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The Financial Situation
part of its
EEPING public expenditures within reason is of the Administration that for a large
assets. The claim was
always a Sisyphean task. .It is doubly difficult outlays it was receiving good
of course, but there was some subto reduce them to reason after riotous years of public always overdone,
However, not much is heard of this
waste such as those we have witnessed since the stance in it.
the figures show the reason.
middle of 1933. If the President did not know these contention now, and
June 30 last the proprietary interest of the
things before, he is finding them out now in what On
corporations and agencies
appears to be a definite effort to make a showing government in its numerous
amounted to about $4,430,000,000; on Oct. 31, the
of budgetary decorum. Local political units grown
at
accustomed to receiving monumental sums from a latest date for which figures are available, it stood
government, as might be expected, about $4,470,000,000, a relatively minor increase of
generous national
some $40,000,000. Moreare already complaining
over, during this period of
bitterly at even the sugthe People
time the government
The Constitution and
gestion that in the future
added to its contingent
Speaking at mid-week before the Associamay in greater measthey
tion of the Bar of the City of New York, the
liabilities to the amount
ure have to find the funds
Attorney General said:
of some $303,000,000 on
"The people are the masters of the Constiwith which to provide for
tution, and their mastery is expressed in the
guaranteed obligations.
their own needs, real and
power of amendment, which, it must not be
It would, of course, not
forgotten, is as much a part of the Constituimaginary. The so-called
tion as any other provision."
be quite accurate to add
Townsend idea of simply
Revered leaders of the past, he further
this sum to the deficit of
pointed out, and indeed honored Presidents
paying Tom, Dick and
$1,135,000,000 to show the
of earlier years, had not hesitated to criticize
Harry substantial sums of
decisions of the Supreme Court or to underreal amount the Treasury
money out of hand, protake to change them.
went into the red during
The speaker also took the occasion to cite
a
vided they have reached
the well-known fact that the highest court
these months, but only a
certain age and will spend
on numerous occasions has reversed itself,
hair line distinction exists
and that our ideas, and those of the courts,
it without delay, is rehave changed through the years, and to urge
between the Treasury placported on all sides to be
that legislators were quite within the limits
ing its endorsement upon
of propriety in placing upon the statute book
growing in favor with the
laws which they were not by any means certhe obligations of others,
unthinking. Plans for
tain were constitutional, leaving to the Suwhich are then sold to the
preme Court the task of definitely saying
handing the veterans of
public, and itself borrowwhat the Constitution means.
the World War large sums
The address is being taken as a defense of
ing the moneys in question
of money without thought
the position assumed by President Roosevelt
and spending them for the
on a number of recent occasions concerning
of the consequences have
the Constitution,the Supreme Court and the
purposes for • which the
unquestionably been gainduty of himself and Congress in relation
proceeds of the guaranteed
thereto,and more particularly of the views exing support, political leadpressed in the now famous so-called "horseobligations are used, alfreely
ers of experience now
and-buggy age" interview of the President
though of course had the
immediately after the decision of the Supreme
predicting that not even
Court concerning the National Industrial
Treasury followed the latthe President can prevent
Recovery Act.
ter procedure it would preThe trouble with statements of this sort
their consummation when
sumably be able to show a
is that they have nothing to do with the
Congress assembles in Janquestions at issue. No one doubts that the
larger increase in its prouary.
Constitution may be amended, or that it has,
prietary interest in its
things at different
at points meant different
times to ;he Supreme Court, or that Congress
Some Budgetary Facts
various organizations.
must, in order to function effectively, pass
But there are other facts
ality of
legislation about the constitution
Careful scrutiny of the
which it does not and cannot feel perfectly
of interest. Let us turn
reports of the Treasury add
certain.
to the classification of exThe questions that have been raised during
further evidence not only
the past few months in this connection conpenditures published at
of the need, but also of the
cern the propriety of action by Congress in
monthly intervals by the
difficulty, of paring disdeliberately passing laws regarding the unTreasury. The latest of
constitutionality of which there could hardly
bursements. It is matter of
be any doubt, and the effort to throw such
these shows figures for the
common knowledge that
matters into politics, not so much for the
five-month period ended
purpose of amending the Constitution as to
the outlays for the current
gain political advantage, all in causes wholly
Nov. 30. This report
fiscal year have now passed
at variance with constructive statesmanship.
shows general expendithe $3,300,000,000 mark,
tures, departmental and
which rather than being
smaller, is substantially larger than during the corre- other, at something more than $1,730,000,000 for
sponding period last year. The long winter months the period, as compared with less than $1,400,000,000
are still ahead and the public has been definitely last year, an increase of some $330,000,000. The
placed on notice that relief expenditures can be ex- largest single item of increase, other than debt
pected to show a sharp increase during the two or retirement, is in the Adjusted Service Certificate
three months immediately to come. He would be an Fund, but gains are general and substantial. When
optimist indeed who expected any material budgetary we turn to so-called emergency disbursements we
gain during the remainder of this fiscal year.
find that the Commodity Credit Corporation laid
But there are a number of other facts in this out more than $153,000,000 as compared with an
situation that are not so widely known or under- excess of receipts amounting to about $142,000,000
stood. In the first place, the disbursements this last year. Disbursements for Emergency Conseryear are not adding materially to the claimed assets vation Work rose from about $167,000,000 last year
of the Federal government. It was long the boast to approximately $273,000,000. Elsewhere in the
K
3908
Financial Chronicle
Dec. 21 1935
tangled web of the alphabetical agencies increases
Wanted: Champions of Soundness
and decreases alternate in such a way that the
Admittedly the President, by reason of the fervor
total of emergency expenditures, or, to use official with which he has preached and practised doctrines
terminology, disbursements for recovery and relief, of profligacy in the past, is not well situated, politideclined by some $70,000,000. The Works Progress cally speaking, to undertake such a program. It will,
Administration had not got fully under way during however, be nothing short of tragic if during the
the period in question so that its disbursements coming winter and in the months preceding the naamounted to only about $96,000,000.
tional elections next year no influential party can be
persuaded to champion such a cause. It is for this
What the Figures Show
We thus find that there has now occurred a very reason that one reads from day to day with growing
substantial increase in so-called regular expenditures disquiet and discouragement the pronouncements of
—always exceedingly difficult to pare. We discover various political groups rising up in opposition to
also that despite the fact that the drought entailed the Administration. To be sure, here and there evienormous special emergency disbursements last year, dence appears of a greater disposition to come to
grips with realities in current political issues, but
emergency outlays are practically as large this year
as last. Recent lamentations often repeated from the contjnued absence of evidences of forthrightness
and genuine statesmanship in virtually all such
Washington that the employment figures do not improve pani passu with general revival of business utterances is all too plain. One may not, to be sure,
activity strongly suggest the difficulty that will be disregard the conventional notion that to come forward with a positive program when it can be avoided
encountered in any efforts the President may make
is poor political strategy, but what we cannot underto curtail relief outlays. We give the President credit
stand is how any progress can be made in a democfor earnestly desiring to present a sounder budget
racy unless somebody has.the courage to assume conto Congress this winter than he has heretofore been
able to do. No one has ever questioned that political structive leadership. The policy of condemning opponents but avoiding positive commitments of a
astuteness was one og his native qualities, and the
specific nature seems to us to be the fruit of timid
business community has quite unanimously and
and unworthy counsels.
vocally of late made known its dissatisfaction with
the, budgetary situation. On the other hand, of
A Decision to Do Nothing
course, the reputed growth of political strength of
gE Governors of the several Federal Reserve
the ideas of the Townsend plan, as well as of what
banks foregathered in Washington during the
is known as bonus sentiment, to say nothing of the past
week, and the Board of Governors of the Fedinfluence of local politicians and members of the eral
Reserve System, are reported in the press to
President's own entourage, may be more potent have given much
time to discussion, both formal and
counteracting factors than is generally realized. But informal,of
the excess reserves which have long stood
granted that the President now is seriously and ear- at astronomical
figures—with the result that the connestly endeavoring to reduce expenditures, the facts clusion
was reached that nothing need be done at
already set forth in preceding paragraphs certainly present. Few will be
surprised at this. It may .
well
make it plain as a pikestaff that his task will be no be, as
reported in some dispatches, that individual
easy one—thanks in no small measure to his own officials of the banks expressed the opinion
strongly
profligacy in the past.
that the time had come for firm if not drastic action,
For our part, however, we are by no means ready but under the law as it now stands not a
great deal
to admit that a drastic reduction in public disburse- can be expected without the full approval and probments is impossible either politically or in any other ably the initiative of the Administration. These
respect. We believe that by the mere act of eliminat- excess reserves are one of several factors in
the
ing the waste, inefficiency and cumbersomeness of current banking and credit
situation that carry
existing machinery of relief, to say nothing of the great dangers. They ought to be eliminated.
But as
grants of funds to those not deserving them— has often been said in these columns,
excess reserves
whether as a result of downright dishonesty or not— are but a part of the problem, the solution
of which
a very material saving could be effected. If in addi- will not be found so long as the Treasury
continues
tion we should abandon the foolish idea of "making to finance its deficits as it has been financing
them
work," and of constructing uneconomical plants of for the past four or five years.
various sorts, a real beginning would be made in
It is apparently true that the disturbed Gituation
the necessary return to budgetary sanity. Requiring in Europe, the near approach of another session
of
the local communities to provide the last farthing Congress, and in the securities markets
the recent
they can raise for local relief would further help in activities of the Securities and Exchange
Commiseliminating waste. By methods such as these it would sion in prosecuting a well-known stock
market operabe quite feasible, we think, to reduce the deficit tor for alleged manipulative practices,have
cooled the
by at least half for the fiscal year 1937, and probably ardor of some of the enthusiasts and thus perhaps
to eliminate it altogether by the following year, as- reduced the danger of a speculative boom for
the
suming of course that costly subsidies to the farmers time being; but that, if it be true, can hardly excuse
and others were at the same time abandoned. Such neglect of a basically unsound money and credit
a program,if accompanied by corresponding common situation.
sense in other fields,such as credit and currency matSilver Mysteries
ters, would in our judgment so stimulate industry
HE latest phase of our absurd silver program
and trade that many of our problems of to-day would
automatically vanish. We have faith enough in the
seems slowly to be clarifying itself, or at least
good sense of the American people to believe that so the financial community has largely made up its
sound a procedure would find the necessary political own mind what the meaning of it is. According to
support if championed by forceful leaders in the current ideas on the subject—the Treasury is still
realm of politics, as it is in many if not most in- inscrutable in the matter—the Administration has
stances in the business world to-day.
at length reached the conclusion that the program
T
T
Volume 141
Financial Chronicle
is wholly without power to bring the results expected of it, and has found in the action of China
in tying its currency to the pound sterling an excuse
to ease itself out of an embarrassing situation. This
may be the true explanation of the strange behavior
of the Treasury during the past week or tAto, or it
may not. We certainly have no way of penetrating
the mystery. We doubt however if the final chapter
of this unpleasant episode in our financial history
has yet been written. In any event,a discontinuance,
or at least a sharp reduction in the volume, of our
purchases of the metal in the markets of the world
(rives us that much to be thankful for. What the
future may bring forth must be left to the future.
Federal Reserve Bank Statement
ANKING statistics this week reflect the expected
large drop in the reserve deposits of member
banks with the Federal Reserve institutions and
therefore in excess reserves over legal requirements.
The decrease in excess reserves is $600,000,000 for
the week to Weduesday night. This drop was
occasioned very largely by the new banking practice
of paying cash for flotations of United States Treasury
securities, and in part also by a holiday increase of
currency in circulation. Payment was made last
Monday for 8900,000,000 of new Treasury obligations and the extent to which cash was paid is indicated by an increase of 8608,763,000 in Treasury
deposits with Federal Reserve banks on general account, and the corollary of a 8602,719,000 decline
in member bank deposits on reserve account also is
to be noted. The practice of paying cash, rather
than effecting payment through a book deposit by
the subscribing banks,is due to inclusion of Treasury
deposits in the deposit insurance scheme. Currency
in circulation moved up 861,000,000 in the week,
according to the credit summary. The only important offset to these factors was a gain of $30,000,000 in the monetary gold stocks.
The net result of these influences is a decline of
excess reserves to $2,710,000,000 from the record
level of 83,310,000,000 attained a week earlier. In
the ordinary course of events, however, it is evident
that the total soon will advance again to the record
figure and perhaps even beyond that swollen aggregate. The current rate of Treasury expenditures
indicates that the large Treasury deposit with the
Feserve banks will have been whittled to small
proportions in two months, and all the disbursements
naturally will flow back to commercial banks and
increase their deposits. Currency normally returns
from circulation at a speedy rate after the holidays,
and the accumulation of excess reserves will be stimulated sharply on that account. National bank notes
still are outstanding in large amounts and the Treasury is committed to deposit of gold certificates as
such notes return from circulation. The gold flow
of the future is unpredictable, and it may exercise
an influence either way on excess reserves. All the
chief known elements, however, are of a nature to
increase such reserves sharply during the early months
of the coming year.
These considerations are of especial importance at
the present time, for a public controversy now is raging regarding the advisability of action to curtail
excess reserves, either through increase of reserve
requirements under the powers provided in the banking act, or through liquidation of open market holdings of Treasury securities. The Open Market Corn-
B
3909
mittee of the Federal Reserve system met in Washington this week, and appears to have decided against
immediate measures to limit or curtail the idle credit
resources. Some leading bankers in New York
recently have taken the stand tilat measures should
be taken quickly to limit the potential of credit
inflation inherent in any such accumulation of excess
reserves. But in at least one instance the view now
is propounded that any step of that nature might be
construed as a move toward harder money, and the
fear is expressed that the modest national recovery
from the depression might be nipped in the bud.
This controversy, in itself, is an exceedingly wholesome thing,for it suggests a growing realization of the
need for controlling measures.
Gold certificate holdings of the twelve Federal
Reserve banks increased 833,513,000 in the week to
Wednesday night, to 87,553,862,000, and as cash in
vault receded only slightly, total reserves moved up
to $7,804,856,000 on Dec. 18 from $7,773,249,000
on Dec. 11. Federal Reserve notes in actual circulation increased to 83,698,393,000 from 83,653,741,000.
Member bank deposits on reserve account, as already
noted, fell to $5,436,894,000 from 86,039,613,000,
while Treasury deposits on general account increased
to $632,794,000 from $24,031,000. Foreign bank
and other deposits did not vary materially, and total
deposits increased to $6,350,514,000 on Dec. 18 from
$6,343,555,000 on Dec. 11. The gain in circulation
and deposit liabilities slightly outweighed the advance
of reserves, and the ratio fell to 77.7% from 77.8%.
Discounts by the system were up 8814,000 to $6,920,000, but industrial advances fell $94,000 to $32,696,000. Open market holdings of bankers bills were
$8,000 lower at 84,671,000, while United States
government security holdings increased $4,000 to
$2,430,175,000.
Corporate Dividend Declarations
GAIN the present week favorable dividend actions by corporate entities have been a feature.
Chicago Burlington & Quincy RR. declared a dividend of 82 a share on the capital stock, payable
Dec. 28; on Dec. 26 1934, $1 was paid. Swift & Co.
declared a special dividend of 25c. a share on the
capital stock, payable Feb. 15; similar special dividends were paid last November and February, while
in addition 25c. has been paid quarterly since Jan. 1
1934. American Smelting & Refining Co. declared
a dividend of 40c. a share on the common stock,
payable Feb. 28; this will be the first payment since
Feb. 11932, when 1.23/c. a share was distributed.
2
Firestone Tire & Rubber Co. declared a dividend of
30c. a share on the common stock, payable Jan. 20;
this compares with only 10c. paid in previous quarters. U. S. Smelting, Refining & Mining Co. declared a dividend of $5 a share on the common stock,
payable Jan. 15, which compares with only $2 paid
in the two preceding quarters, and $1 on April 15
last. Adams Express Co. declared a dividend of 10c.
a share on the common stock, payable Jan. 10; last
previous distribution was a quarterly of 25c. on Sept.
30 1931. Parke, Davis & Co. declared a cash dividend of 55c. a share on the common stock, payable
Jan. 2, as well as a stock dividend of 1% payable
Jan. 10; in previous quarters 25d. a share was paid,
plus extras of 30c. in the last three quarters. LinkBelt Co. declared a dividend of 30c. a share on the
common stock, payable Mar. 2, which compares
A
Financial Chronicle
3910
with 20c. a share in the two preceding quarters.
Several utilities also acted favorably, including Philadelphia Co., which declared a quarterly dividend of
25c. on the common, payable Jan. 25; in the previous
quarter only 15c. was paid, while in quarters prior
thereto 20c. a share was paid. Western Union Telegraph Co. declared a dividend of $2 a share on the
common stock, payable Jan. 15, which will be the
first distribution on the stock since April 1932,
when $1 a share was paid. Shawinigan Water &
Power Co. declared a dividend of 15c. a share on the
common stock, payable Feb. 15, in previous quarters
alternate dividends of 12c. and 13c. a share were
paid.
The New York Stock Market
NSETTLEMENT was the dominant note on the
New York stock market this week, but in general the impression prevailed that levels were evening out after the sharp recessions of previous weeks.
Some groups of issues, such as the mining stocks with
an interest in silver, were quite weak at times, since
no clarification of the Treasury silver policy appeared. But individual issues even in that group
advanced occasionally on good dividend news. Uncertainty regarding the future business trend and the
outcome of the European political difficulties diminished the share trading perceptibly, so that average
turnover in the full sessions on the New York Stock
Exchange was only approximately 1,400,000 shares.
The market also contended with the anxieties natural
on the approach of another session of Congress.
Notwithstanding all such factors, good buying developed at the lower levels reached in the declines,
and net movements for the week were small in most
stocks.
The session on the New York Stock Exchange last
Monday was a rather gloomy one, owing to sharp declines in most metal stocks. Lack of any Treasury
pronouncement on silver caused selling in that group
and recessions up to five points appeared in related
stocks. Recent speculative favorites were likewise
unsettled, but motor, oil and utility stocks held
fairly well. A modest rally occurred on Tuesday,
with metal stocks better despite continued recession
of the silver quotation. Various low-priced specialties attracted a following, and gains also appeared
in leading industrial stocks. Some of the rails and
utilities were unsettled. In the early trading on
Wednesday the market was firm, but renewed concern regarding silver and silver stocks turned the
trend downward. The recessions were pronounced,
however, only in the silver group, with other stocks
showing a sprinkling of gains as well as numerous
small losses. There was little activity on Thursday,
with a slow downward movement prevalent in most
classifications of stocks. Silver shares tended to improve despite still another recession in the metal quotation. The trend yesterday was uncertain at the
start, but modest buying soon served to turn the market upward and levels at the close were slightly
higher in almost all sections. The approach of the
holiday season tended to keep trading to low levels.
In the listed bond market only small variations
occurred throughout the high-grade investment
group. United States government securities held
well, and improved slightly when it was announced
in Washington that the Federal Reserve authorities
did not consider action for curtailing the volume of
excess reserves necessary at this time. Speculative
bonds in the domestic corporate department were
U
Dec. 21 1935
fairly steady as a whole, although a few wide movements occurred. In the foreign dollar bond section
sharp recessions developed in Italian bonds, owing
to rejection of the peace plan, but other issues were
quiet and not much changed. Commodity markets
showed-modest upward and downward variations by
turns, with the quotations yesterday hardly changed
from a week earlier. Foreign exchanges reflected th,e
European developments. Sterling was steady, but
French francs lost ground on Thursday when it was
feared that Premier Laval might be defeated in Parliament on the peace plan. Modest recovery followed
on Friday. Silver currencies of the Far East were
soft because of the silver metal developments.
On the New York Stock Exchange 88 stocks
touched new high levels for the year and seven stocks
touched new low levels. On the New York Curb Exchange 57 stocks touched new high levels for the year
and 13 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 666,460
shares; on Monday they were 1,401,800 shares; on
Tuesday, 1,390;690 shares; on Wednesday, 1,691,845
shares; on Thursday,1,264,080 shares,and on Friday,
1,412,470 shares. On the New York Curb Exchange
the sales last Saturday were 153,490 shares; on Monday, 309,530 shares; on Tuesday, 304,585 shares; on
Wednesday, 374,100 shares; on Thursday, 325,505
shares, and on Friday, 361,810 shares.
The stock market pursued a sluggish and irregular
course the present week, influenced in part by the
approaching holidays and continued concern over the
outcome of the domestic and foreign political situation, upon which the future of business so largely depends. Trading volume showed a perceptible decline,
and the market closed yesterday dull,with some slight
improvement over the day before. As compared with
the close on Friday one week ago, prices yesterday
closed generally higher. General Electric closed
/
yesterday at 3638 against 3534 on Friday of last
/
week; Consolidated Gas of N. Y. at 30/ against
14
3058; Columbia Gas & Elec. at 1318 against 13½;
/
/
Public Service of N. J. at 42 against 43; J. I. Case
Threshing Machine at 95 against 97½; Interna/
1
2
tional Harvester at 602 against 611
/
1
%; Sears, Roebuck & Co. at 6434 against 65%; Montgomery Ward
/
& Co. at 38/ against 39; Woolworth at 53 against
14
5514 and American Tel. & Tel. at 1511 8 against 154.
/,
/
Allied Chemical & Dye closed yesterday at 146
/
1
2
against 15514 on Friday of last week; Columbian
/
Carbon at 95 against 9334; E.I. du Pont de Nemours
at 136 against 13514; National Cash Register A
/
/
1
2
at 2214 against 21; International Nickel at 4314
/
/
against 42%; National Dairy Products at 2014
/
against 19%; Texas Gulf Sulphur at 31 against 30%;
National Biscuit at 3278 against 3212; Continental
/
/
Can at 84 against 82; Eastman Kodak at 155
/
1
2
against 156%; Standard Brands at 1434 against
/
14%;Westinghouse Elec.&Mfg.at 933 against 921
%;
4
Lorillard at 237 against 24Y ; United States Indus8
8
trial Alcohol at 43 against 45; Canada Dry at 1678
/
against 13%; Schenley Distillers at 49% against
513 and National Distillers at 3078 against 30%.
4,
/
The steel stocks were irregularly changed for the
week. United States Steel closed yesterday at 45%
against 46 on Friday of last week; Bethlehem Steel
at 4718 against 46%; Republic Steel at 17% against
/
1734 and Youngstown Sheet & Tube at 39 against
/
,
37. In the motor group, Auburn Auto closed yester-
Volume 141
Financial Chronicle
(lay at 361 2 against 3634 on Friday of last week;
/
/
General Motors at 551 2 against 54½; Chrysler at 88
/
against 84 ,and Hupp Motors at 2 against 2/ In
/
3
4
12
.
the rubber group, Goodyear Tire & Rubber closed
yesterday at 20 against 201 2 on Friday of last
/
3
4
/
week; U. S. Rubber at 143 against 141 2 and B. F.
/4
/,
Goodrich at 12 against 113
4. The railroad shares
in most instances show slight gains over the previous
week. Pennsylvania RR. closed yesterday at 30
against 30Y on Friday of last week; Atchison To2
/
peka & Santa Fe at 561 4 against 56; New York Central at 27% against 27; Union Pacific at 104
/
1
2
against 106; Southern Pacific at 2238 against 22½;
/
Southern Railway at 13 against 12%, and Northern
Pacific at 2218 against 21%. Among the oil stocks,
/
Standard Oil of N.J. closed yesterday at 4878 against
/
4838 on Friday of last week; Shell Union Oil at 151 4
/
/
against 15 , and Atlantic Refining at 26% against
/
3
4
24 . In the copper group, Anaconda Copper closed
/
3
4
yesterday at 27 against 263 on Friday of last week;
4
Kennecott Copper at 27% against 2778; American
/
Smelting & Refining at 581 8 against 56%,and Phelps
/
Dodge at 25 against 24%.
Although trade reports this week reflected the enlarged buying to be anticipated at the season, industrial indices are disclosing an uncertain tendency,
which also is to be expected at this time of the year.
Steel-making for the week ending to-day was estimated by the American Iron and Steel Institute at
54.6% of capacity as against 55.7% last week and
34.6% at this time last year. The decline of 1.1 points
in operations this week is equivalent to about 2%.
Electric power production for the week ended
Dec. 14 is reported by the Edison Electric Institute
at 1,983,431,000 kilowatt hours against 1,969,662,000
kilowatt hours in the preceding week and 1,767,418,000 kilowatt hours in the corresponding period
of 1934. Car loadings of revenue freight totaled
615,237 cars in the week to Dec. 14, the Association
of American Railroads reports. This is a decrease
of 21,896 cars from the previous week, but a gain
of 35,035 cars over the same week of last year.
As indicating the course of the commodity markets,
the December option for wheat in Chicago closed
yesterday at 102%c. as against 101%c. the close on
Friday of last week. December corn at Chicago
closed yesterday at 58c. as against 59%c. the close
on Friday of last week. December oats at Chicago
closed yesterday at 27c. as against 2718c. the close
/
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.90c. as against 12.00c. the close on
Friday of last week. The spot price for rubber
yesterday was 13.18c. as against 13.00c. the close on
Friday of last week. Domestic copper closed yester/
day at 91 4c., the same as on Friday of last week.
In London the price of bar silver yesterday was
213 pence per ounce as against 26 7 16 pence per
4
/
ounce on Friday of last week, and spot silver in New
York closed yesterday at 5134c. as compared with
/
4c.
603 the close on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.93, unchanged
from the close on Friday of last week,and cable trans/
fers on Paris closed yesterday at 6.5918c. as against
6.61c. the close on Friday of last week.
European Stock Markets
RICE trends on stock exchanges in the principal
P
European financial centers were uncertain this
week, owing chiefly to the series of amazing political
occurrences which culminated on Thursday in a pub-
3911
lie recantation by the British government of the
peace proposals submitted jointly with France to the
Italian and Ethiopian governments. Little business
was done at London, Paris or Berlin, for there was a
universal tendency to await the outcome of the international difficulties. Values of securities fluctuated
narrowly in every market, with net changes for the
week very small. The international political tangle
was not the only difficulty with which the markets
had to contend. Some light was eagerly awaited on
the silver buying program of the United States Treasury, but no information was vouchsafed and the price
of the metal was permitted to drop sharply in London. Approach of the holiday season also tended to
minimize the trading in European centers. Trade and
industrial reports, meanwhile, fail to reflect any important changes in the leading European countries.
Munitions and airplane industries are busy with government orders and the holiday trade was on a fair
scale, but there is no assurance of general improvement over present levels of activity and on this question also additional light is sought by traders and
investors.
The tone on the London Stock Exchange was dull
on Monday, as the mounting opposition to the official peace proposals made it evident that a period
of great political uncertainty was in store. British
funds were quite heavy and recessions also predominated among the industrial stocks. Gold and silver
mining stocks receded, as did almost all international
securities. Little business was done on Tuesday, but
the trend of the market was better. British funds regained part of the losses of the preceding session,
while a few good features appeared among industrial
issues, chiefly the aircraft stocks. Mining stocks were
irregular, with silver metal again lower. The international section was quiet and irregular. Trading
increased a little on Wednesday in London, and the
tone was cheerful. British funds were well supported
and numerous small gains appeared in the industrial
list. Gold mining stocks were in demand, but issues
based mainly on silver declined. International shares
moved higher on favorable overnight reports from
New York. Political developments on Thursday
proved depressing to the Stock Exchange. The market was nervous and quotations for British funds fell
sharply on small dealings. Industrial stocks and
mining issues did not vary much, but some sizable
recessions developed in foreign securities. Political
developments were viewed more favorably at London
yesterday, and some good advances were recorded in
securities.
Unsettlement was occasioned on the Paris Bourse,
Monday, not only by the international situation, but
also by a money rate of 8% for the mid-month settlement. The high rate surprised the Bourse and caused
some liquidation of securities. Rentes were marked
lower, but variations both ways developed in French
equities and international securities. The tone was
soft on Tuesday,largely because the international position and its repercussions on the delicate internal
situation became ever more threatening. Small declines appeared in rentes and in almost all equities
with the exception of bank stocks. An overnight vote
of confidence for Premier Laval improved the tone
on Wednesday. Rentes regained most of their previous losses of the week, and good demand also was
noted for French bank, industrial and utility stocks.
Only the international shares failed to participate in
the upswing. In Thursday's session the dominant
feature once again was the international situation
and the possibility that Premier Laval might fall
3912
Financial Chronicle
Dec. 21
1935
because of the unfavorable reaction to the•peace pro- by the Honduran legislature and proclamation by
posal. Rentes dropped sharply and neared the year's President Roosevelt. The engagement on the part of
lows, while other French securities also receded. the United States consists chiefly of assurances that
Some interest was taken in international issues. A such products as coffee, bananas and cocoa beans,
better feeling prevailed yesterday and losses of the which comprise 99% of Honduran exports to this
country, will remain on the free list. Actual reducprevious day were regained.
The Berlin Boerse was absolutely stagnant on tions of duties are to be made, however, on balsams,
Monday, and commentators remarked that even pineapples, guava pastes and pulps and a few other
minor transactions were arranged privately in order products supplied very largely by Honduras. The
to avoid the official control. Changes in prices were Central American country agrees, in turn, to reduce
confined to minor gains and losses, with a definite its import duties on a variety of American products,
trend lacking. There was again very little official ac- such as smoked and canned meats, butter, condensed
tivity on Tuesday, but a general atmosphere of firm- and evaporated milk, canned fruits, vegetables and
ness. Small advances were noted in a majority of fish, cotton shirts and denim, toilet soaps, propriissues with industrial shares showing best results. etary medicines, rolled oats and oatmeal.
After a firm opening on. Wednesday, prices drifted
Naval Parley
slowly lower and changes were insignificant at the
ELEGATES of the five leading naval Powers of
close. Little business was done throughout the day.
the world continued in London,this week,their
Small gains and losses were noted in still another
inactive session on Thursday. Public interest was difficult consideration of the situation posed by the
entirely lacking and the slight variations were un- termination one year hence of the existing limitation
important. There was no change in the situation accords. The initial study of the Japanese demand
for the right to parity with Britain and the United
yesterday and small gains and losses were noted.
States almost disrupted the conference, and no soluWar Debts
tion of the problem thus raised has been suggested.
EFAULTS on the war debts owed by European Endeavors last week to elucidate the Japanese congovernments to the United States are a perti- tentions by a question and answer method brought no
nent semi-annual reminder of the folly of American progress and that system was abandoned early this
participation in the World War, and the incidents week in favor of private and unrecorded discussions.
are especially instructive in view of the possibility of No advance resulted from that procedure, either, and
still another European conflagration. The war debt on Tuesday the British representatives laid their forpayment date of Dec. 15 on this occasion brought to mal proposals before the gathering. The British
the United States government only the now custo- views had been well publicized previously, and it
mary apologies from all the major debtors, and an seems that no changes were made. It was suggested
actual cash remittance only from Finland. This is by the spokesman for the London government that
a repetition of the performances of the past two each country make a declaration of the naval.conyears. Twelve countries were due to pay an aggre- struction it proposes to undertake in the period up
gate of $155,051,301 on Dec. 15 in ordinary install- to 1942, with the aim of a new naval conference in
ments and interest, while arrears of recent years that year. This plan is a stop-gap to prevent failure
brought the total up to $965,414,177. The amount of the conference and the idea of limitation, and it
actually received by the Treasury from Finland was is quite practical, since it recognizes the existing sit$230,453. Great Britain, as the largest debtor, noti- uation and presumably would occasion no sweeping
fied the State Department that in the opinion of the changes in the relationships of the various navies.
British government circhmstances have not changed But it was immediately indicated that the United
since the reasons for defaulting were set forth in States would continue its endeavors to have the
June 1934, and the usual comment was added that Washington and London treaties extended formally,
Britain will be glad to resume discussions whenever while Japan was said to entertain serious objections
the situation warrants the hope of a satisfactory re- to the British plan as well. So far, all the discussions
sult. France sent a polite note and similar expres- at London merely constitute a retreading of ground
sions of regret were made by Belgium, Italy, Poland, thoroughly surveyed in the many preliminary conCzechoslovakia, Latvia, Estonia, Hungary,Lithuania versations. Of interest, meanwhile, is a resumption
and Rumania. The payment by Finland consists of of negotiations between London and Berlin regardprincipal of $65,000 and interest of $146,422.50 or- ing the aerial mutual defense pact proposed early
dinarily due Dec. 15, while $19,030.50 was paid this year. That such conversations are taking place
against the arrears of the Hoover moratorium period. was disclosed officially in Berlin, last Saturday.
The United States government received one cent on
The Peace Plan Vanishes
every $42 due.
ONFUSION and bewilderment prevailed in
Trade Treaties
Europe, this week, as a mounting tide of pubONDURAS was added this week to the list of lic indignation in England, France and some of the
countries with which special reciprocal trade smaller League States forced rapid abandonment
war
treaties have been negotiated by the Administration of the formal Anglo-French proposal to settle the
the Afin Washington under the powers granted President in Ethiopia by granting Italy large slices of
BritRoosevelt by Congress. The pact with Honduras is rican Kingdom's territory. So sharply was the
in the scheme that
the eighth in the series, accords having been reached ish Cabinet assailed for its part
make
previously with Canada, Colombia, Brazil, Belgium, Prime Minister Stanley Baldwin was'forced to
of a a public recantation during a debate in the House of
Cuba, Haiti and Sweden. Additional treaties
Sir Samlike nature are being rushed to conclusion, it is under- Commons,on Thursday. Foreign Secretary
is linked, alstood, as the public reception has been generally fa- uel Hoare, with whose name the plan
leading
vorable. Signatures to the Honduran treaty were af- though it obviously had the approval of the
resigned his office late on Wednesfixed in Tegucigalpa, the capital of that country, and Cabinet members,
government could
the agreement will become effective after approval day, when it became plain that the
D
D
C
H
Volume 141
Financial Chronicle
not continue to support the plan. In France a far
less violent but nevertheless notable opposition to
the Hoare-Laval peace proposal was manifested and
additional dangers thus encountered by the Laval
regime, which long has had only a precarious hold
upon office. The League of Nations quietly buried
the plan on Thursday, without awaiting the Italian
reaction or a formal rejection from Ethiopia, but
the League also postponed indefinitely the application of further sanctions against Italy. The European diplomatic situation, in these circumstances,
appears to be more confused and uncertain than it
was before the Anglo-French plan was elaborated,
and the danger of extremely grave developments is
hardly to be denied.
The proposed terms of peace between Italy and
Ethiopia, as published late last week, were quite as
bad as the preliminary reports from France had indicated. Acting in accordance with a League invitation to formulate peace proposals, Sir Samuel Hoare
and Premier Pierre Laval submitted suggestions to
the two combatants whereunder Italy would have received part of northern Ethiopia and a huge section
of southern Ethiopia, with the African Kingdom
granted in return only a corridor to the sea which
could not have been of much use in any event. The
Italian reaction to the proposal remained one of complete reserve, but Ethiopia promptly protested and
urged the League of Nations to call the Assembly
into session for discussion of the project. Public
indignation in Britain was fanned by disclosure of
the official text, and the Baldwin Cabinet intimated
promptly that the plan would be left to its fate at
Geneva. French parties of the Left made it clear that
they could not support Premier Laval on the basis
of the plan, with its "premium upon aggression."
Scandinavian spokesmen and representatives of the
three Little Entente countries stated over the weekend that they could not vote for any such peace settlement. These developments made it clear that the
plan would meet defeat at Geneva unless all the
powerful weight of the British and French governments was placed behind it.
The first public discussion of the proposal occurred
in the French Parliament on Tuesday, and Premier
Laval was put decidedly on the defensive by the bitter comments of his opponents. He declared, in the
course of his defense, that he had "rallied to the British thesis," thus putting the onus for the plan rather
definitely on Sir Samuel Hare's shoulders, even
though French espousement of the Italian cause has
been notorious. The French Premier urged that he
merely sought a "friendly" settlement, in order to
prevent what might have provoked an extension of
the conflict to Europe. He called, at an opportune
moment, for a vote of confidence and was sustained
by 304 votes to 252. It is chiefly because of his foreign
policy that M. Laval has retained office, and the majority in this instance was considered small.
