stamps, unclassified sales, Re
567,897,006.50
2,034,903.82
3,282,957.04
763.856,452.43
Total gross debt
$29,634,021,333.94
Financial Chronicle
Volume 141
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements shows the money holdings of the
Treasury at the beginning of business on the first of September, October, November, and December 1935.
Holdings in U. S. Treasury Sept. 1 1935
Oct. 1 1935
Nov. 1 1935
Dee, 1 1935
Net gold coin and bullionNet silver coin and bullion
Net United States notes__
Net National bank notesNet Federal Reserve notes
Net Fed, lies. boot notes_
Net subsidiary silver
Minor coin.,to
$
$
786,802,301 821,932,664
166,176,310 195,741,152
1,331,490
2,325,744
9,894,757
10,233,262
16,409,250
13,747,980
1,232,246
423,555
4,774,850
3,060,360
7,606,355
7,837.894
Total cash In Treasury_
Less gold reserve fund
994,227,559 1,055,302,611 1,007,169,314 *1005480,604
156,039,431 156,039,431 156,039,431 156,039,431
Cash balance in Treas..
Dep. in spec'l depositories
account Trefuey bonds.
Treasury notes and certificates of indebtedness
Dep. In Fed, lies. bank
Dep, In National banks—
To credit Treas. U.S
To credit dish. officers_
Cash In Philippine Islands
Deposits In foreign depts.
Dep.in Fed. Land banks_
838,188.128
899,263,180
851,129,883
849,441,173
634,293,000
126,418.768
876,517,000
164,509.367
654,080,000
118,072,140
597,576,000
112,892,254
9,117,665
38,010,746
2,128,605
2,492,084
8,979.019
43,261,277
2,338.754
2,347,648
8,796.527
49,255,056
2.206,516
2,415,517
10,191,368
55,520,271
1,870,794
2,540,307
$
728,613,037
243,504,413
2,593,924
6,515,218
14,079,805
755,968
3,780,124
7,326,825
$
662,672,912
309.886,087
2,584,102
5,393,899
14,606,310
610.139
3,030,515
6,696,640
Net cash in Treasury
and in banks
1,650,648,995 1,997,216,245 1,685,955,639 1,630.032,167
Deduct current liabilities_ 175,766,751 198,663,155 212.873,188 195,644.085
Available cash balance_ 1,474,882.243 1.798.553,090 1.473,082.451 1.434.388.082
*Inicludes on Dec. 1 $229,163,449 silver bullion and $3,157,910 minor, &c..
coins not Included in statement "Stock of Money."
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Capital
Nov.30—Yakima First National Bank, Yakima, Wash
$500,000
Effective Nov. 29 1935. Liquidating agent,Joe L. Cllft,care
of the liquidating bank. Absorbed by "The National Bank
of Commerce of Seattle," Seattle, Wash.,Charter No.4375.
Dec. 2—The Commercial National Bank of Lakeview, Ore
150 000
Common stock,$100,000. Preferred stock,$50,000. Effective
Nov. 2 1935. Liquidating committee, C. F. Snider and W.
• V. Miller, Lakeview, Ore. Absorbed by "The First National
Bank of Portland," Portland, Ore., Charter No. 1553.
Dec.3—First National Bank in Greenwood. Ark
25,000
Effective Sept. 24 1935. Liquidating agent, Jess McConnell,
care of the Court House, Fort Smith, Ark. Absorbed by the
Farmers Bank of Greenwood, Ark.
Dec. 4—The Farmers National Bank of Cherokee, Okla
Effective Sept. 6 1935. Liquidating agents, board of directors 40,000
of the liquidating bank. Not absorbed or succeeded by any
other banking association.
Dec. 5—The First National Bank of Tillamook, Ore
100,000
Effective Nov. 14 1935. Liquidating agent, W. J. Riechers,
Tillamook Ore. Absorbed by "The First National Bank of
Portland,' Portland, Ore., Charter No. 1553.
Dec.6—The First National Bank of Carrizozo, N. M
25,000
Effective Sept. 14 1935. Liquidating agent, E. M. Brickley,
Carrizozo, N.M. Succeeded by American Bank of Carlsbad,
N. M.
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
Acme Steel (quarterly)
Extra
Aetna Fire Insurance (quar.)
Ainsworth Manufacturing
• Air Reduction Co., Inc. (quar.)
Allied Mills
Aluminum Goods Mfg. (quar.)
Quarterly
American Brake Shoe & Foundry (guar.)
Extra
Preferred (quar.)
American Beverage Corp.,7% preferred
American District Telep. of N. J.(quar.)
Preferred ((War.)
American Equities Co.. common
American European Securities Co., pref
American Motorist Insurance (guar.)
American National Finance Corp., $1 cum. pref.
American Optical Co., 7% pref. (quar.)
American Ship Building (quar.)
American Superpower 1st preferred
First preferred (guar.)
American Thermos Bottle preferred (quer.)- Apponang Co.(quarterly)
Arkansas Power dz Light $6 preferred
$7 preferred (guar.)
Auto Finance (quar.)
7% preferred (semi-annual)
Backstay Welt
Badger Paint & Hardware Stores
Balaban & Katz, 7% preferred
Bancamerica-Blair Corp
Bank of the Manhattan Co.(quar.)
Bank of New York & Trust Co.(quar.)
Bickford's, Inc. (quarterly)
Preferred (quarterly)
Boston Insurance Co.(Mass.) (quar.)
Extra
Quarterly
Bourbon Stockyards (guar.)
Extra
Briggs Manufacturing (extra)
Briggs Stratton Corp. (guar.)
British American Oil (quar.)
British Columbia El. Pow.& Gas 6% pref. (qu.)
British Columbia Elec. By. 5% preferred
Bruck Silk Mills (quar.)
Per
Share
When Holders
Payable of Record
6234c
25c
400
$1
75c
25c
15c
15c
25c
25c
Si
8 Sic
$1
$1 X
15c
h$Am
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Dec. 28 Dec. 21
Jan. 15 Dec. 31
Dec. 28 Dec. 20
Jan. 2 Dec. 24
Apr. 1 Mar,21
Dec. 31 Dec. 20
Dec. 31 Dec. 20
Dec. 31 Dec. 20
Jan. 2 Dec. 16
Jan. 15 Dec. 15
Jan. 15 Dec. 15
Dec. 23 Dec. 14
Dec. 27 Dec. 20
Jan. 2 Dec. 24
Dec. 16 Nov.30
Jan. 1 Dec. 14
Feb. 1 Jan. 15
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan, 1 Dec. 22
Jan. 1 Dec. 14
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan. 15 Dec. 14
Jan. 15
Dec. 24 Dec. 10
Dec. 28 Dec. 20
Dec. 24 Dec. 21)
Dec. 28 Dec. 17
Jan. 2 Dec. 17a
Jan. 2 Dec. 20
Jan, 1 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Apr. 1 Mar, 20
Jan. 2 Dec. 24
Dec. 16 Dec. 9
Dec. 31 Dec. 20
Dec. 16 Dec. 5
Jan. 2 Dec. 28
Jan. 2 Dec. 20
Jan 15
Jan. 15 Dec. 16
60c
$1 X
50c
h$5
$134
S7)c
$134
$1 3i
45c
8734c
25c
$1
h$334
25e
3734c
$3
25c
623U
55
$4
51
$1
50c
75c
20c
51
234 0
3c
Name of Company
3807
Per
Share
When Holders'
Payable of Record
Bucyrus-Monighan, class A (quar.)
45c Jan. 2 Dec. 20
Class B
90c Jan. 2 Dec. 20
Burger Brewing Co..8% pref. (quar.)
$1 Jan. 1 Dec. 15
Camden & Burlington County By. (8.-a.)
75c Jan. 2 Dec. 14
Canada Bread. 5% preferred, A
Si Jan. 2 Dec. 14
Canada Southern Ry. (semi-ann.)
5134 Feb. 1 Dec. 27
Canadian Fairbanks Morse 6% preferred
5134 Jan. 15 Dec. 31
Carolina Power & Light,$7 preferred
$134 Jan. 2 Dec. 13
$6 preferred
51M Jan. 2 Dec. 13
Jan. 2 Dec. 19
Carriers & General Corp. (quar.)
Carreras, Ltd., Am. dep. rec. A. ord. (final)._ zw20% Dec. 27 Dec. 11
Bonus
Is Dec. 27 Dec. 11
Amer. dep. rec. B ord. (final)
Dec. 27 Dec. 11
zw20
Bonus
Dec. 27 Dec. 11
1
Dec. 20 Dec. 16
Cebu Sugar Co
Jan. 1 Dec. 10
Central Maine Power 7% preferred
h87
5% preferred
Jan. 1 Dec. 10
$6 preferred
h75c Jan. 1 Dec. 10
Central Tube Co
Sc Dec. 24 Dec. 14
Chemical Bank & Trust (quarterly)
45c Jan, 2 Dec. 17
Chicago Flexible Shaft Co., corn. (extra)
100 Dec. 28 Dec. 18
Chicago Towel preferred (quar.)
$1% Dec. 31 Dec. 20
Churchill House Corp
500 Jan. 6 Dec. 15
Cincinnati Gas & Electric pref.(quar.)
$131 Jan. 2 Dec. 13
Cincinnati Union Stockyards (quar.)
400 Dec. 31 Dec. 21
Dec. 20
Claude Neon Electric Products (quar.)
25c Jan.
Colonial Ice Co. common
Si Jan. 1 Dec. 20
Si X Jan. 1 Dec. 20
$7 series B preferred (quar.)
Preferred series B (quar.)
51i1 Jan. 1 Dec. 20
Jan. 2 Dec. 21
Coleman Lamp & Stove
Columbia Baking Co., preferred (quar.)
25c Jan. 1 Dec. 15
Columbia Breweries A (semi-ann.)
8734c Jan. 2 Dec. 15
Conigas Mines, Ltd
1234c Jan. 10 Dec. 31
Consolidated Bakeries of Canada (quar.)
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Extra
Dec. 31 Dec. 16
Consolidated Mining & Smelting Co.of Canada_
Bonus
Dec. 31 Dec. 16
Continental Assurance (quar.)
50c Dec. 31 Dec. 14
Continental Baking Corp., pref
$I Jan. 1 Dec. 16
Continental Oil of Delaware
25c Jan. 31 Jan. 6
Coronet Phosphate Co. (quarterly)
$1 34 Jan. 2 Dec. 20
Courier-Post, 7% preferred (quar.)
$1 4
3 Jan. 2 Dec. 14
50c Jan. 2 Dec. 23
Cream of Wheat Corp.(quar.)
200 Jan. 15 Jan. 6
Crum & Forster (guar.)
Extra
Sc Jan. 15 Jan. 6
200 Dec. 20 Dec. 14
Special
Darby Petroleum (semi-annually)
25c Jan. 15 Jan. 3
Davega Stores (resumed)
15c Jan. 2 Dec. 21
Extra
15c Jan. 2 Dec. 21
Davidson Biscuit (initial)
10c Dec. 23
' Extra
Sc Dec. 23
20A
De Beers Consolidated Mines preferred
Jan. 2 Dec. 14
Delaware RR. (semi-annual)
Detroit Edison Co. (quar.)
$1 Jan. 15 Dec. 31
Extra
$1 Jan. 15 Dec. 31
Deisel-Wemmer-Gilbert (quar.)
1234c Jan. 2 Dec. 20
Extra
3734c Jan. 2 Dec. 20
100 Dec. 20 Dec. 14
Detroit Gray Iron Foundry
25c Jan. 2 Dec. 20
Diamond Shoe (quarterly)
5134 Jan. 2 Dec. 20
634% preferred (quarterly)
30c Jan. 2 Dec. 20
6% preferred (semi-annually)
50c Apr. 20 Mar.31
Dome Mines (quar.)
$131 Jan. 2 Dec. 16
Dominion Textile Co. (quar.)
25c Jan. 20 Jan. 10
Driver-Harris Co
Preferred (quarterly)
$134 Jan. 1 Dec. 21
851 Jan. 2 Dec. 26
Eagle Warehouse & Storage
3% Jan. 15
Electric & Musical Industries preferred
$2 Jan. 2 Dec. 26
Elizabethtown Consol. Gas Co.(guar.)
134% Dec. 30 Dec. 23
Empire Safe Deposit Co.(quar.)
631c Jan. 2 Dec. 27
Famise Corp., A (quarterly)
ale Feb. 1 Jan. 28
Common (initial)
3734c Jan. 2 Dec. 20
Fedders Mfg
Federation Bank & Trust
30c Jan. 3 Dec. 21
Finance Co.of America at Baltimore,7% pref. 4334c Jan. 15 Jan. 4
83ic Jan. 15 Jan. 4
7% preferred, class A
1234c Jan. 15 Jan. 4
Class A & B common
$25 Jan. 2 Dec. 16
First National Bank (N. Y.) (quarterly)
$134 Jan, 2 Dec. 12
Fisk Rubber Corp.. 6% pref
$134 Jan. 2 Dec. 20
Foreign Light & Power,6% 1st pref. (quar.)
20c Jan. 1 Dec. 15
Formica Insulation
Sc Jan. 15 Dec. 31
Foundation Trust Shares, series A
$234 Dec. 20 Dec. 7
Frick Co., Inc
$3 Jan. 1 Dec. 16
6% preferred (quar.)
Gannett Co., Inc.. $6 preferred (quar.)
$134 Jan. 1 Dec. 16
ISc Dec. 27 Dec. 20
General Alliance
General Baking Co., preferred
$2 Jan. 2 Dec. 21
200 Jan. 25 Dec. 27
General Electric Co., common
General Water, Gas & Electric
25c Dec. 30 Dec. 16
75c Jan. 2 Dec. 16
$3 preferred (quar.)
h50c Dec. 31 Dec. 16
General Paint Corp. A stock
15c Nov.30 Nov.26
Gilmore Oil (guar.)
Globe Discount & Finance 7% preferred
8734c Dec. 15 Dec. 1
8$2 Jan. 1 Dec. 19
Godchaux Sugars, Inc., preferred
Preferred (guar.)
3134 Jan. 1 Dec. 19
63c Jan. 2 Dec. 14
Goodyear Tire & Rubber (Canada)(guar.)
6234c Jan. 2 Dec. 14
5% preferred (quar.)
25c Dec. 20 Dec. 5
Griesedieck-Western Brewery
25c Dec. 27 Dec. 17
Granite City Steel Co
25c Jan. 2 Dec. 14a
Greif Bros. Cooperage Corp. class A common...
10c Dec. 16 Dec. 9
Great American Indemnity(N. Y.)(semi-ann.).
Great Lakes Power $7 preferred
8$ 4.58 1-3 Dec. 20 Dec. 10
$7 preferred (quar.)
$134 Dec. 20 Dec. 10
Gurd (Chas.) preferred (quar.)
$1
Feb. 15 Feb. 1
Hanover Fire Insurance (quar.)
40c Jan. 2 Dec. 19
Hawaiian Pineapple (initial)
25c Dec. 31 Dec. 16
Heller (Walter E.)& Co.,7% Preferred (quar.).. 4331 c Dec. 31 Dec. 20
Hollinger Consolidated Gold Mines
I% Dec. 31 Dec. 13
Holly Development (quar.)
lc Jan. 15 Dec. 31
Holmes(D. H.) Co.(quar.)
51 Jan. 2 Dec. 21
Honolulu Plantation Co. (monthly)
15c Jan. 10 sec. 31
Hook Drugs, Inc. (quar.)
1234c Jan. 10 Dec. 20
Horn & Hardart Baking (quar.)
$134 Jan. 2 Dec. 19
Howe Sound (quar.)
75c Dec. 31 Dec. 23
Extra
75c Dec. 31 Dec. 23
Huron & Erie Mortgage Corp. (Ont.) (quar.)- $134 Jan. 2 Dec. 14
Hutchinson Sugar Plantation (monthly)
10c Jan. 5 Dec. 31
Huyier's of Delaware, Inc., 7% preferred
$1 Jan. 2 Dec. 14
Independent Pneumatic Tool (quar.)
75c Dec. 31 Dec. 20
Extra
50c Dec. 31 Dec. 20
Industrial Rayon (quarterly)
42c Jan
1 Dec. 20
Inland Investors (quar.)
15c Dec. 31 Dec. 20
Extra
200 Dec. 31 Dec. 2
Insurance Co. of North America (semi-ann.)--51 Jan. 15 Dec. 31
Extra..
50c Jan. 15 Dec. 31
Internat. Button Hole Sewing Machine (quar.).
200 Dec. 27 Dec. 16
Extra
20c Dec. 27 Dec. 16 I
Investment Foundation,6% preferred
hl2c Jan. 15 Dec. 31
Iowa Public Service Co. $7 1st pref. (quar.)_ _
$134 Jan. 2 Dec. 20
$634 1st preferred (quarterly)
arterly)
$1
Jan. 2 Dec. 20
56 1st preferred (quarterly)
5134 Jan. 2 Dec. 20
$7 2d preferred (quarterly)
$1 34 Jan. 2 Dec. 20
Iowa Southern Utilities Co.7% Preferred
$134 Dec. 21 Dec. 6
634% preferred
Dec. 21 Dec. 6
6% preferred
$134 Dec. 21 Dec. 6
Jefferson Electric Co
500 Dec. 31 Dec. 16
Joliet & Chicago RR.(quar.)
*1 34 Jan. 6 Dec. 20
Kansas City Power & Light 1st pref. B (quar.).. 5134 Jan. 1 Dec. 14
Kansas Power & Light,6% preferred (quar.)
3134 Jan. 2 Dec. 20
7% preferred (quar.)
5131 Jan. 2 Dec. 20
Kansas Power. $6 Preferred (quar.)
5134 Jan. 2 Dec. 20
$7 preferred (guar.)
$134 Jan. 2 Dec. 20
Ranges Utilities Co.7% pref. (quar.)
$131 Jan. 2 Dec. 21
ioc
Financial Chronicle
3808
Name of Company
Per
Share
When Holders
Payable of Record
25c Jan. 28 Jan. 10
Kaufmann Department Stores (guar.)
Keystone Public Service $2.80 pref. (quar.)_ _ _ _
70c Jan. 2 Dec. 15
1214c Jan. 2 Dec. 12
Kimberly Clark Corp
$2 Dec. 31 Dec. 16
King Royalty Co.8% pref.(quar.)
Lambert Co. common (guar.)
50c Jan. 2 Dec. 17
Lane Co
h$2 Dec. 31 Dec. 21
Lexington Telephone Co.6M% pref. (quar.)__ - $l/ Jan. 15 Dec. 31
Lincoln Printing, preferred
hn Dec. 30 Dec. 20
Preferred (quar.)
8714c Feb. 1 Jan. 20
10c Jan. 2 Dec. 7
Loomis-Sayles Second Fund (guar.)
Extra
15c Jan. 2 Dec. 7
Lunkenheimer Co., extra
10c Dec. 26 Dec. 16
Macbeth-Evans Glass Co. (guar.)
62c Dec. 14 Dec. 12
Extra
50c Dec. 14 Dec. 12
Mahoning Coal RR.(guar.)
$611, Feb. 1 Jan. 15
Preferred (5.-a.)
$1. X Jan. 2 Dec. 23
Manufacturers Finance (Baltimore), preferred_ _ 21',c Dec. 31 Dec. 16
25c Jan. 2 Dec. 14
Manufacturers Trust, (guar.)
Extra
25c Jan. 2 Dec. 14
Marine Bancorporation, extra
15c Dee. 18 Dec. 14
Marlin-Rockwell(quar.)
50c Jan. 2 Dec. 21
Special
$1 X Jan. 2 Dec. 21
Mascot 011 Co.(quarterly)
lc Dec. 25 Dec. 15
50c Feb. 1 Jan. 15
McCall Corp.,common (quar.)
McColl Frontenac Oil Co.. 6% pref. (quar.)- — $114 Jan. 15 Dec. 30
McKesson & Robbins, preferred (special
s50c
75c mar. 16 Feb. 28
New $3 preferred (initial)
Merchants Bank of New York (quarterly)
50c Dec. 30 Dec. 20
Extra
25c Dec. 30 Dec. 20
$IM Jan. 2 Dec. 24
Merchants National Realty Corp., pref. A
6% preferred B (guar.)
$1 M Jan. 2 Dec. 24
Metal & Thermit Corp.,7% pref. (guar.)
$l3% Jan. 2 Dec. 20
Special
$2 Jan. 2 Dec. 20
Minnesota Power & Light,7% Pref. (quar.)..--- $1 '% Jan. 2 Dec. 11
6% preferred (guar.)
$1 14 Jan. 2 Dec. 11
$6 preferred (quar.)
$114 Jan. 2 Dec. 11
Monarch Machine Tool (quarterly)
15c Jan. 2 Dec. 24
Extra
Sc Jan. 2 Dec. 24
Monumental Radio (Balt., "Md.) (guar.)
30c Dec. 31 Dec. 20
Extra
$1 Dec. 31 Dec. 20
Morrison Cafeterias Consolidated, 7% pref
$i3% Jan. 2 Dec. 24
Midland Steel Products (resumed)
25c Jan. 1 Dec. 23
50c Jan. 1 Dec. 23
$2 preferred (resumed)
8% preferred (guar.)
$2 Jan. 1 Dec. 23
Moore Corp
50c Jan. 2 Dec. 14
/*Preferred A & B (quar.)
$13% Jan. 2 Dec. 14
Morristown Securities Corp., common
25c Jan. 2 Dec. 16
1 Dec. 16
$214 Jan. 32
$5 cumulative preferred (semi-annually)
Dec. 20
Motors Products, old stock
Dec.50
' Old stock
e100% Jan. 2 Dec. 20
New stock (initial)
50c Mar.31 Mar. 20
New stock (quarterly)
50c June 30 June 20
Munsingwcar, Inc.(special)
$1 Jan. 2 Dec. 23
National Battery Co., pref. (quar.)
55c Jan. 2 Dec. 17
National Can Co., Inc. (guar.)
$1 Dec. 28 Dec. 23
National Casket, preferred (guar.)
$1 X Dec. 31 Dec. 14
National Enameling & Stamping Co
25c Dec. 27 Dec. 18
National Fuel Gas (quar.)
25c Jan. 15 Dec. 31
New England Fire Insurance (guar.)
13c Jan. 2 Dec. 16
New England Power Assoc.,$2 pref. (quar.)__ _ _ 33 1-3c Jan. 2 Dec. 10
6% preferred (quar.)
$1 Jan. 2 Dec. 10
Jan. 2 Dec. 10
New England Power Co.,6% pref. (quar.)
$1
New York & Honduras Rosario Mining Co—
Special
$1 Dec. 28 Dec. 17
Niagara Alkali Corp., pref.(guar.)
313% Jan. 2 Dec. 14
Nipissing Mines
25c Jan. 20 Dec. 31
Noblitt-Sparks Industrial (quar.)
3714c Jan. 2 Dec. 20
Novadel-Agene Corp.,common (guar.)
50c Jan. 2 Dec. 20
Nunn-Bush Shoe _
25c Dec. 31 Dec. 14
1st preferred (quar.)
$1 X Dec. 31 Dec. 14
2d preferred (guar.)
$1X Dec. 31 Dec. 14
Ohio Service Holding Corp., $5 preferred
50c Jan. 1 Dec. 15
Oils & Industries, Inc
25c Dec. 23 Dec. 13
Old Colony Insurance Co. (Boston)
$2 Feb. 1 Jan. 20
Dec. 30 Dec. 10
Extra
$10
Quarterly
$2 May 1 Apr. 20
15c Jan. 2 Dec. 16
Old Colony Trust Assoc.. (guar.)
Old Lino Life Insurance of America (extra)
15c Dec 2 Nov. 15
Ontario Mfg. (quarterly)
25c Dec. 31 Dec. 20
Preferred (quarterly)
$1 X Dec. 31 Dec. 20
Ottawa Electric Ry. Co
80c Jan. 2 Dec. 14
Jan. 2 Dec. 14
Ottawa Light, Heat & Power (guar.)
$1
2 Dec. 14
Preferred (quarterly)
31, Jan
Ottawa Traction (quar.)
60c Jan. 2 Dec. 14
Pacific Guano & Fertilizer (quar.)
70c Dec. 20 Dec. 14
Extra
$1.40 Dec. 20 Dec. 14
Pacific Southern Investors, pref. (guar.)
75c Jan. 2 Dec. 16
Panama Power & Light Corp., pref
$1 X Dec. 31 Dec. 16
Patent Cereals (quarterly)
114% Jan. 2 Dec. 20
Jan. 2 Dec. 23
Pathe Film Corp. $7 curaul. pref. (guar.)
31 %
3
Paul Knitting Mills, 7% pref. (guar.)
$1 X Dec. 20 Dec. 12
Penn-Mexico Fuel
75c Dec. 20 Dec. 17
Penney (J. C.) Co., common (guar.)
75c Dec. 31 Dec. 20
Extra
$13. Dec. 31 Dec. 20
Penna. Power & Light,$7 pref. (quar.)
$1 X Jan. 2 Dec. 14
$114 Jan. 2 Dec. 14
$6 preferred (quar.)
$5 preferred (guar.)
313% Jan. 2 Dec. 14
Pa. Warehousing & Safe Deposit Co.(Phila.)..
60c Jan. 2 Dec. 28
6214c Jan. 2 Dec. 14
Peoples Natural Gas, 5% pref. (quar.)
$1 X Jan. 2 Dec. 14
Porto Rico Power Co.,7% Pref.(guar.)
Philip Morris & Co. (guar.)
25c Jan. 15 Jan. 2
Pittsburgh & Lake Erie RR (s.-a.)
$1 X Feb. 1 Dec. 27
31 Feb. 1 Dec. 27
Extra
Procter & Gamble,8% pref. (guar.)
$2 Jan. 15 Dec. 24
Providence Gas (quarterly)
20c Tan. 2 Dec. 14
Providence Washington Insurance
25c Dec. 24 Dec. 12
Special
25c Dec. 24 Dec. 12
Public National Bank & Trust (quar.)
373c Jan. 2 Dec. 20
45.
Rand Mines, Ltd., common (final)
50c Jan. 2 Dec. 20
Ray-O-Vac Co..8% pref. (quar.)
20c Dec. 27 Dec. 16
Reece Button Hole Machine (quarterly)
Extra
10c Dec. 27 Dec. 16
Sc Dec. 27 Dec. 16
Reece Folding Machine (quarterly)
Retail Stores
50c Jan. 2 Dec. 21
25c Jan. 15 Dec. 31
Rex-Hide. Inc. (guar.)
Rice-Stix Dry Goods Co.. 1st & 2nd pref.(qu.) _
313% Jan, 1 Dec. 15
Robbins (Sabin) Paper Co..7% pref. (quar.)_ _ _ $1 X Jan. 2 Dec. 20
Rochester Telephone.6% pref. (guar.)
313% Jan. 2 Dec. 20
30c Jan. 1 Dec. 20
Root Petroleum, pref. (quar.)
Dec. 24 Dec. 17
h$3
Royal Typewriter. 7% preferred
Dec. 31 Dec. 26
St. Joseph & Grand Island By.(initial)
First and second preferred
$4 Dec. 31 Dec. 26
.313% Jan. 2 Dec. 21
St. Louis National Stockyards (guar.)
37c Dec 1 Nov. 20
San Jose Water Works,6% pref. (quar.)
Jan. 15 Jan. 2
San Carlos Milling Co.(monthly)
I"Extra
50c Jan. 15 Jan. 2
25c Jan, 2 Dec. 23
Sangamo Electric (quarterly)
25c Jan. 2 Dec. 23
Extra
'Preferred (quarterly)
$13( Jan. 2 Dec. 23
214% Dec. 30 Dec. 20
Seaboard Surety Co
50c Jan. 2 Dec. 17
Securities Holding Corp.,6% preferred
Serval. Inc., 7% pref. (guar.)
813% Jan. 2 Dec. 20
Dec. 31 Dec. 10
31
Singer Mfg. (guar.)
Dec. 31 Dec. 10
Extra
32
Special
$15 Dec. 31 Dec. 10
Sc Nov. 25 Nov. 20
Skinner Organ, liquidating
Southeastern Express Co. (8.-a.)
$3 Jan. 2 Dec. 14
Southern Indiana Gas & Electric Co.
7% preferred (guar.)
13%% Jan. 1 Dec. 21
1147 Jan. 1 Dec. 21
67
0 preferred (quar.)
1.65.g Jan. 1 Dec. 21
6.6% preferred (guar.)
Dec. 14 1935
Per
Share
When Holders
Payable of Record
3714c
Southern Calif. Gas, pref. A (guar.)
Preferred (quarterly)
3714c
Spang, Chalfant & Co., Inc., pref
h$2S,i
h$1%
Preferred
Sparta Foundry Co. (quar.)
25c
Spencer Trask Fund (guar.)
12Mc
Springfield Gas dr Electric. pref. A (guar)
$1 5,
1
Standard Fire Insurance Co.(Conn.)
$73i
Stroock (S.) & Co. (resumed)
$1
Superheater Co. (quarterly)
1214c
Standard Steel Spring
25c
Stecher-Traung Lithograph Corp.,714% pref.., h$1 /74
Superior Portland Cement, class A
55c
Swiss 011 (quarterly)
Sc
Extra
5c
Taylor Milling Co.(quar.)
25c
Telephone Investment (mo.)
25c
Tide Water Assoc. Oil, pref. (quar.)
Tide Water Oil
$1
5g
Yintic Standard Mining (guar.)
15c
Tip Top Tailors, Ltd., 7% pref. (guar.)
$1 X
Tobacco & Allied Stocks, Inc
$4
Torrington Co. (quarterly)
$1
Extra
50c
Trico Products (quar.)
6214c
Turman Oil Co. ($100) (Initial)
$20
Union Public Service (Minn.), pref. C & D_
$114
7% preferred A & B (quarterly)
*13%
United Amusement Corp. A & B (s.-a.)
25c
United Fruit Co
75c
United Gold Equities of Can., std. sits. (quar.) _ 23%c
United Loan-Industrial Bank (quar.)
513%
Extra
$1
United New York Trust Shares—
C-3 registered & bearer
4 .9955c
62Mc
United Shoe Machinery (quarterly)
$2
Special
3714c
Preferred (quarterly)
lc
United States Petroleum Co. (8.-a.)
25c
United Verde Extension Mining
50c
Universal Leaf Tobacco (guar.)
$2
Preferred (quarterly)
Vick Financial (semi-annually)
7
215c
e
Extra
Virginia Railway
50c
Vogt Manufacturing, extra
50c
Weeden & Co. (quar.)
$1
Extra
50c
Western Grocers, Ltd. (guar.)
$1 Ti
Preferred (quar.)
50c
Western Massachusetts Cos. (quarterly)
25c
Western Pipe & Steel (guar.)
25c
Western Pipe & Steel (Calif.)(quar.)
36c
7% preferred (semi-ann.)
313%
Western United Gas & Electric 63%% Pt.
813-I
6% preferred (quarterly)
West Kootenay Power & Light. pref. (quar.)..
$1
25c
White Rock Mineral Springs (guar.)
$1 Ti
1st & 2nd preferred (guar.)
White Villa Grocer, Inc.. pref. (qu.)
SIM
50c
Winn & Lovett Grocery, class A (guar.)
$1 X
Preferred (quarterly)
10c
Woodley Petroleum (guar.)
31.14
Youngstown Sheet & Tube, pref. (resumed)- e5%
Young (L. A.) Spring & Wire (stock div.)
75c
Quarterly
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Dec. 30 Dec. 16
Jan. 1 Dec. 16
Dec. 23 Dec. 10
Dec. 30 Dec. 13
Jan. 2 Dec. 14
Dec. 16 Dec. 11
Dec. 23 Dec. 17
Jan. 15 Jan. 4
Dec. 24 Dec. 20
Dec. 16 Dec. 11
Jan. 2 Dec. 23
Dec. 24 Dec. 19
Dec. 24 Dec. 19
Tan. 2 Dec. 10
Dec. 23 Dec. 20
Jan. 2 Dec. 20
Dec. 31 Dec. 20
Dec. 24 Dec. 14
Jan. 2 Dec. 14
Dec. 31 Dec. 23a
Jan. 2 Dec. 19
Jan. 2 Dec. 19
Jan. 2 Dec. 12
Dec. 5 Dec. 3
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Dec. 15 Nov.30
Jan. 15 Dec. 19
Jan. 15 Jan. 3
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Name of Company
Jan. 2
Jan. 6 Dec. 17
Tan. 6 Dec. 17
Jan. 6 Dec. 17
Dec. 16 Dec. 5
Feb. 1 Jan. 3
Feb. 1 Jan. 17
Jan. 2 Dec. 20
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec. 30 Dec. 20
Dec. 28 Dec. 18
Dec. 16 Dec. 10
Dec. 16 Dec. 10
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Dec. 31 Dec. 16
Dec. 20 Dec. 15
Dec. 20 Dec. 15
Jan. 15 Dec. 31
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Jan. 2 Dec. 17
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 14
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Dec. 31 Dec. 16
Jan. 1 Dec. 21
Dec. 31 Dec. 17
Dec. 31 Dec. 17
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week these being given in the preceding table.
Name of Company
Per
Share
50c
Abbott Laboratories (guar.)
25c
Extra
45c
Abraham & Straus, Inc
1881 3%c
Acme Glove Works
Adams Express Co.. 5% cumul. pref. (guar.)... $1 X
15c
Addressograph-Multigraph (guar.)
313%
Aitnew—Serpass Shoe Stores. pref. (quar.)
Sc
Affiliated Products (monthly)
75c
Agricultural Insurance (quar.)
3%
Alabama Great Southern RR., preferred
Alabama Power Co.. $7 preferred (quarterly)- - $131
161.15
$6 Preferred (quarterly)
$4 X
Albany dt Susquehanna RR.(semi-annually)
$414
Alexander & Baldwin, Ltd
25c
Allegheny Steel
$3
Allegheny & Western By.. guaranteed (s.-a.)--Allied Chemical & Dye Corp., pref. (quar.)
131%
10c
Allied Laboratories (guar)
10c
Extra
87
3334 Preferred (quarterly)
43
Allied Products. class A new. Initial (quar.)_
$1
Allied Stores 5% preferred (quar.)
3714c
Aluminum Co. of America, preferred
h50c
Preferred
10c
Aluminum Industries (quar.)
50c
Aluminum Mfgs. (quar.)
$131
7°
.
7 preferred (quar.)
h50c
Amalgamated Leather, preferred
75c
American Agricultural Chemical (auarterly)--50c
American Auto Insurance Co.(St. Louis. Mo.).
$3 M
American Bakers Co.. 7% Pref. (semi-ann.)25c
American Bank Note (resumed)
75c
Preferred (guar.)
131%
American Can Co., preferred (quar.)
h25c
American Capital, $3 preferred
h$3Si
American Chain, preferred
75c
American Chicle (quarterly)
2543
Extra
P33
American Cigar (quarterly)
$1
Preferred (quarterly)
$1
American Crystal Sugar, preferred (guar.)
I c
American Cyanamid Co., cl. A & B coin. (qu.).
25c
American Enka Corp.(resumed)
31M
American Express(wan)
15c
American Factors, Ltd
150
American Fork & Hoe (quarterly)
20c
Extra
350
American Gas & Electric Co.common (quar.)
31 X
Preferred (quar.)
25c
American Hardware Corp (guar
25c
American Hawaiian Steamship (quar.)
20c
American Home Products (monthly)
30c
American Light & Traction
37 Mc
Preferred (quarterly)
$1
American Paper Goods. 7% preferred (quar.)
American Power & Light Co.
37 c
36 preferred
313%c
$5 preferred
3 c
American Rolling Mill (quar.)
$13-I
6% preferred B (quar.)
SIX
American Safety Razor (guar.)
75c
American Snuff (quarterly)
25c
Extra
313%
Preferred (quarterly)
60c
American Steel Foundries, preferred
50c
American Stores (quarterly)
When Holders
Payable of Record
Jan. 2 Dec. 18
Jan. 2 Dec. 18
Dec. 31 Dec. 21
Dec. 14 Nov.30
Dec. 31 Dec. 17a
Jan. 10 Dec. 20
Ian. 2 Dec. 16
Jan. 1 Dec. 13
Tan. 2 Dec. 20
Feb. 27 Jan. 22
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan. 1 Dec. 14
Dec. 14 Dec. 4
Dec. 16 Nov.30
Jan. 1 Dec. 20
Jan. 2 Dec. 11
Jan. 1 Dec. 24
Jan. 1 Dec. 24
Jan. 1 Dec. 24
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Jan. 1 Dec. 14
Jan. 1 Dec. 14 •
Jan. 15 Dec. 31
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Jan. I Dec. 19
Dec. 27 Dec. 16
Dec. 16 Dec. 10
Jan. 2 Dec. 16
Jan. 2 Dec. 11
Jan. 2 Dec. 11
Jan. 2 Dec. 196
Dec. Si) Dec. 16
Jan. 1 Dec. 20
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 16 Dec. 3
Dec. 31 Dec. 12
Jan. 2 Dec 20
Dec. 31 Dec. 14
Jan. '2 Dec. 16
Jan. 2 Dec. 20
Jan. 10 Dec. 31
Dec. 14 Dec. 5
Dec. 14 Dec. 5
Jan. 2 Dec. 4
Feb. 1 Jan. 8
Tan. 1 Dec. 14
Dec. 31 Dec. 14
Jan. 2 Dec. 14a
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Dec. 16 Dec. 6
Jan. 2 Dec. 6
Jan. 2 Dec. 6
Jan. 15 Dec. 23
Jan. 15 Jan. 1
Dec. 30 Dec. 10
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 31 Dec. 16
Jan. 1 Dec. 13
Name of Company
Per
Share
When Holders
Payable of Record
50c Jan. 2 Dec. 5
American Sugar Refining (quarterly)
$134 Jan. 2 Dec. 5
Preferred (quarterly)
25c Dec. 16 Dec. 2
American Sumatra Tobacco Corp. (quarterly)..
50c Dec. 16 Dec. 2
Extra _
$1 Jan. 2 Dec. 16
American Surety.
American Telephone & Telegraph (quarterly)... $234 Jan. 15 Dec. 16
1 Nov 30
1214c Jan
American Thread preferred (semi-ann.)
134% Jan. 2 Dec. 10
American Tobacco Co.. preferred (guar.)
American Water Works & Electric Co.. $6 first
preferred (quarterly)
$134 Jan. 2 Dec. 16
2 Dec. 21
15c Jan
Anchor Cap Corp., common (quarterly)
$144 Jan. 2 Dec. 21
$63.4 preferred (quarterly)
5% Dec. 23 Dec. 4
Anglo-iranean Oil Co., Ltd., common
11S4 Jan. 2 Dec. 10
7% preferred
Appalachian Electric, $7 preferred (quarterly)- - $134 Jan. 2 Dec. 6
$134 Jan. 2 Dec. 6
$6 preferred (quarterly)
22c Dec. 16 Dec 6
Argonaut Consoi. Mining
Armour & Co. (Delaware), preferred (quar.).. $14 Jan. 2Dec. 10
Armour & Co.. Illinois. 6% preferred (quar.)
$134 Jan. 2 Dec. 10
c1234c Dec. 20 Dec. 16
Arnold Constable, initial (guar.)
25c Jan. 1 Nov. 29
Extra
Art Metal Works (guar.)
10c Dec. 24 Dec. 10
Asbestos Mfg Co $1 40 cony. pref. (quar.)
35c Feb
Associated Breweries of Canada
r25c Dec. 31 Dec. 14
Preferred (guar.)
r$1 St Jan. 1 Dec. 14
Associates investment (quarterly)
20c Dec. 31 Dec. 21
Extra
30c Dec. 31 Dec. 21
7% preferred (quarterly)
$134 Dec. 31 Dec. 21
Atchison Topeka & Santa Fe, preferred (5:L0
$234 Feb. 1 Dec. 31
Atlanta Birmingham & Coast. gut.(8.-a.)
$235 Jan. 2 Dec. 12
Si Dec. 14 Dec. 4
Atlantic Coast Line Co
Atlantic Refining Co. common
25c Dec. 16 Nov. 21
Au rta
a & Savannah RR
c$3 14 Jan. 6 Nov. 29
Ext
25c Jan. 6 Nov. 29
Automatic Voting Machine (guar.)
1234c fan. 1 Dec. 20
Quarterly
1234c Apr. 1 Mar. 20
Quarterly
1234c July 1 'line 20
Extra
25c Jan. 1 Dec. 20
Avondale Mills, A & B (quarterly)
20c Jan. 1 Dec. 16
Avon Geneseo & Mt. Morris RR.(semi-ann.)„ $1.45 Jan. 1 Dec. 24
Axton-Fisher Tobacco. A (guar.)
80c Dec. 31 Dec. 16
Class B (guar.)
40c Dec. 31 Dec.I6
6% preferred (guar.)
$134 Dec. 31 Dec. 16
Babcock & Wilcox
10c Jan. 2 Dec. 20
Interim
4%
Badger Paint & Hardware Stores, pref.(guar.)-25c Jan. 2 Dec. 20
70c Jan. 2 Dec. 20
Preferred (extra)
Badger Paper Mills,common
50c Dee, 13 Dec. It
Bandlni Petroleum Co. (monthly)
5c Dec. 20 Dec. 4
Bangor & Aroostook RR. Co.. common
62c Jan. 1 Nov.30
1 Q% Jan. 1 Nov.30
Preferred
Bangor Ilydro-Electric, 6% pref. (guar.)
$134 Jan. 2 Dec. 10
7% preferred (guar.)
$134 Jan. 2 Dec. 10
5% .Tan. 2 Dec. 12
Bankers Trust Co, (quarterly)
Barnsdall Corp. (guar.)
15c Feb. 1 Jan. 10
Extra
5c Feb. 1 Jan. 10
Beatrice Creamery, preferred (guar.)
$1 St Jan. 2 Dec. 14
Beech Creek RR.(quarterly)
50c Jan. 2 Dec. 16
Beech-Nut Packing Co., common (guar.)
75c Jan. 2 Dec. 12
Extra
50c Jan. 2 Dec. 12
Belden Mfg. Co (extra)
2134 Dec. 14 Dec.
Belding-Corticelli, Ltd. (guar.)
$1 Jan. 2 Dec. 14
Preferred (guar.)
$134 Jan. 2 Dec. 14
Bellows & Co., Inc., A (quarterly)
25c Dec. 15 Nov.30
Bell Telephone of Canada (guar.)
r$134 Jan. 15 Dec. 23
Bell Telephone of Pennsylvania pref. (quar.)
S134 Jan. 15 Dec. 20
Bethlehem Steel. 7% cumulative preferred
$1 34 Jan. 2 Dec. 6
Biltmore Hata, Ltd.,7% pref. (guar.)
$1 Si Dec. 14 Nov. 15
Binghamton Gas Works, 7% preferred (quar.)_ $134 Jan. 1
7% preferred (quarterly)
$134 Feb. 1
64% preferred (quarterly)
S1.5631 Mar. 1
Bird & Son (guar.)
25c Jan. 2 Dec. 24
Birmingham Water Works,6% pref.(guar.)
$134 Dec. 16 Dec. 2
Black & Decker preferred
h50c Dec. 31 Dec. 23
Blaw-Knox Co., common (special)
2 Dec. 14
10c Jan
Block Bros. Tobacco Co.,6% preferred (quar.)_ 214 Dec. 31 Dec. 25
Bloomingdale Bros
10c Dec. 27 Dec. 17
Blue Ridge Corp
1 Dec. 17 Dec. 6
Bohn Aluminum & Brass (quarterly)
75c Jan. 2 Dec. 13
Bon Am!Co., class A & B. extra
v
Dec. 16 Dec. 2
Borg-Warner (quarterly)
50c Jan. 2 Dec. 13
Preferred (quarterly)
$134 Jan. 2 Dec. 13
Boston & Albany RR
$234 Dec. 31 Nov. 30
Boston Elevated By. (quarterly)_
5134 Jan. 2 Dec. 10
Boston & Providence RR (quar.)
$2 125 Jan. 2 Dec. 20
Boston Storage & Warehouse Co.(guar.)
UK Dec. 31
Boston Wharf (semi-annually)
$134 Dec. 31 Dec. 2
Boston Woven Hose & Rubber Co., preferred—
$3 Dec. 16 Dec. 2
Bower Roller Bearing (quarterly)
25c Jan. 25 Jan. 2
Stock dividend
20% Dec. 20 Dec. 10
Boyd-Richardson Co..8% first pref (quar.) _
2 Der. 15 Dec. 5
8% second preferred (guar.)
$2 Dec. 1.5 Dec. 5
Brazilian Traction, Light & Power, pre.(qu.)
5134 Jan. 2 Dec. 14
Brewer (C.) & Co.. Ltd. (monthly)
$1 Dec. 23 Dec. 20
Bridgeport Brass Co. (quarterly)
10c Dec. 31 Dec. 13
Briggs IC Stratton Corp. (guar.)
75c Dec. 16 Dec. 5
Bright
G.) & Co., Ltd. (quarterly)
734c Dec. 15 Nov.30
6% preferred (quarterly)
$134 Dec. 15 Nov.30
BrEllo Manufacturing Co., class A (quarterly)....
c Jan. 2 Dec. 16
Common (quarterly)
15e Jan. 2 Dec. 16
Bristol Brass (quarterly)
37.34c Dec. 14 Nov.30
Extra
25c Dec. 14 Nov.30
Special
$I Dec. 14 Nov. 30
British Columbia Power Corp., Ltd A
cr37c Jan. 15 Dec. 31
Broad Street Investing Co. (quarterly)
20c Jan. 1 Dec. 16
Extra
10c Jan. I Dec. 16
Broadway Dept. Stores,7% 1st preferred
h$2 Dec. 14 Dec. 4
Brooklyn-Manhattan Transit Cot p., pref.(qu.)- $134 Jan. 15 Jan. 2
Preferred (guar.)$134 Apr. 15 Apr. 1
Brooklyn & Queens Transit, preferred
75c Jan. 2 Dec. 16
Brooklyn Union Gas(quarterly)
75c Jan. 2 Dec. I
Brown Fence & Wire (initial)
$1 Feb. 29 Feb. 15
Bruck Silk Mills (quarterly)
30c Jan. 15 Dec. 16
Bryant & May.Ltd.(interim)
10%
Buckeye Pipe Line Co
75c Dec. 14 Nov.22
Bucyrus-Erie Co.. preferred
$1 Jan. 2 Dec. 18
Q Dec. 31 Dec. 18
Budd Wheel, preferred
Preferred (quarterly)
Dec. 31 Dec. 18
Buffalo, Niagara & Eastern Power, pref.(guar.)
Jan. 2 Dec. 14
$134 Feb. 1 Jan. 15
1st preferred (guar.)
Burdine's. Inc., preferred
143 Jan. 2 Dec. 17
Preferred (quarterly)
70c Jan. 2 Dec. 17
Burmah Oil Co.(initial)
3$44
17
4 Dec. 16 Dec. 2
Butler Water Co.,7% pref. (quar.)
$134 Jan. 2 Dec. 20
Cairo Water Co.,7% preferred (guar.)
40c Jan. 2 Dec. 14
Calamba Sugar Estates (guar.)
Preferred (quarterly)
35c Jan. 2 Dec. 14
Calif. Electric Generator,6% preferred (guar.). $134 Jan. 1 Dec. 5
50c Jan. 2 Dec. 21
California Ink (quarterly)
50c Dec. 16 Dec. 6
Extra
3714c Dec. 16 Nov.30
California Packing (quarterly)
20c Dec. 20 Dec. 2
Canada Bud Breweries Ltd.. corn
3734c Dec. 15
Canada Malting Co.(quarterly)
50c Dec. 15
Extra
(quar.)
30c Jan. 25 Dec. 31
Power
Corp.
Northern
Canada
13(% .Tan. 15 Dec. 31
7% preferred (guar.)
$2 Jan. 2 Dec. 14
Canada Permanent Mtge.(guar.)
Canadian Canners, Ltd.,first preferred (guar.). r51.34 Jan. 2 Dec. 14
Q
1 D
Jaei.
. 32
1 DDecDec.. 113
Canadian Celanese Ltd., 7% pref. (quarterly)_ $1$
Canadian Cottons, Ltd. (guar.)
$134 Jan. 2 Dec. 13
Preferred (quarterly)
75c Jan. 1 Dec. 14
Canadian General Electric (guar.)
T.
3809
Financial Chronicle
Volume 141
Name of Company
Per
Share
When I Holders
Payable of Record
40c Jan. 1 Dec. 15
Canadian Foreign Investors (guar.)
22 Jan. 1 Dec. 15
8% preferred (guar.)
41 Jan 31 Dec. 10
Canadian Industries. A & B (quarterly)
r$1 34 Dec. 16 Dec. 10
A St B extra
r$1 Si Tan 15 Dec. 31
Preferred (quarterly)
Si Dec. 16 Dec. 5
Canadian Tube & Steel Products,7% prof
50c Jan. liDec. 20
Canadian Westinghouse (quarterly)
25c Tan. 2 Dec. 16
Canadian Wirebound Box. class A
$1 Q Dec. 31 Dec. 20
Canfield Oil Co.7% preferred (guar.)
50c Dec. 3() Dec. 18
Cannon Mills (guar.)
75c Jan. 1 Dec. 16
Capital Administration, pref. A (quar.)
234c Jan. 2 Dec. 21
Caribou Gold & Mining, (initial).
Sig Jan. 1
Carnation Co 7% pref. (quar.)
$1 4
3 Apr. 1
7% preferred (quar)
$1 34 Dec. 16 Dec. 10
Carter (Wm.) Co., preferred (guar.)
51 Dec. 15 Dec. 5
Carthage Mills (initial)
$134 Jan. 1 Dec. 20
Class A (quarterly)
60c Jan. 1 Dec. 20
Class B (quarterly)
$1 Jan. 1 Dec. 12
Case (J. I.) 7% preferred
$1.20 Jan. 2 Dec. 20
Cayuga & Susquehanna RR.(seml-ann.)
Si Jan. 1 Dec. 17
Celanese Corp. of Amer.. 7% pref. (quarterly)..
$334 Dec. 31 Dec. 17
Firstpreferred
3734c
Tan. 2 Dec. 18
Aguirre
Associates
(quarterly)
Central
Si Jan. 2 Dec. 17
Central Hanover Bank & Trust (quarterly)
$134 Jan. 2 Dec. 14
Central Illinois Light Co..6% pref.(guar.)
$134 Jan. 2 Dec. 14
7% preferred (quarterly)
Central Illinois Public Services—
Si Jan. 15 Dec. 20
preferred
$6
51 Jan. 15 Dec. 20
6% preferred
70c Dec. 21 Dec. 12
Chain Belt (special)
30c Feb. 15 Feb. 1
Quarterly
$114 Jan. 2 Dec. 15
Champion Paper & Fibre Co.. pref. (guar.)
The Jan. 1 Dec. 6
Chesapeake Corp. (quarterly)
70c Jan. 1 Dec. 6
Chesapeake & Ohio By. (quarterly)
5334 Ian. 1 Dec. 6
Preferred (semi-annual)
SI Dec. 27 Dec. 6
Chesebrough Mfg.(guar.)
$1 Dec. 27 Dec. 6
Extra
30c Dec. 28 Dec 18
Chicago Flexible Shaft (quarterly)
Chicago Junction Itys. & Union Stockyards Co. 5234 fan. 2 Dec. 14
$134 fan. 2 Dec. 14
6% preferred (quarterly)
3714c Dec. 14 Nov.30
Chicago Rivet & Machine (guar.)
1214c Dec. 14 Nov.30
Extra
50c Tan. 2 Dec. 9
Chickasha Cotton 011 (special)
50c Jan. 2 Dec. 9
Chickasha Cotton Oil (special)
Christiana Securities Co.. 7% pref. (quar.).. $134 Jan. 2 Dec. 20
75c Dec. 31 Dec. 2
Chrysler Corp
20c Dec. 20 Dec. 3
Chumgold Corp
$4 Dec. 26 Dec. 4
Cincinnati New On.& Tex.Pac. By.(semi-ann.)
$3 Dec. 26 Dec. 4
Extra
$1 34 Dec. 28 Dec. 4
5% preferred (quarterly)
Cincinnati Newport & Covington Light & Trac$134 Jan. 15 Dec. 31
tion (quarterly)
$1.125 Jan. 15 Dec. 31
$434 preferred (quarterly)
$1.12 Jan. 2 Dec .18
Cincinnati & Suburban Bell Telephone
5134 Ian. 1 Dec 20
Cincinnati Union Terminal. pref (quar.)
Citizens Water Co.(Washington, Pa.). pf.(qu.) $134 Jan. 2 Dec. 20
15c Dec. 20 Dec. 10
City Auto Stamping
50c Dec. 31 Dec. 14
City Ice & Fuel (guar.)
20c Dec. 14 Nov 26
Clark Equipment (guar.)
$134 Dec. 14 Nov. 26
Preferred (guar.)
$134 Ian. 2 Dec. 20
Clearfield & Mahoning By.(s.-a.)
50c Dec. 31 Dec. 20
Cleveland Electric Illuminating Co.[(quar.)_
Jan. 1 Dec. 10
51.125
(guar.)
preferred,
initial
$434
Sc Dec. 30 Dec 15
(guar.)
Climax Molybdenum Co.
20c Dec. 24 Dec. 10
New (special)
20c Dec. 24 Dec. 10
Quarterly
50c Jan. 2 Dec. 16
Clinton Trust (N. Y.)(guar.)
50c Jan. 2 Dec. 16
Extra
Jan. 15 Jan. 2
3134
(quar.)
_
preferred
7%
Clinton Water Works.
50c Jan. 1 Dec. 20
Clorox Chemical (guar.)
Jan. 1 Dec. 20
1214c
Extra
Cluett. Peabody & Co.. Inc.. pref. (quar.)...... $134 Jan. 2 Dec. 21
25
Coast County Gas & Electric. 1st pref. (quar.)- $134 Dec. 16 Nov.
6.300% cDec.10 Nov. 15
Coca-Cola. old stock
50c Dec. 31 Dec. 12
New stock (initial. quarterly)
25c Dec. 31 Dec. 12
Extra
$154 Dec. 31 Dec. 12
Class A (semi-annual)
$4 Dec. 31 Dec. 12
Coca-Cola International Corp.(guar.)
$2 Dec. 31 Dec. 12
Extra
$3 Dec. 31 Dec. 12
Class A (semi-annual)
Colgate-Palmolive-Peet, preferred (quarterly).- 5134 Jan. I Dec. 5
3130 Dec 31 Dec. 10
Colt's Patent Fire Arms Mfg.(guar.)_
50c Dec. 31 Dec. 10
Special
40c Dec. 27 Dec. 13
(guar.)
&
B
Columbia Broadcasting A
SI Dec. 27 Dec. 13
A & B (extra)
25c Jan. 2 Dec. 18
Columbia Pictures Corp. (quarterly)
e234% Feb. 3 Jan. 23
Semi-annual
e214% Aug. 3 July 23
Semi-annual
6214c Dec. 31 Dec. 11
Commercial Credit (guar.)
$134 Dec. 31 Dec. 11
534% preferred (guar.)
75c Jan. 1 Dec. 5
Commercial Investment Trust, common (guar.)
25c Jan. 1 Dec. 5
Common (extra)
d$114 Jan. 1 Dec. 5
Cony, preferencn, opt. ser. 1929 (quar.)
Jan. 1 Dec. 5
51.06Q
(quar.)_
1935
of
series
Cony. preference, $434
30c Dec. 31 Dec. 2
Commercial Solvents Corp. common (s.-a.)
75c Jan. 2 Dec. 6
Commonwealth & Southern, $6 preferred
Commonwealth Utilities Corp. 7% pref. A (qu.) 514 Jan. 2 Dec. 14
5134 Jan. 2 Dec. 14
6% preferred B (quar.)
51% Mar. 2 Feb. 15
634% Preferred C (guar.)
Commonwealth Water & Light,$7 pref.(guar.). $134 Jan. 2 Dec. 20
$114 Jan. 2 Dec. 20
$6 preferred (quarterly)
50c Dec. 14 Nov.30
Compressed Industrial Gasses Inc. (guar.).sl Dec 31 Dec. 25
Confederation Life Assoc.,"Toronto' (guar.)
40c Dec. 16 Dec. 3
Congoleum-Nairn (quarterly)
26e Dec. 16 Dec. 3
Extra
30c Dec. 14 Dec. 4
Consolidated Amusement Co
$134 Dec. 16 Dec. 2
Consolidated Car Heating (guar.)
25c Dec. 15 Dec. 1
Consolidated Diversified Standard Security..
25c •Tan. 2 Dec. 10
Consolidated Film Industry, preferred
25c Dec. 16 Nov. R
Consolidated Gas Co.of New York
$134 Feb. 1 Dec. 27
$5 preferred (guar.)
Consolidated Gas. Electric Light & Power Co.
90c Jan. 2 Dec. 14
of Baltimore (quarterly)
51 34 Jan. 2 Dec. 14
5% preferred (quarterly)
5234 Jan. 2 Dec. 14
Consumers Gas, Toronto (quarterly)
Consumers Power Co.—
13134 Jan. 2 Dec. 14
$5 preferred (guar.)
$1.34 Jan. 2 Dec. 14
6% preferred (quarterly)
$1.65 Jan. 2 Dec. 14
6.6% preferred (quarterly)
$134 Jan. 2 Dec. 14
7% preferred (quarterly)
50c Jan. 2 Dec. 14
6% preferred (monthly)
55c Jan. 2 Dec. 14
6.60% preferred (monthly)
hilfli Dec. 31 Dec. 11
Container Corp., 7% preferred
7% preferred (quarterly)
$14 Dec. 31 Dec. 11
Dec. 13
20c Jan.
Continental Bank Trust. N. Y.(guar.)
Continental-Diamond Fibre
50c Dec. 30 Dec. 16
Continental Gas & Electric. prior pref. (quar.)_ $134 Jan. 2 Dec. 12
4551.1 Dec.'20 Dec. 10
Continental Steel preferred
51 34 Jan. 1 Dec. 16
Preferred (quarterly)
Continental Telephone Co.,7% panic. pf.(qu.) 513/ Jan. 2 Dec. 16
634% preferred (quarterly)
SI Si Jan. 2 Dec. 16
25c Dec. 24 Dec. 14
Crowell Publishing (guar.)
25c Dec. 24 Dec. 14
Extra
h25c Dec. 20 Dec. 6a
Crown Cork International Corp., class A
68c Dec. 16 Nov.30a
Crown Cork & Seal Co., Inc.. preferred (quar.)_
141 Dec. 14 Nov.30
Crown Williamette Paper. $7 preferred
$7 preferred
141 Jan. 1 Dec. 16
hel Jan. 15 Jan. 2
Crown Zellerbach. preferred A and B
hil Dec. 31 Dec. 16
Crucible Steel Co. of America, preferred
$2 Dec. 25 Dec. 20
Crum & Forster, preferred (guar.)
11 114 Dec. 14 Nov.30
('.line° Press. Inc.. 634% TwererrOd (guar.)
5134Dec. 30 Dec. 9
Curtis Publishing Co.. preferred
3810
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Cutler-Hammer. Inc. (resumed)
25c Dec. 16 Dec 5
Dairy League Cooperative. 7% pref. (s.-a.)__ -_ $1% Dec. 20 Dec. 2
Dayton & Michigan RR.Co..8% pref.(qu.)-_SI Jan. 2 Dec. 16
Dayton Power & Light Co.. 6%, pref.(monthly)
50c Jan. 2 Dec. 20
Dejay Stores, class A (quarterly)
4331c Jan. 2 Dec. 16
Class A
hll 4c Jan. 2 Dec. 16
Delaware RR. Co.(semi-ann.)
$1 Jan. 2 Dec. 16
Do Long Hook & Eye (quar.)
75c Jan. 2 Dec. 20
Deposited Bank Shares(N. Y.), ser. A (s.-a.)__ e2319' Jan. 3 Nov. I5
Detroit Hillsdale & Southwestern RR. ss.-a.)__
32 Jan. 6 Dec. 20
Detroit Toledo & Ironton RR
$2 Dec. 14
Devoe & Reynolds, A & B (quarterly)
25c Jan. 2 Dec. 18
A & B (extra)
25c Jan. 2 Dec. 18
1st & 2d preferred (quarterly)
*131 Jan. 2 Dec. 18
Doehler Die Casting.7% Preferred (quarterly).... 874c Jan. 2 Dec. 21
*7 preferred (quarterly)
$131 Jan. 2 Dec. 21
Dome Mines Ltd. (quar.)
50c Jan. 20 Dec. 31
Dominion Glass (quar.)
$131 Jan. 2 Dec. 16
Preferred (quar.)
3131 Jan. 2 Dec. 16
Dominion Textile (quarterly)
$1
an. 2 Dec. 16
Preferred (quarterly)
$131 Jan. 15 Dec. 31
Draper Corp. (quar.)
60c Jan. 2 Nov.30
Special
$1•60 Jan. 2 Nov.30
Duke Power Co.(quar.)
75c Jan. 2 Dec. 14
Preferred (quar.)
$14 Jan. 2 Dec. 14
Duplan Silk (semi-ann.)
50c Feb. 15 Feb. 1
Preferred (quar.)
$2 Jan. 2 Dec. 20
du Pont de Nemours (quarterly)
o90c Dec. 14 Nov. 27
Debenture (quarterly)
$13 Jan. 25 Jan. 10
Eastern Gas & Fuel Assoc. prior pref.(quar.)_
$1.1,e5 Jan. 1 Dec. 14
6% preferred (quar.)
314 Jan. 1 Dec. 14
Eastern Steamship Lines,1st pref.(quar.)
51 % Jan. 2 Dec. 20
Preferred no par (quar.)
874c Jan. 2 Dec. 20
Eastern Steel Products,Ltd., pref.(qu.)
$131 Jan. 1 Dec. 16
East Mabarmy RR. Co (s.-a.)
514 Dec. 15 Dec. 5
Eastman Kodak Co. common
514 Jan. 2 Dec. 5
Extra
25c Jan. 2 Dec. 5
Preferred (quar.)
$14 Jan. 2 Dec. 5
Eaton Manufacturing (special)
25c Dec. 20 Dec. 5
Economical-Cunningham Drug
25c Tan. 20 Jan. 6
Preferred B (quarterly)
$131 Jan. 20 Jan. s
Preferred A (semi-annually)
33 Jan. 1 Dec. 20
Ecuadorian Corp.. Ltd.. common (quar.)
2c Jan. I Dec. 10
Common extra
lc Jan. 1 Dec. 10
Preferred (semi-ann.)
34% Jan. 1 Dec. 10
Edison Bros. Stores (quarterly)
40c Dec. 20 Nov.30
Extra
25c Dec. 20 Nov.30
Preferred (quarterly)
$131 Dec. 15 Nov.30
Electric Controller & Manufacturing (quarterly)
50c Jan. 2 Dec. 20
Electric Storage Battery Co., common
$1 Dec. 30 Dec. 3
Common. special
$1 Dec. 30 Dec. 3
Preferred
$1 Dec. 30 Dec. 3
Preferred, special
$1 Dec. 30 Dec. 3
Elgin National Watch
55c Dec. 16 Dec. 5
Elizabethtown Water Co. consol. (s.-a.)
324 Dec. 31 Dec. 21
Elmira & Williamsport RR.. pref. (s.-a.)
$1.61 Jan. 2 Dec. 20
El Paso Electric Co. (Texas). $6 pref. (qr.)
$14 Jan. 15 Dec. 31
Emerson's Bromo Seltzer, 8% preferred
50c Jan. 2 Dec. 14
Empire Power Corp.,cumul. pref.(quar.)
3131 Jan. 1 Dec. 16
Emsco Derrick & Equipment (quarterly)
25c Dec. 20 Dec. 10
Extra
1231c Dec. 20 Dec. 10
Endicott-Johnson (quar.)
.,75c Jan. 1 Dec. 18
Preferred (quar.)
$14 Jan. 1 Dec. 18
Equity Shares. Inc. (Initial)
20c Dec. 20 Dec. 2
Eureka Vacuum Cleaner (quar.)
20c Jan. 2 Dec. 16
Evans Products(quar.)
25c Jan. 2 Dec. 16
Falconbridge Nickel Mines
74c Dec. 21 Dec. 5
Fanny Farmer Candy
124c Dec. 31 Dec. 16
Farmers & Traders Life Insurance
$24 Jan. 1 Dec. 11
Quarterly
$231 Apr. 1 Mar. 11
Faultless Rubber (quarterly)
50c Jan. 1 Dec. 16
F. E. D.Corp.(liquidating)
$3 Dec. 20 Dec. 10
Federal Insurance Co.(J. C., N.J.)(s.-a.)
$1 Jan. 2 Dec. 21
Federal Motor Truck
10c Dec. 20 Dec. 7
Federated Department Stores
25c Jan. 2 Dec. 21
Ferro Enamel Corp. (quarterly)
20c Dec. 20 Dec. 10
Fifth Ave. Bus Securities (quarterly)
I6c Dec. 30 Dec. 13
Filene's (Wm.) Sons
30c Dec. 31 Dec. 20
Preferred (quarterly)
314 Jan, 2 Dec 20
Finance Co. of Pennsylvania (quar.)
324 Jan. 2 Dec. 14
First National Stores (quar.)
624c Jan, 2 Dec. 9
First preferred (quar.)
5131 Jan. 2 Dec 9
Pawners
Society
First State
(Chicago.
_ _ $131 Dec. 31 Dec. 21
Flintkote Co.. common, A & B
25c Dec. 16 Dec. 10
Florsheim Shoe. class A (quarterly)
25c Jan, 2 Dec. 14
Class A (special)
25c Jan, 2 Dec. 14
Class B (quarterly)
124c Jan. 2 Dec. 14
(special)
Class B
124c Jan. 2 Dec. 14
Food Machinery Corp.,64% pref.(mo.)
Si Dec. 15
Fox (Peter) Brewing
25c Jan. 2 Dec. 16
Freeport Texas, preferred (quarterly)
3131 Feb. 3 Jan. 15
Gardner-Denver Co., common (extra)
25c Dec. 20 Dec. 10
General Amer. Invest. preferred (quar.)
314 Jan. 2 Dec. 20
General American Transportation
874c Jan. 1 Dec. 10
General Asphalt (resumed)
25c Dec. 17 Nov. 26
General Candy Corp
50c Dec. 20 Dec. 14
General Cigar, preferred (quar.)
$14 Mar. 2 Feb. 20
Preferred (quar.)
31 4
3 Juner3B May 22
General Mills. Inc., preferred (quar.)
314 Jan. 2 Dec. 10a
General Motors (quarterly)
50c Dec. 12 Nov. 14
Extra _
50c Dec. 12 Nov. 14
$5 preferred (quarterly)
$134 Feb. 1 Jan. 6
General Paint, $2 class A
50c Dec. 31 Dec. 16
General Printing Ink (quarterly)
40c Dec. 31 Dec. 17
Extra
50c Dec. 31 Dec 17
Preferred (quarterly)
5131 Jan. 2 Dec. 17
General Public Utilities,$5 pref.(quar.)
$131 Jan. 1 Dec. 20
General Ry. Signal (quar.)
25c Jan. 2 Dec. 10
Preferred (quarterly)
$131 Jan. 2 Dec. 10
General Refectories Co. (resumed)
50c Dec. 30 Dec. 2
Georgia Power Co.. $6 pref. (quar.)
$131 Jan. 2 Dec. 14
$5 preferred (quar.)
5131 Jan. 2 Dec. 14
Georgia RR & Banking (guar.)
$214 Tan 15 Tan
2
Gillette Safety Razor Co., common
25c Dec. 31 Dec. 6
$5 convertible preferred (quar.)
$14 Feb. 1 Jan. 2
Glens Falls Insurance Co.(quar.)
40c Tan. 1 Dec 14
Glidden Co. (quarterly)
50c Tan. 2 Dec. 16
Prior preferred (quarterly)
$1 31 Jan. 2 Dec. 16
Globe Underwriters Exchange
z35c Dec. 16 Dec. 2
Globe Wernicke preferred quar)(
50c Tan. 1 Dec. 20
Goebel Brewing (quarterly)
Sc Dec. 20 Nov.30
Extra
10c Dec. 20 Nov. 30
Goldblatt Bros.(quar.)
37c Jan. 2 Dec. 16
Gold Dust Corp.$6 pref.(quar.)
$131 Dec. 31 Dec. 17
Goldsmith (P.) Sons
25c Dec. 20 Dec. 5
Gold & Stock Telegraph (quar.)
$1 4 Jan, 2 Dec. 31
Goodall Security Corn. (quar.)
50c Jan. 2 Nov. 26
Goodyear Tire & Rubber. $7 pref
Si Jen, 2 Nov.30
Gorham Mfg. Co.. common (quar.)
25c Dec. 16 Dec. 9
Extra
25c Dec. 16 Dec. 9
Grace(W. R.) & Co.-6% preferred ‘e -a )
33 Dec. 30 Dec. 27
Preferred A (quar.)
$2 Dec. 30 Dec. 27
Preferred B Is.-a.)
34 Dec. 30 Dec 27
Grand Rapids & Indiana Ry. (semi-annually)
$2 Dec. 20 Dec. 10
Grand Rapids Varnish (quarterly)
1231c Dec. 31 Dec. 20
Grand Valley Brewing Co
10c Dec. 23 Dec. 3
Grant(W. T.) (quarterly)
25c Jan. 1 Dec. 12
Great Western Electro-Chemical
80c Dec. 15 Dec. 5
6% nreferred (quarterly)
30c Ian. 2 Dec. 20
Great Western Power Co. of Calif.,7% pf. (qu.) 31 4
3 Jan. 1 Dec. 5
6% preferred (quarterly)
$14 Jan. 1 Dec. 5
Name of Company
Dec. 14 1935
Per
Share
When Holders
Payable of Record
Great Western Sugar (quar.)
60c Jan. 2 Dec. 14
Preferred (quar.)
3134 Jan. 2 Dec. 14
Greene Cananea Copper (quar.)
75c Dec. 16 Dec. 9
Special
$1 Dec. 16 Dec. 9
Greene ER.Co.(semi-ann.)
$3 Dec. 19 Dec. 13
Greenfield Tap & Die. $6 preferred
50c Jan. 6 Dec. 16
Greenwich Water & Gas Sys, 6% pref.(quar.)-75c Jan. 2 Dec. 20
Greyhound Cotp.. pref. A (Tar.)
SIN Jan. 1 Dec. 21
Group No. 1 Oil Corp.(quar.)
$100 Dec. 31 Dec. 10
Guaranty Trust Co.of N.Y.(quar.)
3% Jan. 2 Dec. 10
Gulf Power Co., $6 pref. (quar.)
5131 Jan. 2 Dec. 20
Gulf States Utilities Co.. $6 preferred
$131 Dec. 16 Nov. 29
$54 preferred
3131 Dec. 16 Nov.29
Hackensack Water Co..7% preferred A (quar.) 43 Sic Dec. 31 Dec. 14
Halifax Fire Insurance Co.(s.-a.)
45c Jan. 2 Dec. 10
Hamilton Watch, pref. (resumed)
$2 Dec. 14 Nov.30
Hammermill Peuer Co.. 65' pref. (quar.)
$14 Jan. 1 Dec. 16
Hanes(P. ff.) Knitting Mills, 7% prof
c$134 Jan. 2 Dec. 20
Harbison-Walker Refractories Co.. pref.(quar.)
3131 Jan. 20 Jan. 7
Harrisburg Gas, 7% preferred (quar.)
$13
4 Jan. 15 Dec.
Hawaiian Agricultural Co. (monthly)
20c Dec. 31 Dec. 24
Hawaiian Electric Co. (monthly)
15c Dec. 20 Dec. 14
Hawaii Consol. By., 7% pref. A (quar.)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co.(quarterly)
$131 Jan. 2 Dec. 14
Hazeltine Corp. (quar.)
25c Dec. 16 Dec. 2
Extra
50c Dec. 16 Dec. 2
Heath (D. C.) Co.. 7% pref. (quar.)
$131 Dec. 31 Dec. 28
Helme (Geo. W.) Co., common (quar.)
131 Jan. 2 Dec. 10
Common (extra)
$2 Jan. 2 Dec. 10
Preferred (quarterly)
$1 4
3 Jan. 2 Dec. 10
Hercules Motors (guar.)
25c Dec. 31 Dec. 20
Hercules Powder Co., common
75c Dec. 20 Dec. 9
Common (extra)
50c Dec. 20 Dec. 9
Hershey Cream Co.. 75' pref. (semi-ann.)
$3}4 Jan. 2 Dec. 15
10c Dec. 27 Dec. 20
Hibbard, Spencer, Bartlett & CO.(monthly)--25c Dec. 20 Dec. 13
Special _
Hinds & Dauch Paper Co. of Canada
1231c Dec. 21 Dec. 14
Home Fire & Marine Insurance (quar.)
50c Dec. 16 Dec. 5
$1 Dec. 24 Dec. 20
Homestake Mining (monthly)
Extra
$2 Dec. 24 Dec. 20
I5c Dec. 16 Dec. 12
Honolulu Gas. Ltd. (monthly)
25c Dec. 15 Dec. 4
Honolulu Oil Corp Ltd
Hoover Steel Ball Co
15c Dec. 23 Dec. 12
Hoskins Mfg. (quarterly)
50c Dec. 26 Dec. 11
Extra
25c Dec. 26 Dec. 11
624c Jan. 2 Dec. 20
Houdaille-Hershey, class A (quar.)
Class B (quarterly)
3731c Jan. 2 Dec. 20
75c Jan. 15 Dec. 31
Household Finance. A & B (quar.)
874c Jan. 15 Dec. 31
Participating preferred (quar.)
Howes Bros. Co.7% 1st & 2d pref. (quar.)
3134 Dec. 31 Dec. 21
6% preferred (quar.)
3131 Dec. 31 Dec. 21
Howey Gold Mines, Ltd
2c Dec. 14 Nov. 14
r50c Dec. 16 Nov. 29
Hudson Bay Mining & Smelting Co
25c Dec. 26 Nov. 26
Humble 011 & Refining (quarterly)
Hygrade Sylvania Corp., corn
50c Jan, 2 Dec. 10
514 Jan. 2 Dec. 10
Preferred (quarterly)
Idaho-Maryland Mines (quar.)
5c Jan. 10 Nov.30
Ideal Finance Association A (quar.)
124c Jan. 2 Dec. 16
$8 preferred (quar.)
$2 Jan. 2 Dec. 16
$2 convertible preferred (quar.)
50c Jan. 2 Dec. 16
Illinois Bell Telephone
5134 Dec. 31 Dec. 21
Illinois Central RR., leased lines (s-a)
$2 Jan. 2 Dec. 11
Imperial Life Insurance (quar.)
3331 Jan. 2 Dec. 31
Imperial Tobacco of Canada (quar.)
r8 34c Dec. 01 Dec. 13
Indiana General Service pref. (quar.)
$14 Jan. 2 Dec. 6
Indiana Hydro-Electric Power. 7% preferred__ - h874c Dec. 16 Nov.30
Indiana & Michigan Electric pref. (quar.)
$131 Jan. 2 Dec. 6
6% preferred (quar.)
$14 Jan. 2 Dec. 6
Indianapolis Power & Light,6% pref.(quar.)._ 5131 Jan. 1 Dec. 5
631% preferred (quar.)
*131 Jan. 1 Dec. 5
Indianapolis Water Co., 5% Pref. (guar.)
$134 Jan. 1 Dec. 12a
Ingersoll-Rand, extra
$3 Doc. 28 Dec. 9
$3 Jan. 2 Dec. 9
Preferred (semi-ann.)
25c Dec. 31 Dec. 14
Interlake Steamship (gear.)
Extra
60c Dec. 31 Dec. 14
25c Dec. 26 Dec. 11
International Cement Corp
3131 Jan. 10 Dec. 20
International Business Machines (quar.)
3% Feb. 10 Dec. 20
Stock dividend
International Callucotton Products (quar.) _ _ 3734c Jan. 2 Dec. 20
30c Jan. 15 Dec. 30
International Harvester (quar.)
5% Dec. 20 Nov. 29
International Match, debenture
15c Dec. 20 Nov. 29
International Mining
5c Dec. 20 Nov. 29
Extra
25c Dec. 31 Dec. 2
International Nickel Co. of Canada
$131 Feb. I Jan. 2
Preferred (quar.)
3 Dec. 20 Dec. 5
Tnternational Power Securities,$6 pref
Jan. 2 Dec. 16
International Salt Co
50c Tan. 1 Dec. 14
International Shoe (quar.)
International Teleg. of Maine (s.-a.)
$I..33 1-3 Jan. 2 Dec. 14
Inter Ocean Telegraph (quar.)
$10
24
c Jan. 2 Dec. 31
Dec. 16 Dec. 2
Intertype Corp.. common
1st preferred (quar.)
$3
2 Jan. 2 Dec. 16
2d preferred (s-a)
$ Jan. 2 Dec. 16
Investors Corp. of Philadelphia (quar.)
50c Dec. 14 Dec. 2
Extra 25c Dec. 14 Dec. 2
Inventors Fund of America (quar.)
2c Doc. 15 Nov. 30
Investors Corp.of R. I..$6 pref.(guar.)._ 5131 Jan. 2 Dec. 20
Irving Air Chute (quarterly)
15c Jan. 2 Dec. 16
Extra
25c Jan. 2 Dec. 16
Irving Trust (N. Y.) (quar.)
15c Jan. 2 Dec. 10
Jersey Central Power & Light. 6% pref. (qu.)
$131 Jan. I Dec. 10
7% preferred (quarterly)
3134 Jan. 1 Dec. 10
54% preferred (quarterly)
$131 Jan. 1 Dec. 10
Jewel Tea (quarterly)
75c Jan. 15 Jan. 2
SI Dec. 23 Dec. 14
Special_
Johns-Manville Corp., common
50c Jan. 15 Dec. 24
7% cumulative preferred (quar.)
$134 Jan. 1 Dec. 17
Joplin Water Works,6% pref. (quar.)
$131 Jan. 15 Jan. 2
15c Dec. 30 Dec. 30
Kalamazoo Vegetable Parchment (quar.)
Kansas City Power & Light. 36 pref. B (quer.)_ _ $131 Jan. 2 Dec. 14
Kansas City St. Louis & Chic. RR.. pref. (qu.)
$I
Feb. 1 Jan. 17
Kansas Electric Power Co., 7% pref. (quar.)_ _ $134 Jan. 2 Dec. 14
6% preferred (quarterly)
5131 Jan. 2 Dec. 14
Kansas Gas & Electric, $6 pref. (quar.)
$131 Jan. 2 Dec. 16
7%_preferred (quarterly)
$134 Jan. 2 Dec. 16
Katz Drug (quar.)
75c Dec. 14 Nov.30
Preferred (quar.)
3131 Jan. 2 Dec. 14
Kaufmann Dept. Stores (special)
20c Dec. 16 Dec. 2
Preferred (quarterly)
$134 Jan. 2 Dec. 10
Kekahe Sugar Co. (monthly)
$2.40 Jan. 2 Dec. 24
Keivinator Corp. (quarterly)
1231c Jan. 2 Dec. 5
20c Jan. 2 Dec. 5
Extra
20c Dec. 26 Nov. 29
Kennecott Copper
5.0741c Dec. 15 Nov.30
Keystone Custodian Fund,series 0-1
Series S-2 (initial)
91c Dec. 15 Nov.30
Keystone Steel & Wire. preferred
$131 Jan. 15
Keystone Watch Case Corp.,common
1$
141 Dec. 20 Dec. 10a
Kimberly-Clark Corp., common (quar.)
124c Jan. 2 Dec. 12
Jan. 2 Dec. 12
Preferred (quarterlY)
$
Kings County Lighting Co..7% ser. B pf. (qu.).. $131 Jan. 2 Dec. 16
6
2 Dec: 16
preferred
(quar.)
3$11
6% series OD
Jan. 2 Dec. 16
5% series D preferred (quar.)
SI
Jan.
Quarterly
Klein (D. Emil)(quarterly)
25c Jan. 1 Dec. 20
Feb. 1 Jan. 20
Preferred (quarterly)
ec 24
50c Dec. 31 D.
Koloa Sugar Co. (monthly)
Jan. 2 Dec. 12
Koppers Gas & Coke, preferred (quar.)
25c Jan. 2 Dec. 11
Kresge(S. S.)
314 Jan. 2 Dec. 11
Preserred (quarterly)
Dec. 31
$1
Kroehler Mfg. Co.,7% Pref. (quar.)
Class A Preferred(qua
"
Dec•3
11
6 Dec. 2
$1
25
1C Dec.
Iiruger (G.) Brewing, initial (quar.)
37/c
$311:
Name of Company
Per
Share
When Holders
Payable of Record
Kroger Grocery & Baking. 7% preferred (quar.) $1 u Feb. I Dec. 20
Jan. 2 Dec. 20
6% preferred (quarterly)
2 Dec. 6
Jan
Lackawanna RR. Co. N. J
cumul. preferred
SI'X Dec. 16 Nov.30
Lake of Woods Mill,
r50c Dec. 16 Dec. 2
Lake Shore Mines, Ltd
r50c Dec. 16 Dec. 2
Bonus
373.c Dec. 31 Dec. 20
Lander!, Wary & Clark tquar.)
Dec. 15 Dec. 5
$I
Landis Machine, 7% preferred (quarterly)
15c Dec. 31 Dec. 20
Lazarus (F.& R.) Co.(quarterly)
$j5% Feb. 1 Jan. 20
63 % preferred (quarterly)
87c Jan. 2 Dec. 14
Lehigh Portland Cement Co., pref. (quar.)
75c Jan. 6 Dec. 20
Lehman Corp.(quar.)
35c Dec. 15 Nov.30
Leslie-Cali ornia Salt (guar.)
30c Dec. 16 Nov. 29
Libbey-Owens-Ford Glass (quar.)
preferred
$3 Jan. 1 Dec. 20
Libby,
&
McNeill
Libby,
$1 X Jan. 1 Dec. 10
Liggett & Mayers Tobacco, preferred (quar.)
37c Dec. 16 Dec. 3
Lily-Tulip Cup (quarterly)
1714c Dec. 16 Dec. 7
Lindsay Light & Chemical. pre,. (quar.)
$1 X Jan. 2 Dec. 14
Link Belt, preferred (quarterly)
40c Feb. 1 Jan. 17
Liquid Carbonic (quar.)
25c Feb. 1 Jan. 17
Extra
$1.10 Jan. 10 Dec. 14
Little Schuylkill & Navigation RR.& Coal
$2 Jan. 1 Jan. 1
Lock Joint l'ipe, pref (quar.)
50c Dec. 31 Dec. 13
Loew's, Inc. (quarterly)
50c Dec. 31 Dec. 13
Extra
h$1 14 Dec. 21 Dec. 10
7% pref
Loew's (Marcus) Theatre,
$1 X Dec. 31 Dec. 14
Lone Star Gas,6% cony. pref.
Ltd.,
(quar.)
Jan. 1 Dec. 16
Long Island Lighting Co..7% ser. A prod.(qu.)- $1
Dec. 18
$1 X Jan.
6% series B preferred (guar.)
Loose-Wiles Biscuit Co.
Jan. 1 Dec. 18
$1
5% preferred (initial, quarterly)
Jan. 2 Dec. 17
Lord & Taylor (quar.)
Dec. 17 Dec. 2
Extra
30c Jan. 2 Dec. 13
Lorillard (P.) & Co., common
$1 X Jan. 2 Dec. 13
Preferred (quarterly)
123.c Jan. 2 Dec. 16
Loudon Packing (quarterly)--so
Dec. 20 Dec. 10
Louisiana Ice & Electric Co., inc., corn
10c Dec. 16 Dec. 2a
Louisiana Land & Exploration Co.(quar.)
3714c Dec. 24 Nov.30
Louisville Gas & Electric. A & B (quar.)
31 M Jan. 1 Dec. 20
Ludlum Steel, preferred (quar.)
SPA Jan. 1 Dec 21
Lunkenheimer Co.,6X % preferred (quar.)
$3 Jan. 2 Dec. 14
Lynchburg & Abingdon Telephone (8.-a.)
25c Dec. 31 Dec. 14
Mack Trucks. Inc
$1 fi Jan. 2 Dec. 20
ManischewItz (B.), preferred (quar.)
50c Jan. 1 Dec. 16
Mapes Consolidated Mfg.(quar.)
10c Jan. 2 Dec. 13
Marine Midland Corp.(quar.)
37;4c Dec. 18 Dec. 14
Marine Midland Trust (N. Y.) (quar.)
1.5c Dec. 18 Dec. 14
Extra
$13i Jan. 2 Dec. 20
Marlon Water Co.. 7% pref. (quar.)
mlOc. Dec. 15 Nov.30
Maryland Fund, Inc. (quar.)
25c Dec. 20 Dec. 14
Masonite Corp
50c Jan. 2
Massachusetts Plate Glass Insurance
3714 c Dec. 27 Dec.
Mathieson Alkali Works (quar.)
$1 X Dec. 27 Dec. 8
Preferred (quarterly)
80c Dec. 20 Dec. 10
Maul Agricultural Co. (extra)
50c Dec. 14 Nov. 30
(quar.)
Assoc.
Mayflower
20c Dec. 14 Nov. 15
McColl-Frontenac 1011 Co. (quar.)
Si Jan. 2 Dec. 17
McKeesport Tin Plate (quar.)
2 Dec. 17
25c Jan
Extra
10c Dec. 30 Dec. 23
McLennan, McFeeley & Prior, Ltd.. A & B
$114 Jan. 1 Dec. 23
6 % preferred (quarterly)
75c Jan. 1 Dec. 20
McQuay-Norris Mfg. (guar.) _
5c Dec. 18 Dec. 4
McWatters Gold Mines, Ltd.. initial
75c Jan. 2 Dec. 14
Mead Johnson & CO. (quarterly)
75c Jan. 2 Dec. 14
Extra
35c Jan. 2 Dec. 14
Preferred (semi-annual)
$1 1( Jan. 2
Memphis Natural Gas Co.. 17 pref. (quar.)
$114 Jan. 2 Dec. 14
Memphis Power & Light, $6 pref. (guar.)
$1 X Jan. 2 Dec. 14
$7 preferred (quarterly)
Merchants & Miners Transportation Co.—
40c Dec. 31 Dec. 16
Common (quarterly)
10c Jan. I Dec. 23
Merck & Co., Inc., common (quar.)
Jan. 1 Dec. 23
Preferred (quarterly)
5tig Jan. 1 Dec. 16
Mesta Machine Co. common (quar.)
'314%
Metal Box Co. (initial)
$1 3i Jan. 2 Nov. 29
Metropolitan Edison Co., $7 pref. (quar.)
Jan. 2 Nov. 29
$6 preferred (quar.)
Jan. 2 Nov. 29
$5 preferred (quar.)
Jan. 2 Nov. 29
$7 cumulative preferred (quar.)
$1 X Jan. 2 Nov. 29
$6 cumulative preferred (quar.)
$1 X Jan. 2 Nov. 29
$5 cumulative preferred (quar.)
Jan. 2
512
Michigan Electric Power.8% preferred
$14% Jan. 2
7% preferred
Jan. 2 Dec. 20
$3
(semi-annually)
preferred
Grocery.
Midland
40c Jan. 2 Dec. 15
Midland Loan & Savings Co. (s-a)
50c Dec. 23 Dec. 16
Midland Royalty $2 cony. pref
Milwaukee Electric Ry. & Light, 6% pref. (qu.) Si X Jan. 31 Jan. 20
$1 X Feb. 1 Jan. 15
Mine Hill & Schuylkill Haven RR.(8.-a.)
Jan. 1 Dec. 20
Minneapolis-lionevweil Retrulator Co.. pf. (qu.) $1
$154 Jan. 2 Dec. 14
Mississippi River Power prof.(quar.)
Mississippi Valley Public Service Co.
$114 Jan. 1 Dec. 20
6% preferred B (quar.)
1.16 2-3 Jan. 2 Dec. 20
Missouri Edison Co., $7 cum. pref
Mitchell (J. S.) Ltd., pref. (quar.)
SI fi Jan. 2 Dec. 16
Mobile & Birmingham RR., pref. (8.-a.)
$2 Jan. 2 Dec. 2
Mock, Judson, Voehringer, pref.(quarterly)__ $131 Jan. 1 Dec. 15
Monarch knitting Co., Ltd.,7% pref.(quar.)_ _ $1 X Jan. 2 Dec. 14
Monogram Pk-tures Corp (quar)
15c Feb. 1
Monongahela Valley Water Co..7% pref. (qu.)_ $1 31 Jan. 15 Jan. 2
Monroe Chemical
37 Xc Dec. 24 Dec. 4
Preferred (quarterly)
8734c Jan. 1 Dec. 24
Monsanto Chemical (quar.)
25c Dec. 14 Nov.25
Extra
25c Dec. 14 Nov. 25
Montgomery & Erie RR.(semi-annual)
1714c May 10 Apr. 30
Montgomery Ward, class A (quar.)
$134 Jan. 2 Dec. 20
Montreal Cotton, Ltd , pref (quar.)
Dec. 15 Nov.30
$I
Montreal Loan & Mortgage Co. (guar.) 62Xc Dec. 16 Nov. 28
Moore Dry Goods (quar.)
$114 Jan. 1 Jan. 1
mend!(John) & Co.. Inc., common (quar.)
60c Dec. 14 Nov.30
Morris Finance Corp., class A (quar.)
$114 Dec. 31 Dec. 21
Extra
50c Dec. 31 Dec. 21
Class B (quarterly)
30c Dec. 31 Dec. 21
Extra
10c Dec. 31 Dec. 21
Preferred (quarterly)
$134 Dec. 31 Dec. 21
Mossor (J. K.) Leather
50c Jan. 2 Dec. 16
Mountain Fuel Supply (initial)
100 Dec. 21 Nov.30
Mountain Producers Corp. (8.-a.)
300 Dec. 31 Dec. 14a
h$234 Dec. 31 Dec. 18
Mt. Vernon-Woodberry Mills preferred
Muncie Water Works Co.,8% pref. (quar.)
$2 Dec. 16 Dec. 2
$2 Jan. 2 Dec. 22
Murphy(G. C.) preferred (quar.)
Dec. 28 Dec. 19
Mutual Chemical Co of Amer.. 6% pref. (qu.)_
Sc Dec. 20 Dec. g
Mutual Telephone (Hawaii) (monthly)
50c Dec. 31 Dec. 18
Myers(F. E•)& Bro.,(quarterly)
gtd
9314c Jan. 2 Dec. 21
Nashville & Decatur RR.. 714
75c Jan. 1 Dec. 16
Nassau & Suffolk Lighting Co.7% pref. (qu.)._
40c Jan. 15 Dec. 13
National Biscuit (quar.)_ 25c Dec. 16 Nov. 29
National Bond & Share Corp
40c Jan. 2 Dec. 16
National Breweries, Ltd. (quar.)
43c Jan. 2 Dec. 16
Preferred (quar.)
25c Jan. 1 Dec. 12
National Candy (quar.)
51,4 Jan. 1 Dec. 12
Preferred 1st & 2d (guar.)
10c Dec. 15 Nov. 29
National Casualty Co.(Detroit)
30c Jan. 2 Dec. 4
National Dairy Products (quar.)
$134 Jan. 2 Dec. 4
Preferred A & B (quarterly)
25c Dec. 21 Dec
National Fuel Gas Co.(special)
$134 Jan. 2 Dec. 14
National Gypsum, first preferred (guar.)
25c Jan. 2 Dec. 14
Second preferred (quar.)
Dec. 31 Dec 13
Sl
National Lead (quarterly)
Dec. 31 Dec. 13
Extra
$134 Dec. 14 Nov. 29
Preferred A (quar.)
$134 Feb. 1 Jan. 17
Preferred B (quarterly)
National Short Term Securities common (quar.) 114c Dec. 20 Dec 15
3811
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
50c Jan. 2 Dec. 18
National Standard (quar.)
50c Jan. 2 Dec. 2
National Sugar Refining Co. of New Jersey
15c Jan. 2 Dec. 13
National Tea Co.. common (quar.)
35e Dec. 16 Nov.30
National Transit
200 Dec. 30 Dec. 14
Natomas Co.(quar.)
20c Dec. 30 Dec. 14
Extra
h$1.3134 Dec. 31 Dec. 16
Nehi Corp., 1st preferred
25c Dec. 14 Nov.30
Neisner Bros. (quar.)
$1 Feb. 1 Dec. 30
Nevada-Callf. Electric.7% preferred (guar.)- -.
40c Jan. 1 Dec.
Newberry (J. J.) (quar.)
Dec. 31 Dec. 10
$134
Teleg
&
Telep.
England
New
$2 Jan. 2 Dec. 15
New Hampshire Power,8% preferred (quar.)_ _
$3 Jan. 2 Dec. 31
New Jersey & Hudson River Ry.& Ferry (s.-a.)..
New Jersey Power & Light, $6 pref. (guar.)_ _ _ $114 Jan. 2 Nov.29
$134 Jan. 2 Nov. 29
$5 preferred (quar.)
$134 Jan. 2 Dec. 20
New Jersey Water Co.,7% pref. (quar.)
50c Dec. 16 Nov. 29
Newmont Mining Corp
$214 Jan. 2 Dec. 31
New York & Hanseatic Corp.(extra)
Jan. 2 Dec. 16
$2
(semi-ann.)
Co.
RR.
Harlem
New York &
8234 Jan. 2 Dec. 16
Preferred (semi-ann.)
75c Jan. 2 Dec. 31
New York Mutual Telegraph Co. (semi-ann.)
$1 Dec. 14 Dec. 6
New York & Queens Electric Light & Power
$114 Jan. 2 Dec. 14
New York Steam,$6 preferred (quar.)
$13' Jan. 2 Dec. 14
$7 preferred (quarterly)
$1 X Jan. 15 Dec. 20
New York Telephone, preferred (quar.)
50c Dec. 28 Dec. 13
New York Transportation (quar.)
$114 Jan. 2 Dec. 13
(qu.)_
pref.
A
class
Niagara Share Corp. of Md.,
62-C Dec. 16 Nov. 18
Class B common
$1 Dec. 28 Dec. 14
Noranda Mines
$2 Dec. 19 Nov.30
Norfolk & Western Ry. (quar.)
25c Jan. 2 Dec. 10
North American Co., corn. (quar.)
75c Jan. 2 Dec. 10
Preferred (quarterly)
$2 Jan. 15 Dec. 20
North Central Ry. Co.(semi-ann.)
100 Dec. 16 Dec. 2
Oil
Texas
Central
(resumed)
North
$1 Jan. 2 Dec. 10
Northeastern Water & Electric, $4 pref. (quar.)
25c Jan. 2 Dec. 13
Northern Pipe Line (8.-a.)
Dec. 16 Dec. 6
$134
Inc
Lines,
Northland Greyhound
$114 Jan. 2 Dec. 20
$614 preferred series I (quar.)
h1734c Dec. 20 Dec. 6
North Star Oil. preferred
$134 Jan. 2 Dec. 16
Northwestern Telegraph Co. (semi-ann.)
75c Jan. 2 Dec. 16
Nova Scotia Light & Power (guar.)
I5c Dec. 20 Dec. 9
(monthly)
Co.
Land
&
Oahu Railway
200 Dec. 15 Dec. 16
Oahu Sugar Co.(monthly)
$1.20 Dec. 14 Dec. 4
Extra
$134 Jan. 2 Dec. 14
Ohio Edison Co., $5 preferred (quar.)
8134 Jan. 2 Dec. 14
$6 preferred (quarterly)
Jan. 2 Dec. 14
$1.65
$6.60 preferred (quarterly)
$151 Jan. 2 Dec. 14
$7 preferred (quarterly)
$1.80 Jan. 2 Dec. 14
$7.20 preferred (quarterly)
h$144 Jan. 1 Dec. 10
Ohio Finance Co.. 8% preferred
15c Dec. 14 Oct. 31
Ohio Oil
$134 Dec. 14 Dec. 2
Preferred (quarterly)
581-3c Jan. 2 Doc. 14
Ohio Public Service Co., 7% pref. (mo.)
50c Jan. 2 Dec. 14
67 preferred (monthly)
412-3c Jan. 2 Dec. 14
5% preferred (monthly)
134°7 Dec. 16 Nov.30
Oklahoma Gas & Electric Co.6% pref. (qu.)_
134 ° Dec. 16 Nov.30
7% preferred (quar.)
25c Dec. 14 Nov.27
Old Dominion Co.(resumed)
$2 Jan. 2 Dec. 13
Omnibus Corp preferred (quar.)
(quar.)
43340 Dec. 14 Nov.30
Oneida, Ltd.,7% preferred
4134 Dec. 14 Nov.30
7% preferred
20c Dec. 20 Dec. 10
Onomea Sugar Co. (monthly)
$1.20 Dec. 20 Dec. 10
Extra
50c Jan. 2 Dec. 16
Ontario Loan & Debenture Co.(quar.)
h$1 X Dec. 15 Dec. 2
Ontario Silknit, Ltd., 7% preferred
15c Jan. 15 Dec. 27
Otis Elevator (guar.)
$134 Jan. 15 Dec. 27
(guar.)
Preferred
5c Dec. 16 Dec. 2
9
Pacific American Fisheries (resumed)
500 Jan. 2 Dec. 14
Pacific & Atlantic Teleg. Co.(semi-ann.)
Jan. 2 Dec. 14
30c
(quar.)
Pacific Finance
200 Feb. 1 Jan. 15
8% preferred A (quar.)
Feb. 1 Jan. 15
1614c
(quar.)
C
preferred
%
173-4c Feb. 1 Jan. 15
7% preferred D (guar.)
15c Jan. 1 Dec. 14
Pacific Indemnity (guar.)
$134 Jan. 15 Dec. 31
Pacific Lighting, preferred (guar.)
$134 Jan. 1
Pacific Southwest Realty. 634% pref. (quar.)_
$134 Dec. 31 Dec. 20
(guar.)
Telegraph
&
Telephone
Pacific
$114 Jan. 15 Dec. 31
Preferred (quar.)
25c Dec. 23 Dec. 10
Pacific Western Oil Corp
$214 Dec. 15 Nov. 19
preferred
Pacolet Mfg. Co.. 7%
r75c Jan. 2 Dec. 14
Page-Hersey Tubes (quer.)
5c Dec. 20 Dec. 13
Pahang Rubber Co..-Ltd
50c Dec. 23 Dec. 7
ParaMne Cos. (quarterly)
25c Mar. 1 Feb. 15
Parker Pen (guar.)
25c June 1 May 15
Quarterly
25c Sept. 1 Aug. 15
Quarterly
Dec. 16 Nov.30
$131
(quar.)
preferred
Co..
Mfg.
Paton
75c Dec. 16 Dec. 2
Penick & Ford (quar.)
3131 Jan. 2 Dec. 10
Penn Central Light & Power, $5 pref. (quar.)_ _
70c Jan. 2 Dec. 10
$2.80 preferred (quar.)
200 Dec. 28 Nov. 22
Pennroad Corp
8131 Jan. 2 Dec. 20
Penna. Gas & Elec. Co.,7% pref. (quar.)
Jan. 2 Dec. 20
$7 preferred (quar.)
$1
h$15 Feb. 1 Dec. 13
Pennsylvania Glass Sand Corp., preferred
Jan. 2 Dec. 13
14
$1
Preferred (quar.)
55c Jan. 2 Dec. 20
Pennsylvania Power Co., $8.60 pref. (mth1Y.)
Feb. 1 Jan. 20
55e
preferred
(monthly)
66.60
55c Mar. 2 Feb. 20
$8.60 preferred (monthly)
$134 Mar. 2 Feb. 20
$6 preferred (quar.)
$1 Jan. 2 Dec. 16
Pennsylvania Water & Power Co.(quar.)
$114 Jan. 2 Dec. 16
Preferred (quar.)
Jan. 2 Dec. 9
25c
Stores
Drug
(guar.)
Peoples
50c Jan. 2 Dec. 9
Extra
$154 Dec. 16 Dec. 2
Preferred (quar.)
$131 Jan. 2 Doc. 20
Peoria Water Works Co..7% preferred (quar.)
200 Dec. 15 Dec. 10
Pepeekoo Sugar Co
50c Dec. 15 Dec. 10
Extra
Jan. 1 Dec. 17
50c
Perfect Circle (quar.)
30c Dec. 28 Dec. 20
Perfection Stove (quar.)
Apr. 1 Mar. 25
$131
(s.-a.)
RR.
Petersburg
25c Jan. 1 Dec. 11
Pet Milk (quarterly)
$134 Jan. 1 Dec. 11
Preferred (quarterly)
25c Dec. 16 Dec. 5
Petroleum Exploration, Inc. (quar.)
25c Dec. 20 Dec. 10
Petroleum & Trading.class A
$1 Jan. 2 Dec. 206
Pfaudler Co. (quar.)
25c Jan. 2 Dec. 20
Pfeiffer Brewing Co. (quar.)
15c Jan. 2 Dec. 20
Extra
25c Dec. 14 Nov. 27
Phelps Dodge
$134 Dec. 31 Dec. 16
Philadelphia Baltimore & Washington RR
$134 Jan. 2 Dec. 2
Philadelphia Co.. $6 pref. (quar.)
$134 Jan. 2 Dec. 2
$5 preferred (quarterly)
50c Jan. 1 Dec. 10
Philadelphia Electric Power, preferred (quar.)_ _
5234 Jan. 10 Dec. 31
Trenton
(quar.)
&
RR.
Philadelphia
.50c Jan. 10 Dec. 31
Phoenix Finance Corp.,8% pref. (quar.)
50c Jan. 1 Dec. 14
Phoenix Insurance (quar.)
50c Jan. 1 Dec. 14
Extra
r20c Jan. 2 Dec. 2
Pioneer Gold Mines of British Columbia (qu.)
Jan. 2 Dec. 21
20c
(monthly)
Co.
Mill
Pioneer
5131 Jan. 2 Dec. 10
pittsburgh Ft. Wayne & Chicago By. (quar.)_ _
$154 Jan. 7 Dec. 10
7% preferred (quar.)