The League Council assembled Wednesday in
order to consider the Anglo-French proposal. Captain Anthony Eden, Minister for League Affairs in
the British Cabinet, spoke briefly and made no effort
to defend the plan. He insisted that the British government did not recommend acceptance and would
not pursue it further if the two belligerents failed
to agree on its acceptance. M.Laval pointed out that
no formal replies had been received from Italy or
Ethiopia, and he suggested the advisability of the
Council's avoiding any expression of opinion until
replies were available. On this note the Council session ended, for the day. Sir Samuel Hoare, who
3913
spent a brief holiday in Switzerland after elaborating the peace proposals, returned to London early
this week and found himself a storm center. When
Captain Eden failed to defend the plan at Geneva,
on Wednesday, Sir Samuel promptly tendered his
resignation to Prime Minister Stanley Baldwin, and
it was as quickly accepted. It is understood that a
speech of defense, prepared by Sir Samuel, was criticized by the Cabinet and suggestions made for
changes, but these Sir Samuel refused to make. In
Paris grave differences regarding the plan were
apparent in a debate among the members of the powerful Radical-Socialist party, and Edouard Herriot,
Minister of State and head of the party, gave up his
party post on Wednesday rather than commit the
party to a vote against M. Eaval. The resignation,
however, may well split the group and diminish the
support for the Premier.
Formal debate on the peace plan was started in the
London House of Commons on Thursday, and the
rare spectacle was presented of a Prime Minister
repudiating a Cabinet measure of the highest importance. Sir Samuel Hoare, speaking from a Member's bench and not from the government seats, followed the Prime Minister and defended his plan vigorously. Mr. Baldwin began with an explanation
that there was an "absence of liaison" when agreement was reached on the plan in Paris. "The proposals are now absolutely and completely dead," he
declared, "and the government will not attempt to
resurrect them." There was little time to modify
the plan, even though the Cabinet did not like it,
Mr. Baldwin explained. Outright repudiation might
have prevented any negotiations and complicated the
situation additionally, he urged. The declaration
was added that the government had not, at any time,
the idea of being untrue to any given pledge. But
much harm now has been done which it will take
time to rectify, the Prime Minister added, and he
expressed the determination that "such a position
shall not be possible again." Sir Samuel Hoare explained in an uncompromising address that fear of
another world war prompted the •Anglo-French proposals for settlement of the Italo-Ethiopian conflict.
Although the world is entering a much more dangerous phase of a new chapter of war, Great Britain was
the only country to take precautions, he remarked.
"It was clear that Italy would react violently to
the imposition of oil sanctions," Sir Samuel added,
"and I feared a lightning spark that might light a
European conflagration." He assured the House
that his conscience is clear and that he still believed
the course taken at Paris to have been the only one
possible in the circumstances.
The Council of the League held a private session
on Thursday, in which a resolution was presented
and adopted for sending the Hoare-Laval proposal
to the archives. There was no debate on the proposal,
and a statement was issued to the effect that the
Council did not hold it necessary to express an
opinion. In a Geneva dispatch to the Associated
Press it was noted that an Italian spokesman declared, after the Council meeting, that "the League
has killed the Franco-British proposal and now must
take the responsibility for what happens." The
League sanctions committee of 18 members also met
on Thursday and postponed its further consideration
of sanctions against Italy. Oil was not even mentioned in the brief session. The Ethiopian government on the same day handed identical notes to the
British and French envoys in Addis Ababa regarding the peace proposal. In these communications,
3914
Financial Chronicle
said, the terms were condemned strongly, but
the plan was not actually rejected. The Italian government delayed from day to day its formal reply
to the proposal, and it is now believed a reply may
be formulated to-day at a meeting of the Grand
Council.
it is
Ethiopian War
ITH the Italo-Ethiopian war now well on in its
third month, actual results of the military
encounter seem to be anything but conclusive. After
their initial advance both in the north and the south,
the Italian forces necessarily waited for transportation improvements, but there is as yet no indication
that such arrangements are nearing the stage appropriate for further advances. To the contrary, the
Italian army in the south was forced to retreat several weeks ago,and it is now indicated that the northern forces also found it necessary to retrace steps.
A government statement,issued in Rome on Tuesday,
admitted a retreat by an advance force of Italians
posted on the Takkaze River. A dozen white soldiers
and a much larger number of native troops were
killed on the Italian side, while Ethiopian losses were
described as "considerable." In subsequent statements both the Italians and the Ethiopians claimed
victories along the Takkaze front. It is evident that
the Ethiopian warriors are becoming more daring in
their guerilla attacks on the Italians, and the added
danger to the communications of Premier Mussolini's
troops increases the djscomfort of their Positions. The
realization seems to be spreading that there is little
likelihood of a conclusive development before the
rains again descend next spring, and the Italian situation at home thus also plays an important part in
the matter. Rome reports state that resignation and
pessimism spread throughout Italy when it appeared,
Thursday,that the Anglo-French peace proposals are
definitely discarded. The need for gold and foreign
exchange to pay for imports of war essentials is best
illustrated by the "Faith Day" held in Italy on
Wednesday, when wedding rings and other gold
trinkets were sacrificed by many Italians.
W
Masaryk Resigns
of some moment when a truly venT T IS a matter
erated head of one of the new European States,
formed after the World War, decides voluntarily to
relinquish his office. Thomas G. Masaryk, President of Czechoslovakia, announced last Saturday
that he preferred retirement from active participation in the affairs of a government which he headed
without interruption since his country was formed
17 years ago. The sole reason for retirement was
lack of the necessary physical vigor to transact the
affairs of State in a fitting manner, and as Mr.
Masaryk has completed some 85 years of life his
resignation on that ground was viewed with the
utmost sympathy both within his country and elsewhere. In tendering his resignation, Mr. Masaryk
suggested only that States can be maintained solely
by respecting the ideals which brought them into
existence. He added the plea that Dr. Edouard
Benes, his lifelong associate in the study of sociology
and the conduct of Czechoslovakian affairs, be
named his successor. The National Assembly met
on Wednesday and promptly acceded to the wish expressed as to his successor by the venerable former
head of the State. There was a little preliminary
jockeying for position, and some reports suggested
that semi-Fascist groups might fight to gain control
of the highest office. But when the vote was taken,
Dec. 21 1935
Dr. Benes received 340 votes in the Assembly of 440
members. Many ballots were unmarked, and the
only opponent of Dr. Benes received just 24 votes.
Premier Mila Hodza tendered the resignation of the
Cabinet to the new President, who promptly requested the government to remain in office. The post
of Foreign Minister, filled heretofore by Dr. Benes,
will be occupied permanently by a new incumbent, to
be elected next month. In the meantime, Premier
Hodza will take over the Foreign Affairs post.
Spanish Cabinet
PANISH Cabinet crises have been frequent since
the elections two years ago resulted in a Parliamentary representation that is not considered
strictly in accord with the views held by the citizens of the new Republic. Still another crisis developed early last week, when Joaquin Chapaprieta
resigned the Premiership because the Conservative
Catholics opposed a budgetary bill which imposed
heavier taxes for 1936 upon wealthy landowners.
Senor Chapaprieta represented a coalition of Center
and Right groups in the Spanish Parliament. President Niceto Alcala Zamora consulted various party
leaders for a week, and last Saturday an invitation
to form a new regime was accepted by Manuel Portela, an independent. Stnor Portela succeeded
readily, although several other leaders were unable
to gather sufficient support. Immediately after
assuming office, Premier Portela announced his intention of holding "scrupulously impartial elections"
not later than March 4 1936. Like its predecessor
regimes, the new government will rely upon Right
and Center factions for support in Parliament, but
it lacks the approval of the Catholics and therefore
is unable to count upon an absolute majority. When
Premier Portela goes before the Cortes on Dec. 29,
however, he will have in his pocket a Presidential
decree of dissolution, to be exercised in case of need.
With early elections assured, campaigning already
has been started by some of the major political factions of the country. The personnel of the Ministry
announced last Saturday follows:
S
Premier and Interior—MANUEL PORTELA.
Foreign—JOSE MARTINEZ DE VALESCO.
Justice and Labor—ALFREDO MARTINEZ.
War—General MOLERO.
Marine—Admiral SAIAS.
Finance—JOAQUIN CHAPAPRIETA.
Education—MANOEL BECERRA.
Public Works and Communications—CIRILLO DEL RIO.
Agriculture. Industry and Commerce—JOAQUIN DE PABLO BLANCO.
Minister Without Portfolio—PEDRO RAHOLA.
Chinese Autonomy
OUTHWARD and westward of the puppet-State
of Manchukuo the course of Japanese empire is
taking its several ways. The thin disguise of an
"autonomy movement" in the areas of northern
China desired by the Japanese militarists was
stripped away rapidly this week when a dispute arose
between the Japanese and the leaders of the so-called
autonomous council. The Japanese immediately
made it plain, according to reports from China, that
action by the council is subject to the approval of the
military and other advisers named by their own military heads. Extension of the territory to be brought
under the control of the Japanese-dominated council
currently is being made the business of joint forces
of Japanese and blanchukuan troops. Kalgan, in
Chahar Province, was occupied by Japanese soldiery
last Saturday, while the neighboring town of
Kuyuan, which apparently resisted the Japanese invasion, was reported bombed by Japanese airplanes
on Wednesday. Kalgan is 116 miles northwest of
S
Volume 141
Financial Chronicle
3915
Peiping and is the controlling point for the great amounting to £8,533,000, leaving reserves reduced
caravan route to Outer Mongolia. Japanese forces by £7,928,000. Gold holdings, of course, are now
also increased their hold on Eastern Hopei Province, at another record high of £200,667,347, this being
last Monday, by seizure of the port of Tangku, 18 the nineteenth successive week in which the figure
miles east of Tientsin and the seaport for that city. has reached a new high level. On Aug. 7 the total
There are available, so far, only vague indications was only £193,344,135, while a year ago it was
of the extent of the area to be conquered by the Japa- £192,772,647. Public deposits rose £3,411,000 while
nese and joined in one manner or another with their
other deposits fell of £14,448,675. The latter consists
previous gains in Manchuria. The statements curof bankers' accounts which dropped off £14,585,039
rent a month ago that five Provinces of old China
and other accounts which increased £136,364. The
are to be detached and placed under an autonomous
:
council probably has some basis in fact, for they reserve ratio dropped sharply to 32.34% from 35 49%
a week ago; last year the ratio was 37.30%. Loans
never have been denied. Under the concession forced
from the Nanking government, literally at the point on government securities decreased £1,463,000 and
of a gun, a formal but furtive inauguration of the those on other securities, £1,637,479. The latter
Hopei-Chahar Autonomous Council took place includes discounts and advances which fell off L2,Wednesday, in Peiping. General Sung Cheh-yuan 906,447 and securities which increased £1,268,968.
was named head of the Council, but that pro-Japa- No change was made in the 2% discount rate.
nese official seemed to fear summary action by Chi- Below are the figures with comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
nese students and others who rioted in Peiping earlier
in the week to emphasize their objections to the disDec. 21
Dec. 23
Dec. 18
Dec. 19
Dec. 20
1932
1931
1934
1933
1935
memberment of their country. The inauguration
E
£
£
£
I
took place almost privately, and at a different hour PI'
419,464,000 401,990,743 389.883,916 370,097,754 370,030,991
Circulation
deposits
10,253,000 8,389,542 20.035,684 7,825,512 14,641,211
from that announced beforehand. General Sung Publicdeposits
117,142,760 127,733,806 128,579,188 132,887,023 111,002,963
Other
appears to have assumed that the appearance of r Bankers' accounts- 79,802,228 90,732,832 91,902,511 98,898,276 72,281,664
37,340,532 37,000,474 36,676,677 33,988,747 38,721,299
Other accounts
power carried some authority with it, for his forces Government scours— 82,749,499 83,841,413 81,056,692 99.676,824 67,605,906
21.353,913 19,430,857 23,621.170 33,406,880 49,612,335
Other securities
7,173,360 7,024,263 8,369,729 11,832,965 13,536,612
Disct..k advances_
in Eastern Hopei proceeded to occupy a town be- i Securities
14,180,553 12,406,594 15,251,441 21,573,915 36,075,723
Reserve notes Ez coin 41,205,000 50,781,904 61,859,723 25,530,277 26,322,277
tween Tientsin and Tangku without previously ob- Coln and bullion.... 200,667,347 192,772,647 191,723,639 120,628,031 121,353,268
taining the permission of the Japanese. The Chinese Proportion of reserve lt32.34% 37.30% 41.62% 18.14% 20.94%
to liabilities
9CVnat
9%.
201
ROL
General was disillusioned immediately, according to
Tientsin reports, and informed that any such indicaBank of France Statement
tion of real autonomy is highly unsatisfactory to the
HE weekly statement dated Dec. 13 shows an
new Japanese masters. Shantung, Honan and
increase in gold holdings of 6,425,145 francs.
Shansi Provinces, in addition to Hopei and Chahar,
seem to be scheduled for absorption in the new Japa- The total of gold which is now 65,911,343,586 francs,
nese area of conquest. A new currency system is to compares with 82,231,706,630 francs a year ago and
be set up for the "autonomous" area, it is said, and 77,031,811,548 francs two years ago. Credit, balrevenues no longer will flow to Nanking, but will be ances abroad, French commercial bills discounted,
utilized instead for railway building and similar bills bought abroad and advances against securities
record decreases, namely 7,000,000 francs, 357,development.
000,000 francs, 1,000,000 francs, and 32,000,000
Discount Rates of Foreign Central Banks
francs, respectively. The Bank's reserve ratio .is
THERE have been no changes during the week in now 71.14%, as against 80.97% last year and 79.41%
1 the discount rates of any of the foreign central
the previous year. Notes in circulation reveal a
banks. Present rates at the leading centers are shown decline of 841,000,000 francs, bringing the total
in the table which follows:
down to 80,847,325,675 francs. Circulation a year
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
ago aggregated 80,905,388,140 francs and the year
before 80,203,545,610 francs. An increase appears
Rate in
PreRate in
Pre
Country
E
flea
Data
Mous
Country
Effect
Date
Sour
Dec.20 Established
in creditor current accounts of 345,000,000 francs.
Rate
Dec.20 Established
Rate
Austria
334 July 10 1935 4
Below we furnish a comparison of the various items
Hungary-__ 4
Aug. 28 1935 4h
Batavia-._ _ 4
July 1 1935 434 India8
Nov. 2.'035 3l2
2
Belgium._ _
May 15 1935 234 Ireland—. 3
for three years:
June 80 1932 334
Bulgaria..,._ 6
Aug. 15 1935 7
T
Canada__
bile
Colombia.sechoslovatic__
Danzig -- -.
Denmark - England
Estonia__
Finland-France _ - _
Germany
Greece ---Holland __.
2.4 Mar. 11 1935
4
Jan. 24 1935
July 18 1933
4
__
434
5
Jan. 25 1933
Oct. 21 1935
Aug. 21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Nov. 25 1935
Sept. 30 1932
001, 13 1933
Nov. 13 1935
434
6
234
234
534
434
5
5
734
4
334
5
334
2
5
4
6
4
7
314
Italy
5
Japan
3.65
Java
434
Jugoslavia. 5
Lithuania
8
Morocco
634
Norway_ - - 334
Poland.__ 5
Portugal... 4
Rumania - 334
.
SouthAfrica 334
Spain
5
Sweden
214
Switzerland 234
Sept. 9 1935
July 8 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
434
3
334
634
7
434
4
6
5/
4
6
4
5%
3
2
Foreign Money Rates
IN LONDON open market discount rates for short
bills on Friday were 13-16%, as against 4% on
3
Friday of last week, and 13-16% for three-months'
bills as against Yi% 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 23/2%.
Bank of England Statement
HE statement for the week ended Dec. 18 shows
a further gain in gold holdings of £604,355, attended however by a large increase in note criculation
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for TVeek
Gold holdings
Credit bale, abroad.
aFrench commercial
bills discounted_
b Bills bought abr'd
Adv. against scours_
Note circulation.-Credit current accts
Propor'n of gold on
hwnd .-. idaht 1101
Dec. 13 1935
Dec. 14 1934
Dec. 15 1983
Francs
Francs
Francs
Francs
+6,425,145 65,911,343,586 82.231,706,630 77,031,811,548
36,929,140
8,712,210
9,953,636
—7,000,000
—357,000,000 9,727,517,900 3,270,143,244 3,418,799,532
950,923,171 1,156,747,134
—1,000,000 1,295,641,126
—32,000,000 3,359,474,883 3,212,933,077 2.910,507.358
—841,000,000 80,847,325,675 80,905,388,140 80,203,545.610
+345,000,000 11.982,138,146 20,651,744,129 16,796,945,704
_s_n
once
oft laton
5007.1.
794j
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Statement for the second quarter of December
shows a decline in gold and bullion of 5,909,000
marks. Owing to this loss, the Bank's gold now
aggregates 82,368,000 marks in comparison with
78,711,000 marks last year and 391,067,000 marks the
previous year. An increase appears in reserve in
foreign currency of 59,000 marks, in silver and other
coin of 10,440,000 marks, in notes on other German
banks of 3,203,000 marks, in advances of 5,792,000
T
Financial Chronicle
3916
marks, in investments of 311,000 marks, in other
assets of 1,226,000 marks, and in other liabilities
of 412,000 marks. The reserve ratio is now 2.15%,
compared with 2.11% a year ago and 11.6% the year
before. An increase in note circulation of 22,629,000
marks brings the total up to 4,067,209,000 niarks, as
compared with 3,719,615,000 marks last year, and
3,444,624,000 marks the previous year. Bills of
exchange and checks and other daily maturing obligations register decreases of 6,892,000 marks and 14,811,000 marks, respectively. Below we furnish a
comparison of the different items for three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve In foreign currBills of each,and checks
Silver and other coin_
Notes on oth. Ger. bks _
Advances
Investments
Other assets
Liabilities—
Notes In circulation_ _ -0th. daily mater.obllg_
Other liabilities
Propor. of gold & for'n
cum. to note cimula'n
Dec. 14 1935 Dec.15 1934 Dec.15 1933
Reichsmarks Reichsmarks Reichsmarks
Retchsmarks
78,711,000 391,067,000
82,368,000
—5,909,000
21,204,000 48.972,000
21,034,000
No change
9,511,000
4,250,000
5,355,000
+59,000
—6,892,000 3,944,877,000 3,598,030,000 2,981,579,000
+10,440,000 166,066,000 194,973,000 228,735,000
12,099,000 10,640,000
11,620,000
+3,203,000
71,317,000
97,484,000
47.487,000
+5.792,000
+311,000 661,913,000 754,919,000 548,374,000
+1,226,000 780,111,000 678,765.000 506,738,000
+22,629,000 4,067,209,000 3,719,615,000 3,444,624,000
—14,811,000 720,675,000 759,520,000 425,170.000
+412,000 290,829,000 317,299,000 255,016,000
—0.16%
2.15%
2.11%
11.6%
New York Money Market
ONEY market dealings in New York were entirely routine this week. Demand for funds
was extremely limited, while the supply suffered no
diminution of marked significance through the reduction of $600,000,000 in excess reserves of member
banks over requirements. Rates in all departments
were quite unchanged. The Treasury sold on Monday
an issue of $50,000,000 discount bills due in 273 days,
and awards were made at an average discount of
0.087%, computed on an annual bank discount basis.
A similar issue was sold yesterday at 0.08% average
discount. Bankers' bill and commercial paper rates
were continued, with little business reported. Call
loans on the New York Stock Exchange held to 34%
for all transactions, while time loans for all maturities up to six months were offered at 1%,with hardly
any takers.
M
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 34 of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money continues at a standstill, no transactions having been reported this week. Rates are now
quoted at 1% for all maturities. The market for
prime commercial paper has continued fairly active
this week. Paper has been fairly plentiful and the
3
demand has been good. Rates are 4% for extra
choice names running from four to six months and
1% for names less known.
D
Bankers' Acceptances
HE demand for prime bankers' acceptances has
been good, but as only a small supply of bills
has been available, transactions were limited. Rates
are unchanged. Quotations of the American Acceptance Council for bills up to and including 90 days are
3-16% bid and N% asked; for four months, /
,o
14°7
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, 34% for 91- to 120-day bills, and
1% for 121- to 180-day bills. The Federal Reserve
banks' holdings of acceptances decreased from $4,679,000 to $4,671,000. Open market rates for ac-
T
Dec. 21 1935
ceptances 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:
Prime eligible bilis
SPOT DELIVERY
—180 Days— —160 Days—
Asked
Bid
Asked
Bid
5i
5
sis
-—120 Days
Asked
Bid
—90Days— —60Dais— —30Days—
Asked
Bid
Asked
Bid
Bid
Asked
Ii.
lie
16
Si
3
IS
FOR DELIVERY WITHIN THIRTY DAYS
% bid
Eligible member banks
;,‘% bid
Eligible non-member banks
Prime eligible bills
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 Pranr15m
Rate in
Effect on
Dec. 20
2
1%
2
114
2
2
2
2
2
2
2
9
Date
Established
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
nth
8 1934
2 1934
17 1935
11 1935
9 1935
14 1935
19 1935
3 1935
14 1935
10 1935
8 1935
15 1924
Previous
Rate
214
2
234
2
234
234
234
234
234
234
234
ate
Course of Sterling Exchange
TERLING exchange has been exceptionally steady
for the past three weeks, and currently shows
less fluctuation than at any time in December.
London on Paris is now more favorable to Paris, due
not to any changed relation in the pound so much as
to the temporarily improved position of the franc.
Several times during the week the franc ruled very
close to new dollar parity of 6.633. Owing to the
firmness of the franc and to a return of some French
funds to Paris, the British exchange control has had
no occasion to enter the market to regulate fluctuation in exchange. The market is exceptionally dull,
which is characteristic of this time of year. The range
for sterling this week has been between $4.92 and
$4.93 for bankers' sight bills, compared with a range
of between $4.923 and $4.933. last week. The
range for cable transfers has been between $4.92%
and 34.9338, compared with a range of between
$4.923/ and $4.939/ a week ago.
The following tables give the mean London check
rate on Paris from day to clay, the London open
market gold price, and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
74.422
Wednesday, Dec. 18
74.50
Saturday, Dec. 14
74.722
74.54
Thursday, Dec. 19
Monday, Dec. 16
Dec. 20
74.73
Friday,
74.52
Tuesday, Dec. 17
LONDON OPEN MARKET GOLD PRICE
Wednesday, Dec. 18..__ _141s. 3d.
Saturday, Dec. 14____141s. Id.
Thursday, Dec. W.__ _1454. Id.
Monday, Dec. 16____1415. 1;id.
114d.
Dec.
Friday,
17.....141s. 13id.
Tuesday, Dec.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
$35.00 I Wednesday, Dec. 18
Saturday, Dec. 14
35.00
Thursday, Dec. 19
35.00
Monday, Dec. 16
35.00
Dec. 20
Friday,
35.00
Tuesday, Dec. 17
Again this week the outstanding feature of the
financial situation likely to have a bearing on the
trend of foreign exchange is the continued sharp
drop of silver prices in world markets. The United
States Treasury has practically withdrawn from the
London market. Ever since the Treasury began
buying foreign silver, under the Silver Purchasing
Act of June 1934, the Treasury's large purchases in
London have been an important factor in giving
firmness to sterling exchange. The British exchange
Volume 141
Financial Chronicle
equalization fund on numerous occasions since early
in 1934 has been called upon to arrest threatened
sharp advances in the sterling quotation as against
dollars. During this time and especially in months
from the end of January to the beginning of September in both 1934 and 1935, all seasonal and particularly tourist requirements were in themselves sufficient to make the pound firm in terms of the dollar.
Hence, it may easily be conceived that the continuous purchases of white metal in the London
market must have taxed the British control to keep
sterling balanced with respect to the French franc,
or gold.
Until recent weeks, particularly during 1935,
United States purchases in London were averaging
between 2,000,000 and 3,000,000 ounces a day, and
on Aug. 14 the Treasury acquired approximately
25,500,000 ounces of silver, equal to the entire annual
production of domestie producers. Since Jan. 1
1934, the Treasury has acquired approximately
761,000,000 ounces of metal, about three times
as much as the entire world output in any year
on record.
In the last two weeks the Treasury purchases have
been exceedingly limited. On Saturday last the
Treasury refused to enter the market and there were
no other buyers, so that there was a sharp decline in
London to a nominal price of 26 7-16d. per ounce.
On Tuesday the London price dropped to a nominal
quotation of 243/d. per ounce. Handy & Harman,
8
New York bullion dealers, quoted nominally 5834c.
an ounce, the London price at the same time being
equivalent to 55.19c. an ounce. These figures represented a decline of 10.3% for silver in New York
since Dec. 7, while the London quotation represented a decline of 14.8%. It would seem that the
Treasury bought a nominal amount of the metal on
Monday equal to about 5% of the total offered, and
so far as could be learned, there were no other buyers.
On Wednesday the United States Treasury did not
enter the London market at all and there was a drop
of 4c. there and 3c. here in the price of the metal.
Bullion brokers in London reported that the Treasury
would not buy any silver at 23d., and since no other
buyers were in the market no silver was sold. A
nominal price was set at 22 3-16d. for bar silver
.999 fine.
It has been generally believed that sterling would
be selling lower were it not, as stated above, for the
United States silver purchases. Nevertheless, despite
the gravity of conditions in the silver market on
withdrawal of the United States, the foreign exchanges, especially sterling, have not been in the
least affected. This indicates clearly that there is
world wide confidence in sterling and evidently a
continuous flow of funds to the London market
despite the threatening political outlook which has
prevailed since the Italo-Ethiopian crisis. Certainly
the amounts of money going to London for the purchase of gold and the steady hoarding of the precious
metal there is an indication of confidence in the
London money market. This is also shown by the
record volume of deposits and clearings in the London
banks and by the exceptionally strong position of the
Bank of England.
The Bank of England's gold reserves are now at a
new record high of £200,667,347. The gold in the
bank's statement is carried at the old statutory price
of 84s. 10%d. an ounce and the metallic holdings
3917
have never been revalued in line with the higher open
market price. Present gold holdings of the bank
compare with £192,772,647 a year ago and with
£136,880,252 in the statement issued before Great
Britain went off gold in September 1931.
At present money rates in London are firmer. All
maturities from two to six months being quoted at
flat 4%, whereas a few weeks ago two- and three3
months' bills were 9-16% to %%, and only the
longer maturities had a range of between 11-16% and
%%. The present firmness is, however, merely
temporary, and the rates on shorter dates will
doubtless decline after the turn of the year.
All the gold on offer in London this week was
taken for unknown destination, generally believed
to be for private hoarding interests. On Saturday
last there was available £116,000, on Monday
£206,000, on Tuesday £225,000, on Wednesday
019,000, on Thursday £206,000, and on Friday
£144,000. On Tuesday the Bank of England bought
£390,692 in gold bars.
At the Port of New York the gold movement for
the week ended Dec. 18, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,DEC.12
-DEC. 18, INCLUSIVE
Imports
Exports
$12,240,000 from France
5,380,000 from India
2,852,000 from Canada
1,268,000 from England
None
297,000 from Chile
57,000 from Nicaragua
47,000 from Russia
3,000 from Guatemala
$22,144,000 total
Net Change in Gold Held Earmarked for Foreign Account
Increase: $357,000
Note—We have been notified that approximately 81,405,000 of gold was
received at San Francisco, of which 81,215,000 came from Australia and
8190,000from China.
The above figures are for the week ended on
Wednesday. On Thursday $4,266,300 of gold was
received, of which $4,025,400 came from England,
and $240,900 came from Holland. There were no
exports of the metal or change in gold held earmarked
for foreign account. On Friday there were no imports
or exports of the metal or change in gold held earmarked for foreign account.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount of
1 1-32% to a discount of 4%.
3
Referring to day-to-day rates sterling exchange on
Saturday last was steady in limited trading. Bankers'
sight was $4.925 8@ .92%; cable transfers, $4.923
/
4
@$4.93. On Monday the pound continued steady
but dull. The range was $4.923/2@$4.92% for
bankers' sight and $4.92%@$4.93 for cable transfers. On Tuesday exchange displayed little variation. Bankers' sight was $4.9234@$4.92%; cable
transfers $4.92%@$4.93. On Wednesday in extremely light trading the undertone was firm. The
range was $4.9234@$4.93 for bankers' sight and
$4.923/s@$4.933/ for cable transfers. On Thursday
sterling continued steady. The range was $4.924@
3
$4.93 for bankers' sight and $4.92%®$4.933/ for
cable transfers. On Friday sterling was steady the
range was $4.9234@)$4.93 for bankers' sight and
$4.92%@$4.933 for cable transfers. Closing quotations on Friday were $4.92% for demand and $4.93
for cable transfers. Commercial sight bills finished
at $4.923 sixty-day bills at $4.91%, ninety-day bills
4
at $4.913 documents for payment (60 days) at
/,
$4.913/, and seven-day grain bills at $4.921 .
4
Cotton and grain for payment closed at $4.9234.
3918
Financial Chronicle
Continental and Other Foreign Exchange
RENCH francs have shown a tendency to greater
firmness during the past two weeks. However,
on Thursday renewed weakness developed in the unit.
It may be recalled that franc cable transfers closed on
Friday of last week at 6.61. The rate was generally
better than this throughout the past week until
Thursday. On Wednesday the rate for cable transfers went as high as 6.633/i (new dollar parity is
exactly 6.6335). Gold could under exceptionally
favorable circumstances be brought to this side from
Paris with the franc at 6.59, though usually a lower
rate is required before shipments can attain large
proportions. In Thursday's market the franc dipped
to 6.593.
The greater firmness in the franc in the earlier part
of the week was due to the fact that M. Laval had
received four successive votes of confidence from the
French Chamber in the past few weeks. This
attitude was regarded as insuring some degree of
stability to the present French government and as a
result all the Continental currencies shared a sympathetic firmness with the franc. The current statement of the Bank of France as of Dec. 12 showed a
slight increase in gold holdings of 6,425,145 francs,
and the statement for Dec. 19 which will be published
next week is expected to show another increase in
gold. While these accessions to the metallic reserve
are slight, and in contrast with the severe losses which
the bank suffered since Sept. 9, they indicated that
an encouraging view had begun to manifest itself in
European markets owing to the support given
M. Laval by the French Chamber.
The sudden reversal on Thursday was attributed in
the market to Paris dispatches which stated that
there was a likelihood that Premier Laval would
offer his resignation, following the example of the
British Foreign Secretary, Sir Samuel Hoare, as a
result of an outburst of criticism of the proposed
Franco-British plan for effecting peace between Italy
and Ethiopia.
The Bank of France rediscount rate continues at
6% and while it was confidently expected that the
rate would be reduced this week, and would be
reduced successively to a 3% level, the present disturbing conjunction of events apparently makes a
lower rediscount rate impossible at present. Money
rates in Paris continue exceptionally high, to the
detriment of business improvement.
The German mark situation presents no favorable
aspects whatsoever. The so-called free or gold mark,
which a year or more ago was generally ruling above
nominal dollar parity of 40.33, has been steadily
declining. The recent decree prohibiting imports of
mark notes completes the isolation of the reichsmark
as a purely domestic currency. Exchange regulations
issued after the bank crash of 1931, "standstill"
agreements for short-term debts, transfer moratoria
on interest payments, and amortization of long-term
debts have all contributed not only to the virtual
isolation of the reichsmark but also to the creation of
numerous classifications of depreciated "foreign
marks" sold at heavy discounts now varying from
40% to 75%. The present ruling quotations for the
so-called gold mark, around 40.21 -22, are supported
by cutting off fresh supplies. The reserve ratio of
the Reichsbank now 2.15%, is hardly more than a
fiction. The "free mark" is expected to decline
further.
F
Dec. 21 1935
Lira quotations are entirely nominal.
Exchange on Belgium is generally inclined to
firmness as the Belgian situation shows slow but consistent improvement.
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
6.5931f to 6.63%
6.63
16.84 to 16.92
16.95
8.07 to 8.09
8.91
32.41 to 32.56
32.67
67.71 to 67.91
68.06
The London check rate on Paris closed on Friday
at 74.79, against 74.51 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.583, against 6.60 on Friday of last
week; cable transfers at 6.593', against 6.61; and
commercial sight bills at 6.563', against 6.58. Antwerp belgas closed at 16.83 for bankers' sight bills
and at 16.84 for cable transfers, against 16.86 and
16.87. Final quotations for Berlin marks were 40.21
for bankers' sight bills and 40.22 for cable transfers,
in comparison with 40.23 and 40.24. Italian lire are
nominally quoted at 8.08 for bankers' sight bills
and at 8.09 for cable transfers, against 8.08 and 8.09.
Austrian schillings closed at 18.82, against 18.83;
2
exchange on Czechoslovakia at 4.143/, against
2
4.153/; on Bucharest at 0.80, against 0.803'; on
Poland at 18.86, against 18.90; and on Finland at
2.18, against 2.183. Greek exchange closed at 0.933'
for bankers' sight bills and at 0.92% for cable transfers, against 0.933/i and 0.94.
XCHANGE on the countries neutral during the
war presents no new features from recent weeks.
At present the neutral exchanges show a firmer undertone, but this is due largely to sympathetic relation
with the French franc, which has prevailed for about
10 days. Should the franc develop further weakness,
there would be a slight decline in the neutral currencies without, however, impairing their position. The
Swiss have been losing small amounts of gold to
Paris during the past few weeks, but with renewed
doubts as to the French situation the outward movement of gold from Zurich to Paris might easily cease.
The National Bank of Switzerland statement for the
week ended Dec. 14 showed a loss in gold holdings of
3,100,000 Swiss francs. The total gold stocks, however, stand at 1,386,800,000 Swiss francs, and the
bank's ratio of gold to notes in circulation is at
108.13%, while its ratio of reserve to circulation and
sight liabilities is at 85.03%. The Holland situation continues to prove highly satisfactory, and the
guilder is relatively firm in terms of most currencies,
despite the fact that for weeks there has been a
movement of Dutch funds to other markets in search
of investment opportunities not available at home.
There is no offsetting demand for guilders. At
present, however, and this applies to all the foreign
exchanges, the market is extremely dull owing to the
approach of the Christmas holidays,and funds are less
disposed to leave their national domiciles because of
the necessity for year-end business settlements. The
gold stock of the Bank of The Netherlands currently shows an increase of 2,400,000 guilders to
632,500,000 guilders. The Bank's gold cover for
combined sight liabilities is 75.9%. Money is firmer
in Amsterdam. The private discount rate was
advanced to 39/% from 2 5-16%, due chiefly to the
approach of year-end settlements.
E
Volume 141
3919
Financial Chronicle
Foreign Exchange Rates
Bankers' sight on Amsterdam finished on Friday
at 67.76, against 67.72 on Friday of last week; cable
URSUANT to the requirements of Section 522
transfers at 67.75, against 67.73; and commercial
of the Tariff Act of 1922, the Federal Reserve
sight bills at 67.72, against 67.70. Swiss francs Bank is now certifying daily to the Secretary of the
closed at 32.42 for checks and at 32.43 for cable Treasury the buying rate for cable transfers in the
transfers, against 32.433/ and 32.443/ Copenhagen different countries of the world. We give below a
2
.
checks finished at 22.01 and cable transfers at 22.02, record for the week just passed:
against 22.01 and 22.02. Checks on Sweden closed FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
at 25.41 and cable transfers at 25.42, against 25.41
DEC. 14 1935 TO DEC. 20 1935, INCLUSIVE
and 25.42; while checks on Norway finished at 24.77
Noon Buying Rate for Cable Transfers in New York
and cable transfers at 24.78 against 24.76 and 24.77. Country znd Monetary
Value to United Mates Motuu
Unit
Spanish pesetas closed at 13.643/ for bankers' sight
Dec. 14 Dec. 16 Dec. 17 Dec. 18 Dec. 19 Dec. 20
bills and at 13.653' for cable transfers, against 13.69
Eu rope
$
$
Auntla,schilling
187966* .187933* .188016* .188133* .188083* .187966*
and 13.70.
Belgium, belga
168600 .168588 .168679 .168866 .168480 .168357
P
013375° .013375* .013375* .013375* .013375* .013375*
Czechoslovakia, krone .041482 .041489 .041496 .041560 .041432 .041432
Denmark, krone
:219925 .219866 .219975 .219975 .219991 .219981
England, pound sterrg 4.927500 4.926500 4.927833 .927416 4.927500 .928750
.021745 .021730 .021730 .021740 .021750 .021750
Finland, markka
066120 .066083 .066140 .066262 .085963 .065939
France. franc
Germany, reichsmark .402161 .402130 .402228 .402407 .402178 .402121
Greece, drachma
009385 .009380 .009382 .009390 .009365 .009380
Holland. guilder
.677192 .677028 .678050 .678585 .677114 .677242
Hungary. pengo
.296125* .296125* .296125* .296125* .296250* .296250*
Italy, lira
080780* .080762* .080771* .080692* .080700* .080668•
Norway, krone
247512 .247441 .247554 .247570 .247554 .247616
Poland, zloty
188780 .188660 .188760 .188900 .188600 .188520
Portugal. escudo
044820 .044840 .044783 .044810 .044820 .044808
Rumania,leu
.007875 .007875 .007875 .007900 .007875 .007875
Spain, peseta
.136988 .136896 .137014 .137214 .136692 .136846
Sweden,krona
253979 .253958 .254045 .254054 .254029 .254104
Switzerland. franc-- .324435 .324328 .324614 .325285 .324092 .324332
Yugoslavia, dinar____ .022950 .022925 .022950 .022962 .022900 .022900
AsiaChinaChefoo (yuan) dol'ri .293750 .294166 .294375 .294166 .293333 .293750
Hankow(yuan)dol'r.294166 .294583 .294791 .294583 .293750 .294166
Shanghal(yuan) dol. .293750 .294166 .294375 .293958 .293333 .293750
Tientain(yuan) dol'r .294166 .294583 .294791 .294583 .293750 .294166
Hong Kong, dollar_ .317343 .317500 .320937 .324062 .320312 .318750
.371940 .371965 .371840 .372025 .372085 .372085
India. rupee
Japan, yen
287275 .287110 .287335 .287335 .287460 .287660
Singapore (S. S.) dol .575625 .575625 .575625 .575625 .576250 .576250
Australasia
3 916875*3.911250*3.912812* .912812*3.912812°3.916875*
Australia. pound
New Zealand, pound. .944687*3.941876°.4.943125° .943125*3.943125*3.947500*
Africa
1
South Africa, pound__ 4.876500*4.871000* 4.872750*4.873250*4.873000'4.876562*
North America
Canada, dollar
991636 .991484 .990026 .990312 .990703 .991354
.999200 .999200 .999200 .999200 .999200 .999200
Cuba, peso
Mexico, peso (silver)_ .277675 .277675 .277675 .277675 .277675 .277675
Newfoundland, dol
.989125 .989125 .987625 .987875 .988250 .988687
South America
Argentina, peso
328300* .328500* .328550* .328550* .328550*! .328600*
083836° .083950* .084161* .083916 .083916.j .083916*
Brazil, milreis
050625* .050950* .050950* .050950 .050950* .050950*
Chile. Peso
802125° .802750* .802750* .802750* .802750* .802125*
Uruguay. Peso
566600* .570600* .570600* .570800* .570600* .5690008
Colombia. peso
mentne rates; firm rates not arena!)e.
XCHANGE on the South American countries
presents no new features of importance. For
the greater part these currencies are inclined to move
in sympathy with sterling. There is a steady
improvement and a greater degree of freedom in the
so-called unofficial markets. The official markets
are showing such great improvement that the unofficial markets are being found less necessary for the
conduct of business. It was recently shown that
85% of American exporters having commercial
balances tied up in Brazil will be able to get their
money soon after the first of the year, according to
assurances given the National Foreign Trade Council,
which has been active in arranging a settlement
agreement to free approximately $30,000,000 held up
in Brazil by exchange restrictions. Other South
American countries are also endeavoring to make
foreign balances now inaccessible more available to
the exporters whose accounts are involved.
Argentine paper pesos closed on Friday, official
quotations, at 32.86 for bankers' sight bills, against
32.86 on Friday of last week; cable transfers at 32%,
Gold Bullion in European Banks
against 32 8 The unofficial or free market close was
.
HE following table indicates the amount of gold
27.30, against 27.40@27.45. Brazilian milreis, offibullion (converted into pounds sterling at par
cial rates, are 83 for bankers' sight bills and 8.45
for cable transfers, against 83 and 8.46. The unoffi- of exchange) in the principal European banks as of
cial or free market close was 5.50, against 5.55. Dec. 19 1935, together with comparisons as of the
Chilean exchange is nominally quoted on the new corresponding dates in the previous four years:
basis at 5.19, against 5.19. Peru is nominal at 24.76, Banks of1935
1934
1933
1932
1931
against 24.82.
£
£
E
T
XCHANGE on the Far Eastern countries, strange
as it may seem, has not been in the least
affected by the extraordinary collapse of world silver
prices. This is due largely to the steps recently
taken in Hong Kong and Shanghai to attach these
units to sterling. However, the lower prices for
silver, if sustained with some steadiness, cannot but
prove helpful to the price structure throughout China
and will prove beneficial to the banks and commercial houses in the Chinese cities which are less
closely related to the central government. The
Chinese units, the Japanese yen, and the Indian
rupee have shown exceptional steadiness throughout
the week and have moved in close sympathy with
sterling.
Closing quotations for yen checks yesterday were
28.81, against 28.77 on Friday of last week. Hong
Kong closed at 32 6-16@32%, against 323@,
32 5-16; Shanghai at 29%, against 29%@29%;
Manila at 50.05, against 50.05; Singapore at 57.80,
against 57.75; Bombay at 37.27, against 37.24, and
Calcutta at 37.27, against 37.24.
E
England_ _ _ 200.667,347
France a_..,. 527,290,748
Germany b_
3,066,700
Spain
. 90,202.000
Italy
42,575,000
Nethlands.
52,504,000
Nat. Belg
99.620,000
Switzerland
46,743,000
Sweden _ _ _ 22.082,000
Denmark
6,555.000
Norway 6,602,000
£
£
£
192,772,647 191,723,639 120,628,031 121,353,268
657,853,653 616,254,492 666,110,917 544,509,570
2,875,350
37,030,650
17,012,500
43,611,150
89,875,000
90,672,000
90,441,000 90,333,000
65,081.000
76,595,000
62,947,000
60,848,000
70,170,000
76,685,000
86,049,000
75,583,000
71.513,000
77,898,000
73,844,000
73,053,000
69.435,000
61,710,000
89,056,000
60,964,000
15,804,000
14,386,000
11,443,000 11,433,000
7,396,000
7,397,000
7,399,000
8,015,000
6,582,000
6,572,000
8,014,000
6,599,000
Total week_ 1.097,907,795 1,250,154,650 1,236,674,631 1,252,854,598 1,095.803,988
nen 1 222 520 (145 1 272 272 172 1 0e7 227 722
Prey. week_ 1.097.207.404 1 220 927
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,051.700.
First Steps for the Opposition
Opponents of the New Deal have often been reproached with the essentially negative character of
their opposition. Their criticism, it is said, has been
pointed and comprehensive, but they have failed to
tell preci€ely how, if they had the power, they would
get rid of the many things to which they object. Even
when criticism has taken a broader form,and pointed
out the fundamental principles of a sound business
policy that were being violated or ignored, the way
to the general recognition of those principles has as
a rule not been specifically indicated. The otherwise
admirable 'Platform for American Business" which
3920
Financial Chronicle
the National Association of Manufacturers recently
adopted declares that "in opposing unsound economic and social measures it is unnecessary to propose alternatives," and affirms that "it is far more
constructive to expose such measures in the light of
experience, and subject them to the test of logic."
Doubtless it is true that the examination of objectionable measures or policies in the light of experience, and their subjection to the test of logic, serves
a useful purpose in providing public opinion with
standards which it may apply, and a good deal of
the growing revolt against the New Deal is probably
to be credited to this method.
Something more than a statement of opposing
principles, however, or a picture of right conduct
drawn in general terms, is necessary if the New Deal
is to be done away with and a better economic and
social order re-established. The New Deal is undoubtedly a theory of how American society should
be organized and its affairs conducted, but the practical embodiment of the theory is to be found in a
long series of Acts of Congress and of Executive orders or informal decisions based upon them. Highly
objectionable as many of these statutes are, it is obvious that their status as a part of the law of the
land is not affected by the promulgation of general
principles of contrary tenor. The only way to get
rid of these statutes is to repeal them, and until they
are repealed, or set aside as unconstitutional by the
Supreme Court, they will continue to operate more
or less as their framers expected they would.
The first business of an opposition, accordingly,
whether in Congress or in a national political party,
is to work for the repeal of such Federal statutes
or parts of statutes as are contrary to the sound
principles of American government, and whose operation prevents the return or maintenance of business and social prosperity. No one, presumably,
would claim that if the whole structure of New Deal
legislation, and the policies which have been based
upon it, were swept away at a stroke all would then
be well. Not all of the New Deal legislation is fundamentally bad, and the enforcement of statutes which
ought never to have been enacted has in some cases
given rise to contractual rights or equitable interests
which should in honor be respected. There is a long
list of legal provisions, however, which could be done
away with at once with clear benefit to the country,
and which must sooner or later be removed from the
statute book before a restoration of the normal conditions over which the New Deal has ridden roughshod can be expected. With their disappearance,
naturally, would go also the disappearance of the
Executive orders, policies and procedures which the
enforcement of the laws has required or made possible. We list herewith some of the major items.
First of all,there should be an unequivocal declaration by Congress of its purpose to return to the gold
standard at the earliest p:•acticable moment, irrespective of any international agreement but not excluding such an agreement, with such valuation of
the dollar as shall be found proper at the time. With
this declaration, on the whole the most inspiriting
pronouncement that Congress could make, should go
a repeal of the laws providing for compulsory purchase of silver by the Treasury, and a prohibition of
further issues of paper currency on the security of
the gold holdings which the government confiscated.
The country would then know that currency tinkering was at an end and that one possibility of currency inflation had been removed.
Dec. 21
1935
The processing taxes should be repealed. Irrespec
tive of what the Supreme Court may decide regarding
their constitutionality, the processing taxes are a
nuisance, and a source of justifiable irritation and
recrimination all the way from producers to ultimate
consumers. Repeal would of course carry with it a
withdrawal of the authority now given to the Secretary of Agriculture to extend the system to include
commodities substituted for others already taxed,
and the power given to the President to impose offsetting tariff duties. The entire system should go,
and go at once.
The knife of repeal should also be applied to all
acreage restrictions and production quotas, and to
all devices, whether legislative or administrative,
which restrain or control the farmer in the production or marketing of his products. Bounties, subsidies and government loans on agricultural products
should also be done away with, save in cases where
contracts have been made and their performance, on
the part of the farmer, actually begun. In these latter instances the government promise should of
course be kept and the farmer allowed to enjoy its
benefits. The repeal should also extend to a prohibition of export bounties for agricultural products.
There is no sound reason for extending government
favor to agriculture in any of its forms. A natural
corallary of the removal of restrictions and the abolition of Treasury grants would be the disposition, as
rapidly as practicable, of all accumulated stocks of
agricultural products now held by the government,
whether under loan agreements or in any other way.
Some loss would doubtless have to be written off in
making such disposition, as it had to be in the case
of the old Federal Farm Board, but it will be better
to pay the price of folly than to continue the system.
Short work should be made of Federal old age
pensions and unemployment insurance by repealing
the Act establishing the system. Quite aside from
the huge expense which the scheme obviously involves, and the all but insuperable difficulty of handling the funds in a way to insure their availability
when needed, there is no sound reason for putting
the Federal government into the old age pension business or using Federal money to aid the States in so
doing, and it is certain that government insurance
will not prevent unemployment. The Railway Pension Act should be repealed along with the pension
and insurance Act. It is to be feared that Treasury
grants for unemployment relief will be needed for
at least another year, but there is no reason why
appropriations for that purpose should not be greatly
cut down, and the necessary burden allowed to rest
where it belongs, upon the States and their local communities and the resources of private aid.
President Roosevelt has lately indicated his intention to ask Congress for an appropriation of $500,000,000 for the continuance of public works relief
projects, leaving to Congress the decision regarding
the projects to be continued. If this proposal is made
and accepted, it will mark the end of the huge lump
sum appropriations to be spent at Executive discretion, and the beginning of a much needed curtailment
of public works to projects strictly Federal in character. It is within the power of Congress to put an
end to the fantastic "boondoggling" enterprises
which have become a national disgrace, and to stop
the rural settlement program which promises to absorb many millions without conferring any appreciable social benefits. The Federal housing program,
already a demonstrated failure as either a business
Volume 141
or a social enterprise, is as indefensible as an element
of public policy as are most of the public works projects, and Congress should make sure that it is
dropped wherever contractual obligations do not require its continuance.
There is no justification for government competition with private business, or for governmental interference with business beyond what is needed to
insure reasonable competition and prevent injustice.
A restoration of the anti-trust laws to full vigor
should not be delayed, the threat of extinction which
hangs over utility holding companies should be removed, and Federal grants in aid of the construction
or extension of municipal light and power plants in
competition with efficient private companies ought
to cease. In the case of national enterprises like the
Tennessee Valley Authority, the service rates should
be such as will not only return a fair interest on the
government investment and provide for rapid amortization of the original cost, but also, since the enterprise is not subject to State or local taxation, make
good to the municipalities served the amounts Which
would be received in taxes if the service were privately rendered. As for industry and business in
general, the action of Congress should extend to the
abandonment of Federal-supported and tax-free
barge lines on inland waterways, the repeal of the
National Industrial Recovery Act, the Guffey Coal
Act and the Act creating a National Labor Relations
Board, a prohibition of further loans by the Home
Owners' Loan Corporation, and an unqualified repudiation of the proposal of a compulsory 30-hour week.
A mere enumeration of these items shows how far
the country has allowed itself to be carried in the
direction of State socialism, and how many obstacles
must be removed before such principles as those enunciated by the National Association of Manufacturers
can have full opportunity to work. The effect of removal, however, would be far-reaching. A heavy burden of Federal taxation, actual and prospective,
would be lifted from industry and business, extravagant expenditures would be stopped, the balancing
of the Federal budget would be expedited,the swollen
ranks of government employees would be drastically
reduced, and financial confidence would be strengthened. American business would no longer have to
meet government competition on ruinously unequal
terms, and capital and labor would be free to adjust
their relations without government compulsion on
the one side and government favoritism on the other.
There would still be left important matters—banks,
credit control, securities regulation, railway reorganization, revision of the anti-trust laws—to be
dealt with before recovery could be assured, but the
things we have mentioned are obviously the first
steps. It is for the Democrats and Republicans of
the opposition to say whether they will champion
such a program, and set themselves to rallying the
country to its support.
Streamlined Light Weight Trains Big
Aid to Passenger Business
Railroads throughout the country are facing a
problem. With intense competition from outside
agencies, they have been forced to improve. The
marked reduction in railway passenger business
began with the depression of 1921. Between 1920
and 1929 the revenues from passenger travel declined about 33%, while during the present depression they have fallen off about 60%. Fifteen years
3921
Financial Chronicle
ago this revenue was almost four times as large as
it is to-day.
Coincident with the loss of passenger traffic by
the railroads has been a remarkable increase in travel
via other transportation agencies, more particularly
the automobile, so that at the present time it is probable that the movement on the highways is more than
20 times that on the railroads. Thus, when it is realized that one-twentieth of this traffic diverted from
the highways would double the volume of passenger
business on the railroads, the opportunities open to
them are quite apparent.
Confronted with such conditions,the railroads for
the first time in many years have been compelled to
bring about distinct changes in their passenger equipment. Generally speaking, these improvements have
been of two kinds—in speed, service and equipment
in the older types of trains, and in the appearance of
new, modern, streamlined trains.
Streamlining, which was considered a daring experiment by many railroad men last year, is receiving wide acceptance. This solution of the problem
of excessive air-resistance is now being applied to
Diesel-driven electric and steam trains.
Daily headlines• are telling us that these Diesel
engines will become dominant. Repeated news
flashes from all sections of the country announce
astounding performances, and all of these events are
facts. The Diesel has been doing remarkable things,
and has already established itself as a dependable,
economical motive factor.
Authorities predict that Diesels will play a major
part in railway development and that American
roads will follow close on the heels of the European
railways, where Diesels have already become the
prime source of motive power. Charles 0. Guernsey,
chief engineer of J. G. Brill Co., builder of rail-cars,
sums up the future of the Diesel as follows:
There is probably no doubt that for high annual mileage
where as much as 1,000 miles per day may be reached, the
Diesel engine will be the cheaper. For intermediate conditions, an analysis of each case is required to determine the
most suitable equipment. There is no questionFtbut that
for the larger cars and longer daily mileagelthe. trendEis
definitely toward the Diesel.
Trains Popular with the Public
These trains are popular and a financial success.
More than a year and a half ago the Union Pacific
and the Burlington startled the public with these new
type trains. To-day more than 17 are on the rails or
being built. Nothing like this swift evolution has
ever before been seen in American railroading.
Of the 17 trains, five are aluminum,five stainless
steel, and seven of the heavier alloys, but still, of
course, lighter than conventional materials of the
past. Lightness is the real secret. Streamlining is
mostly packaging for the public eye.
Further evidence of the popularity of these trains
may be judged from the fact that in the case of the
Twin Zephyrs on the Burlington seats are not always
available to supply the demand. It is stated that in
many instances passengers are satisfied for short distances to occupy camp stools in the baggage car
rather than ride a slower train. The Milwaukee and
the North Western have also experienced equal difficulty at times in providing accommodations for all
of the passengers desiring to use their fast trains.
Questionnaires circulated among the passengers
riding these trains indicate that about 27% of the
passengers of the Twin Zephyrs and the Hiawathas
would have traveled by highway or air had the new
fast service not been inaugurated. The other 73%
would have traveled by day or night trains.
3922
Financial Chronicle
As to the diversion of traffic from other lines as
well as from the highways,it is impossible at present
to establish these facts quantitatively. However,
after a cursory study of the situation, Cloverdale &
Colpitts, consulting engineers, have expressed their
own opinion based on such statistics as are available
and on the opinions of the officers of the respective
lines. These reputable engineers believe that each
new train has induced a considerable volume of traffic to move by rail which would not otherwise have
done so,and has diverted a much larger amount from
the slower trains of its own line and from those of
other lines. From such information as they were
able to assemble, these engineers found that the total
amount retrieved from the highways and the air in
the whole channel of traffic was approximately 35%
of the total movement on the fast trains.
At the same time, they directed attention to a fact
of great significance, that the heavy pdtronage of the
new fast trains substantially reduces their passengermile costs of operation which, when their use is more
generally extended, will eventually permit of fare
reductions that will offer further inducements to
travel by rail.
Dec. 21 1935
Cost FigureslAnalyzed
From the figures available to date, it has cost an
average of $5,152 per month to operate this streamlined train as compared with an average of $9,601 per
month for the steam trains it replaced. Expressed
another way, the cost per train-mile has averaged
only 34.21c. for the Zephyr compared with 63.75c. for
the steam trains.
The cost of fuel and lubricating oil for the Zephyr
averaged $585 per month, or 3.88c. per mile, as compared with a cost of fuel for the steam trains of
$2,073 per month,or 13.77c. per mile.
The wages of the crew for the Zephyr averaged
$2,581 per month, or 17.14c. per mile, as compared
with $3,485 per month, or 23.14c. per mile for the
steam trains, the reduction on the Zephyr being
accounted for by the fact that its engine crew consists only of one engineman.
The combined maintenance-of-power expenses are
stated to be $902, or 5.99c. per mile, for the Zephyr,
and $2,291 per month, or 15.21c. per mile, for the
steam trains. Costs to maintain the Zephyr are less
because of its fewer parts, couplers, diaphragm buffers and draft gear being eliminated and air-brake
parts, trucks and wheels being fewer. A further savBusiness Performance of Burlington's Zephyr
During the first week of its operation in revenue ing is also effected since the Zephyr, because of its
service between Kansas City, Lincoln and Omaha,the stainless steel finish, requires no exterior paint.
Zephyr train supplies and expenses averaged $262
Burlington Zephyr was successful in creating new
traffic. Omitting the patronage on the train for the per month, or 1.74c. per mile, as compared with $301
first day, when its inauguration was attended by per month, or 2c. per mile,for the steam trains. Bespecial ceremonies, 35% more passengers rode on the cause the Zephyr replaced two steam trains, the
train during the week of Nov. 12 to 18 1934 than had switching and servicing cost at Kansas City is maridden the steam-drawn train in the preceding week. terially lower for the one streamlined train, being
The average patronage between all points was 91 $187 per month, or 1.25c. per mile, as compared with
passengers as compared with 67 on the former train. $685 per month, or 4.55c. per mile, for steam trains.
The savings in operating expenses, based on figThe distance traveled per passenger on the Zephyr
train- ures so far available, averaged approximately $4,450
increased sharply,44 persons being carried per
mile as compared with 21 per train-mile the week per month, or $53,400 per year. It so happened that
the Burlington was in need of passenger equipment
before.
Eliminating the initial trip on Nov. 11 1934 as at the time the Zephyr was bought, and would have
being abnormal,the business of the train for the week had to purchase cars in any event. This more or less
of Nov. 12 to 18 1934, as contrasted with the steam equalized the depreciation factor in considering the
trains on the corresponding schedule during the comparative costs of the Zephyr versus steam trains.
It also renders the interest and carrying charges
week of Nov.4 to 10 1934, was as follows:
Between Lincoln and Omaha, Neb., in both direc- between the two roughly equivalent.
tions, an increase of 96%; southbound, leaving
Union Pacific's Streamliners Take Business
from Highways
Omaha and Council Bluffs, passengers for all points
According to W. S. Basinger, passenger traffic
averaged 42 per trip as compared with 18 the previous week, an increase of 133%; southbound to Kan- manager of the Union Pacific, that road's light
sas City, passengers from all points averaged 53 per weight streamlined trains have not only proved to be
trip as compared with 29 the previous week, an in- revenue producers but have demonstrated many
crease of 83%; northbound out of Kansas City, pas- interesting characteristics of the traveling public.
sengers from all points averaged 57 per trip as com- The Kansas City-Salina train, the route of which is
pared with 25 the previous week, an increase of paralleled by Union Pacific stages, has secured one128%; northbound into Council Bluffs and Omaha, third of the business from the highways. To show
passengers from all points averaged 44 per trip as the popularity of this train, Mr.Basinger said that on
compared with 17 the previous week, an increase of several occasions 250 persons rode the train into
160%. At the same time, the gross revenue per Kansas City, although it provided seats for only 112.
train-mile has been about $1.65, of which approxi- On these trips persons were determined to ride the
mately $1 was from passengers, compared with pas- train and were willing to stand in the aisles or sit
on each other's laps. The demand for this new type
senger revenues of 50c. on the steam trains.
statistics reveal that the increase in of equipment and service was demonstrated when an
More recent
the number of passengers per day on the Burlington's ordinary steam train was substituted, on the same
Lincoln-Omaha-Kansas City line from Nov. 11 to schedule, for the streamline train, with the result
Dec. 31 1934 was 85%, and there was an increase of that business on this line fell off considerably.
The streamliner, City of Portland, according to
107% in the maximum number of trains. A comparison of the first four weeks of the Zephyr's opera- Mr. Basinger, was so well patronized that passengers
tion, which would eliminate the normal holiday in- have been willing to use upper berths, with the result
crease, with the week immediately preceding, shows that both uppers and lowers have been sold out coman increase of 55% in the average number of passen- pletely since the train was placed in service. Because
gers carried per day, and an increase of 103% in the the through business filled the train, it was necessary
to restrict reservations for intermediate points until
maximum number of trains.
3923
Financial Chronicle
the day of departure, when intermediate business is
The Collapse of Internationalism
Volume 141
handled. Mr.Basinger estimated that about one-fifth
of the business of this train has been taken from
buses and private automobiles.
In commenting on the development of these trains,
A. H. Fetters, general mechanical engineer of the
Union Pacific, states that recently one of these sixcar trains, approximately equal in weight to 100
Cadillac cars, crossed the continent from Los Angeles
to New York in 57 hours with a total fuel cost equal
to that of one Cadillac making the same trip. To be
more specific, the main engine used $70 worth of fuel
to make this 3,250-mile run. With 124 passengers
aboard, the fuel cost per passenger carried is 60c. as
compared with $10 per passenger in the Cadillac.
A fair approximation of the cost of fuel for a steam
train of five cars and a locomotive would be around
$375. While the Diesel engine on this train develops
900 horsepower, the average power factor for the trip
was but 54%.
H. F. McCartly, general passenger agent of the
Boston & Maine, reported that the Flying Yankee of
the Boston & Maine and the Maine Central has
handled an average of 162 passengers daily, of which
48% have been recaptured from other means of transportation and 52% have been taken from regular
trains. Of the recaptured business, 5.7% have been
taken from the air lines and 13.2% from buses.
When the train was new,9 or 10% of the passengers
rode the train because of its novelty, but at the
present time this has dropped to about 5%.
Train]Comparisons Still Offer Difficult Problem
Considering the large number of dissimilarities, no
comparison of the trains as revenue producers is yet
possible; however, fairly accurate statements as to
their relative capacity and performance have already
been released from official sources. As has already
been stated, neither the Hiawathas nor the Twin
Zephyrs have lacked patronage. In fact, on numerous occasions both trains have been filled well beyond
their normal capacity, and not infrequently it has
been necessary to deny passage on them. In the case
of the Twin Zephyrs, no additional cars of their type
were available for service, and aki a consequence congestion occurred, at times to the extent of making it
necessary to provide temporary seats in the express
compartments. On the Hiawatha this condition has
been met by permitting passengers to occupy dining
room and lounge seats, and occasionally by adding
a car to the train.
A similar situation, though much less acute, arose
in the case of the first Zephyr, operating between
Lincoln and Kansas City, and in due course an additional car was built and placed in the train. Because of the unusual conditions which have developed
in the Chicago-Twin Cities channel, it is now thought
doubtful that the addition of a car to the present
Twin Zephyrs will meet the needs of the situation,
and the Burlington is, therefore, considering the advisability of substituting trains of considerably
greater capacity.
Thus, it will be seen that these new trains have
already proved their value in service, both in attracting patronage and reducing operating costs, and it is
the belief of railway officials that the high speeds
and comforts they are capable of providing, coupled
with rates of fare commensurate with their lower
costs of operation, will be instrumental in reversing
the downward trend of passenger traffic in a manner
profitable to the railroads.
The political happenings of the past week in
Europe have no parallel in recent diplomatic history.
Never before, as far as we recall, has a British Prime
Minister been forced by an aroused public opinion
in the country and in Parliament to make in the
House of Commons the humiliating confession that
his government was out of touch with the British
Foreign Secretary while the latter was assisting in
the concoction of an extraordinary international
plan at Paris, and that "none of us liked the proposals" but "thought they went too far," and to take
personal responsibility for something of which he
could only say that "I admit much harm has been
done" and "it will take time to rectify it." The
prompt resignation of the Foreign Secretary, Sir
Samuel Hoare, before the House met on Thursday,
followed a display of public indignation which has
seldom, if ever, manifested itself so emphatically.
Premier Laval has been spared thus far a similar
humiliating experience, but the rejection by the
League Council, without debate, of the Franco-British proposals regarding Ethiopia which M.Laval and
Sir Samuel Hoare drew up was an open repudiation
whose political repercussions in France will shortly
be heard. To add to the confusion the League Council, although prompt in consigning the proposals to
the lumber room, realized that it, too, had passed
under a cloud, and, in the words of a United Press
dispatch from Geneva,"sought to delay further sanctions until the new year" and "in public session .. .
decided to play for time to enable the League to recover the public confidence which the peace plan
shattered."
Dramatic as the explosion proved to be,it is nevertheless, on the whole, pretty much what should have
been expected. Unless Great Britain and France
could win in a "show down" at Geneva, and by overawing the smaller Powers force them to accept a
plan which many of them had denounced, the whole
structure that the two dominant Powers had built
up was certain to collapse. The Paris proposals were
put forward as an alleged last resort in behalf of
peace, but peace was to be obtained by robbing Ethiopia, the State in whose behalf, ostensibly, Italy had
been stigmatized as an aggressor and subjected to
sanctions to compel it to desist. If Italy was consulted in advance the consultation was to no purpose, for Mussolini is reported as indisposed to accept what it was expected would be offered, and he
apparently intends to go on with the war until he
can make peace on his town terms. Ethiopia, apparently, was not consulted at all, and its prompt and
indignant rejection of the plan made it clear that
if anything of the kind was to be carried through it
would have to be by force. If the Paris planners
really thought that their scheme would be accepted
by either of the parties to whom it particularly applied, they were singularly lacking in foresight.
No greater measure of foresight is discernible when
the matter is looked at from the standpoint of the
League. The former Baldwin government took pains
to declare, in the recent electoral campaign, that
Great Britain would stand stoutly with the League
in the application of sanctions to Italy, and a very
large body of British public opinion was known to
favor that policy. France, though reluctantly acquiescing in sanctions, had long outdone Great Britain
in proclaiming its allegiance to the League, and both
Powers had let it be known that any settlement with
Italy must have League approval. Yet we now know
3924
Financial Chronicle
that Premier Laval and Sir Samuel Hoare drafted a
secret proposal which both governments were at first
prepared to accept and support when its terms leaked
out, and that the British government retreated only
after British public opinion had revolted and other
members of the League, including Soviet Russia,
were openly arrayed against it. There is only too
much reason for suspecting that, but for the premature publication of the plan, the unsavory fruit of
secret diplomacy would have been laid before the
League with the full support of the two Powers responsible for it. The League,in other words, was to
be used, as it has been used many times before, to
rubber stamp the policies of Great Britain and
France, and something of the resentment which has
been shown at Geneva is probably due to recognition
of the fact.
On the other hand, while the League is abundantly
justified in its irritation, its own hands are far from
clean. Ever since the Italian quarrel with Ethiopia
began, the League has treated Ethiopia with contempt. Unsatisfactory as the Italian explanations
and justifications were adjudged to be, no genuine
disposition to give Ethiopia a full hearing has been
shown, and the recent appeal of the Emperor for a
full meeting of the League to pass upon the Ethiopian
case appears to have passed unheeded. Whether the
Ethiopian note which was handed to the League on
Thursday will be accorded any more consideration
remains to be seen. The sanctions policy, again, although adopted ostensibly in the hope of stopping
the war, has taken on more and more the character
of a provocation to war. Moreover, in spite of the
fact that the danger of a widening conflict is now
everywhere recognized, there is no evidence as yet
that sanctions are likely to be abandoned; on the
contrary, opinion in the League is credibly represented as favoring important additions to their
weight. The decision to "play for time to enable
the League to recover the public confidence which
the peace plan shattered" is coupled, in the United
Press dispatch from whiCh we have quoted, with the
statement that the general staff committee of eighteen members, in its meeting on Thursday, "agreed
that the League should continue to insure the application of the financial and economic sanctions which
already have been voted."
From whatever point of view the matter is regarded, the situation is bad. It is bad for the Baldwin government, which stands convicted of complicity in a secret proposal at which the moral sense of
the nation revolted, and in spite of the further lease
of life which the House of Commons has extended
to it, the government has been publicly rebuked. It
is bad for Premier Laval, who returns to Paris
from his humiliating encounter with the League to
face a debate on foreign affairs in the Chamber of
Deputies, scheduled for Dec. 27, which may turn him
and his Ministry out of office. It is bad for the
League, split wide open by the revolt of the smaller
States, and well aware that the Powers which concerted the Paris plan and hoped to put it through
are the same Powers that, more than any others,
have assumed to speak for the League and determine
its policy. It is bad for Ethiopia, which sees itself
the victim of a double aggression, on the one side
from Italy and on the other from Great Britain and
France. It is bad also for Italy, which must continue
to meet the pressure of sanctions, and go on with
the war unless it is willing to admit defeat.
A search for the underlying reasons that led to
the Paris proposals does not yield very convincing
Dec. 21 1935
results. Sir Samuel Hoare,in his speech in the House
of Commons on Thursday, insisted that his conscience was clear, and asserted that he had done the
only thing that he believed it possible to do to avert
a war. The only way to end a war, he declared, was
either to negotiate or to surrender, and since neither
Italy nor Ethiopia showed any disposition to surrender, the only thing to do was to negotiate. He
told the House plainly that he had gone to Paris
against his will and under pressure from his colleagues. As for the proposals which he and Premier
Laval had drawn up, they were intended, he said,
only as a basis for negotiations. His defense was
convincing only to the extent that it relieved him
of exclusive personal responsibility for what was
proposed. The Baldwin government has repeatedly
declared that it did not propose to go to war with
Italy, and there was certainly no reason to expect
that, if a war were provoked, Italy would be the ultimate victor. On the other hand, the most obvious
provocation to war has been the presence of the British fleet in the Mediterranean, and that provocation
could at any time have been removed without negotiations of any kind. To contend that the only way
to avert a war was to reward Italy for its aggression
by offering it more than half of the territory of
Ethiopia, was to rely heavily upon the complaisance
of the House of Commons.
The French reasons are equally baffling. It has
been no secret that France was unalterably opposed
to war with Italy, that it viewed with increasing apprehension the strained diplomatic relations that
were developing between the two countries, and that
acceptance of British leadership, while hardly
avoidable under the circumstances, was at bottom
extremely distasteful. Yet M. Laval knew, quite as
well as Mr. Baldwin and his colleagues, the state of
public opinion in Italy and Mussolini's determination to go on with the war, and was as fully advised
as were Great Britain and the League that the extension of sanctions to include oil would be regarded
by Mussolini as a sufficient justification for a wider
war. Nevertheless, with all these things presumably
in mind, Great Britain was formally assured that if
the British fleet were attacked in the Mediterranean,
the French fleet would go to its aid if it could hold
out for the two weeks necessary for the French fleet
to mobilize, and the policy of sanctions continued to
receive M. Laval's support.
Putting various things together, but with all reservation where so much is still obscure, it seems reasonable to conclude that the danger of a general war
was appreciably greater than the British and French
public had been allowed to know,and that the source
of the danger was the continuance and probable extension of sanctions. Faced with the alternative of
supporting the League in a policy which was leading
straight to war, or of sacrificing Ethiopia in the
hope of thereby appeasing Italy, M. Laval and Sir
Samuel Hoare, the latter, at least, with the tacit
approval of his government, decided to sacrifice Ethiopia. The result, as everybody can now see, is political and diplomatic chaos. The Baldwin government
has been given a resounding popular rebuke, the life
of the Laval Ministry hangs by a thread, and such
confidence as was still felt in the League and its
sanctions as a check upon war has been shattered.
It is a very small offset to these rebuffs and repudiations to observe that the conquest of Ethiopia is
proving to be very difficult, and that internal economic conditions in Italy are becoming serious. It
is precisely from such chaotic conditions, aggravated
3925
Financial Chronicle
Volume 141
Bonds have remained strong, at approximately the best
prices of the year. As in recent weeks, the medium- to lowergrade rails fluctuated more widely than utilities or industrials. The highest grades in all groups have retained firm
prices. The •absorption of a large part of the government's
Dec. 15 offerings by member banks in the Federal Reserve
System reduced by some $600,000,000 these banks' reserves
and was reflected in a like increase in the United States
Treasury's "cash and deposits."
High-grade railroad bonds have been mixed, although on
the whole there appeared to be a slight upward trend.
Chicago Burlington & Quincy, III., div. 3Y 1949, declined
2s,
1% to 104%; Louisville & Nashville 4s, 1940, at 107% were
unchanged; Pittsburgh Cincinnati Chicago & St. Louis 5s,
1975, gained % to close at 116. Although railroad companies
continued to report improved earnings, the lower-grade railroad bond section lost ground. There were, however, several
exceptions. Baltimore & Ohio 4%s, 1960, at 59% were off
1%; Boston & Maine 5s, 1967, advanced 3% to 77%; Illinois
Central 4%s,1966, declined 2 to 62%.
Utility bond prices again moved within a small range.
High grades have been particularly steady. Consumers
Power 3%s,1965, among others of the recently-issued bonds,
rose to a new top. Lower grades, particularly among the
speculative group, tended to softness, but aside from Associated Gas & Electric debentures, there have been no declines
of substantial size. The Associated Gas & Electric bonds
were reactionary following the filing of a tax lien against
the company by the government. Cities Service 5s, 1950,
closed at 70%, up 2% for the week; Standard Gas & Electric
6s, 1951, advanced % to 64%; United Light & Railways 5%s,
1952, at 79% were down %. Southwestern Gas & Electric
Co., after some months of delay, offered $16,000,000 1st mtge.
4s, 1960, and $4,500,000 serial debentures for refunding
purposes.
The industrial list has shown a mixed trend, with a tendency toward weakness. Coal issues have again declined, the
Glen Alden 4s, 1965, dropping 1% to 88. Youngstown Sheet &
Tube 5s, 1978, advanced from 102% to 103%, a new high,
and the Vanadium Corp. 5s, 1941, recovered from 83% to
84%. The setting of a valuation figure on the property and
the appearance of a possible new purchaser have been recent
developments in the Richfield Oil Co. case, and the 6s, 1944,
continued strong, with a gain of 4% points for the week,
recording a new high of 42%. The Bush Terminal Co. 5s,
1955, Jumped from 43 to 53.