50c Jan. 2 Dec. 10
Pittsburgh Plate Glass (quar.)
$134 Jan. 20 Dec. 31
Plymouth Cordage (quar.)
50c Jan. 20 Dec. 31
Extra
$I Dec. 31 Dec. 20
Pocahontas Fuel Co
$6 Jan. 2 Dec. 20
6% preferred (semi-ann.)
Dec. 15 Dec. 1
8
Co
Box
(quar.)
pref.
&
Paper
131
Pollock
$144 Jan. 2 Dec. 13
Ponce Electric. 7% preferred (quar.)
$1 Dec. 31 Dec. 24
Port Huron Sulphate & Paper Co.. pref. (qu.)
25c Dec. 16 Dec. 2
Powdrell & Alexander
$134 Jan. 2 Dec. 16
Preferred (quar.)
Jan. 2 Dec. 16
25c
Lambert
(guar.)
Pratt &
25c Jan. 2 Dec. 16
Extra
3812
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Premier Gold Mining (quar.)
r3c Jan. 15 Dec. 16
Extra
rlc Jan. 15 Dec. 16
Pressed Metals of America
25c Jan. 2 Dec. 16
Procter & Gamble, 5% preferred (quar.)
Dec. 14 Nov. 25
Prudential Investors, $6 pref. (quar.)
Jan. 15 Dec. 31
Publication Corp..7% first preferred (quar.)__ _ $1 SYz Dec. 16 Dec. 5
7% original preterred (guar.)
$134, Jan. 2 Dec. 20
Public Investing (special)
10c Dec. 16 Nov. 29
Public Service Co.of Colorado7% preferred (monthly)
58 1-3c Jan. 2 Dec. 14
6% preferred (monthly)
50c Jan, 2 Dec. 14
5% preferred (monthly)
41 2-3c Jan. 2 Dec. 14
Public Service of New Hampshire—
$6 Preferred (quar.)
Si 34 Dec. 16 Nov. 30
$5 preferred (quar.)
Si Li Dec. 16 Nov. 30
Public Service Corp. of New Jersey (guar.)
60c Dec. 31 Dec 2
8% preferred (guar.)
$2 Dec. 31 Dec 2
7% preferred (guar.)
Dec. 31 Dec. 2
$1
5% preferred (quar.)
$131 Dec. 31 Dec 2
6% preferred (monthly)
50c Dec. 31 Dec 2
Public Service Co., of Oklahoma7% prior lien stock (guar.)
$14 Dec. 31 Dec. 20
6% prior lien stocks (quar.)
$1% Dec. 31 Dec. 20
Public Service Electric & Gas Co.7% Pf- (qu.)- $134 Dec. 31 Dec. 2
$5 preferred (quar.)
$13.1 Dec 31 Dec 2
Pyle-National. 8% preferred (quar.)
$2 Dec. 21 Dec. 10
Quaker Oats (quar.)
$1 Jan. 15 Dec. 31
Preferred (quar.)
$1 34 Feb. 29 Feb. 1
Queens Borough Gas & Elec. Co.6% pf. (qu.)_ _ $134 Jan. 1 Dec. 16
Radio Corp. of Amer.. A pref. (quar.)
8734c Jan. 1 Dec. 4
Rapid Electrotype (guar.)
80c Dec. 15 Dec 1
Raybestos-Manhattan. Inc
25c Dec.14 Nov. 29
Reading Co.. 2nd preferred (quarterly)
50c Dec. 12 Nov. 21
Second preferred (quar.)
50c Jan. 9 Dec. 19
Reed Roller Bit (quar.)
25c Dec. 26 Dec. 16
Extra
50c Dec. 26 Dec. 16
Reeves(Dan) Inc.,(quar.)
1234c Dec. 14 Nov. 30
634% preferred (quarterly)
$1 34 Dec. 14 Nov. 30
Reliance Grain. 634% preferred (quar.)
5194 Dec. 14 Nov 30
Reliance Insurance (Phila.) (semi-ann.)
30c Dec. 14 Nov 29
Extra
20c Dec. 14 Nov. 29
Reliance Manufacturing (Ill.), pref. (quar.)_
$134 Jan. 1 Dec. 20
Remington Rand, new 5% pref. (quar.)
314c Jan. 1 Dec. 10
5% preferred new (quar.)
3134c Apr. 1 Mar. 10
$6 preferred (semi-ann.)
J53 Apr. 1 Mar. 10
Reno Gold Mines. Ltd. (guar.)
3c Jan. I Nov. 30
Rensselaer & Saratoga RR. (s.-a.)
$4 Jan. 2 Dec. 14
Republic Steel.6% pref.(initial)
$134 Jan. 1 Dec. 12
Rex Hide Rubber (extra)
50c Dec. 15 Nov. 30
Reynolds Metals Co 534% cum. pref. (guar.)._ 5194 Jan. 2 Dec. 20
Reynolds Spring (guar.)
25c Dec. 30 Dec. 16
Reynolds (li J.) Tobacco (quarterly)
75c Jan. 2 Dec. 18
Common 13 (quarterly)
75c Jan. 2 Dec. 18
Rich's, Inc. (extra)
50c Dec. 14 Dec. 4
6 Li % preferred (quar.)
51% Jan. 21 Dec. 16
Richmond Fredericksburg az Potomac RR
$2 Dec. 31 Dec. 23
Non-voting common (s.-a.)
$2 Dec. 31 Dec. 23
Dividend obligation (s.-a.)
$2 Dec. 31 Dec. 23
Richmond Water Works 6% pref. (quar.)
$134 Jan. 2 Dec. 20
Rickel (H. W.)& Co.(semi-ann.)
8c Jan. 15 Dec. 20
Extra
4c Jan. 15 Dec. 20
Riverside Silk Mills. A
h25e Jan. 2 Dec. 14
Class A (quarterly)
25c Jan. 2 Dec. 14
Rochester Telephone Corp. (quar.)
$131 Jan. 2 Dec 20
634°7 let preferred (quar.)
$194 Jan, 2 Dec. 20
5% 2nd preferred (quar.)
$131 Jan. 2 Dec. 20
Roos Flrothers
25c Dec. 20 Dec. I
Ross Gear & Tool (quarterly)
30c Dec. 31 Dec. 20
Extra
50c Dec. 31 Dec. 20
Ruberoid Co
25c Dec. 14 Nov. 30
Extra
$154 Dec. 14 Nov.30
(qua?.)
Ruud Mfg. Co.
16e Dec. 16 Dec 6
Safety Car Heating & Lighting
$I Dec. 23 Dec. 6
Safeway Stores, Inc.. common (quar.)
50c Jan. 1 Dec. 19
707 preferred (quarterly)
$131 Jan. 1 Dec. 19
6% preferred (quarterly)
1611:
1 Jan. I Dec. 19
St. Croix Paper, preferred (semi-ann.)
Tan. 2 Dec. 25
St. Joaquin Light & Power,6% pref. A (guar.)_ _ $134 Dec. 16 Dec. 9
707 preferred A (quarterly)
Dec. 16 Dec. 9
$1
7% prior preferred (quar.)
$131 Dec. 16 Dec. 9
6% preferred B (quarterly)
$134 Dec. 16 Dec. 9
St. Joseph Lead
lOn Dec. 20 Dec. 9
St. Louis Bridge Co.6% 1st pref. (semi-ann.)_ _ _
$3 Jan. 2 Dec 15
3% 2d preferred (semi-annual)
$1 34 Jan. 2 Dec 15
Salt Creek Producers Association (semi-ann.). _
40c Dec. 31 Dec. 14
Samson Corp.. 6% preferred
50c Jan. 31 Dec. 31
San Antonio Gold Mines. Ltd
7c Dec. 20 Dec. 5
San Carlos Milling Co. (monthly)
20c Dec. 15 Dec. 2
Savannah Electric & Power-8% deb. A (quar.)
$2 Jan. 2 Dec. 10
73407 debenture B (quar.)
$194 Jan. 2 Dec. 10
7% debenture C (quar.)
$14 Jan. 2 Dec. 10
04% debenture D (quar.)
$1% Jan. 2 Dec. 10
6% Preferred
hil 34 Tan. 2 Dec. 10
Schiff Co., common (qua?.)
50c Dec. 15 Nov.30
Preferred (guar.)
Si 31 Dec. 15 Nov 30
Scott Paper Co.. corn. (quar.)
45c Doc. 31 Dec. 17
Common extra
20c Dec. 31 Dec. 17
Common
e50% Dec. 31 Dec. 17
Scovill Mfg. (quarterly)
25c Jan. I Dec. 12
Scranton Electric. $6 preferred (quarterly).--- $134 Jan. 2 Dec.I 6
Seaboard 011 of Del.(quarterly)
15c Dec. 14 Nov. 30
Extra
10c Dec. 14 Nov. 30
Sears. Roebuck (guar.)
50c Dec. 16 Nov 22
Special
50c Dec. 16 Nov. 22
Second International Securities. 1st preferred
6234c .Ian. 2 Nov. 16
Second Twin Bell Syndicate (monthly)
20c Dec. 15 Nov.30
Securities Investment Co. of St. Louis,8% pref.
(quarterly).
$2 Tan. 1
Selected Industries, $534 preferred
8734c Jan. 1 Dec. 14
$534 preferred
hil Jan. 1 Dec. 14
Serval, Inc., 7% cum. preferred (quarterly)___ _
$131 Jan. 2 Dec. 20a
Shattuck iF. G.) quar.)
7c Dec. 28 Dec. 14
Extra
25c Dec. 28 Dec. 14
Sherwin-Williams. Ltd., preferred
h5131 Jan. 2 Dec. 15
Silver King Coalition Mines (guar.)
10c Jan. 2 Dec. 13
Siscol Gold Mines. Ltd.( quar.)
Sc Dec. 16 Nov. 30
S. M. A. Corp. (quar.)
1234c Jan. 2 Dec. 20
Extra..
10c Jan. 2 Dec. 20
South Carolina Power Co.. $6 pref. (quar.)_ _ _
$1 34 Jan. 2 Dec. 16
Southern Acid & Sulphur Co.. 7% pref. (qu.)_ _ $151 Jan. 2 Dec. 10
Southern California Edison Co.
6% preferred. series B (quar.)
3734e Dec. 15 Nov. 20
Original preferred (quar.)
3734c Jan. 15 Dec. 20
Series C. 534% preferred (quar.)
34%c Jan. 15 Dec. 20
Southern Canada Power Co.—
•
6% cum. partic. pref. (guar.)
134% Jan. 15 Dec. 20
Southern Colorado Power Co.,
7% cum. preferred (guar.)
1
Dec. 16 Nov. 30
Southern New England Telephone (quar.)
Jan. 15 Dec. 31
SI
South Penn Oil (quar.)
40c Dec. 28 Dec. 13
South Pittsburgh Water. 7% pref. quar.)
$131 Jan. 15 Jan. 2
6% preferred quar.)
5134 Jan. 15 Jan. 2
South Porto Rico Sugar Co. (quar.)
50c Jan. 2 Dec. 12
Preferred (quar.)
2% Jan. 2 Dec. 12
Southwestern Bell Telep., pref. (guar.)
Jan. 1 Dec. 20
$1
Southwestern Gas & Electric Co—
s% preferred (quarterly)
$2 Jan. 2 Dec. 14
7% preferred (quarterly)
$131 Jan. 2 Dec. 4
Southwestern Light. & Power. preferred
h50c Dec. 31 Dec. 18
Southwestern RR. Co. of Georgia
$234 Dec. 15 Nov. 27
South West Penna. Pipe Lines
SI Dec. 31 Dec. 16a
Extra
$1 Dec. 31 Dec. 16a
Dec. 14 1935
Per
Share
When Holders
Payable of Record
Sovereign Life Assurance Co.. 25% pref. ctfs_ _ _ $14 Dec. 16 Nov. 30
Spencer Kellogg & Sons (quar.)
40c Dec. 30 Dec. 15
Spiegel. May Stern. 634% nreferred (quar.) _ _
$194 Feb.
Ian 15
Springfield Gas & Electric.$7 pref
$134 Jan. 2 Dec. 14
Springfield Valley Co. (liquidating)
$2 Dec 31 Dec. 10
Square D Co.. class A preferred (quar.)
55c Dec. 31 Dec. 20
Standard Brands, Inc.. common (quar.)
20c Jan. 2 Dec. 6
$7 preferred A (quar.)
$14 Jan. 2 Dec. 6
Standard Coosa-Thatcher Co.,7% pref.(quar.). $1 34 Jan. 15 Jan, 15
Standard Oil Co.. Inc. in N. J., $25 par value
shares (semi-annually)
50c Dec. 16 Nov. 16
Extra
25c Dec. 16 Nov. 16
$100 par value shares (semi-annually)
$2 Dec. 16 Nov. 16
Extra
$1 Dec. 16 Nov. 16
Standard Oil of California (quarterly)
25c Dec. le Nov. 15
Standard Oil of Indiana (quarterly)
25c Dec. 16 Nov. 16
Standard Oil of Kentucky (quar.)
25c Dec. 14 Nov. 30
Standard Oil Export Coro..5% pref.(semi-ann.) $234 Dec. 31
13
Standard Silver Lead Mining
lc Dec. 20 Dec.
Starrett (L. S.)
35c Dec. 30 Dec. 18
Stein (A.) & Co., preferred (quar.)
$1% Jan. 2 Dec. 16
St's, Baer az Fuller
25c Dec. 16 Dec. 10
Sun Oil Co.. common (quar.)
025c Dec. 16 Nov. 25
Sunset McKee Salesbook. A (guar.)
37 Mc Dec. 14 Dec. 4
Class B (guar.)
25c Dec. 14 Dec. 4
Sunshine Biscuit, 5% pref. (quar.)
$131 Tan. 1 Dec. 18a
Sunshine Mining (quarterly)
50c Dec. 30 Dec. 14
Supersilk Hosiery *Mills. 7% pref. (s.-a.)
$1 .4 Tan. 2 Dec. 13
Supertest Petroleum, pref. A (8.-a.)
$334 Jan. 2 Dec. 13
Preferred B (semi-ann.)
75c Jan. 2 Dec. 13
Sutherland Paper (hi-monthly)
10c Dec. 23 Dec. 13
Extra
10c Dec. 23 Dec. 13
Swan-Finch Oil, Preferred
h87 34c Dec. 16 Dec. 2
ptwift & Co.(quarterly)
25c Tan
1 Dec.
Sylvania Industrial Corp. (quar.)
25c Dec. 14 Dec.
Sylvanite Gold Mines (guar.)
Sc Dec. 31 Nov 213
Tacony-Palmyra Bridge (quar.)
50c Dec. 31 Dec. 10
Class A (guar.)
50c Dec. 31 Dec. 10
Taylor (K.) Distilleries (initial)
Sc Dec. 16 Dec. 2
Teck-Hughes Gold Mines
10c Ian. 2 Dec. In
Telephone Investment Corp.(monthly)
25c Tan. 2 Dec. 20
Tennessee Electric Power Co.
5% first preferred quar.)
Ian. 2 Dec. 16
$1
6% first preferred quar.)
$I )4 Ian. 2 Dec. 16
7% first preferred guar.)
$134 Tan, 2 Dec. 16
7 2% first preferred (quar )
$1.80 Ian. 2 Dec. 16
6% first preferred (monthly)
50c Jan. 2 Dec. 16
7.2% first preferred (monthly)
60c fan. 2 Dec 16
Terminal ItR. of St. Louis (s.-a.)
$3 Jan. 2 Dec. 16
Texas Corp. (quar.)
25c an. 1 Dec. 6
Texas Electric. Service. $6 Preferred (quar•)Tan.
Dec. 16
$1
Texas Gulf Sulphur (quar.)
50c Dec. 16 Dec. 2
Tex-O-Kan Flour Mills (quar.)
15c Ian. 2 Dec. 14
Quarterly
Ihe tor. 2 Mar.14
Texon Oil & Land Co., common
15c Dec. 30 Dec. 10
Thatcher Mfg. Co. (quar.)
25c Tan, 2 Dec. 14
Third Twin Bell Syndicate (bi-monthly)
10c Dec. 31 Dec 28
Tilt) Roofing, $2 preferred
h$2 Jan. 2 Dec..20
o
hiS
pec
yaurrdisties Trust (final)
zw10% Dec. 28 Dec. 3
Todd
50c Dec. 20 Dec. 5
Toledo Edison Co..7% preferred (monthly)__
58 1-3c Tan. 2 Dec. 14
6% preferred (monthly)
50c Jan. 2 Dec. 14
5% preferred (monthly)
41 2-3c Jan. 2 Dec. 14
Toronto Elevator preferred (quar )
134% Jan. 15 Jan, 2
Tr -Continental Coro,. $6 pref. (quar.)
$1 34 Jan. I Dec. 14
Troy & Greenbush RR. Assn. (s.-a•)
$14 Doc. 16 Nov..29
Semi-annual
$131 Juno 15 June 1
Trumbull Cliffs Furnace. pref.(guar.)
$134 Jan. 1,Dee. 14
Truscon Steel. preferred
h$1 Dec. 31 Dec. 16
Tubize-Chatillon 7% preferred (resumed)
$1 5' Jan. 2 Dec. 10
Twin Bell Oil Syndicate (monthly)
$2 Jan. 5 Dec 31
Underwood Elliott Fisher Co (quar.)
6234c Dec. 31 Dec. 12a
Preferred (quarterly)
Dec. 31 Dec. 12a
$1
Unilever N. V., ordinary (interim.)
2
Union Carbide & Carbon Corp
50c Jan, 1 Dec. 6
Union Electric Light & Power of Ill4
6% preferred (quarterly)
$134 Jan. 2 Dec. 14
U
unilo
on E
plaec
cittriiccR
LR
ight & Power of Mo..7% pref_
Jan. 2 Dec. 14
$I
$135 Jan. 2 Dec. 2
Trolted Biscuit of America. preferred (quar.)
$134 Feb. I Jan, 16
United Carbon (quarterly)
60c Jan. I Dec. 16
United-Carr Fastener (guar-)
30c Dec. 16 Dec. 9
Extra
15c Dec. 16 Dec. 9
Preferred (quar.)
21c Dec. 16 Dec. 9
United Corp.. $3 preference
75c Jan. 2 Dec. 10
United Dyewood preferred (quar.)
$134 Jan. 2 Dec. 13
United Elastic Corp. (guar.)
10c Dec. 24 Dec. 5
United Engineering & Foundry Co.(quar.)
50c Dec. 24 Dec. 14
Special
50c Dec. 24 Dec. 14
United Gas & Electric Corp.. pref. (quar.)
% Jan. 1 Dec. 16
United Gas Improvement (quarterly)
- 25c Dec. 31 Nov.30
Preferred (quarterly)
514 Dec. 31 Nov.30
United Light & By. Co. (Del.)
6% preferred (monthly)
50e Tan. 2 Dec. 16
6% preferred (monthly)
50c Feb. 1 Jan. 15
6% preferred (monthly)
.50c Mar. 2 Feb. 15
6% preferred (monthly)
50c Apr. 1 Mar. 16
7.7 preferred (monthly)
58 1-3r Tan. 2 Dec. 16
%,,; preferred monthly)
58 1-3c Feb. 1 Jan, 15
7 preferred monthly)
581-Sc Mar. 2 Feb. 15
7% preferred monthly)
58 1-3c Apr. 1 Mar. 16
6.36% preferred (monthly)
63c Ian
2 Dec. 16
6.3607 preferred monthly)
53c Feb. 1 Jan. 15
6.365 preferred monthly)
53c Mar. 2 Feb. 15
6.36%: preferred monthly)
53c Apr. 1 Mar. 16
United Molasses (final)
zw8% Jan, 17 Dec. 19
'Mired New Jersey RR & Canal Co (rmar
$2 44 Ian 10 Dec 20
United States Foil Co..common cl A & B (qu.)_ _
I5c Jan. 2 Dec. 16a
Preferred (guar.)
$I
Jan. 2 Dec. 16a
United States Gauge Co. (8.-a.)
5234 Tan, 2 Dec. 20
Preferred (semi-ann.)
$1 34 Jan. 2 Dec. 20
United States Gypsum (guar.)
25c Jan. 2 Doc. 6
Extra
50c Dec. 24 Doc. 6
Preferred (quarterly)
Tan. 2 Dec. 6
$I
United States Industrial Alcohol
50c Jan. 2 Dec. 16a
United States Petroleum (5.-a.)
lc Dec. 15 Dec. 5
United States Pipe & Fdy Co.. COM. (quar.)
1234c Tan. 20 Dec. 31
1st preferred (quar.)
30c Ian. 20 Dec 31
United States Playing Card (quarterly)
25c Tan. 1 Dec. 21
Extra
25c Tan, 1 Dec. 21
United States Tobacco Co.. common
Jan. 2 Dec. 16
Common (aPoclan
Tan. 2 Dec. 16
Preferred (quarterly)
$131 Jan. 2 Dec. 16
United States Trust Co. (quar.)
2 Dec 20
$15 Jan
Universal Products
40c Dec. 31 Dec. 20
tipper Michigan Power & be Co .6% Pt. (titi.). *134 Feb. 10 Ian 31
Utah Power az Light. 57 preferred
858 1-3c Jan. 15 Dec. 14
$6 preferred
h50c Jan, 1 Dec. 14
Utica Clinton & Binghamton By.—
Debenture stock (a -a
$234 Dec. 26 Dec. 16
VIchek Tool. 7% preferred
854
7% preferred
Nov. 16
Dec. 31Dc24
he$20 Dec.3
Victor Monaghan Co..7% pref.(quar.)
1
1 Dec 20
$1 Si Tan. 16Dec..
Viking Pump (special)
25c Dec.
Dec.
Preferred (guar.)
.20
1
60c Dec. 16 N
Virginia Electric & Power. $6 pref. (quar.)
$1 34 Dec. 20
Virginia Public Service 7% pref. (guar.)
. 10
n.
$131 Tan. 1
Vulcan Detinning (special)
Jan.
$4
Preferred (quar.)
j
Jan .. 20 Jan. 10
Preferred (quar.i
Apr. 20 Apr. 10
$1
Preferred (guar.
July 20 July 10
SI
Preferred (quar.
Oct. 20 Oct. 10
Si
Name of Company
3813
Financial Chronicle
Volume 141
Name of Company
Vortex Cup (quer.)
Class A (quer.)
Wagner Electric. preferred (quarterly)
Special
Waldorf System. inc.. common
Wa(green Co .614% Pref.(quer.)
Walker (H.) Gooderham & Worts. pref.(qu.)
Ward Baking 7% preferred (quer.)
Ware River RR.. guaranteed (semi-ann.)
Washington Water Power Co., $6 pref. (quer.).
Waukesha Motors, new (initial)
New (extra)
Welch Grape Juice Co .resumed
Wesson Oil & Snowdrift Co.. Inc
Extra
Western Dairies, $3 cumul. pref
Western Light & Telephone. pref. (quay.)
Western Tablet & Stationery
West Jersey & Seashore RR.(s.-a.)
Westland Oil Royalty Co.. class A (mo.)
Westmoreland, Inc. (quer.)
Westmoreland Water Co.. $6 preferred (quar.)
West New York & Pennsylvania Ry
5% preferred (semi-ann.)
Weston Electric Instrument. A (quer.)
West Penn Electric class A (quer.)
West Penn Power,7% pref. (quar.)
6% preferred (quarterly)
West Texas Utilities, preferred
Westvaco Chlorine Products, preferred (quar.)- West Virginia Water Service Co.
56 cumulative preferred (quer.)
Weyenberg Shoe Mfg., preferred (quer.)
Wheeling Steel, cum. preferred
White Knob Copper & Development 7% pref.__
Wichita Water,7% pref.(quer.)
Wilcox Rich, class B (special)
Wisconsin Electric Power 634% pref
6% preferred (quarterly)
Wisconsin Power & Light. 6% preferred
7% preferred
Wisconsin Public Service, 7% pref
634% preferred
6% preferred
Wiser 011 Co.(quer.)
Woodburn 011 (liquidating)
Wright-Hargreaves Mines (guar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Special)
Yale &Towne Mfg. Co
Zellers. Ltd.. 6% Preferred
Per
Share
When Holders
Payable of Record
37Sic
82lie
sf
50c
12Sic
$134
25c
50c
$3
$1
15c
10c
50c
12Sic
37lie
75c
1
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan. 1 Dec. 20
Dec. 20 Nov. 29
Dec. 20 Dec. 10
Jan. 2 Dec 20
Dec. 16 Nov. 22
Dec. 26 Dec. 9
Jan. 2 Dec. 30
Dec. 14 Nov. 25
Jan. 1 Dec. 14
Jan. 1 Dec. 14
Dec. 16 Nov.20
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec. 21 Dec. 16
Jan. 1 Dec. 14
Dec. 15 Nov.30
Jan. 2 Dec. 14
Jan. 2 Dec. 20
Jan. 2 Dec. 30
Jan. 2 Dec. 30
Jan. 2 Dec. 19
Dec. 30 Dec. 17
Feb. 1 Jan. 6
Feb. 1 Jan. 6
Jan. 2 Dec. 16
Jan. 2 Dec. 16
10c
30c
$134
$1
$1 St
50c
$1 Si
81 ti
$134
75c
Si
81%
$1 Si
50c
h30c.
Si Si
20c
Si
S1 Si
75c
87Sic
8734c
813(c
25c
3Sic
10c
Sc
25c
254
25c
25c
50c
15c
Si
Jan. 2 Dec. 16
Dec. 15 Dec. 5
Dec. 24 Dec. 5
Dec. 17 Dec 6
Tan, 1 5Jan. 2
Dec. 20 Dec. 5
Jan. 1
Jan. 2 Dec. 14
Dec. 16 Nov.30
Dec. 16 Nov.30
Dec. 20 Nov.30
Dec. 20 Nov.30
Dec. 20 Nov.30
Jan. 2 Dec. 12
Dec. 16
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Jan. 2 Dec. 20
Feb. 1 fan 20
Mar 2 Feb 20
Apr. 1 Var. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 10
Dec. 30 Nov. 30
a Transfer books not closed for this dividend.
stock of
b Niagara Share Corp., class B com., div. of 2c. payable in corn
Schoellkopf. Hutton & Pomeroy, Inc. at the rate of one sh. of cora, stock
for each five shs. of class B com, held.
c The following corrections have been made:
of 25c.
Arnold Constable, declared a div. of 1234c. but no extra div.been under
reported in the Dec.7 issue. Extra dividend of 25c. should have
Augusta & Savannah RR.
in
British Columbia Power Corp., dividend of 37c. not 3734c. as reported
Dec. 7 issue.
Coca-Cola, old stock, dividend payable Dec. 10, not Dec. 18 as reported
In Dec. 7 issue.
(P. H.)
Hanes (P. H.) Knitting Mills. previously reported as Hones
Knitting Mills.
Comof
1929.
d A reg. quer. div. on the cony. pref. stock, opt. series of
in common
mercial Investment Trust Corp. has been declared payable
of
share
per
stock
cora,
of
stock of the corp. at the rate of 5-208 of 1 share
of the holder,
cony. pref. stock, opt, series of 1929. so held, or. at the opt,
series
opt.
stock,
pref.
cony.
of
each
share
in cash at the rate of $1.50 for
of 1929,so held.
e Payable in stock.
of accuf Payable in common stock. g Payable in scrip. h On account
Payable in preferred stock.
mulated dividends.
States
Central
of
stock
common
A dividend of 1-10th of one share of
common stock
Electric Corp. has been declared on each outstanding share of
Central
of
stock
common
of
shares
of
fractions
of Blue Ridge Corp. No
common stockStates Electric Corp. will be delivered, but in lieu thereof
$.1375 for each
holders of Blue Ridge Corp. will receive a cash payment ofCorp.
otherwise
Electric
States
1-10th share of common stock of Central
deliverable to them
Corp.
Electric
States
Central
of
stock
common
of
The dividend of shares
who shall give
may be paid before the record date to any stockholder
transfer his
satisfactory assurances to the corporation that he will not
shares prior to the record date.
tn Maryland Fund. Inc.. 3% stock distribution.
each share held.
n Lincoln Printing. pref. div. of 1-5 sh. of pref. stock for
General Motors
o du Pont de Nemours special stock div. of 1-55 share of
common.
% of one share of common B
p American Cigar, stock dividend of
Cigar,common held.
stock of American Tobacco for each share of American
unissued common stock
authorized
the
of
out
that
declared
g Sun Oil Co.
respective holdings
to
proportion
of the co. a stock dividend be issued in stock
to each 100 shs. held. Said
of corn, stock at the rate of 7 shs. of new
sable
non-asses
and
paid
full
be
stock when issued to
of Canada
r Payable in Canadian funds, and In the case of non-residents
of such dividend will be made
•deduction of a tax 0/ 5% of the amount
of
delivery
upon
payable
is
div.
s McKesson & Robbins pref. special
present stock in exchange for new preference.
Stock
preferred
Payable in special
it Payable in U. S. funds. w Less depositary expenses
which is held as an
e Bon Arni Co.. extra div. payable In class A stockon
class A. 1-100 of a
investment in the treasury of the company, as follows:
a share for each share held.
share for each share held, on class B. 1-200 offor
expenses
made
been
has
deduction
S Less tax. i A
Republic Ins. CO. of Texas
s Globe Underwriters, stock div. of 54 she of
for each 100 shares of Globe Underwriters held
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING7 HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. DEC. 1935
Reserve
The following shows the condition of the Federal
Dec. 11 1935,
Bank of New York at the close of business
and the corresponding
in comparison with the previous week
date last year:
*Surplus and Net Demand
Deposits,
Undivided
Average
Profits
• Capital
Clearing
House
Members
Bank of N.Y & Tr. Co.
Bank of Manhattan Co..
National City Bank.,.,,.
Chemical Bk & Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent Hanover Bk.&'tr.
Corn Each Bk 'tr. Co.
First National Bank....
Irving Trust Co
Continental Bk.&Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar at Trust Co
Marine Midland Tr Co.
New York Trust Co___.
Comml Nat. Bk & Tr.
Pub. Nat. Bk.& Tr. Co.
$
6,000.000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15.000,000
10,000,000
50,000,000
4,000,000
150,270.000
500,000
25.000,000
10,000,000
5,000,000
12,500.000
7,000,000
8,250.000
R1A ORA
TWA%
nein
Dec. 11 19351Dec. 4 1935 Dec. 12 1934
Time
Deposits,
Average
ss
$
•
S
143,425,000
5.755,000
10,747,300
362,869,000
30,689,001)
25,431.700
41,881,200 21,367,085,000 150,509.000
433,640.000
18,527,000
49,711,100
37,207.000
176.613.400 b1,378,079.000
399,359.000
82,133,000
10,297,500
742,731,000
14,414,000
61,523,900
215,274.000
20,819,000
16,726,200
487,794,000
3,791,000
91,767,600
504,851.000
58,021.900
672,000
42,718,000
3.711,500
1,283,000
69,874,900 c1,794,527.000
55.800.000
46,463,000
3,377,200
63,748,200 d808,283.000
40,137,000
15,559.000
5.314,800
291,000
78,310.000
7,825,200
3,178,000
283,012,000
21,651,600
23,174,000
64,703,000
7,745,600
1.654,000
72.790,000
5.433.500
40,169,000
van ono nnn
721 Aim 200 A 941 A79000
• As per official reports: National, Nov. 1 1935; State, Sept. 28 1935; Trust
Companies, Sept. 28 1935.
Includes deposits in foreign branches as follows: (a) $223,732,000;(b) $80,925,000;
(c) $77,717,000: (d) $30,656,000.
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 Dec. 6:
wrrn.
THE CLOSING
INSTITUTIONS NOT IN THE CLEARING HOUSE
OF BUSINESS FOR THE WEEK ENDED FRIDAY, DEC. 6 1935
FIGURES
E
STATE
BANKS—AVERAG
AND
NATIONAL
Other Cash, Res. Dep., bey Other
Loans,
Disc. and Including N Y and Ranks and
Investments Ban* Notes Elsewhere Trust Cos.
$
Manhattan—
20,596,900
Grace National
16,009,000
Sterling National
'trade Bank of N.Y. 4,032,148
Brooklyn—
people's National... 4,731,000
$
95.600
693,000
310,542
$
4,063,900
2,930.000
1,112,292
101.000
745,000
Gross
Depostts
S
8
2,097,000 22,991,800
2,893,000 19,475.000
252.977 4.780,451
389,000
5.502.000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Dist. and
InvestmerUs
—
Manhattan—
Empire
Federation
Fiduciary
FU1100
Lawyers County
United States
Brooklyn—
Brooklyn
Cash
Res. Dep.. Deis. Other
N. Y and Banks and
Elsewhere Truss Cos
Gross
Deposes
$
$
$
52,287,600 *11.632,400 8,456,900
635,657
187.961
7,540,086
773.796
*815,038
9,758,240
18.580.600 *3,678.900 1,622.200
29,710.900 .8.140,900 1,469.200
62,769,680 21,632.010 18,396,663
$
3
3,233.000 64,396,600
1,891,035 8.449,769
9.228.441
1,843,300 19,080,800
37.242,700
73,845,833
3.320,000 42,641.000
2 ma 0AR R 912 711
139.000 114.846,000
76,342,000
90114051
290u
20r
•Includes amount with Federal Reserve as follows: Empire, $10,316,000; Fidu'
ciary, $538,807; Fulton. $3,470,500; Lawyers County, $7.405,000.
Assets—
Gold certificates on band and due from 3,208,845,000 3,189,882,000 1,714,477,000
U. S. Treasury,'
. 768,000
1,257,000
1,257,000
Redemption fund—F. R. notes
47,282,0001 55,950,000
50,372,000
Other cash'
3,260,474,000 3,238.421.000 1,771,195,000
Total reserves
1,733,000
Redemption fund—F. R. bank notes....
Bills discounted:
Secured by U. S. Govt. obligations
2,185.000
1,234.000
1,810,000
direct & (or) fully guaranteed
3,331,000
2,120,000
2.134,000
Other bills discounted
3,944,000
3,354.000
5,516,000
1,803,000
7,932,000
1.799,000
7,751.000
2,063,000
710,000
55,842,000
497,470,000
188,505,000
60.663,000
491,660,000
189,494,000
140,956,000
445,734,000
191,065.000
741,817,000
741,817,000
777,755.000
Total bills and securities
755,496,000
754.721,000
786,044,000
Gold held abroad
Due from foreign banks
F. R. notee of other banks
Uncollected items
Bank premises
All other assets
254.000
4,715,000
155.6.50,000
12,136,000
32,699,000
256,000
4,735,000
131,957,000
12,136,000
32,069,000
291.000
3,515.000
122,271.000
11,567,000
36,651,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury note.
Certificates and bills
Total U. S. Government securities
Other securities
Foreign loam on gold
Total assets
4,221,424,000 4,174,295.000 2,733.267,000
LiabtsUiso—
783,011,000 790,376,000 660,136,000
F. R. notes in actual circulation
26,135,000
F. R: bank notes In actual circulation net
Deposits—Member bank reserve weft— 2,946,822,000 2,908,420,000 1,631,513,000
60,190.000
10.380,000
4,277,000
U 8 Treasurer—General account....
6,926.000
14,856,000
11,677,000
Foreign bank
188,189.000 184.621,000 104,231,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
surplus (Section 13b)
Reserve for contingencies
All other liabilities
3,150,985,000 3,118,277.000 1,802,860.000
151,716,000 130.488,000 114,983.000
59,590.000
50,998,00051.003,000
49,984.000: 45,217,000
49,984,000
615,000
7.250,0001
7,250,000
4,737,000
7,500,000
18.994.000
19,437,000
20.020,000
4,221,424,000 4,174,295,000 2.733,267,000
Total liabilities
Ratio of total reserves Co deposit and
71.9%
82.9%1
82.9%
F It. note liabilities combined
Contingent liability on bills porigmeed
327,000
for foreign correspondents
Commitments to make industrial ad2,364.000
9,895,0001
9,948,000
•
vance.
•"Other cash" does not include Federal Reserve notes or a bank's own Feder,I
Reserve bank notes.
over
,These are certificates given by the U. 8. Treasury for the gold taken
fro,u 100
from the Reserve banks when the dollar was on Jan. 31 1934 devalued
of
the
extent
difthe
to
less
being
worth
certificates
cents to 59.06 cents, them
ference; the difference Itself having been appropriated as profit by the Treasura
Act
1934.
Gold
of
Reserve
the
of
rcevirdops
the
under
3814
Financial Chronicle
Dec. 14 1935
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
Dec. 12,
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 comments of the Board of Governors
of the Federal Reserve System
upon the returns for the latest week appear in our department of "Current Events and
Discussions."
COVIBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS DEC. 11 1835
Dec. 11 1935 Dec. 4 1935I Arcs. 27 1935 Nov. 20 1935
Nov.131935 Nov. 6 1935 Oct. 30 1935 Oct. 23 1935 Dec. 12 1934
ASSETS
S
3
$
3
3
$
3
$
$
Golden!. on hand & due from U.S.Treas.1 7,520,349,000 7,410.351,000 7,266,651,000 7,161,648,000
7,124.156,000 7,063,156,000 7,026,623,000 6.979,122,000 5,123,148,000
Redemption fund (F. R. notes)
17,487,000
17,524.000
17,668,000
18,598,000
18,595,000
19.477,000
19,370,000
19,727,000
18,687.000
Other cash •
235,413,000 225,445,000 227.249,000 242,110,000 234.585,000
223,634,000 238,953,000 232,392,000 235,881,000
Total reserves
7.773,249.000 7,653,320,000 7,511,568,000 7,422,356.000 7,377,336.000 7.306,160,000
7,285,303,000 7,230,201.000 5.378,506,000
Redemption fund-F. R. bank notes
1,983,000
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
3,022,000
2,360,000
3,200,000
2,500,000
5,569,000
3,773,000
4,982,000
2,999,000
3,407,000
Other bills discounted
3,084,000
2,832,000
3,008,000
2,922,000
3,497,000
3.028.000
4,274,000
3,129,000
3,335,000
-Total bills discounted
6,106.000
6,032.000
5,368.000
5,422,000
9,066.000
6,801,000
9,256,000
6,128,000
6,742,000
Bills bought in open market
4,679,000
4,675,000
4,674,000
4,674,000
4.877,000
4,676,000
5,690,000
4.676,000
4.676.000
Industrial advances
32,790,000
32,395,000
32,634,000
32,562,000
32,689,000
32.677,000
10,662,000
32,640,000
32,719,000
U.S. Government securities-Bonds
215,116,000 219.948.000 219.940,000 225,753,000 230,001,000 235,447,000
238,923,000 238.970.000 395,586,000
Treasury notes
1 639,097,000 1,630,725,000 1.651,757,000 1,646,009,000 1,644,009.000
1,635,087,000 1,630,682,000 1,398,264,000
Certificates and bills
57.5.958,000 579,508,000 558,482.000 558.482,000 556,162,000 1.638,588,000
556.162.000 556.162,000 560.567,000 636,367,000
Total U. B. Government securities 2,430,171,000 2,430,181,000 2,430,179,000 2.430.244,000
2,430,172,000 2,430,197,000 2,430,172,000 2,430,219,000 2,430.217,000
Other securities
181,000
181,000
181,000
181,000
181.000
181,000
181.000
181.000
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
GlABI:ITIES
F. R. notes In actual circulation
F. R. bank note, In actual circulation_
2,473,927,000 2.472,800,000 2,473,700.000 2,473,083.000 2,476.785.000 2,474,532,000 2,473,876,000 2,474,458,000 2,455,825,000
641,000
19,477,000
554,980,000
50,304,000
44,766,000
644,000
18,550,000
543,286,000
.50,279,000
43,413,000
645.000
20,038,000
531,236.000
50,278,000
43,329,000
645,000
23,945,000
599,082,000
50,274,000
42,518,000
641,000
22,139,000
696,940,000
50,220,000
42,057,000
641.000
21.829.000
477,338,000
.50,169,000
41,137,000
641,000
21.447,000
507,936,000
50,169,000
41,932,000
795,000
641.000
22.107,000
18,515,000
544,379,000 490,109,000
50.169,000
53,276,000
52,349.000
40,667,000
---10,917,344,000 10782,292,000 10,630,794.000 10.011,903.000 10,666,116,000 10,371,806,000 0,381,304,000 10362,622,000
8,451,358,000
3 653,741.000 3.648,243,000 3,626,782.000 3.570,416,000 3.562.087.0003.563.254.000 3,511,319,000 3,504,866,000
3,201,456,000
27.054,000
Deposits-Member banks' reserve account 6,039,613,000 5.905,115,000 ,788.991,000 5.781.642,000
5,745,948,000 5,671,235,000 5,652,989,000 5,375,016,000 4.111,949,000
U. S. Treasurer-General account._ -24.031,000
42,672,000
53.768.000
50.458,000
77,772,000
59,719,000
60,279,000
98,919,000
97,750.000
Foreign bank,
31,849.000
43.787.000
39,109,000
29.396,000
26,131,000
22.501,000
17,113,000
21,848,000
25,402,000
Other deposits
248,062,000 244,335,000 237,782.000 232.143.000 222,758,000 213,724,000 270.744,000
269,918.000 166,502.000
Total deposits
Deferred availability Items
Capital paid In
Surplus (Sectiot, 7)
Surplus (Section 13-8)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
Maturity Distributicn of Bills and
Short-term Securities1-15 days bills discounted
18-30 days bills discounted
51-80 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 daysbills bought In open market._
16-30 days bills bought In open market
51-80 days bills bought In open market...
61-90 days bills bought in open market...
Over 90 days bills bought In open market
Total blilit bought in open market
1-15 days Industrial advances
16-30 days Industrial advances
51-60 (lays Industrial advances
1-90 days Industrial advances
Over 90 days Industrial advances
6,343,555,000 6,231.231,000 6,124,328,000 0,093.638,0506,072.609,000 5,967,179,000 6.009,414,000 5.965,701,000 4,393,314,000
555,360,000
130,440,000
144,893,000
23,457,000
30,701,000
35,197,000
547,149,000
130,437,000
144,893,000
23,457.000
30,701,000
26,181.000
533,284,000 601.723,000
130,436,000 130.306.000
144,893,000 144,893,000
23,457.000
23,457.000
30,700,000
30.700,000
16.914.000 _ 16,770,000
882,195,000
130,363,000
144.893,000
23,457,000
530,699,000
519,815,000
400.231.000
130,364,000
144,893,000
23,457,000
30,699,000
21,729,000
508,913,000
130,356,000
144,893,000
23,457,000
30,698,000
22,254,000
547,197,000
130,395.000
144,893,000
23,457.000
30,698,000
15,415,000
484,803,000
146,846,000
138,383,000
5,065,000
22,293.000
32,144,000
10.917,344,000 10782.292,000 10,630,794.000 10.611.903,000 10,666,118,000 10,371,806,000 0,381,304,000 10362,622,000
8,451,358.000
77.8%
77.5%
77.0%
76.8%
76.6%
76.7%
76.5%
76.3%
70.8%
648,000
28,084.000 127.719,000
--
28,002,000
_
127,486,000
27,373.000
27,338,000
527,047.000
26,914,000
7,120,000
S
4,399,000
64,000
264,000
206,000
1,173,000
S
3,718,000
94.000
250,000
192.000
1.114,000
5
3,761.000
784.000
231.000
118.00.1.138,000
3
3,566.000
712,000
162.000
275,000
707,000
5
7,116,000
41,000
847,000
307,000
755,000
5
4,374,000
553.000
853,000
194,000
827,000
5
3,749,000
597,000
876,000
247,000
659.000
5
4.369.000
85,000
1,329,000
308.000
651.000
6,106,000
5,368.000
6.032,000
5,422,000
9,066,000
6.801,000
6,128.000
6,742,000
•
7,962.000
177,000
441.000
649.000
27,000
9,256,000
2,006,000
489,000
808.000
1,376,000
615,000
1.768,000
721.000
1,571,000
532.000
1,958,000
713,000
1.471,000
1,524,000
644,000
2.350,000
156,000
761,000
532,000
403.000
2,981,000
156,000
722,000
407.000
3,391,000
165,000
682,000
521,000
3,308,000
695.000
227.000
941,000
2,813,000
254.000
1,221,000
1,075,000
3,140,000
4,679,000
4,675,000
4,674,000
4.674.000
4,077.000
4,676,000
4,676,000
4,676,000
5,690,000
1,651,000
334,000
683,000
1,053,000
29,069,000
1,565,000
373,000
829,000
1,072,000
28,556,000
1,530,000
435,000
684.000
987,000
28,998,000
1,665,000
295.000
812.000
773,000
29,017.000
1,512,000
363,000
749,000
845,000
29,220,000
1,566.000
370,000
690,000
937.000
29,114,000
1,698,000
195,000
754,000
794,000
29,278,000
1,804.000
214,000
615,000
898,000
29,109,000
95.000
34,000
283,000
669,000
9,581,000
Total Industrial advances
32,634.000
32,790.000
32.562,000
32,395,000
32.689.000
32.677,000
32.719,000
32.640.000
10,662,000
1-15 days U. S. Government securities
33,830,000
32,550,000
90,084.000
91.024,000
23,300,000
22,760.000
27,500,000
28.925,000 149,872,000
16-30 days 11,8. Government securities
112.050,000 111,110,000
27.250,000
34,250,000
33,830,000
32.550.000
23,360,000
38,399,000
22.760,000
31-60 days U. S. Government securities_
56,925,000
59,320,000 139,300,000 145,360,000 145.880,000 143,660,000
57,280,000
50.495.000
73,035,000
131-90 days II. S. Government securities._
62,6.16.000
62,743,000
70,643,000
67.343,000
76,993,000
50,495,000
56,925,000
81,354,000
59,320,000
Over 90 days U.S. Government securities- 2,183,974
.000 2.188.009,000 2.164.756.000 2.164,521,000 2,156,609,000 2,179,032,000 2.176.507,000 2,175.554.000 293.707,000
Total U.S. Government securities
2 430,171,000 2,430.181,000 2,430,179,000 2,430,244,000 2,430,172.000 2,430,197,000 2,430,172,000
2,430.219.000 636,367,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
81-90 days other securities
Over 90 days other securities
181,000
181,000
181,000
181,000
181.000
181,000
181,000
181,000
Total other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
-Federal Reserve Notes3,966,374,000 3,942,712,000
Issued to F. R. Bank by F. R. Agent__
3,897,108,000 3.874,197.000 3,863,624.000 3.846.465,000 3.812,938,000
3,506,943,000
Held by Federal Reserve Bank
312,633,000 294,469,000 270,326,000 303.781.000 301,537,000 283,211,000 301,619,000 3,813,252,000 305,487,000
308.386,000
--In actual circulation
3,653,741.000 3,648,243,000 3,626,732,000 3,570.416.000 3,562,087.000 3.563,254,000 3,511,319,00 3,504,868,000 3,201.456.000
=_-=
Collate,al Held by Agent as Security for
I Notes Issued to BankGold Otte. on hand & due from 11,5. Treas. 3.909,843,000
3,863.843.000 3,824,343 000 3,779,343,000 3,773,843,000 3,747,518,000 3,712,018,000 3,698,018,000 3,309.200,000
By eligible paper
4,404,000
4,4)4,000
3,744,000
3.882,000
7,511,000
5.244.000
7,694,000
4,668,000
5.240,000
U. B. Government securities
109,000,000 121.100,000 109.100,000 125,900,000 124,500,000 129,500,000
138,000,000 147.000.000 226,000,000
Total collateral
4.023.217.000 3.988 687 000 3.937.937.0001 3.909,125.000 3.905.854.000 3.882.262.000 1.854 dad MY 3.880.258.0003.542.894.000
•"Other cash" does not Include Federal Reserve notes. Revised
1
figure.
These are certificates given by the U S. Treasury for the
taken over from the Reserve banks wnen toe dollar was devalued from 100 cents to 59.06 cents
on Jan. 31 1934. these certificates being worth lase to tne mans gold
of ins difference, me difference itself flaying been apJroviated as watts oy sue
Treasury under the
provisions of the Gold Reserve act 01 1934.
3815
Financial Chronicle
Volume 141
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
DEC. 11 1935
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES
Two esvatf,(oo) omuges
Federal Reserve Bank of-
Atlanta
Clevesand Richmond
New York
Boston
Total
3as Pres,
Dallas
St. Loam Minneap. Kos. My
Chkatro
RESOURCES
Gold certificates on hand and du
153,896,0 201,432,0 125,344,0 408,660,0
7.520,349.0 515,717,0 3,208,845,0 359,343,0 494,117,0 244,996,0 170,135,0 1,416,928,0 220,936,0
from U. S. Treasury
708,0 2,940,0
878,0
557,0
841,0
685,0
969,0 2,944,0
1,257,0
1,328,0 1,211,0
17,487,0 3,169,0
Redemption fund-F.It. notes-.
6,974,0 15.063,0 6,135,0 16,067,0
15,072,0
27,444,0
50,372,0 30,082,0 12,980,0 10,155.0 11,077,0
235,413,0 33,992,0
Goner cash_•
217.373,0 132,187,0 427,667,0
7 773,249,0 552,878,0 3,260,474,0 390,753,0 508,308,0 256,120,0 184,156,0 1,445,057,0 236,849,0 161,427,0
Total reserves
Bine discounted.
15,0
Sec. by U. S. Govt. obligations
82,0
34,0
5,0
28,0
50,0
72,0
15,0
338,0
1,810,0
573,0
3,022,0
19,0
direct & (or) fully guaranteed
31.0
587,0
62,0
13,0
32,0
48,0
10,0
26,0
2,134,0
85,0
3,084,0
37,0
Other bills discounted
34,0
113,0
621,0
67,0
41,0
32.0
98,0
82.0
41,0
423,0
3,944,0
610,0
6,106,0
Total bills discounted
327,0
121,0
126,0
64,0
80,0
555.0
168,0
173,0
444,0
474,0
1.803,0
344,0
4,679,0
Bills bought in open market_
410,0 1,682,0 1,143,0 1,765,0 1,111,0
1,851,0
942,0
7,932,0 6,822,0 1,717,0 4,450,0
32,790,0 2,965,0
Industrial advances
U. S. Government securities:
25,623,0 9,420,0 12,962,0 9,514,0 16,033,0 17,435,0
55,842,0 16,348,0 19,070,0 10,209,0 8,240,0
215,116,0 14,420,0
Bonds
72,988,0 47,200,0 136,405,0
1,639,097,0 107,424,0 497,470,0 121,122,0 149,198,0 79.870,0 64.649,0 241,669,0 74,201,0 47,081,0 24.342,0
Treasury notes
15.792,0 45,491,0
88,397.0 24,579,0 15,531,0
21,500,0
575,958.0 35,827,0 188,505,0 39,650,0 49,757,0 26,637.0
Certificates and bills
Total U. B. Govt. securities_ 2,430,171,0 157,671,0
181,0
Other securities
741,817,0 177,120,0 218,025,0 116,716,0 94,209,0
355,689,0 108,200,0 75,574,0 106,844,0 78,975,0 199,331.0
181,0
2,473,927,0 161,590,0
755,496,0 184,839,0 220,227,0 121,421,0 95,417,0
358,127,0 108,731,0 77,387,0 108,915.0 80,974.0 200,803.0
48,0
641,0
318,0
19.477,0
554,980,0 55,040,0
50,309,0 3,168,0
501,0
44,766,0
23,0
24,0
67,0
61,0
254,0
4,715,0
970.0 1,068,0 2,123,0 1,547.0
155,650,0 41,731,0 48,270,0 45,605.0 19,007,0
12,136,0 4,830,0 6,632,0 3,028,0 2,331,0
32,699,0 4,626,0 1,561,0 1,070,0 1,491,0
45,0
17,0
17,0
3,0
4.0
78,0
382,0 1,506,0
1,095,0 1,398,0
2,624,0 1.731,0
71.278,0 25,669,0 14,375,0 30,395,0 20,405,0 27,555.0
4,967,0 2,628.0 1,580,0 3,449,0 1,686,0 3,869.0
388.0
872,0
237,0
460,0
259,0
602,0
Total bills anel securities
Due from foreign banks....
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
10917344,0 773,543,0 4,221,424,0 627,816,0 786.127,0 429,391.0 303,972,0 1,882.733,0 375,871,0 256,327,0 361.784,0
Total resources
LIABILITIES
I. R. notes In actual eircuistion_ 3,653,741,0 316,389,0
236,523,0 661,833,0
783,011,0 271,499,0 350,216,0 183.023,0 152,931,0
834,945,0 158,799,0 110,261,0 140,558,0 73,550,0 278,559,0
Deposits:
Member hank reserve account. 6,039,613,0 366,173,0 2,946,822,0 267,476,0 348,155,0 180,294,0 112,032,0
430.0 2,278,0 2,780.0 1,543,0
4,277,0
24,031,0 1,900,0
U. el. Treasurer-Gen. aces..
11,677,0 3,160,0 3,033,0 1,181,0 1,149,0
31,849,0 2,298,0
Foreign bank
188,189,0
12,476,0
3,241,0 1,842.0 3,993,0
2,772.0
248,062,0
Other deposits
919,975,0 169,896,0 114,333,0 178,119,0 124,010,0 312,328,0
592,0 3,460,0
1,753,0 1,127,0 1,059,0
2,832,0
830,0 2.234.0
860,0
766,0
958,0
3,703,0
3,341,0 7,870,0 6,182,0 1,427,0 3.414,0 13.315,0
6,343,555,0 373,143,0 3,150,965,0 283,542,0 356,707,0 186,097,0 118,717,0
929,851.0 180,477,0 122,408,0 181,465,0 128,846,0 331,337,0
151,716,0 40,619,0 47.518,0 45,341,0 19,042.0
50,998,0 12,332,0 12,316,0 4,588.0 4,167,0
49.964,0 13,470.0 14,371.0 5,186,0 5,540,0
754,0
7,250,0 2,098,0 1,007.0 3,335,0
7,500,0 2,995.0 3,000,0 1,411,0 2,516,0
305,0
410,0
20.020,0 1,261,0
992,0
72,703,0 26,323,0 14,809,0 29,700,0 23,509,0 28,689.0
11,998,0 3,730,0 2,998,0 3,910,0 3,778,0 10,197,0
21,350,0 4,655,0 3,420.0 3,613,0 3,777.0 9,645,0
804,0
547,0 1,003,0 1,142,0 1,252,0
1,391,0
837,0 1,363,0 2,046,0
891,0 1,169.0
5,325,0
556,0
448,0
559,0
259,0
449.0
5,170,0
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7).
Inrplus (Section 13-b)Reserve for contingencies
All other liabilities
555,360,0 55,391,0
130,440,0 9,428,0
144,893,0 9,902,0
23,457.0 2,874,0
30,701,0 1,648,0
35,197,0 4,768,0
361,784,0 236,523,0 661,833,0
10,917,344,0 773,543,0 4,221,924,0 627,816,0 786,127,0 429,391,0 303,972,0 1,882,733,0 375,871,0 256,327,0
Total liabilities
Ratio of total tee to dep. & F. R
note liabilities colabined
Committmenta to make Industrial
advances
82.9
80.2
77.8
9,948,0
3,218,0
28,084,0
70.4
69.4
67.8
81.9
69.8
69.4
67.5
65.3
70.1
2,261,0
545,0
523,0
2,294,0
139,0
1,353,0
596,0
4,619,0
71.9
885,0
1,703,0
does nut include e Wand Reserve motes
•"Other Cash
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (0O) Omitted
Federal Reserve Agent ai-
New York
Boston
Total
St. Louie Minnow Kan. City
Chicago
Cleveland Richnsend Allank.
Phila.
Dallas
San Frau
$
$
Federal Reserve notes:
Issued to 1".R.Bk.by F.R.Agt. 3,966,374.0342,589,0
Held by Fecl'l Reserve Bank__ 312,633.0 26,200,0
$
$
$
t
$
903,397.0 283,527,0 365.716,0 195,596,0 172,946,0
120,386,0 12,028,0 15,500,0 12,573,0 20,015,0
$
$
S
$
$
$
871,867,0 167,325,0 114,339,0 149,012.0 80,942,0 319,118.0
40,559,0
7,392,0
8,454,0
36,922,0 8,526,0 4.078,0
3,653,741,0 316,389,0
In actual cireuistion
Cohateral held by Agent as security for notes issued to tks:
Gold certificates on hand and
3,909,843,0 356,617,0
due from U. S. Treasury
590,0
4,404,0
Eligible paper
U. S. Government securities- 109,000,0
783,011,0 271,499,0 350,216,0 183,023,0 152,931,0
834,945,0 158,799,0 110,261,0 140,558,0 73.550,0278.559,0
923,706,0 283,500,0 366,440,0 182,000,0 128,685,0
88,0
2,416,0
72,0
396.0
15.0
14,000,0 47,000,0
881,000,0 162,632,0 110,500,0 138,000,0 80,500.0 296,263,0
15.0
106,0
612.0
61.0
33,0
5,000,0 5,000,0 12,000,0 1,000.0 25,000,0
A AW, 0.4=41907 911,n
0941 1990 902 4011 n 'an Mal ,non,nny,c ,,, n
001 nnn A IA,000n
7............
I
hr lutl 0 icn 012 0 01 MR 0 321.278.0
Weekly Return for the Member Banks of the Federal Reserve System
principal
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving theobtained.
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
These figures are always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of
"
and Discussions,
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events
week later.
of 91 cities, and has
The statement beginning with Nov. 6 1935 covers reporting banks in 101 leading cities, as it did prior to the banking holiday in 1933, instead
-to others" and partly
also been revised further so as to show additional items. The amount of "Loans to banks" was included heretofore partly in "Loans on securities
partnerships,
corporations.
individuals,
of
In "Other loans." The item "Demand deposits-adjusted" represents the total amount of demand deposits standing to the credit
of computing the Item
associations. States, counties, municipalities, &el., minus the amount of cash items reported as on hand or in process of collection. The method United
GovernStates
includes
it
First,
1935:
01
Act
Banking
the
of
has
provisions
two
been
in
furthermore,
respects In accordance with
changed
"Nett demand deposits,"
banks are now deducted
ment deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from "Net demand deposits"
from gross demand deposits, rather than solely from amounts due to banks, as was required under the old law. These changes make the figures ofof
time deposits of other
not comparable with those shown prior to Aug. 23 1935. The item "Time deposits" differs In that It formerly included a relatively small amount
domestic banks. The Item
banks, which are now included In "Inter-bank deposits." The Item "Due to banks" shown heretofore included only demand balances of are
also for "Capital
shown
Figures
sources.
from
and
other
banks
Reserve
on
payable
received,
bills
and
rediscounts, from the Federal
"Borrowings" represents funds
reported as on
account." "Other assets-net," and "Other liabilities." By "Other assets-net" is meant the aggregate of all assets not otherwise specified. less cash toms
hand or in process of collection which have been deducted from demand deposits.
of Dollars)
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS,ON DEC.4 1935(In Millions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a
Federal Reserve DistrictASSETS
Loatui and investments-total
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others (except
banks)
Acceptances and com'l paper bought
Loans on real estate
L0888 to banks
Other loans
U. S. Govt. direct obligations
Obligations fully guar. by U.S. Govt
Other securities
Re8811,8 with Federal Reserve Bank_
Cash in valut
Due from domestic banks
Other as/lets-net
LIABILITIES
Demand deposits-adjusted
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan,CRY
San Fran,
Dads
390
628
441
2,083
4
1
2
3
2
2
10
217
31
65
10
343
1,460
159
334
60
11
39
8
114
202
53
97
31
9
a
62
10
148
44
753
59
436
119
367
190
17
298
171
20
219
193
1
20,518
1.129
8,717
1,097
1,704
573
514
2,654
882
170
4
24
865
61
8
13
10
3
5
1
34
2,094
356
1,141
98
3,415
8,221
1,134
3,007
153
42
86
3
285
364
20
148
892
173
242
62
1,320
3,500
403
1,199
148
22
68
3
169
286
94
286
225
3
189
4
178
781
74
240
68
7
20
1
107
256
38
73
48
6
21
1
148
170
42
73
4,894
361
2,370
1,421
288
101
144
83
2.671
71
171
572
184
16
147
95
270
32
220
114
110
17
170
40
13,911
4,843
482
931
301
10
6,310
971
186
723
250
22
970
666
41
5.505
443
1
852
240
9
295
4
315
1
23
2,350
411
I
371
21
17
30
9 097
921
1 0149
004
099
07
588
,
131
150
18
44
43
26
15
5
128
240
51
115
129
151
51
45
169
24
369
1
363
661
131
353
120
11
138
27
59
5
106
20
107
12
273
37
67
9
182
29
203
18
237
241
2,085
740
82
372
172
9
272
119
8
447
146
8
322
121
15
814
996
64
716
5
239
117
1
365
188
268
11
10
49
02
244
10
02
a
AR
2
00
6
78
308
221
40
2
21
3816
Financial Chronicle
girt
"
Immo
Sinanrial
aranirit
Dec. 14 1935
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Dec. 13
Figures after decimal point represent one or more 32ds of
a point.
PUBLISHED WEEKLY
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
Maturity
Int.
Rate
Bid
Asked
Maturity
Int.
Rate
Bid
Asked
June 15 1936_
Dee, 15 1939.Mar, 151939....
June 15 1940....
Sept. 15 l936___
Dec. 15 1940._
Mar. 15 1940June 15 1939...
Sept. 15 1938...
13%
154%
134%
134%
1 Si%
13.5%
134%
234%
234%;
100.23
100.18
101.5
100.19
101.5
100.13
101.4
103.3
104.22
100.25
100.20
101.7
100 21
101.7
100.15
101.6
103.5
104 24
Feb. 1 1938._
Dee. 15 1936._
Apr, 15 1936.June 15 1938-Feb. 15 1937..__
Apr. 15 1937._
Mar. 151938...
Aug. 1 1936._
Sent. 15 1937.__
234%
234%
2;4%
214%
3%
3%
3%
fltI%
34.10X,
104.24
104.24
101 7
105.13
103.13
103.26
105 16
102 4
105.10
104.26
10 426
101.9
105.15
103 15
103.28
105 18
102.6
105.12
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Daily Record of U. S. Bond Prices Dec. 7 Dec. 9 Dec. 10 Dec. 11 Dec. 12 Dec. 13
Stocks,
Railroad I
United
Total
state.
IHieb 115.4 115.3 115.3 115.2 115.2 115.2
Week Ended
Number if and Miscall. Municipal vit
Bond
States
Low. 115
115.3 115.1 115
115
115
Dec. 13 1935
Shares
Bonds
Poen Bonds
Sales
Bonds
Close 115.4 115.3 115.3 115
115
115
Teo sales 45 51000 units_
1
3
7
36
6
15
Saturday
1,318,720 56,794.000
$888,000
$139,000 $7,599,000
High 110.24 110.27 110.24 110.26 110.25 110.22
Monday
2,507,730 11,890,000
1,360,000
818,000 14,088.000
la. 1944-56
Low_ 110.24 110.24 110.23 110.24 110.23 110.20
Tuesday
2,341.299 12,898,000
1,743.000
676,000 15,317,000
Close 110.24 110.27 110.23 110.24 110.23 110.22
Wednesday
2,128,290 11,838,000
1,718.000
809.000 14,163,000
Malinke la 81,600 units15
2
10
13
13
2
Thursday
2.135,760 12,248,000
1,717.000
501.000 14,464,000
{High 105.9 105.13 105.15 105.14 105.13 105.11
Friday
1,893,584 11,450,000
1,458.000
395,000 13,303,000
Low_ 105.9 105.11 105.12 105.12 105.10 105.9
43(.-35(i, 1943-45
Close 105.9 105.12 105.12 105.12 105.10 105.9
Total
12,323,383 $87,118,000 $8,660,000 $3,138,000 378,914,000
Thiel sales in $1,0043 antis_ __
3
4
12
11
6
28
{High 109.1
___ 109.1 109
109.2
IMO,1946-56
Low_ 109.1
-__ 109.1 109
109.2
Sates al
Week Ended Dec. 13
Jan. 1 le Dec. 13
Close 109.11
-___ 109.13 109
109.2
New York Stock
Shial ales Ps 31,000 units_ __
1
Eschange
1935
1934
1935
1934
{High 108.10 1078:ii 108.12 106.10 108.10 106.6
$)4s, 1943-67
Low. 106.10 108.11 108.11 108.10 106.8 108.6
Stocks-No. of shares
12,323,383
1,155,229
359,409,179
57,194,129
Close 106.10 106.11 106.11 106.10 106.10 106.6
Bonds
Total sales ta $1,000 units_ __
1
1
1
52
1
21
Government
$3,138,000 $19,831,000
S661,398,000
$913,001,000
(High 102.20 102.23 102.24 102.21 102.20 102.17
State and foreign
8,680.000
571,000
360,750,000
34,863,000
M. 1961-56
Low. 102.20 102.19 102.20 102.18 102.17 102.15
Railroad & industrial
67.116,000
299.000 2,159.878.000
24,531,000
close 102.20 102.21 102.20 102.18 102.17 102.17
risai sales al 51.000 onus_ _ _
6
44
10
34
16
Total
11
578,914,000 $20,701,000 $3,182,024,000
$972,195,000
High 102.18 102.22 102.21 102.22 102.21 102.20
la, 1941-58
Low_ 102.18 102.22 102.20 102.19 102.19 102.18
(Close 102.18 102.22 102.20 102.20 102.20 102.20
CURRENT NOTICE
rotas sales Is $1,000 sous_ _ _
6
5
5
100
20
16
{High 107.18
107.18 107.12
___. 107.17
5%., 1940-43
Low. 107.16
--__ 107.16
107.16 107.12
-At a meeting of the board of governors of the New York Security DealClose 107.18
____ 107.17
107.16 107.12
Fetal sales Is $1,000 a/Mts.__
ers' Association held Dec. 10 1935. the following resolution was adopted,
1
3
3
3
{High 107.19 101.1i 107.21
107.18 107.17
effective Dec. 11 1935, to supersede previous resolution made In 1929:
Ms,1941-53
Low_ 107.17 107.17 107.17
107.18 107.17
"Resolved, that member houses be permitted to trade bank and insurance
Close 107.19 107.17 107.17
107.18 107.17
stocks
Toted salsa Is 81.000 snits_ __
after 4 p. in. on every full business day, and after 12:15 p• m• On
4
10
101
29
160
High 103..20 103.23 103.23 103.21 103.20 103.18
half days; and be it further
in45. 1946-59
Low. 103.18 103.20 103.20 103.20 103.18 103.17
"Resolved, that quotations on bank and Insurance stocks compiled at
Close 103.18 103.23 103.20 103.20 103.18 103.17
4 P. no. on full business days and 12:15 p. m. on half days and furnished to
Mal SSW Is $1,000 anus...
4
4
30
32
4
4
b various
the
High
ariousn
____ 103.18 103.19
newspapers
ewspape and news services be continued as heretofore; and
103.15
-8304 1949-62
Low
____ 103.18 103.19
103.15 -further
Clow
____ 103.18 103.19
---103.15
"Resolved,
that
notice of this resolution be sent to the various newspapers
Mid sales Is 81.000 units_ __
____
20
2
1
and news services In order that appropriate headings be printed for the
(High
_ _ _ _ 108.1 108.3 108
107.31 107.29
illig, 1961Low_
-___ 108.1 108.3 108
107.29 107.29
guidance of their readers."
Close
____ 108.1 108.3 108
107.29 107.29
Mel Ma Is $1.000 units_ ._
-Commemorating its 65 years of banking service. The Continental
3
5
5
6
35
{High 105
_- 105.5 105.4 105.2 104.30 104.31
Bank & Trust Co. of New York has published a book entitled "81xty-five
Ma,1944-46
Low. 104.30 105
104.29
104.30
105
10.5
Years of Progress and a Record of New York City Banks."
Clam 104.30 105.1 105.2 105
104.30 104.29
Mal asks Is 81.000 snits_ __
"The first bank In New York City was organized in 1784." the book
6
3
15
35
1
15
{High 100
99.29
points out, "since that time approximately 640 banks, trust companies and
100.1 100.2 100
100
2145, 1966-60
Low. 99.31 100
99.31 99.30 99.28 99.28
private bankers have received charters. To-day, there are only 97 engaged
Close 99.31 100.1
99.31 99.30 99.28 99.27
in business. What has happened to the others constitutes a most InterTaal aelso Is 31,000 units_ .
24
79
17
86
127
76
esting part of the commercial banking history of New York City."
{High 100.21 100.2.5 100.25 100.21 100.23 100.19
234., 1943-1947
Low. 100.21 100.23 100.22 100.20 100.19 100.15
In addition to a brief history of the Continental, the book includes a
Close 100.21 100.24 100.22 100.20 100.19 100.15
complete record of obsolete as well as existing commercial banks, trust
TOM ,salit in $1,000 units...
11
5
21
212
16
13
Federal Farm Mortgage
companies
and private banking firms in New York City.
High
--------102.14
102.11 102.8
33(s, 1944-64
Low_
____ .._ 102.14
102.11 102.8
-Arnett,
Baker & Co., 150 Broadway, New York, have completed
Close
102.8
-___ 102.14
---102.11
Total sale, in $1,000 rain_ __
statistical reports on two Madison Avenue office buildings, the 400 Madison
____
2
1
---1
Federal Farm Mortgage {High 100.29 100.29
100.29 100.29 100.27
100.30
Avenue
Bldg. and the 285 Madison Avenue Bldg. (52nd & Madison Ave.
35, 1944-49
Low 100.27 100.26 100.28 100.29 100.28 100.27
Bldg.). The 400 Madison Bldg. for the first nine months of 1935 earned
Close 100.27 100.28 100.28 100.29 100.28 100.27
a
Total sales in 31,000 units_ _.
net
available
for depreciation, dividends, &c., of $35.000, compared to
4
7
31
20
1
Federal Fsrm Mortgage
High
_ 101.12 101.10 101.8 101.6 101.10
$25,000 for the same period of 1934. The financial set-up of this property
3a, 1942-47
Low
____ 101.11 101.10 101.8 101.8 101.10
was recently reorganized entirely on a stock basis. The 52nd & Madison
(Close
____ 101.11 101.10 101.8 101.6 101.10
Ave. Bldg., also known as the Columbia Broadcasting Bldg., earned a net
Total sales in $1,000 units_ __
6
- ___
36
25
1
3
Federal Farm Mortgage {High
available for bond interest of $47,000 during the first three quarters of 1935.
____ 100.2
_
---- 100.3 100
234s. 1942-47
Low
ef
us mooo entire year 1934 the building earned a net available for interest
---- 100.1
Duringth
100
100
Close
....- 100.2
100.3 100-Total saint', 31,000 units_ __
90
5
__-12
HOMO Owners' Loan
{High 100.24 100.25 100.25 100.28 100.24 100.25
Is, series A 1944-52._
Low 100.24 100.24 100.22 100.23 100.22 100.22
Cleft 100.24 100.24 100.24 100.25 100.22 100.25
FOOTNOTES FOR NEW YORK STOCK PAGES
Total mor Os $1,000 units...
25
53
3
82
372
18
• Bid and asked prices, no sales on this day.
Home 0.-oers' Loan
{High 99.20 99.21 99.21 99.19 99.18 99.18
I
Companies
eke. series S, 1939-49._ Low.
reported In receivership.
99.19 99.19 99.18 99.17 99:15 99.14
a Deferred delivery.
Close 99.20 99.20 99.18 99.17 99.15 99.15
O New stock.
Total sales Cu 81.000 units...
77
168
197
64
34
40
r Cash sale.
Ex dividend.
Note-The above table includes only sales of coupon
I' Ex rights
22 Adjusted for 25% stock dividend paid Oct. 11934.
bonds. Transactions in registered bonds were:
0 Listed
July 12 1934: par value 101. replaced El par, share for share.
1 Treasury 3s, 1946-48
24 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
102.14 to 102.14
2 Treasury Tlis, 1955-60
22 Listed Aug. 24 1933: replaced no par stock share for share.
99.29 to 99.29
"Listed May 24 1934; low adjUsted to give effect to 3 new shares exchanged tee
1 old no par share.
United States Treasury Bills-Friday, Dec. 13
"Adjusted for 662 3% stock dividend payable Nov. 30.
Rates quoted are for discount at purchase.
"Adjusted for 100% stock diviiend paid April 30 1931.
w,Adjusted for 100% stock dividend paid Dec 31 1934.
111 Par value 400 lire: listed Sept 20 1934: replaced 500
41 Listed April 4 1934; replaced no par stock share forlire par value.
Bed
Asked
Asked
BM
Mare.
42 Adiusted
for 25% stock dividend paid June 11934.
Dee. 18 1936
0.10%
Apr. 29 1938
.20.7
"Listed under this name Aug. 9 1934 replacing no par stock. Former name.
Dee. 24 1935
May 6 1936
0.10%
20%
American Beet Sugar Co
Dee. 31 1935
May 13 1936
() 10%
44 From low through first classification, loan 75% of current.
.20%
Jan. 8 1938
May 20 1936
"From la.st classification and above, loan of 55% of current.
.20%
015%
Jae. 161936
0.15%
May 27 1936
.20%
44 Listed April 4 1934; replaced no par stock share for share.
27 Listed Sept. 13 1934; replaced no par stock
Jan. 22 1936
June 3 1938
0 15%
.20%
share for share.
Jan. 29 1936
o us%
June 10 1936
.20%
"Listed June 11934. rep,aced Socony-Yacuum Corp. 1125 stook glare tor share.
Feb. 5 1938
June 17 1935
0.15%
.20%
The National SecurItlee Exchanges on which low prices since July 1 1933 weer
Feb 11 1936
0.15%
June 24 1938
20%
made (designated by superior figures In tables) are as follows
Feb. 19 1936
015%
July 1 1938
20i
tZ Cincinnati Stock
New York Stock
Feb. 26 1936
22 Pittsburgh Stock
0 15%
July 8 1936
20%
New York Curb
Cleveland Stock
is Richmond Stock
Mar. 4 1936
July
15
i
e36
0.15%
20';
14 Colorado swings Stock
New
York
Produce
24 St. Louis Stook
Mar.11 1936
0.15%
July 22 1936
20%
New York Real Estate 1, Denver Stock
25 Salt Lake City Stock
liar. 18 1938
July 29 1936
0.15%
20 o
25 San Francisco Stook
0 Detroit Stock
Baltimore Stock
Mar. 251936
0 15%
Aug 5 1936
201
27 San Francisco Curb
Boston Stock
Los Angeles Stock
Apr. 1 1936
0.20%
Aug. 12 1938
20
Is Los Angeles Curb
Buffalo Stock
22 San Francisco Mining
Apr. 8 1938
0.20%
Aug. 19 1938
0 201:
It m;3neapolis St Paul
California Stock
•• Seattle Stock
Apr. 15 1036
0.20%
Aug. 26 1936
0.20%
* New Orleans Stock
Chicago Stock
* Spokane Stock
Apr. 22 1938
0.20%
Sept. 2 1936
0 2 1%
1
Chicago
Trade
Board
2,
Philadelphia
of
Stock
Washington
Sant 91916
112nm
Chicago Curb
Treasury
43,la 1947-52-
3817
Volume 141
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Caah and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Baiurday
Dec. 7
Monday
Dec. 9
Tuesday 'Wednesday
Dec. 11
Dec. 10
Thursday
Dec. 12
Friday
Dec. 13
Sales
for
the
Week
STOOKS
NEW YORK STOOK
EXCHANGE
Aar 1
1983 to Rasps for
Nov.30 Year 1934
193.5
Hiell
Ripka
Low Low
$ per share $ per it $ per share
48
35
so
521:Nov 20
111
89
89
116 Oct 23
21
7434 Nov 15
414
1178 Dec 9
85
7014 x815
9858 Nov 8
3472
1412
10
374 Nov 28
854 11%
6
2418 Dec 11
7%
3%
3%
1858 Oct 26
9%
472
472
832 Feb II
804
9134 118
173 Nov 6
14
3%
2
Dec
258
74
74 Sept 26
,
287
1314
z2018 Jan 9
772
112
244
4 Dec 11
514
114
318 Dec 4
14
418 1618
2%
1453 Dec 4
6
1452
2
1418 Dec 4
134
3% 1442
1458 Dec 4
858
3314 Dec 5
134
IT 114
3012June 19
173 Sept 18 1074 1154 180%
12218 130
139 Oct 31 117
31
814
312
9 Nov 20,
2514 8312
7514 Oct 211 49
23
10%
10%
3773 Oct 28
13., Nov 18
1
114
11', 2088
224 Nov 20
714
214
218
412 Dec 6
25
45
214
40 Dec 9
39
27
554
7734 Nov 6
25% 68
20
57% Feb 18
114 254
114
4758 Nov 14
40
5012
3412
70 Nov 14
194
194 38
4178 Dec 6
122
as
90
129 Nov 6
901, 11644
80
14958 Oct 22
12618 15212
188 May 3 120
3378
19
10
32% Nov 20
584
32
2512
8458 Nov 18
44
1214
4
10
3154 Dec
40
19
14
115 Nov 21
4814 70%
4312
96 June 8
22
354
20
3414 Aug 2
61,
21*
84 Nov 19 ' 2
2014 8212
2
204
Nov
3534
8%
43
514
1312
181: Dec 12
a% 7372
32
135 Sept 13
Nam S sc• lass. 1
OR Basis of 100-share Lois
Lowell
3 pa share
32 Apt 3
Jan 10
110
20
51 June 25
800
15
Mar
44
84.100
84% Jan 2
10
28 Juno 8
1900.
8 Jan 12
9.100
412 Mar 18
3.200
612Sept 20
3.500
Mar 18
104%
4,700
84 Apr 3
8,300
74 Sept 28
1314 Oct 17
16,900
112June 24
1,100
34 Mar 30
43,700
2% Mar 21
8.300
2 Mar 27
2,300
154 Mar 28
400
653 Apr 2
900
Jan 12
21
3.800
125 Mar 18
7,5100
Apr 18
12212
700
3% Mar 13
31,400
849 June 17
2,300
Na par 12 Mar 13
34
344 3344 3412 334 3373 3313 3344 18,800 APIs-Chalmers Mfg
34% 354 34% 35
1 Nov 27
Rts w I
63,000
14
143
138
158
138 1%
13
;21- Wit -HT! ini
800 Alpha Portland Omens__ No par 14 Mar
*2034 2133 2034 2034 2058 2053 "ior, 21
Mar 14
212
1
Co
Leather
44
414
418 7,900 Amalgam
34_
414 418
432 41
'8 3978 418 3953
448 448
50 28 June 25
38
7% preferred
37
•38
1438
40
*38
500
394 391
40
40
Na par 4812 Jan 11
: 7214 7344 3,100 Amerada Corp
731
72
7214 7112 7244 7144 7214 7244 72% 73
4112June I
: 521 4'5012 5214 *50
4.501
5214
52
51% 5112 5112 5112 X5I
700 Amer Agri., Ctem (Del)...No par
10 1312 Jan 12
4212 3,000 American Bank Nose
4318 431 24214 4312 4112 4212 4144 4214 41
431
*43
43 Jan 11
50
641
Preferred
6412
*64
65
65
6514
40
68
674 6744 *6414 67
1465
Mar 29
41
4178 4044 4034 4034 41
2,300 Am Brake Shoe & Pdy-No par 21
404 401
4112 411
4014 401
119 Jan 8
100
Preferred
128
12714
128
•12714
128
128
127
210
12714
*12714
1271
12714 1271
Jan 15
110
25
13512 1361 13544 1361 135 13612 130 134
13,249 American Can
13844 1391 1374 139
100 151% Jan 4
Preerred
182 182
160 180
700
16014 16014 160 160 *159 163
*180 184
13
Mar
10
Par
No
&
Car
MP
American
2934 11,700
29
2934 29
2912 301
2914 3034 2914 301
2972 311
100 2513 Nf ar 13
Preferred
591
58
58
5812 594
2.100
6012 601
5812 5954 5844 594 59
8 Jan 30
par
No
Chain
American
2914 3153 3058 3134 3118 3158 3012 3113 304 31
294 301
11,800
100 38 Jan 11
7% preferred
112 112 •111 113
•110 113 •11073 113 *11012 112
111 111
200
No par 88 Feb 8
x91
91
91
90
91
91
*894 91
*5714 91
.8714 91
800 American Chicle
30 Mar 28
Co)25
(Alleghany
NJ
of
Coal
Am
*34
•34
*32
2% Mar 14
10
7
7
7
7
7
714
7
*612 71
672 7 -1:66o Amer colortYPe Co
Mar 18
311
304 3118 2944 301
30
31
304 2944 3014 8.400 AM OOMMI Alcohol Oorp.....20 2212 Feb 5
3114 314
84
10
Sugar
Crystal
1614 17
1618 1743 174 181
: 1714 184 22,600 American
1812 16% 16% 17
100 5758 Jan 2
7% 2nd Pre
100 72 Aug 1
8% let pref
91
01
91
92
91
90
91
*8813 90
90
270
*8858 90
%May 24
3311 358
34 31:
258 244
3
348 37
348 50,000 Amer Encaustic Tiling---No Pa
244 37
2% Apr 2
•91, 10
*834 91
9
9
300 Amer European Sec's----No pa
94 91a
*834 9
.813 9
Mar 13
2
Pa
No
Power
Porn
&
Amer
653 678 9,800
634 678
718 738
673 71
718 78
634 71
14 Mar 15
No pa
Preferred
284 29
2814 271.• 284 2,400
*27
28
281
284 2844 2813 29
34 Mar 14
No pa
124 1144 1238 1114 1144 2.200
2nd Preferred
12
121
1214 124 1214 1258 12
12 Mar 30
No pa
23
700
$8 preferred
*2353 2413 2312 2412 23
25
2413 2413 *2312 25
25
814 Apr 18
10
14
300 Amer Hawaiian 8 S Co
14
14
*1312 1414 14
14
*141s 1412 *1312 1458 14
3 Oct 15
new.......1
Leather
A.
Hide
Amer
7,900
534 0
54 61
614
9
013
6
64 64
64 Ms
Oct 14
28
50
new
37
8.7 cony prof
1,100
3712 37
3712 3712 37
38
38
39
39
39
38
1 X 294 Apr 12
3.800 Amer Home Products
3612 3534 36
3613 361g 36114 z36
3644 3614 3611 3653 36
Oct 18
178
par
No
Ice
3
27
1,700 American
234 27,
278 278
3
278 278
27
.272 3
100 1414 Oct 17
8% non-cum pref
17
17
•1644 17
17
500
•1658 1712 17
1678 17
*1812 17
18
Mar
412
Dar
No
Carp
Internal
Amer
1058
8
7
9
8
107
1012
16.100
1044 11
1114 1012 11
1114 11
11
9 Mar 13
2614 2678 2611 2644 2573 264 2578 2618 2558 2618 254 2558 4,400 American LOromoilve_Na par 32 Mar 19
100
Preferred
7458 7418 7458 3,400
7418 74
73
7514 7313 74
74
75
74
2913 2812 2944 5.500 Amer Mach & Fdry 0o---No Par 1812 Mar 13
2914 30
2913 2954 29
3012 31
31
31
414 Apr 4
1148 1158 Ills 1143 1014 11
7,000 Amer Mach & Metall _No par
, 1112 124 1112 12
1114 117
No par
412 Apr 4
1118 •1012 1158
11
Voting 1rt111 elte
•1114
114
12
115
800
8
51134 12
'
1158
1158
Mar 15
1312
par
No
3058 2914 304 2844 2934 9.700 Amer Metal Co Ltd
3144 3214 3178 324 3018 3153 30
100 72 Jan 2
8% cony preferred
200
*12744 1334 *130 13312 130 130 •12814 134 *12844 132 •12844 132
Jan 3
par
No
224
Corp__
Y
*3414
3512
N
36
36
New,.
36
•3412
Amer
*3414
*3448
*3414 36 •3433 36
14 Mar 13
813 844
8
854 22,200 Amer Power & Light----No Par
813 873
848 844
534 9
858 9
10%
Mar 13
No par
4484 45
88 preferred
4413 4514 43% 4454 4414 44% 4134 4414 5,100
444 45
852 Nf ar I
No par
3814 3512 3753 4,800
37% 3814 37
$5 preferred
38
3812 3734 3812 3718 38
Mar
1012
13
22% 23% 224 2314 112,400 Am Rad & Stand Sale,- No par
22
2212 22% 2234 2178 2244 22% 237
100 1341:Mar 1
155 155 •15212 155
Prefer red
154 155 *15212 15513 3'15212 155
70
*16212 155
19
Mar
1554
25
295
2934
8
Mill
304
305
3053
, 31,900 American Flailing
2978 3053 30
, 3012 31
3012 307
93
No Par 88 Mar 14
9312 931t *914 9312 93
200 American Safety Rasor
*9044 94
*9044 9312
94
*92
412 Mar 12
2178 2053 2078 2013 2053 2014 2012 9,700 American Seating v I a_.-No par
2111 214 2114 214 21
24
2414 2412 24
244 25
25
2444 2578 25
970 Amer Shipbuilding Co___No par 20 Mar 14
2413 25
5658 5873 64,600 Amer Smelting & RetgNe par 3152 Apr 3
6112 5811 6012 5644 60
624 6414 6213 6458 58
100 121 Feb 4
13812
*13512
1374
•13512
13812
13812
*13512
Preferred
*140 14112 140 140 *13513
300
10158 10218 3,800
10144 102
100 10183 Dec 11
2nd Preferred 6% cum
10314 10314 10318 10314 10212 10338 1015g 103
70
25 63 Jan 18
7014
*6913 71
72
*71
400 American Snuff
7134 7134 *7012 72
7
14 :
1T
100 125 Feb 20
1/4 •I32 1374
Preferred
13214 13214 .13044 13712 17
133 133
30
.13258 133
2314 2358 224 2314 22% 23% 2212 2278 8,600 Amer Steel Foundries....No Par 12 Mar 14
2358 2373 2314 24
100 88 Feb 4
11284 11244 113 113 211144 11134
112 112
112. 112
Preferred
300
*110 112
No par 3312 Apr 4
3512 1.500 American Stores
3513 3544 z3512 3512 35
3514 3514 357s 354 38
*35
51
100 5053 Oct 18
5178 5114 52
5178 8.200 Amer Sugar Refining
5214 5244 52
5244 50% 51% 51
100 12612 Jan 3
132 132 •12813 13244
Preferred
400
1334 13314 *133 13312 133 133 *132 133
25
25
25
2514 2434 25% 25
.2.200 Am Sumatra Tobacoo...--Ne par 1812 Jan 29
254 2512 2513 2534 25
9878 Mar 18
xle314
15914
Teleg
15614
15814
&
100
Telep
159
3
Amer
157%
1571:
1587
160
:
14,600
15934 16018 1581
9514 92
25 7212 Apr 3
9512 94
9344 4.100 American Tobacco
9618 95
95
981
97
984 99
25 7434 Mar 21
Common class B
100 10044 89 10058 9813 9844 9644 9812 954 97% 9312 9514 14.800
100 129% Jan 18
Preferred
136 136 •13412 13512 1354 13534
500
*13772 13912 v13712 1374 •135 138
24 Mar 1
No par
613 71,. 10.000 tAm Type Founder'
Ms 834
5
518
5'4 05
514
514
514 514
9 Mar 15
29
100
3114 5,940
2858 31
Preferred
2578 29
*2518 2614 2514 2558 254 26
Mar 13
74
2018
&
Wks
21
204
2014
Water
Par
8
213
2012
Elec..--No
521
2114
31,300 Am
204 214 21
2184 20
No par 68 Mar 1
94
94
•91
94
91
93
91
let preferred
92
92
600
91
94
*91
Mar 1
par
2
47
93
No
914
Woolen
94
95
9%
91a
9%
4
American
93
984
9%
6.100
958
1158
100 854 Mar 18
Preferred
644 621, 6414 6144 63
6234 02
6,600
0312 62
5332 62
62
5, Mar 29
1
138 14 10,900 /Am Writing Paper
138
1118
114
114
114
114 I%
114
138
138
214Mar 15
No par
558 578
Preferred
Ps 75s 9,800
5
5
512 514
51 558
*54 554
3 Mar 13
478 478 3.000 Amer Zinc Lead & Smelt...100
5
5
514
514
5
5
6% 553
558 544
Mar 20
31
25
*4218
1
4712
Preferred_
*42
*4314
*43
4712
4712
4712
47
*4312
48
*47
60
8 Mar 13
2714 2914 2778 2858 2658 2814 2658 274 217,600 Anaconda Copper Mining_
2754 285, 287 30
& Cable__No par 1134 Apr I
Wire
35
3514
Anaconda
35
3514
35
3514
3514
500
3514
3712
35
378
*35
Vo par 10% Sept 25
1
: 1578 15
151
3,500 Anchor Cap
lAis 1613 1618 104 1544 164 157 16
$6.50 cony preferred___No par 9812 Oct 2
4 *10112 10434
•10112 10434 *10112 10444 1510112 10444 *1011: 10444 *10113 1041
3% Mar 21
10
Copper
1112
12
Andes
1114
m1111112
11%
1,400
8
125
4
4
•118
114
1212
12s
12
1114 12
4214 4212 4218 1,600 Archer Daniell Midl'il.--No Par 38 Jan 18
4134 42
4233 42
42
42
4144 4178 42
100 117 Aug 22
7% preferred
12012 12012
10
*12012 122
_ •1201:
•12018
•12012 ---- *12012
100 97 Apr 3
•1084 10818
500 Armour & Co (Del) Dref
109 109 x109 109 •108 10812 *106 10818 *10712 10813
34 Apr 3
5
434 5
478 5
22,100 Armour of Illinola new
44 518
478 5
5
518
5
518
No par 5512May 1
prat
cony
65%
$8
85%
4
2,700
664
664
8
67
663
8
663
67
68
6912 x6712
69
85
Jan 2
um
._
Preferred
105
.101
*101 105 *101 105 *101 105 *101 105 •101 105
No par, 2558 July 19
44% 6,800 Armstrong Cork Co
4418 4344 444 4334 4438 4314 44% 4414 4434 44
44
3 per share 3 per share $ per share $ per share $ per share I 3 per share
511
51348 .45
5144 *4552 5144 *45
5178 *46
5178 *47
*50
11314 11344 *112 11414
*11344 114 •11344 114 •11334 114 *11354 114
x70
7018
4 •88% 7112 717 71% *704 71
7134 72
: 1148 1178 104 1158 1034 1133 1058 1114 1058 1118
1078 111
96
*9312 97
*934 ---- *9312 ---- 96
*934 *934 97
347 3512 3478 35
35 • 344 3444
35
3512 351
35
35
2448 2313 2378 2244 234
2134 2214 2114 2314 23
*21
22
18
1614 1614 1714 1778 1738 1743 1714 1714
18
1772 18
712 7%
7
718 74
74
74 74 2718 74
718 718
168 16814 16712 16814 16612 16734 166 16644 166 16612 16234 16814
2
2
2
24
2
218 248
258
2
214 24
375
81
*75
81
81
375
*75
81
80
80
*75
*75
1453 1514 15
1512 1473 1514 1453 1514 1444 1513
1444 15
4
4
378 4
4
4
*338 378 *358 378
*338 4
3
24 278
314
234 3
318
3
34 338
314 338
1313 1378 13
1334 1244 1314 1233 1244 1114 1258 1034 1114
1312 1312 *12
1312 *1112 1314 1034 1118 1014 1112
13
13
12
*II
1114
141112 1314 *11
1313 13
13
•13
1358 •12
28
2634 2813
29
28
314 29
324 3282 3214 3214 •29
2912
: 29
291
294 29
29
2953 29
2912 29
29
29
1574 159
156 15814 15514 15614
16012 16114 1584 160
16114 162
12812 12812
*12618.1271112512 1264 *124 127 •124 127 *125 127
77
8%
814 812
734 814
814 85*
832 834
85, 834
73
7314 7334 7348 7378 7378 7378 7234 7334 7212 7273
73
For footnote, see Page 3818.
Shares
Par
No par
Abraham & Straus
100
Preferred_
25
Acme Steel Co
No par
Adam' Exprem
100
Preferred
No par
Adams Millis
10
Address MuMgr Corp
No par
Advance Rumely
Affiliated Products ino...-No par
No par
Alt Reduction Inc
Air way Elea Appliance No par
Alabama & Vicksburg RR Co 100
Alaska Juneau (Sold M11310
No par
A P W Paper Co
No par
/Allegheny Corp
100
pref A with $30 wart
100
Pref A with $40 warr
100
Pref A without wart
84% prior eon, pref_ No par
No par
Allegheny Steel Co
Allied Chemical & Dye.--No par
100
Preferred
No par
Allied Staffs Corp
100
5% DM
No account Is taken on such
72
92 Dec 13
378 Dec 9
34
234
114 Dec 13
2
914 Aug 17
1144
42 Aug 12
378
17 Aug 19
104
3814 Aug 12
814
1518 Oct 5
3
878 Nov 29
23
40 Nov 29
24%
384 Nov 22
178
4% Jan 17
lass Feb 18 1414
412
11% Nov 22
9
2734 Nov 20
32
9
Dec
754
12
3314 Nov 18
3
12% Dec 5
3
124 Dec 5
LI78
3214 Dec 5
63
12
Nov
13012
3034
3814 Nov 25
112
9118Nov 8
104
494 Aug 12
8%
4112 Aug 12
934
23% Dec 11
159 Sept 28 10712
12%
32% Nov 18
83%
9534July 26
2
2178 Dec 7
15
2814 Jan 7
284
6453 Dec 9
71
144 May 8
57
11714 Aug
43
76 June 26
106
143 July 1
10%
2514 Nov 14
52
113 Dec 12
43 Jan 9 31 3358
4512
7012 Feb 16
14012May 6 102
11
274 Nov 14
98%
1601: Nov 29
8312
10414 Nov 19
134%
107 Nov 18
141 Nov 19 105
214
712 Dec 13
7
3114 Dec 13
712
2178 Nov 21
48
9414 Nov 12
4%
1034Sept 19
8512
68% Nov 19
154 Jan 19
18
214
758 Dee 13
3
578 Dec 5
Si
49 Aug 21
30 Dec 9
753
37 Dec 8
1078
174 Jan 4
so
109 Ai,r28
318
124 Dec 9
217s
52 Aug 1
12214 July 19 100
84
109 Dec 7
314
GIs Jan 3
4814
7058 Jan in
3114
110 Jan 30
13
4434 Dec 12
37,
11%
134
11
104
10
11124
30
174
25
2252
3
10
754 411514
654 11
1412 3852
38% 74%
12% 23%
314
1014
44 10
1272 3732
91
83
3414
21
124
3
1138 39%
9% 3614
174
10
1111,1177,
1312 284
q6s4
se
T
218
1758 304
3014 61
12512
100
714 109
4854 7112
1271
:
108
104 28
89% 92%
44
87
7212
68
1034 129
1344 2414
10014 125
854 8512
89
07
10714 130%
13
3
7% 38%
1252 27%
80
54
1718
7
83%
50
414
1
8% 1714
9
334
86% 504
1744
10
94 18s4
18% 2434
106
84
44 1012
884 394
117
10
7814 103%
6%
3%
4614 7114
66
85
-
....
3818
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES-PER
SHARE. NOT PER CENT
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
Dec. 7
Dec. 9
Dec. 10
Dec. 11
Dec. 12
Dec. 13
Dec. 14 1935
July 1
*asps Since Jan 1
I 1933 to Ramos for
Os Basta of 100-s840e Lots Noc. 30 Ydar 1934
1935 -----Lowest
Mahal
Low Loss
Mot
S per share $ per share $ per share $ per share
----$
per
share
share
$
Per
Shares
878 938
Par 2 Der share
938 938
5
per
share
914 958
at $ Dor share
914 938
594?
9
914
x331 918 11,000 Arnold Constable Corp
*818 812
Mar
6
812 812 *818 9
5
4
618
Dec
9
24
814 814
.3
310 94
84
878 84 1,000 Artloom Corp
*8814_ *8814 - - *8814
No Dar
334 Mar 15
978 Oct 21
318
4
104
- *8814
_-_ _
_ *8814
_
Preferred
1734 -1-138 1778 -1812 1712 -1-i78 *8814
100
70 Apr 25 90 Nov 2
6334
6384 7018
1712 -1-ff
1658 -1-i58 1634 -Associated
17
8,31)0
Dry
•10412 10658 *10412 107
Goode
1
13
Mar
74
1834 Nov 19
106 106 *106 10758 .10478 108 111047
714
74 18,4
8 107
100
6% let preferred
*95 100 .95 100
160 8078 Apr 3 109 Sept 18
44
9812 '95
40
90
9812 *95
9812 95
95
*3814 40
100
7% 20 preferred
100 48 Mar 12 95 Dec 6
3838 383s *3814 40 •3834 40
36
36
644
40
40
170 Asaoclated 011
40
57
5712 5712 5934 .5612 5834 5658 5814 40
25 2934 Feb 21 4012 Aug 7
26
294
4012
5614
5814
555
5712
33,400 Atch Topeka & Santa Fe____110 3534 Mar 28 .5934 Dec
8
*9078 92
9114 92
9138 92
9
3534
9134 92
4514 7334
9114 92
9134 9218 1,900
Preferred
3334 34
100 6658 Mar 28 9218 Dec 13
3258 334 3112 3212 3138 3212 32
5314
7018 90
3312 3078 3212 19,600 Atlantic Coast Line RR
13
100 1912 Apr 3 3714 Jan 4
1312 1318 1434 1412 1614 15
1912
2412 5414
153
8
14
1512 13
650 Al 0 & W I SS Lines____No par
1412
*1512 1612 1412 1412 16
3 Mar 6 1712 Dec 2
1712 *1714 1814 *1714 1878 *16
3
8
16
19
Preferred
800
2438 2434 2418 2434 24
100
6 Mar 5 1978 Dec 2
6
2412 2414 25
778 24
2412
2518
243
4
2514
Atlantic
24,700
Refining
4414 4414 4412 4412 444 4412 4312 4414
25 2012 Oct 3 28 May 16
2012
2112 15,4
*41 *4412 4314 44
1,000 Atlas Powder
*11212 113 *11212 113
No par 3234 Apr 3 4812 Nov 7
11212 11212 *11212 113
18
3514 55,2
113 113
113 113
40
Preferred
1878 1914 1634 1858 1712 18
100 10834 Jan 2 115 Sept 19
75
83
107
1734 18
18
1912 19
1912 8.100 Atlas Tack Corp
No par
4 Mar 13 1912 Dec 6
3934 4012 3912 4038 3814 39
4
54 1614
3812 39
3712 3834 3634 3712 5,100 Auburn Automobile
par
18
Mar
15
134 2
No
4512 Oct 21
158 134
112 158
15
16,2 5738
138
138
118
13
8
1
22,600
114
WI
Ms
10
78 Dec 6
10
912 10
2 Dec 7
9
914
9
938
9
9
9
9
4,400 Austin Nichole
*46
No par
512May 6 14 Jan 2
4734 48
48
46
47
-4*4218 4812 *4218 *46
-6112 -1-6-4
*4214 *46
120
Prior A
No pa, 3512May 7 63 Jan 2
2758
3114 65
458 434
412 458
414 458
414 438
418 414
4
44 17,500 Aviation Corp of Del(The) new 3
4
418
234 July 10
4
412
47
8
Nov
438 54
30
234
412 478
43
8
458
411 412 72,000 Baldwin Loco Works
3212 3212 3338 3534 38
No par
14 Feb 26
658 Jan 9
40
112
3712 38
-412 Ie
36
37
354 3612 8,500
Preferred
712 Apr 3 40 Dec 10
100
1738 1738 1718 18
1718 1734 17
712
1614 6434
1738 1658 1738 154 164 48,700 Baltimore & Ohio
23
711 Mar 13 18 Sept 11
100
2418 2334 2414 2318 2414 23
712
1234 344
2358 2212 2312 2318 2358 5,600
Preferred
Mar
94
*110 11012 *110 11012 110 110
100
13
2514
Dec
5
918
15
3738
10812 10812 10812 10812 *108 11012
30 Bamberger (L)& Co pref
*4412 46
100 10034 Feb 21 11014 Nov 19
4418 4418 *4412 45
86
4412 4412 *4412 45
864 10278
*4412 45
200 Bangor & Aroostook
*114
50 3818 Mar 12 4912 Aug 9
*114 116 *114 115 *114 115 .114 115
2914
3512 46,8
11114
115
Preferred
18
Mar
100
10614
13 -1314
116 Dec 2
1318 1338 1334 1334 1312 134 1312 1312
9112
954 115
1338 1312 2,100 Barker Brothers
314 Feb 25 1512 Nov 25
•83
No Dar
85
83
8414 84
214
84
214
612
*8314 8414 8314 8314 80
230
83
6 SS% cony preferred
100 32 June 21 88 Nov 18
1352 1334 1338 1334 13
14
1334 13
1612 3812
1334 1312 1414 1318 14
66,000
Barnedall
Corp
5
54 Mar 6 1414 Dec 12
*5112 5378 5212 5212 5378 56
54
54
10
5634 59
5812
607
8 57
5912 8.200 Bayuk Cigars Inc
112 11234 *11114 __
No par 3712 Mar 14 6078 Deo 12
*11133 11214 *11112 112 *11112
*11112
23
23
4584
11178 11112 112
00
1s1 preferred
100 10734 Jan 11 115 May 16
1814 1812 1812 1-i12 1734 184 17
80
89
1094
1712 17
1712 1714 1758 2.000 Beatrice Creamery
*106 111 *106 111 *106 111
25 14 Oct 10 2018 Nov 16
84
10,4 1934
_ *10214 111 *10214 111
Preferred
Jan
,
10818June
100
1001
5
18
55
*---- 354 *---- 3614 *---- 3614 *106--55
100
*33
3614 .33
3614 *33
Beech Creek RR Co
3614
8934 90
50 33 Nov 6 33128ept 24
89
89
88
27
31
30
8812 288
88
8912 88
8812 1,000 0430011-Nut Packing Co
134 1378 1378 1378 1334 1378 1338 1334 *87
20 72 Feb 2 95 Sept 12
54
58
7658
1338 1334 134 1338 3,100 Belding Hemingway Co__No par
18
Mar
Dia
4
*81
Nov
143
15
82
82
7
82
*8134 84
878 15,4
*8134 84
*8112
84
*8112
84
100
Belgian
Nat Rye part pre?