The foreign bond market has been fairly well maintained,
with the exception of Italian issues, which experienced a
substantial downward reaction upon the collapse of the proposed peace agreement. Other groups have held up very
well at recent prices or somewhat higher levels.
Moody's computed bond prices and bond yield averages are
given in the following tables:
MOODY'S BOND PRICESt
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGESt
(Based on individual Closing Prices)
The Course of the Bond Market
- 191.71
Daily
Averages
120
U.S.
GM. Domestie
Bonds
Cory.*
o•
120 Domestic Corporate*
by Ratings
Ana
An
A
Baa
120 Domestic
Corporate* by Groups
RR.
P U. Indus.
Dec.20_ 107.54 106.25 118.66 113.85 105.03 90.83 100.17 107.49 111.54
19.. 107.52 106.25 118.66 113.85 105.03 90.69 100.33 107.31 111.54
18- 107.45 106.25 118.66 113.85 105.03 90.55 100.17 107.31 111.35
17.. 107.44 106.07 118.45 113.85 104.85 90.27 99.84 107.31 111.35
16.. 107.54 108.07 118.45 113.85 105.03 90.13 99.84 107.31 111.35
14._ 107.50 106.07 118.66 113.65 105.20 90.41 100.00 107.49 111.54
13-- 107.51 106.25 118.86 113.65 105.20 90.55 100.17 107.49 111.54
12-- 107.53 106.25 118.86 113.65 105.37 90.55 100.33 107.49 111.54
11-- 107.55 106.25 118.86 113.46 105.37 90.55 100.33 107.49 111.54
10-- 107.58 106.25 118.86 113.65 105.03 00.55 100.33 107.49 111.35
9_ 107.62 106.25 118.86 113.85 105.03 90.69 100.49 107.49 111.54
7- 107.55 106.42 118.86 113.85 105.20 90.83 100.49 107.49 111.54
6-- 107.54 106.25 119.07 113.65 106.20 90.69 100.33 107.49 111.54
5-- 107.53 106.25 118.88 113.65 105.03 90.69 100.17 107.49 111.54
4- 107.52 108.07 118.66 113.46 104.85 90.69 100.17 107.31 111.35
3-. 107.55 105.89 118.66 113.26 104.68 90.13 99.52 107.31 111.16
2- 107.41 105.72 118.45 113.26 104.51 90.00 99.20 107.14 111.16
WeeklyNOV.29-- 107.43 105.72 118.45 113.26 104.33 90.00 99.04 107.31 110.98
22-- 107.48 105.37 118.45 113.07 103.82 89.45 98.09 107.31 111.16
15-- 107.52 104.85 118.45 112.60 103.48 88.50 97.00 107.14 111.16
8.. 107.67 104.51 118.25 112.31 103.32 88.10 96.70 106.96 110.61
1.. 107.55 104.33 118.04 111.92 103.15 87.96 96.85 106.78 110.05
Oct. 25_ 107.43 104.33 117.84 111.54 103.32 88.10 97.00 106.60 109.68
18.. 107.13 103.65 117.22 111.35 102.64 87.17 96.08 106.25 109.12
11.. 106.84 103.65 117.22 111.54 102.98 87.04 96.39 108.07 109.49
”'"
4_ 106.67 103.48 117.22 111.16 102.81 86.64 96.54 105.37 108.94
Sept.27.. 106.73 103.82 116.82 111.16 103.15 87.56 97.47 105.54 108.75
20._ 106.39 103.65 117.02 110.98 103.15 87.04 97.16 105.54 108.57
13_ 107.15 103.99 117.22 111.35 103.48 87.43 97.62 105.89 108.78
6_ 107.53 103.82 117.43 111.16 102.98 87.30 97.62 105.54 108.57
Aug.80.. 107.50 103.32 117.02 110.61 102.81 86.61 96.70 105.20 108.21
23.. 107.64 103.48 117.63 110.42 102.98 86.77 97.16 105.37 108.39
16.. 108.50 103.48 117.63 110.81 102.81 86.91 97.00 105.72 108.39
9.. 108.86 103.32 118.25 110.42 102.98 86.12 96.70 105.54 108.31
2_ 109.06 103.48 118.66 110.42 103.32 85.74 96.23 105.54 108.94
July 26_ 109.05 103.32 119.07 110.42 103.48 84.85 96.08 105.72 108.51
19_ 109.19 103.48 119.27 110.61 103.15 85.35 98.39 105.89 108.31
12_ 109.00 103.15 119.48 110.42 103.48 84.47 95.78 106.07 108.31
5-- 108.95 103.65 119.69 110.42 103.65 85.61 97.31 105.89 108.31
June28-- 108.99 103.32 119.27 110.05 103.48 85.23 97.47 105.20 107.61
21.. 108.80 103.32 119.27 110.05 102.81 85.87 97.94 104.68 107.61
14.. 108.81 102.64 118.86 109.68 101.97 84.72 96.70 104.33 107.31
7_ 108.61 101.64 118.66 109.68 101.14 82.50 94.29 103.99 107.3]
MaY Si.. 108.22 101.64 118.45 109.49 101.47 82.38 94.14 103.65 107.41
24. 108.86 101.81 118.45 109.86 101.64 82.50 94.43 103.65 107.8/
17. 108.55 101.97 118.04 110.05 101.47 83.35 94.88 103.82 107.81
10. 108.61 101.64 118.45 110.05 101.47 82.02 93.85 103.82 107.81
3_ 108.89 101.81 118.66 110.05 101.47 82.50 94.29 103.99 107.61
Ayr. 26._ 108.61 101.81 118.66 110.05 100.98 82.87 95.63 02.64 107.81
19_
Stook E Johann e Closed
12.. 108.25 100.81 119.07 109.68 99.68 80.84 94.29 101.14 107.41
5-- 108.54 100.17 119.07 109.49 99.36 79.58 92.82 101.14 107.3
lalar.29._ 108.07 99.36 118.66 109.12 98.88 77.88 90.83 100.98 107.1
29 107.79 100.49 119.27 109.86 100.17 79.45 93.55 100.98 107.4]
15 107.94 100.49 119.07 110.61 100.33 79.11 93.28 100.98 108.0
8-- 107.85 101.84 119.48 110.98 101.14 81.42 95.63 101.47 108.5
1_ 108.22 102.47 119.48 111.35 101.64 82.99 97.78 101.64 108.3
re.23_ 108.44 102.81 119.48 111.16 102.14 83.97 99.68 101.14 108.2
15- 107.49 102.80 119.07 110.79 101.14 83.60 99.68 99.68 107.8.
8-- 107.47 101.64 118.66 110.42 100.49 82.50 99.04 98.41 107.8
L. 107.10 101.31 118.04 110.05 100.33 82.38 99.04 97.94 107.3
Jan. 25_ 107.33 102.14 118.04 110.05 100.81 84.35 100.49 98.73 107.4
18... 106.79 100.81 117.43 109.31 99.52 82.26 99.88 96.23 106.7
II__ 106.81 100.81 117.83 109.12 99.52 82.50 100.17 95.93 108.9
4 105 711 1003.1 117.43 (0894 0888 8154 100.00 94.58 106.11
6
High 1935 109.20 106.42 119.69 113.85 105.37 90.83 100.49 107.49 111.5
4
1935 105.66 99.20 116.82 108.57 98.73 77.88 90.69 94.14 106.7
Low
8
High 1934 106.81 100.00 117.o2 108.75 99.04 83.72 100.49 94.58 106.7
8
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 74.25 96.5
4
Yr.A vo
Dec.20134 105.43 99.36 117.02 108.21 98.41 79.80 98.41 93.85 106.42
2 Yrs.Age
rs.. 99
,52 99 117 83.11 104.16 91.96 79.91 64.55 83.11 711.c os q3
All
120
1935
DomesDaUy
tie
Averages
Dec. 20-19._
18_
17._
161413-12-1110-9__
76__
5-432-Weekly
.29Noy
22-15-8-j_.
Oct. 25-18II-.
4Sept.27_
20...
136._
Aug.3023189_
2_
July 26_
19_
125-June 28__
2114-7-May 31_
24-17-10-3-Apr. 28-19_
125Mar.2922-15-8-1-Feb. 23-15..
8-1-Jan. 25-18_
11-4 ..
Low 1935
Hugo 11435
Low 1934
High 1934
Yr. A eoDeo.20'34
2 Yrs.A.ao
nce.20•33
120 Domenic Corporate
by Ratings
Aaa
Aa
4.38
4.38
4.38
4.39
4.39
4.39
4.38
4.38
4.38
4.38
4.38
4.37
4.38
4.38
4.39
4.40
4.41
3.73
3.73
3.73
3.74
3.74
3.73
3.72
3.72
3.72
3.72
3.72
3.72
3.71
3.72
3.73
3.73
3.74
3.97
3.97
3.97
3.97
3.97
3.98
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
4.54
4.52
4.53
4.51
4.52
4.55
4.54
4.54
4.55
4.54
4.55
4.54
4.56
4.53
4.55
4.55
4.59
4.85
4.65
4.64
4.63
4.65
4.84
4.64
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
3.73
3.71
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
4.62
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
3.76
3.76
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
4.26
4.24
5.20
4.79
3.81
4.27
5.95
4.50
5.28
A
&&&&&&
&&&&&&&&&&&&&&&&&&&
6.0.666C.664.666.0606k.
bbo. k.mLa LeMMMI.A1P,MMMMMMMMMM
m
M ch.-wwwoommoommommeor.wm.4 mmmommmwm.h.w.p.m.r.momm-ammmc..1.1,o ooww.o.g.mmmom
m
as they now are by national excitement and bitterness, widespread fear, political intrigue and diplomatic bungling, that wars have more than once
sprung. If there is any political wisdom left at Geneva or in European foreign offices, it cannot too
soon or too vigorously assert itself.
120 Domestic
Corporate by Groups
Baa
RR,
5.36
5.37
5.38
5.40
5.41
5.39
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
4.74
4.76
4.76
4.75
4.74
4.73
4.73
4.73
4.72
4.72
4.73
4.74
4.74
4.78
4.80
tt
NI
For
P. U. Indus. Hens.
4.31
4.32
4.32
4.32
4.32
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.32
4.32
4.33
4.32
4.81
5.42
4.87
4.32
5.46
4.33
5.53
4.94
4.34
4.96
5.56
4.95
4.35
5.57
4.94
4.36
5.56
4.38
5.00
5.63
4.39
5.64
4.98
4.43
4.97
5.67
4.42
4.91
5.60
4.42
4.93
5.64
4.40
4.90
5.61
4.42
5.62
4.90
4.44
5.68
4.96
4.43
4.93
5.66
4.41
5.65
4.94
4.42
4.98
5.71
4.42
4.99
5.74
4.41
5.00
5.81
4.40
4.98
5.77
5.02
4.39
5.84
4.40
4.92
5.75
4.44
4.91
5.78
4.47
5.73
4.88
4.49
4.96
5.82
4.51
5.12
6.00
4.53
5.13
6.01
4.53
5.11
6.50
4.52
5.08
5.93
4.52
5.15
6.04
4.51
6.00
5.12
4.59
5.97
5.03
xchang a Close d
4.68
5.12
6.14
4.68
5.22
6.25
4.69
5.36
6.40
4.69
5.17
8.26
4.69
6.29
5.19
4.66
5.03
6.09
4.65
4.89
5.96
4.68
4.77
5.88
4.77
6.91
4.77
4.85
4.81
6.00
4.88
6.01
4.81
4..3
4.72
5.85
4.99
4.77
6.02
5.01
4.74
13.00
476
5.10
608
4.72
4.31
5.36
6.37
6.13
6.40
5.10
4.72
5.90
6.74
5.76
7.58
4.09
4.09
4.10
4.10
4.10
4.09
4.09
4.09
4.09
4.10
4.09
4.09
4.09
4.09
4.10
4.11
4.11
6.30
6.26
6.13
6.23
6.26
6.26
6.23
6.17
6.13
6.34
6.43
6.53
6.48
6.49
8.58
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
4.26
4.28
4.25
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
8.34
6.97
6.85
6.90
6.64
6.79
6.50
6.62
6.58
6.59
6.24
6.17
6.10
6.12
5.97
5.91
5.88
6.81
5.8C
5.81
5.81
5.80
5.54
5.81
5.8/
5.91
5.11
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
6.35
4.34
4.84
4.09
4.35
4.35
6.107
6.11
6.21
6.41
6.31
6.11
6.11
6.01
13.01
60
6.0
6.1
6.1
6.1
6.2
63
5.7
8.9
6.6
6.3
6.23
4.85
5.15
4.37
6.37
7.80
5.95
6.85
5.05
8.78
•These prices a scorn uted from average yields on the basis or One "Ideal bond (4(% coupon, matur ng In 31. years) and do not purport to show either the average
level or the average movenent 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 lo ig-term Treasury issues. t The latest complete list or bonds used in computing these Indexes was published In the Issue of May 18 1935.
gage 3291. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds
Financial Chronicle
3926
BOOK REVIEWS
Dec. 21 1935
nize the fluctuating buying power of the dollar. It is not
merely a passing inflation threat; it is a permanent factor
Le Obbligazioni Italiane in Dollari, Assieme in business and home. However it fluctuates, the long-term
delle Emissioni Estere negli Stati Uniti trend of living and material costs is upward."
d'America ed ii Riflesso sul loro Andamento
dello Politica Finanziaria Fascista. Doft. Neutrality: Its History, Economics and Law.
Bruno Rovere;[Italian Dollar Bonds and the
Vol. I. The Origins
Total of Foreign Issues in the United States By Philip C. Jessup and Francis Deak. New York: Columbia
of America:J
University Press. $3.75
By. Dr. Bruno Rovere. New York: Italian Publishers. $5.00
Dr. Rovere, president of the Bank of Sicily Trust Co. of
New York, discusses in this substantial volume the various
problems connected with the dollar issues floated in the
United States from 1914 to 1934, with particular reference
to Italian issues. He also collects for the first time the
published quotations of such securities, with their monthly
and yearly high and low averages, together with other data
relating to the various issues. Incidentally, a good deal of
information regarding Italian economics, finance and politics finds a place in the presentation. The book is obviously
of much statistical value to investors or dealers interested in
the securities of which it treats, and the statistical tables
can be used without special knowledge of Italian.
The Ghost in the Balance Sheet
By Challiss Gore. New York: Scientific Press, Inc. $1.00
In this booklet the author of "The Forgotten Fifty Billions" discusses informingly inadequate reserves to care
for depreciation, obsolescence or expansion as leading causes
of business failures. Whether a business be large or small,
he points out, if a special reserve fund is lacking the financial
set-up of the business will often become unstable by reason
of putting into inventory, dividends, debt reduction, etc., the
capital that should go into reserves. He advocates the creation of segregated reserves through trust funds administered
by a national bank, such funds showing the greatest growth
because of compounded earnings and appreciation of the
common stocks which comprise the portfolio of the trust.
He notes in particular the employment for such trust funds
of actuarial buying, a little-known but effective principle
of investment under which the investment of equal amounts
of money at regular intervals results in a cost of acquisition
lower than the average price prevailing during the same
period. "Long-range financial planning" must also "recog-
This is the first instalment of a proposed four-volume cooperative work which will deal comprehensively with the
history and theory of international law in the particular
field of neutrality. The authors, professors in Columbia University and well known authorities, remark that in spite
of the prominence which neutral rights and duties received
during the World War, "the governments of the maritime
nations have shown no inclination since 1919 to re-examine
the rules governing the conduct of belligerents and neutrals
in their relations to one another." There is renewed need
of examining the subject now because of "the unsettled conditions of the world and the unfortunately increasing tension manifested in the expenditure of unprecedented sums
on armaments."
The present volume carries the historical survey only
about as far as the middle of the eighteenth century. Commenting upon the results of the inquiry up to that point, the
authors point to "the highly artificial and unreal nature of
that body of illogical compromises known as the international
law of neutral and belligerent rights at sea." They note that
In spite of the suggestion that neutrality, as a legal status,
should now be replaced by that of "partiality" because of
the incompatibility of neutrality with the League Covenant
and the Kellogg-Briand Pact, members of the League have
continued to conclude "neutrality" treaties and a recent PanAmerican convention has undertaken to deal with maritime
neutrality. The authors conclude that the question of how
neutral trade should be controlled by belligerents was argued
and decided during the World War, as in the sixteenth and
seventeenth centuries,"not on the basis of what was assumed
to be law, whether conventional or customary, but on the
basis of hard facts presented by existing economic conditions,
strategic necessities, whether real or alleged, and political
exigencies—conditions, necessities and exigencies produced
by a multitude of factors whose combinations and reactions
were, and always will be,far beyond the control of theoretical
assumptions."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Dee. 20 1935.
Business activity generally continued to broaden, with
many lines operating close to peak. There have been a
number of disturbing factors such as the break and demoralization in the silver markets, the European political crisis
with its ominous outlook, this latter being reflected in the
break of European gold currencies and British, French and
Italian securities. However, all this has been more than offset by the most promising outlook for business here, especially
after the turn of the year. Car loadings, steel activity and
coal output were lower during the past week, which let-up
Is regarded as more or less seasonal. On the other hand, automotive activity, electric output and petroleum runs registered
gains. By far the most promising outlook is found in the
steel industry. Indications are that the railroads will be
very heavy buyers of steel on an increasing scale, and with
the continued highly active state of the automotive industry
and general construction projects—the future, indeed, looks
very bright for steel; so much so, in fact, that there's a revival
of rumors of prospective price advances. The cotton and
grain markets have been largely dull affairs, the many uncertainties—political and legislative—hanging over these
markets proving quite a restraint to traders generally. A
notable item is the rise in farm income of 12% in 1935.
Better crops and benefit payments are expected to total
$8,110,000,000. The largest retail sales Pr any comparative
period since 1930 are reported. Christmas buying is having
a tremendous effect on sales, a gain of 10 to 20% being
shown over the same period for last year. Wholesale trade
Is up 8 to 16%. Another earth tremor rocked Belen, N. Mex.,
on the 19th inst. A dust storm reminiscent of the "Black
Blizzards" of last spring swept the high Southwestern plains
on the 14th inst., and the clouds of silt reduced the visibility
to a quarter mile. Near freezing temperatures prevailed in
Nebraska on the 18th inst. New York City's weather was
threatening very much of the week. It rained rather heavily
last Sunday. To
-day snow fell. To-day it was snowing and
cold here, with temperatures ranging from 31 to 36 degrees.
The forecast was for cloudy and much colder to-night; Saturday fair, continued cold. Overnight at Boston it was 32 to 40
degrees; Baltimore, 30 to 44; Pittsburgh, 22 to 30; Portland,
Me., 26 to 38; Chicago, 2 to 28; Cincinnati, 12 to 30; Cleveland, 20 to 32; Detroit, 16 to 32: Charleston, 34 to 60; Milwaukee. zero to to 26 above; Dallas, 36 to 52; Savannah, 32
to 62; Kansas City, 10 to 28; Springfield, Mo.,12 to 34; Okla-
homa City, 22 to 46; Salt Lake City, 12 to 82; Seattle, 34
to 50; Montreal, 14 to 28, and Winnipeg, 22 below to 8 below.
Moody's Daily Commodity Index Declines Moderately
Largely due to the severe break of 9 cents per ounce in
the foreign price of silver at New York, Moody's Daily
Index of Staple Commodity Prices has declined moderately
this week. The Index closed on Friday at 164.9, compared
with 166.4 in the week before.
Among the 15 items comprising the Index, declines have
been suffered by silver, corn, wheat, cotton, top hogs, silk
and cocoa. Advances have been registered by rubber, coffee
and wool, while hides, steel scrap, copper, lead and sugar
remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fri.. Dec. 13
Sat., Dec. 14
Mon., Dec. 16
Tues.. Dec. 17
Wed., Dec. 18
Thurs., Dec. 19
Fri., Dec. 20
166.4
166.0
164.4
164.7
164.0
165.4
164.9
2 weeks ago, Dec. 6
Month ago. Nov.22
Year ago.
Dec. 21
1934 High— Aug.20
Low— Jan. 2
1935 High— Oct.7-9
Low— Mar.18
166.0
168.2
151.3
156.2
128.0
175.3
148.4
Business Activity in November at Highest Level Since
August 1930 According to "Annalist" Monthly
Index
A further improvement in the heavy industries last month
carried business activity to the highest level since August
1930, and above the speculative peak of July 1933, according
to the monthly business index of the "Annalist" (New York),
published in the issue of Dec. 20. The index now stands at
90.3% (preliminary) of estimated normal, it is stated, compared with 87.4 in October and 83.6 in September. Since the
start of the current recovery in June it has risen 11 points,
and by last month had recovered 55% of the loss between
the 1929 high of 116.7 and the depression low of 58.4. The
"Annalist" further announced:
The greatest recovery was shown by the automobile Industry. Steel ingot
and pig iron production also rose, partly as a result of increased automobile
output. A substantial advance took place in electric power production,
which rose to above the 1929 high level, while gains were also recorded for
freight car loadings and zinc production, seasonally adjusted. Lumber output, however, showed a further slight decline.
Activity in the non-durable goods industries, on the other hand, was
generally lower, cotton and silk consumption and boot and shoe output
declining, on a seasonally-adjusted basis.
TABLE I
-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
* November
66.4
Freight car loadings
80.9
Steel Ingot production
72.2
Pig iron production
108.0
Electric power production
91.3
Cotton consumption
Wool consumption
. 62.5
Silk consumption
105.9
Boot and shoe production
115.0
Automobile production
76.0
Lumber production
Cement production___
71.2
Zinc production
105.9
Combined index
a October
September
65.8
77.0
66.5
104.9
96.4
151.9
75.0
112.6
79.8
77.8
45.7
68.7
87.4
62.5
77.0
61.8
105.1
87.4
125.9
74.5
112.8
46.8
80.8
43.0
69.5
83.6
TABLE II
-THE COMBINED INDEX SINCE JANUARY 1930
1935
January
February
March
April
May
June
July
August
September
October
November
December
3927
Financial Chronicle
Volume 141
1934
1933
1932
1931
1930
83.6
83.3
81.5
80.6
79.3
79.5
80.7
82.7
83.6
a87.4
*90.3
____
73.1
76.7
78.9
80.0
80.2
77.2
73.2
71.2
66.5
70.5
71.5
77.4
63.0
61.6
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
69.5
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8
81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
* PrellmlnarY. a Revised.
on their own lines, compared with 300,165 cars in the preceding week and 273,217 cars in the seven days ended Dec. 15
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Receivedfrom Connections
Weeks Ended
Loaded on Own Lines
Weeks Ended
Dec. 14 Dec. 7 Dec. 15 Dec. 14 Dec. 7 Dec. 15
1935
1934
1935
1934
1935
1935
18,906
26.993
20,565
14,592
18,140
13,520
2,895
1,993
4,698
14,191
36,862
4,301
18,557
5,037
56,970
6,250
23,896
5,286
Atchison Topeka & Santa Fe Ry
Baltimore& Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago Milw.St.P.& Pao. Ry
Chicago & N. W.Ry
Gulf Coast Lines
Internat'l Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. L. Ry.._
Norfolk& Western Ry
Pittsburgh & Lake Erie RR
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
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
5.217
57.604
6,488
24,905
5.482
17,850
25,305
20,552
14.314
17,521
12,985
2,712
2,215
4,221
14,369
34.199
4,159
15,904
4,006
52,228
4,643
21.017
5.017
4,811
13,895
7,196
7,279
7.544
10,008
1.270
1,892
2,741
8.044
37,715
9,044
3,814
4,469
34,682
5,266
x6,879
8.701
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
4,551
33,989
5,005
x6,818
8,341
4,358
12,695
6,157
6,831
8,664
8,855
1,201
1,719
2,473
6,628
34,691
8.275
3,481
3,920
30,088
4,411
x5,569
7.755
293,652 300.165 273,217 175,250 170,998 155.771
-Pacific Lines and
Excludes cars interchanged between Southern Pacific Co.
Texas & New Orleans RR. Co.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
"Annalist" Weekly Index of Wholesale Commodity
Prices Again Lower During Week of Dec. 17
Mixed Trend Noted in Foreign Prices in November
Lower prices for cotton, eggs,live-stock and meat products
again sent The "Annalist" Weekly Index of Wholesale
Commodity Prices lower, the index declining to 128.6 on
Dec. 17 from 129.1 on Dec. 10. The "Annalist" said:
Apart from the decline in livestock and its products the weakness reflected as much as anything the uncertainty regarding what the Supreme
Court would do with the Agricultural Adjustment Act when lit reconvenes
on Jan. 6.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for Seasonal Variations. (1913=100)
Dec. 17 1935
Dec. 10 1935
121.8
134.3
*118.5
170.3
111.5
111.7
98.4
85.2
122.4
136.2
119.1
169.8
111.5
111.8
x98.4
84.9
109.5
116.7
107.6
161.2
109.7
112.1
99.1
78.9
128.6
76.2
129.1
76.7
117.1
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities on old doll. basis
Dec. 18 1934
604
* Preliminary. x Revised. a Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
As to foreign prices in November the "Annalist" reported:
Foreign wholesale prices showed a somewhat mixed trend in November,
and The "Annalist" International Composite was accordingly unchanged
at 74.0% of the 1913 average in terms of gold. Such changes as took place
were generally small. Starting with November, it has been necessary to
exclude Italy from the composite owing to the decision of the Italian Government to withhold their economic statistics from other countries. Italian
prices advanced sharply during October, and in view both of war demands
and import difficulties there is no reason to think that the rise has since
been checked.
FOREIGN AND DOMESTIC WHOLESALE PRICE INDICES
(In currency of country; index on gold basis also shown for countries with depreciated
currencies. 1913=100.)
* Nov.
1935
United States of America
Gold basis
Canada
Gold basis
United Kingdom
Gold basis
France
Germany
Italy
Gold basis
Japan
Gold basis
Comm:lake. in gold z
a Oct.
1935
Sept.
1935
Nov.
1934
128.3
76.2
113.4
66.7
108.4
65.1
345
103.0
----
129.2
76.6
114.2
66.9
108.3
65.0
342
102.8
348.4
319.5
146.6
50.1
127.6
75.8
112.9
66.6
106.5
64.2
332
102.3
337.4
310.2
138.2
47.7
116.4
69.3
111.2
67.8
104.1
63.6
356
101.2
277.2
267.4
136.8
47.4
72.7
71 R
146.4
50.1
74.0
74.0
% Change
From
Oct. '35
-0.7
-0.5
-0.7
-0.3
+0.1
+0.2
+0.9
+0.1
Chicago Rock Island & Pacific Ry_
Illinois Central System
St.Louis-San Francisco Ry
Total
Dec. 7 1935
Dec. 15 1934
21,200
28,987
12,937
21,087
30,790
13,151
20,908
27,747
11,871
63,124
65,028
60,526
The Association of American Railroads, in reviewing the
week ended Dec. 7, reported as follows:
Loading of revenue freight for the week ended Dec. 7 totaled 637,133 cars.
This was an increase of 85,648 cars, or 15.5%, above the corresponding
week in 1934 and an increase of 95,141 cars, or 17.6%, above the same
week in 1933.
Loading of revenue freight for the week of Dec. 7 was an increase of 66,706
cars, or 11.7% above the preceding week this year, which included a holiday.
Miscellaneous freight loading totaled 250,318 cars, an increase of 22,040
cars above the preceding week, 52,566 cars above the corresponding week in
1934, and 54,108 cars above the same week in 1933.
Loading of merchandise less than carload lot freight totaled 158,803 cars,
an increase of 20,957 cars above the preceding week and 2,288 cars above
the corresponding week in 1934. It was, however, a decrease of 3,738 cars
below the same week in 1933.
Coal loading amounted to 137,991 cars, an increase of 17,715 care above
the preceding week, 18,917 cars above the corresponding week in 1934, and
29,785 cars above the same week in 1933.
Grain and grain products loading totaled 30,996 cars, an increase of 834
cars above the preceding week, 2,466 cars above the corresponding week in
1934, and 2,357 cars above the same week in 1933. In the Western districts
alone, grain and grain products loading for the week ended Dec. 7 totaled
18,368 cars, an increase of 878 cars above the same week in 1934.
Live stock loading amounted to 15,154 cars, an increase of 2,128 cars
above the preceding week, but 5,047 care below the same week in 1934 and
1,741 cars below the same week in 1933. In the Western districts alone,
loading of live stock for the week ended Dec. 7 totaled 11,338 cars, a decrease
of 3,917 cars below the same week in 1934.
Forest products loading totaled 29,564 cars, an increase of 8,610 cars
above the preceding week, 8,995 cars above the same week in 1934, and 8,933
cars above the same week in 1933.
Ore loading amounted to 5,696 cars, a decrease of 1,412 cars below the
preceding week, but an increase of 2,099 cars above the corresponding week
in 1934 and 3,122 cars above the corresponding week in 1933.
Coke loading amounted to 8,611 cars, an increase of 834 cars above the
preceding week, 3,364 cars above the same week in 1934, and 2,315 cars
above the same week in 1933.
All districts reported increases for the week of Dec. 7 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:
1935
-0.1
0
n
• preliminary. a Revised. z Includes also Belg um and Netherlands; Germany
excluded from July 1934; Italy from November 1935.
Revenue Freight Car Loadings Above A Year Ago
Loading of revenue freight for the week ended Dec. 14
1935 totaled 615,237 cars. This is a decline of 21,896 cars,
or 3.4%, from the preceding week, a rise of 35,035 cars,
or 6.0%, from the total for the like week of 1934, and an
increase of 55,818 cars, or 10.0%, over the total loadings for
the corresponding week of 1933. For the week ended Dec. 7
loadings were 15.5% above•the corresponding week of
1934 and 17.6% higher than those for the like week of 1933.
Loadings for the week ended Nov. 30 showed a gain of 16.9%
when compared with 1934 and a rise of 14.2% when comparison is made with the same week of 1933.
The first 18 major railroads to report for the week ended
Dec. 14 1935 loaded a total of 293,652 cars of revenue freight
Weeks Ended
Dec. 14 1935
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Five weeks in August
Four weeks in September
Four weeks in October
Five weeks in November
Week of Dec. 7
Total
1934
2.170,471
2,325,601
3,014.609
2,303,103
2.327.120
3,035,153
2.228,737
3302,066
2,631,558
2,881,924
3.179,447
637,133
2.183.081
2,214,475
3,067,612
2,340,460
2,446,365
3,084,630
2.351.015
3,072,864
2,501,950
2,534,940
2,842,999
551,485
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
2,885,251
541,992
1933
20020099
90901 1775
97575515'
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Dec. 7 1935. During this period a total of 106 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 Illinois
Central System, and the Southern Pacific RR.
Financial Chronicle
3928
Dec. 21 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED DEC. 7
Total Loads Received
from Connections
Total Revenue
Freight Load d
Railroads
1935
Eastern District
Ann Arbor
642
Bangor & Aroostook
1,703
Boston & Maine
8,029
Chicago Indianapolis & Loulay1,510
Central Indiana
18
Central Vermont
1,085
Delaware & Hudson
5,224
Delaware Lackawanna & West.
9,589
Detroit& Mackinac
235
Detroit Toledo & Ironton
2,608
Detroit & Toledo Shore Line_
379
Erie
12,813
Grand Trunk Western
4,628
Lehigh & Hudson River
140
Lehigh & New England
1,681
Lehigh Valley
8,308
Maine Central
2,974
4,071
Monongahela
Montour
1,838
b New York Central Lines
- 38,475
N. Y. N. H.& Hartford
11,292
New York Ontario & Western
1,920
N.Y.Chicago & St. Louis
4,429
Pittsburgh & Lake Erie
5,256
Pere Marquette
6,488
Pittsburgh & Shawmut
230
Pittsburgh Shawmut & North
309
Pittsburgh & West Virginia_
1,228
Rutland
576
Wabash
5,482
Wheeling & Lake Erie
3,674
1934
1933
1935
1935
1934
574
1,635
7,341
1,306
33
855
3,675
7,828
245
1.800
199
9,975
2,235
163
1,100
7,236
2,998
3,002
1,311
32.985
9,922
1,661
4,103
3,398
4,423
398
323
893
607
4,932
2,658
536
1,983
7,176
1,279
19
870
5,467
7,975
267
1,411
173
10,292
2,172
152
873
6,764
2,872
3,678
1,109
32,596
10,438
1,941
3,598
4,314
4,196
431
333
791
597
4,795
2,872
1,179
247
10,014
1,966
72
2,040
6,887
6,005
91
1,949
3,617
13,259
7,315
1,639
981
7,174
2.285
184
55
37,380
10,548
1,824
8,511
4,512
5,005
23
143
1,351
817
8,341
3,214
905
248
8,851
1,404
39
1,919
6.536
5,255
63
1,116
2,630
10,836
5,555
1,539
894
5,997
2,000
166
33
30,462
9,798
1,527
7,063
3,719
3,981
20
208
867
787
6,965
2.154
146,834
119,812
122,070
148,628
123,537
Aliegehny District
Akron Canton dr Youngstown
.
518
Baltimore & Ohio
26,970
Bessemer & Lake Erie
1,727
Butfain Creek & Conley
326
Cambria & Indiana
1.213
Central RR.of New jersey
5,830
Cornwall
754
Cumberland & Pennsylvania.
371
LigonierValley
200
Long Island
721
Penn-Reading Seashore Lines..
1,123
PennsylvaniaSystem
57,604
Reading Co
12,925
Union (Pittsburgh)
8,703
West Virginia Northern
93
Western Maryland
3,319
442
23,882
1,113
278
1.023
4,987
546
390
139
836
1,108
49.035
10,744
3,646
83
3,192
351
23,920
1,360
271
a
4,970
2
375
151
941
1,055
50,037
10,889
6,673
63
3,034
799
13,387
1,598
7
21
10,643
54
30
28
2,270
1,267
33,989
14,895
1,555
5,762
606
11,091
703
7
20
9,325
52
20
15
2,088
898
27,594
13,000
847
0
5,123
122,397
101,444
104,092
86,305
71,389
20,506
17,773
838
3,624
18,348
13,627
629
3,122
17,463
12,267
734
2,932
7,143
3,753
1,125
725
5,473
3,049
970
432
42,741
35,726
33,396
12,746
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Group B (Concluded)
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chattanooga dr St. L.
Tennessee Central
1934
1933
1935
799
346
1,652
21,123
19,808
194
128
1,792
2,789
389
672
268
1,301
19,298
16,297
135
118
1,837
2,582
343
673
352
1,189
17,217
14,528
181
115
1,807
2,586
291
1,333
441
746
10,238
4,004
416
285
1,401
1,867
638
1934
1,141
407
586
8,246
3,432
366
208
1,300
1,931
636
9,924
Total
Total
Pocahontas District
Chesapeake dr Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Line
Virginian.
Total
Southern District
Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac...
Seaboard Air Line
Southern System
Winston-Salem Southbound._ _
Total
Total
55,564
48,844
44,219
26,902
22,930
Grand total Southern District
94,472
86,404
80,317
56,009
48,734
Northwestern District
Belt Ry. of Chicago
Chicago & North Western....