2058 21
79 Sept 19 11712 Mar 7
2034 2134 2038 2138 2058 21
79
955* 127
204 2114 2018 2038 27,500 Bend!' Aviation
2138 2134 2112 224 211
984 234
934
5 1178 Mar 13 2412 Oct 21
/
2 2178 214 2173 2113 2134 2112 2134 15,400 Beneficial
Indue Loan____No par
1518 Mar 13 2218 Dec 0 3 12
56
56
5512 5618 5512 56
1218 194
5512 5534 5514 5534 55
2,000
Beet & Co
5514
4778 4914 4812 4958 4712 484 474
Jan
Dar
30
Nov
5712
34
7
No
21
26
40
4878 47
4838 4638 4734 61,100 Bethlehem Steel Corp- No par 2158 Mar 18 5112 Nov 19
2158
244 494
118 118
11814 11814 117 118
116 11614 116 11634 11512 11634 1,600
7%
Preferred
18
Mar
*2334 25
4
100 553
12112 Nov 16
4438
2434 2434 *24
5478 82
2434 2478 2478 2434 2434 .24
600 Blgelow-Sanf Carpel Igo-- No par 1484 Mar 19 27123ept 30
2412
15
1512 1514 1558 15
1434
1914 40
154 1478 154
4 15
11,300 Blaw-Knox Co
1414 15
No par
1/58 Mar 14 17 Nov 14
.2214 2334 *2212 2312 2212 2212 *2114 2318 2143
6
6
1614
*2118
2212
*207
8
100
23
Bloomingda
le
Brothers
1658June 19 234 Aug 16
No par
*11112__ •11112 __ *11112 __ _ *11112 ___
16
17
26
*11112
____
___
___ •11112
Preferred
100
86 -86
June
112
1034
22
19
85
Jan
*87 -90
88
103
8714 88;
8512 -87
*82 -94 .82120 Blumenthal & Co pref
Mar
100
1418 1412 14
13
2814
83 Dec 10
28
28
5614
1458 1314 1438 1358 1378 1338 1378 1278 -1-3
34 14,800 Boeing Airplane Co
5
64 5f ar 18
5112 5158 5112 5134 51
1638 Oct 5
618
634 11 14
5112 5034 5114 250
5034 4914 504 2,900 Bohn Aluminum & Br
96
96
3334
5 3918July 10 594 Jan 8
445* 6834
9414 9512 944 944 *9414 9512 9412 9412
*9414
200
Bon
95
And
class
A
40
40
68
No Dar 90 Jan 31 100 July 18
76
94
3978 40
3978 3978 3978 40
3912 3934 *3913 40
460
Class B
2638 2658 26
No Dar 3834 Oct 3 4734 July 17
2678 26
3814
- -- -2658 26
26.4 26
2638 2558 2612 24,100 Borden Co (The)
62
15 21 Mar 29 2734 Nov 8
6238 6134 6212 62
18
1-1.178 2814
634 6212 6414 262
6312
12,900
613
63
4
Borg-Warner Corn
714
714
7
10 2814 Jan 15 8514 Oct 22
738
1618 314
1112
7
7
*634 738
678 718
1,400 Boston & Maine
714 738
•158
100
8 Sept 7
334 Mar 27
178
178
178
2
34
54 194
234
238 258
258 234
238 238 3,700 :Botany Cons Mills class A__50
12June 6
i2
1578 1612 16
78
234 Dec 10
3
164 1534 164 1512 16
2153
8
153
7,000
4 1514 1512
Bridgeport Brass Co
No nor
812 Apr 30
5118 5158 5134 5318 52
1718 Nov 20
812
53
52.4 53
52
514
52
22,200
.53
Briggs
Manufactu
ring
49
9,,,,
No
49
244 Feb 7 5538 Oct 26
4914 4914 *4812 494 4814 4812 .48
614
1-3
2-8-38
4812
1.100
48
4812
Briggs
&
Stratton
No par 234 Jan 17 55 Oct 20
41
41
41
41
104
2712
14
404 404 404 4118 4012 4114 4012 4034 1,600
Bristol-Myers Co
434 518
5 3038May 25 4134 Oct 26
44 54
25
434 434
26
374
478 44
412 478
418 412 5,100 Brooklyn & Queen, Tr_No par
138 Apr 18
512 Deo 4
36
36
138
338
354 3534 35
84
3534 3512 3512 *3458 35
2333
4
1,100
35
Preferred
43
43
No par 14 May 9 38 Deo 4
42
3114 5814
14
4214 4112 4212 4134 42
414
41
4178 4,700 BIlyn Mani) Transit
99
9912 9912 9912 *96,2 994 *9512 9912 *9614 4214
No par 3612 Mar 15 4634 Aug In
2534
2814 444
9918 9912 9912
500
58
preferred series A......No par90 Jan 4 100 Aug 8
5612 57
694
*5612 57
821a 97
5512 5612 55
55
5334 55
5314 5312 2.500 Brooklyn Union ciae
No par 43 Mar 18 7112 Aug 13
43
46
804
61
61
61
62
*6012 62
*6014 62
60
6078 60
800 Brown Shoe Co
60
No
par
Mar
53
10
63
Aug
11
3
4
1014
41
2
45
61
914 94
934 10
934 94
94 93
94 934 5,000 Brune-Balke-Collender
812 810
No par
338July 5 1112 Dec 1
338
818 814
4
104
818. 84
8
81
8
81
8
814
3,800 Bucyrus-Erie Co
10
311
1538 1534 1518 1558 15
834 Dec 3
414 Mar 14
312
94
1538 1518 164 1514 16
1514 154 8,600
Preferred
5
818 Mar 15 17 Deo 4
*93
8
8
94
144
9312 9312 94
94
9412 941
95
95
180
96
95
7% preferred
Mar
4
100
22
Dec
623
13
96
47
50
75
9
914
9
914
858 9
878 9'8
838 87
812 9 33.900 Budd (E 0) Mfg
No par
314 Mar 15
3
934 Nov 22
3
91
91
74
91
9112 91
92
91
92
89
91
94
2,200
91
7% preferred
100 23 Mar 14 94 Dec 13
16
16
tl
212 212
238 212
24 273
24 238
2
214
218
273 31,400
Rights_
4
14Sept
25
Nov
11
3
1218 1238 1214 1258 12
122 12
1258 12
1238 1178 1214 28,400 Budd
No par
212 Mar 21
1418 Nov 22
2
2
1334 134 1314 1312 13
51
/
2
13
1278 1314 1358 1373 1358 134 3,100 BulovaWheel
Watch
No par
334May 13 1434 Nov 29
212
2134 2214 2214 2234 2178 2218 2158 2214 *21
24
612
22
2138 1,900 Bullard Co
21
par
Nov 16
No
13
244
Mar
814
45*
54 15,2
112 112
138 158
158
158 .138 14
134
134
112 158 1,200 Burns Bros class A
I4
4
July 9
No Dar
158
234 Jan 25
6
138
138 •11
/
4
114 *118
114
1
118
118
1,050
114
114
1'3
Class B
No par
14 Mar 20
1
112 Nov 27
1
31,
812 834
812 812
814 814
812 81
814 838
360
814
8
7% preferred
100
3 Mar 16
978 Jan 23
4
3
2478 2512 25
154
2578 2512 2578 2514 2558 2518 2538 2458 2518 16,800 Burroughe
Add Mach____No par 134 Mar 14 28 Nov 23
218 218
104
2
104
2
1
3104
2
2
2
2lg178 2
14
178 1,100 /Bush Term
13
3173
No par
1 Apr 8
318 Jan 21
74 718
4
612 7
7
7
74 710
7
7
64 612 1,000
Debenture
100
514 Apr 3 1012 Jan 22
2
15
254
15
94
15
16
164 17
1612 17
16
16
490 Bush Term 131 gu pref elfs
16
16
100
Mar
10
28
418
21
518
2212
Jan
21
374
338
34 338
34 314
34 3'8
3
3
5,100 Butte Copper & 21no
318
3
5
11
/
4 Mar 12
112
312 Nov 22
3/
1
4
112
114
114
118
118
118
118
11
/
4 113
1
3,400 WutterIck Co
11
/
4
1
1
38
38June 3
No par
118
134 Jan 3
434
1934 2014 1938 204 19
194 184 1938 1878 1918 1814 19
0,800 Byer, Co (A 50
No
par
1138
NI
ar
14
6312 6312 .63
204
6414 63
Jan
7
1138
63
61
1334 3213
62 .60
65 .60
65
80
Preferred
100 32 Mar 14 66 Dec 6
32
40
36
6778
36
3534 36
3538 3534 3534 3534 3534 3534 35
3512 2,300 California Packing
No par 3012 Aug 1
424 Feu 18
1658
/
2
1834 441
34
4
34
4
34
78
34
7
34
78
34 8,200 Callahan Zino-Lead
3.1
14July
8
1
13
14
184
Jan
6
31
614
'4
64 614
54 6/
1
4
534 6
18,20 Calumet & Heels Cons Cop
534 6
8
55
57
8
212
Mar
13
214
658
634 Oct 8
25*
27
27
274 29
2812 284 2834 2934 2978 3134 31
3314 26,800 Campbell W & 0 Fdy____N---25
74 Mar 13 3318 Nov 2
o par
6
6
1312 1378 1314 14
1372 14
1578
1334 148 14
144 1334 1412 42,400 Canada Dry Ginger Ale
5
818Sept 27 1658 Jan 7
818
1212 2912
*55
5712 *55
571
. *55
5714 *55
5714 *55
5714 *55
Canada
571
1
Southern
100 50 Apr 9 5612 Oct 5
484 5612
44
1158 1178 1158 1178 1114 1134 114 1112 11
1114
1034 11,8 44.700 Canadian Pacific
25
858 Oct 2 1334 Jan 9
838
10/
1
4 184
•39
394 3012 3912 .3912 3978 39/
1
4 39/
1
4 3934 39/
1
4 3918 39,2 1,000 Cannon Mille
No Dar 30 June 1 4014 Oct 15
2214
Ws 38 14
1334 14
*1314 14
*1314 14
.13
1312 *1278 14
1.100 Capital AdmInle 01 A
1234 13
Mar
1
43
8
21
14
Nov
6
44
*474 48
5
/
1
2 1014
4712 47/
1
4 4712 4712 4712 47/
1
4 48
48
*47
180
48
Preferred A
10 3212 Feb 25 48 Nov 7
26
2634 39
•____ 8912 .85
8912 .85_ *87
88 .86
88
*86
88
Carolina Clinch & Ohio Ry__100 8214 Feb 27 88 Aug 29
60
85
.88
74
9012 904 904 *88 -0014 *88
9014 *88
10
0012 *88
9012
Send
100 85 Mar 20 95 July 18
734 813
70
92,3
Vs 818
70
734 8
734 734
7/
1
4 7/
1
4
738 7/
1
4 6,000 Carriers dr General Corp
1
714 Dec 2
818 Dee 5
100 103
10012 10234 9814 10078 9914 10134 984 10112 9712 101
9,600 Vane (J I) Co
100 4534 Mar 18 11114 Nov 16 15
15
11812 119 .11812 120
163
4
118 11812 211614 11614 *117 119
130
119 119
Preferred
100 8312 Apr 11 12612 Nov 6
564
5738 5712 5612 5712 56
567
, 93
574 5534 5614 5514 5612 554 5634 6,800 Caterpillar certificates
Tractor
No par 364 Jan 16 60 Nov 8
15
23
384
2858 29
28
29
2738 284 2738 284 2714 2778 2718 2758 17,800 Celaneee Corp
of Am
No par
194 Apr 26 35/
1
2 Jan 7
1718
1718 4473
1918 2038 20
2012 1834 20
191
/
4 1958 1812 1912 1858 19
10,700 /Celotex Co
No Dar 1618 Nov 30 214 Nov 18
1618
---- -- - 59
5912 59
594 *58
59
*57
5812 *5712 5812 *57
5812
500
5% preferred
100 55 Nov 29 6214 Nov 21
2614 2614 .2612 27
55
_
2658 2634 2612 2634 264 27
2,2678 2678 1,100 Central Aguirre Asso____N5 par 2214 Feb 13 29 May 8
I884 18v4 -3341
.51
55
52
52
51
51
*50
5278 52
52
600 Central RR of New Jersey_100 34 Mar 18 6212 Aug 17
4918 4918
34
.818 9
53
*8
92
9
*812 834 *812 84
812 834 *8
300 Century Ribbon Milis___No par
84
618July 31
124 Jan 16
512
103 103 *102 103 *102 103 *102 103 *102 103 *102 103
512 121
/
2
10
Preferred
100 9614 Mar 14 1094 Jan 2
1101,
82
75
6314 6538 6214 65
5734 6114 5538 584 5412 5734 5412 5014 93.500 Cerro de Pasco Cooper___
No par 381
Jan 15 654 Deo 7
/
2
233
4
304
44
'3
94 94
94 938
914 1012 1038 1112 1112 124 1138 1214 32.900 Certaln-Te
ed Produess___No par
33$ Mar 13 1214 Dec 13
*74
25s
77
314 _7
'7512 7814 7512 8012 7912 8034 794 8034 7914 80
.84
1,380
7% preferred
100 23 Mar 12 8034 Dec 11
1058
1712 do
•19
20
*1812 1912 18
1812 18/
1
4 1838 "17
1812 *1612 18
400 Checker Gab
5
41
/
4 Mar 27 204 Dec 4
41
/
2
44
59
184
60
59
60
5834 5912 5912 60
59
60
56
5812 5,000 Chesapeake Corp
No par 36 Mar 12 6114 Nov 27
34
2912
437e
5112 5214 511
/
4 5114 521
/
4 521
/
4 5114 52
5114 5218 5034 MN 21,500 Chesapeake & Ohio
394 484
3718
25 374 Mar 12 534 Dec 4
*158 134 *158
134 13158
134 .153 134 .158
134 *158
13
:Chic & East III Ry Co
100
14
Apr
1
26
24
7
12
Jan
1
.218 212
212 212 *214 212 111214 21
.2
238
218
2'i
400
6% Preferred
4
78June 3
100
11
/
4
3 Dec 5
8
134 134
134
172
152
172
112
158
113
112
138
138 2,400 Chicago Great Western
58
100
58 Feb 28
112
54
Jan
214
7
.541 538
478 538
434 478
438 6
*412 43
412 412 2,100
Preferred
100
158 Feb 28
34 114
538 Dec 2
153
.318 878 *312 814
*312 478
4
7
734 9
470 :Chic Ind & Loulev pref
8
8
100
132
1 Mar 30
1
7
9 Dec 12
32
3234 3278 33
33
33
3333 33
32
32
1,600 Chicago Mall Order Co
113158 32
194June 7 235 Nov 7 I 834
834
10
5
134 14
134
170
158 14
112 138
112
134
112 173 4,600 /C131,3 Milw St P & Pao---No
4
2
8,2
14 Mar 29
3 Jan 3
Par
234 3
24 3
234 24
234 27
258 27
212 24 4,900
.
4
Preferred
313
1313
100
33Mar 29
454 Jan 4
318
3
314
3
278
278 3
24 3
3'o
12,700 ChIcago dt North Weetern
278 3
100
138June 28
14
1
4 Jan 7
6/
34 .15
734 734
734 8
734 77
712 81
74 81
*7
2,100
8
Preferred
100
358July
534 28
3/
1
4
1058 Jan fi
1414
14
1418 14
14
141
144 151
154 161
1512 1614 12,600 Chicago Pneumat Tool___No par
94
1614 Doo 12
458 Mar 14
34
*4912 5014 4978 501
4934 493
4914 52
514 521
51
5214 2,700
Conygopreferred
14
31%
4
Rock 1.1 a pftemeN.o_ ivil
aor 20.4j
288,4
1414
Mia
i yr 1
5378 Nov 20
•178 2
134
17
2
2
178
17
158 158
14
134 1,60 :Chica
3,4
138
614
25
8
318 4
Jan
11
*338 4
318 41
44 413
358 358
312 312 3,00
7% preferred
100
158 Mar 30
218
14
91
/
2
414 Dec 10
314 314 *3
34
314
33
314 358
314 312
3
6% preferred
314 2,40
8
2
11* July22
114
100
4 Jan 10
.13
1314
13
13
1318 131 *13
134 *13
1314 13
400 Chicago Yellow Cab
13
No par
914July 1
94 216
14 Nov 19
94
r
For footnotes see page 3816
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Volume 141
New York Stock Record-Continued-Page 3
3819
/sip 1
1933 to Bowe for
Nov.30 Year 1934
Saturday
Tuesday
Monday
Wednesday Thursday
Friday
1935
Dec. 7
Dec. 9
Dec. 10
Dec. 11
Dec.. 12
Dec. 13
L610481
Highest
High
Low Los
$ per share $ per share
per share $ Per share $ per share
per share Shares
per sh
Par
per chard
per share
$ per stare
2712 2734 2712 2872 2912 3012 30
31% 3034 3134 2934 3112 42,100 Chickasha Cotton 011
10 25 Sept 17 3134 Dec 12
15
194 3034
77
75
85
83
8
832
313 Mar 15
7% 814
9 Dec 4
No par
4
2 758 7,000 Milt, Of.
3/
1
4 11/
1
4
34
24
*25 26
26
26
25
26
24
2424
24
24
9 Feb 23 26 Nov 25
190 Chile Copper Co
25
104 175g
823 84
8318 847
83
8538 85 8714 854 8714 8432 8632 232,700 Chrysler Corp
31 Mar 12 90 Nov 18
5
294
264
603
2
157
16
157
1514 1534 1534
8 1534 1572 z15
1512 1434 15
12
No par 12 Oct 8 2472May 24
174 24/
3,400 City Ice & Fuel
1
4
76
76
76
76
76
7834 *76
764 *76
7612 7612 7612
1
4
Preferred
100 69348ePt 10 100 May 3 6332
67 92/
400
*37 ____ *37 _-_ *37
*37 -- *37 ____ *37
_
City Investing Co
35
100 35 Oct 7 37 Oct 29
3714 52
57
6
6
534 614
58 618
us 638
6
512 -6. -5 314 Apr 30 612 Nov 18 314
566 City Stores new
4
kin
2174 2484 243* 2512 2334 248 2334 264 2534 267
612
26
824 1124
No par 1214May 15 2712 Dec 13
2712 27,800 Clark Equipment
*80 83 *80 83
83 83 *82
87
*80 ____ *80 ___
100 80 Nov 2 89 Aug 23
71
71
9034
20 C C C & St Louis prat
4012 41
4112 4612 455* 4714 4512 46
46
48*3 45
4712
- 11,700 Cleve Graphite Bronze Co(The) 1 2732July 3 4812 Dec 12
2738
*8218 87 *824 87 *824 87 *824 87
*8218 87
60 80 Dee 26 87 Oct 31
*8212 87
Cleveland & Pittsburgh
70t
80
78
49 *43
*47
*43 _ '
*47
43 ____ *43
_
Speol grt 4% betterment Mk 50 48 June 25 48 June 25
31
38
65
3712 374 3734 3834 39
36
36
3912 4614 423* 42 -43- -Kaao Cluett Peabody & Co__--No par 20 July 27 43 Deo 13
2472 45
20
*117 125 *11712 125 *1174 125 '120 125 '120 125 *120 125
Preferred
100 110 Aug 19 126 May 20
95
115
90
No par 161/
954 181 12
85
1
4 Jan 2 29812 Nov 20
Coca-Cola On (The)
-7514 831 -2.512 13.- 88 164 38434 -17-371 -88E2 8634 -ill 8638 45,900
When issued
7212 Nov 16 93 Dec 9 44 2114
57
5734 58
5832 5712 5712 35612 5612 5512 5512 555* 5534 1,600
45% 161; 17Class A
No par 5332 Apr 20 5832 Dac 9
*585 -- - *620 - _ _ _ *620 _
*614
*614 ____ *614
314
314
Coca Cola Internal Corp-No par 450 Sept 5 450 Sept 5 200
1812 17% 18
1712 1732 1712 1812 18
1734 18/
1
4 181
/
4 18/
9
18 14
1
4 32,300 Colgate-Palmolive-Peet No par 1512June 1 1914 Sept 13
*10434 10714 10714 10714 *10514 107
10534 10534 *10512 107
106 106
6812
66
101
Jan
3
10714
Dec
9
preferred
100
10212
6%
300
4334 44
4414 48
4334 453
9
Mar
13
46% 4832 464 4814 4572 47% 45,700 Conine & ALtman
10
4832 Dec 11
No Dar
384
9
•108 10814 108 10814 108 108
10814 10812 108 108 *10512 107
Preferred
100 6934 Mar 13 10812 Dec 11
74
94
6934
330
812
9
9
812 912
9
9
9
9
9
9
6
972 Nov 9
9
5
632 Jan 10
260 Colonial Beacon 011----_No per
4% 43
432 45*
414 434
414 4%
4% 432
is
/
1
4
414 412 6,700 :Colorado Fuel & IrOn-No Par
mar 13
51
/
4 Jan 21
2152
824
2312 2312 23 2434 2334 2414 25
27
27
26
28
5
5 Mar 14 2812 Jan 21
100
1012 $3
Preferred
274 1,210
2112 *1712 2014 *1712 20 *1712 21
*19
207 *18
*1712 2112
100 1034 Feb 28 2212 Dec 5
1652 6022
1014
Colorado & Southern
*20
2014 20 2032 1912 20
1934 1934 19
1934 1914 20
7 Feb 28 21 Dec 5
100
13
3314
7
560 4% let preferred
1714 171 *154 18
*1512 18
16
16
16
16
*11
6% Mar 9 1712 Dec 7
6/
1
4
17
11
100
30
2d preferred
4%
170
945* 954 94
*95
953
9514 95 95
94
9414 9334 94
45
68
7714
1,900 Columbian Carbon•$ a -..No par 67 Jan 15 10114Nov 6
*6914 701
7012 723* n47 49% 4614 4614 4612 4734 46
47
2,100 Columb Plot Corp•I 0---No par 46 Dec 13 4972 Dec 10
137 1412 1378 141
1312 14
134 14
1358 1418 1312 13% 45,800 Columbia OM & Elee---No par
318
332 Mar 13 1534 Oct 30
6112 111.4
88 88
874 8772 8712 871
874 871
8712 8672 8734 1,400
87
100 3512 Mar 13 90 Oct 23
53
35/
1
4
Preferred series A
7884
*75
811 *75 82
82 83
82 82
8212 8212 *preferred
100 31 Mar 15 83 Dee 11
8234
41
31
5%
71
160
491 497
494 491 z4712 491
48% 494 48
49
473 48
10 3912 Jan 2 58 Oct 18
1832 4014
1114
6,000 Commercial Credit
1144
*11312 117 *114 115 z11412
*113 114% 114 114
110 Oct 23 11912 Aug 10 110
11334 11334
300
53.4% preferred
6414 64'2 624 637
624 631
6134 6212 6112 62
61
6114 6.200 Comm Invest Trust
No par 5614 Feb 7 72 Aug 15
'
5 2214
35¼ 61
*11012 1121 *11012 1121 *111 11214 *111 11212 11132 111% *11118 1121
84/
1
4
/
4
No par 111 Mar 13 11512 Jan 29
91
114
Cony preferred
400
10114 101'2 10232 1027 1024 1021 *10134 1024 10134 10212 10118 10152 1,600
conv.pf car of 1935 No par 977 July 29 105 Oct 15
97%
$4.25
2014 21
2072 2114 2012 211
204 2034 2014 2112 2038 2112 60,000 Commercial Solvente..
1
4 Oct 3 2372 Jan 7
1534
ils; 164
NO par 16/
21
4
23*
2% 23
212 234
2% 234
25* 23
24 2% 97,500 Commonwith & Sou
%Mar 6
No par
3 Nov 8
334
34
66
66
654 65% 66
658 67
654 654 6534 2,800
6612 65
17/
1
4
2112 5324
No Par 2912 Jan 4 71 Oct 30
$6 Preferred series
105* 105
105, 1055* 104 10% 10% 10% 1032 10% 10
572 Mar 18 11 Dec 2
No par
a
10
5
1312
1,500 Conde Nast PUP.. Ine
4212 43
4212 427
4212 43
4234 43
4234 43
27 Mar 15 4534 Nov 20
43
No pa
4314 3.300 Congoleum-Nalrn Inti
22
3541
1618
1316
17
*1612 161 *16
165
16
16
17 *16
*15
714
9 Feb 7 2112Nov 9
No pa
17
714 1411
100 Congress Cigar
1812 1932 19
184 19
191
1734 1812 18
1812 18
1433
181
32
61
1,920 Connecticut Ry & Lighting_100 148 Nov 19 49 July 19
3014 301
*30
32
31
31
294 30
*3014 3112 *2712 311
100 24 Nov 20 5812Sept 20
55
58
24
Preferred
70
101
104 1012 10
tit
934 10
912 934
7 Mar 14 1114 Nov 25
914
54 13/
1
4
No pa
934 10
2,500 Consolidated Cigar
6412 6412 *6212 653 *64
653 *63 644 *63
6434 6314 6314
100 62 Mar 28 74 Jan 24
31
75
3014
Preferred
110
73 73
*71
73 *7214 75
71
7214 70
704 72
1
4
4514
100 69 Nov 1 82 Feb 28
72
654 74/
Prior preferred
150
.371 110 *71 110 '71 110 *6812 110
*6818 110
36812 110
451A
49
70
Prior pref ex-warrants_ __ _100 7212 Oct 23 80 Mar 6
314 may 17
1
534 6
5% 6
1/
1
4
7/
1
4 Jan 16
58 6
.58 6
534 6
534 61
13u
614
6,500 Consol Film Indus
1834 19
1834 1834 21812 19
1812 1812 1812 185* 1812 1814 2,400
1414May 31 221
714
/
4 Feb 15
10/
1
4 20/
1
4
No pa
Preferred
3178 3232 315* 323* 314 325* 305 313* 70,200 Consolidated Gas Co
32/
1
4 33/
1
4 3234 337
15/
1
4 Feb 20 3434 Nov 20
184 4712
15/
1
4
No pa
10414 10414 10412 1041 104 105
104 104
104 104
721
/
4 Feb 23 10512 Nov 20 271
95
No pa
10372 10414 2,600
all
Preferred
4% 514
5
534 572
512
5
532 572
11
/
4 Mar 12
6/
1
4 Deo 6
53*
472 54 10,900 Consol Laundries Corp
11
/
4
No pa
4/
1
4
1012 103* 103* 105* 1014 10% 1014 1012 1012 1072 104 11 101.500
6/
1
4 Mar 13 11 Dec 13
74 1414
612
No pa
Consol 011 Corp
11114 1111
*109 11014 *109 110
/
4 111 11112 *11112 11114 *111 1115* 4,500 8% preferred
108
11214
10 10812 Feb 5 11212 Oct 28 103
712 814
5
512
612 7%
74 8
712 78
212
814 Dec 10
7
212 Jan 25
71 17,800 Oonsol RR of Cuba pre:
21s
684
um
1
118
1
14
1
1
8
14
32 Aug 10
132 Nov 21
1
11 20,500 Coneolidated Textile
14
312
33
NO INI
1772 18
18
184 1734 1814 17/
1
4 184 18
834June 5 1914 Nov 18
1814 174 177
61
/
4 1334
4,12
20
5,200 Container Corp class A
714 7%
714 7 8
7
74
7
74
2
7
2/
1
4
278June 10
812 Nov 18
74
524
No pa
7
71
Class B
7,000
1014 1032
9% 10
972 1014
4/
1
4
934 1014
4/
1
4Mar 13 10/
1
4 Dec 4
934 1014
94 10
514 1412
6,200 Continental Bak class A.... NO Par
15* 134
15, 134
15, 134
132 15
1% 134
/
1
4 Anr 1
134 Deo 2
112 15, 8,400
No pa
72
122
/
1
4
Class B
*66
6732 6614 6612 6612 6612 67 67
67
13732 *65
4414 64
663
644
100 4614 Jan 28 6734 Aug 9
Preferred
700
91
8912 8712 8914 8534 89
915* 884 9132 88
ea% 6412
8112 8512 23 100 Continental Can Inc
37
2
62114 Jan 15 9914 Nov 20
1712 1712 1734 1952 18% 1934 1972 2012 1912 205* 31812 197 21,000 Cont'l Diamond Fibre
6
11112
a
a 7 Jan 15 2012 Dec 11
4332 4312 43% 44% 4414 4434 444 44% 44
44% 4312 44
3361 3614
so
2.60 2872 Mar 13 4472 Dec 11
11%900 Continental Insurance
214 2%
214 2%
24 214
214 232
24 214
234 Nov 29
1
34
Pe
s4
24 214 19,600 Continental Motors
14 Jan 2
29% 304 2934 3012 30
1214
30% 293* 3012 3012 3034 2912 3012 51,600 Continental Oil of Del
15/
1
4 2214
5 1512 Mar 14 3034 Dec 12
65 65
6012 AI
66
6834 6714 69
6512 66
684 6934 663 68
to%
/
4 Mar 11 6934 Deo 12
1,610 Corn Exchange Bank Trust Co 20 411
694 70
6934 6814 6914 6812 6914 68
6912 7014 69
6512 131112
Sate
6812 4,400 Corn Products Refining
25 60 Oct 2 7833July 10
*15714 163 •15712 163 *15732 163 *15714 163
15012
157 15714 15912 160
135
100 14814 Oct 8 165 May 23 133
600 Preferred
6% 732
714 7%
712 72
35s
912
314
414 Mar 13
7/
1
4 Dee 9
67s 74
634 714
634 7 34,200 CotY Inc
No par
3714 3714 374 37% 3732 3712 3712 3712 3712 371
3614
33
18
1
4 Mar 4
3712 3712 3.000 Cream of Wheat cite
1
4 Jan 15 39/
No par 35/
1738 17% 174 1712 1712 1834 184 1914 1834 1932 1712 1834 10,500 Crosley Radio Corp
8
174
7
No par 11345e0t 2
1938 Dec 12
44
45 45
4434 434 4312 4314 4414 4312 44
425* 4314 2,700 Crown Cork & Seal
1884 MN
1834
1
4 Mar 14 48/
1
4 Nov 16
No par 23/
4712 *46
4714 *4614 4714 *4632 4714 *464 4714 *4612 4714
47
3511 6414
32
1
4 Jan 4 48 Nov 20
No par 43/
$2.70 preferred
200
*100 109 *100 109 •100 109 *100 101 1100 101
84
47
389
99
10 Crown W'mette Pap lift pfNo par 7412 Mar 13 x99 Dec 13 .7 40
8
812
7% 8
313 mar 18
734 78
734 812
75* 77
312
6/
1
4
84
812 Dec 5
734 814 16,500 Crown Zellerbank •t c...No par
30
32% 32
30
30
3314 3214 3432 3314 3514 15,600 Crucible Steel of Amerloa_--100 14 Mar 15 3514 Dec 13
30
30
17
3812
14
99 100 *100 102 *102 103 *104 _ 3803 103
*99 991
44
71
100 4712 Apr 12 z100 Dec 13 80
Preferred
800
1% 212
7g
34
1% 24
134 134
112 134
134 VS
1/
1
4 1/
1
4 12,900 Cuba Co (The)
21
/
4 Dec 9
84
1 Jan 28
No par
1172 1214 13
924 103s 10
1314 14
1212 1312 12
2
314 10',
6 Jan 5 14 Deo 11
100
1234 2,23 Cuba RR 0% prof
6
612
614 6%
64 63
2/
1
4
6
618
614 132
9/
1
4
812May 13
3/
1
4
512July 22
10
58 6
Cuban-American Sug a
10.000
60% 73
60 61
6034 61
60 61
594 591
1014 65
14/
1
4
5912 5912 1,61
100 4013 Jae 3 8034May 13
Preferred
414 411
4034 41
4034 4114 4014 41
40
4Q13, 4014 4012 2.000 Cudahy Packing
37
5352
854
1
4 Jan 2
60 33914 Oct 3 47/
22% 214 22
2134 2232 22
2114 2112 2072 214 2034 213* 9.500 Curiae Pub Co (The)
2924
1312
No par 15 Mar 15 2434 Nov 25
10232 10234 10212 10234 102 10212 1024 10212 1024 10234 3,000
103 103
Lts4
6314 9524
1
4 Mar 14 1054June 13
No par 89/
Preferred
35
35
3% 334
2
3% 334
/
1
4
33
34 3%
514
2
372 Nov 29
3%
314 312 58,200 Curtiss-Wright
2 Mar 12
1
912 9%
94 932
9% 934
9
94 9%
514 12.4
932
314
834 914 48,800
614 Mar 15 101
/
4 Jan 2
1
Claes A
92
*89
92 *89
*89
92 •89
92
89
89 *___ 91
7514
91
Nov
15
73
73
Mar
23
295
Sons
7%
pre!
--_100
20 Cushman's
701 *62
*62
701 *62 701 *62
701 *63
7012
6412 90
7012 *63
No par 61 June 8 75 Nov 8 61
8% preferred
38
3714 38
38% 3912 4132 4134 43
4312 44
11
9/
1
4
4312 45
2112
No par 16 Mar 13 45 Dec 13
10,000 Cutler-Hammer Inc
9
9
*8
9
834 Pa
938 913
834 834
978 1014 2,400 Davega stores Corp
6
84
6 June 7 1014 Dec 13
5/
1
4
5
53
5484 5234 53
53
537
5234 533
513* 5314 52
104 3412
No par 2214 Mar 18 5834 Nov 15
5338 6,700 Deere & Co
104
27
27% 2712 271
27
27
273
271
2712 2734 274 271
10/
1
4
1014 1914
Preferred
20 19 Jan 15 28 Sept 5
2,700
23% 24t
2372 241
2314 233
2314 231
ii
2214 23
2232 223* 11,400 Dlesel-Wemmer-Gilbert Corp _10 1872 Deo 2 2412 Dec 5
412
3934 401
39% 411
3834 401
3812 393* 375* 393* 3612 381 20,900 Delaware & Hudson
1
4 Jan 7
2312
100 2312 Mar 26 43/
17% 181
1714 181
16% 177
1634 1714 1612 16% 1612 17 26,900 Delaware Lack & Western-50 11 Mar 13 1912 Jan 7
14
11
3334
434 5
*432 5
45* 45*
5
5
412 45*
43* 41
3/
1
4 1314
112
5 Dec 9
112 Feb 27
100
1.000 Deny & Rio Or West pref
116 1161
53 11614 117
116 117 *116 117
11712 118
11814 11814 1,200 Detroit Edison
55
Ws 84
100 65 Mar 13 12012 Nov 26
344
*414 5t
5
5
*513 53
534 534 *514 6
S
7
2
6 Jan 17
2 Aug 12
90 Detroit & Mackinac Ry Co...100
_
*1014
- *11
*10 -_- *1014
10
•1014
184
6% non-cum preferred_ _100
54 Oct 2 1212May 1
112
431 .40
44
4112 4112 40
*41
411
40
4012 *39
42 -1:i4o Devoe & Raynolde A__No par 3512 Aug 28 5032 Jan 2
29
5514
20
*119
120
120
*119 120 *119 120 *119 12012 *119 1201
•119
99
117
8912
let preferred
100 11412 Mar 8 12012July 8
38% 387
3834 383
38% 38% 3712 381
37
3712 3634 367
21
21
3812
No par 2612 Jan 2 41 Nov 19
1,600 Diamond Match
3714 37% *3712 38
37
37
3772 377
36
37% 36
364
2814 $44
273*
Participating preferrea
25 3432 Jan 7 4112May 3
900
37% 3812 3534 373
37
37% 381
371
3612 374 36
8/
1
4
3714 23,400 Distill Corp-Seagrams Ltd No par 36 Dec 13 3812 Dec 9
42% 44
4334 447
444 44'2 4334 447
41% 427
42
82
26
4412 24,800 Dome Mines Ltd
4614
No par 341g Jan 15 443* Dec 10
9
9
9
9
9
914
9
8% 9
9
872 9
11
23
634May 29 125* Jan 28
6/
1
4
1.900 Dominion Stores Lid. No par
3712 38% 36% 373
364 3714 3632 3712 355* 3714 45,100 Douglas Aircraft Co Inc No par 17/
36% 38'
1434 2
1
4 Mar 12 388 Dec . 114
31
30
30
*2914 31
32 •30
•29
*29
3012 29
8
20
par
Nov
25
conv
A
No
29
84
1312 Mar 15 32
200 Dresser(BR) Mfg
174 *1614 17
17
*1418 17
171
*164 17
•17
1172
164 164
5
No par
61
/
4 Mar 18 1712 Dec 5
3%
Convertible elms B
400
*48
8
*28 1
w% 1
.58 1
1
1
3.32 1
14
100
14June 13
1 Deo 11
38
D.
100 Duluth SS & Atlantic
Ils
14 11
114
*I
*72 11
14 18
13
1,3
14 Ds 1,000
2'
100
'*June 21
132 Dec 12
Preferred
712
77
8
7% 81
772 81
714 78
3
1124
718 71
2
2 June 6
734 77
814 Deo 10
1
Dunhill International
9.600
1512 1512 *15
153 •15
161 *15
157
2378
*15
16
13
*154 151
1234
No par 1234May 21 19 Aug 6
200 Duplan Silk
*11473 -___ *11473
92
*11472 -- *11472 ---- *11473 _ *1147
11012
92
100 103 Mar 20 116 Nay 16
Preferred
13712 13938 137 13814 1363* 138
139 139% 138 139
103
135 137' 11,E66 DuPont deNemours(E.I.)&Co.20 8632 Mar 18 14612 Nov 20 1 59/
1
4 100
128
*1304 1301 130 13014 13014 1301 *130 132 1130 132 *130 132
:Feb 8 132 Oct 28 10413 115
100 1287
400 6% non-voting deb
114 114 *114 ____ *114
11312 11312 114 114
10714
*11312 114
85
90
170 Duquesne Light lit pref-.100 104 Feb 18 115 Aug 5
2712 271 *28
26
31
26
301
/
4
26
26
23
21
11712 /Er
23
12
12
Nov 29 2712 Dec 10
Hosiery
Mills
Met
-100
70 Durham
7
71
74
7%
7
3/
1
4
71
ca 12
74 714
5 Jan 7
_5
7
7
714 71
334 Mar 13
Eastern Rolling Mills
2,100
157 1611 157 159
79
116
161 162
159 15934 15634 158
65/
1
4
161 162
1
4 Jan 18 17214 Nov 18
Eastman Kodak (N J)--.NO Dar 110/
3.300
155 1551 1554 156 *150 1564 *150 158
147
120
*150 155 *150 155
100 141 Jan 4 164 July 26 120
80 6% cum preferred
274 27'2 27 274 2672 275* 7,600 Eaton Mfg Co
27
27% 274 273
1
4 Oct 23
2634 27
121a 22
10
No par 1632 Jan 15 30/
71a
7
712 712
7% 71
734 734
6
19
734 734
314
314
Mar
27
832
Nov
1
par
7% 7%
No
Schild
Eltingon
1,000
31
344 3614 344 3632 354 3632 3434 3572 3414 3538 52,000 Elea Auto-Llte crew
15
1152
5 1932June 1 3834 Oct 21
3312 341
112 112 *11112 112 *11072 112
110
112 112
75
112 112
BO
100 107 Jan 23 11312Sept 25
*11072 112
Preferred
100
1214 131
3
12% 1312 1212 127
114 134 115* 124 62,500 Electric Boat
7
3
372 Mar 15 1312 Dec 9
3
12% 131
6% 63
612 65*
634 634
64 612
614
9
5/
1
4Sept 21
812 Feb 18 44 218
64 65* 2,600 Else & Mus Ind Am shares
6% 634
55
5% 53
214
9
53* 01
11
/
4
534 6
11
/
4 Mar 15
54 57
712 Aug 17
6
512 534 26,900 Electric, Power & Light ..No Par
6/
1
4 21
2572 2412 261
254 271
3
25
25
3 Mar 13 32 Aug 17
2612 25
24% 253
No par
2512 9,800
$7 preferred
2132 241
6
19
23
2114 211
212
212 Mar 13 28 Aug 17
Ns ear
2112 2234 *2132 22
235* 2214 2312 7,000
VI preferred
For footnotes see page 3816.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PRR CENT
Saks
for
the
Wosk
STOCKS
NEW YORK STOCK
EXCHANGE
Fut*/ 540e4 Jas. 1
On Basis of 100-saaro Lott
3820
New York Stock Record-Continued-Page 4
HIGH AND WW SALE PRICES-PER SHARE, NOT PER CENT
Saturday /
Dec. 7 I
Monday 1
Dec. 9
Tuesday'Wednesday i Thursday 1
Dec. 10 I Dec. 11 I Dec. 12
Friday
Dec. 13
•
Saks I
for I
the
Week I
STOCKS
NEW YORK STOCK
EXCHANGE
&MI Slag Jas. 1
Oa Basis of 100-shard Lots
Dec. 14 1935
July 1
1933 to Rados for
Nov.30 Yoar 1934
1985
Low L011
Mob
Loyal
IMAM
•
Shares
Par 8 per shard
8 Per share 1 pitch 8 per Shari
1,900 Elee Storage Battery
No par 39 Mar 21 5834 Nov 30 11 3371
34
52
500 /Elk Horn Coal Corp
14 Mar 29
No par
/
1
4 Jan 10
44
178
14
1.200
0% part preferred
178 Aug 17
as Apr 1
50
/
1
4
1
34
310 Endicott-John2on Corp50 5234 Jan 16 66 Sept 5
45
45
63
10
Preferred
100 1254 Jan 10 132 4r 23 112
120
128
1,300 Engineers Publio Serv..-No par
814 Nov 8
/
4 Mar 18
11
118
2
834
700
$5 cony preferred
No par 14 Mar 19 50 Nov 8
101g
104 234
7001 354 Preferred
11
Vo par 144 Feb 7 55 Nov 8
244
11
200
86 preferred
12
No par 1512 Mar 19 6512 Nov 8
13
3511
11,600 Equitable moo 131dg.--No par
412 Aug 8
712 Dao 6
412
5
10/
1
4
8,600 Erie
7/
1
4 Mar 20 14 Jan 4
718
100
938 24/
1
4
3,100
First preferred
8% Mar 26 19% Dec 4
812
100
1414 2814
1,300
6314 Mar 12 1312 Dec 5
Second Preferred
100
634
9
23
_ _ _ ___ Erie & Pittsburgh
50
50 6912 Feb 18 8534 Nov 1
50
68
3,700 Eureka Vacuum Clean
7
1438
5 1012 Mar 19 1478 Aug 17
63,
37.300 Evans Products Co
5 15 May 7 37 Nov 25
3
274
9
200 Exehantre Buffet Corp--No par
2 Am.30
6 Nov 18
2
3
101
/
4
9,420 Fairbanks Co
25
/
1
4 Mar 26
31
/
4 Dec 11
238
bs
1
5,810
Preferred
100
4 Mar 19 15 Dec 11
312
334 1211
8,200 Fairbanks Morse & Co___No par 17 Jan 11 32 Nov 20
47o
7
1834
7712
30
Preferred
25
100 72 Jan 17 14212Nov 22
15
4,100 Federal Light & Trao
588 Mar 15 211
/
4 Nov 25
4
4 114
90
Preferred
3418 82
33
No par 48 Jan 8 s85 Aug 16
400 Federal Mill & Smelt 00 -100 40 Apr 8 72 Apr 28
40
52
107
100
Preferred
100 64 Apr 1 95 May 28
62
98
50
6,300 Federal Motor Truok____No par
812 Dec 4 111 234
314 Mar 23
278
8..3
6,100 Federal Screw Worke__--No par
44 Jan 7
2 July 6
1
2
5%
4,200 Federal Water Seri,I
/
1
4 Feb 25
3/
1
4 Aug 19
No par
Is
1
11
3,300 Federated Dept
16%
20
31
_No par 1618 Mar 29 25 Aug R
4,600 Fidel Phen Fire Ins
20/
1
4
23/
1
4 35 8
Stores_.
N .. _2.50 2813Mar 14 4514 Dec 9
Filene's(Wm)Sons Ca___No
Y- par 16 Apr 9 25 Sept 26
16
23
30
6 SS % preferred
87 100
100 10614 Mar 6 114 July 3 x86
23,700 Firestone Tire & Rubber
10 1318May 2 2314 Dec 12
13/
1
4
18
25'4
3,900
1
4 Apr 8 9914 Dec 12 674
Preferred series A
7118 934
100 84/
4,800 First National Storee__-_No par 4438 Nov 20 5878 Aug 12
4438
53
59.4
700 Florsheim Shoe olase A-__No par 19 Feb 21 3038 Dec 11
12/
1
4
15
252
1713
2
6/
1
4 Jan 7
2.000 :Follansbee Bros
214 Mar 6
2
No par
4,200 Food Machinery Corp--No par 2014 Jan 15 7312 Dec 13 31 1014
1012 21
84
8/
1
4 22/
9,000 Boater-Wheeler
1
4
1
4 Mar 15 2434 Dec 4
9/
No par
190
80/
1
4
4414
65
Preferred
No par 6038 Mar 15 103 Nov 2
258
1
4June 7 1011 Jan 7
614 17
2/
Foundation Co
No par
4,100 Fourth Nat Invest w w
165
We 27
1 1934 Mar 21 3618 Nov 18
814
814
Fox Film class A
858 Mar 15 174July 15
17.
No par
8418 65 651 *63 6312 *65
64
64
64
Nov
8
Apr
20
2
70
20
310
63
Fkln
65
70% 65
1
4
Simon & Co 1130 7% 151-100 30/
28
28
1
4 2814 2738 2734 27
28
2814 27/
1714
21/
1
4 Nov 20
1
4 50%
5,800 Freeport Texas Co
27
2734 27
10 1714 Mar 18 30/
*122 16018 •122 16018 •122 16018 *122 16018 *122 160% *122 16018
Preferred
100 11212June 27 125 Nov 19 1124 11812 160s
334
46
4614 .43
45/
1
4 *43 45
110 Fuller (0 A) prior pref.-No par 15 Mar 13 47 Dec 6
4312 4312 *42
1212
42
14
4512 42
2618 24
2412 2478 2478 244 24
25
4114
5
19.
re
570
2412 2514 2412 25
44 Mar 13 2612 Dec 6
$6 2d pref
No par
41g 414
4
538 Nov 23
71May 21
418
4
313 6,100 Gabriel Co (The)01 it_.--No par
44
31
78
1%
334 4
4.4
313 334
1114 1178 1114 1112 10/
7
8
30
290 Gamewell Co (The)
1
4 11
1113 1112
*11
7 Mar 30 12 Nov 6
12
*104 12
No par
1038 1034 1038 1034 1012 1018 10/
54
5/
1
4 11%
1
4 107s 1014 1034 1014 1012 12,200 Gen Amer Investor*
512 Mar 13 1078 Dee It
No par
87
*99 100 *90
73
9912 139912 100
1341
/
4
100
99/
1
4 9912 31981
,
0f 16
*9812 100 I
/
4 100
Preferred
No par 8434 Jan 10 10018:4
48
48
x48 4812 4712 4818 4634 477
43%
30
2514
4612 4734 4634 4734 6,400 Gen Amer Trans Corp
1
4 Mar 12 4813 Deo 9
5 32/
234
20/
1
4 21
2078 2114 20% 21
207, 2112 2112 2212 2114 2238 16,500 General Asphalt
Nov
20
Mar
113
15
4
224
12
/
4
10 111
1178 11% 1178 12
1134 1178 1134 117k 1178 12
812 144
1138 1171 3,700 General Baking
84
738 Mar 29 x1338 Oct 17
5
*135 138 *135 138 *136 138
138 138
141 141
1084
50
141 141
100
18 preferred
No par 115 Jan 10 148 Aug 13 100
878 878
834 9
834 878
814 874
838 85s
838 812 8,700 General Bronse
6
a
Ws
5
514 Mar 4 1038 Nov 20
6
61*
44
6%
578 618
578 6 I 6,800 General Cable
534 613
64
5/
1
4 57s
2
638 Nov 18
24
2 Mar 20
No par
1612 1612 1612 1832 1712 1814 1712 1734 •1634 1714 1634 1712 5,800
Class A
4
414 12
4 Mar 26 1813 Nov 18
No par
733g 7359 7234 728* *6812 7112 •67
400
6612 6612,
71
70
70
7% sum preferred
14
1418 33
100 19 Mar 14 76 Nov 16
5214 5214 524 53
5214 52141 1.600 tleneral Cigar Inc
53
53
5234 5234 5234 53
244
27
5934
No par 4612 Nov 16 6414July 27
*141 143 *141 143 *141 142
141 141 *141 143 *141 143
30
7% preferred
97
100 12718 Jan 2 14512 Oct 7
97
12713
3734 38
374 3778 3834 3734 3613 3738 3812 3714 3534 361
/
4 87.000 General Electric
1
4 2514
1
4 Nov 13 8 16
16/
1
4 Jan 15 40/
No par 20/
320, 32781 14,900 General Foods
3234 3278 3258 3278 3212 3278 3212 3234 3238 33
28
28
2678
No par 80 Sept 17 3778July 8
711 1
78 1
14
78 1
78 1
78
8,400 Gen'l Gas & Elea A
1
1
/
1
4
112 Aug 22
78 1
No par
14 Feb 25
•101
/
4 1312 13/
1
4 1312 *1312 15
140
5/
1
4
614 19
1314 134
Cony pre! eerie& A
8 Oct 16 1513 Aug 19
1312 1312 *1312 15
No par
18
18
18 *13
18 *12
*11
40
21
19
6/
1
4
18 1
*1313 18
11
18
87 pre: class•
No par 11 Mar 5 18 Aug 20
20
*1318 20 *13 20 *1312 20
22
712
13
---311312 20
*914 20 •13
$8 pref elan A
Ni par 1544 Jan 15 18 Apr 6
624,
50
Gen Its' Edison Else Corp
5738 *._ -- 57/
57/
1
4 *33
1
4 4.3.3
32 Oct 7 BIN Feb 5 74 32
1
4 *---- 57/
1
4 *--7- 57/
1
4
*--r- 57/
6418
68 68
67/
1
4 678 6734 68
68 68
51
6738 68
51
67/
1
4 6712 1.700 General Mille
..No par 5974 Feb 6 724 Oct 25
*121 12114 x12012 12012 119 119 *11813 119
500
118
11812 1181
100 116 Jan 3 212012 Dee 9 10013 103
/
4 *11812 11934
Preferred
34/
1
4 43
5638 5434 56%, 5418 554 166,500 General Motors Corp
1
4
10 265,, Mar 13 5938 Nov 18 33 22/
54% 0514 5478 5614 5438 5578 55
11834 11834 11834 118/
11918 119/
84
1
4 11812 11812 11878 119
1
4 11834 119
89/
1
4 109
1,900
85 preferred
No par 010712 Jan 4 120 Nov 21
1712 .1614 17
834 21
18 *15
814
17
500 Gen Outdoor Adv A
17
17
*1512 17 I *1514 17
No par 10 Mar 30 18 Nov 29
43
*412 458
4/
1
4 4/
3/
1
4
1
4
43
61
/
4
43
3
*41
512 Nov 29
500
434
412 412
Common
3 Aug 9
No par
41
41
*4012 41
4114 4114 411
*40
41
1011
/
4 4114 4134 4134 2,500 General Printing Ink
1
4 Feb 5 4233Nov 7
U/12 2512
No par 17/
734 96
107 10712 *10612 10712 •10612 10712
60
6114
10712 10712 *10612 10712 1310612 107
$6 preferred
No Par 9312 Jan 22 109 Oat 16
4 i *334 4
3/
54
1
4 4
414
4
334 4
4
413 Nov 8
2
4
118
5,700 Gen Public Service
14 Mar 13
No par
40
3914 3978 x39
3958 40
404 4114 4012 4114' 3912 4012 7,300 Oen Railway Signal
1558
No par 1538 Mar 13 4114 Dec 11
234 4534
10142
90
60
*105 10912'10312 1091
/
4.103/
1
4 10912 107 107 31100 10912 41100 10912
100 80 Jan 2 109 Oee 2 80
Preferred
31$ 314
259 234
359
34
234 278
318 Dec 5
1
27
318
212 238 20.400 Gen Realty & 178111Has
212 234
4 Apr 2
1
3312 mg 38
3838 3612 3714 35
26.4
3614 3412 3412 34
3412 2,300
10
10
No par 14114 Mar 20 3918 Dec 7
/
4 3038 3034 4,000 General Refractories
3118 3112 3138 3112 30/
815
No par 1634 Jan 30 3112 Deo 7
1
4 3112 304 3112 *3012 311
10% 330e
20
Voting trust waifs-No par 16% Jan 15 23 July 9
74
10
45
46
4512 4512 45
4512 4512 47
*42
48
-- --440 Gen Steel Castings prof __No par 14 Apr 13 51 Nov 19
1758 4811
14
1718 1714 1718 1712 17% 1738 17% 171 1 17
81, 1678
1734 1718 1778 16.100 Gillette Safety Rasor__No par 12 Mar 14 1912 Aug 7 7 7%
8978 90
9038 9038 8918 8918 89
72
, 8938 8938 8914 8912 1,100
47
893
4512
Cony preferred
No par 7012 Jan 4 93 Aug 6
784 814
838 84,400 Gimbel Brothers
738 734
8
84 8/
1
4
1
4
814 834
218
814 Dec 10
84 8/
1
4
2/
1
4
21s Mar 13
8/
No par
8,200
65 68
70
69
1614 30
6814 6934 6912 7012 69
6934 66
1313
67
Preferred
100 18 Mar 27 7012 Dec 10
4614 4738 461 4759 467 4814 4812 4984 x4758 40
12,900 GUdden CO (Tile)
4578 46
/
4 Dec 12
12
1518 38/
238. Feb 7 491
1
4
No par
/
4
110 11034 110 11014 110 11034 *10734 11034
230
11018 11012 11034 111
Prior preferred
100 1047e Jan 2 111 Oct 14 8058 83 1071
31g 33,
312 359
318 3%
erg Jan 25
11
/
4
314 378
34
912
359 33,
312 35, 14,200 :Gobel (Adolf)
14 Apr 26
6
20
2038 1934 20
23
14/
1
4
16
1918 19/
1
4 19/
1
4 1978 191
/
4 1978 1914 1978 12.100 Gold Dust Corp•te
No par 1438May 2 22 Nov 25
300
*115 11678 •115 11678 13115 118/
116 eons
-No On. 1114May 3 120 June 2' o813
1
4
1
4 115 11678 11612 11612 *115 116/
9412 120
*104 _ __
77
_ __ _ -_ Gold & Stock
77
- 104
77
_ •104 _ .*104
100 104 Dec 6 105 Dec 6
preferred.Terph Co
/
4 -1-i13 1178 1238 12 1214 1134 1-21-258 121
714 Mar 18
12
12
112
No VW
1359 Nov 6
ef
1134 12-14 26,780 tioodrieb uo 05 Fl
7112 72% 71
261
/
4
69% .2,200
64 6234
7134 6978 7014 7078 7138 6812 69
69
Preferred
100 40 Mar 16 7613Nov 7
26b
2134 2212 2112 2258 2138 2214 21% 2219 2034 213
29,200
Jan
Rubb__No
Goodyear
21
par
Tire
&
153
41%
4
7
Mar
15
13
8
4
1812
2059
1,500
857 8578 853 8612 8513 857, 8512 86 .8412 86 •82
let preferred
848
64
8814
No par 70 April 92 Jan 10 7 6318
97
97g
93, 10
10.400 Gotham Silk Hose
959 97
1012 10
1014 10
1014
24 Apr 4 1012 Dec 9
10
24
31g 1134
No par
3812 714
160
81
20
80 80 *80
80
8014 81
80
80 81
80
Preferred
80
100 20 A07 3 81 Deo 7
3/
1
4 3/
1
4
3/
1
4 338
114June 25
412 Oct 25
314 338
1
lla
34 3/
34 314 18,300 Graham-Paige Motors
1
4
34 314
14
4
'
8
312 912
938 959
9
1
4 Nov 29
4
914 4,400 Granby Cons M Sm & Pr...,,,100
914
13/
9/
1
4 914
1
4
9
94 9/
4
514 Mar 19 13/
1
4
312 3/
1
4
5 Jan 7
312 44
21 Mar 15
2/
1
4
4
44 14,900 Grand Union Co Sr otfa
44
4
44 434
8%
4
44 412
1
18
60
144
23
1778 18
2059 1912 2014 2018 2214 2112 2234 2114 2214 17,000
Cony pref series
No par 1438May 20 2934 Jan 3
33
33
33
34
No par 1812 Mar 29 3533 Nov 25
314
3334 133312 3334 33/
18%
21
/
4 34
1
4 1,200 Granite City Steel
3312 341
1
4 33/
___ 3338 *____ 331
/
4 Nov 22
_
-*____ 3338 -Part pald rota
22/
/
4 *____ 3218 *3212 3338
1
4
No par 2234 Oct 2 331
344 x3213 3313 3214 334 32
3312 3334 3414 34
33
Iti -4014
No par 26 Mar 26 5514seot 71 25
3212 7,800 Grant (tV T)
1518 15
7,500 GI Nor Iron Ore Prop
1518 143 1518 14% 15
812 154
914 Mar 19 1534 Dee 6
15/
1
4 1512 1514 1533 15
734
No par
3414 3478 3414 3484 3312 3434 3259 3414 48,000 Great Northern pref
913e Mar 12 35 Dec 6
3438 3434 3414 35
9/
1
4
1314 324
100
/
4 3212 23178 3214 314 32
321
1
4May 20
/
4 311
7,900 Great Western Sugar......No pat 2644 Jan 15 84/
331f 32
25
32
3238 32
25
88,4
280
102 11812
13712 13712 138 138 •1373 13812 13887 13834 2137 137
99
100 119 Jan 3 149 May 4
137 137
Preferred
-- ---Green bay lc Western RR 00_100 21 Apr 12 38 Nov 25
21
*364 50 *3614 50 *364 50 *364 50
*364 50
*3814 50
2758 28
2838 2714 28
1 2538 Nov 26 2884 Dec 9
27
15,800 Green (II I-) Co Inc
25/
1
4 - -- 2758 2612 27
2779 2838 28
-5286 88
18
84 84
lb
100 34 Feb 6 92 Dec 6
*8612 90
30 Greene eananea Copper
*80
92 .80
92
92
*86
6824 7012 6912 7034 6838 6914 6834 6914 68
5 4614July 17 7412 Nov 14 • 5
-- - - -68% 67% 6814 7,300 Greyhound Corp (The) _
18
114
-312
178 178
1% 178
Feb
11
/
4 2
1
2114May
2,200
178 2
1
12
par
No
/
4
Guantanamo Sugar
%
178
134 11
7/
1
4 31
74
*2578 2934 *2578 293 *2578 2934
100 19 Feb 16 4314May 14
20
2912 2912 •2578 3034 *257g 30
Preferred
5
164
10
10
4
4 Mar 7 1112 Dee 12
1012 10/
*934 1012 1012 1038 10
1
4 1112 1012 1012 2,000 Gulf Mobile & Northern-100
12
3559
3312 3312 3312 34
6
34
6 Apr 3 3414 Dee 0
/
4 33
100
32/
1
4 341
33
334 2,600
*32
32
Preferred
1514 42
12
No par 12 Mar 29 3312 Nov 25
3178 *29% 31
3014
500 Gulf States Steel
•29
3138 3138 •2934 3112 3159 3134 .31
83
47
354
107 107
107 107
3
Mar
29
108
Dec
48
/
107 107
4 107 107
100
80
10812 1061
Preferred
105 105
204 264
1978
35 2114 Jan 15 30/
1
4 Dec 10
300 Hackensack Water
*3014 3034 .3014 3034 3012 3034 3014 3014 *3014 31
*3014 31
31
27
26
25 30 Jan 18 35 Dec 4
3514 35 - - *35 - - *35 - -- *35 - -- *35 _ - _- 7% preferred elms A
*35
934
312
10
4 Mar 19
5
-638
8 Oct 28 9 314
534 -6
3,961 Hall Printing
; 68 -6-%
634 834 *613 -67
54 -6358 1178
3/
1
4
61
/
4 Apr 30 1412 Nov 18
13/
1
4 *1259 13/
No par
600 Hamilton Watch Co
1
4 1312 131
•1314 1334 1312 1334 *1218 1334 13
63
25
20
6
110
100
Deo
63
110
Jan
110
4
110
*108
*110
111
31110
50
110
111
*110 111
Preferred
*107
77
86
10114
- --- ---- ---- _
- --- ---. --_
..... ...... Hanna MI ,,,, Co $7 yt__-No par 101 Jan 2 108 June 3
/
4 --- --10312 *1031
No par 10012Sept 26 105 Nov 20 1001
/
4 104 *10312 104
$5 preferred
30
4
*10272 1-03313
7441
2713
12
27
263
2634 2834 274 2813 27
2712 27
27
2738 8.400 Harbison-Walk Refrao-No par 16 Mar 15 2834 Dec 11
100
87
100 004 Jan 7 121 Dec 5 82
Preferred
122 *118 122 *118 120 •119 122 *119 122 *119 122
•118
l's
172
25
771
Nov
8
1314
Feb
6
1218
1214
137
13
513
01
A--1
1318
America
4,200
12
3
4
Hat
of
13
13
/
1
4
1212
Corp
124 1234 12
1914 92
1412
111
100 81 Feb 6 111 Nov 25
111
1104 110,2 *11018 11034 *11018 I1Oi
60
*110 111 *110,8 111
61.4% preferred
$ ver share 13 per share $ per share I $ per share i $ per share $ per share
52% 5312 5212 5334 5234 5312 5234 5234 5212 528
5212 5234
e
5,
Nv
al2
58
5
9
*12
581
12
as
12
12
112 112'
113 itI
114 1141
114 138'
114 138
114 114
.6438 6478 *6413 65
6412 8412 6438 65 1 *6314 65/
1
4 *6314 6519
*13012 131 1 131 131
131 131 *131
_ *131
_
*131
_ _
7
7 I
67s 74 *634 7141 634 678 *612 -7%
612 -6-12
4312 431. *4214 4312 43 434 4214 43 1 314114 43
42
42
*4612 4718 4613 4613 45
45
45
45
*43
4718 45
45
*5112 53 *50 5
*50 5218 *5013 52/
1
4 3151
/
4
521
/
4 5112 .521
7t8 714
718 738
634 7
634 718
613 638
634 7
13% 1314 1312 1312 1212 1314 1212 12 1 12
1259 1114 12
*1814 188 1812 1918 1734 1878 17
17781 1718 1734 1634 17
*1238 13
13
13
1234 13
1218 1214' 12
12
1138 1138
*65
*65
_ *65
_
- *85--1 *65
_ *65
13 -1-3
13 13-14 127 -1-3 *1218 13
1238 1212 x12 1212
3234 33/
301
/
4 33
1
4 3238 33
3014 32/
1
4 3114 321
/
4 x304 3438
*8
512 *518 513 *518 518
518 518' 5
5
*4/
1
4 518
2
2/
1
4
214 3
2/
1
4 314
31
/
4 3181
3
314
318 338
014 1012 11
12
12
1414 13
15 1 11
/
4
1312 114 121
3014 3014 30 31
30
3078 30 3034 3014 3114 304 3114
*1144_ - *11414 120 *11413 120 *11434 120 ,*11434 125 *11434 125
21 -21-14 2018 2114 2014 2014 2014 2114 2514 21
1934 20
847 •80
8212 8234 83 *80
*75I3 52t2 • *80
8478
8478 •80
67
63 63
BR
89 69
4163 66
3180
65
*59
65
90 90
3188
4185 90 •85
90
*89 90
90
8913 *85
784
714
7% 8
712 734
712 778
712
734
7
712
372 412
372 418
4
4
4
418
4
4
314 4
1
4
234 2/
21
/
4 2/
1
4
1
4
214 27
*212 234
212 212
2¼ 2/
23 23/
/
4 2318 23 23
1
4 23
2312 *221
22
23
2214 2234
1
4' 4414 45 I 4438 4514 4413 45
4378 44
44 45/
4412
44
•1738 2412 *20
2112 *20
2412 •20
2113 •20
2412 •20
2412
*110 11378 *11012 1137g *11012 11378 *11013 1131
/
4 *111 1131
/
4 *111 11378
2012 2114 2114 2178 2112 2212 2112 23
2214 2314 2034 22141
9838 9878 9824 9918 9812 9914 9812 9912 99
9912
9934 99
4714 4714 47 4712 4634 47 I 464 4712 4818 4812 46
46341
*2914 2978 2978 29/
1
4 30
30
3038 3018 x301
30
/
4 301
/
4 *29
44 438
438 438
4
414, 4
4
314 378
3/
1
4 31
/
4
6558 68
6934 71 I 6913 71
70
73
70
1
4
7214 7012 73/
24
2438 24/
1
4 2134 23 2412 2318 24
2314 24
2234 2314
99% 100
*9212 100
9812 9812 100 100
9918 100
100 100
_
*33 34
3314 3234 33
3234 3334 33
3212 33
3212 33
4,1612 16334 1034 10312 10312
ror 700400100
-
WO
pave 3816
,
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday 1
Dec. 7
Monday
Dec. 9
Tuesday
Dec. 10
Wednesday Thursday
Dec. 11 I Dec. 12
Prtday
Dec. 13
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
I
$ per share I 3 per share 3 per share $ per share I $ per share $ per share Shares
Par
4/
1
4 .5
4/
1
4 4/
1
4
434 5/
478 5
1
4' 5
2
538
5
513 9,500 Hayes Body Corp
25
*113 11512 *11312 11512 114 114
11334 11412 £11312 11312 113 113
800 Hazel-Atlas Glass Co
13478 13478 *12834 132 *12834 132 *12834 132 *12834 132 *12834 132
25
100 Helms (0 W)
158 158 *158% 163 *15818 1594 1594 15918
*158 16512 x158 158
Preferred
100
40
34
35
3438 3512 3434 3514 34
3478 3312 3412 3314 3418 9,100 Hercules Motors
No par
84
83
84
83
8312 8412 84
8414 84
No par
84
*83
800 Hercules Powder
8312
12518 12518 12514 12514 *1254 12612 126 128
*125 126
12514 128
100
57 cum preferred
170
7818 7758 784 *7714 78
*7714 7778 *7714 78
78
No par
7714 7714
600 Hershey Chocolate
11478 115 *11358 115
1144 1144 11434 115
115 115 *11358 115
Cony preferred
No par
1,400
3012 2958 3014 2938 30
2914 2912 2914 3038 2958 3034 30
Na par
6,500 Holland Furnace
874 9
9
9
9
9
*834 9
878 878
5
878 9
1,000 Hollander & Rone (A)
2112 2238 2114 2134 2114 2134 2034 2114 2014 21
2114 22
No par
14,400 Holly Sugar Corp
475 480 a489 499
450 450
490 490 *470 489 *46478 490
100
600 Hotoestake Mining
*4112 41/
1
4 4112 42
4112 4112 4112 42
*4112 4134 42
1,000 HOudaille-Herahey al A ..,.No par
42
2778 2958 2838 2912 2834 2973 2834 294 2834 2934 42,300
2718 28
Claes B
No par
7238 *70
7318 1571
*70
7318 *70
7234 *7178 7234 *717 7234
Household Finance part pr-_50
--:- - _.•
--.:- --,, ---- ---- _ - _ _ _ - Houston 011 of Tex tem cifs__100
--,- - -- ---- - 614 638 22,211
654 -678
11'4 -63658 -678
612 -634
638 -638
4
Voting trust Ws new
25
59
6014 .581
/
4 8038 5534 5858 5518 574 554 5734 5558 5634 21,100 Howe Bound Co
5
433 438
458 438
41
: 434
100
4% 438
414 412 2,900 Hudeon & Manhattan
413 413
1
4 *1218 1238 1212 1212' •1112 1314 12
*1274 1338 1258 12/
100
Preferred
1214I
500
/
4 1512 1658 1538 1634 16
1538 1534 1578 161
No par
161
/
41 1534 1718 82,100 Hudson Motor Oar
212 238
238 234
23g 238
212 258
212 234
212 21
10
/
4 13,600 Hupp Motor Car COrP
2112 2134 2112 22
2014 2114 2014 21 I 1912 21
1938 201
100
/
4 27,200 Illinois Central
3712 3514 3612 *34
38
3814 37
3614 33
3112 3314 1,500
33
100
6% pre1 series A
*584 5912 5914 .5914 £5814 5812 *5714 5734 57
100
5758 57
350
5714
Leased 11001
14 1 1334 1334 13
1434 14
144 1458 1412 1412 *14
RR Sec etfa serfs. A....1000
320
131:
313 338
318 34 *318 338
318 318
1
4
10
413 514 5,200 Indlan Refining
358 4/
30
3034 2938 3012 30
3012 31
3034 2918 3014 2754 2914 11.100 Industrial Rayon
No par
116 116
115 115
*11212 115
11512 117 1 11614 117
No par
11614 11614 2,500 Ingersoll Rand
_ *125
128 128 15125
*125
_
___ *125
*125
100
Preferred
30
10512 106
10412 17412 10334 1-0412 104 1-04 I 10414 1-04-7s
No par
- 10334 1-0434 3,700 Inland Steel
612 634
858 678
614 634 4,100 Inspiration Cons Copper
30
634 7,8
7
718
7
7
714 712
738 71
733 712
714 714
74 714
1
712 712 2,400 Insuranshares Ctrs Inc
1712 1734 1658 1734 1634 1714 17
17 1 1634 1812 1758 18
8,500 unterboro RapIdTran v t o --I00
•273 312
278 278 *318 3,2 '34 3141
312 334
34 35±
920 Internat Rya of Cent Amer_100
234 234
*234 3'±
3/
1
4 338 *234 312
3/
1
4 .3'z3, *
No par
312
Certificates
100
*154 1658 *1512184 17
1634 1634 *1514 17
100
18141 1614 1912
Preferred
290
288 212
212 258
214 212
24 2581
212 212
No par
212 212 3,100 Interoonin Rubber
11
11
11
1118 1034 1118 1038 1074 1014 1014i 1014 1018 17,000 Interlake Iron
No par
3% 338
31
33s 31
4
31
358 338
No par
438 24,600 Internal Agriaul
38 44
31/
1
4 3158 *3034 31/
1
4 3053 3058 2978 3034 3114 35
35
100
3714 8.800
Prior preferred
*185 18614 18612 18734 18714 189
189 19012 18812 13012 188 139
2.900 lot Business Maohines___No par
--- ---- ..-- -_ -- -_-- ---- ---- ---- ---. ---- ---1
Internal Carriers Ltd
x34
3412 3378 345± 3312 34
3434 3434 3414 35
3214 3312 7,400 International Cement__-No par
6278 6114 6233 6112 6258 6014 6178 6058 6178 14,900 Internal Harvester
6218 6238 62
No par
*151
_ __ *15112 15218 152 152 *152
100
*152 .- 151 152
Preferred
600
3/
1
4 -4
3,2 -312
3/
1
4 -314
312 338
334 3/
1
4
25
3/
1
4 3/
1
4 5,700 Int Hydro-ElS:9i ol A
45
48
412 434
434 478
434 5
412 412 2,000 Int Mercantile Marine-No par
412 453
4514 4714 4558 46% 4418 4578 4414 45/
1
4 4234 4458 4212 4334 213,000 log Nine! of Canada..--No par
127 128
•128 130 *128 130 *128 130 *128 130 *128 130
100
Preferred
200
100
Internat Pinter 7% prof
438 5
434 5
434 4/
434 478
438 48
414 434 8400 Inter Pap & Pow 01 A____No par
1
4
278 3,8
27
212 3
234 27
212 278
278
No par
*212 234 3,900
Class B
2
178 238
214
2
218
24
2
2
218
2
214 23,600
No par
Claaa 0
2712 2612 2814 26
100
2438 254 241 2512 2312 2638 26
2778 42,400
Preferred
4134 4238 44
4: 42
4233 4238 4034 4212 *4112 42
4134 3,100 Int Printing Ink Corp___No par
10812 110 *109 110
*10812 110 *109 110
109 10912
10912 110
100
Preferred
130
*26
2634 26
27
26
2618 27
26
2638 2638 1526
2634
No par
700 International Salt
1
4 49
1
4 4878 *4878 4914 48/
£4812 4812 48/
1
4 49
48/
1
4 4874 48/
No par
1,700 International Shoe
19
1918 1934 1934 *1914 20
1914 1912 1914 1978 *1914 1974 1,000 International Silver
100
61
*6014 61
6034 61
61
*61
6112 61
61
6112 61
100
570
7 7, preferred
13
1312 14
1334 14
1338 1234 1312 1234 1358 1212 1318 92,600 Inter Telep & Teleg
No par
1478 1518 1412 15
1
4 1434 14
1438 1458 14/
1453 15
1412 5,400 Interstate Dept Stores
No par
83/
1
4 *78
84
*77
8338 *77
*77
84
*80
84
*80
84
100
Preferred
1414 1434 *1438 15
143 1458 *1414 1458 *1414 145
*1414 15
No par
300 Intertype Corp
.
5.28
2934 2858 2838 2812 2812 2858 29
*2878 2012 *2512 281
/
4
1
900 Island Creek Coal
115
__ *115--- *115
_ - 5115
--- 15115
-- *115
1
___
Preferred
62 12
x62 -62-14 62 ---83 -64
6212 13
6134 -62
62
No par
1.900 Jewel Tea Inc
93
9214 9114 93
90
9134 90
935± 9112 9212 91
9034 10,900 Johns-Manville
No par
12618 12614 12614 12614 12614 12614 1264 12614 126 126
126 126
100
Preferred
130
*---- 153 *--- 153 *-_. 153 *____ 153 •____ 153 51____ 153
Jollet & Chle RR Co 7% atd_100
*89
85
87
8712 8618 87
88
8812 87
3312 89
90
100
650 Jones & Laugh Steel pre
12014 12014 3120 120 *11812
__ *12014
__
__ *12014 122
31) Kansas City P & L pi ear ANo par
13/
1
4 15,400 Kansas City Southern
1
4 1412 1358 1412 1312 1413 1318 .13 1418 13/
*1201212 1-3
100
2014 2078 5,500
2038 2138 1912 2114 20
1924 20
100
21181 2034 22
Preferred
191
1.94 1938 1934 19
19
19
19
1874 1912 1912
1938 2,300 Kau/mann Dept Stores 513_50
*2634 2784 2634 265g 2714 2714 2658 2778 2834 29'2 2912 30
5
10,100 Kayser (J) & Co
85
*80
*80
85
80
80
1580
85
*80
85
80
80
100 Keith-Albee-Orpheum Prof-100
5
- --- --- ---. ---- ---- ---- ---- ---- --- - ---- - --- - :Kelly-Springfield The
No par
6% preferred
2834 26/
1
4 2712 5,500 Kelsey Hayes Wheel oonv.cIA__1
2914 284 2914 2814 2838 28
2714 2712 28
24/
1
4 2434 2418 2412 1,700
25
2512 254 2512 2534 25
245± 25
1
Clue B
1
4 1418 1378 1418 11,900 KeivInator Corp
1378 1413 13/
1
4 1378 1334 14
1334 1373 13/
No par
8912 90
90
90
92
*90
91
*90
.90
92
00
90
No par
50 Kendall Co pt pf see A
2912 2712 29
29
2934 2912 308 2812 2958 28
2738 2814 83,300 Kennecott Copper
No par
1520
2112 *1912 21
21
2012 2012 221
2034 2034 *2014 21
No par
900 Kimberly-Clark
518 528
514 512
412 514
413 43
.438 434
478
533 3,400 Kinney CO
No par
38
35
36/
1
4 3512 38
35
3818 344 3612 1,930
3512 3534 35
No par
Preferred
2614 2678 2578 2612 2514 26
2738 22612 27
2718 2714 27
10
8,100 Kresge (8 8) Co
10812 10812 *107 109
10834 10834 *10834 110 210714 10714 107 107
100
7% preferred
60
455± 814 *814 614
6
6
*538 614 .514 6
*514 614
No par
100 Kresge Dept Stores
*72
90
*72
90
*72
90
*72
90
90
•72
*72
90
100
Preferred
76
7634 76
7634 *76
*76
76
7618 *70
*764 76/
1
4 76
400 Kress (S IL) & Co
No par
2612 2634 2614 2038 8,400 Kroger Oro° & Bak
2614 2634 2612 2634 2618 2634 2638 27
No par
*2412 26
27
25
*244 26
271± 27
2312 27
2412 2412
620 Laclede Gas Lt Co fit Louls _100
447g 5140
*40
4478 *40
*4118 45
43
45
40
40
100
448
5% Preferred
70
2418 2314 2318 2314 2334 23% 2312 5.100 Lambert Co (The)
24% 24
24
2414 24
No par
8
*712 8
8
8
8
*8
9
8
8
*712 8
No par
300 Lane Bryant
1314 1234 1314
1314 13
1358 13
13
1312 13
1234 13
6
11,100 Lee Rubber & Tire
1614 1534 154 1514 1538 1558 16
16
14% 16
1514 1514 6,100 Lehigh Portland Cement
50
*103
. - *105 ___ 15105 _ _ £10612 10612 107 107
.103
7% preferred
100
20
934 -1-0
934
9
914 934
-9-58
918 6,600 Lehigh Valley RR
50
258 2/
234 234
27g 3
1
4
234 27
212 212 4.400 Lehigh Valley Coal
278 3
No par
1414
1334 1334 14
•1373 1414 1334 1378 1312 14
135± 135± 1,300
Preferred
50
94
94
94
9334 941 4 *0112 93
94
9312 9412 *93
94
No par
800 Lehman Corp (The)
1238 1212 1212 1212 1238 1212 123g 1238 1213 1218 1214 1212 2,300 Lehn At Fink Prod Co
5
4412
4512
44
4514 5.4434 4512 445± 4434 7,700 Llbbey Owens Ford Glass_ No par
4514 4534 4434 4514
913 91
9
9% 914
9
914 7,600 Libby. McNeill & Libby_No par
9%
94
91
914 938
1527
28
2612 2734 2712 2712
1527% 28
2812 2738 28
.27
5
800 Life :Wren Corp
105 10514 105 10512 *10414 105
*110 112 *109 111 15108 111
700 Liggett & Myers Tobseo0.---25
108 109
10612 107
105 10634 3,900
25
.1.12 11312 112 11234 110 111
SeriesB
161 161 *15878 16112 •15874 161
1
4 2160 160 *161 102
100
Preferred
200
*10012 162/
2112 22
2112 2158 2112 2134 20
2138 22
1934 2018 4,200 Llly Tupp Cup Oorp---.Nopar
21
2533 251± 2534 2434 2514 3,100 Lima L000mot Worke----No par
2478 25
25
25
2412 25% 25
41
4038 4038 *40
41
4034 41
.3078 4134 *40
4012 41
No par
1,100 Link Belt Co
3514 3558 3412 3538 9,900 Liquid Carbonic
No par
35/
1
4 3614 3512 3634 3512 364 3534 36
541 /5234 5312 5134 53
No par
548 54
5312 5378 3358 54% 54
20.000 Loew's Inoorporated
1077g
10718
10712
4'10714 10778
No par
Preferred
500
10638 10618 10714 10714 10714 10714 *10718
219 212
218 214
214 21
212 258
No par
218 213 7,500 Loft Inoorporated
218 258
314 3'2 10.100 Long Bell Lumber A
234 234
No par
24 314
2/
1
4 234
314 3'2
1
4
234 2/
39
3934 40
26
3912 3958 3958 1.4(10 Loose-Wiles BLscult
404 3058 4038 4058 3934 40
100
5% preferred
*109 120 *109 120 •109 120 *109 120 *109 120 *109 120
2518 x2512 2434 2412 2414 11,700 Lorillard (P) CO
10
24/
1
4 2512 254 2538 2434 2514 25
100
7% preferred
150
.148 . . 14812 1481 *146 14972 *148 1497 x14812 14972 14712 149
78
1
74 1
No par
/
1
4 1
118
1
25,200 :Louisiana 01)
78
14 114
1
13
13
1212 13
13
12
13
100
1218
Preferred
134 14
490
15
*14
2034 2034 2,000 Lou1411711102 Gas & El A...No par
2012 21's 2078 2114 214 2118 *2034 21
2034 21
1
4 6434 62/
6234 6214 6314 62/
100
1
4 63
6314 *61
6112 6238 62
5,000 Louisville & Nashville
24
24
2412 24
2414 2312 2312 2,200 Ludlum Steel
1
2414 2434 2412 2458 24
12418 12418 *115 127
127 127
N. par
Con* preferred
200
*128 130 41127 130 *127 128
*41
42
41
4034 4034 514012 42
10
400 MacAndrews & Forbes
4112 4112 *4112 4258 41
100
6% preferred
*127 ____ •1264 --_ *12618 ...-- 1512618 ____ •12618 --__ *12618 ___
ici
91.1 10
For footnotes 111 Palle 3816.
958
3821
AGNS Moo Jas. 1
Os Basta of 100-shars Lola
Lowest
$ per shard
1/
1
4 Mar 1N
55 Jan 2
127 Jan 5
1424 Jan 10
11 Jan 8
71 Mar 12
122 Feb 9
7314 Apr 4
104 Jan 25
584 Mar 15
618 Mar 29
204 Dec 5
338 Feb 5
307k Mar 14
613 Mar 13
49 Jan 2
914 Mar 15
112 Mar 13
43 Jan 15
234 Feb 27
64 Mar 14
1514 Mar 26
34 Apr 6
94 Mar 14
15 Apr 11
40 Mar 21
414 Mar 30
24 Mar 16
2312May 8
6012 Mar 13
109 Jan 7
4614 Mar 22
2% Feb 27
4 Mar 1
834 Mar 15
2 Oct 7
134 Oct 14
914May 21
112May 1
414 Mar 7
258 July 11
26 June 1
1494 Jan 15
38 Mar 12
2278 Mar 15
3418 Mar 18
135 Jan 2
114 Mar 15
178June 20
2214 Jan 15
12374July 11
Mohan
J„,„
1
1933 to Ramo for
Nev.30 Pear 1924
1935
H144
Loto Lou
Spiral
1
65
94
120
54
40
10412
44
80
a
54
17 812
200
I 7
24
68
94
14
20
234
614
22 a
4
912
15
60
414
218
22 1314
45
105
26
34
2
54
2
14
858
112
4
14
10
12534
358
1838
2314
110
14
1%
811453
101
814
5 Dec 7
114 Mar 15
11
/
4
318 Dec 7
/
1
4 July 11
1/4
21
/
4 Dec10
38May 7
/
1
4
412
44 Mar 13 2814 Dec 12
9
214 Jan 15 4212 Nov 2'
05
9812 Jan 2 110 Dec 10
20
25 Dec 2 3614May 14
38
4214 Mar 19 4912 Nov 20
16
16 July 19 28 Jan 4
40
5814 Nov 30 78 Oct 19
boo Mar 13 14 Dec 6
5/
1
4
838May 8 1632Sept 9
34
1514
7012June 27 90 Aug 19
194 Mar 13 16 Nov 19
434
2034
24% Oct 22 86 Jan 8
85
110 Jan 22 12012 Apr 9
26
49 Mar 13 37 Aug 8
364
3813 Mar 13 9912 Nov 18
87
11713 Mar 15 12612 Deo 6
130 Feb 19 130 Feb 14 116
45
60 Apr 4 93 Nov 20
977s
11514 Mar 20 12014 Dec 11
344
34 Mar 13 1412 Dec 10
632
618 Mar 12 22 Dec 12
54
712 Feb 6 204 Nov 18
13
1534 Jan 17 30 Oct 13
15
34 Mar 7 9018 Oct 23
14
2% Jan 17
82 Apr 4
5
6 Apr 4 22 Aug 12
214
8 Jan 25 3114 Nov 7
14
34 Mar 1 2814 Nov 6
1
4
1014 Aug 27 P214 Jan 9 12 6/
55
84 Mar 21 116 July 9
1334
1334 Mar 13 3038 Dec 9
9%
10 Mar 5 21 Nov 6
214
258 Oct 4
55± Dec 12
13
23 Mar 29 3912 Nov 20
1014
194 Mar 13 2734 Nov 22
10312 Apr 26 113 A or 9
9914
2
2 May 21
612 Nov 22
12
42 Jan 11 80 Oct 31
2734
5614 Apr 5 80 Nov 1 2
19
2214May 16 324 Aug 12
13
12 Mar 22 2712 Dec 9
1914
1914 Mar 27 46 Aug 20
2158 Oct 3 2812 Jan 8
1958
41
9 Jan 3
5 May 13
1
4 Dec 9
812 Mar 14 13/
54
105± Mar 14 174 Jan 7
9
73
8934 Jan 3 107 Dec 13
5 Mar 13 114 Jan 7
5
14
314 Aug 14
14 Mar 13
4
1534 Nov 26
512May 1
5834
674 Mar 28 9534 Nov 18
1011
1714 Jan 25
105± Oct 1
214 Mar 30 4914 Oct 28
21
63/38ept 10 1038 Nov 19 2 24
1538
/
4 Nov 22
21 Mar 14 291
9414 Apr 5 120 Aug 6
7112
9344 Apr 4 122 Aug 6
734
15112 Jan 30 16712May 4 123
1512 Oct 16 2814 Nov 20
1414
1
4 Nov 18
134 Mar 14 27/
134
114
171 Mar 13 43 Oct 10
2412 Mar 13 3714 Dec 4
161
/
4
3114 Feb 7 5518 Nov 25
1912
102 Feb 1 1084 Oct 18
66
238 Oct 28
1 Mar 15
1
114 Mar 12
1
312 Dec 12
1
4July 25
33 Apr 26 4)/
88
10734 Nov 27 112 Dec 4 107/
1
4
1812 Mar VI 284 Nov 14
1424
124 Apr 5 21494 Dee 12
984
3g July 16
14 Jan 7
33
412June 19 15 Dec 6
412
10/
1
4 Mar 18 234 Aug 19
1038
34 Mar 29 644 Dec 12
34
1234 Mar 26 2612Sept 18
74
904 Jan 4 135 Sept 18
50
37% Nov 4 46 Feb 19
21
113 Feb 8 130 May la
871
S per Marl
612 Oct 5
11712July 24
141 June 4
162 June 19
3512 Dec 7
90 Oct 16
128 May 3
814 Jan 19
118 July 17
3034 Deo 4
II
Jae 2
2214 Dec 9
490 Dec 11
42 July 31
3018 Nov 21
73 Nov 19
1734 Jan 2
7 Nov 25
6038 Dec 9
13 Jan 521
1334 Dec 6
171: Oct 23
37 Jan 7
2214 Dec 4
3814 Dec 7
5914 Dec 9
15 Dec 4
514 Dec 13
3638 Oct 21
121 Nov 8
130 July Pi
103 Nov 18
802 Oct 8
712 Dec 10
231.s Sept 11
4% Jan 35
5 Jan 3
184 Jan 10
3 Jan 7
1158 Nov 20
5 Jan 2
4234 Jan 25
19017 Dec 11
8 Nov 29
36/
1
4 Nov 15
65/
1
4 Nov 15
i 52 May 9
434 Aug 19
012 Oct 3
474 Dec 7
131112 Nov 21
42
5 Der sear*
1*4
638
74
96/
1
4
101
145
12311 153
54 1218
69
81/
1
4
111
12614
481
7834
83
1054
454 104
534 13
110 sails
11
84
2/
1
4
8/
1
4
68
54
Ms 2934
211
Ps
354 6714
6
124
9
2614
Ms 2614
14
714
13/
1
4 837s
31
50
6834 66
74 244
258
434
1912 8214
494 7324
105
11614
8414 56
21*
64
84
4/
1
4
6/
1
4 174
2
7
84
63s
73
: 234
14
5
4
1172
2
64
15
374
131
1641*
/
4
414 121
1858 37%
3314 46%
110
137
912
34
2
6
21
291
/
4
11504 180
10
25
2
612
78
34
/
1
4
234
84 24%
9
2512
66
100
81
82
38
50%
445.
19
59
844
1
7 1 1738
34 1638
2138 814
532 10
3414 36
90
110
33
57%
39
6538
101
21
185
40
45
77
977s 144
64. 1944
104 274
6
UN
18/
1
4 1812
374
20
1
414
5
20
3
10
21
712
, 2114
118
154 94
334
16
978 1814
3
714
134 41
134 224
101 2114
24
74
19
55
36
6512
2314 3388
6312
20
27
60
3214 31%
6
1414
7
144
11
20
73% 90
94 2114
212
5
168.
5
6414 78
114 2312
224 637s
17-18
73
110
7412 11114
129
1524
10
364
154 3814
114 19/
1
4
184 3538
20/
1
4 37
72
105
14
3
1
8
31114 s4434
-- 2
1538 -221102 3180
"24
24
V.
74 234
12
21
3738 624
814 1912
60
97
30
4214
96
1114
New York Stock Record-Continued-Page 6
3822
HIGH AND LOW SALE PRICES-PER MARE, NOT PER CENT
Saturday
Dec. 7
Monday
Dec. 9 I
Tuesday
Dec. 10
Wednesday
Dec. 11
Thursday
Dec. 12
Friday
Dec. 13
Sales
for
the
Weell
STOOKS
NEW YORK STOOK
EXCHANGE
Dec. 14 1935
July 1
1983 to lenge for
taste &MU fan. 1
OS Basta of 100-share Lots Nov.30 Year 1984
----------- 1985
Low Low
High
Lewitt
SOWS
5 per share
Par 8 per share
5 per share $ per share $ per share $ per share $ per share $ per share Shares
1
4June 1 2812 Dec 6
No par 18/
261
/
4 277 29,700 Mack Trucks Ine
28
2758 2814 2614 2812 264 2818 274 2813 x27
No par 304 Apr 1 5714Nov 18
14,200 Macy (R H) Co Ina
1
4 53
527,3 5313 52/
5213 64
5512 5314 55
5314 5434 54
54 Jan 2 1114 Deo 12
No par
114 1034 104 2,500 Madison Su Gard•0 a
*10
1012 1012 1032 1014 1014 1012 1074 11
1
4 Jan 18 3734 Dec 6
tO 18/
3,200 Magma Cooper
*3314 35
35
3514 36
3434 3512 35
3712 3712 3534 37
50 515 Aug 20 515 Aug 20
MahonIng Coal RR Co
---- --214May 14
/
1
4 Feb 8
100
/Menet!
Sugar
800
132
133
13/
132
1
/
1
4
132
133
112
134
•112 134
is
4 Jan 7 10 May 24
preferred.
100
220
7
7
74 714
7/
1
4 74
713 74
7'2 74
77a 778
3 Apr 29 1214 Deo 11
Na par
1
4 1214 *1014 1134 1014 1014 3,400 Mandel Bro.
9/
1
4 101a 1018 11*2 11/
9/
1
4 9/
1
4
60 :Manhattan By 7% guar-100 29 Apr 23 664 Oct 16
1555
58
*56
58
58
58
*55
59
58
58
*58 60
100 1314 Mar 15 30 Sept 11
Mod 5% guar
5,800
22
21/
1
4 214 21/
2134 22
2113 22
1
4 224 21
2134 22
25 10 Mar 28 1912 Nov 25
500 Manhattan Shirt
1834 *1712 1813
1852 *1712 1834 *17
19 *17
19
1914 *18
3 May 23
1 Feb 23
1
212 234 8,100 Maracaibo 011 Eeplor
214 234
214 2/
1
4
24 212
24 2/
1
4
24 212
94 Dec 11
514 Apr 1
938 934 12,800 Marine MIdiand Corp(Del) 5
1
4
/
4 9/
9/
1
4 958 x91
933 912
933 912
9/
1
4 9/
1
4
100
1/
1
4 Dec 9
58June
14
Market
Street
1,540
113
1131
Ps 133
14 112
112 134
112 1/
1
4
114 134
358
212 Oct 24 10 Dec 9
100
Preferred
820
878 914 *814 94
814 812
814 814
834 10
*513 614
334 Mar 1 2314 Del 10
100
Prior preferred
21
2118 1,630
2114 22
20
2312 214 2334 2114 23
1652 18
34 Dec 13
I Mar 15
100
2nd preferred
850
313 3/
1
4 *3
34
3/
1
4 *3
313 334
3
3/
1
4
*234 3
No par 20 Mar 13 4413 Deo 13
1
4 42
424 4214 431
/
4 43
4014 4232 4258 42/
4412 7.100 Marna-Rockwell _
4012 41
141
/
4 Nov 7
Mar
14
Pe
No
par
Marshall
Field
&
Co
7,000
1233
1278
131
1314
/
4
/
4 124 1234 111
131a 1312 1314 1313 13
4 June 27 11 Dec 7
No par
9
10
933 1038 10
*734 1013 5,900 Martin-Parry Corp
9
10
11
11
10
1
4 Ma r 14 3372 Nov 22
3012 30/
1
4 3013 3034 304 3033 4,000 MMIlleson Alkali Works-No par 23/
31/
1
4 3012 31
3112 3112 31
100 136 Jan 2 156 Nov 16
Preferred
20
149 149 *149 153 *149 158
*148 150 *148 150 *14812 149
3573 Mar 29 5734 Nov 20
10
3,400 May Department Stores
54
54
53
55/
1
4 5312 54
5333 5238 53
5538 5533 54
54 Jan 30 20 Nov 4
No par
1
4 1578 3,000 Maytag CO
16
1612 1612 1634 164 1613 181a 1614 1534 1613 15/
83 Jan 15 54 Oct 11
No par
400
Preferred
1
4 51
1
4 5112 *49/
49/
1
4 50
50 50 *49/
50 50
*50
52
324 Jan 7 55 Oct 11
Preferred ex-warrants-No par
*4614 49
*4614 48/
*4614 49
1
4 *4614 4878
*464 49 *464 49
844 Jan 4 103 June 17
No par
Prior preferred
20
1
4
1
4 102/
1
4 102/
1
4 10278 10278 *102/
1
4 10278 1027s 102/
1
4 *102/
*102/
1
4 10278 *102/
28 Mar 14 3513June 17
No par
331e 3254 32/
1
4 2,300 McCall Corp
3312 3353 3314 331
3314 33
3314 3314 33
74 Aim 3 147a Dec 7
25,400 /McCrory Stores olaseA_No par
1
4 1414 1312 14
144 14/
1
4 1433 1478 141a 1434 14114 1433 13/
613 Apr 3 1433 Dec 7
par
No
13,400
Class
B
14
14
/
1
4
1352
1332
144
13
/
1
4
1415
1458
14
1414
1338 1458
100 5714 Feb 5 111 Dec 7
Cony preferred
500
10812 111 *11112 11184 111 111 all0 110 *10812 110 *107 110
74 Mar 26 1913 Dec 11
1684 1878 1814 1812 19'2 1812 1834 1838 18/
1
4 2,400 McGraw-H111 Pub CO.... No par
16
16
16
39
/
4 83,600 McIntyre Porcupine Mines__ _5 3334Nov 1 451aSept 28
3918 411
391
40'8 3914 393
38
/
4 3934 411
3734 39
9012 Jan 15 131 Nov 20
800 McKeesport Tin Plate---No -pa
123 123 *12112 129 *12334 12434 12312 124
123 123 123 123
1
4 Dee 10
5/
1
4May 22 10/
5
103
932 1034 10
912 10
978 1038
978 1012
912 934 60,100 McKesson & Robbins
50 32 May 24 544 Nov 25
5334 5314 5438 5312 5433 a39
12,800
Cony prof eerie, A
39/
1
4 3912 40
5233 52
52
84 Apr 1 181, Jan 3
No pa
1413 1312 14
1312 1334 131.3 1312 12/
1
4 134 18,900 MeLeUan Stores
13/
1
4 1412 14
100 851s Mar 13 11512 Deo 13
130 8% cony pref ear A
11512 11512
1
4 114 114
114 114 *113 1141 *113 115/
*113 114
No par 41 Jan 2 6514 Nov 6
1
4 1,000 Melville Shoe
1
4 *6333 8414 84
634 63/
84
1
4 8212 6212 634 63/
63 63/
8/
1
4 Nov 14
3 Mar 12
1
74
Mel
74
712
713
Mengel
3,000
Co
7
/
1
4
74
74 778
7/
1
4 734
734 734
100 2014 Mar 20 8034 Oct 21
410
58
58
58
56
56
58
58
584 58
58
58
58
50 March & Min Tramp 00-No par 22 Apr 12 3312 Deo 7
33% 331. 331. *31
-•
- X3212 3212
3312 33% *31
5 244 Jan 15 4132 Nov 20
5,700 Mesta Machine Co
1
4 3814
- 38 -3-813 x3714 38
3813 38/
1
4 3734 384 37/
37/
1
4 38
834 Oct 8
24 Mar 13
5
6
6
615
818
534 618
5/
1
4 5/
5/
1
4 558 4,800 Miami Copper
1
4
54 534
94 Mar 15 1812 Dec 13
10
17/
1
4 1712 17/
1
4 1738 1812 35,200 Mid-Continent Petrol
1
4 1713 18/
1878 1718 174 1713 17
247
12
280o1 20
Mar
814
par
Midland
Steel
No
9,800
2114
2138
2134
Pr.('
2178 2158 2314 221s 23
1
4 2214
1
4 21/
22
22/
_ ___ MO 604 Mar 8 1164 Oct 9
180 8% sum 18t
*11114 11134 *11112 11134 111 11113 *1111g 11134 111I8 11112 11184 112
____ ___- MUw Eleo Ry &pref._Lt Co6%pret100 85 Nov 4 85 Nov 4
- *92 _-__ *92 98 .92
_ _ *92
9213 *93
41111 Minn-Honeywell Regu
14912 14913 *142/
No par 88 Jan 15 150 DecDeo 2
1
4 14834 14833 148-33 *14233 14712
1484 1-4812
*14712 149
100 105 Jan 9 21114June 19
60 6% prat series A
108 10813 108 108733
*108 109 *108 109 *108 109 *1084 109
733 Nov 25
Minn
20,800
3/
1
4 Mar 15
Impl
....No
par
Moline
Pow
7
63
63
4
7
61s
64 6/
1
4
4 6e
a
714
Preferred
No par 31 Mar 14 68 Nov 18
62 623 *80
133 63
6234 6234 634 1,200
8314 834 63 63
34 Nov 21
88
12 9,500 :Minneapolis & St Loule_-100
12
1
12
12
12
58
12
12
1a Mar 4
12
12
238 Deo 9
34 Apr 24
400 Minn St Paul & 55 Marie-100
*152 14
*152 2
*158 2
1/
1
4 24 7.114 2
71134 2
4 July 10
1 Mar 6
3
3e5 .3
100
3/
1
4
500
*272 3% *272 3'l
7% preferred
.254 312 *234 31
412 Deo 12
14 Mar 29
4% leased line cite
IGO
45* 1,590
4
3/
1
4 33
334 334
338 31
*312 334
3/
1
4 412
1
4 Apr 9 16,3May 16
4,300 Miadon CorpNo par 10/
157 157
1512 16
157 16
1574 16
1578 16
*151a 16
6/
1
4 Nov 25
212July 22
No par
534 6
514 512 8,400 Mo-Kan-Texas RR
5/
1
4 533
8
6's
84
54 534
6
5/
1
4May 7 1614 Dec 4
100
Preferred eerie, A
1414 1434 14
15
14/
1
4 1333 1435 10,500
154 1538 154 1533 14
3 Jan 4
1 July 8
100
1
4 212 1,800 /Miaeourt Pacifie
1
4 233 *2/
24 2/
1
4 *2/
1
4
212 2/
24 233
*212 234
413 Dec 5
14 Mar 30
Cony preferred
100
4
4
3/
1
4 44
378 418
3/
1
4 41a
4
414
334 334 2,800
2118 21
2032 2074 2014 201
211
20 1034 Mar 13 23 Nov 7
2012 2012 1,900 Mohawk Carpet Mille
2112 21% 21
88
8812 89
10 55 Feb 29 9434 Nov 14
8813 88
8834 8713 8834 87 8734 5,900 Monsanto Chem Co
88/
1
4 89
1
4 Dec 10
4078 4014 4075 38/
1
4 40 172,400 Mont Ward & Co Inc__-No par 214 Mar 12 40/
3912 404 40
1
4 4012 38/
394 40
4413 4413 *45
1,000 Morrell (.1) & Co
4312 45
46
No par 4313 Deo 10 66 Feb 25
44
44
44
*44
46
44
40 Morrie & Essex
60 60 Dec 12 6512May 24
6178 60
6138 6012 60% *60
/
4 *60
*60
617e
60
*60 611
11/MaY 1
4 Apr 4
/
1
4 1
34 13,200 Mother Lode Coalition_-No par
73 1
/
1
4 1
34
/
1
4
/
1
4
78
7a
/
4 Mar 18 69 Dee 10
1
4 45,800 Motor Products cosp___No par 171
6734 6538 66/
8512 8812 66
6012 6834 6573 69
5834 81
74 Mar 12 147s Oct 15
5
1333 134 1334 1314 133
1314 1334 1314 1314 5,300 Motor Wheel
1278 134 13
914 Aug 21 1614 Oct 22
400 ?Aniline Mfg Co Class A____7.50
1334 1334
*1433 151
/
4 *145a 154 *14
15
1433 14/
1
4 1313 14
94 Aug 23 1534 Nov 25
1
Class B
1,300
13/
1
4 14
14
144 141. 1412 1412 1414 1411 1414 1414 14
Sept 4 8134 Nov 26
82
par
No
140
77
7814
Preferred
new
/
1
4
771
7712
*7634
791
78
77/
1
4
*7534 79
78
7834
No par 1314 Mar 26 2612 Deo 13
2612 4,900 Mtulaingwear Inc
2412 254 2434 26
244 241
24
24
26
24
24
/
4 Nov 22
4114 Mar 13 211
10
19
1834 193
197
1933 18/
28.800 Murray Corp of Amer
1
4 19/
194 19
1
4 1813 19
19
No par SO Jan 12 4713 Oct 25
Myers F & E Broil
45 *42 44 *414 44
*4113 44
*414 44
*42 45 *42
No par 11 Apr 3 194 Jan 7
66,500 Nash Motors Co
18
164 1638 1638 1732 163 1732 1634 1812 1714 1858 17
240 NaebVIlle Chan & St Louis -100 14 Mar 14 274 Jan 8
2412 2413 2312 2412 23
25
251 *24
24
25
*2412 25
412 Mar 13 14 Nov 20
I
1
4 5,700 National Acme
1
4 1311 12/
1333 1313 1314 12/
1
4 1212 1238 12/
1318 1333 13
6114 Feb 26 1114 Nov 30
10
1018 10
10
9/
1
4 104 3.100 National Aviation Corp._.No par
104 1018
10/
1
4 1113 1034 11
3514
Apr 1 3632 Nov 6
343
4
2214
343
10
3413
344
341/4
34
343
233
3313 3213 3318 31,800 National Biscuit
7% sum pret
100 14112 Mar 7 153 Deo 4
200
153 153 153 153 *14978 1584 *153 15818 *151 1584
•152 153
14 2314 Dec 9
Mar
1312
Nat
No
par
22
23
22'
2238
23's
2134
22
/
1
4
Casa Register
2214 2073 2212 55.300
2212 2278
No par 124 Mar 21 2012 Dec 9
1
4 36,000 Nat Dalry Prod
1
4 201a 1934 20
2033 19/
1933 19/
2018 2014 201 2012 20
7% pref class A
100 108 Sept 28 11314 Nov 6
160
1084 1088 10812 1087 108 108 *10614 108 *107 108
109 109
100 •106 Sept 3 108 Aug 19
30
7% prat class B
108 108
.10812 -_.- 15108 _ r.- 71108 . __ 108 108 5...._ 108
3
34 334
34 49,800 :Nat Departmen181ores-No par
314 335
4/
1
4 Jan 17
112Mar 7
34 31
338 31
4
2/
1
4
1
4 Feb 16
100 17 Apr 2 34/
1
4 3112 3212 3112 3214 3012 3112 3,780
Preferred
324 334 3214 32/
314 33
36.500 Nati Distil Prod
No par 234May 2 3413Nov 2
3034 3114 3032 3112 3032 31
314 307 3112 3034 317
31
1
4 2933 28
No par 21 Ma 31 3213July 8
700 Nat Enam & StampIng
2812
1
4 2918 294 29/
*28
29
29/
1
4 2934 *294 29/
100 145 Jan 18 205 Nov 15
400 National Lead
201 203
*19712 204 204 204 *200 205 *200 204 x201 201
100 150 Jan 18 18212May 23
Preferred A
*159 161 *160 161 *160 161 *160 161 *160 161 71160 161
90
/
4 Jan 26 14013July 30
Preferred B
100 1211
138 13814 *138 13812 138 138
138 138
138 138 •1384 140
97
1
4 Aug 17
es Mar 15 14/
22,000
National
a
1013
Pow & Lt
No par
9% 1018
973
1014
9/
1
4
1033 10
104 1033 10
112 Nov 29
12July 12
4,4
114
600 Nat Rya of Max let 4% pf.....100
14 114
114 *114 112
1
1
1
.1
11
/
4
34 Nov 29
14 Mar 19
*38
12 1,500
12
12
*12
52
*12
52
1
26 preferred
12,
100
4
12
1
4 Mar 13 8334 Nov 14
25 40/
774 7734 77/
1
4 777
7713 7813 771 78
77/
1
4 77/
1
4 764 7714 5.200 Nit-tonal Steel Corp
1
4 Aug 17
Buz 1914 204 184 1812 6,700 National Supply Or Del
9 Mar 13 20/
25
204 204 1072 20
1813 1912 19
1
4 Aug 17
100 36 Mar 20 77/
1.150
Preferred
724 73
73
73
74
7234 7512 71
7558 7612 73 76
No par :84 Mar 13 1185 Jan 4
9/
1
4 934 x938 9/
933 94
1
4
9/
1
4 91
9/
1
4 912 4,200 National Tea Co
94 914
/
4 Dec 9
7/
1
4 Jan 15 131
34,100 Natomas Co
No par
1233 127s 31134 1212 11/
1
4 13
1
4 12
1238 1213 1233 13's 12/
No par 2114June 6 4134 Oct 21
1
4 3934 3812 3913 *38
3834 1,900 Neiener Brom
4012 39/
40
3913 3934 40 40
No par 434 Jan 2 6114 Deo 9
6114 604 61
6014 2,300 Newberry Co (2 1)
6012 6034 360
61
604 0012 6011 611
7% preferred
100 109 Jan 25 11812 Apr 23
190
113 113
113 113
117 117 71113 120 •113 120
*115 117
333July 13 1112 Dec 5
20 :New Orleans Texas & Meg-100
1
4 1112 104 104
101a 1018 *1018 1112 *10/
*104 114 *1013 111
/
4 Deo 13
412 Mar 12 101
1
838 834
913 1033 58.000 Newport Industries
8/
1
4 104
8/
1
4 87
94 10
8/
1
4 84
No par 1812 Mar 12 3613 Nov 20
3534 35
3518 3512 35
mg 351
36
36
3558 3412 3413 1,700 N Y Air Brake
No par 1214 Mar 12 2934 Deo 9
1
4 2733 29
1
4 284 28/
261
/
4 2812 144,200 New York Central
284 2918 2875 2934 2833 29/
6 Mar 12 19 Dec 5
100
18
1813 181a 1813 1714 18
1613 1612 3,100 N Y Ohio ee St Louie Co
174 1817 181r 183
9/
1
4 Mar 12 39 Dec 4
130
Preferred aeries A
8,400
34
3734 3534 37
3634 3314 35
374 3814 38
37 37
64 Dec 6
2 Mar 14
New
100
980
York
Dock
/
1
4
513
5
53
4
61
/
4
5
3
3
61/
3
512
54
512
51
572 54
4 Mar 29 1611 Deo 12
100
Preferred
154 1434 154 1412 1812 1512 1654 l532 1658 2,950
1412 144 15
60 112 Mar 11 139 June 12
40 N Y & Harlem
125 125 1712212 126
125 125
.125 128 *125 126 *125 126
50 11414 Mar 14 11414 Mar 14
Preferred
....- 140 ...- 140 *____ 140 •____ 140 •____ 140 •____ 140
114 Dee 9
%May 31
No DO
11
112 118
114
118 16,500 :/71 Y Investors Inc
1% 114
14 14
1l
1
8
NY Lackawanna & Western_100 96 Nov 16 99 May 22
93
*____ 93 *____ 93 *____ 93 *-___ 93 *____ 9212 *__
.1,24, 4
84
2
/
1
4
0c123
100
4
4
4
/
1
4
414
Hertford
44
418
2N
Y
N
B
&
10.900
4
41a
4
418
418 44
5/
1
4 Oct 23 161
/
4 Aug 13
100
Cony preferred
8/
1
4 8/
1
4
834 914 9,700
834 9/
852 84
1
4
834 9
834 834
812
Nov
25
2
/
1
4
Mar
15
100
Western
N
1,100
67
8
Y
Oztarlo
&
*64
*514
5
/
1
4
6
5
3
4
5
/
1
4
5
/
1
4
5
3
4
6
4
•558 53
234 Nov 29
Is Mar 29
No par
1,000 N Y Railway, pref
21
21
212 *2
212 *2
212 238
212 2%
212 212
218 Nov 18
14May 22
_ 4134
__ *134
--•1
_ - -- Preferred litaMPed
__ •1
•114__ •
64 Mar 14 164 Jan 7
8 9:800 N Y Shiphicht Corp part etk-__1
1315 -1-34 1314 1311 13 1333 1238 12-71338 -fi
1313 14
100 51 Oct 9 87 Jan 7
7% preferred
120
6712
6612 6612 *66
70
70 *85
1
4 *85
1
4 69/
69/
1
4 6934 69/
No par 69 June 5 9212July 15
580 N Y Steam 36 Mt
89
88 90
88
x88
89
90
89
8914 891
/
4 89 90
No par 79 May 28 102 Nov 25
57 let preferred
20
*9912 10013 100 100
101 101 *100 102
*99 101 *100 101
14 Aug 6
100
213 Deo 9
2,000 :Norfolk Southern
24 24
24 214
11
/
4 2
214 214
214 24
2
24
100 152 Mar 13 218 Deo 13
Western
21612
Norfolk
&
2,000
2174
218
216
21714
21714
215
218
214
215
21012 214
180 99 Jan 10 1U8 June 18
190
Adjas .4% prat
10514 10534
1054 10514 *10514 106 *10514 106 *10514 106
.10512 106
9 Mar 13 28 Nov 8
No par
1
4 254 2614 2538 26
32612 2718 2512 26/
2618 27
2438 2538 35,800 Nonb American Co
50 3512 Mar 15 85 Dec 4
Preferred
1,100
5312 5334 5278 527
54
54
54
5234 53
5434 5434 x54
1
4 Dec 4
6/
2 Mar 13
1
27,200 North Amer Aviation
614
5/
1
4 615
6
6
818
1314
534 6
6
61e 614
*957 98
600 No Amer Bellew] pref _-No par 57 Jan 3 102 Nov 21
97
*9534 9772 9734 98 .964 9772 96
*97
98
1018
Nov 26
314
Nov
14
Amer
sheLloyd
No German
*334 5
*334 5
*331 5
*334 5
*334 5
*334 5
80 8812 Mar 29 99 Aug 20
Northern Central
981
/
4 *95
9812 *95
9812 *95
981
/
4 *95
9812
9812 *95
*95
For footnotes see page;13816.