Chicago Great Western
Chicago MUw,St.P.& Pacific_
Chicago St. P. Minn.& Omaha
Duluth MIssabe & Northern
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
FL'Dodge Des Moines& South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis& St. Louis
Minn. St. Paul & 8.8. M
Northern Pacine
Spokane International-Spokane Portland & Seattle
683
13,851
2,141
18,840
4,115
556
480
5,867
253
10,184
558
242
1,657
4,759
9,744
83
2,023
565
12,285
2,048
17,185
3,577
369
334
3,572
245
10,632
610
258
1,510
4,357
9,241
101
1,025
680
12.701
2,161
15,711
3,230
456
487
3,155
247
8,619
462
283
1,584
3,735
8,878
93
931
1,836
9,269
2,687
7,243
2,896
121
336
5,471
147
2,262
482
104
1,639
1,981
2,425
258
1,047
1.130
8,177
2,370
5,824
2,261
69
239
3,876
122
2,231
315
51
1,363
1,814
2,106
169
797
76,036
67,914
63,413
40,204
32,914
19,260
2,784
333
15,427
1,834
10,787
3,269
1,339
4,143
744
1,301
2,120
894
78
17,440
157
325
14,265
779
1,524
18,027
2,598
186
14,561
1,567
10,642
2,906
1,498
3,191
598
1,154
1,939
516
128
15,259
205
330
11,977
707
1,565
18,252
2,464
208
14,530
1,610
10,414
2,702
1,494
3,494
246
1,554
1,999
565
94
13,410
222
326
15,303
632
1,564
4,827
2,152
83
7,296
835
7,139
2,077
1,140
2,225
14
986
1,109
316
106
4,297
229
971
8,254
15
1,608
4,159
1,614
31
5,844
647
5,770
1,647
832
2,118
12
1,083
974
234
33
3,592
229
850
7,200
8
1,392
98.803
89,554
91,083
45.659
38,269
128
125
191
2,804
2,037
248
1,701
1,481
122
370
642
124
5,026
15,074
41
118
7,922
2,488
7,405
5,265
2,233
226
39
161
136
216
2,647
2,325
121
1,595
1,618
89
357
696
88
4,227
14,139
39
143
7,047
1,870
6,467
4,786
1,667
161
36
127
124
213
2,383
2,183
149
1,472
1,058
116
346
533
129
4,465
12,740
36
197
7,776
1,938
0,043
4,262
1,309
a
22
4,248
317
239
1,415
1,958
1,154
1,623
970
377
751
220
197
2,549
7,568
12
129
3,755
1,780
2,521
3,222
15,228
64
35
3,286
274
152
1,071
1,752
902
1.382
641
261
665
186
134
2,310
6,043
12
100
3,089
1,269
2,044
2,715
12,774
55
33
Total
o
8,290
1,050
360
139
54
1,025
447
304
7,535
19,508
196
8,545
992
302
198
39
1,100
427
287
7,543
17,963
164
8,013
1,057
332
189
54
1,282
427
287
7,090
17,188
179
4,799
1,601
902
413
101
1,085
1,003
2,725
3,533
12,289
656
4,310
1,333
814
311
98
1,041
784
2,773
3,189
10,543
008
38,908
37,560
36,098
29,107
25,804
Central Western DistrictAtch. Top. dr Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & QU1nCY
Chicago & Illinois Midland....
Chicago Rock Island dr Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
IllinoisTerminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph dr Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton dr Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas-Litchfield & Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas
-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans.
Texas& Pacific
Terminal RR.Ass'n of St. Louis
Wichita Falls & Southern
Weatherford 58. W.& N.IV...
Group B
Alabama Tennessee & Northern
231
124
142
113
127
Atlanta Birmingham dr Coast
669.
633
653
712
594
AU.& W.P.
-W.RR.of Ala
706
907
595
1,131
570
Central of Georgia
3,963
2,237
3,406
2,417
3,032
Columbus & Greenville
277
321
219
204
348
Florida East Coast
Total
55,850
563
41,150
978
690
753
47,021
50,631
812
50,332
Note-Figures for 1934 revised. •Previous figures. a Not avallab e. b Includes figures for the Boston & Albany RR.. the C. C C. & Bt. Louis RR., and the
Michigan Central RR.
Decrease of 0.1% in Wholesale Commodity Prices
During Week of Dec. 14 Reported by United States
Department of Labor
Wholesale commodity prices declined 0.1% during the
week ending Dec. 14, according to an announcement made
Dee. 19 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor. Mr. Lubin stated:
The slight decrease carried the all-commodity index to 80.8% of the
1926 average. Compared with the corresponding week of last year the
current level of wholesale prices shows an increase of 5% and is 14% above
the same week of 1933.
Six of the 10 major groups included in the index-foods, textile products.
fuel and lighting materials, metals and metal products, building materials.
and chemicals and drugs-registered decreases. Farm products and hides
and leather products advanced and housefurnishing goods and miscellaneous commodities remained unchanged from the preceding week.
The index for the large industrial group of "all commodities other than
farm products and processed foods" remained at 78.9. This group has
fluctuated within a narrow range during the year and is now less than 1%
above the corresponding week of last year.
The following is also from Mr. Lubin's announcement of
Dec. 19:
Wholesale prices of foods declined 0.7% due to lower prices of fruits
and vegetables; meats; dairy products; and cereal products. The sub-group
of other goods including cocoa beans, glucose, oleo oil, and most vegetable
oils averaged higher. although lower prices were reported for coffee. copra.
lard, edible tallow, and coconut oil. The current food index-85.8-is
approximately 46% above the corresponding week of three years ago and
nearly 14% above the corresponding week of last year.
The index for the fuel and lighting materials group-75.7
-showed a
decline of 0.3%. Lower indexes for electricity and bituminous coal more
than offset slightly higher levels for coke and petroleum products.
Weakening prices of vegetable oils caused the chemicals and drugs group
to register a minor decrease. The sub-groups of drugs and pharmaceuticals,
fertilizer materials, and mixed fertilizers were stable.
A decrease of over 2% in knit goods was the principal contributing factor
accounting for the decline in the textile products group. Silk and rayon
and other textile products including manila hemp and raw jute were higher.
The sub-groups of clothing, cotton goods, and woolen and worsted goods
showed little or no change.
Falling prices of bar silver, antimony, pig tin and, motor vehicles resulted
in the index for the metals and metal products group declining fractionally.
Average prices of agricultural implements, iron and steel, and plumbing
and heating fixtures were steady.
Wholesale prices of lumber and prepared roofing dropped during the week.
Brick and tile and paint materials, on the other hand, were higher. Cement
and structural steel were unchanged. The index for the building materials
group as a whole declined 0.1% to 85.3.
As a group hides and skins rose sharply. Leather and other leather
products, on the contrary, were lower. Shoes remained unchanged at the
high for the year. The hides and leather products group advanced 0.6%•
Farm product prices rose 0.1% from the level of the previous week
due primarily to higher prices for livestock and poultry. Grains also declined
0.1%. Lower prices were reported for wheat, ewes, cotton,lemons, oranges,
hops, tobacco, dried beans, and white potatoes. Higher prices were shown
for barley, corn, oats, rye, cattle, hogs, live poultry, eggs, seeds and sweet
potatoes. The present farm product index-79.2
-is 77% above the
corresponding week of 1932, nearly 42% above the corresponding week of
1933, and 11% above the corresponding week of last year.
Housefurnishing goods remained let the level of the preceding week.
Average prices of both furniture and furnishings were stationary.
Crude rubber prices advanced 1% during the week. Cattle feed was
up 0.6%. Automobile tires and tubes and paper and pulp were unchanged.
The index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
and based on the average for the year 1926 as 100.0.
In the following tables is shown a comparison of current index numbers of
wholesale prices with designated dates of the past three years:
COMPARISON OF PRESENT LEVEL WITH A WEEK AGO, TWO WEEKS
AGO, AND THE CORRESPONDING WEEK OF LAST MONTH
Commodity Groups
All commodities
Farm products
Foods
Hides and leather products _
Textile products
Fuel and lighting materials _
Metals and metal products_
Building materials
Chemicals and drugs
Housefurni.shing goods
Miscellaneous commodities_ _
All commodities other than
farm products and foods_
Dec.
14
1935
Dec. Percent- Nov. Percent- Nov. Percent16
age
7
age
30
ate
1935 Change 1935 Change 1935 Change
80.8
80.9
-0.1
80.8
0.0
80.4
+0.5
79.2
85.8
95.4
72.8
75.7
86.3
85.3
80.5
82.2
67.4
79.1
86.4
84.8
72.9
75.9
86.4
85.4
80.7
82.2
67.4
+0.1
-0.7
+0.6
-0.1
-0.3
-0.1
-0.1
-0.2
0.0
0.0
78.5
85.9
95.5
72.9
75.9
86.3
85.4
81.0
82.1
67.5
+0.9
-0.1
-0.1
-0.1
-0.3
0.0
-0.1
-0.6
+0.1
-0.1
77.8
84.9
95.8
73.0
75.6
86.3
86.0
81.1
82.1
67.4
+1.8
+1.1
-0.4
-0.3
+0.1
0.0
-0.8
-0.7
+0.1
0.0
78.9
78.9
0.0
79.0
-0.1
79.0
-0.1
COMPARISON OF THE PRESENT LEVEL WITH THE CORRESPONDING
WEEKS OF THE PAST THREE YEARS
Commodity Groups
Farm products
Foods
Hides and leather products_
Textile products
Fuel and lighting materials_ _ _
Metals and metal products_ _ _
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities.AU commodities other than
farm products and foods
nt
Dec. Dec. Percent- Dec. Percent- Dec. Percent14
15
age
16
age
17
age I
1935 1934 Change 1933 Change 1932 Change
80.8
76.7
+5.3
70.8 +14.1
63.0
+28.3
79.2
85.8
95.4
72.8
75.7
86.3
85.3
80.5
82.2
67.4
71.1 +11.4
75.4 +13.8
85.7 +11.3
69.4 +4.9
75.2 +0.7
85.4 +1.1
85.0 +0.4
78.0 +3.2
82.4 -0.2
71.2 -5.3
55.9 +41.7
63.0 +36.2
88.6 +7.7
76.0 -4.2
74.2 +2.0
83.1 +3.9
85.3
0.0
73.4 +9.7
81.7 +0.6
65.6 +2.7
32g2r.
;°-',P;;-'2
All commodities
+77.2
+45.9
+37.7
+37.4
+5.9
+8.8
+20.8
+11.3
+11.8
+6.6
78.9
78.2
77.5
+0.9
+1.8
+13.5
Sales of 24 Chain Store Companies Rise 13.87% During
November
According to a compilation made by Merrill, Lynch & Co.,
24 chain store companies,including two mail order companies,
reported an increase in sales of 13.87% for November 1935
over November 1934. Excluding two mail order companies,
22 other chains reported an increase in sales of 11.57%.
Sales of these 24 companies showed an increase of 10.49%
for the 11 months of 1935 compared with the corresponding
period of 1934. Excluding the two mail order companies, 22
chains reported an increase in sales of 6.63%.
The following table shows the amount of sales and the percentage change, by groups, for the month of November 1935
compared with 1934:
. Sales-November
5 Grocery chains
8 5 & 10 Cent chains
4 Apparel chains
2 Drug chains
2 Shoe chains
1 Auto supply chain
1935
1934
12.11
9.81
15.49
9.72
9.82
2.63
Total 22 chains
2 Mail order companies
$150,709,306
68,899,162
6135,076,228
57,779.126
11.57
19.25
Total 24 chains
6219,608,468
8192,855.354
13.87
The following table shows the amount of sales and the percentage change, by groups, for the 11 months ended November 1935 compared with 1934:
5 Grocery chains
8 5 & 10
-Cent chains
4 Apparel chains
2 Drug chains
2 Shoe chains
1 Auto supply chain
8555,884,062
569.139,741
250,766,545
69,548,132
37,409,760
17,237,000
1934
Per Cent
Increase
$502,165,032
556.346.463
235,713,400
63,581,435
33,695,839
15,281,000
10.70
2.30
6.39
9.38
11.02
12.80
Total 22 chains
2 Mall order companies
81.499,985.240
631.010,166
81,406.783,169
521,905,380
6.63
20.90
Total 24 chains
$2,130,995.406
81 925 (1115 A40
,n An
Decrease Noted During Week of Dec. 14 in Wholesale
Commodity Price Index of National Fertilizer
Association
The wholesale commodity price index compiled by the
National Fertilizer Association declined in the week ended
Dec. 14 to 79.4% of the 1926-28 average from 79.9% in the
preceding week. A month ago the index was 79.5 and a year
ago 75.2. Continuing, an announcement issued Dec. 16 by
the Association further stated:
Commodity prices were generally lower during the week, with declines
occurring in most of the important group indexes. The most important drop
occurred in the grains, feeds and livestock group, with the group index
declining from 83.7 to 81.9. Feedstuff prices as well as corn and rye were
somewhat higher during the week, but these advances were much more than
counterbalanced by declines in other grains and in livestock. Several items
in the foods group showed minor advances, but declines were registered by
such important commodities as eggs and potatoes, with the net result that
the foods group index fell off 1% to the lowest level reached since October.
The textiles index declined for the third consecutive week, the result of lower
quotations for cotton, cotton yarns, burlap and silk. The break in silver
prices as well as a small decline in the price of tin were more than sufficient
to offset an advance in steel scrap, causing a slight decline in the metals
index. Most changes which occurred in the fats and oils group were downward, led by down-turns in lard and butter. A minor rise in the fuel
index was brought about by advancing prices for crude petroleum.
Per Cent
Each Group
Bears to the
Total Index
Group
Latest
Week
Dec. 14
1935
Preceding
Week
.3
All groups combined
100.0
Year
Ago
86.8
68.7
81.5
71.6
72.5
86.6
78.2
84.1
84.8
81.9
95.6
66.0
70.6
101.7
75.0
69.6
76.0
69.5
68.9
88.4
79.3
81.8
85.5
68.0
93.8
65.8
76.9
99.7
79.9
79.4
Month
Ago
87.6
69.3
83.7
71.4
71.5
86.6
77.6
84.0
84.8
81.4
95.6
64.5
70.6
101.7
Foods
86.7
Fuel
69.6
Grains, feeds and livestock
81.9
Textiles
70.6
Miscellaneous commodities.. 71.5
Automobiles
87.4
Building materials
77.8
Metals
83.9
House-furnishing goods
85.2
Fats and oils
79.0
Chemicals and drugs
95.6
Fertilizer materials
64.5
Mixed fertilizers
70.7
Agricultural implements
102.7
23.2
16.0
12.8
10.1
8.5
6.7
6.8
6.2
4.0
3.8
1.0
.4
.4
79.5
75.2
Weekly Electric Production Continues Climb to
Record Peak
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. 14 1935 totaled 1,983,431,000 kilowatt hours, thus again
making a new all-time high. With the exception of the week
ended Nov.30, electric output has succeeded in making a new
high in each successive week for the past eight weeks. Total
output for the latest week indicated a gain of 12.2% over the
corresponding week of 1934, when output totaled 1,767,418,000
kilowatt hours.
Electric output during the week ended Dec. 7 totaled
1,969,662,000 kilowatt hours. This was a gain of 13.0% over
the 1,743,427,000 kilowatt hours produced during the week
ended Dec. 8 1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Motor Geographic
Regtons
Week Ended
Dec. 14 1935
Week Ended
Dec. 7 1935
New England
Middle Atlantic
Central Industrial....
West Central
Southern States
Rocky Mountain
Pacific Coast
10.0
7.9
14.8
10.5
14.2
16.2
12.1
11.9
10.5
17.9
11.8
10.6
17.1
12.5
11.5
9.6
18.6
9.2
12.2
17.1
12.8
14.3
11.5
20.1
13.6
12.3
19.9
13.0
12.2
13.0
11.5
14.8
Total United States_
Week Ended
Week Ended
Nov. 30 1935 Nov. 23 1935
DATA FOR RECENT WEEKS
Week of842,935,204
54,695,053
26,728,136
5.972.872
3,107,963
1,637.000
1935
Thirty-six price series included in the index declined during the week and
18 advanced; in the preceding week there were 31 declines and 13 advances;
in the second preceding week there were 23 declines and 18 advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association (1926-1928=100)
Per Cent
Increase
$48,136.331
60,058,154
30,868.440
6,553,148
3,413,233
1,680,000
Bales
-11 Months
3929
Financial Chronicle
Volume 141
1935
1934
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
P. C.
Ch'ge
1933
Sept.
7-- 1.752,066,000 1,564,887,000 +12.0
Sept. 14_ 1,827,513,000 1.633,683,000 +11.9
Sept.21- 1.851,541,000 1,630,947,000 t13.5
Sept.28- 1.857,470,000 1,648.976.000 12.6
Oct. 5- 1,863,483,000 1,659.192,000 12.3
Oct. 12.-- 1,867.127.000 1.656,864,000 +12.7
Oct. 19- 1,863,086.000 1,667,505,000 +11.7
Oct. 26- 1,895,817,000 1.677,229,000 +13.0
Nov. 2- 1,897,180,000 1,669,217,000 +13.7
Nov. 9- 1,913,684,000 1.675,760,000 +14.2
Nov.18- 1.938,560,000 1,691,046,000 +14.6
Nov. 23._ _ 1.953,119,000 1,705,413.000 +14.5
Nov.30- 1.876.684.000 1,683,590,000 +11.5
Dec. 7- 1,969,662.000 1,743,427.000 +13.0
Dec. 14.-- 1,983,431,000 1,767.418,000 +12.2
Dec. 21.-1,787,936,000
Dec 28
1.850.487.000
1932
1931
1930
1929
1,583
1.663
1,639
1,653
1,646
1.619
1,619
1,622
1.683
1,617
1,617
1.608
1,554
1,619
1.644
1.657
1.539
1,424
1,476
1.491
1.499
1,506
1.508
1,528
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
1.624
1.830
1,727
1,722
1,714
1,711
1,724
1,729
1.747
1.741
1,728
1,713
1.722
1,672
1.747
1,748
1.770
1.617
1,675
1,806
1,792
1.778
1,819
1.806
1,799
1,824
1.816
1,798
1,784
1,818
1,718
1,806
1,841
1,860
Leas
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
1935
Jan__
Feb__
March.
April...
MayJuneJuly-- Aug__
SeptOct-Nov...
7,762,513
7,048,495
7,600,566
7,382,224
7,544,845
7,404,174
7,796.665
8,078,451
7.795,422
8,388,495
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 +13.6
7,160.756
7,538,337
1933
1032
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
8,494,091
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
1931
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
1930
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 approximately 92% or the electric light and power Industry and the weekly figures are
based on about 70%.
Lumber Production Gains
-New Business and
Shipments Lag
Lumber shipments from the mills and new business booked
during the week ended Dec.7 1935 declined 8 and 7%, respectively, from the preceding week, and production gained about
8%, partly due to the shortening of the preceding week by
the Thanksgiving holiday. Reported lumber orders (hardwoods and softwoods) were 3% below production, and reported shipments were 13% below output, according to reports to the National Lumber Manufacturers Association
from regional associations. This compares with orders 12%
above output during the preceding week and shipments 0.6%
above production. All items in the current week are shown
by reporting identical softwood mills as appreciably in excess of those of similar week of 1934, production at these
mills being 53% above last year; new business, 24% above;
shipments, 28% above.
Financial Chronicle
3930
During the week ended Dec. 7, 546 mills produced 196,676,000 feet of
hardwoods and softwoods combined; shipped 170,445,000 feet; booked orders
of 190,410,000 feet. Revised figures for the preceding week were: Mills,
572; production, 189,465,000 feet; shipments, 190,635,000 feet; orders,
211,667,000 feet.
All reporting regions but Southern pine, Western pine and Southern
cypress showed orders above production during the week ended Dec. 7, West
Coast new business about equaling output. All softwoods repOrted shipments
below production except Northern pine, which reported no cut. All reporting regions but cypress and Northern pine showed orders and all reported
production above corresponding week of 1934.
Identical softwood mills reported unfilled orders on Dec. 7 the equivalent
of 31 days' average production and stocks of 160 days', compared with 22
days' and 169 days' a year ago.
Forest products car loadings totaled 29,564 cars during the week ended
Dec. 7 1935. This was 3,610 cars above the preceding week, 8,995 cars
above the same week of 1934, and 8,933 cars above corresponding week
of 1933.
Lumber orders reported for the week ended Dec. 7 1935 by 477 softwood
mills totaled 178,721,000 feet, or 5% below the production of the same
mills. Shipments as reported for the same week were 161,058,000 feet, or
14% below production. Production was 187,967,000 feet.
Reports from 85 hardwood mills give new business as 11,689,000 feet, or
34% above production. Shipments as reported for the same week were
9,387,000 feet, or 8% above production. Production was 8,709,000 feet.
Unfilled Orders and Stocks
Reports from 470 softwood mills on Dec. 7 1935 give unfilled orders of
624,300,000 feet and gross stocks of 3,283,663,000 feet. The 457 identical
softwood mills report unfilled orders as 619,932,000 feet on Dec. 7 1935, or
the equivalent of 31 days' average production, compared with 445,566,000
feet, or the equivalent of 22 days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of 464 identical softwood mills was 186,075,000
feet, and a year ago it was 121,264,000 feet; shipments were, respectively,
159,908,000 feet and 125,376,000 feet, and orders received, 177,008,000
feet and 142,406,000 feet.
Sales of Electricity to Ultimate Consumers During
-Revenues Up 4.5%
October Gain 14%
The following statistics covering 100% of the electric light
and power industry were released on Dec. 12 by the Edison
Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of October
1935
Kilowatt-hours Generated a (Net)
By fuel
By water power
Total kilowatt-hours generated
Additions to Supply
Energy Purchased from other sources
Net international imports
Total
Deduaions from Supply
Energy used in elctric railway departments
Energy used in electric & other departments
Total
Total energy for distribution
Energy lost in transmission, distribution. dm
Kilowatt-hours sold to ultimate consumers.Sales to Ultimate Consumers (kwh.)
Domestic service
Commercial: Small light and power (retail).
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
1934
P. C.
Change
Larger-than-Seasonal Gain in Cash Receipts of Farmers
During October Reported by Bureau of Agriculcultural Economics
Farmers' cash receipts from the sale of principal farm
products increased more than usual in all regions in October,
with largest gains in the Western and West North Central
States, according to the Bureau of Agricultural Economics,
United States Department of Agriculture. The total for the
month was $799,040,000 compared with $684,420,000 in October a year ago, and with $578,026,000 in October 1933, the
Bureau said. Receipts from sales during the first 10 months
of 1935 totaled $5,014,257,000 compared with $4,576,472,000
in the corresponding period last year and with $3,816,879,000
in 1933. These figures do not include government rental and
benefit payments. An announcement by the Bureau, Dec. 14,
continued:
Cash receipts from sales were larger this October than last in all regions
except the South Atlantic, where there was a decrease of 2%. Largest
gains were in Western States and in North and South Dakota. Receipts
from both crops and livestock were larger the country over this October.
Larger marketings of many crops offset the generally lower level of farm
prices for crops. The heavy movement of cattle, calves and lambs was at
higher prices than a year ago. Hog marketings were reduced but higher
prices more than offset smaller sales.
In North Atlantic States cash receipts in October were 12% larger than
a year ago, and the largest for any October in five years. In East North
Central States cash receipts made a new high for this year, whereas the
seasonal peak is usually reached in July and August. In the West North
Central States cash receipts were 28% greater than a year ago.
In South Atlantic States there was a substantial gain in income from livestock, and increased marketings of cotton, cottonseed and tobacco almost
offset the lower prices of these crops. In the South Central States cash
receipts in October were 13% more than in October 1934.
In Western States a gain of 30% in receipts was registered.
Automobile Financing During October 1935
A total of 221,655 automobiles were financed in October,
on which $78,903,776 was advanced, compared with 229,302
on which
2,148,583 was advanced in September, the
Department of Commerce reported this week.
Volume of wholesale financing in October was $78,577,367,
as compared with $41,318,194 in September.
Monthly statistics on automobile financing, based on data reported to
the Bureau of the Census by 456 identical organizations, are presented
In the table below for January to October 1935, January to December
1934 and for 282 identical organizations for January to October 1935 and
January to December 1934:
AUTOMOBILE FINANCING
5.680.704,000 4,863,362,000 +16.8
2,595,117,000 2,457,204,000 +5.6
8.275,821,000 7,320,566,000 +13.0
174.694,000
91,223,000
159,990,000 +9.2
73,469,000 +24.2
265,917,000
233,459,000 -r-13.9
44.854,000
108,389,000
50,194,000 -10.6
118.909,000 -8.8
153,243,000
169,103,000 -9.4
8.388,495,000 7,384,922,000 +13.6
1.565.053,000 1,397,138.000 +12.0
6,823,442,000 5,987.784,000 +14.0
1,186,018.000 1,081,444,000 +9.7
1,220.241.000 1,112,155,000 +9.7
3,726,353,000 3,141,751,000 +18.6
206,917.000
193,674,000 +6.8
360,009.000
352,788,000 +2.0
72.932,000
59,199,000 +23.2
50,972,000
46,773,000 +9.0
Total sales to ultimate consumers
6.823,442,000 5.987,784,000 +14.0
Total revenue from utillmate consumers_ __ _ $162,788,900 $155,811,500 +4.5
Twelve Months Ended Oct. 31
..
1935
Kilowatt-hours Generated a (Net)
By fuel
By water power
Dec. 21 1935
1934
P. C.
Change
54,239,222.000 53.216,434,000 +1.9
36,101,268,000 30,370,640,000 +18.9
90.340,490.000 83,587,074,000 +8.1
Total kilowatt-hours generated
Purchased energy (net)
3,014,974,000 3,131,732,000 -3.7
1,954,521,000 2.013.038,000 -2.8
Energy used in electric ry. & other depts.91.400,943,000 84,705.768,000 +7.9
Total energy for distribution
Energy lost in transmission, distribution, dm. 15,686,443,000 14,632,890,000 +7.2
Kilowatt-hours sold to ultimate consumers.._ 75,714.500,000 0,072,878,000 +8.1
$1,902,536,000 1,822,895,600 +4.4
Total revenue from ultimate consumers
Important Factors
40%
Percent of energy generated by waterpower_
36.3%
1.44
Average pounds of coal per kilowatt-hour___
1.45
Domestic Service (Residential Me)Aver.ann. consumption per customer (kwh.)
663
626 +5.9
5.090.
Average revenue per kilowatt-hour (cents)__
5.32c. -4.3
Average monthly bill per domestic customer_
$2.81
$2.78 +1.1
Basic information as of Oct. 31
Retail Financing
Year
and
Month
Wholesale
Financing
Volume
In Dollars
Total
Number
of Cars
Summary for 456 Identical Orga nizations a
1935
896,059,710 159,094 $59,105,614
January
69.873,418
February
108,656.597 187,566
March
149.057.165 270,099 100,076,895
April_
163,235,442 320.855 118,663,435
May
135,510.277 312,186 113,601.251
June
121.779.041 303,334 111,893.982
July
122,238,736 324.633 119,372,346
August
95,588,937 292,614 106,472,612
41.318.194 229,302
82,148,583
September
78,577,367 b221,655
October
78,903,776
Total (10 mos.)
1934January
February
March
April
May
June
July
August
Septemoer
October
Total (10 mos.)-November
December
--Steam
Generating capacity (kw.)
Waterpower
Internal combustion
1934
23.718,500 23.800,100
8.962,200 9,006,400
499,500
468,100
Total generating capacity in kilowatts
33,180,200 33,274,600
Number of Customers
(563.263) (517.332)
Farms in Eastern area (included with domestic)
Farms in Western area (included with commercial-large)._ (216,147) (209,798)
20,955,421 20,441,774
Domestic service
Commercial: Small light and power
3,780.127 3,724.998
512,364
Large light and power
530,976
68.158
Other ultimate consumers
69,507
Total ultimate consumers
25,316,270 24,767,255
a As reported by the U. S. Geological Survey, with deductions for certain plants
not considered electric light and power enterprises.
New Cars Financed
Number
of Cars
Volume
in Dollars
68.464
82,570
120,103
140,478
127,201
126,207
134,054
116,997
85,395
76,411
$37,194,801
44,410,740
63,953,950
75,622,340
70.175,835
69,409,989
74,489,758
65.138,973
47.988.826
44,024,207
1,112,021,466 2,621,338
960,111,912 1,077,880
592,409,419
36,577,358 109,997
62,551,490 132,485
104,597,190 195,196
122,967,488 244.537
125,529,739 273,320
104,422,741 269.656
92.069,965 265.147
86,746,755 245,799
56,848,511 190.236
46,495,841 196,440
36,533,359
35,691
47,623.890
54.455
72,520,725
86,880
91,849,963 110,988
103,794,935 125,354
103,450,110 128.794
99,630,687 123,552
91,618,666 109,302
70,303,368
80.653
71,501,317
80,003
19,841,711
30,223,621
47.838.975
61,458,602
69.801,775
70,900,335
67.034,990
59,822,255
44,599,299
44,130,425
858,807,078 2,122,813 788,827,020 935,672
515,651,988
30.556,373
37,951,278
162,783
133,103
58,085,294
46,262,603
63,749
46,013
34,861,719
25,598,662
8907,314,729 2.418,699 $893,174,917 1,045,434 $576,112,369
Summary for 282 Identical Orga nizations
1935
893,830,358 149,583 $56,151,891
January
66,193 $35,936,838
106.054,455 176,585
February
66,418,983
42,779,415
79,608
March
145,574,233 254.539
95.184,296 115,913 61,721,726
April
159.930,306 302,860 113,026,005 135,811
73,058.338
May
132,074,003 293,693 107,820,587 122,663
87.630,632
June
118,731,748 284,723 106,174,481 121,632
66.913,016
July
119,099,810 304,742 113,125,098 128,876
71,665.282
August
92.918.405 273,666 100,761,009 112.567
62,661.023
September
39,699.900 214.387
46.114,273
77,651,066
82,047
October
75,906,849 d206,153
74,187,694
42,178,774
73,236
Total (year)
Total (10 mos.)._ 1,083,820,067 2,460,931
1935
Volume
in Dollars
1934
January
February
March
April
May
June
July
August
September
October
Total (10 mos.).November
December
Total (year)
910,501,110 1,038,546
570.659.317
35,879,064 101.700
61,513,896 124,349
102,775.967 183,724
121,060.526 231,735
123,691,003 259,120
102,706,220 255 449
90.294,039 251,611
85,107,739 233,154
55.586.456 179,886
45,363,396 185,414
34.437.380
45.377,552
69,202,632
87,998,227
99.591,058
99,113,597
95,484,543
87.700.286
67.209,428
68,224,126
34,426
52,772
84,300
107,925
122,155
125,073
120,017
106,041
78,179
77,502
19,189.736
29,290.038
46.427,926
59,772.079
67.991,000
68.842,069
65,092,674
58.028.789
43,249.804
42,737,846
823,978,306 2,006,142
754,338,829
908,390
500.621,961
153,261
124,184
55,303,319
43,789,120
61,769
44,505
33,784,399
24.761,098
29.729,762
36,530,495
$890,238,563 2.283,587 $ 853,431.268 1.014.664 $559,167,458
3931
Financial Chronicle
Volume 141
Retail Financing
Year
and
Month
Used Cars Financed
Number
of Cars
Summary for 456 Identic at
1935
January
February
March
April
May
June
July
August
September
October
Volume
in Dollars
Unclassified
Number
of Cars
Volume
in Dollars
Organizat ions a
87,177
101,294
144,843
174,775
179,462
171.485
187,452
172,445
141.597
142,827
$20,650,382
24,107,645
34,267,163
41,002,364
41,462.893
40.459,144
43,696,574
40,244,973
33,339,341
33,992,779
3.453
3.702
5.153
5,602
5.523
5.642
3.127
3.172
2,310
2,417
$1.260,431
1,355.033
1,855.782
2,038.731
1,962,523
2.024.849
1,186.014
1.088.666
820.416
886,790
1,503,357
$353,223,258
40,101
$14,479,235
71,607
75,283
104,369
129,281
143,073
135,875
136,726
131.905
106.057
112,425
15,864,436
16,510.453
23,274,757
28,859,676
32,156,212
30.679,003
30,805.120
30,153,258
24,452,047
26,011,360
2,699
2,747
3,947
4,268
4,893
4,987
4,869
4,592
3.526
4,012
827,212
889,816
1,406.993
1.531,685
1.836.948
1,870.772
1,790.577
1,643,153
1.252,022
1,359,532
1,146,601
$258,766,322
40,540
22,103.212
19,652,395
3,268
3,198
1,120,363
1.011.546
Total (year)
1,326.259
$300.521,929
Summary for 282 Identic at Organizat ions c
1935
January
79,937
$18,954,622
February
93,275
22,284,535
March
133,473
31,606.788
161,447
April
37,928.936
May
165,507
38,227,432
June
157,449
37,236.616
July
172.739
40,273,802
August
157,927
37,011.320
September
130,030
30.716.377
October
31.122,130
130,500
47,006
$16,540,619
3,453
3,702
5,153
5,602
5,523
5,642
3,127
3,172
2,310
2,417
$1,260,431
1,355,033
1.855,782
2,038,731
1,962,523
2,024.849
1.186,014
1,088.666
820,416
886,790
Increase of 4% Noted in Sugar Consumption in 14
European Countries During First 10 Months of
Year as Compared with Year Ago
Consumption of sugar in the 14 principal European countries during the first 10 months of 1935, January through
October, totaled 6,414,134 long tons, raw sugar value, as
compared with 6,165,405 tons consumed during the corresponding period in 1934, an increase of 248,729 tons, or 4%
according to to European advices received by Lamborn &
Co. The firm, under date of Dec. 17, further said:
$14,408,710
95.766
83.892
sumption and exports have run well in excess of the same period last year.
to the extent of perhaps 250,000 bales. At the end of last season, on July 31
last, the total stock of spot cotton in all hands in the United States Was
7,208,000 bales.
Total (10 months)
1934
January
February
March
April
May
June
July
August
September
October
Total (10 months)
November
December
Total (10 months)
1934
January
February
March
April
May
June
July
August
September
October
Total (10 months)
November
December
Total (year)
1,382,284
$325,362,558
40,101
$14,479,235
64,575
68,830
95,477
119,542
132,072
125,389
126,725
122,521
98.181
103,900
14,420,432
15.197,698
21,367.713
26.694.463
29.763,110
28.400.756
28,601,292
28.028,344
22,707.602
24,126,748
2,699
2,747
3,947
4,268
4,893
4,987
4,869
4.592
3.526
4.012
827,212
889.816
1.406.993
1.531,685
1.836.948
1,870.772
1.790.577
1,643,153
1.252,022
1,359,532
1,057,212
$239,308,158
40.540
20,398,557
18,016,476
3,268
3.198
1,120,383
1,011,546
$277.723,191
47.006
Census Report on Cotton Consumed and on Hand,
&c., in November
Under date of Dec. 14 1935 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of November 1935 and
1934. Cotton consumed amounted to 507,836 bales of
lint and 59,549 bales of linters, compared with 552,187
bales of lint and 67,106 bales of linters in October 1935
and 480,081 bales of lint and 51,035 bales of linters in
November 1934. It will be seen that there is an increase in
November 1935 when compared with the previous year in
the total lint and linters combined of 36,269 bales, or 6.8%.
The following is the statement:
314,408,710
88,224
76,481
The 14 countries included in the survey are Austria, Belgium, Bulgaria.
Czechoslovakia, France. Germany, Holland, Hungary, Irish Free State.
Italy, Poland. Spain. Sweden and the United Kingdom.
Sugar stocks on hand for these countries on Nov. I 1935 amounted to
3,066.100 tons as against 2,907.300 tons on the same date in 1934, an increase of 158.800 tons.
Production of sugar for the 14 principal European countries for the season
starting Sept. 1 1935 is forecast at 5,774,000 long tons, raw sugar, as against
6.488,000 tons in the previous season, a decrease of 714,000 tons, or approximately 11%.
$16,540,619
1.221,917
a Of these organizations 37 have discontinued automobile financ ng. b Of fbla
number, 34.5% were new ears, 64.4% were used ears, and 1.1% uric assitted. cot
these organizations, 24 have discontinued automobile financing. d Of this number,
35.5% were new cars. 63.3% used cars, and 1.2% unclassified. • Revised.
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED. AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting round as half bales, except foreign, which is
-pound bales.]
In 500
Cotton Consumed
DuringYear
Nov.
(bales)
United States
Cotton on Hand
Nov. 30
Cotton
In Con- In Public Spindles
Four
Active
Storage
Months sliming
Ended Establish- de at Cam- During
presses November
meats
Nov. 30
(bales) (Number)
(bales)
(bales)
11935 507,836 1.917,559 1,346,127 8.629,812 23.193.734
.
1 1934 480,081 1,716,750 1.294,456 9.803,690 25,072.392
Cotton-growing States___. 1935 426,794 1.607,307 1,171.280 8.520,533 17.016,232
1934 384,937 1,372.630 1.044.921 9,588.505 17,406,762
1935 66,815 253,313 147,244 103,155 5,526.938
1934 72,545 267.745 204.793 172.864 6,994.478
650.564
6,124
27.603
56,939
1935 14.227
All other States
671,152
42,321
44,742
76,375
t 1934 22.599
Included Above
13,546
22.597
21.889
1935 5,222
Egyptian cotton
21,540
29,349
31,192
1934 8.477
3,656
9,348
18,231
1935 4,771
Other forelgn cotton
13,462
18.599
10.422
1934 2,696
2,294
4,148
7,457
cotton__ 1935 1.764
-Egyptian
Amer.