5 perch 5 Pa shim
22
18/
1
4
4158
804
854 624
2/
1
4
7
212
1512 22314
1214
515
- - - -.
-3114
-7
32
1
1i1
/
4
314
3
84
8
20
41
14
1014 2912
10/
1
4
1011 20/
1
4
10
1
lle
34
9
5
54
4
214
33
2
814
2
3
12%
3
/
1
4
1
44
12
17
33
687
8/
1
4 1938
1258
214
6
234 4014
2812
138
1054 110
23
30
6514
814
els
837
36
10
814
32/
1
4
9
8
49
27
924
34
32
22
14 124
34
114 1232
1/
1
4
514 83/
811
1
4
4
a
104
28/
1
4
$84 5012
6714
79
954
414
914
34
1172 4214
912
1
1712
14
6
912 924
26
42
174
3
812 11
25
2034
82
I 22
2512 3334
,7 814
S20'.
2558
2/
1
4
24
134
94 14/
1
4
94
012
We 2174
44
44
851
50
70
50
65
36
2033
87
107
a 88
172
5/
1
4
14
154 el
15
4
184
15
3/
1
4
34
34
1
114
54
14
14
712
10/
1
4
412 ii
24
86
12
5/
1
4
14
13
1
972
34
14
1034
124 22%
89
61
55 24
20
15/
1
4
3534
37
5358
3472
58
71
5534
4
Is
1
/
4
154 441
1514
614
652 1514
---- ---94
913
62
13
15
10
373 114
3/
1
4
14
3358
134
12/
1
4 32
11
1934 4614
14
84
8/
1
4
3
814 1314
54
2672 4913
2214
1294 131
14812
23/
1
4
12
12
18
1834
114
---- ---3 80
- 3108
37
13
1
11
284
5
8
16
818*
16
164 324
01
170
8734 125
122
1464
122
9914 1004 12113
6/
1
4 154
472
114
2/
1
4
33
4
Is
1
33
844 5814
211
/
4
9
10
$34 60
33
9
18/
1
4
z814
31 3/
1
4
714 1031
4
64 3014
81
4194
15
112
100
80
28
6
3/
1
4
4/
1
4
54 13
1112 2814
1112
1214
1
4 654
18/
2672
V
6
10
424
9/
1
4
Vs 32
2
9
6
4
108
1081
/
4
101
112 120
112
14
as
14
95
88
784
3412
6
2/
1
4
104 8754
5/
1
4
/
4
els 1111
2/
1
4
158
4
Is
U
---- -912 224
fog
72
8934
81
994
73
69
90
1097s
79
14
44
14
187
161
188
10012
82
77
104 254
9
65
34
81
254
814
2
474 7412
99
71s 16
74
81
9214
71
New York Stock Record-Continued-Page 7
Volume 141
111011 AND LOW SALE PRICES-PER SHARE, NOT PER '7EN7'
Saturday
Dec. 7
Monday
Dec.!)
Tuesday
Dec. 10
1Wednesday
Dec. 11
Thursday
Dec. 12
Friday
Dec. 13
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3823
Resod Since Jas. 1
Os Basis of 100-seor4 Lots
Lowest
I/Oben
J7612 1
1933 in Ramat for
Nov. 30 Year 1934
1935 ----Iltok
Low Low
5 per share
$ per Mare $ per sh $ per share
1412 3514
134
4 Nov 25
/
1318 Mar 28 241
33
33
43
3578 Jan 18 5212 Dec 11
119 July12
214 Jan 4
14
Vs
4
/
11
29
20
220 Mar 20 3212 Jan 3
40,4
94 Mar 18 1418MaY 17
012 154
812
1614 Oct 2 2714 Dec 13
1614
- _-- - -312
312July 23 18 Dec 11
4
1
-6/
4
1
-3/
95
70
70
75 Jan 16 107 Nov 26
54 1452
434
4 Nov 8
/
474 Apr 3 111
1118
124
1118 Apr 4 264 Deo 6
4
/
191
92
108
92
106 Jan 7 125 July 5
8
4
1
3/
3
414 Mar 14 1758Sept 7
25
9
71,
2234 Jan 16 87 Dec 13
67
30
28
38 Mar 12 55 Dec 4
97
97
1144
11412 Mar 23 11512 Mar 29
94
60
80
80 Mar 12 129 Nov 12
1734 Nov 13 17 5
14 Aug 5
1
378 Dec 7
-I-4
138
1 Mar 26
312
34 1114
312 Apr 22 10 Dec 6
1 I
5313 Dec 71
3
I Mar 27
612
1372 3379
134 Mar 6 31 Dec 9
1238
3034 37
19
19 Mar 18 56 Nov 6
12
54
19
12 June 19 21 Jan 2
89
854
70 Jan 2 12212 Dec 12 *7 6812
118
9914 103
11113 Jan 14 14114 Dec 3
Os
612
113r Aug 23 2 5
634July 11
4
1
2/
712 Oct 22 31 238
4
/
61
312 Mar 13
84
4 12
1
10/
1084 Jan 9 12 June 14
212
4
1
/
178 Dec 4
12J8ne 20
12
3112
7
84
611 Mar 12 20 Nov 22
7118 Dec 10 7778 Dec 13
-8
8 Aug 28 12 Sept 19
67
4Sept 19
/
67 Nov 30 1011
914
914 Aug 28 14145ept 18
11
1-7
38.,
11 May 20 2158 Nov 14
2
6 Apr 28
24
678
214 Mar 21
4
438 Dec 5
12
2
34 Apr 18
478
734 Dec 2
478 Oct 3
814
814 Feb 28 15 May 23
-1412 jilt
34 July 12
478
34
134 Nov 30
1
4438 67
4452
6412 Feb 5 31 July 8
5112 74'4
36,2
5714 Apr 3 8434Sept 18
174
514
14
612 Aug 21
214 Mar 13
7
27g
4
1
2/
512 Aug 6
3 Mar 9
8
321
124
10
18 Mar 11 3034 Nov 22
2018 37
1714
1714 Mar 12 3212 Dee 5
30 Feb 5 3958 Apr 1 33 1012
4 66
/
191
813
80
4 Mar 28
/
11214
10879 Oct 7 1161
4 Mar 7 4312 Aug 17
1
1734
17/
1914 434
8
2
4 Nov 22
2
218 Feb 26
38
12
94
914 Mar 13 3412 Nov 23
18
1412
WI
1612 Mar 13 63 Dec 6
12
1311 43
13 Mar 15 5318 Deo 9
914
914
1778
1312 Oct 7 1958May 4
814 1414
4
1
7/
738 Mar 14 1238 Dee 13
4 Dec 13 11 2
1
11 Oct 2 17/
1134
1872
1314
1234 Mar 15 2818 Dec 9
2414 37
2112
23 Feb 27 4518July 13
644
49
38,4
3812 Mar 5 854 Nov 12
6
418 Nov 29 3, 1 14
138July 26
2
la
412
3
312July 30 10 Nov 27
4 Jan 9
1
4/
4
/
11
4
/
61
34
134 Mar 21
1111 4838
104
3514 Mar 12 6518 Dec 12
21
7
54
512 Mar 22 14 Dec 9
118
7473
48
6312 Apr 1 85 Dee 7
11
4
/
1338 2201
1334 Mar 12 3758 Nov 6
44 1312
3
1014 Dec 11
3 Mar 21
5
10
1014
934 10
934 1014
958 978
934 10
9,2 938
2,900 Phoenix Hosiery
at
50
44
22
Nov
7812
8
July
50
100
*7212 100
78
*76 100
78
*7212 100
•7212 100
Preferred
*7212 100
201
12
112
18
114 Nov 25
1
1
78
78
1
78
14 Apr 27
25
72 1
1
72
78 9,300 Pleroe 011 Coro
78
4
/
412 101
234
8 Nov 23
234July 24
100
7
7
*634 734 *634 712
658 638
7
779
7
714
Preferred
1,100
2
34
134 Dec 13
58 July 18
ki
No par
4 112
/
11
112
4 11.
1
1/
138
112 158
4
1
174 22,600 Pierce Petroleum
112 1/
112
4
1
1812 34/
18
16
Nov
38
8
Apr
31
par
No
Mills
r3578 354 36
3512 3512 3534 36
Flour
*35
36
36
*35
36
Pillsbury
600
7014 87
6558
6558 Aug 26 7612 Jan 25
55
*50
60
60
55
*50
*50
*50
60
60
*50
*50
Pirelli Cool Italy Amer sharee__
712 1812
7
7 Mar 14 1278 Aug 13
100
10
10
10
4 *914 101
1
4 9/
1
9/
104 1014 *10
1079 10
700 Pittsburgh Coal of Pa
434
26
26
13
Aug
4434
0
4June
3534
261
100
3812
3534
*3534 381 *35/
*3534 38
4 3812 3'3538 381 *3534
1
Preferred
100
14112 169
100 172 Feb 14 180 Aug 21 14114
317614 181
17634 1763 *175 17634 17634 1763 *17614 181 •17614 181 '
20 Pitts Ft \V & Chic pref
418
4
/
111
412
13
Dec
4
/
91
13
Mar
512
par
No
Bolt-818 814
813 8'1
818 814
&
818 84
814 879
Screw
Pl1tsburgh
37,100
8
93
4
/
81
154 43
154
100 2218 Afar 13 55 Oct 1
46
46
*4318 4534 4478 4478 4512 45'2 4512 451
46
46
140 Pitts Steel 7% own Dret
379
112
1
238 Nov 25
1 Afar 21
100
*134 238 *134 21
2
4 214 *134 214
/
2
*11
•134 21
100 Pitts Term Coal Corp
818 19111
84
100 1014 Apr 4 16 Sept 13
1458 *1112 1412 1412 141 *1112 1478 *1112 141 *1112 1412
811
8% preferred
50
5
118
114
312Se?t 11
11431 ar 20
25
274 278 *234 3
*234 3
318 *278 3
3
318
*3
300 Pittsburgh United
2412
2538 6974
100 2412 Apr 4 62 Nov 18
5714 5718 57
5714 *56
5634 59
56o 5512 56
5512 57
480
Preferred
37
10
84
25
Nov
25
4
8June
67
2334 2334 2334 23
2212 2412 *23
2334 23
23
23
22
350 Pittsburgh & West Virginia 100
5
134
1
233 Aug 30
113
1 Mar 21
112
*112 2
*112 2
No par
*134 2
*112 24 .158 2
100 Pittston Co (The)
1158 1178 1134 1178 1134 1214 1134 1214 17,200 Plymouth Oil Co
1134 12
1158 12
6
144
6
1114 1038 1114 1012 107
618 Mar 15 12,4 Nov 20
No par
1112 1178 1114 1178 1118 1158 11
3,900 Poor & Co clam 13
64
Ps
158
54 Nov 9
4 Mar 19
/
11
*412 5
5
5
434 5
5
5
434 434
No par
*438 5
1,700 Porto Rio-Am Tob el A
314
14
1
218 Nov 12
14 Feb 28
4 •112
/
4 158 •112 11
/
11
4 11
/
11
4
/
4 158
/
11
158 1,400
112
•138
No par
Clam, B
104 3938
Pe
1014 1034 1018 1078 10
8 1034 1138 1014 11
1012 11,
438June 13 1858 Jan 7
10
14,000 /Postal Tel & Cable 7% met _100
5
14
4
1
/
334 11,800 ('reseed Steel Car
414 Dec 5
53May 14
334
4
312 334
338 4 I
No vat
334 378
334 378
4 32
1
5/
514
61211.1ay 14 24 Dee 11
2112 2138 2158 2234 2112 2258 2114 24
2212 2334 2134 2234 9,100
100
Preferred
334 44%
334
4674 4613 46781 4512 4612 4558 46
46
4618 4012 4534 46
No par 4232 Jan 12 5334July 23
10,300 Procter & Gamble
10212 1174
4 *11812 11934 11934 11934 •11812 11934 *11812 11934
1
*11812 11934 *11812 119/
5% print (8er of Feb 1 '29)_100 115 Jan 2 121 Nov 7 s, 101
10
46
25
2018
4 Nov 18
45
4 Mar 5 46,
/
4512 4474 4514 4412 4514 4312 44
43
No par 201
431_ 10,900 Pub Ser Coro of N J
2
84
67
594
*10212 10312 10312 1031-2 10334 1044 *10314 10378 10378 10378 10312 10313
No par 6238 Feb 20 10418 Dec 10
$5 preferred
500
4
974
78
73
12
Dec
117
14
Mar
73
11612 11612 11612 11612 116 11612 11614 11614 11612 117
11618 11614 1,000
100
6% preferred
106
88
84
13112 13112 13112 13112 *13114 13212 *13114 13212 13112 13112 131 1311
4
/
100 8518 Mar 18 132 Dec 6
7% preferred
800
,
119,
105
99
9
Dec
148
•146 147
14
Mar
147 147
148 148 *146 149 *146 149 *146 149
100
100
preferred
8%
200
87', 104,2
sr.
*11112 113 *112 11212 •11112 11238 112 11238 •112 11234 *112 11234
200 Pub Ser El & Gee pt $5___No par 99 Jan 5 113 July ao
3514 59*2
2912
4 3818 23,000 Pullman Inc
1
No par 2912 Oct 11 5272 Jan 9
3738 3838 3714 3814 3758 3812 3758 3858 37/
3713 38
679 147s
54
12
Dec
1614
21
1412 1434
1438 1478 1438 1474 1412 1534 1512 1614 1514 16 128,300 Pure 011 (The)
Mar
54
par
No
80
49
49
115 11518 11412 116
115 116
11512 116
11614 1194 11712 11713
100 4958 Mar 18 11978 Dec 12
8% cone preferred
940
3312 63
3312
974 9712 *96
98
9712 084 9812 994 9912 100
10018 1001; 2.00
100 65 June 25 10012 Dec 13
13% preferred
4
1
19/
84
4
1
/
8
144
15
Oct
1412
1414
4
/
171
1418 1434 1438 1458 1418 1438 14
1418
1438 6,100 Purity Bakeries
834 Feb 1
No pa
94
44
4
8 Nov 20
1114 1178 11/
1134 1214
1112 12
4 1214
1
11
4 12
/
111
4 265,900 Radio Corp of Amer
/
111
4 Mar 13 12,
No par
2314
His
22
251
Jan
554 5514 5514 5538 5514 5514 55
6212
18
5514 5478 5514
Mar
5
50
55
50
Preferred
3,700
46
18
4
1
13/
4 8534 85
1
84/
4 Nov 20
1
85
4 8412 85
/
4 861
/
8414 8634 841
4 86
1
Preferred B
85/
No par 8514 Mar 12 87/
7,000
414
111
114
6 Oct 21
5
514 538
514 42.000 Illadlo-Keith-Or ph
54 512
14 Mar 13
514
5
No par
4
1
514 5/
514 5,2
23
1418
114
25
Nov
4
2912
13
2814 3,100 Etaybestoe Manhattan _ No par 1812 Mar
2814 2879 2812 2914 283 2878 *2812 2834 2818 2812 28
4
/
351s 5t1
2971
39
39
3714 3714 38
38
3712 38
39
37
37
50 294 Mar 28 438 Jan 7
*38
800 Reading
331, 4111
28
*404 43
*4078 43
*4078 42
43
*41
*4078 42
*4012 4134
50 38 Apr 6 4318 Nov 6
1st preferred
2932 31711
27
*3634 38
83634 3712 *3718 3734 3718 374 *37
50 33 Apr 17 33 Dec 6
3734
*3634 38
2d preferred
400
14
6
34
1012 10
10
912 912 10
3,2 Apr 4 11 Aug 16
10
1038 2,200' Real Silk Hosiery
1032 1058 1014 1058 *10
1
6014
35
2018
72
74
*72
72
70
72
100 204 Apr 2 72 Nov 13
70
70
72
70
*68
801 Profarred
72
6
4
/
11
1
219 2(8
1 Mar 26
No par
178
3 Oct 25
2
212 274 2,200 Reis (Rohl) & Co
4 •218 238 *218 238
1
2/
*2
4 3834
/
51
538
1634 *1312 1512 *14
1634 1414 144 15
8 Mar 12 18 Nov 7
100
4 *13
1
let preferred
16/
18.700
*13
4
1
/
13
6
54
12
Dec
2012
4
193
4
1
/
20
4
1
/
19
1
June
20
7
1
2012
1918
2034 1912 2058 88,400 RemIngton-Rand
20
1718 19
11238 71
2434
100 7134 Jan 15 90 Aug 26
lit preferred
---- ---- ---- ---- ---- - -- _ _ _
---- ------------ ---69-27
Nov
8512
85
*8414
88
22
85
Aug
85
69
8412
85
preferred
25
8412
8412
.8312
1,600
36
1512
85
*2314 242334 23/
25 2118 Oct 15 2514 Nov 19
2314 2314 *23
_-_-24
2118
*2312 24
4 24
1
23/
Prior preferred
4 1,100
1
f26
9812 III
Renns & Saratoga RR Co __100 9812June 10 110 Mar 1
117 *--__ 117 •____ 117 *____ 117 •____ 117 •___ 117
•__
512
2
2
8 Dec 4
5,
214 Mar 13
5
Car
514 534
5
514
K., 559
518 512
538 558
5
518 26,100 Reo Motor
1012 2534
9
1814 1858 18
1814 1878
4 Nov 20
/
9 Mar 15 201
1838 1758 1818 38,500 Republic Steel Corp
No par
1834 19
1812 19
6779
331s
19
14
Nov
07
18
Mar
8
285
___100
*80
__
preferred
4
873
8812
4
873
4
1
/
87
88
cone
84
6%
86
83
891
1,300
84
89
---- ---7812
6% cony proir pret ser A.-100 7812 Oct '2 9512 Nov 22
0212 9334 /9318 9312 934 9314 9112 9112 1,600
0312 9312 9214 93
1412
5
512 Apr 3 16 Dec 11 44 3
5
1412 1434 16
14
1412 1514 144 1434 9,500 Revere Copper & Bram
1414 15
143
14
11 14 2812
10
44
11
Dec
3414
17
Apr
13
10
33
3414
33
32
334
3212
3312
A
Claes
3212 3,200
33'2
3212 332 33
90
46
35
100 75 Apr 9 115 Nov 26
Preferred
115 115 *112 11412 *112 1131 112 11234 112 11212
170
*11012 115
154 2734
4
1
1712 Apr 29 2718 Dec 11 a 9/
2512 2558 2634 2638 2718 2612 27
26
2634 11,200 Reynolds Metal/ Co ____No par
*2514 25i 25
- -- - - 100 101 June 10 11214 Nov 7 101
111 111 *111 11314 111 111 *109 11314
54% cony pref.
200
•110 11213 •110 111
-64 Is
1214 Mar 20 3134 Dec 12 47 8
1
4 3012 31
/
2818 281
3134 /31
311
4 13,200 Reynolde Spring
/
2712 2818 2712 281z 28
4 5334
/
391
3934
5678 6614 5634 5538 5658 20,500 Reynold/(R 2) TOb cla.se B___10 43101ar 28 584 Nov 23
4 5638 56
1
4 5618 5532 55/
/
5614 561
57
554
6272
12
Nov
87
10 6514 Apr 22
4 *5834 6412 6312 6312 *5834 6312
1
Class A
60
*5834 644 *5834 64e *5834 64/
big 1312
6,8
29
Oct
19
26
Mar
No
54
pa
Mfg
Dental
4
*1618
163
8
4
167
163
Ritter
4
*16
163
187
164
1712
900
*16
8
167
•16
20
3318
20
5
Dec
33
25
Feb
214
_
Mine*
ormer
,
antelope
3
Roan
1,100
32
*32 8 3314 3218 3218 *31
327 33
3234 33
.3238 33
-For footnotes see oaffe 3816
Par
$ per share $ per share $ per share $ per share $ per share $ per share! Shares
100
2334 2438 2334 2412 234 2378 23
2358 2218 2314 2138 2234 34,300 Northern Pacific
*5114 54
55
50
*5214 55
*52
5212 5212 *5234 55
15212 5312
30 Northwestern Telegraph
2
•2
2
14 2
2
2
218
2
178
178
1,200 Norwalk Tire & Rubber -No par
2
50
Preferred
*2434 2778 *2414 28
*2418 28
26
26
*2414 2778 •2414 2778
10
1178 1218
1218
12
12
1178 12
No par
1214
1218 1212 1218 1258 66,100 Ohio 011 Co
2378 2412 2334 2434 23/
4 244 2414 251
1
4 2534 Ms 2614 2714 18,900 Oliver Farm Equip new_No par
/
1738 1714 18
1578 1614 16
1538 16
1612 1712 1614 1718 82.300 Omnibus Corp(The)vto_ No par
100
107 107 *105 107 *105 107
Preferred A
*10514 107 *105 107 *105 107
100
1038 1038 1014 1012 1014 1014 10
*94 10
10
•914 958
900 Oppenhelne Coll & Co_ _....No par
2458 2534 25
26
2534 2638 25
No par
26
2514 2534 2434 2534 27,000 Otle Elevator
100
__ 123 123
123 1234 *124 125 *123
.*123
Preferred
_
70
1558 1612 16
1558 -1-618 16 -1-64 1534 16
No par
*1231638 1558 -1-838 19,800 Otls Steel
8112 83
80
Prior preferred
100
8014 8014 8012 81
84
8312 84
2,600
83
87
No par
*524 5312 5218 5218 *504 524 •504 524 52
*5018 52
52
60 Outlet Co
100
.*116
Preferred
*116*116 _ .*116
_ __ •116
_ *116
_ ____
25
12134 12-1-3-4 12114 12-1-34 12114 12-5- 124 12434 122 124-4 122 124- '5,3645 Owens-Illinole Glans Co
1412 1414 1433 1414 1434 1434 15/
1434 1434 14
4 1434 1514 9.800 Pacific, Amer. Fisheries Inc____5
1
10
3
278 3
334
3
4 334
1
3/
334
334 378
35g
810 Pacific Coast
354
812 833
812 9
934
9
No par
812 914
let preferred
838 838
912
9
380
414 438
No par
414 5
434 434 *312 458 *334 5
538
5
2d Preferred
410
25
3078 3034 31
30
3014 304 30
3058 30
10,600 Pacific Gas & Electric
3038 2912 30
5138 5112 5214 5234 51
No par
5214 5034 5112 5012 5112 5012 511
4 3,600 Pacific Ltg Corp
/
1612 1634 *1612 17
17
par
17
No
Mille
1614 1678 1638 1612 16
1678 2,300 Pacific
100
*12114 12212 12112 12112 12112 12112 122 12214 122 12212 *122 124
140 Pacific Telep & Teleg
100
*14012 14114 14114 14114 *14114 144 *14114 144 *14114 144 814114 144
6% preferred
20
1018 /934 10
10
94 9/
4
1
958 1014 10
934 1012 5,600 Par Western 011 Corp___No par
1038
7
No par
738
7
7'8
779
738
719 74
678
4 7 188.800 Packard Motor Car
1
6/
714
*1112 1134 *1112 1134 *1112 1134 1134 1134 1178 12
1,200 Pan-Amer Petr & Trans ______5
12
12
4
/
11
134 *112
*138
112
4
/
11
158
134
4 14
/
11
4 134 3,800 Panhandle Prod & Ref __,.No par
/
11
_100
*1812 1912 19
•1814 20
19
1812 19
8% cony preferred
1812 19
290
1734 18'z
No par
*7112 714 7112 7178 714 7134 73
74
7312 7514 7612 7778 4,900 Paratfine Co. Inc
1
1038 10
914 104 10
918 914
1014
934 1014
63.800 Paramount Pictures new
912 10
100
7658 77
81
77
8014 8134 80
7914 8,500
First preferred
81
7834 8014 78
10
1218
1114 11
11
12
1238 12
Second preferred
1214
1134 1218 11 12 1178 36,700
1
•1858 2034 *1812 2014 1814 1814 *18
200 Park-TlIford Inc
2034 *184 20
2014 2014
1
412 478
478 5
518
5
438 458
438 41. 30.000 Park Utah 0 M
438 458
418
4
4
418
378 4
378 34
3,2 378
312 358 9.000 Parmelee Transporta'n___No par
par
Corp
No
7
718
7
714
Film
7
738
Pathe
718 718
634 678 8,000
714
7
1338 1334 1338 14
13
1338 13
1338 13
13
13
2.600 Patin° Mince A Enterpr No par
13
3
114
114
112 112
114
114 *114
112
114
114 *114
900 Peerleas Motor Car
112
No vat
69
70
70
6912 6912 6912 69/
4 6934 *6912 70
1
6912 6912 1,400 Penick & Ford
No par
7834 7914 79
8234 82
8234 8378 82
84
8312 8112 83
16,000 Penney (.1 0)
10
514
*5
434 434 .434 5
5
5
*434 .518
412 4/
400 Penn Coal & Coke Corp
4
1
N. par
434 478
434 5
434 5
434 5
412 434 5,200 Penn-Dixie Cement
412 434
100
*2818 29
28
Preferred series A
2858 *2714 28
281. 28
2814 *27
28
900
2812
60
3134 3214 32
3212 3158 32
3118 3134 3012 3158 30
3078 44,400 Pennsylvania
No par
32
33
*32
32
32
3258 3258 1,100 Peoples Drug Stores
3234 3278 33
*2938 33
100
Preferred
*113 116 *113 116 *113 116 *11312 11612 *11312 11612 .11312 11612
100
42
41
40
4318 4214 4338 4114 4214 4134 4238 41
41
8,300 PeoDle'a 0 1, & 0 (Chic)
100
312 312 *3
414 *314 414 *312 414 8312 44
*3
414
100 Peoria & Eastern_
100
*28
*26
32
33,2 314 3118 2834 34
30
•32
30
*27
100 Pere Marquette
100
6278 60
*60
*5912 811
Prior preferred
60
*5858 64
5858 62
*5858 64
800
100
51
*5112 52
Preferred
51
*52
5338 53
50
5338 53
53
50
900
par
No
*1514 16
1578 1578 •1514 16
*1514 16
Milk
•1578 16
1538 1538
300 Pet
1218 1238 12
1214
1178 12
4 1214 12
1
11/
1178 12
4 11,700 Petroleum Corp of Am____ ___5
1
12/
No par
1614 1678 1612 1678 1634 1714 17
1614
16
1779 1714 1774 47,800 Pfeiffer Brewing Co
25
2718 2512 2658 2434 2614 2412 2538 27,900 Phelp8-Dodge Corp
2712 28
2758 2818 26
50
43
4258 4258 4258 43
43
43
43
4314 4314 43
43
1,600 Philadelphia Co 6% pret
par
No
81
8012 81
*78
81
81 .80
.79
*80
81
80
preferred
36
80
400
314 314 *234 4
318 318 *318 334
319 314 *24 318
180 /Philadelphia Rap Tran Co___50
50
*658 733
758 834
734 834
8
4 814
1
7/
8
712 8
7% preferred
620
258 234
258 3
254 234
274 278
No par
258 234
258 254 12,400 Piffle & Read 0 & I
6012 6214 61
10
61
0134 6178 6038 62
6112 6112 62
6438 16,600 Phillip Nforrle & Co Ltd
1312 1334 *12
1214 1234 14
12
No par
1312 1212 1212 *1212 1313 1,600 Phillips Jonee Corp
100
85
83
85
*83 100
83
*7712 100
*7712 100
*7712 100
7% preferred
20
No par
3634 3714 3718 3712 361
4 3738 3618 3678 3614 3718 3618 3714 38,100 PhiliDa Petroleum
/
New York Stock Record-Continued-Page 8
3824
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 7
Monday
Dec. 9
Tuesday
Dec. 10
Wednesday
Dec. 11
Thursday
Dec. 12
Friday
Dec. 13
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
gang. Sesre das 1
Os Basis of 100-share Lots
Dec. 14 1935
July 1
1933 to Raw.for
Nov. 30 Year 1934
1935
High
Low Lou
Lowers
Mabee,
$ per share $ per share $ per share $ per share 9 per share $ per share Shares
$
per
share
Par
Per Mare 2 per id $ DV share
$
•4612 4712 47
47
*4612 47
4634 4634 4613 46% 4658 4638
700 Royal Dutch Co (N Y tbares)-- 2913 Mar 12 4838 Nov 26
2858
28% 391s
*80% 83
83
8314 8314 8312 84% 8438 84
84
8418
84
1,700 Robert)ld Co (The)cap stk No par 82 Nov 20 86 Nov 23 • 25
638 618
612 712
7
7%
7
7,4
734 8
71
/
4 773
6,100 Rutland RR 7% arm
3 Apr 18
100
8 Dec 13
44, 15
3
24% 2514 2412 24% 2314 2438 2314 24
2313 24
2338 24
12,600 St Joseph Lead
10 1014 Mar 13 2514 Dee 6
1014
1514 2778
*158 134
158
1% 134
134
1%
1%
158 1%
158
158 2,200 :St Lou,-San Francisco __--100
8
%June
34
2
Jan
118
41
/
4
*238 234
258 258
212 238
212 212
238 212
18t artferred
2% 212 3,400
1 Apr 3
3 Nov 29
100
11
/
*9
4
Ws
9
1012
9% 9%
978
9% 9%
812
9% 938
812
470 St Lout, Southwestern
8 Apr 15
14 Jan 12
100
8
•1412 19
20
*16
19
*16
19
•1412 19
*13
1612 •13 .1612
Preferred
100 12 Mar 4 2312 Nov 29
12
13
27
3418 3412 35
3534 3434 3514 3438 3518 34
3418 34,2 11,100 Safeway Stores
35
No Par 3134 Nov 9 46 Jan 2
3134
381
/
4 67
10734 10734 107 10712 10714 10712 10814 10812 *10814 110
10814 10814
6% preferred
170
100 10434 Mar 11 11314june 29
80
84
/
1
4
*11018 11114 11114 11114 11038 11112 11238 11238 *11134 1123* 111,
108
4 112%
210
7% preferred
100 109 Oct 1 1 1 412June 10
90%
9812 11312
1212 13
131
/
4 13% 13
1312 12% 1234 1212 1238 1214 1238 6,200 Savage Arms Corp
No par
6 Jan 16 13% Dec 9
412
51
/
4 121
/
4
53% 5312 5312 54
5112 5312 5112 5314 52% 5314 5112 5278 14,000 Schooley Distillers
22
12
Mar
Corp
5
5614
Nov
2
1718
171
/
4 38%
3% 4
334 4
334 3%
3% 334
Schulte
5,200
312
3
,
3
2
Retail
%
33
4
1%
4
Stores
Apr
1
418
Nov 25
184
3
8
1838 1834 •1818 1834 181
/
4 1819 1734 1734 •1712 18
1734 18
Preferred
800
8 Apr 4 20% Jan 18
100
15
3034
8812 89% 89
8912 8912 8934 90
90
90
90
8958 8958
430 Scott Paper Co
No Oar 55 Jan 2 91 Nov 26
41
3714
80%
118
114
118
1
1,4
114
1
1%
1
118
118 19,400 (Seaboard Air Line
%June 29
14
No par
114 Dec 3
'1
2
2% 2%
212 238
238 2/
1
4
238 238
214 2%
2
Preferred
214 2,800
54
58 Aug 1
3 Dec 2
100
318
32
3214 3138 32
3012 31
3034 3114 3114 3238 3012 32
9,100 Seaboard 011 Co of Del __No par
2014 Mar 12 3572MaY
19
20% 38%
312 3,2
3,2 3,
*312 334
3% 318
312 3,2
700 Seagrave Corp
338 334
2% Oct 14
No par
474 Jae 26
21?
2,3
558
6614 68
668 6712 668 68
66% 67
6412 6638 654 668 29,800 Sears. Roebuck & Co__No par 31 Mar 12 6978 Nov 20
30
5114
31
4
4
*3% 4
•378 4
*334 4
*334 4
500 Second Nat investors
334 334
118May
6
413
1
Nov
25
113
1'1
69
4'4
69
69
69
*6714 68
68
68
6738 68
120
6738 6734
Preferred
1 40 Apr 3 70 Nov 19
30
32
52
1418 1438 141 1412 1438 14/
1
4 1414 14/
1
4 1414 14/
1
4 141g 1412 28,100 Serval Inc
738 Mar 13 155 Dec 4
1
3%
4,
8 11/
1212 1234 1218 121
/
4 121
/
4 1238 1238 1258 x1134 1238
1112 12
11,200 Shattuck (F 0)
Mar
14
714
No
par
1278 Deo 6
6
1378
nil
24
2414 2438 2412 2312 2414 2312 2438 2312 2414 2234 2312 4,300 Sharon
Steel Hoot/
No par
9 Mar 14 2534 Nov 6
4
51/1 1314
51
5
/
4 518
5
518
514
5
518
5
5%
5
518 6,000 Sharpe & Dohme
534 Nov 25
314 Mar 12
No par
314
4
77
,
4212 43
*4218 4212 4212 4212 *4214 4234 4214 4238 4214 4214
Cony preferred ser A
800
No par 4013 Nov 12 60 July 23
30
3814 49
*30
31
*30
3038 3038 3038 *30
3034 *30
3034 *30
100 Sheaffer (W A) Pen Co_ _No par
304
30 Oct 5 3114Sept 21 3 712
*3812
*3812 ___
3812 3812 3'3814
*3814 3817 3814 3814
30 Shell Transport & Trading ___£2 20% Jan 2 3838 Nov 25
19
itc119
2
1434 15
1512 1614 15/
1
4 1612 158 16
1514 154
1512 157 65,300 shell Union Oil
513 Mar 19 1612 Dec 10
No Par
6
1111
513
*108 10934 110 110 *108 110
110 110
109 110
1,200
Cony preferred
10934 11018
100 6318 Mar 21 111 Nov 14 13 4512
57
89
1278 1318 1212 1278 1114 1214
1118 1178 x1114 12
1118 1133 15,900 Sliver King Coalition Minee___5
1938 Apr 26'
8% Feb 15
2 814
8
1212
17.8 17.8 174 1738 16/
1
4 1714 17
174 1738 183* 1778 19
26,600 Simmons Co
8 Mar 15 1913 Nov 6
6
No par
8', 2418
5,8 518
5,3 514
5,8 5,4
514 8,800 Simms Petroleum
5% 514
5% 544
5%
434 Oct 24 1844 Jar 9
10
434
714
1714
1638 16/
1
4 15/
1
4 1614 16
1618 16
16341 1678 1712 164 17% 9,800 Skelly 011 Co
25
6
612 Jan 15 1712 Dec 12
6
11 18
*108 110 *108 110 *105 110 *108 109 1 110 110 *10834 110
100
Preferred
42
100 60 Jan 22 111 Nov 21
511
/
4 6818
58
58
58
58
57
5834 *56
58
5612 5612 5514 56
240 Sloes-Sheff Steel & Iron
100 13 Mar 20 5334 Dec 2
12
15
2712
68
6814 6512 6834 65
6518 65
65
6514 6514 *6518 6612
250
7.4. nrefe,rred
100 24 Mar 12 7012 Nov 16
15
1812 113
6334 66
64
6814 6214 648
6312 65
5912 62
16,500 Smith (A 0) Corp
5712 61
No par 4618 Nov 30 6814 Deo 9 2 1518
26
2614 2512 26
2434 25,8 2478 2518 2434 2434 24
2412 3,800 milder Pausing uorp__ -No Par
16% Apr 3 30 Nov 7
3.1
314
19,4
1338 1378 1334 1414 14
1438 14
145
14
1412 1312 1414 193,500 Socony Vacuum 011 Co Inc____15 10% Aug 30
1534May 24 4, 912
12%
19%
*110 11112 *110 11114 *110 111,4 *110 11118 *HO 11112 *110
Solvay Am Inv, Tr pref____100 107% Jan 16 112 Oct 1
11112
80
76
10812
2614 2612 2638 2658 26
2612 x2512 2534 2512 2578 1 25
6,700
So Porto Rim Sugar
25,2
No par 20 Jan 30 2838May 24
20
20
2433
*14912 150 *14912 150 *14934 150 *14834 150
151 151
190
150 151
Preferred
132
100 132 Feb 4 151 Dec 12 112
11$
2478 2518 2474 25
2478 2518 2414 2478 24
2438 2334 24
8,400 Southern Calif Edison
10% Mar 13 27 Nov 8
3
25
1018 2218
2438 2478 2414 25
23
,
4 2412 2312 241
1
4 2378 2214 233 48,500 Southern Pacific Co
/
4 22/
1234
100 1234 Mar 18 2512 Dee 4
1.47s 3314
1438 15
142 1514 1418 1438 138 14/
1
4 1312 1414 1214 134 28,300 Southern Railway
16% Jan 4
512July 8
100
1112 3612
6,2
20
208 193 2012 1812 1978 1858 1912 1814 1979
1712 1878 12,500
Preferred
7 July 8 21% Dee 4
7
100
4114
44
*30
3234 *303* 3234 32
32
*2513 32
1,298 33
100
*2978 33
Mobile & Ohio elk troll, I00 15 July 23 3314 Deo 4
15
31 13 4734
8
8
758 8
7,2 734
312 812
712 712 2,000 Spalding (A 0) & Broe___No par
5
834 Nov 22
5 Mar 14
6
13
*67
69
67
67
66
66
68
6934 •68
170
694 68
let preferred
68
3014
100 42 Apr 2 7012 Nov 22
1014 74
10314 10314 10414 10144 10514 10514 105 107
106 106 *102
210 Smog Chalfant & Co Ine pref_ 100 59% Apr 3 107 Dec 11
-- -20
80
66
834 7
67
714 27,600 Sparks WIthington
68 7
6% 634
63a 634
68
714
312 Mar 13
2%
37s
733 Nov 22
No Par
8
772 818
*73s 75
712 77
*714
712 7,2
8
7,4 778
3,100 Spear & Co
Si Oct 18
2
314June 25
No par
734
*75
7912 *7512 7912 *7512 7912 976,2 7912 *7612 7912 *7613 791
Preferred
2
100 65 Mar 23 81 Oct 21
38
6412
3512 3512 3518 3514 35
3
3518 351
/
4 3512 x34/
1,200 Spencer Kellogg & Sons __No par 31 Nov 13 3614May 11
1
4 34 4 35
35
I514
1214
3318
1318 1312 1312 14
12% 1334 13
1318 1278 1338
44,700 Sperry Corp (The) v I o
1238 13
1
3/
1
4
714 Mar 14 14 Dec 9
115,
*137 1412 143 14% 1412 141
/
4 14/
1
4 1434 14
1,000 Spicer Mfg Co
14
14
14
No Par
812 Mar 14
a
13
1512 Oct 22
*4514 46
4512 4512 46
46
*4512 46 I 4513 4513 45
45
1501
Cone preferred A
No
Nov
par
Feb
48
22
1314
14
3114 4114
18
7118 7234 7112 72
6834 7134 6734 694 69
7,300 Spiegel - May-Stern Co
7034 69
70.
437s Mar 27 84 Oct 21
19
No Par
714
76%
*100 10412 *100 10412 *100 10412 *102 10412 *100 10412 *98 10412
6Si % preferred
100 101* July 26 10518 Nov 1 1 45
1412 1434 1438 1434 14% 1514 1434 1514 14/
1
4 15
1438 1478 59,800 Standard Brands
No par
1212Sept 18 1918 Jan 3
-17-1-4 15;
1212
1
*126 12712 12734 12734 12712 12712 *125 12712 *125 126
40
125 125
Preferred
or o 120
No pa. 122%June
130
121 14 127
91, 98
91
9,2 934
. 934
93* 10% 10
11
108 1214 19,000 Stand Comm Tobacco
2%
1
mar
1
15
Dee
3
121
13
8
212
53
5,8 512
6 ,
512 6
57358
579
6
534 6,4 24,400 (Standard Gas & El Cu.-V a Par
113 Mar 15
3%
914 Aug 17
17
1 12
7
712
73* 814
7,2 814
8
838
734 83*
814 878 27,400
Preferred
134
11% Aug 17
No par
114 Mar 15
4%
17
1712 1712 1734 1934 19
1934 19
21
2012 2114 207s 22'z 10,100
18 cum prior pref
414
Aug
Mar
255
12
8
15
33
10
43
No
par
4
1938 1934 2014 2278 2112 2314 2134 2378 23
2414 234 25'2 38,900
97 cum prior pref
No par
6 Mar 15 2712 Aug 17
1114 38.2
6
212 212 0238 212
238 238
214
238
Stand
3,200
214
214
214
2,4
78 July 17
Investing Corr.- No Dar
218 Nov 18
71
*113 11312 11318 11312 11312 11312 11314 113,2 *11238 11238 11214 11214
1.100 Standard 011 Export firer---- 100 111 Jan 3 116 Apr 6
96% 114
941s
3814 3838 38
38% 37% 383* 3738 38
3814 27,100 Standard 011 of Calif
3734 3814 37
3878 may 241
No par
2734 Mar 15
28'4
261
/
4 4212
2714 2758 2712 2814 28
283* 28
74,800 Standard 011 of Indiana
2934 2934 3038 29
30
23
8 Dec 12
25 23 Mar 15 30,
2312 271
/
4
*25
*24
28
2858 *2418 28
*2314 28
*2314 28% *2338 2812
Standard 011 of Kansas
19
28
4.1
10 20 Oct 2 32 Feb 181
4858 4918 4834 4914 4812 49
4838 4834 48% 49
ao%
39%
475* 4914 42,000 Standard 01101 New Jersey
25 3514 Mar 18 5012May 23
3318
*30
3034 3034 3034 3012 31
3034 3034 31
1,500 Starrett Co (The) el__ __No par
32
318 32
1212 Mar 19 3213 Nov 16,
151
/
4
64/
1
4 65
64
65
64 4 6312 6414 6418 6438 4,700 Sterling Products L
64
6412 64
4534
Inc____ .. _ .10 5834 Jan 15 68 Nov 12i
6714 6612
3
3
278
278 278
8 27
1,100 Sterling Securities el A _No par
278
2% *234 3
Mar 19
1
3 Nov 27'
114
118
3
*8
834 *8
834
814 83*'
812 834
2,700
812 812 *834 9
3% Mar 28
Preferred
213
No par
834 Dec 11
7
*4412 50
*46
4912 46
46 1 *4612 50
*46
100
*46
50
50
Convertible preferred
50 38 Mar 5 48 Oct 31
11,
2818
38%
16% 16% 1638 1712 17
17141 1679 1714 1678 1718
16% 164 12,200 Stewart-Warner
6
Mar
412
412
8
Oct
10
8
5
185
22
63
1318 1334 1318 14/
1
4 1314 14/4 131
/
4 1418 13
14
1234 1379 82,600 Stone & Webster
1:3%
1438 Nov 1
No par
212 Mar 14
212
3%
978 1018
034 1018
Ps 1018
958 10
953 10
912 931 61,900 (Studebaker Corp (The) new I
214
2,4 Apr 17 1034 Nov 25
72
*71
72
72
70
72
70
7034 70
70
7014 7018 1,700 Sun 011
par
42
mar
h'o
6012
20
Nov
21
77
*120 12012 12014 12014 120 120
120 12012 11934 121
500
1194 120
Preferred
96
100 11512 Jan 10 121 Mar 43
30
30
30% 303* 30
30
2034 30
*29
1.600 Superheater Co (Tha)_ __No par 211 Apr 4 3018 Dec 9 ull
30
29
28
2/
1
4 3
234 3
234 3
312 104,800 Superior 011
234 3
2% 314
33*
31. Dec 13
I
114
1% Jan 2
10% 10% 1038 104 1038 1012 1012 1034 1014 1014
'tee)
2,200
f3imerfor
1014 1012
4%
100
1234 Aug 27
5 Mar 18
2414 2434 2414 25
2438 2478 2412 247 x2378 24% 2334 24
9,800 Sutherland Paper Co
10
17% Oct 8 25 Dec 9 9 534
4718 8
718 718
7
7 I *714 8
•714 8
712
400 Sweet, Co of Amer (The)
7%
314 Mar 8
9 Sept 30
60
318
IS,
.