3,456
4,437
2.923
740
1934
Included Above
Not
50,652
11935 59,549 245,648 161,897
Linters
51.740
i 1414 51 035 222.673 229.996
New England States
Sugar Deliveries by United States Beet Companies
January to December 84% of 1935 Quota, According
to New York Coffee & Sugar Exchange
Deliveries of all United States beet sugar companies are
still behind schedule with but 84% of their quota reached
during the first 11 months of this year, and in point of
are 11.3% behind last year's comparable period,
volume %
according to calculations of the New York Coffee & Sugar
Exchange. Under date of Dec. 17 the Exchange further
announced:
Deliveries (January through November) aggregated 1.216.995 short
tons of refined sugar, a decrease of 155,086 tons or 11.3% when compared
with deliveries of 1,372,081 tons during the similar 1934 period. Deliveries
during November were 87,061 tons against 122,729 tons in October and
92,475 tons in November last year.
Distribution, so far, is equivalent to 1.302,185 short tons (raw value) or
-ton 1935 quota" provided for the domestic beet
84% of the "1,550,000
sugar producers under the Jones-Costigan Act, leaving a balance of 247.815
"within the quota" during December. As this balance
tons for distribution
Is more than double the best previous December distribution, it is generally
conceded by the trade that the 1935 quota will not be completely filled.
Domestic Cotton Stocks Nov. 30 Below Previous Three
Years According to New York Cotton Exchange
The total stock of cotton in all hands in the United States
at the end of November, including the unpicked portion of
the crop, was approximately 13,274,000 bales, according to
the New York Cotton Exchange Service. On the corresponding date last year the stock was 13,614,000, two years ago
15,335,000, and three years ago 17,378,000. Under date of
Dec. 16 the Exchange Service continued:
The domestic statistical situation has been radically changed, needless
to say, by the reduction of the crop prospect by about 1.000,000 bales since
the beginning of the season. Had the crop proven equal to the initial
government estimate, the end-November stock would have been 660,000
evlou
bales more, rather than 340,000 bales less than that a year prexpor as..
a
stuningg the same distribution by domestic consumption and exports
30. Both domestic consumption and exports have run much in excess
Nov.
of last season, consumption totaling 1,910.000 bales from Aug. 1 to Nov. 30,
as against 1.717,000 in the same period last year, and exports 2.499.000
bales, compared with 1,857,000. Total distribution to end November has
thus aggregated 4,409.000 bales compared with 3.574.000 last year.
It may be easily computed that if the crop proves to be equal to the latest
government estimate, and if domestic consumption and exports during the
balance of the season Were equal only to the consumption and exports in
the same period last season-thus no longer running in excess of last season
the total stock of cotton in all hands in this country at the end of the season,
next, would be 340.000 bales less than that at the end of last season.
July 31
However, during the first two weeks in December, both domestic con-
Imports of Foreign Cotton (500-1b. Bales)
Country of Production
Egypt
Peru
China
Mexico
British India
All other
Total
4M00. End. Nov. 30
November
1935
1934
1935
1934
4,843
25
655
6,818
30
139
19,492
105
1,023
1,833
47
1,268
9,077
47
26,729
317
565
1.018
10.084
5
7.403
8.255
29,744
38.718
Exports of Domestic Cotton, Excluding Linters
-See Note for Linters)
(Running Bales
Country to Which Exported
November
4 Mos, End. Nov. 30
1935
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
Total
1934
1935
1934
259,831
159,596
58,058
136.563
34,721
39.629
114.586
285,708
10,040
30,354
5,788
91.758
41,660
79,015
21,732
23,051
7.311
59,180
199.870
11.743
35,212
1,827
637.463
309.809
162.603
311,126
84.931
77.705
249,594
634,424
19,543
73,626
13,962
254.595
162,859
184.355
163.554
91,008
26,903
185,078
693,188
43,357
82,815
6.430
1,134,874
572,359 2.574.786 1,894,142
Note-Linters exported, not Included above, were 30.303 bales during November
the four months ending Nov. 30
In 1935 and 18,683 bales in 1934; 79,315 bales for
for November 1935 follows:
In 1935 and 67,553 bales in 1934. The distribution
Netherlands, 2.722; Belgium. 800: France, 5,451; Germany,
United Kingdom, 9,854;
Poland and Danzig.
5.812; Italy. 719: Canada, 966; New Zealand, 8; Japan, 3,413:
558.
WORLD STATISTICS
exclusive of linters, grown
The world's production of commercial cotton,
sources was 22,869.000 bales, counting
In 1934, as compiled from various
foreign in bales of 478 pounds lint, while the
American in running bales and
the
consumption of cotton (exclusive of linters in the United States) for
bales. The total number of
year ending July 31 1935. was 25.283,000 is about 154.000,000.
spinning cotton spindles, both active and idle,
3932
Financial Chronicle
Daily Average Crude Oil Production Jumps 83,760
Barrels
The American Petroleum Institute estimates that-the daily
average gross crude oil production for the week ended Dec. 14
1935 was 2,869,050 barrels. This was a gain of 83,750 barrels
from the output of the previous week. The current week's
figure was also 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 average production for the four
weeks ended Dec. 14 1935 is estimated at 2,828,700 barrels.
The daily average output for the week ended Dec. 15 1934
totaled 2,418,850 barrels. Further details, as reported by the
Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Dec. 14 totaled 1,346,000 barrels,
a daily average of 192,286 barrels, compared with a daily average of 61,714
barrels for the week ended Dec. 7 and 130,500 barrels daily for the four
weeks ended Dec. 14.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Dec. 14 totaled 272,000 barrels, a daily average of 38,857 barrels, as
against 22,607 barrels daily for the four weeks ended Dec. 14.
Reports received from refining companies owning 89.6%
of the 3,869,000 barrel estimated daily potential refining
capacity of the United States indicates that 2,580,000 barrels
of crude oil daily were run to the stills operated by those
companies, and that they had in storage at refineries at the
end of the week 26,009,000 barrels of finished gasoline;
5,394,000 barrels of unfinished gasoline, and 104,466,000 barrels of gas and fuel oil Gasoline at bulk terminals, in transit
and in pipe lines amounted to 18,209,000 barrels.
Cracked gasoline production by companies owning 95.9%
of the potential charging capacity of all cracking units averaged 555,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
B.0/2W.
Average
Dept. of
4 Weeks
int. Cal- Week End. Week End. Ended
culations Dec. 14
Dec. 7
Dec. 14
1935
1935
(Dec.)
1935
480,100
138,700
Week
Ended
Dec. 15
1934
504,500
147.100
458,550
135,500
486,800
143,100
487,050
127,000
62,600
56,050
25,400
159,500
48,450
435,500
65,200
208,850
58,500
59,800
25,600
159,150
45,900
435,000
64,750
208,300
63,300
58,800
25,600
162,300
46,700
434,400
64,350
208,150
58,100
56,250
26,550
137,650
47,000
401,750
55,050
165,250
1,005,800 1,061.550 1,057,000 1,063,600
947,600
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas
North Louisiana
Coastal Louisiana
38,150
127,300
35,850
126,200
23,700
82,900
128,000
165,450
161,200
162,050
106,600
28,100
97,800
41,800
35,100
11,500
4,000
55,500
Total Louisiana
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico
36,850
124,350
29.500
108,450
46,050
37,300
13,100
4,100
57,350
29,550
102,350
44,850
36,750
13,300
4,150
57,300
29,600
105,200
47,650
36,850
13,100
4,100
57,600
31,050
99,200
28,300
36.200
11,600
3,150
45,900
Total east of Callfornht_ 2,026,400 2,174,450 2,100,500 2,149,650 1,923,650
California
513,800
Total United States
694,600
684,800
679,050
495,200
2.540,200 2,869,050 2,785,300 2,828.700 2.418,850
Note--The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED DEC. 14 1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
District
PolesHai
Rate
East Coast-Appalachian.
bac,Ill.,Ky.
Okla., Kan.,
Missouri-Inland Texas
Texas Gulf--Gulf_ _ __
La.
No. La -Ark.
Rocky Mtn_
California_
Totals week.
Dec,14 1935
Dec. 71035
Crude Runs
to Stills
Weekt a Stocks
of
of
Fin(inRepor ing
Daily P. C. ished finished
Aver- Oyer- Gaso- GayeTotal P. C. age
ated
line
line
612
154
442
612 100.0
146 94.8
424 95.9
460 75.2 12,109
109 74.7 1,877
356 84.0 7,473
453
330
680
169
80
97
852
384
160
658
163
72
60
789
250
88
570
130
50
33
534
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
b Stocks
of
Other
Motor
Fuel
Stocks
of
Gas
and
Fuel
Oil
918
263
570
170 10,522
921
55
45 3,383
4.840
1,280
4,730
1,093
245
795
9,776
464
171
1,565
246
34
107
1,056
610 4,395
1,565 1,645
115 11,077
____ 4,502
120
581
744
105
1,545 66,716
2.580 74.4 d44.218
2.483 71.6 c42686
5,394
5296
4,330 104,466
445.t 104_574
65.1
55.0
86.6
79.8
69.4
55.0
67.7
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated
Includes unblended natural gasoline at refineries and plants: also blended motor
fuel at plants. c Includes 24,832,000 barrels at refineries and 17,854,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 26,009,000 barrels at refineries
and 18,209,000 barrels at bulk terminals, in transit and pipe lines.
Petroleum and Its Products-League of Nations Drops
Oil Embargo Plans--East Texas January Allowable
Pared-Inter-State Compact Officials Meet-Daily
Average Crude Output Spurts
Complete collapse of the Anglo-Franco peace program for
ending the Italian-Ethiopian war due to united opposition
within the League of Nations to the plan brought with it
almost certain abandonment of the plan to institute oil
embargoes against Italy by League members.
While the Committee of Eighteen, League steering committee, may act upon oil embargoes at further meetings, the
Dec. 21 1935
possibility is viewed as slight. Thus, the League's campaign to penalize Italy for its alleged violation of League
rules by stopping movements of "secondary" war materials
seems stopped.
Despite evidence introduced by a large group of independent operators in the East Texas field at the proration
hearings during the first half of the week in an effort to obtain
higher production quotas in the field, the Texas Railroad
Commission ordered a reduction of 7,000 barrels daily to
428,000 barrels for January.
Under the new allowable, the State's quota has been pared
to 1,015,111 barrels from the current level of 1,072,000 barrels daily, all of the larger fields suffering reductions in their
allowables. The new Texas allowable is under the recommended level of 1,017,200 barrels set by the United States
Bureau of Mines.
At hearings in Austin Monday it was stated that January
nominationsfor the purchase of Texas crude totaled 1,186,841
barrels, of which 550,475 barrels was in the East Texas
field. The latter figure is 125,000 barrels in excess of the
current daily allowable output in that area.
A recommendation that the 'allowable of the East Texas
field be increased 200,000 barrels above its current 436,000barrel level was made by C. S. Hudnall,former chief petroleum engineer for the Commission, who appeared at the hearings as a representative of a group of small independent
operators and royalty owners.
A plan for gradual increase of the field's allowable to reach
the 625,000-barrel daily level to avoid any marked decline
in bottom-hole pressure was offered by Mr. Hudnall. He
suggested that the increase be made effective at the rate of
25,000 barrels monthly until the ultimate total was achieved.
The following day was devoted to hearing representatives
oftmajor companies who offered testimony in support of
their plea for the State-wide adoption of an acreage basis of
proration. The argument that unless the present intensive
drilling program slackens, many large wells will have to
"go on the pump" as a result of lessened bottom-hole pressure
was advanced by the major companies' witnesses.
Representatives of Michigan and California attended the
meeting of the Inter-State Oil Compact Commission in
Oklahoma City early in the week. Members attending the
meeting heard Governor Marland, of Oklahoma, Chairman
of the Commission, say that the compact group has achieved
one major objective, that of bringing the conservation of
oil and gas under the sponsorship of the industry.
Therefore, he argued, "there is no need for the Federal
Government trying to do what we are doing." Opposition
to any further Federal control or interference with the
problems of the petroleum industry was a general consensus
at the compact gathering. The next meeting of the Commission will be held at Oklahoma City in March.
The Michigan administration has drawn up certain oil
legislation designed to aid the State to co-operate more
effectively with the Commission which will be submitted to
the next session of the Legislature, Henry Hunt, who
attended the meeting as a representative of the Michigan
Governor, said. Oil operators and Governor Merriam, of
California, want to co-operate with the compact and California probably will join it after the next session of the
Legislature has passed the necessary legislation, Neal
Anderson, acting as an observer for California, stated.
Due primarily to the normal mid-month run-up jn Oklahoma oil production, daily average crude output in the
United States during the week ended Dec. 14 rose 83,750
barrels to 2,869,050 barrels, reports released by the American
Petroleum Institute disclosed. This compared with estimated demand of 2,540,200 barrels, and output last year
of 2,418,850.
An increase of 45,950 barrels in Oklahoma output lifted
the daily average there to 504,500 barrels, against estimated
demand set by the Bureau of Mines for December of 480,100
barrels. California production of 694,600 barrels was up
9,800 barrels on the week, and compared with estimated
market demand of 513,800.
Kansas showed a gain of 11,600 barrels in daily average
production, rising to 147,100 barrels, against estimated
demand of 138,700 barrels. Texas output was up 4,550
barrels to 1,061,550 barrels, against 1,005,800 barrels.
Louisiana production also rose, gaining 4,250 barrels to
165,450 barrels, against estimated demand of 128,000 barrels.
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities hwere A. P. L. degrees are not shown)
Bradford. Pa
$2.30 Eldorado, Ark., 40
Lima (Ohio 011 Co.)
1.15 Rusk, Tex., 40 and over
Corning, Pa
1.32 Darst Creek
Illinois
1.12 Midland District, Mich
Western Kentucky
1.13 Sunburst, Mont
Mid'Cont., Okla.,40 and above.-- 1.07 Santa Fe Springs, Ca1.38 & over
Iiutchinson, Tex..40 and over
.81 Huntington, Calif., 30 and over
Spindietop, Tex.. 40 and over
1.03 Kettieman Hills. 39 and over
Whaler, Tex
.75 Petrolia, Canada
Smackover. Alf.. 24 and over
.70
11.00
1.00
.87
1.02
1.23
.89
.82
90
1.10
REFINED PRODUCTS
-RETAIL GAS PRICES ADVANCED IN
SEVERAL AREAS
-PRICE-WAR IN BROOKLYN-GASOLINE
STOCKS GAIN-REFINERY OPERATIONS SPURT-DRACKED
"GAS" OUTPUT RISES
Further contra-seasonal advances in retail gasoline prices
in several areas along the Atlantic Seaboard shared interest
in refined petroleum markets with a sharp gain in gasoline
stocks.
Volume 141
3933
Financial Chronicle
4
..,
NON.Q.NOVW.!.MQNN.poiDc9V0oN=QMN
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.
Socony-Vacuurn made an advance of 3. -cent a gallon 332,675,000 tons of soft coal and 53,217,000 tons of hard coal
in retail gasoline prices throughout Connecticut on Monday. produced in the same period of 1934. The Bureau's statement follows:
Two days later, the same company led in an advance of 1
cents in the "pump" price of gasoline at Rochester, N. Y., ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
to 173/i cents a gallon, taxes included.
Tank wagon and service station prices of gasoline at RichCalendar Year to Date
Week Ynded
mond, Va., were advanced 2 cents a gallon on Tuesday by
Dec. 7 Nov. 30 Dec. 8
Standard Oil Co. of New Jersey. Under the new schedule,
1929
1934 e
1934
1935
1935 c 1935 d
which follows a period of competitive price-cutting which
brought prices below normal levels, service station prices of Bitum. coal: a
Tot.for peed 8,235,000 7,413,000 7,349.000 341,215,000 332.675,000 499,885,000
motor fuel are posted at 19.3 cents a gallon, taxes included.
1,158,000 1,733.000
Daily aver
Developments in the local market were featured by a sharp Pa. anth.: b _ 1,372,000 1,483.000 1,225,000 1.188,000
Tot,for per'd 1.147.000 920,000 707,000 47,530,000 53,217,000 68.300,000
reduction in retail gasoline prices in Brooklyn. Service
240,100
187.100
167,100
Daily
station prices were cut 3 cents a gallon by major units to Beehive aver_ 191,200 184,000 117,800
coke:
933,800 6,193.900
845,900
21,000
30,900 24.600
Tot,for per'd
meet independent price-cutting competition. The new level,
21,212
3,198
2.897
3,500
4,100
5,150
Daily aver_ _
posted Friday, is 16.3 cents a gallon, taxes included. Other
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
gasoline prices, wholesale and retail, held firm.
Sullivan County, washery and dredge coal, local sales, and colliery fuel and coal
Increased strength in lubicating oils also was a marked shipped by truck from established operations. Does not include an unknown amount
feature. Factors seeking to cover requirements for early of "bootleg" coal. c Subject to revision. d Revised.
1936 are finding the market tight, and higher prices are
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES
(IN THOUSANDS OF NET TONS)
viewed as an immediate possibility. Fuel oils are strength(The current weekly estimates are based on railroad carloadings and river shipening under seasonal stimulus.
ments,and are subject to revision on receipts of monthly tonnage reports from district
A 2.8-point gain in refinery operations, which restored the and State sources or of final annual returns from the operators.)
rate to mid-summer levels at 74.4% of capacity, last week
Week Ended
Nor.
was accompanied by an increase of 1,532,000 barrels in gasoAver. 1
Slate
line stocks, the American Petroleum Institute report disNov. 30 Nov. 23 Dec.1 Dec. 2 Nov. 30 Aver. I
1923
1935p 1935p 1934r 1933r 1929
closed. In the first week of December, gasoline stocks were
off 474,000 barrels, in a contra-seasonal decline.
a
s
2
3 s
kiosks
177
294
409
140
158
While gasoline consumption has held at record levels in
klabama
93
38
131
100
Irkansas and Oklahoma
60
the final quarter, operations at the Nation's refineries have
274 f'236
S:olorado
175
153
123
been much higher than is normal at this time of the year. Deorgia and North Carolina
s
s
1
1 a
1,026
814
835 1,389 1,571
Despite this, however, gasoline stocks have scored contra- Illnois
291
364
536
ndiana
347
301
seasonal declines over the past few rabnths.
91
Iowa
71
67
68
128
150
122
112
160
175
Kansas and Missouri
The sharp decline registered in the first week of the current
Kentucky-Eastern a
432
852 ' 724
681
464
month was a distinct surprise to the trade although it was
Western
156
143
313 ' 218
165
43
31
35
VIaryland
33
34
part due to a sharp reduction of operations at reporting
11
15 11 26
10
12
refineries. The normal rise in December lifted stocks gichigan
Viontana
46
78 .1 83
1
r
85
79
27
52 r 62
36
29
4,273,000 barrels in the final month in 1934, 1,956,000 Sew Mexico
Vorth
40
841
856
s35
69
barrels a year earlier, 3,624,000 in 1932 and 1,836,000 in 3hio and South Dakota
441
338
366
403
764
Pennsylvania bituminous
1930. In 1929, December stocks rose 5,264,000 barrels.
1.973 1.460 1,635 2,443 2,993
Tennessee
117
104
84
77
56
Both refinery and bulk terminal holdings of gasoline scored
Texas
15
15 V 29
15
14
substantial increases last week. Refinery stocks rose 1,- Utah
112
141
105
76
67
Virginia
217
140
248
222
166
177,000 barrels, while bulk terminal holdings gained 355,000 Washington
27
54
172
33
38
barrels. The increased refinery rate brought a rise of 97,000 West Virginia-Southern b
1.600 1,146 1,107 1,864 1,271
Northern
402
462
632 IL 776
449
barrels in daily average runs of crude oil to stills to 2,580,000 Wyoming c
103
155
J84
141
100
barrels. Daily average production of cracked gasoline rose Dther Western States d
*
85 • 1 s5
i
s5
11,000 barrels to 555,000 barrels. Stocks of gas and fuel oils
Total bitumtnous coal
7,413 8,152 6,306 6,358 10,176 10.878
were off 108,000 barrels to 104,466,000 barrels.
Pennsylvania anthracite
779
906 1.385 1,896
920 1,000
Representative price changes follow:
1
Dec. 16-Socony-Vacuum advanced service station prices of gasoline
M cent a gallon throne Connecticut.
-Standard Oil Co. of New Jersey advanced tank wagon and
Dec. 17
service station prices of gasoline at Richmond, Va., 2 cents a gallon.
"Pump" prices for gasoline are now 19.3 cents a gallon, taxes included.
Dec. 18-Socony-Vacuum led in an advance of 134 cents a gallon in service station prices of gasoline at Rochester, N. Y., to 17.5 cents a gallon.
taxes included.
Dec. 20-MaJor companies cut service station prices of gasoline 3 cents
a gallon in Brooklyn, N. Y., to 15.3 cents a gallon, taxes included.
Gasoline. Service Station Tax Included
5.198
z New York
Cincinnati
$ 175
$.169
Minneapolis
z Brooklyn
.163 Cleveland
.175
New Orleans
2.15
Newark
17
Denver
.2o
Philadelphia
185
17
Camden
Detroit
155 Pittsburgh
19
.17
Boston
Jacksonville
.205 San Francisco
15
Buffalo
.165 Houston
.17
St. Louis
.172
.16
Los Angeles
Chicago
15
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
North Texas_5.034-.033 New Orleans_$.034-.04
New York
05% Los Angeles. .0454-.05 I Tulsa
(Bayonne)
0336-.04
,
Fuel 0 I, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
California 27 p us D
New Orleans C
5.80
Bunker C
6.95
51.15-1.25 Phila., bunker C
.95
Diesel 28-30 D_
1.65
Gas Olt, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
Chicago,
I Tulsa
S.025.1-.02%
27 plus---$.04 -.04k
32-36 GO--$.02%-.02% I
U. S. Gasoline (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
Standard Oil N. J_ _5.07
New YorkChicago
$.05%-.05
Socony-Vacuum____ .07%
Colonial Beacon__$.06K New Orleans- .05%-.05%
Tide Water Oil Co__ .07
Texas
.06q Los Ang..ex_ _ .05)i-.04'4
Richfield Oil (Calif.) .06%
Gulf
.0654 Gulf ports__ .053-.0554
Warner-Quinlan Co_ .0634
Republic Oil
06
Tulsa
.0554-.0554
Shell Fast'n Pet._ .0034
z Not Including 2% city sales tax.
Production of Coal During Latest Week Continues
Above Corresponding Period Last 'Year
The total production of soft coal during the week ended
Dec. 7, according to the weekly coal report of the U. S.
Bureau of Mines,is estimated at 8,235,000 net tons, as against
7,413,000 tons in the preceding week, when output was
curtained by the Thanksgiving Day holiday. Production
in the first week of December 1934 amounted to 7,349,000
tons.
Anthracite production in Pennsylvania during the week
ended Dee. 7 is estimated at 1,147,000 net tons. This is in
comparison with 707,000 tons produced during the corresponding week in 1934.
During the calendar year to Dec. 7 1935 a total of 341,215,000 tons of bituminous coal and 47,530,000 net tons of
Pennsylvania anthracite were produced. This compares with
Grand total
8,333 9,152 7,085 7.264 11,561 12,774
a Coal taken from under the Kentucky mountains through openings in Virginia
is credited to Virginia in the current reports, and the figures are therefore not directly
comparable with former years. b Includes operations on the N. az W.: C. & 0.:
Virginian; K.& M.; B. C. & G.; and the B. Jc 0. in Kanawha. Mason, and Clay
counties. c Rest of State, including Panhandle District and Grant. Mineral and
Tucker counties. d Includes Arizona, California, Idaho, Nevada, and Oregon.
p Preliminary. r Revised. s Alssak, Georgia, North Caroline and South Dakota
with "other Western States." • Lees than 1,000 tons.
Foreign Silver Quotation Lowered 7 Cents in Week
Stocks of Copper Show Drop
"Metal and Mineral Markets," in its issue of Dec. 19, states
that outstanding in developments in the market for nonferrous metals was the sharp break in silver prices. The
Treasury bought sparingly in London, which brought business in that important silver center almost to a standstill.
Secretary of the Treasury Morgenthau said that the change
In buying operations was "in the public interest." This
meager statement was interpreted in silver circles as signifying that the real cause of the unexpected move probably rests
with the Far East. The open market price of silver in New
York declined 7c. in the last week. November copper statistics showed a reduction in stocks abroad and here. The domestic price continued firm, but the foreign market suffered
because of the weakness in silver and the Ethiopian situation.
Lead sold in good volume. Zinc was inactive. The publication further said:
Copper Buying Fair
Early in the week the demand for copper was quiet, even though reports on
actual consumption of the metal were mostly of an encouraging nature and
the statistics revealed a drop in stocks. In the last two days, however,
business improved so that the tonnage disposed of during the last seven days
exceeded 6,000 tons. Talk of higher prices dwindled to near the vanishing
point, though the idea has not been dropped entirely by all producers. The
share decline in silver, coupled with the latest news on the move to settle
the Stab -Ethiopian difficulties, took some of the bullishness out of the foreign
market. Without a rising foreign price, many in the trade believe, the
domestic quotation cannot be increased so easily. The quotation here held
at 9.25c., Valley.
The decline in the London market
-to £38 10s, for electrolytic on Dec. 17
-was followed by some improvement in demand. Yesterday's market abroad
averaged slightly higher, with offerings not in the same volume as earlier
in the week.
The November copper statistics were generally accepted as favorable.
world stocks showing a reduction for the month of about 20,200 tons. The
disappearance of copper out of stock was larger abroad than in this country.
Mine output in the United States during November came to 41,530 tons, an
increase of 2,330 tons over the October total, and 10,030 tons larger than in
September. Production of blister copper in this country from ore and scrap
during November totaled 55,825 tons, against apparent consumption of
51,970 tons. Production of refined copper here during November was
49,727 tons.
A summary of the Copper Institute's latest compilation, circulated privately
i.e the industry, in short tons, follows:
3934
Financial Chronicle
Nov.
Oct.
Oct.
Nov. Shipments (apparent
39,200 41,530 consume.), refined:
59,100 51,970
United States
15,500 14,295
105,400 99,930
Foreign
73,100 73,705
11,000
9,500
164,500 151,900
Totals
-Totals
138,800 139,030 Stocks, relined:
226,700 221,000
Production, refined:
United States
269,800 255,200
United States
46,250 49,727 Foreign
-Foreign
83,150 81.873
496,500 476,200
Totals
Totals
129,400 131,600
Lead Buying Maintained
During the last seven-day period the sales of lead continued to reflect steady
buying, with the volume amounting to a little more than 5,000 tons. The
demand was well diversified, but, as in the preceding week, the battery
manufacturers and pigment makers did most of the buying. Several lots were
sold to cable manufacturers and lead sheet and pipe makers. On the basis
of domestic consumption being at the rate of about 40,000 tons per month,
producers believe that requirements for December are about 100% filled and
for January about 50%. Some producers report that metal ordered for
January delivery is being called for in December, thereby indicating active
business on the part of some consumers.
The undertone of the domestic market remained firm, with the price
unchanged at 4.50c., New York, the contract settling price of the American
Smelting & Refining Co., and 4.35c. St. Louis.
Production (blister):
U. S. mine
U. S. scrap
Foreign mine
Foreign scrap
Zinc Demand Slackens
Buying of zinc during the week that ended yesterday was inactive. There
was no selling pressure and the undertone of the market remained quite firm.
The price of Prime Western continued at 4.85c., St. Louis. In most quarters
it was felt that a recovery in the London price might be followed by a
higher market here. The statistical position of the metal is very good, with
almost as much zinc sold for future delivery as is now held in stock. In
the week ended Dec. 14, sales of Prime Western zinc totaled 6,880 tons.
Forward sales, or unfilled orders, totaled 60,251 tons.
Tin Price Easier
The tin market became gradually easier during the week on the prospects
of increased stocks. The quotation for Straits tin started at 49.50c., then
rose slightly to 49.850c. in the middle of the week and closed at 49.75c.
Sales for the week were in moderate volume.
Chinese tin, 99%, was quoted as follows: Dec. 12, 48.375c.; Dec. 13,
48.5000.; Dec. 14, 48.5000.; Dec 16, 48.725c.; Dec. 17, 48.725c.; Dec. 18,
48.625c.
Seasonal Influences Depress Steel Production
The "Iron Age," in its issue of Dec. 19, stated that steel
ingot production has receded one-half point to 5512% in
/
response to year-end influences, and another decline is looked
for next week, followed by a recovery in the new year.
Though consumers generally are paring stocks in preparation
for inventory taking, the cumulative effect on mill operations to date has been slight. Ingot output is off one point
to 43% at Pittsburgh, two points to 82% at Cleveland, and
one point to 38% in the Philadelphia district, but has advanced two points to 61% at Chicago and is holding unchanged in other centers. The "Age" further stated:
The "Iron Age" scrap composite, representing the average of heavy melting
steel prices at Pittsburgh, Chicago and Philadelphia, has declined from
$13.42 to $13.33 a gross ton, following a 25c. a ton recession at Chicago.
In most markets, however, scrap prices are strong, and at Buffalo heavy
melting grade has risen 50c. a ton. At New York, Italian interests have
established bank credit for the purchase of upward of 100,000 tons of steel
scrap on a cash basis.
The high rate of activity in the automobile industry, expanding railroad
buying, a revival of private shipbuilding, a rise in construction work and
prospective increases in the operations of farm equipment makers indicate
that the general trend of iron and steel demand is still upward.
Automobile assemblies for December are now estimated at 400,000, and
the total for the year will approximate 4,135,000 units, a gain of 44% over
1934 and the largest output since 1929. Retail demand for cars has
exceeded expectations; the most pressing problem of the industry is to keep
used car sales abreast of new car sales.
The award of 10,000 freight cars by the Pennsylvania RR. will mean
wide distribution of the required 110,000 tons of steel among the mills in the
territory served by that line. The Central of Georgia has bought 4,500 tons
of rails. The Santa Fe plans to build 550 freight cars and to purchase
rails and track fastenings for 330 miles of track.
Close to 15,000 tons of hull steel will be required for the transatlantic
vessel placed by the United States Lines with the Newport News Shipbuilding
& Dry Dock Co. The Sun Shipbuilding & Dry Dock Co. is low bidder on two
tankers, calling for 10,000 tons of plates, and several other tank vessels
are pending. Three ferryboats awarded by the City of New York involve
4,500 tons of plates.
A total of 5,800 tons, including structural shapes, plates, bearing piles.
girder rails and reinforcing steel, has been placed for the Commonwealth
pier, Boston. For flood control at Los Angeles the government has awarded
14,537 tons of reinforcing bars.
Structural steel lettings, at 24,400 tons, compare with 18,000 tons in the
previous week. New projects total 17,150 tons as against 19,350 tons. New
work up for bids includes 8,000 tons for a railroad passenger station and
4,000 tons for an automobile assembly Plant, both in Los Angeles.
Total awards of structural steel, plate work, reinforcing steel and piling
reported in the "Iron Age" to date this year are 1,161,742 tons as compared
with 1,105,923 tons in the corresponding period in 1934.
Coal prices have gathered strength, but Connellsville coke has weakened,
spot furnace grade declining 10c. to $3.50 a ton, and foundry grade 25e.
to $4 a ton.
Quantity extras on wire nails and other merchant wire products, introduced last August, have been abandoned and existing base prices, except
on woven wire fence, are now being quoted on either straight or mixed
carloads, with preferential, allowed to jobbers. Quotations on wire fence
have been advanced $3 to $61, base column. Extras for less-than-carload
lots are 20c. per 100 pounds on all merohant products except bale ties and
fencing, on which the extras are 25c. per 100 pounds. Cold-rolled strip
prices, following recent concessions of upward of $3 a ton in the Detroit
area, have steadied. Contracting for finished steel has been in good volume,
reflecting the growing belief that a general advance in prices will eventually
occur some time in the first quarter.
Pig iron shipments in the Great Lakes area are running close to 75%
ahead of November. Automotive foundries are melting metal as soon as it is
Dec. 21 1935
received, but some of the iron moving to melters serving other industries
is being added to stock piles. An additional blast furnace has been lighted
at Ensley, Ala.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $18.84 a gross ton and 2.130c. a pound, respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates
Dec. 17 1935, 2.1300. a Lb.
2.130c. wire, rails, black pipe, sheets and hot
One week ago
2.1300. rolled stripe. These products make
One month ago
3 124e. 85% of the United States output.
One year ago
Nigh
2.1300. Oct. 1
2.199c. Apr. 24
2.0150. Oct. 3
1.9770. Oct. 4
2.0370. Jan. 13
2.2730. Jan. 7
2.3170. Apr. 2
2.2880. Dec. 11
2.4020. Jan. 4
1935
1934
1933
1932
1931
1930
1929
1928
1927
Low
2.124e. Jan, 8
2.0080. Jan. 2
1.8670. Apr. 18
1.926o, Feb. 2
1.9450. Dec. 29
2.0180. Dec. 9
2.2730. Oct. 29
2.2170. July 17
2.2120. Nov. 1
pig Iron
Dec. 17 1935, $18.84 a Gross Ton 1Based on average of basic iron at Valley
$18.84 furnace and foundry irons at Chicago.
One week ago
18.84 Philadelphia, Buffalo, Valley and
One month ago
17.90 Birmingham.
One year ago
High
Low
$18.84 Nov. 5
$17.83 May 14
1935
17.90 May 1
16.90 Jan. 27
1934
13.56 Jan. 3
16.90 Dec. 5
1933
14.81 Jan. 5
13.56 Dec. 6
1932
15.90 Jan. 6
14.79 Dec. 15
1931
18.21 Jan, 7
15.90 Dec. 16
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
19.71 Jan. 4
17.51 Nov. 1
1927
Steel Scrap
Dec. 17 1935, 313.33 a Gross Ton (Based on No. 1 heavy melting steel,
313.42( quotations at Pittsburgh, Philadelphia
One week ago
13.001 and Chicago.
One month ago
11.581
One year ago
Low
High
. 3
$13.42 Dee. 10
$10 53 Apr. 25
9. 0
.
3
1935
13.00 Mar. 13
1934
12.25 Aug. 8
6..75 a9 5
43 u1y 3
.
8.50 Jan. 12
8.50 Dec. 29
11.33 Jan. 6
11199933323
1
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
1929
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11
The American Iron and Steel Institute on Dec. 16 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 54.6% of the
capacity for the current week, compared with 55.7% last
week, 53.7% one month ago, and 34.6% one year ago. This
represents a decrease of 1.1 points, or 2.0%,from the estimate
for the week of Dec. 9. Weekly indicated rates of steel
35
operations since Dec. 10 1934 follow:
1914Dec. 10
Dec. 17
Dec. 24
Dec. 5
1933
L
32.7%
34.6%
35.2%
39.2%
Jan, 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
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% July 1
46.1% July 8
44.4% July 15
43.8% July 22
44.0% July 29
44.6% Aug. 5
43.1% Aug. 12
42.2% Aug. 19
43.4% Aug. 26
42.8% Sept. 2
42.3% Sept. 9
39.5% Sept. 16
39.0% Sept. 23
38.3% Sept. 30
37.7% Oct. 7
32.8%
35.3%
39.9%
42.2%
44.0%
46.0%
48.1%
48.8%
47.9%
45.8%
49.7%
48.3%
48.9%
50.8%
49.7%
14
Oct.35Oct. 21
Oct. 28
Nov. 5
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
50.4%
51.8%
51.9%
50.9%
52.6%
53.7%
55.4%
56.4%
55.7%
54.6%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Dec. 16 stated:
Iron and steel demand is proving unusually resistant to year-end influences.
In pig iron production, so far in December there has been practically no letdown, while shipments are 7.5% over the comparable period in November, and
malters' stocks are lower than they had anticipated.
In steel, though ingot output has dropped 21 points to 54%%, some
/
2
leading finishing mills have actually increased schedules. Sheet mills are
operating at 65 to 75%, strip mills at 60 to 65, highest this year, and tin
plate manufacture has advanced 5 points to 80%.
Some recession as the inventory and holiday season approaches is considered inevitable. No weakness, however, is apparent in the underlying
market situation, and from present indications the lull will be of short
duration. Many finishing mills plan to continue at present levels right up
to pm rImas. With few exceptions, mills have good backlogs for January
Chen
shipment.
Automobile production, railroad and structural steel buying all show eviabout
dence to expanding. Output of new models last week increased aut 5,000
it e ot
98,500, largest for any week since their introduction in October.
A considerable portion of the 115,000 tons of steel required for 10,000
freight cars allocated last week by Pennsylvania RR. Is expected to be
dw
with
s
this month. With these awards, the total for new freight
cars this
is 19,258, compared with 23,629 in 1934. Union Pacific has
10,258,
ordered two 10-car diesel-electric passenger trains. Wabash receivers have
been authorized to purchase 10,000 tons of rails and accessories, while Central
of Georgia has closed for 4,500 tons of rails.