31s
20
2014 1934 2011i
1979 20
1978 20,8 19% 2014 19% 2114 23,000 Swift & Co
25 15 Sept 16 2114 Dec 13 • 11
-114
114
•114
138
04
11
/
4
11
/
4
118
11
/
4
118
118 2,400 (Symington Co
1,4
44
Apr 16
112
Nov
14
No
27
par
21?
*558 57s
512 534
512' *514 5%
5%
Claes A
1,700
5%
518 5,4
5,4
114 Apr 29
1 14
No pa,
614 Dec 2
Da
6,
2
818 818
81g
8
81, 818
8
818
2,000 Telautograph Corp
778 813
778 8
614 Sept 20
614
/12
9% Jan
15,,
5
738 712
714 712
7% 712
673 713
7%
712 8
734 19,300 Tennemeee Corp.
1118 Nov 20
3.8
4 Mar 16
318
81,
5
25,4 2538 2514 2578 2514 2534 2538 2534 25% 26% 2534 2658 54,300 Texan Corp (The)
1613 Mar 13 2618 Dec 13
19%
1614
- _21
J912
311 2 3158 3114 313* 3118 3112 31
3138 30% 3114 30% 31
13,900 Texae Gulf Hulot ur
No par
2834 Apr 4 36% Feb10
43,,
2254
80
8% 8%
812 879
879 879
814 879
8
84 11,800 Tete, Pacific Coal & 011
814 858
21,
314 Jan 2
10
2,2
9% Oct 7
6 1,
10% 11
1012 1078
Lan,
105
Pacific
Toy.,
8
101..
1012 1018 1034 1012 10% 15,600
103*
Ri2 Jan 15 1213May 14
Trust_. 1
6
6%
12
*1050 1200 *1025 1200 *1000 1200 .1000 1200 *1025 1200 *1025 1200
Old
100 1050 Dec 4 075 Deo 4;
2514 2512 2512 26
24% 2538 2412 25
*23% 2412 2334 2412 2,900 Texas & Pacific Ry 3.10
Itar 14 Apr 12 2634 Dog 5' 13,1
43,4
Id%
36
3534 3612 36
38
36
3614 36
x3512 36
2.500 Thatcher Mfg ..___. _--NO Par
3512 36
8
1312May 8 40 Nov 2
8
18
4,591 60
59
59
60
*58
*58
60
*58
200
60
33.80 cony pref_____No par 50 May 4 81 Nov 8
456
60
52
39
3838
1134 1214 12
12
123
12
1178 1178 *11 12 12
1114 1134 1,800 The Fair
.No par
4
12% Oct 19
Apr 10
514
121,,
100 100
100 100
*99 100
*99 100
90
*99 100
Preferred
100 100
_100 8118 Jan 7 Inn Oct 16
50
)33
45
9,8 938
914
9
9
9
918
93*
8,
4 918
812 8% 4,200 Tbermoid Co
213 Mar 7 1014 Nov 21
1
212
213
37
*3/
1
4 4
378 *334 4
*378 4
600 Third Avenue.
378 4
312 318'
June 214
814
2
Jan
2
6
5
100
4
2714 2714 *25
2734 *26
2713 *2612 2738 *2634 2738 *2634 27
100, Third Nat 1nveetOrs
.1
13% 22%
Id Mar 15 29 Nov 15
13
81g 813 *818 818
838 878 0818 878
814 858 0813 834 1,000 Thoznpeon (2 R)
8% Nov 29
518 Jan 7
25
Vs
11
23% 24
2418 2514 25
2512 243* 25
2412 25
2412' 6,000 Thompeon Products Inc_ No par
24
13% Mar 13 26% Nov 22
2014
10
10
444
438 412
418 414
414 412
13,500 Thompeon-Starrem Co___No par
4
3% 413
334 4
1.38 Mar 15
i%
512
412 Dec 7
152
2614 2614 *2434 2714 *24
2714 *2212 2714 *2413 2714 25
200
13 50 oum prat
25 '
17
No par
17 Apr 23 27 Nov 20
3412
17
1214
12
1214
1218 1212 12% 1279 1234 1318
12
1234 1314 60,100 Tidewater Assoc 01/
8
7% Mar 18
1444
131 1 Dec 13 .7 712
No par
*101% 102 •10123 102
10012 10034 1003* 1002 10112 1011 10112 102
1,700
Preferred_
5414 87
10413 Nov 18 • 43,
100 84 Jan
4
4134 4134 4312 4312 43
4312 *4212 4312 *42
610 Tide Water Oil
43'z *42
4312
40
3914 Mar IS 4312Sept 4
24
No par
1,3
1012 103
1038 11
1053 11
103* 1078 1012 107
314
41s
1014 1034 21,900 Timken Detroit Axle....,. . 10
4% Mar 15 1134 Nov 25
3
6612 67
6634 671. 654 67% 66
13,400
68
Timken Roller Bearing
6712
67
644 6612
24
3838 Mar I
41
7213 Nov 18
31
No
par
1234 13
1238 13
1234 13
1278 13
1234 13
28,500 Transamerica Corti
125 13
4% Mar 12 13% Nov 20
5.
No par
47
8
1412 14,
1434 14%
4 1412 14'2 14
14
14
14
•131ii 134 1,100 Transcon & Western Air Inc.__ 5
714 Mar 21) 1514 Nov 6
714
131_
13
1312 1334 131s 1334 134 1334 1312 138 1338 1338 2,100 Transue & Williams FM- _ No Dar
412
-4-1;
1512 Nov 6
51,, Mar 14
712 73
712 778
78
712 7713
734 8
71
714
614
712 10,700 Tr] Continental Corp... No par
3
17s Mar 13
814 Nov 25
172
*95
*9412 97
981
95
95
*9412 9618 *93
95% 193
95,8
100
78
6% Preferred
6014
No par 69 Apr 4 9713 Nov 2' 61
478 518
4% 5
4% 5
47
, 478
4% 4%
434 48 2,800 Truax Traer Coal.......No ear
512
672May 1,
Oct
14
33
8
1
12
738 7%
738 7,
1,700 Trupoon steel
7%
/
4 7/
744
7%
71 t
1
4
71
7
7
1/52
5%
138
If)
3,2 :Stir 13
8% Nov 18
23
22% 23
2318 22/
1
4 2312 2234 23
2314 24
2312 247 14,700 20th Cent Fox Film Corp.No par
13
13 Aug 28 2478 Dec 13
2934 30% 3018 30% 30% 304 30
304 3012 3212 32
Preferred
3312 37,900
par
No
215
Dec
8
243
Oct
3312
13
8
3
834 91. 1014 1112 1014 111 1
934 103*
934 978
01
/
4 101
/
4 6,400 Twin City Rapid Trans_ N,. par
212Juue 6 1218 Nov 29
6612 64
59
5934 60
6812 65
6414 81
1,910
6
Preferred
6612 62
19
41§
6534
100 18 mar Di 70 Nov 29
41.
412 412 *414
4
4
4
4
1,600 Cleo A Co
4
414
1
No par
1 18June 10
518 Nov I
8 8612 8714 x87
86,
8514 86
85
8614 8612 8614 8634 2,700 Under Elliott Fisher Co ..No par 5334 Mar 29 8714 Dec 10
se
6,172
87
2212
*125 133 *____ 133 *125 133 *12314 133 *12314 133 *12314 133
110.1 12
102
Preferred
95
100 12612July 17 133 Apr 0
47
4634 47
4712 4618 48
4638 4713 4534 465
7.000 Union Bag d Pap Corp .._No par 29 May 58 5012 Jan 22
4512 46
3214 1,072
21)
72
7214 70
7212 71
71% 694 70% 6912 7012 6914 70
21,100 Union Carbide & Carb___No ear 44 Jan 15 7534 Nov 20 1 34
5078
35,8
213.1 22
211
/
4 2178 2113 2178 2118 2112 2114 2238 215* 2214 13,000 robin 011 California__ .. 25 143
20%
ills
1112
. Fee 6 22% Deo 12
For footnotes eee page 3816.
New York Stock Record-Concluded-Page 9
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 7
Monday
Dec. 9
Tuesday
Dec. 10
$ per share
11012 11078
8812 8812
23 233
2312 24
1238 1238
*1634 18
2438 2412
114 114
7114 7112
2312 2312
714
7
x4312 4458
1112 1134
1538 1558
*92
99
458 478
6814 89
1738 1778
108 108
8
858
$ per share
10914 1108
88
88
23
23
2258 24
12
1218
*17
18
2414 2134
113 113
7014 7034
2312 2312
634 718
4314 4378
1112 1218
1514 1534
*921
/
4 99
438 434
6814 6814
1718 1712
1073* 1075*
814 812
Wednesday
Dec. 11
Thursday
Dec. 12
Friday
Dec. 13
1 Sales
for
I the
l Week
STOOKS
NEW YORK STOOK
EXCHANGE
3825
Sasso Mara Jae. 1
Os Basis of 100-o8aro Lots
Lows81
Highest
Juni 1
1933 io PAW*for
Nor.30 nor 1934
1935
Low Lott
HUI
-
8 per Mare 8 Por oh
Par 8 per shard
8212
Union Paolfit.
100 8212 Mar 28 11112 Jan 10
100 794 Mar 14 9012Ju17 3 627g
Preferred
134
Union Tank Car
No par 2014 Oct 16 2612 July 17
97 Mar 13 24 Dec 9
812
United Aircraft Corp
5
United Air Linea Transp•$ 6_5
314
44 Mar 13 1318 Nov 27
7
United American Boseh__No par
7 Mar 29 20 Nov 20
19
No par 2014May 18 2612 Jan 9
United Biscuit
100 111 Oct 1 118 Aug 7 10414
Preferred
2014
United Oarhon
No pa, 46 Jan 28 78 Nov 16
17nited-OarrFaidener Corp No par 1712 Oct 3 2414 Dee 5 a 518
112
734 Nov 21
No par
112 Feb 27
United Corp
2034
Preferred.
No par 2034 Mar 13 4584 Nov 21
8.14June 14 1314 Jan 7
618
United Drug Inc
5
234
United Dyswood Corp
10
412 Mae 13 1684 Dec 13
60
Preferred
100 65 Mar 21 96 Dec 11
3
712 Jan 9
No par
34 July18
United Electric Coal
4912
No par 6012 Oct 1 9234May 14
United Fruit
914
United Gas 1131Prooe
No Par
914 Mar 18 1812Nov 8
8218
No par 871331er 15 110 Nov 26
Preferred
914 Dec 13
1
100
21a Jan 28
:United Paperboard
114June 3
114
578 Jan 7
United Piece Dre Wke.-No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ------ ---__ ___ ____
___
534% preferred
_100 10 June 3 3312 Jan 24
10
814 654
658 67
53 -578
74 Jan 3
31s Apr 4
64 -6-38
8 4 -612
238
6
-6-18 -3-3160 United Stores Mass A--No par
74
7712 78
78 •73
78
7513
*74h 78 *8912 7812 *70
46
Preferred class A
No par 46 Apr 3 73 Oct 28
500
7114 7114 71
70
7114 8812 6)
71
67 67
37
67 67
2,400 Universal Leaf Tobacco No par 51 Mar 15 7312 Nov 29
*151 159 *155 159 *15712 159 *15513 15) *15512 159 *15512 159
100 1325. Feb 9 159 Nov 21 10814
Preferred
*5514 62 *56
60 61
60
*5514 60
5912 60
*5512 60
15
100 Universal Pictures 151 pfd,.._ 100 29 Aug 3 73 Nov 25
78
134 1%
184 18
11
/
4 134
11
/
4 134
1
13* 134
78 Oct 16
112 11
218 Jan 18
/
4 15,800 tUniversal Pipe & Bad
14
1434 15
134 1412 1378 14
15
14
414
100
938 Oct 19 193* Mar 6
Preferred.
/
4 1,040
143* 1334 141
215* 2134 2073 2178 2078 21
21
2118 2012 2078 2014 213* 8,000 13 El Pipe & Foundry
12
20 143* Mar 14 22 Jan 7
*21.3* 2178 *2112 2178 2112 2134 *2118 2112 *2118 2112 *2118 2112
1314
No par 1914 Jan 7 2184 Dec 4
let preferred
500
*218 234 *218 278
212 212 *212 214
238 238
58
312 Oct 4
58June 24
No par
212 212
500 II S Distrib Corp
17
17
17
1718 1814 164 17
il
1718 *1814 17
5 July 26 2038 Oct 4
18
-100
Preferred
1818
430
3112 2912 307
3012 3012 31
30
3014 301
/
4 3012 2912 30
tt
No par 11 Mar 14 3214 Nov 19
2,700 U 13 Freight
1414 1412 11
1484 15
1412 1414 1412 137
1458 15
412
, 1412 4,000 US & Foreign %oar
412 Mar 12 15 Nov 29
No par
*9112 95
*9112 9312 *9112 9312 *3112 9312 *9112 931
60
9212 9212
No par 6514 Mar 26 96 Nov 27
Preferred
100
84
8484 8412 85
8312 6,700 U 5 Gypsum
83 85
8218 83
3414
81
821
/
4 82
20 4011 Mar 12 87 Nov 7
161 161 *16114 165 *18114 165 18212 18212 18212 18212
*161 165
100 143 Jan 11 16212 Dec 12 110
90
7% preferred
834 884
9
5 Feb 6 1018 Nov 7
6
314
914
91* 938 *934 912
914 954
878 838 2,700 0 8 Hoff Mach Corp
82
4738 48
473* 475* 4614 4714 4814 4714 4612 4714 x45
par 354 Mar 13 5018Nov 20
46
Industrial
Aloohol_..No
US
4.900
914 94
9
9
812 812
818 818
318
812 812 *814 878
912Sept 18
318 Mar 15
No par
600 U 8 Leather v 1 o
/
4 1434 1418 1418 138 14
15
7
1518 1412 1538 1418 143 *141
712 Mar le 1614Sept 18
No par
ChM A • I 0
3,900
7012 7012 *7012 71
*8912 71
7012 71
70h 703* 71
45
100 53 Jan 22 73 Sept 11
71
Prior preferred•to
300
1014 101*
1038 1118 10% 103
1012 107
934 1018
3
3 Mar 13 1114 Dec 6
94 1014 23.300 El 13 Realty & Imps
No par
gig Mar 13 17,4 Jan g
No par
1518 1618 153* 16
15
1512 1412 1518 1438 1434 41,800 U S Rubber
1473 153
94
1718
100 244 Mar 14 44% Dec 9
427/4 4413 4312 4458 4218 4114 4/5a 4354 4158 4318 4118 4214 24,900
18t preferred
110 11178 10812 11034 9812 103 I 972 10034 9818 10034 9718 9912 46,100 U 8 Smelting Ref & Mu
50 92 Sept 11 12412 Apr 25
5314
7114 7114 *7114 7112 7012 7114 7012 7012 *70h 7114 *7012 7114
5112
50 6278 Jan 3 7384Ju1y 14
Preferred
800
4712 4814 4758 4812 4838 47,8 4614 4712 4818 487
2712
45/
1
4 465* 67,800 U 8 Steel Corp
100 274 Mar 18 5058 Nov 18
113 11312 113 11312 2,500
11384 11414 11414 114% 11334 114
115 115
8714
100 7358 Mar 18 11914 Nov 20
Preferred_
14034May
lti
138 13812 •13812 13912 *13712 13312 13712 13712 13812 13914 *130 13778
4
813*
11918
Jan
par
No
13
Tobacco
800 CY
184 184 *16114 184
*18114 18912 18138 18138 16214 16214 *18238 185
100 14984 Feb 11 165 Aug 3 1245*
Preferred
30
27
3
318
3
3 ,
27
3
2% 318
3
414 Aug 13 5. 78
278 24 6,400 Utilities Pow & Lt A
1 Mar 15
1
112 158
112 158
112 13*
13* 134
13* 13
2 Nov 9
%Mar 15
112 1/
12
No par
%Tadao() Sale/
4900
,
1
4
*42
49 *4158 453
4434 45 i *43
4412 04158 45
1914
1914 Apr 11 5612 Nov 9
100
*4158 45
Preferred
30
1912 2018 1914 1934 1834 1914 1834 193
1914 20
1114
1812 19
5,400 Vanadium Corp of Am-No par 1114 Apr 11 214 Jan 7
*28521 2918 *2858 2918 412838 29 1 2834 30
2934 3012 30
334
5 1114 Feb 7 33 Nov 14
30h 4,500 Van Relate CO Inc.
11012 11012+11012 11314 *1102 11314 1'11012 1134 *110% 11314
*11012 113
544
100 91 Feb 20 1,4 Nov 18
40
7% let prof
4334 4334 4212 4314 4212 4234 43
424 4234 4234 43
2318
6 34 May 28 4418 Dec 13
4418 1,800 Viol Chemical roe
*5715 .. ., 88 68
*5718 110
*68
74 *88
74
*88
74
100 Vleks Shreve & Pee RP Co 01.100 68 Dec 9 70 Aug 6 80
37
4
4
414
418 418
4
11
3.8 4%
4
178
458 Jan 3
212 Mar 18
418 4,500 Virginia-Carolina OW01 ,..No par
5131
3114 3012 3112 2958 30, 2912 30
30
31
10
30113 311
100 1712June I 3212 Nov 20
/
4 8,800
6% Preferred112 112 1 114 114 *110 115 •111 115
*110 11412 *11012 113
5714
100 85 Jan 4 121112 Oct 31
7% preferred_,..
200
11014 11014 111 111
109% 109% 10914 110
112 112
112 112
60
700 Virginia El & Pow $0 pf -No par 7212 Jan 4 112 Dec 12
*43
1 8% 684 •438 634 •44 63
834 ..
*412 684 *412 634
2
734 Nov 14
2 June 22
Virginia Iron Coal & Ooke.-100
*2113 2812 *21
*21
28
2812 *21
28
2534 2812 *21
15
33
Nov
20
19
100
15
Feb
2834
40
5% Prat
*72
77
77
*77 80
77
77*7/
1
77
77
36
83
May
10
Mar
29
78
634
78
100
30 Fabian Detinning
*11812 _ •117 _ . •117 _ _ *117
-'117 . __ *117 _
95
preferred
100 1094 Feb 5 117 Nov 26
2% Ws
3*
234 -27;3
284 -278
1
25s -25g
314 Nov 27
2,4 -234 *214 -212 -Liao :Wabash.
1 Apr 1
100
458 5
5
514
5
5,2
1%
55* 534
534 Dec 5
512 534
134 Mar t
434 5
100
Preferred A
2,900
43 Dec 10
*4
4% *3
414 4h *138 414 *234 418 *212 438
43*
1
t May 22
100
Preferred B
60
97 Nov 19 9 378
93* 958 x958 938
9
9
938 938
41 Mar 15
*9
91 . 9
No par
913 1,300 Waldorf System
313
308 3078 303* 3112 3112 3212 32
3014 3012 31
3318 21,400 Walgreen Co
No par 2614June 1 3318 Dec 13 5 1518
*11712 11912 *11712 118e 11878 11878 *11712 1188 *11712 118% *11712 118/8
100 114 Jan 7 120 Apr 44 3 80
a q % preferred
10
532 514
558 578
518 538
518 512
5
514
484 5
638 Nov 25
14
14 Feb 28
No par
12,100 :Walworth Co
*1012 In 1012 1058 1034 1014 1018 1014 10
10
1018 1018 1.100 Ward Bating elms A......No par
5
5 Mar 14 11 Dec 4
212 2/
258 2/
1
4
238 2/
1
4
234 2e
234 278
1
4
212 238 3,500
114
3 Dec 4
114 Feb 28
Clam B_
No par
46
4834 47
4612 47
48
4812 4614 4612 *45
4412 45
24
100 284 Jan 12 47 Dec 7
1,400
Preferred
97 1038
97 1014
9/
1
4 1014
918 912
954 1014
214
9,2 10 199,800 Warner Bros Pictures
24 Mar 15 1018 Dee 10
5
51
5134 *4938 517
52
*48
50% 50
52
51
52
12
51
1,200
oon• pref
No par 1412 Mar 13 52 Dec 9
83.85
ii2 1%
112 158
114 13
138 13*
13* 15*
114 114 7,600 L Warner Quinlan
58
1% Dec 6
Mar Id
14
No
par
412 5 1
434 47
484 47
458 434
412 434
218
4‘1 412 4,800 Warren Bros
61s Jan 7
212 Mar 15
No par
15 1 •1312 15 .13
1518 *14
77
1512 1512 *13
15
*1212 1412
774 Mar 20 17 Aug 6
Convertible pret
No par
100
243
2334 2414 231
/
4 233* 2314 2314 23
2414 2414 24
IS%
23
1,200 Warren Fly 4 F1P0
No pa. 208* Aug 7 32 Sept 19
29 I 32734 29
2714 28, 28
2714 2734 2712 28
28
28
5,400 Waukesha Motor Co
5 274 Dec 2 3014 Dec 3 9 21
812 812
634 87
7
812 87
7
63* 818
83* 8/
1
4 1,500 Webster Eiseniobr
4
74 Nov 22
4 Mar L4
No pal
*80 _ _ *80 -- _ *80 _ - *80 _ _ _
*80 - - - *80 60
Preferred
100 85 Apr 29 go Feb 18
212 -2-34
218 -214
218 -2.12
214 2.12
2h 112 *214 112 1,370 Wells Fargo & Co_ ... .._ _I
84
3 Nov 28
Jan 5
1
4812 4738 48% 47 48
4858 4914 48
x47
4758 46
4678 7,600 Wesson Oil& Snowdr111--No-pa
15
. r 8018 Jan 15 5512 Nov 28
*83 84
8312 8312 *83 83121 8312 8334 *83
49
8334 8178 83
Got
31
844
72
Jan
29
preferred
Cony
No
2.4*
800
•89
89
90
90
90
8914 90
90
90
90
90
90
34
280 Wan Penu Igee OM A.....No par 34 Mar 6 91 Nov 26
.594
98
95 95
9518 9518 95 95h 94
9412 9334 94
397k
Preferred
180
100 3978 Mar 6 9914 Nov 8
90 90
8712 9014 90
90
90
90
90
9034 90
90
36
330
100 36 Mar 14 92 Nov 29
6% Preferred
119 119
11912 120 *119 120
120 120
11914 120 *11914 120
8812
120 West Penn Power curet
100 10411 Jan 17 120 July 29
*113 11312 113 113 *11314 11312 11338 11338 11312 114 *11338 - ..
783*
100
6% preferred
100 95 Jan 2 114 Aug 14
912 10
958 10
938 93
938 934
914 9%
612
812 -918 9,200 Western Maryland
512 Mar 15 1018 Dec 4
100
*1812 19
187 1918 18
*1758 1884 18
18
1814 1714 1758 1.300
718
4 Dec 4
193
74
Mar
30
preferred
221
100
213 212
25* 25,
2% 214
258 218
23* 233
214 214 1,800 Western Peeine
118
118 July 19
33* Jan 7
100
512 5,2
514 52
538 512
514 52
77 Jan 7
514 514
238
518 514 2,300
25* Feb 26
preferred.
100
7034 727
71
7234 6918 71
70
731
7114 7358 70
205*
7254 36,500 Western Union Telegraph-100 205* Mar 14 774 Nov 18
3234 33
33
34
3314 333
3218 33x 3214 333
328$ 3312 21.400 Weatingifse Air Brake._No per 18 Mar 27 35h Nov 19 al 1534
9234 9313 9114 9234 8912 92
8978 921
9138 9378 91
94
2778
50 3258 Mar 18 9834Nov 19
37,800 Westinghouse El & Mfg
12212 12212
.*122 . _ 121 122
121 121
12012 12013
77
8
Lei preferred
50 90 Feb 5 123 Nov 19
2958 3054 *122-2972‘ 30-78 2814 3038
-2812 30
29
2978 2812 2958 8.200 Weston Mee lastrnml-No par 10 Mar 18 32 Nov 7
5
*36
3712 *38
3712 .38
3712 3812 37h 3812 3812
3712 *38
15
Oct 17
Class A
20
374
29
Jan
4
No
pa
223* 223* 2278 2312 23
227 23
23
2234 23
*2212 23
124
1,200 Westvaco Chlorine Prod_ No par 1834 mar 13 2512 Nov 19
35
.. *35
. •35
__ 35
5 Wheeling & Late Erie R7 Co_100 18 Jan 3 3512Sept 9
35
18
49 *35-*44 ii *44
44
44 *45 -50 •45 -5-0 *45
21
50
60 6% non-cues oreferred____100 25 Mar 14 50 Nov 2
2912 2812 29
*2814 2914 29
2834 2914 29
29
29
3014 6.300 Wheeling Steel Corp
1111
No par 1414 Mar 28 3214 Nov 14
101 101
10012 1007 1007 101
100 100
10012 10038 *9912 101
34
Preferred.
100 484 Jan 12 10212 Nov 13
900
1878 1812 1912 1834 191
1814 1818 184 1812 18
/
4 1814 1914 66,800 White Motor ...
. _ ._60
6711
638 mar 15 1912 Dec 11
1532 1512 1818 1514 1558 15
144 1434 1413 1512 15
1512 10,900 while RI Ann Spr on
No par 1258 Oct 4 2412 Jan 9
1258
314 4
3
313
27
3
334 414
334 414
114
35, 334 19,300 White Sewing Machine-No par
414 Dec 11
114 Mar 15
1758 17
14
1412 1412 1512 16
1858 1654 18
1558 1658 10,700
4
6 Jan 11 1858 Dec 11
No par
Cone Preferred
258 258
238 258
258 258
258 258
234 3
1
2% 34 7,800 Wilcox Oil & Gas
31,8 Dec 13
1 Mar 14
5
--,-, - _-, --;,: - „,- --,,„- - _
Wilcox-Rich Corti ohms A_No pa, 34 Feb 5 8512May 47
r - -- _
2272
7281 -55s
5'4 -5;h1
8'3 -;'8
9'4 -5:9
838 -8,2
818
378 Apr 3
No par
814 -83-4 29,300 Wilson & Co Ino
914 Nov 22
1114
Claus A
254 Feb 7 3138 Jan A
No
Dar
78
7714 78
78
78
7712 7712 77
- 1-18.4 -76.12 78
77-'2 2,400
86 peel
100 68 Apr 2 79 Nov 22
88
58
/
1
4
5712
5714
55
/
1
4
57
55
5878 5812
5578 5514 58
56
35
30,100 Woolworth (F W)Co
10 61 Jan 15 6514J3lne 18
2178 2218 2158 2211 218 2134 21
2212 2212 2238 23
2114 1,900 Worthington P & W
1134
100 1134 Mar 12 2514 Nov 19
*5518 5684 5412 5412 5512 5512 53
5638 57
55
5312 5334
Preferred A
100 2512 Man 13 61 Nov 21
670
2512
*45
47
47
*45
4712 4712 4634 4634 *46
4612 *44
Preferred B
4654
20
100 20 Apr 4 5138 Nov 21
200
53
52
5212 54
5358 54
*5458 58
55
56
51
52
No par 3512 Mar 13 59 Dec 2
12
230 Wright Aeronautical
78
7858 7812 79
78
78
7912 7912 7832 7884 1,500 Wrigley (Wm) Jr (Del)--No par 733*Mar 13 82s4 Apr 28
77
77
473*
3212 33
33
3112 3112 33
332
32
33
33
33
32
Towne Mfg Oo
25 17% Apr 9 3514 Nov 8
1188
&
1,500
Yale
73
73
8
84
734 77
75g 77 31,400 Yellow Truck & Coach ol B
7% 84
734 818
82 Nov 25
258June 6
10
24
*83
87
87
*85 87
*82
87
8812 8612 *82
*82
100 3112May 8 98 Nov 20
87
25
Preferred
10
5058 5112 5012 52
5112 5318 5112 53
5012 5114 5014 51
9,500 Feting BMUS & Wire...No Par 18 Mar 18 5318 Dec 7
10%
397
8
3812
3834
3812
3938
397
38
3612 3812 3612 374 30,800 Youngstown Sheet & T.--No par 18 Mar 15
12%
Dec 10
3738 3812
100 103
103 104
100 884 Apr 11 104 Dec 12 "80
10012 102
10012 10012 59912 10012 100 100
1,600
5% preferred
134 13 2 1314 131
/
4 1314 1418 1414 1434 14
1412 1318 14
114May 6 1434 Nov 25
No par
14
14,100 Until, Radio Corn
534 618
6
614
73 Dec 12
618 61*
Ps 71a
878 7/
1
4
834 7 50,000 Zonite Products Corp
25*
25aune 7
1
S per share
10914 110
88
8814
23 23
2278 2312
1214 1212
*1612 18
2418 2414
*113 114
7134 72
2312 2312
678 714
4434 4518
1112 1184
1538 1518
*9112 9312
434 478
69 8913
1714 1778
*10758 108
8
814
$ per share $ per share $ per share 1
10812 109
108 10934 106 108
88
89
89
8938 *8912 90
.22234 2234 2314 2318 23
2312
2258 2318 2258 2312 22
22'81
1118 1112
11% 1238 1112 12
18
1954 1934 1954 18
18I
2418 2434 2412 2412 24
2418
11312 114 114 114 *114 115
70
7038 6912 6934 x6758 6814
.2278 231 *2278 2314 2314 2314
634 7
634 7
812 678
4314 4378 4314 4378 43 4334
1134 1218 12
1238 1178 1212
1518 1558 1518 155
1514 1654
94
98
*9014 97 .91
9612
458 438
412 438
4/
1
4 4/
1
4
65
88
69
8538 8512 8534
17
1738 17
1714 17
1714
108 108 *108 10834 10833 1085*
812 812
9
918
9
914
__-_
For footnotes see Rage 3816
Shares
3,200
1,300
1,400
59,800
15,600
1,400
3,100
100
2,300
400
67,200
9,700
49,100
11,500
40
4,200
9,400
30,900
500
2,800
8 250r shard
90 133%
714 89
1558 251
818 1514
34
611
8
17
214 2914
107
120
35
5038
-_-- ---21
87
2114 377
94 184
liss 107*
5934 7534
34
714
59
77
1
1112 20,
86
99%
l's
852
4
1314
88
68
214
814
54
76
4014 63
11212 140
167* 464
re
$
e14 24
16% 33
164 19%
112
4
4
14
11
274
6
1514
6314 78
3414 5114
115
146
Os 10,1
32
6484
518 1178
7
193*
65
80
4
1234
24
11
3418 6114
96% 141
544 6512
291$ 597k
674 994
99
140
126
150
112
5.4
17
34
1914 2218
14
81%
413 1212
45414 98
243* 3634
80
80
171
bas
10
26
593* 86
05
80
35
9
1618 27
52
8
95
112
1.86
asa
24
85a
14
612
4
87a
22.4 2978
8411 1161j
24
Pe
5
12
58,
14
34
36
2%
84
15
31%
37
1
84 133%
28'.
8
1338 $1
1
7
05
90
34
2,4
153* 3534
Pis 704
444 70
51% 80
65 .6812
894 1105*
78% 105
Va 174
94 23
2%
84
43* 1712
294 66%
, 36
151
37% 47'4
82
95
6
1512
1688 2912
14% 274
244 29
24
36
1118 29
34
$7
IA
28.4
3114 314
35*
112
5
1114
2
534
2712 34Is
4%
9
124 323*
- ----11-14 5514
Me 3178
3112 63
2338 12
1872 75
644 76
14
2211
74
33*
47%
28
13
324
121
3314
84
59%
14
A
Pe
73*
3826
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Dec. 14 1935
On Jan. 1 1909 the Exchange method of quoting bonds was chanoed and prices are now "and interear-except for income and defaulted bonds.
NOTICE-Cash and deterred 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 or such sales in computing the range for the year.
Weers
Jai, I
11
._
Range
Range ot : 1933 to
Z:
.
-6.
Friday's
It
Nov.30
Since
-41 t
Jan. 1
..a. Inil & debill cov2 1935
High
Si.' No. Low Low
Low
U. S. 1200000mutt.
68
115.4
113.8 117.7
Oct 15 1947-1952 A 0 115
Treasury 440,
102.28 108.28
54
Treasury 3Ns__ -Oct 15 1943-1945 A 0 105.9 106.15
63
108.24 1128
Dec 15 19441954.0 D 110.20 110.27
Treasury 48
110.25
__ 107
7
109.2
Mar 15 1946-1956 M 8 109
Treasury 3318
77
103.38 107.29
June 15 1943-1947 J D 106.6 Nem
Treasury 3145
S
121
102.24
M
1951-1955
100.20
104.10
102.15
qept
15
Treasury 39
100.20 104.10
June 15 1946-1948 I D 102.8 102.22 152
Treasury 3s
10
104.15 108.23
June 15 1940-1943 J D 107.12 107.1
Treasury 3315
104.14 108.28
Mar 15 1941-1943 M S 107.16 107.21 304
Treasury 3%s
78
101.28 106.11
June 15 1946-1949 J D 103.17 10123
Treasury 3449
101.15 106.9
23
Dec
15 1949-1952 J D 103.15 103.18
Treasury 348
104.18 108.28
44
Aug 1 1941 F A 107.29 108.3
Treasury 340,
102.24 106.19
75
Apr 15 1944-1946 A 0 104.29 105.5
Treasury 3449
68.28 101.98
__ -409
99.26 100.2
Mar 15 1955-1980 M
Treasury 2%s
99.28 101.5
Sept 15 1945-1947 M S 100.15 100.25 278
Treasury 'Is
CorpMortgage
Form
Federal
101.14 104.6
4
Mar 15 1944-1984 M S 102.8 102.14
340,
ogle 10120
71
May 1511)44-1949 MN 100.26 100.30
813
71 --__ 100. 102.24
Jan 15 1942-1947 1 J 101.6 101.12
39
100.23 107
98.24 101.20
Mar 1 1942-1947 M S 100
2518
Home Owners' mtge Corp663
99.18 102.16
May I 1944-1952 M N 100.22 100.26
39 series A
98.20 101.8
99.14 89.21 590
Aug 1 1939-1949 F A
2548
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 13
1
State & City-See cots below.
Foreign Govt. & Municipals
Agricultural Mtge Bank (Colombia)4
17
1814
*Sink fund Os Febi coupon on 1947 F A
1814
*Sink fund 63 Apr 1 coup on .......1948 A 0 17
5
1963 M 14 6714 674 11
Akerehus (Dept) ext 50
734
818 12
1945 1 J
•Antioqula (Dept) coll 79 A
1945.9 1
8
712
8
*External 9 t 7e aer B
1945 J 1
712
734 13
*External a f 7s ser C
15
8
738
1995 1 1
*External a 1 70 ser D
7
814 20
1957 A 0
*External a 1 78 let ser
6 __
1957 A 0 *74
*External sec at 79 2d aer
734
1957 A 0
i
8
*External sec e f 7s 3e1 ser
100
1958 J 0 100
5
Antwerp (City) external 59
9812 37
1980 h 0 98
Argentine Govt Pub Wks 68
1959 1 D 9814 9938 35
Argentine fie of June 1925
1959 A 0 98
9838 26
Eat' e 1 69 of Oct 1925
9812 29
1957 M S 98
External et (11 aortae A
1958 J 0 9778 9878 73
External 65 series B
1960 M N 9818 9812 21
Esti s f 6a of May 1926
1960 M S 98
9812 67
External 816,(State Ryl
98
1981 F A
9838 37
Extlea Sanitary Works
9814
g
1961 M N 98
Extl Se pub wks May 1927
23
1962 F A 9539 96
Public Works extl 5349
1043
4
1
1955.9
10514 48
Australia 130-year be
1957 M S 10458 1054 29
Externaabs or 1927
1956 M N 99
9914 77
External g 4)4e of 1928
1957.9 1 9112 9218
5
Austrian (Govt) 5 I 713
*Bavaria (Free State)6155
Belgium 25-yr extl 645
External a f So
External 30-year St 79
Stabilization loan 79
•Bergen (Norway)ext s' 55
*Berlin (Germany) ef 6145
'External sinking fund Se
*Bogota (city) e201 of 88
*Bolivia (Republic of) extl 8s
*External eecured 78
'External sinking fund 7s
*Brazil (U 8 of) extenal 8s
*External a f 6 Hs 01 1926
*External of 649 01 1927
•78 (Central RY)
1945 F A
1949 M S
1955 1 .1
1955 1 D
1956 MN
1660 M S
1950 A 0
1958 J D
1945 A 0
I51 N
J
12
95
45
7J
1969 M S
1941 1 D
1957 A 0
1957 A 0
1952 1 D
3112 32
11
10914 11014 24
15
10712 108
11634 11814 18
10734 10812 10
10018 101
11
2812 2834 24
68
2738 28
7
1212 1314
512
109
52
68
734 3
512
2612
22
214
2112
1414
1538
64
658
618
612
64
638
614
612
7438
84
44
4458
44
441,
4412
4414
4412
46
404
7738
78
734
4312
14/
1
4 3312
32
16
904 9738
658 1PA
658 Ills
612 934
612 104
612 10/
1
4
64 10
614
972
88 126
oohs 9912
90
9939
90
9859
904 9878
9012 9878
9812
90
go
9858
90
9839
go
9834
8912 96
9
1087
98
98 1064
9218 9938
9812
81
2614
8812
8614
9234
91
6214
22
204
912
4
54
37
29
9314 11012
634 10838
10118 119
97 11014
93 102
2518 38
2118 3812
912 18
518 912
8
4
814
4
397s
23
3112
18
1738 3134
1812 3114
734 267
2734 41
2212 63
2212 43
23
36
4
214
18
174
1812
1935 M S 32
3218
3
•§Bremen (State of) esti 79
1957 ISI S 954 9518
1
nriabane (City) s 1 be
1958 F A 95
9514 18
Sinking fund gold 59
1950 1 D 10278 10278
2
20-year s 1 80
Budapest (City of)2
1982 1 D 364 3712
*6f, July I 1935 coupon on
25
1955 1 1 9714 98
Buenos Alree (City)6 Ns B-2
2
93
1960 A 0 93
External a 1 fla set C-2
1960 A 0 9212 9234 10
External a f Se Mr C-3
1961 M 8 7034 7034
7
'Buenos Aires (Prov) ext1 69
1961 M S 55
5714 142
*65 stamped
1961 F A *68
___ ---*External a f 614/1
1961 F A 5578 -5814 95
*6 Ns stamped
Bulgaria (Kingdom of)1314 96
*Sinking fund 78 July coup off1_987 1 1 1238
1338 14
7
*Sink fund 749 May coup otf 1988 MN
29
68
6812
75
SI
871
854
97
2984
4014
36
3614
2914
2538
274
3518
3218
84
82
82
661s
5138
67
52
9
1038 37
10512 106
86
112
11278 57
10038 10038 15
*36
4312 _
9
9
5
3734 3814 18
33
33/
1
4 14
3279 334 37
38
3814 15
124
14
18
1212 1318 72
1238 1238 45
1214
51
13
1239 13
26
9
1239 13
47
1239 13
1118
1134 46
1138
20
12
1118
1112 64
114
1114 44
1038
1034 10
838
8612
9912
9812
4212
778
294
26
2614
374
7
5
818
818
618
64
0
734
94
7,2
712
5
•Caldae Dept of (Colombia)745_1948 J J
1960 A 0
Canada(Domin of) 30-yr 48
1952 MN
5e
1936 F A
414s
1954 1 1
*Carlsbad (City) a t 60_,
*Cauca Val (Dept) Colom 743_1946 A 0
1950 M S
*Cent Agric Bank (Ger) 7e
July 15 1960J 1
*Farm Loan of 13s
Oct 15 1960 A 0
*Farm Loan a f Se
*Farm Loan 6e ser A _ _Apr 15 1938 A 0
1942 MN
*Chile (Rep)-Ext1 s 1 7e
1960 A 0
*External sinking fund Se
1961 F A
fund
Se
Feb
•Ext sinking
Jan 1981 1 J
•Fty ref ext a 155
Sept 1961 M s
'Eat oinking fund 60
1962 M S
*External sinking fund 65
1963 M N
*External sinkIng fund Ss
1957 1 D
*Chile Mtge Bk 8158
1961 1 D
*Sink fund 631e of 1926
1961 A 0
'Guar,f 6a
1962M N
*Guar 0 f 69
1960 M S
*Chilean Cons Munlo 7e
1951 J D 40
*Chinese(Hukuang RY) be.
*Cologne (City) Germany 6199_1950 M S 2712
Colombia (Republic of).13e Apr 1 1935 coupon on_Oct 1961 A 0 1838
1812
*68July 1 1935 coupon on_.../an 1961 1 J
1947 A 0 •1614
*Colombia Mtge Bank 645
1614
1948 MN
*Sinking fund 70 of 1926
1618
1947 F A
*Sinking fund 79 of 1927
1952 1 I) 9212
Copenhagen (City) 5e
1953 MN 8814
25-year if 414e
1957,F A
5912
*Cordoba (City) WI e f 7s
1957 ,,_. 5212
•71 stamped
1 *6418
1937 61 .
*External sink fund 7e
1937 ---- 554
4,79 stamped
1942 1 .1 77
Cordoba(Pro*) Argentina 7s
Costa Rica (Republic 001951 MN *30
1,7e Nov 1 1932 coupon on
1r7e MAY 1 1936 coupon on_ .._195l ---- 23
12
12
41
2734
8
13
22
22
20
20
1678 17
1614
93
8938
5912
54
70
5518
81
98
48
18
1778
1312
12
1318
6012
554
12
2312
3
3
15
28
3
21
2971
2
5
2518
6
174
____
4112
97/
1
4
9738
103
BONDS
N. T. STOCK EXCHANGE
Week Ended Dec. 13
I;
'*"
ne
...za:
Jong 1
Week's
1933 to
4,
Range or
Friday's
!m" Nov.30
aid & Asked ni51 1935
Low
Foreign Govt. & Munk.(Con.i
1944191 13 9934
Cuba (Republic) 5s of 1904
1949 F A 100
External 58 of 1914 ser A
1949 F A *9014
External loan 4145
Sinking fund 5149 __Jan 15 1953 J J 99
*Public wks 5148 ___June 30 1945 1 D 35
878
•Cundlnamarca 614a
1959 MN
Czechoslovakia(Rep of) Se
1951 A 0 10112
Sinking fund 8a aer B
1952 A 0 .98
Denmark 20-year aid! So
1942 1 J 10414
1955 F A 10038
External gold 5149
External g 4101__Apr 15
1962 A 0 9212
Deutsche Bk Am part ctt 68
1932
§•Stamped extd to Sept 1 1935_ _ M S 4412
Dominican Rep Cust Ad 541,
154i M8 .6
lot ser 5355 of 1926
1940 A 0 6712
20 aeries sink fund 5)4s
190 A 0 63
*Dreeden (City) externa' 7s
1945 MN 29
HOS No
1
9934
5
100
94 --r31
100
3512 55
40
10
9
10238
103 ---10478 82
10114 60
9314 79
Ramat!
Since
Jan. 1
High
Low Low
9412 101
6818
90 101
834
84
98%
6178
77 10014
61
2319 42
1934
812 1435
812
9512 10714 ,
7734
/
9512 108
77
9834 105
794
93 1004
75
8212 9814
61
39
6114
55
5478
254
70
72
68
67
4338
7
45
69 ---2
68
4
65
8
2914
39
40
36
36
254
6234 ---*El Salvador (Republic) 89 A
1948J .1 *---13
.1 1 3234 36
*Certificates of deposit
2
9514
1887 1 J 95
Estonia (Republic of) 75
9
1945 M S 10614 10712
Finland (Republic) ext 13a
External sink fund 6448
1958 M S 10339 10414 16
2612 2714 15
*Frankfort(City of) a f 6 Ns
1953 61 N
French Republic extl 794s
1941 J D 1714 17338 40
8
External 71, 01 1924
1949 1 D 17614 17638
German Govt International354
•5%s 01 1930 stamped__
1965 1 D 2812 30
22
28
281
•5499 unstamped
1965- _
401 139
'German
ped 79 stamped -194n 4--0 38
aunnsittaempext1
'4
354
35
•7
1999 ---_
German Prov & Communal Me
4514 63
.(Cone Agile Loan) 649e
1958 1 D 45
Gras (Municipality ot)1
•89 unmatured coupons on
1954 M N 9312 931
1937 F A 10678 10704 156
Or Brit & Ire (13 K of) 519s
low 111 N al 15 al1538 20
t4% fund loan £ opt 1960
35 ____
*Greek Government et eer 7s.... 1964 M N *29
5
2812 2912
•75 part paid
1984- _
8
2514 2612
8068 1,--A
*El'
i mmured 69
.•69 part pald
1968 ---- 2434 2514 12
36
34
484
70
7012
20
128
12715
49
10612
9539
22
2712
164
23
86 10812
10612 11612
106 119
334 3911
2412 37
2338 33
23
2514
28
93
94
2634 2812 106
____
25
52318
4
10412 1041z
67
204
16
664
95
82
2212 3612
31
16
10114 10412
Haiti (Republic) a f 69 ser A
1952 A 0
1946 A 0
*Hamburg (State) 68
*Heidelberg (German) eat! 740-1950 1 1
1960 A 0
Helaingtors (City) eat 6145
Hungarian Cons Municipal Loan*719a unmatured coupons on 1945 1 J
•75 unmatured coupon on
1946 J 1
*Hungarian Land M Inst 714e-1961 MN
*Sinking fund 7199 ear B
1961 MN
Hungary (Kingdom of)•749 February coupon On
1999 11` A
Irish Free State extl of 51,
1960 MN
Italy (Kingdom of) eat! 75
1951 1 D
Italian Cred Consortium 79 A __ '37 M 9
External sec ei f 7e ser B
-1-947 rd e
Italian Public, Utility en!70
1952 1 I
Japanese Govt 30-yr 8 t 614e
1954 F A
1965 MN
Esti sinking fund 545
Jugoslavia State Mortgage Bank•75 with all unmat 000D-1957 A 0
3278
31
*2518
*2518
2312
2412
3334 12
2512
5
32
--------25
25
30 -__
5,
3612 36i3
11
11212 1121
525
61
72
4
83
85
31
5114 82
100
5034 58
62
9778 99
8638 8712 86
2519
2138
___
-3014
____
2512
5
3112
92
50/
1
4
68
4%
4012
77
674
23
294
4
/
4
3114 311
•LeiPsig (Germany) s f 75
1947 F A
Lower Austria (Province of)-.
D *10038 10012 __50
•74a June 1 1936 coupon on 1950
61
/
4
7
814 ig
*Medellin (Colombla) 6 49
0
1934
3
2
538
*Mexican Irrig Asetng 4344
539
1943 M N
4
1018 --_
*Mexico (US) eat! 55 cdi 1899 2_1945 0 J*10
44
1034 13
*Assenting 5e of 1899
1945 Q 1 10
54
478 ---*Assenting 5e large
--- .4
*Assenting 59 small
44
53s --1954 J D *5
•44 of 1904
3
512
512 15
1954J D
*Assenting 49 of 1904
3/
1
4
4
5
5
---*Assenting 49 of 1910 large
34
5
5
*Assenting 49 01 1910 email __ -,,--;
_5
512
10
7
•ITreas 9 of •13 assent 24r.rel _1933, J
i
44
734 10
734
J .1
•ISmall
39
Milan (City. Italy) esti 545 ____1952 A 0 4814 5834 269
Minas Gorses (State of. Brazil)13
3
1639
tom M S 1638
*6 Ns Sept coupon off
134
1578 10
*649 Septcoupon off
1959 M S 15
3914
98
95
9234
7778
65
78
8514 *Montevideo (City of) 78
j9573 D 44
1669 M N 41
*External of fle seam A
1838 New Bo Wales(State) extl 5a
12
1957 F A 10214
19
External 5 f 50
12
Apr mg A 0 10234
Norway 20-year extl Se
1943 F A 10614
20-year external (is
838 14
1944 F A 10618
30-year external Ss
101 10812
1952 4 0 10412
1965 1 D 104
40-year s f 510,
106 11438
External Sink funds,
10038 10312
1963 M S 10278
Municipal Bank extl 915e
4212 824
1970 1 D 103
734 1312 •Nurernburg (City) extl (is
1952 F A 2614
5812 Oriental Devel guar Se
34
1953 NI S 8258
Ext1 deb 540
26/
1
4 47
1958 14 N 79
2614 4534 Oslo (City) 30-year e f Os
1955 M N 10134
35
554
Panama (Rey) extl 5145
17
1953 1 D 106
12
1963 MI N 6638
*Esti a 1 ser A
1012 1514
---- 5712
*Stamped
1012 1512
1012 154 Pernambuco (State of)•713 Sept coupon on
1947 M S 1234
1012 1512
Igo M S 1538
1034 1538 *Peru (Rep of) external 75
1034 1512 'Nat Loan eatl a t (9, lot eer 1960 J D 1112
*Nat Loan extle f 6s 2d ser
1034 144
1961 A 0 1112
1934 Poland (Rep of) gold 8s
11
1940 A 0 7812
/
4
Stabilisation loan e 1 79
1947 A 0 10514
• 104 141
External sink fund g 89
1012 1414
1958 1 .1 92
94 1212 Porto Alegre (City of)08a June coupon off
1961 / 12 *15
•7140 July coupon off
3338 47
1968 1 1 •14
Prague (Greater City) 7%e
36
1952 M N 103
28
*Prussia (Free
@FedFRASER