Topped by 5,800 tons for a pier development at Boston, structural shape
awards for the week rose to 27,678 tons, highest since September. Eastern
oil companies are negotiating for 10,000 tons of plates for tanks, including
3,000 tons for Atlantic Refining Co.'s project at Point Breeze, Pa. An
investment group is inquiring for 100 steel barges, which would require
15,000 tons of steel, for chartering to river shippers.
The price situation in pig iron and semi-finished steel is being affected
by the inability of some consumers to take in by Dec. 31 all material for
which they had contracted prior to recent advances. It Is further complicated
by the inability of some pig iron producers to complete deliveries before
the end of the quarter. The code practice in this respect may be waived.
As finished steel prices did not share in the rise, non-integrated mills have
been making a concerted drive against the $2 lift in semi-finished, and some
makers of the latter material may permit shipments in January on orders
received up to Dec. 31. This would delay the effective price date until
3935
Financial Chronicle
Volume 141
about the middle of February." Similarly, some pig iron placed before the
recent $1 a ton increase may be shipped next year.
Makers of merchant wire products have discarded the quantity differential
system which they adopted in August. Former base prices now apply, with
less-carload lots up $4 a ton instead of the former $2. Fencing is up $3 to
$5 per base column.
Meanwhile, scrap prices continue moving upward, contrary to the usual
seasonal trend. At Pittsburgh heavy melting steel has advanced 50c. to $14
to $14.50. "Steel's" scrap composite is up 13c. to $13.29, topping a sevenweeks' steady rise with a figure which is highest since May 1930. In
January 1933 this index was $6.21. Pennsylvania RR.'s offer of 50,000
tons of scrap has not tended to unsettle the market.
Ferromanganese prices have been reduced $10 a ton, and silicomanganese
$5, effective Jan. 1, due to recent foreign trade agreements. Connellsville
coke prices are off 25c. a ton.
Chicago district steelworks operations last week declined 4 points to 59%;
Pittsburgh, 1 to 42; eastern Pennsylvania, 2% to 37; New England, 11
to 82. Cleveland was up 2 to 84; Youngstown, 2 to 62, and other districts
unchanged.
"Steel's" iron and steel price composite is up 2c. to $33.32; the finished
steel index unchanged at $53.70.
Steel ingot production for the week ended Dec. 16 is placed
at about 56% of capacity, according to the "Wall Street
Journal" of Dec.19. This compares with 57% in the previous
week and 564j% two weeks ago. The "Journal" further
stated:
U. S. Steel is estimated at 47% against 46% in the week before and 45%
two weeks ago. Leading independents are credited with 64% compared
with 67% in the two preceding weeks.
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:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1097
_
U. S. Steel
Independents
56 —1
34 + 254
33 + 3
1454— 1
25 — 154
37
6334— 34
80 —2
57W-i- 4
47+1
28 + 1
30 + 251
15 — M
26 — 1
44+1
64 — 1
82
70ie+ 5
64-3
38 + 3
35 + 354
1454— 1
24 — 2
33-1
63
79 —3
65 -I- 3
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. 18, as reported by
the Federal Reserve banks, was $2,498,000,000, an increase
of $18,000,000 compared with the preceding week and of
$27,000,000 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. 18, total Reserve bank credit amounted to $2,483,000,000, an
Increase of $9,000,000 for the week. This increase corresponds with increases of 3603,000,000 in Treasury cash and deposits with Federal Reserve
banks and $61.000.000 in money in circulation, offset in part by decreases
of $603,000,000 in member bank reserve balances and $11.000,000 in nonmember deposits and other Federal Reserve accounts and increases of
$30,000,000 in monetary gold stock and $11,000,000 in Treasury and
national bank currency. Member bank reserve balances on Dec. 18 were
estimated to be approximately $2,710,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of 33.000.000 in
holdings of United States Treasury notes was offset by a decrease of $3.000,000 in holdings of United States Treasury bills.
The statement in full for the week ended Dec. 18, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3972 and 3973.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Dec. 18 1935 were as follows:
Increase (+) or Decrease (—)
Since
Dec. 18 1935 Dec. 11 1935 Dee. 19 1934
$
$
$
Bills discounted
7,000,000 +1,000,000
—2,000,000
Bills bought
5,000.000
—1,000,000
U. S. Government securities
2,430,000.000
Industrial advances (not including
$28,000,000 commitm'ts—Dec. 18) 33,000,000
+21.000,000
Other Reserve bank credit
8,000.000 +8.000,000
—12 000 000
. .
Total Reserve bank credit
2,483,000.000 +9,000.000
+6,000.000
Monetary gold stock
10098,000,000 +30,000,000 +1.900.000,000
Treasury Si National bank currency-2,458,000.000 +11,000.000
—47,000,000
Money in circulation
5,902.000,000
Member bank reserve balances
5,437,000.000
Treasury cash and deposits with Federal Reserve banks
3,161,000,000
Non-member deposits and other Federal Reserve accounts
539,000.000
+61,000.000 +315,000,000
—603,000.000 +1,494,000.000
+603.000.000
—60,000,000
—11,000,000
+111,000,000
Returns of Member Banks in New York
and Chicago—Brokers' Loans
City
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— --Chicatba---.
Dec. 18 Dec. 11 Dec. 19 Dec. 18 Dec. 11 Dec. 19
1935
1935
1934
1935
1935
1934
Assets—
Loans and Investments—total.. 7.993 7.883 7,388 1,823 1,776 1,596
Loans to brokers and dealers:
886
891
605
In New York City
26
Outside New York City
59
59
53
28
27
24
Loans on securities to others
757
744
(except banks)
790
147
150
170
169
170
228
16
Accepts, and com'i paper bought
17
65
124
124
133
Loans on real estate
16
16
19
45
39
69
5
Loans to banks
6
11
1,167 1,172 1.197
253
Other loans
246
215
U.S. Govern direct obligations- 3,415
Obligations fully guaranteed by
378
United States Government
995
Other securities
3,289
3,060
1,023
980
748
377
1,018
270
983
95
240
95
239
77
241
Reserve with F. R. Bank
Cash in vault
Due from domestic banks
Other assets—net
2,610
59
80
493
1,359
54
75
748
616
39
202
78
641
38
195
81
438
40
188
99
2,265
61
88
476
—chicago-—New York City—
Nov. 13 Nov.6 Nov. 14 Nov. 13 Nov.6 Nov. 14
1935
1934
1935
1934
1935
1935
$
$
$
8
Liabilities—
$
$
1,462 1,226
Demand deposits—adjusted___ _ 5,767 5.920 4,674 1,452
378
415
400
563
572
592
Time deposits
98
as
46
. 196
152
735
United States Govt. deposits._
Inter-bank deposits:
446
525
533
2,173 2,265 1,728
Domestic banks
5
2
4
401
404
117
Foreign banks
1
Borrowings
44
36
38
325
309
354
Other liabilities
228
229
225
1,458 1.458
1.468
Capital account
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 Dee. 11:
The condition statement of weekly reporting member banks in 101 leading cities on Dec. 11 shows an increase for the week of $130.000.000 in
reserve balances with Federal Reserve banks and $181,000,000 in demand
deposits-adjusted, and a decrease of $47,000,000 in deposit balances
standing to the credit of domestic banks. Total loans and investments
showed little net change for the week.
Loans to brokers and dealers in securities in New York City increased
$33.000,000; loans to brokers and dealers outside New York City declined
$1,000,000; and loans on securities to others (except banks) increased
38,000.000. Holdings of acceptances and commercial paper bought
increased $1,000,000; real estate loans declined $1,000,000; loans to banks
declined $23,000,000 in the New York district; and "other loans" declined
311,000.000.
Holdings of United States Government direct obligations declined $10.000,000 in the Chicago district and $5,000,000 at all reporting member
banks, and increased $14,000,000 in the San Francisco district and $8,000,000 in the New York district; holdings of obligations fully guaranteed
by the United States Government increased $2,000,000; and holdings of
"other securities" increased $1.000,000.
Demand deposits—adjusted increased $104,000,000 in the New York
district, $22,000.000 in the Chicago district. $18,000,000 in the Philadelphia
district $12,000,000 in the Kansas City district, 811,000,000 in the St. Louis
district and 8181,000,000 at all reporting member banks, and declined
317,000,000 in the San Francisco district. Government deposits declined
315.000,000 in the New York district and $30.000.000 at all reporting
member banks. Deposit balances of other domestic banks declined $22.000,000 in the New York district, $10,000,000 in the Cleveland district
and $47.000,000 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. 11 1935, follows:
Dec. 11 1935
$
Assets—
Loans and investments--total----20.521,000,000
Loans to brokers and dealers:
In New York City
915,000,000
Outside New York City
169,000,000
Loans on securities to others
(except banks)
2,102,000,000
Accepts, and com'l paper bought
357,000,000
Loans on real estate
1,140,000,000
Loans to banks
74,000,000
Other loans
3,404,000,000
U. S. Govt. direct obligations
8,216,000,000
Obligations fully guaranteed by
United States Government
1,136,000,000
Other securities
3.008,000,000
Increase (+) or Daman (—)
Since
Dec. 4 1935
Dec. 12 1934
$
+3,000,000 +1,394,000,000
+33,000,000
—1,000.000
+171,000,000
+1,000.000
+8.000,000
+1,000,000
—1,000,000
—24,000.000
—11,000,000
—5,000,000
—191,000,000
—103.000,000
+1,000,000
—59,000,000
+136,000,000
+868.000,000
+2,000,000
+1.000,000
+520,000.000
+50.000.000
Reserve with Fed. Reserve banks_ 5,024,000,000 +130,000,000 +1,805,000,000
Cash in vault
+52,000,000
379,000,000+18,000,000
Due from domestic banks
2,342,000,000
—28,000,000 +452.000.000
LiabilUtesDemand deposits—adjusted
14,092,000,000 +181,000,000 +2,546,000.000
Time deposits
4,856,000,000
+13,000,000 +108,000,000
United States Govt. deposits
452.000,000
—30,000,000 —372,000,000
Inter-bank deposits:
5,458,000,000
—47,000,000 +1,011,000,000
Domestic banks
441,000.000
—2,000,000
+306,000.000
Foreign banks
1.000,000
—10.000.000
3936
Financial Chronicle
Dec. 21 1935
France-British Plan Abandoned—Rejected by League
Stresses Italy's Abilities
and Assailed by Ethiopia and Italy—Sir Samuel
Mussolini began by stressing the significance of Pontinia's inauguration
—at
Hoare Forced to Resign as British Foreign Minister the a time when all Italian energies were engaged in war—as evidence of
Fascist regime's tenacity, creative genius and organizing skill. Then
—Premier Laval's Cabinet Endangered—Prime he continued:
"I wish to tell you that we will not send into distant, barbarous lands
Minister Baldwin Disavows Proposals in Commons
the flower of our people unless we are certain they will be protected by our
Debate
country's flag. I wish to tell you, moreover, that the Italian people who
Joint Franco-British proposals for the end of the war wrest from the soil their means of sustenance with strenuous daily toil are
between Italy and Ethiopia were completely abandoned this capable of holding out against a siege for a very long time, especially when
week, when the smaller powers among the League members they have the knowledge that right is on their side while wrong is on the side
indignantly announced that the plan could not be accepted, of the Europe whom present events dishonor."
and when both Italy and Ethiopia also indicated their diE- heAfter saying that Italy is fighting for civilization and freedom in Africa
added:
satisfaction with the suggestions. As a result, Sir Samuel
"This is a people's war.
disinherited,
Hoare, the British Foreign Minister who had prepared the of the proletarians. AgainstIt is a war of the poor, of theconservatism,
us is ranged a united front of
plan together with Premier Laval of France, resigned from of egotism, of hypocrisy. Against this united front we have engaged in
the British Cabinet on Dec. 18. On the following day Prime a hard battle. We will carry on to the very end."
Minister Stanley Baldwin apologized to the House of ComWe quote from Associated Press London ad.vices of Dec. 19
mons for his Cabinet's action in permitting the Hoare-Laval to the New York "Sun"regarding the debate in the House of
plan to reach the League. Premier Laval's Cabinet was also Commons on that date:
reported in danger, due to the rejection of the proposals.
Prime Minister Baldwin admitted to-day
While Premier Baldwin admitted of an "error" in back- accepting the now lifeless Franco-British planthat he had made an error in
for ending the Italo-Ethiopian
ing the plan, the House of Commons on Dec. 20 nevertheless war and promised a largely hostile Parliament that "such a position shall
sustained the Bladwin Cabinet by a vote of 397 to 196. In not be possible again."
Sir Samuel's explanation earlier in the day had been that the peace prohis defense Sir Samuel Hoare declared his conscience to be
clear. From a special cablegram from London, Dec. 19 to posals were advanced, not from fear that Italy would make war on Great
Britain, but from a belief that the League of Nations would break up if
the New York "Times" we quote:
the war were not
Mr. Baldwin admitted.he had made a mistake and that he should have
called Sir Samuel back from Switzerland at once, but leakage of the proposals in Paris had precipitated the situation and it was too late to take
any different action.
The Prime Minister then said that the proposals, so far as this country
was concerned, were now dead. He not only thus abandoned them, but
condemned them as having gone too far. He referred to the opposition
in this country, but he did not give details of just what had happened to
bring about Sir Samuel's voluntary and entirely unexpected resignation.
•
Anybody who went to the Commons expecting to hear reproaches and
recriminations between Sir Samuel Hoara on the one hand and Mr. Baldwin
and other members of the Cabinet on the other was disappointed. Merle
was not a trace of bitterness on either side.
Meanwhile the League on Dec. 19 indefinitely postponed
action on the threatened oil embargo against Italy, while on
the same day the League Council, at a private meeting,
received and adopted without debate a resolution formally
ending consideration of the Franco-British proposals.
League officials on Dec. 13 published the Hoare-Laval
peace plan, designed to give Italy control of about 220t000
square miles of land in exchange for about 3,000 square miles.
Emperor Haile Selasssie of Ethiopia in an interview said that
the proposals were virtually equivalent to "annexation" of
Ethiopia. The plan would have given Italy outright 60,000
square miles of Ethiopia, plus the use of an additional
160,000 square miles, and in return Ethiopia would have
received 3,000 square miles, including about 60 nalles of
coast line at Assab, Eritrea.
The League of Nations Council on Dec. 18 heard a discussion of the plan by Anthony Eden of Great Britain,
Premier Laval of France and Wolde Mariam of Ethiopia.
This was summarized in part as follows in a Geneva dispatch
of Dec. 18 to the New York "Times":
Mr. Eden,like Mr. Laval, talked in the Council of little more than the
expected defeat of the plan. He insisted that Britain did not recommend
it and would drop it if any one said an unkind word. He implicitly apologized for everything except the idea that some attempt at conciliation was
proper.
Both Mr. Eden and Mr. Laval made the most of the necessity for settling
the Itslo-Ethiopian war by conciliation and they made it clear that this
would not be the last attempt in that direction, though they seemed to
shift this duty henceforth more to the Council.
In the Council, which sat in public session, no one said "no" openly on
the plan, or even an indirect word in its favor. No one said a word against
it except the Ethiopian delegate, who treated the Italian Army with scorn,
denied that Ethiopian warriors "asked or needed any League troops to
help them," and asked only help in getting arms. He said all that one
could expect on the subject of asking a victim to reward an aggressor. He
laid the foundation for this before the meeting with a scathing, effectively
argued declaration from his Government holding the plan to be a "complete and flagrant negation" of the League covenant, of the plan of the
Committee of Five and of the report of the Committee of Thirteen in
declaring Italy the aggressor.
Ethiopia Withholds Reply
The declaration assailed the plan and, by implication, its authors as violating Article X of the covenant on four counts. It ironically stressed how
the plan had been evolved with the participation of the aggressor but not
of the victim. In fact, the Ethiopian delegation left little to be said against
the plan, but it carefully explained that Ethiopia was not yet replying to it.
Before this meeting began Italy made a warning gesture by refusing to
attend even the Council meeting in the morning on the Assyrian refugee
question, and Mussolini voiced his intransigence in Rome. No one spoke
in the Council except Mr. Eden, Mr. Laval and the Ethiopian delegate.
rhe Council adjourned pending definite replies, although the Ethiopian
spokesman had urged it to give its view first. It is doubtful, however,
that Ethiopia will insist on this as long as the plan is effectively dropped.
Premier Mussolini of Italy adopted a hostile attitude
toward the proposals in a speech Dec. 18 at the inauguration
of the town of Pontinia, as noted in the following dispatch
of Dec. 18 from Rome to the "Times":
The whole tone of this speech was in marked contrast with his recent
Chamber of Deputies speech, which caused considerable surprise because
of its mildness. To-day he reverted to his old truculent style, indicating
the Franco-British proposals were not acceptable because Italy refused
to send colonists to Africa unless they could live in security under the
Italian flag.
He again contended Italy was fighting the combined forces of "conservatism, egotism and hypocrisy," and warned the nation to prepare for a long
siege which he said would end with Italian victory.
stopped.
In defense of Sir Samuel, the Prime Minister said the peace plan represented the minimum to which it was possible to obtain the agreement of
the French Government "and I attach vital importance to Anglo-French
solidarity."
sal
"None of us liked the proposals," he continued. "We thought they
went too far. We would like to have modified them.
"The chief responsibility is mine. I admit much harm has been done.
It will take time to rectify it.
"I have determined to see that such a position shall not be possible
again."
The Prime Minister said that a lesson to be drawn from the situation
was the danger of the present practice of sending ministers to the Continent
to reach conclusions without maintaining a close contact with London.
lie said there was no liaison between the London Government and Hoare
In Paris on the Sunday the peace plan agreement was reached.
"I hope." said Mr. Baldwin, "that other governments will profit from
this lesson of lack of liaison."
He asserted the Cabinet felt it necessary to standby:Hoare:after the
peace plan had been drawn up.
A United Press dispatch of Dec. 19from Geneva described
the action of the League as follows:
The League General Staff Committee of Eighteen to-day Indefinitely
postponed action on the threatened oil embargo against Italy.
Simultaneously the League Council, meeting privately, received and
adopted without debate a resolution formally burying the ill-fated FrancoBritish proposals for negotiation of the Ethiopian dispute. The resolution
was presented by the Committee of Thirteen, which comprises all the
members of the Council except Italy. It provided also for official reconstitution of this Committee to study what further action by the longue is
possible in the Rale-Ethiopian war.
The General Staff Committee in its meeting agreed that the League
should continue to insure the application of the financial and economic
sanctions which already have been voted. It was believed that the oil
embargo question would not rise again until at least after the debate on
foreign policy in the French Chamber of Deputies on Dec. 27.
The Council, formally voting down the abortive Franco-British Peace
plan without debate, sought to delay further sanctions until the new year.
In public session, it was decided to play for time to enable the League to
recover the public confidence which the peace plan shattered.
ilm.e1011
rhe Committee of Eighteen held a five-minute session late in iihe day
and adjourned without even mentioning oil. Augusto De Vasconcellos
of Portugal, Chairman, merely proposed that the committee of experts on
application of sanctions should continue its work.
Many delegates considered the oil embargo probably dead, remarking
that only its application by the United States would induce the League
to apply It.
GermanConversion Office Offers to Holders of Certain
Matured Issues of Bonds Option of Exchange for
Unmatured Issue or Payment in "Blocked" Retchmarks
Holders of certain maturities of bonds of German obligors,
it was announced Dec. 13,are being offered by the Conversion
Office for German Foreign Debts, Berlin (Konversionskasse
Fuer Deutsche Auslandsschulden), the option of exchange for
an unmatured issue or payment in "blocked" reichsmarks.
The offer, it is stated, was made in accordance with regulations enacted by the management of the Reiehsbank covering
the disposition of payments made to the Conversion Office
on account of principal of matured series of serial bonds. It
was made in respect to certain maturities of the following
issues:
Free State of Bavaria 6%% serial gold bonds, external loan of 1025, and
City of Duisburg-Hamborn external gold 7% serial bonds, the Chase National Bank, agent; City of Frankfort-on-Main 7% serial bonds, Speyer dt
Co., agent; City of Munich '7% serial gold external loan of 1925, the Chase
National Bank, agent; Municipal Bank of the State of Hessen 7% serial
bonds, Dillon, Read & Co., agent; Free State of Oldenburg external 7%
serial gold loan of 1925, Irving Trust Co., agent, and Free State of Wuerttenberg consolidated municipal external serial 7% gold loan of 1925, the
Chase National Bank and City Bank Farmers Trust Co., agent&
The basis for the exchange or payment, which is identical
to that attached to a recent offer of the Conversion Office to
certain other maturities of issues of German obligors, is as
follows:
(1) Matured bonds may be exchanged for a like principal amount of bonds
of an unmatured series (except in the case of the El%% serial gold bonds
of the Free State of Bavaria, in which case 20-year 6%% sinking fund gold
Volume 141
Financial Chronicle
bonds, due 1945, are offered), with interest coupons maturing on and after
July 1 1934 attached, or
(2) Payment, against surrender of matured bonds, of the reichsmark
equivalent of the principal into an "Amortization Blocked Reichsmark Account" in the name of the holder with a German bank authorized to transact
foreign exchange operations.
In the announcement of Dec. 13 it was stated:
Bondholders desiring to accept this offer are requested to deliver their
bonds to the agents for the various issues. No interest will be paid on these
bonds not surrendered under this offer which accrues after the interest payment date immediately prior to July 1 1934 and is not represented by
coupons attached to such bonds.
The similar offer made by the Conversion Office, in October, was referred to in our issue of Oct. 12, page 2355.
German Decree Prohibits Reimportation of Reichsmark
Notes—Limitations Lower Their VIalue
A decree was issued by Germany on Dec.4 prohibiting the
reimportation of reichsmark notes into Germany except under
certain strict limitations which reduce the notes to a small
fraction of their value, it was stated by the Berlin correspondent of the New York "Times" in a wireless dispatch of
Dec. 4. The advices said:
By this action the German mark, which has been sold abroad sometimes
at a large discount, formally takes its place beside the Soviet ruble and the
Italian lira as a purely domestic currency, the parity of which is determined by government fiat rather than by any intrinsic value of its own.
The import embargo is effective Friday (Dec. 6). The edict was published in the "Official Gazette" to-day and affects several millions of marks
in German banknotes estimated to be in foreign countries as the result of
the increasing flight of capital from Germany caused by National Socialist
economic policies and the enforced liquidation of Jewish capital and
property. . . .
The new decree provides that reichsmark notes are subject to an import
embargo under the customs law and can be imported only by special permission. Recipients of such imports within Germany must report them within
three days and utilize them only according to directions from the Exchange
Control Authority.
Foreign tourists may bring in only 30 marks in banknotes, which implies
they will be subject to search for money on entering Germany as they are
now subject to search when leaving.
The only way of utilizing marks now abroad left open by to-day's decree
is to send them to specified German credit institutions for deposit on a
blocked account for the benefit of foreigners. Such blocked mark note
accounts already have been instituted for the benefit of foreign banks, but
the discount on these accounts already is around 60%.
The new order, however, is expected to lead to dumping marks abroad,
which is bound to increase this discount, so the view in financial circles here
is that marks now abroad are worth no more than 20 to 25% of their
nominal value.
Reciprocal Trade Agreement Between United States
and Netherlands Signed at Washington
At Washington yesterday (Dec. 20) a reciprocal trade
agreement between the United States and the Netherlands
was signed by Secretary Hull and Arnold Theodoor Lamping,
Director of Trade Agreements for the Netherlands government. It will become effective Feb. 1 1936, affecting trade
between the United States and the Netherlands proper, the
Duteh East Indies, Dutch West Indies, Surnman and
Curacao.
Finland Pays Dec. 15 War Debt Instalment of $230,453
to United States—Other Nations Notify of Default
The Treasury Department announced on Dec. 16 that it
had received that day from the government of Finland the
sum of $230,453, the amount due the United States as the
Dec. 15 instalment of the war debt. Finland is the only
country which has not defaulted on any of its payments.
The sum paid the United States Dec. 16 (Monday) represented a payment of principal in the amount of$65,000and the
semi-annual payment of interest in the amount of $146,422.50
under the funding agreement of May 1 1923, and $19,030.50
as the fifth semi-annual annuity due under the moratorium
agreement of May 23 1932, the Treasury Department said.
It stated:
This payment represents the entire amount due from the government of
Finland and was paid in cash through the Federal Reserve Bank of New York.
In our issue of Dec. 14, page 3770, we referred to advices
to the United States from Great Britain that the latter would
default on the payment due Dec. 15. Great Britain owed
the United States $582,803,307 on Dec. 15, $117,670,765 representing amount due on that date and $465,132,542 in arrears.
Payments were also due the United States on Dec. 15 from
Belgium, Czechoslovakia, Estonia, France, Hungary, Italy,
Latvia, Lithuania, Poland and Rumania. All of these nations, excepting Estonia, notified the United States up to
Dec. 16 of their intention to default. It was stated in Associated Press advices from Washington, Dec. 16, that there
was no Indication that Estonia would not default.
As to the notifications received from several of the defaulting nations, advices (Associated Press) from Washington, Dec. 14, said:
France, Italy, Poland, Rumania, Czechoslovakia and Hungary notified
Cordell Hull, Secretary of State, through their envoys here to-day, that they
were unable to meet their current payments or their arrears. Great Britain
and Lithuania previously had served similar notice. This left only Belgium,
Estonia and Latvia to be heard from, and there was no expectation that they
would pay.
French Envoy Calls in Person
Most of the formal diplomatic replies to the routine American reminder
of accounts due were transmitted to the State Department by messenger,
but Ambassador Andre de Laboulaye personally delivered that of the French
3937
government. It reiterated, in response to the customary American invitation, an intention to seek, "as soon as circumstances permit," a settlement
of its debt, but it added that it still found itself "unable to put forward
proposals at the present time."
Poland made the briefest response thus far, stating in a memorandum not
even signed by the charge d'affaires, Wladyslaw Sokolowski, that the Polish
government was still not in a position to resume payment of the debt.
Czechoslovakia called attention to previous notes in which it had stated
its reasons for inability to pay and said the "prevailing unsettled economic
and financial conditions existing throughout the world do not warrant convenient and successful outcome" of negotiations for revision of the settlements now.
The following table shows the amounts of accumulated payments de,.
Dec. 15:
8290,381.27
$33,630,269.70 Hungary
Belgium
47,853,383.64
9,584,149.73 Italy
Czechoslovakia_
976,995.14
2,611,886.45 Latvia
Estonia
778,319.97
230,453.00 Lithuania
Finland
32,535,988.55
250,292,292.86 Poland
France
3,843,750.40
582,803,306.83 Rumania
Britain
Two Others Also in Default
Greece and Yugoslavia also are in default, but the payment dates vary.
Greece owed $4,263,338.40 last month; Yugoslavia owed $1,150,000.
Repayments on the total debt aggregated $2,747,271,136 up to March of
this year.
Under a special financial arrangement, Austria, which owes $24,000,000,
is not classed as a defaulter.
In the Associated Press advices from Washington, Dec. 16,
it was stated that Belgium and Latvia, through their diplomatic envoys in Washington, had notified Secretary of State
Hull of their inability to make the payments due by them.
The total new amounts due the United States Dec. 15 from
the 12 nations were $155,051,301, and the total, including
arrears, $965,414,178.
Philippine Assembly Approves Defense Act Providing
for Cumpulsory Military Training
Associated Press advices from Manila, Philippine Islands,
Dec. 14, said that the National Assembly had that day
approved the Philippine Defense Act. The advices continued:
It (the Act) provides for compulsory military training and would muster
all residents and resources for defense of the islands in wartime.
The measure appropriates $8,000,000 for military purposes, including the
customary $3,500,000 for the Commonwealth constabulary and $1,700,000
for the immediate purchase of equipment and for construction.
The defense Act was the first major piece of legislation approved by the
Assembly, created when the Commonwealth was inaugurated a month ago
to-morrow.
The inauguration of Manuel Queson as President of the
Philippines was referred to in our issue of Nov. 16, page 3146.
Plan Accepted for Reopening of Hong Kong Branch
of Bank of Canton—Canton Branch Reported
Reopened
In Associated Press advices from Hong Kong, China,
Dec. 18, to the New York "Herald Tribune" of Dec. 19, it
was stated:
Five hundred creditors of the Bank of Canton to-day accepted a plan
for reopening the local InInch of the closed institution. The bank's
Canton branch reopened last week.
The plan involves a heavy reduction of the nominal capital by the cancellation of capital lost or not represented by the available assets.
New capital will be raised by first and second preference issues, the latter
of which will be allocated to the creditors.
Each creditor will receive shares to the amount of 50% of his claims,
while the remaining 50% will be treated as a debt repayable in five annual
Instalments.
The National Commercial Savings Bank also is reopening on a somewhat similar plan.
The suspension of the Bank of Canton, on Sept. 4, and
the National Commercial Savings Bank, on Sept. 16, was
noted in our issues of Sept. 7, page 1520, and Sept. 21. page
1856, respectively.
United States Signs Reciprocal Trade Agreement with
Honduras—Many Guarantees for Retention of
Articles on Free Lists
The State Department at Washington announced on
Dec. 18 that a reciprocal trade agreement with Honduras,
providing for mutual tariff concessions, had been signed at
Tegucigalpa. This was the eighth such pact to be consummated under the Administration's foreign commerce program, and the fifth between the United States and a LatinAmerican country. Under the agreement, Honduras grants
duty reductions on 17 commodities and guarantees not to
increase the rate on 20 others, in addition to maintaining
certain other articles on its free list. Among the American
products that will benefit are food products, manufactured
goods and automobiles. The United States also reduces
rates on a few products, principally tropical fruits and fruit
preparations, and guarantees to retain on the free list primary
Honduran exports, including bananas, coffee and cocoa
beans. The State Department estimates that 99% of American purchases in Honduras are already duty free. Associated Press advices of Dec. 18 from Washington added the
following concerning the treaty:
Similar treaties have been signed with Cuba, Haiti, Brazil, Sweden,
Belgium, Canada and Colombia.
The Honduran pact reduces duties as follows on these Honduran products:
Balsams, from 10 to 5% advalorem; pineapples in crates, from 50 to 35
cents a crate of 2.45 cubic feet; pineapples in bulk,from 1 1-6 cents to 9-10ths
cent each; mango and guava pastes and pulps,from 35 to 28% ad valorem.
and prepared or preserved guavas from 35 to 173. % ad valorem.
3938
Financial Chronicle
Present Honduran rates on American products were lowered as follows:
Smoked and canned meat products, by from one-third to one-half of
present rates; butter, condensed, evaporated and dried milk by from onethird to two-thirds; canned fruits, vegetables and fish, by from two-thirds
to three-fourths; cotton shirts and denim, by from one-third to one-half;
some classes of toilet soaps, proprietary medicines and pharmaceuticals,
by from one-third to two-thirds; dried fruits by from one-third to threefourths, and rolled oats, oat-meal and unsweetened crackers by one-half.
Items on which Honduras guaranteed not to increase present tariffs
Include wheat flour, fancy biscuits and prepared breakfast foods, dried
whole milk, fresh fruits, cotton hosiery, timber, boards and planks and
hand tools.
Necessity of Settling Columbia's Foreign Debt Stressed
by President Lopez
In an address at Bogota, Colombia, Dec. 10, President Alfonso Lopez of Colombia called attention to the necessity of
settling the problem of the country's foreign debts. The
address was made before a conference of Governors called
to study the question of States' rights and organization under
the proposed new Constitution, it was stated in special cablegram advices from Bogota, Dec. 10, to the New York "Times"
of Dec. 11, which added:
"The arrangement of foreign debts is one of the problems that are giving
the government deep concern," said President Lopez. "It seems clear we
cannot forget what we owe and indefinitely not recognize the nation's and
the States' obligations to foreign creditors. Something must be done, because
we cannot liquidate the situation by simply disregarding our obligations and
renouncing the possibility of ever again resorting to credit."
Mr. Lopez discussed the possibility of the nation's assuming responsibility
for the States' debts and pointed to the need for information regarding revenue
already pledged.
A large part of the foreign debts is now in default and the balance is
paying only part interest.
Province of Styria (Austria) Remits Funds for Payment
of Overdue Coupons on External 7% Bonds
Coupons Due Feb. 1 1936 Also to be Paid-New
York Stock Exchange Rules on Bonds
Pursuant to modification of the Austrian exchange decrees
permitting the Province of Styria to furnish dollar funds,
Bank of the Manhattan Co., New York, as successor or
trustee for the Province's external secured sinking fund 7%
bonds, has received sufficient funds to meet all outstanding
overdue coupons with interest to Dec. 15. Funds, it was
announced, have also been received from the Province
sufficient to meet all sinking fund requirements to date,as
well as coupons due Feb. 1 1936.
According to the trustee, the Province requests that
bondholders present for payment their overdue coupons
accompanied by letters waiving the consequences of all
defaults that have now been remedied.
The following announcement was issued by Ashbel Green,
Secretary of the New York Stock Exchange, on Dec. 19:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 19 1935.
Notice having been received that the interest due Feb. 1 1934. Aug. 1
1934, Feb. 1 1935 and Aug. 1 1935, on Province of Styria extenal secured
sinking fund 7% gold bonds, due 1946, is now being paid:
The Committee on Securities rules that the bonds be quoted ex-interest
14% on Dec. 20 1935;
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of transactions made beginning Dec. 20 1935, must carry the
Feb. 1 1936 and subsequent coupons.
ASHBEL GREEN, Secretary.
Independent Bondholders Committee for Colombia
Discloses Method of Operation and Financing
Has Paid All Expenses Thus Far Incurred
Holders of defaulted Republic of Colombia government and
municipal bonds, who have deposited their obligations with
the Independent Bondholders Committee, were advised on
Dec. 14 by L. E. de S. Hoover, Secretary, as to the Committee's methods of operation and financing. In addressing a
notice to the depositing bondholders, Mr. Hoover said that
It was being sent "in view of the adverse criticism of various
bondholders committees that have appeared in the press recently, inclusive of the hearings of the Congressional Committee on Mortgage Bondholders Committees." It was
pointed out in the notice that the members of the committee
have provided every dollar of the money expended and have
not asked reimbursement from the bondholders. The notice
follows, in part:
There is no doubt that the adverse criticism directed at various bondholders
committees has raised questions in the minds of bondholders as to whether
this committee was created for purely a selfish objective or for solely personal
profit.
The independent bondholders committee for the Republic of Colombia was
announced on Nov. 15 1932, and the funds for creating and financing this
committee were provided by members of the committee out of their own
pockets. For a period of over three years, of the thousands of dollars expended by this committee, every dollar has been provided by the members of
the committee, and there is not one dollar lien against any of the bonds
deposited. Furthermore, in over a period of three years, no member of the
committee, and this includes the counsel for the committee, has ever submitted a bill for any expenses incurred in the interest of the committee,
nor are there any such bills outstanding. It will be evident from the above
that no member of the committee has ever received or expected one cent as
compensation for his services or will until the committee has accomplished
Its objective, VoiliCh is to lend its best efforts to protect the interests of the
holders of the bonds it represents, until an equitable settlement has been
effected.
When Title 2 of the Securities Act, creating the Corporation of Foreign
Security Holders, was passed (and would have been organized subject to
Dec. 21 1935
proclamation by the President, which proclamation was never issued), this
committee informed the Federal Trade Commission, the branch of the government under which Title 2 would have been administered, that the Independent Bondholders Committee for the Republic of Colombia was prepared,
subject to the Act becoming effective, to turn over all the bonds it had on
deposit to the Corporation without any expense whatsoever, to the bondholders. In other words, the members of the committee would have contributed the funds it had expended towards the expenses of the committee.
The policy of the Independent Bondholders Committee has always been that
if any other agency was created that was in a position to better protect the
interests of the bondholders than the Independent Bondholders Committee
thought it was, to do the same thing. No agency having been created up
to this time, the committee is continuing its efforts in the hope that an
early settlement will be effected.
We wish further to advise the bondholders that no member of this committee has ever bought or sold one Colombian bond since the creation of
the committee.
Peru to Increase 6% Bond Issue Authorized in 1930
from 18,000,000 to 33,000,000 Soles-Internal and
Floating Debt Reported at 176,098,787 Soles
In cablegram advices from Lima, Peru, Dec. 10, special
to the New York "Times," it was stated:
The Constituent Assembly has approved a measure to increase to 33.000,000 soles the 6% bond issue of 18,000,000 soles authorized under a
law of Feb. 14 1930. The bonds are to be offered at par to creditors of
the State in payment of the sums owing to them on Dec. 31 1934. Debts
arising from arrears of salaries and pensions, which are provided for in the
budget, are excepted.
Reporting favorably on the project, the Assembly's Treasury Committee
said that the 1930 law had been limited to debts arising from the construction of and provision for railroads, highways. irrigation and drainage
undertakings. Furthermore, it was declared, these bonds failed to inspire
the confidence of commercial and credit institutions and the public because
Payment of interest and sinking fund was dependent on the existence of a
surplus after service on the national debt and all State obligations had been
met.
The proposed new bond issue avoids this defect by provision for service
out of a regular allotment in the budget.
Peru's floating debt on June 30 1935, was 44,886,507 soles and the interna
funded debt, 131,212,280 soles. In the same period of 1934 these totaled
158,431,325 soles. The total national debt at the end of 1934 was 551,632.164 soles.
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
The New York Stock Exchange made public on Dec. 19
the monthly list of companies on the Exchange reporting
changes in the reacquired holdings of their own stock. A.
previous list was given in the "Chronicle" of Nov. 16,
page 3152. The list made available on Dec. 19 follows:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List:
Name
Shares
Previously
Reported
Shares Per
Latest
Report
Adams Express Co.(common)
502.024
502,027
Air Reduction Co.(common)
8.921
5,724
Allis-Chalmers Manufacturing Co.(common)
54,982
52,149
American Agricultural Chemical Co.(Del.) (common).- _
403
1,704
American Beet Sugar Co.(cony. debs.extended to 1940)._ $388.400
$489,800
American Crystal Sugar Co.(2d preferred)
None
8
American Sumatra Tobacco Co.(common)
285
None
Beatrice Creamery Co. (preferred)
1,800
3,600
Bucyrus Erie Co.(7% preferred)
8,528
6,505
Century Ribbon Mills. Inc. (preferred)
1,030
1,036
Coca-Cola Co. (class A)
None
127,820
Coca-Cola Co.(common)
4,100
58,400
Columbian Carbon Co. (voting trust certificates)
802
518
Congress Cigar Co., Inc.(common)
43,400
46,800
Curtis Publishing Co.(common)
9,370
9,535
Detroit Edison Co.(common)
2,423
2,330
Evans Products Corp.(common)
10,198
298
Florsheim Shoe Co. (class A)
1,011
1,023
General Refractories Co.(capital)
54.599
None
•II. L. Green Co., Inc.(common)
None
2,505
Hamilton Watch Co.(common)
12,812
13,252
Hat Corporation of America (preferred)
4.023
4,583
International Harvester Co.(common)
183,408
183.410
International Printing Ink Corp.(common)
3,777
3,677
Interstate Department Stores, Inc.(common)
20,840
18,340
Lehigh Portland Cement Co. (preferred)
25,288
28,935
Libbey-Owens-Ford Glas Co.(common)
27,300
None
Lily-Tulip Cup Corp.(common)
3,401
None
Link-Belt Co.(common)
87,277
84,777
Ludlum Steel Co.(common)
5,808
12,378
Ludlum Steel Co. (preferred)
1,400
None
Monsanto Chemical Co.(common)
18,777
None
•Natomis Co.(common)
None
2,900
Safeway Stores, Inc.(8% preferred)
150
230
•A. 0. Smith Corp.(common)
None
1.425
Standard 011 Co.(Indiana) (capital)
118,794
113,308
Standard 011 Co.(New Jersey) (capital)
48,774
20,774
Sterling Products. Inc. (capital)
20,102
20,123
Stewart Warner Corp.(common)
53,735
58.735
The Texas Corp. (capital)
500.313
500.270
Tide Water Associated 011 Co.(common)
385,550
381,328
United States Leather Co.(v.I. o.for prior pref.)
11.412
10,112
Utilities Power & Light Corp.(claw A)
13,041
13.005
Walgreen Co.(common)
40,213
51,768
Youngstown Sheet & Tube Co. (preferred)
None
320
•Indicates initial report.
Notice has been received from the Texas Corp. that of a total of 1.270,207
shares of common stock of Indian Refining Co. outstanding, the Texas
Corp. has acquired and holds at tha present time 1.154,647 shares.
New York Stock Exchange Requests Agents for Foreign
Issues to Report Status of Permanent Registration
of Listed Issues for Which They Act
The Committee on Stock List of the New York Stock Exchange has asked the fiscal agents of foreign governments
and the American fiscal agents, paying agents, depositors,
and depositaries for foreign corporate issues listed on the
New York Stock Exchange to advise the Committee at an
early date of the status of permanent registration with respect to each of the listed issues for which they act, in order
Volume 141
Financial Chronicle
that the Committee may arrange in an orderly manner for
the examination of these applications prior to certification,
it was announced by the Exchange Dec. 16. It was pointed
out that under the present rules of the Securities and Exchange Commission trading on the Exchange in foreign issues
must be discontinued after March 31 1936, unless registration
Is effective.
$500,000 of 5% Bonds of Fletcher Joint Stock Land
Bank, Indianapolis, Called for Redemption May 1
1936
Directors of the Fletcher Joint Stock Land Bank, Indianapolis, Ind., recently called for payment, May 1 1936, an
additional block of $500,000 in 5% bonds, dated Nov. 1 1923,
maturing Nov.1 1933-53,it was announced Dec. 16 by William
B. Schiltges, President. A previous call of a block of the 5%
bonds, also for payment May 1, was referred to in our issue
of Nov. 16, page 3152. The announcement issued by Mr.
Schlitges further said:
While holders of these bonds will be given an opportunity to exchange
them at par with an interest adjustment as of May 1 1936, for a limited
period for a new issue, such bonds as are not exchanged will be offered for
sale by the bond department of Fletcher Trust Co. for cash at a price of
101, yielding slightly more than 3%. This new issue will be dated Nov. 1
1935, will draw 3V4% interest, and will be optional for retirement Nov. 1
1940, although the maturity will be Nov. 1 1946.
Another issue of 5% bonds, due April 1 1936, totaling $225,000, will be
paid in cash with no exchange offered to holders, according to action taken
by the directors of the Joint Stock Bank recently. These April bonds will
be paid in full out of the normal collections of the Joint Stock Bank.
With these two current steps in the general refunding plan of the Joint
Stock Bank only $874,000 of callable 5s will remain outstanding of all of
the 5% issues of the Joint Stock Bank, according to II. Foster Clippinger,
Vice-President of Fletcher Trust Co., in charge of its bond department,
through which the refunding program of the Joint Stock Land Bank is
being handled.
Since the refunding program of the Joint Stock Bank's bonds into issues
of lower yield on Jan. 1 1935, a total of $3,739,500 in 5%% and 5% bonds
has been retired, as of Nov. 1 1935, Mr. Clippinger announced.
Members of New York Stock Exchange Asked to Contribute Generously to United Hospital Campaign
by Gates W. McGarrah
Gates W. McGarrah appealed to members of the New York
Stock Exchange, in an address from the rostrum at the close
of trading, Dec. 16, to give as generously to the United Hospital Campaign "as you have to other worthy causes every
year during the last 50 years that I have been in this financial district." Mr. McGarrah. who is campaign Chairman,
said that "I want to get 100% of the money that is needed
to keep New York's voluntary hospitals out of operating insolvency," and he pointed out that "the scheduled closing
date of our effort is close upon us."
Mr. McGarrah thanked E. H. H. Simmons, Vice-President
of the New York Stock Exchange, who introduced him, for
"the unusual privilege of speaking from the Exchange rostrum." He said:
Here in New York we have a situation which can be met by private
enterprise, but the question is whether we are going to meet it in that way
or let it pass on to the government, to be handled by government action.
In New York the great bulk of the hospital work has always been done by
voluntary hospitals. The voluntary hospitals to-day are running an annual
deficit of $4,500,000.
You and I know something about deficits. We know there is no private
business institution which could afford to continue long with an annual
deficit of more than $4,000,000. The hospitals are no exception. Unless
their financial situation is alleviated, they will have to curtail service and
more of them will have to close.
Mr. McGarrah explained that funds contributed to the
United Hospital Campaign will be allotted to the 81 partici-
pating hospitals by a distribution committee consisting of
former Governor Alfred E. Smith, former Supreme Court
Justice Joseph M. Proskauer, Mrs. P. Meredith Blagden,
Harold I. Pratt, Thomas J. Watson, David H. McAlpin Pyle,
President of the United Hospital Fund, and Mr. McGarrah.
On Dec. 18 Mr. McGarrah announced that total contributions to the Campaign Committee to date totaled
$1,716,524. Of the total contributions it was announced
that $892,940 had been raised by the Commerce and Industry
Committee; $504,896 by the Women's Committee; $155,722
by the Special Gifts Committee; $100,000 by the Brooklyn
Committee; $7,445 by the Queens Committee and $7,000
by the Richmond Committee. In announcing the contributions received, Mr. McGarrah, at a report meeting
Dec. 18, stated:
/ am gratified by that sum. It is the largest sum ever raised for the
United Hospitals in New York, but it is only a beginning. This means
there are no longer any doubts that we can raise $2.000,000 or more. All
we have to do is for everyone of us to complete the job he undertook back
on Nov. 18.
We are all certain that if we were to have another report meeting next
week or the week after we would have our minimum goal in hand, but
the holiday season intervenes. Therefore, I am going to call for another
report meeting on Jan. 10.
Previous reference to the campaign was made in the
"Chronicle" of Nov. 16, page 3173.
New York Security Dealers Association Extends Hours
for Trading in Bank and Insurance Stpcks
The Governors of the New York Security Dealers Association adopted a resolution on Dec. 11 in regard to trading in
3939
bank and insurance stocks. The resolution, which supersedes a ruling adopted in 1929, follows:
Resolved. That member houses be permitted to trade bank and insurance
stocks after 4 p. m. on every full business day. and after 12:15 p. m. on
half days; and be it further
Resolved, That quotations on bank and insurance stocks compiled at
4 p. m. on full business days and 12:15 p. m. on half days and furnished to
the various newspapers and news services, be continued as heretofore;
and be it further
Resolved, That notice of this resolution be sent to the various newspapers
and news services in order that appropriate headings be printed for the
gasdr.nce of their made
Filing of Registration Statements under Securities Act
The Securities and Exchange Commission announced on
Dec. 16 (in Release 601) the filing of seven additional registration statements (Nos. 1800-1806) under the Securities Act.
The total involved is $8,762,073.60, of which $8,573,073.60
represents new issues. The securities involved are grouped
as follows:
Total
Type
No. of Issues
5
1
1
Commercial and industrial
Investment trust
Certificates of deposit
$6,073,073.60
2,500,000.00
189,000.00
The following are the securities for which the Commission
announced, on Dec. 16, registration is pending:
Atgold Mines, Ltd. (2-1800, Form A-1), of Toronto, Canada, has filed a
registration statement covering 424,159 shares of no par value common
stock, to be offered at the prevailing market price on the Toronto Stock
Exchange, which on the date of filing was about 40c. a share. *alter R.
Knox, of Toronto, is President of the corporation. Filed Dec. 5 1935.
Lowell Gas Light Co. (2-1801, Form A-2), of Lowell, Mass., has filed a
registration statement covering $950,000 of first mortgage 43i% bonds,
series A, due 1966. D. H. Levan, of Lowell, is President of the company.
Filed Dec. 6 1936.
Marine Midland Corp. (2-1802, Form A-2), of Jersey City, N. J., has filed
a registration statement covering 175,441 shares of $5 par value common
stock. The stock is to be offered at $10 a share to holders of warrants
issued by Employees Service Corp., a wholly-owned subsidiary, which will
receive the entire proceeds from the sale of the stock. George F. Rand, of
Buffalo, N. Y., is President of the Marine Midland Corp. Filed Dec. 6 1935.
Motors Securities Co., Inc. (2-1803, Form A-1), of Shreveport, La., has
filed a registration statement covering $1,000,000 of collateral trust notes,
to be issued in units as follows: 70 units at $3,000 a unit, 230 units at
$2,000 a unit, 210 units at $1,000 a unit, and 240 units at $500 a unit. The
notes are to be offered at par less the current money market rate in Shreveport, which, on previous issues, it is stated, averaged from 434% to 6%.
George D. Wray, of Shreveport, is President of the company. Filed
Dec. 6 1935.
William S. Drozda Realty Co. (2-1804, Form E-1), of St. Louis, Mo., has
filed a registration statement covering $189,000 of first mortgage serial
gold bonds, in a reorganization plan to reduce the interest rate on $189,000
of outstanding first mortgage serial 6% gold bonds to 4% and to extend the
date of maturity for eight years. Filed Dec. 9 1935.
Affiliated Fund, Inc. (2-1805, Form A-1), of Jersey City, N. J., has filed
a registration statement covering $2,500,000 of 5% 10-year secured convertible debentures, to be offered at 100% of the principal amount plus
accrued interest. Lord, Abbott & Co., Inc., of Jersey City, N. J., and
John B. Smoot, of Joplin, Mo., are the underwriters. Andrew J. Lord, of
Montclair, N. J., is President of the corporation. Filed Dec. 10 1935.
Food Machinery Corp. (2-1806, Form A-2), of San Jose, Calif., has filed a
registration statement covering 20,000 shares of $100 par value convertible
preferred stock. 6,000 shares of $10 par value common stock, and an unstated
amount of additional common stock to be reserved for the conversion of the
preferred stock. Kidder, Peabody & Co., of New York City, and Mitcham,
Tully & Co., of San Francisco, are the principal underwriters. J. D. Crum!my, of San Jose, is President of the company. Filed Dec .11 1935.
In making public the above list the Commission 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 our issue of Dec. 14, page 3773.
Registration Statement Filed with SEC by Revere
Copper & Brass, Inc., New York, for $9,200,000
of First Mortgage 4% Sinking Fund Bonds
The Revere Copper & Brass, Inc., of New York City, filed
on Dec. 17 under the Securities Act of 1933 a registration
statement (No. 2-1815, Form A-2) covering $9,200,000 of first
mortgage 4 % sinking fund bonds, the Securities and Ex/
1
4
change Commission announced Dec. 17 (in Release No. 604).
The Commission's announcement continued:
According to the prospectus, the entire net proceeds from the sale of the
bonds, together with other funds, are to be applied to the redemption at
10734% and accrued interest of $8,399,000, principal amount of first mortgage 0% sinking fund gold bonds, series A, presently outstanding. The
total redemption price of the series A bonds, exclusive of accrued interest,
is $9,028,925.
The bonds are subject to redemption at the option uf the company, in whole
or in part, at any time prior to maturity, upon 30 days' notice, at the following prices, plus accrued interest:
Prior to or on Jan. 1 1937, 104%;
Thereafter or on Jan. 11938, 10354%:
Thereafter or on Jan. 11939, 103%;
Thereafter or on Jan. 11946, 1024%;
Thereafter or on Jan. 11947, 102%;
Thereafter or on Jan. 1 1948, 1014%;
Thereafter or on Jan. 1 1952, 101%;
Thereafter or on Jan. 1 1953, 1004%;
Thereafter or on Jan. 1 1954, 1004%;
Thereafter or on Jan. 1 1955, 1004%;
And thereafter and at any time prior to maturity. 100%•
The names of the principal underwriters, the price to the public and the
underwriting d.counts or commissions are to be furnished by amendment
to the registration statement. C. Donald Dallas, of New York City, is
President of the corporation.
3940
Financial Chronicle
Opinion of Counsel for SEC on "Private Offering"
Deals with Question of Whether Registration is
Required When Securities Are Distributed to
Public by Dealers
The Securities and Exchange Commission made public on
Dec. 16 an opinion of its General Counsel, John J. Burns,concerning the application of the registration requirements of
the Securities Act of 1933 to the distribution to the public by
dealers of unregistered securities which are part of a block
originally issued in connection with a so-called "private offering." This opinion, the Commission said, supplements previous opinion (in Release No. 285) which indicated that the
necessity of registration before sales of such securities by
dealers would depend upon whether the initial purchasers
from whom the dealers had bought the securities in question
had acquired them for investment or with a view to distribution. The earlier opinion was referred to in our issue of
Jan. 26, page 556. As to the latest opinion, the SEC, under
date of Dec.16 (in Release No.603), said:
The General Counsel's recent letter contains a warning that a mere statement by the initial purchaser at the time of his acquisition that such acquisition was for investment is not conclusive as to his actual intent. The opinion
suggests that among the relevant factors which should be considered by a
dealer in determining whether he may lawfully participate in the sale of
such securities are the relations between the issuer and the initial purchaser,
the business of the latter, and the length of time elapsing between such
acquisition and resale to the dealer.
The excerpt from the General Counsel's letter, which was
in answer to an inquiry whether a dealer might resell to the
public without registration a block of securities bought from
an initial purchaser who had acquired the securities in connection with a "private offering," is as follows:
I call your attention to my opinion set out in the next to the last paragraph of Release No. 295, which states in substance that the answer to your
question depends upon whether the initial purchaser acquired the securities
with a view to distribution, and further points out that if his acquisition
was with such intent, he would be an underwriter, so that in general sales
by dealers of securities bought from him would not be exempt from
registration.
You will appreciate that the intent of the initial purchaser at the time
of acquisition is a question of fact upon which you must satisfy yourself,
and upon which I can express no opinion.
I wish to make clear, however, that I do not believe the fact that the
initial purchaser has stated that his original purchase was for investment and
not for resale is necessarily conclusive on this question. In my opinion
there should be considered such other factors as:
(1) The relation between the issuer and the initial purchaser* (2) the business of
the latter, as for example, whether such purchaser is an underwriter or dealer in
securities. and, if not, whether the purchase of such a block of securities for investment is consistent with its general operations: and (3) the length of time elapsing
between the acquisition of the securities by the initial purchaser and the date of
their proposed resale.
•
Of course, if the securities in question were in fact purchased by the
initial purchaser for investment rather than for resale, dealers' sales thereof
to the public would not necessitate registration under the Securities Act.
In conclusion, I feel that I should point out that even though a dealer is
satisfied that a particular block of unregistered securities was bought by an
initial purchaser for investment, he nevertheless takes the risk that, if his
determination is incorrect, sales by him of such securities will be in violation
of the registration requirements of the Act.
Securities Released for Sale Under Securities Act
During November Reported at $289,771,988 by
SEC
-58 Statements Aggregating $412,000,000 Effective in October
The Securities and Exchange Commission announced
Dec. 18 that a total of $289,771,988 of securities were released
for sale during November under the Securities Act of 1933,
bringing the aggregate of effective statements in 1935 through
Nov. 30 to $1,800,269,668. Seventy-eight per cent. of the total
of the November registrations were for secured bonds and
debentures (mostly registered for refunding purposes), 19%
were for common stock issues, and the balance was for preferred stock issues and certificates of participation, the Commission said, adding:
According to the registrants, approximately $250,800,000 (86.5% of the
month's effectivee) are to be offered for cash for their own account. In
connection with the sale of the securities, expenses of 4.0% are expected to
be incurred. Of the net proceeds, estimated at about $240,800,000, 80.4%
are proposed to be used for the repayment of indebtedness. The registrants
intend to apply 2.8% for purchase of real estate, plant and equipment;
5.7% for reimbursement of loans used for capital expenditures; 5.4% for
general corporate purposes; 3.8% for purchase of securities by investment
trusts; 1.4% for retirement of preferred stock issues, and 0.5% for organization and development expenses.
Two-thirds of the month's effectives were for utility companies, which
registered 12 secured bond issues totaling approximately $193,400,000. All
but $5,200,000 were proposed to be offered by the registrants for public
sale at an estimated cost of 2.4% for underwriters' commissions and discounts and 0.8% for other expenses of issuance. Net proceeds are expected
to amount to about $185,000,000, which are intended to be distributed as
follows: 87.2% for repayment of bonds and notes; 2.4% for repayment
of other indebtedness; 7.5% for the reimbursement of loans used for capital
expenditures ; 2.3% for plant additions; 0.3% for retirement of preferred
stock issues; 0.3% for general corporate purposes.
Among the large issues for which registration statements became effective
during the month were: Ohio Edison Co., $43,963,500 1st and cons. mtge.
4% bonds, due 1965; Los Angeles Gas & Elec. Corp., $40,000,000 let and
gen. mtge. 4% bonds, due 1970; Kansas Power & Light Co., $30,000,000
1st mtge. 4%% bonds, due 1965; New York & Queens Electric Light k
Power Co., $25,000,000 lit and cons. mtge. 3%% bonds, due 3965; Central
Maine Power Co., $15,600,000 ref. mtge. 4',4% bonds, due 1960; Allis
Chalmers Mtg. Co., $15,000,000 10-year 4% convertible debentures, due
1945 (with 428,572 shares of cosnmon stock reserved for conversion); International Cement Corp., $12,000,000 10-year 4% convertible debentures, due
1945 (with 342,858 shares of common stock reserved for conversion); Metro-
Dec. 21 1935
politan Edison Co., $11,710,900 1st mtge. 4% bonds, due 1965, and Public
Service Co. of New Hampshire, $10,379,000 let mtge. 33i,V0 bonds, due 1960.
The average size of issues which became effective during November was
$5,174,000. This compares with an average of $6,247,000 in the previous
month and $1,080,000 in November 1934.
The following table was also made available by the Commission:
Types of New Securities Included in 46 Registration Statements IVItick
Became Fully Effective During November 1935
Fixed-interest-bearing securities comprised more than three-fourths of the
total registrations, and common stock issues amounted to almost 20% of the
total.
Type of Security
Common stock
Preferred stock
Certificates of participation, beneficial
int., warrants, .kc_
Secured bonds
Debentures
Short-term notes_
Total
Per Cent of Total
No. of
Issues
No. of
Units
Gross
Amount
27
7
13,117,246
166,070
5
13
4
1,467,549
56
Nov.
1935
Oct.
1935
Nov.
1934
$55,308,879
7,079,700
19.1
2.4
6.3
7.6
13.1
0.9
1,505,000
194,092,643
31,785,766
0.5
67.0
11.0
20.6
44.9
20.6
29.7
27.8
_ -28:5
3289.771.988
100.0
100.0
100.0
The following announcement; was issued by the SEC on
Dec. 13:
During October 1935, 58 registration statements, representing approximately $412,000,000, became effective.
Two of these registration statements had been reported as effective under
notice of deficiencies or under notice of bearing.
The 58 registration statements may be grouped as follows:
Type of Issue
Industrials or commercials
Financials
Reorganizations
Totals
Number of
Statements
Amount of
Offering
37
12
9
$294,000,000
107.000,000
11,000,000
58
8412,000.000
Six registration statements were reported as effective under notice of
deficiencies or under notice of bearing. These will be included in the first
report on effectives after the deficiencies have been remedied.
Eleven registration statements were suspended during October, four by stop
order, four by refusal order (consent), and three by withdrawal.
Form Adopted by SEC for Filing of Annual Reports
by Corporations Having Securities Registered on
National Securities Exchanges
Adoption of a basic form for the annual reports of corporations having securities registered on National securities
exchanges was announced by the Securities and Exchange
Commission on Dec. 19. The form, it is stated, is designed
to keep up to date the information filed in the original
application for registration and follows in general the principles of reporting indicated in the Commission's forms for
initial registration. Because the form is designed to portray
such changes as have taken place during the year, the repetition of material already on file is not required unless the
year's operations have made it obsolete, the Commission
stated, adding:
The new form is 10-K, applicable to companies which would file on Form
10 if now applying for original registration. It is to be used by the majority
of listed corporations. Other "K" forms for the annual reports of issuers
required to use other registration forms initially, such as rails, investment
companies and insurance companies, are being prepared.
The form is to be filed within 120 days after the end of the fiscal year of
the registrant. Provision is made, however, for an extension of time if.
due to unusual circumstances, the registrant finds it impracticable to file
within the prescribed period.
The requirements of the form are based upon the principle of obtaining
the changes that have occurred during the fiscal year in the matters reported
upon in the original application. In order, however, to attain reasonable
precision, it has been necessary to repeat the items, and to repeat tha
instructions. This enables issuers to have in one convenient place all the
relevant regulations and instructions and makes reference back to the
earlier Form 10 unnecessary.
In accordance with the principle announced above, fiscal data must be
repeated for the current year. In consequence, a set of financial reports
for the last fiscal year is required; namely, balance sheets for the close
of the fiscal year and profit and loss statements for the fiscal year. But
financial data of pure historical nature are not required, since they wore
reported in the initial registration. The financial data are required to be
certified by independent accountants. They are essentially the sane as
those for last year, although certain minor additions and deductions have
been made.
To obtain what is believed to be a better presentation and greater clarity
for the investor consulting the report, a certain amount of rearrangement
of the material has been made.
The requirement as to when the break-down of a securities portfolio
shall be given has been restated and changed to some extent. A break-down
of Marketable Securities is required if exceeding 15% of total assets; likewise of Other SeCurity Investments. A similar break-down is required
If the total of Marketable Securities and Other Security Investments
exceeds 20% of total assets. But in both instances provision is made for
grouping a portion of these securities without detailing them.
In accordance with the Act, application may be made for confidential
treatment of particular information contained in the annual report. The
technique to be followed in this regard is the same as that used in the case
of original registration.
The remunerations paid to persons among the directors, officers and
employees who receive the three highest aggregate amounts of remuneration are required to be stated separately, naming the persons. Further
information sought on this subject includes the number and aggregate
remuneration of directors; the number of officers, not directors, and their
aggregate remuneration; the number and aggregate remuneration of all
persons, not officers or directors, receiving more than $20.000 a year:
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Financial Chronicle
the name of each person getting $30000 or more as bonus or shares in
profits, and the amount in each case; and the name and amount for each
person (not an officer, director or employee) receiving over $20.000 a year.
The information as to remuneration and bonuses is to be submitted whether
or not there has been a change from the amounts previously reported.
The form eliminates the requirement for a statement as to the equity
securities held by officers and directors, inasmuch as this information is
contained in reports currently filed with and made public by the Commission under Section 16.
Following the policy previously initiated, the form was sent in drat'
form for comment and criticism to various persons and organizations,
including the financial and accounting officers of leading industrial companies, representative independent accountants, officials of exchanges, and
Individuals unconnected with any special interests and expertly qualified
to serve the public in this field. The Commission is appreciative of the
co-operation of these individuals.
As in the case of the registration forms adopted by the Commission,
corporations and their accounts are given latitude in the manner of presenting the required data. The Commission's emphasis in this respect
continues to be on substance rather than on form.
Declaration Filed Under Public Utility Holding Company Act by Southwestern Gas & Electric Co. for
Two Proposed Issues—Registration Statement
Already Filed with SEC
Southwestern Gas & Electric Co., of Shreveport, La., has
filed a declaration under the Public Utility Holding Company
Act covering proposed issues of $16,000,000 of first mortgage
4% bonds, series D, due Nov. 1 1960, and $4,500,000 of 4%
serial debentures, series A (due serially Nov. 1 1936-Nov. 1
1945), the Securities and Exchange Commission announced
Dec. 16 (in Holding Company Act Release No. 49). The
declaration states that all of the net proceeds from the sale
of these two issues will be used for refunding purposes. A
registration statement under the Securities Act of 1933 (No.
2-1726, Form A-2) was filed on Oct. 30 1935, covering these
two issues; the filing of this statement was referred to in
our issue of Nov. 2, page 2814.
Opportunity for a public hearing before the Commission on
the declaration was scheduled for Dec. 19 1935, at the offices
of the SEC in Washington, D. C.
American Institute of Accountants Advises Corporations on Annual Reports to Stockholders—Action
Prompted by Requirements of SEC and Stock
Exchanges
Advice regarding the form and content of annual reports
of corporations to stockholders, incident to the requirements
of the Securities and Exchange Commission and the stock
exchanges, has been issued by the two special committees
of the American Institute of Accountants which co-operate
with those bodies. The Bulletin of the Instituted recently
published, contains the following joint statement of the
special committee on co-operation with the SEC, of which
C. Oliver Wellington is Chairman, and the special committee
on co-operation with stock exchanges, of which Frederick
H. Hurdman is Chairman:
The only reports falling under the liabilities of the Securities Exchange
Act of 1934 are those filed with the Commission under the provisions of
that Act. The Commission has prescribed the form of reports for companies registered on the exchanges, Form 10, and is now drafting a form
which it proposes to require for the fiscal year following the period covered
by Form 10. It is expected that in general the requirements as to financial
statements and accountants' certificates in this proposed new form will be
similar to those in Form 10.
On the other hand, there is no requirement that the annual report to
stockholders, which is filed with the stock exchange, need be filed with the
SEC. and therefore the annual report does not fall under the provisions
or the liabilities of the Securities Exchange Act of 1934. The requirements as to form and content of annual reports, therefore, are governed.
insofar as the stock exchanges are concerned, by the listing agreements,
which usually provide for the submission of financial data in the same
general form as at the time of original listing.
While, therefore, there is no legal requirement that the annual report to
stockholders conform with the report on Form 10, or the new form which
will extend this information, there can, of course, be no material differences
between them, inasmuch as the balance-sheets and income statements are
for the same period. In general, it is expected that the reports to stockholders will be in more condensed form than the reports to the SEC, but
that no condensation of material will be made in such a way as to fail to
disclose information that is relatively important in each individual case.
With reference to the form of financial statements and of accountants'
certificates, the committees call attention again to the special report dated
Jan. 16 1935, of the special committee on co-operation with the SEC, in
which no important change is recommended in the form of report and
certificate outlined in the booklet "Audits of Corporate Accounts," issued
in January 1934.
The Securities Exchange Act of 1934 and the forms and regulations promulgated thereunder will undoubtedly influence the submission of annual
reports in greater detail to the extent that may be necessary to disclose
essential information, but it is not drirable to have the annual report in
-notes as to be confusing
such detail and accompanied by so many ft
rather than helpful.
Canada Files Application with SEC for Permanent
Registration of $316,000,000 of Securities on New
York Stock Exchange
An application for permanent registration of $316,000,000
of its securities on the New York Stock Exchange was filed
by Canada on Dec. 16 with the Securities and Exchange
Commission under the Securities Exchange Act of 1934. The
deadline for the filing of applications by foreign nations for
the permanent registration of their securities on an American
exchange is March 31 1936. The securities covered by the
application filed by the Canadian government are:
3941
%
2
/
$40,000,000 10-year 41 bonds dated Feb. 1 1926, due on Feb. 1 1936.
%
2
/
$76,000,000 10-year 21 bonds dated Aug. 15 1935, due on Aug. 15 1945.
bonds dated May 1 1922, due on May 1 1952.
$100,000,000 30-year
$100,000,000 30-year 4% bonds dated Oct. 1 1930, due on Oct. 1 1960.
In defining the bonds, a Washington account, Dec. 16, to
the New York "Times" of Dec. 17 said:
All amounts were expressed in Canadian dollars unless otherwise specified,
conversion of the pound sterling into Canadian dollars being made at the
ratio of £1 to $4.86 2/3, and of United States dollars into Canadian dollars
at the ratio of one to one.
The bonds constitute the valid, binding, absolute and unconditional obligations of the government of the Dominion of Canada for the performance
of which the full faith and credit of the government were pledged.
The bonds dated Feb. 1 1926 are non-callable; those dated Aug. 15 1935
are callable at par after Aug. 15 1934 ; those dated May 1 1922, at par
after Oct. 1 1942, and those dated Oct. 1 1930 at par after Oct. 1 1950.
From the same advices the following is also taken:
Canada submitted a comprehensive statement of income and outgo, one
of the interesting items showing that outlays in the fiscal year ended on
March 31 1935, under unemployment relief Acts, aggregated only $49,557,355.
The budget showed ordinary and extraordinary outlays separately, with a
surplus of $4,106,540 in the former and a "deficit or increase in the debt,"
both categories being taken into consideration, or $116,132,816. Extraordinary outlays of all kinds were only $123,636,678.
To Pay in United States Money
Interest and principal of the bonds are now payable in "lawful money of
the United States" instead of gold, as a result of the approval by President
Roosevelt on June 5 1933 of the joint resolution by Congress invalidating
the gold clause in United States governmental and private issues.
In discussing note issues and gold reserves, the statement said:
•"Under legislation passed at the 1934 session of Parliament, the Bank of Canada
WM established as the Central Bank of the Dominion. It is Intended that the Bank
of Canada shall eventually have the sole right of note issue in Canada. At present,
however, the right of note issue is shared by the Bank of Canada and the chartered
(or commercial) banks."
The Bank of Canada is required to maintain a reserve in gold coin or
bullion of not less than 25% of its note and deposit liabilities, and as of
Oct. 31 1935 held gold coin and bullion of $181,492,522, valued at the
current world price. Total assets of the Central Bank were $311,853,487,
of which silver bullion represented only $1,576,921. Investment in Dominion
securities included $25,903,947 short-term issues and $80,887,145 others,
or $106,791,092. In addition to the gold held by the Central Bank, the
Dominion government on Oct. 31 held $2,517,340.
Gold and Merchandise Exports
There was a net export of gold coin and bullion in the fiscal year ended
on March 31 of $96,827,297, this representing mainly the export of the
current production of gold in Canada. For the same fiscal year merchandise
exports included $659,899,994 of Canadian products and $7,658,963 of
foreign products, a total of $667,558,957, and imports were valued at
$522,431,153.
Sees Little Probability of Early Change in Money
Rates—Allan M. Pope Optimistic on Near-Term
Outlook for High Grade Bond Prices
No substantial hardening in money rates appears likely
for some time to come, Allan M.Pope, President of the First
Boston Corporation, told the Savings Bank Officers' Forum,
Group No. 4 Savings Bank Association, at a dinner in New
York City on Dec. 17. Mr. Pope said that arguments for
an increase or the maintenance of present prices of high grade
interest-bearing securities outweigh the known factors
against an increase, but he added that the "disturbing factor
in the minds of every one continues to be the question of
money rates and consideration of the time when these
money rates may change." He predicted that the Federal
Reserve Board will not act to change its reserve requirements in the near future to reduce the mounting excess
reserves.
Extracts from Mr. Pope's speech follow, as quoted from
the New York "Herald Tribune" of Dec. 18:
Mr. Pope said that this country is still a creditor nation and "we continue to remain a nation substantially built to do business in all departments. After the close of the World War the total amount of gold in the
various central banks throughout the world in December 1919 was $6.794.000,000, and on June 30 1929 it was $10,146.000.000. At present the gold
at the Federal Reserve bank in this country totals $7,124,000,000 and
in the United States Treasury and Federal Reserve the total is $9,800.000,000. What you should compare is the world total of gold in central
banks in 1919 with our present total gold holdings. They are almost
equal."
There is, Mr. Pope stated, the equivalent of nearly twice as much credit
as was used in this country in 1929 by all member banks in the form of
commercial and Stock Exchange loans added together. He pointed out,
however, that commercial loans are not increasing to any appreciable
extent and that, in spite of the volume of the Stock Exchange. brokers'
loans are not increasing materially.
Factors which might prevent "either the government borrowing at
present rates or the continuance of easy money." Mr. Pope said, were:
A war of such proportions as to involve the greater part of the financial
world.
The changing of reserve requirements by the Federal Reserve Board.
The sale of government securities by the Federal Reserve banks.
"It would appear to us," Mr. Pope declared, "that because of increased
borrowings by the Federal government within the next 12 months there
will very possibly be an increase of some $2.000,000.000 in bank deposits.
Whereas it is possible, it seems unlikely that deposits can continue at this
rapidly increased rate without a new ratio of government securities to other
investments and cash being established."
Assets of Active National Banks as of Nov. 1, $27,430,730,000 According to Report of Comptroller of
Currency—Represents Increase of $1,369,665,000
Over June 29
Comptroller of the Currency J. F. T. O'Connor announced
Dec. 14 that the total assets of the 5,409 active National
banks in the continental United States, Alaska, Hawaii and
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Financial Chronicle
the Virgin Islands on Nov. 1 1935, the date of the last call
for statements of condition, aggregated $27,430,730,000, which
was an increase of $1,369,665,000 over the amount reported
by 5,431 active banks on June 29 1935, the date of the previous call, and an increase of $2,619,340,000 over the amount
reported by 5,466 active banks as of Oct. 17 1934, the date of
the fall call a year ago. The announcement of the Comptroller also had the following to say:
Loans and discounts, including rediscounts, on Nov. 1 1935 totaled $7,301,371,000, in comparison with $7,365,226,000 on June 29 1935 and $7,633,924,000 on Oct. 17 1934.
Investments in United States government obligations direct and fully
guaranteed amounted to $7,493,596,000, showing an increase of $320,589,000
since June 29 and an increase of $1,145,364,000 in the year. Investments
in such obligations reported for the recent call comprised direct obligations
of the United States of $6,233,061,000, obligations of the Reconstruction
Finance Corporation of $187,956,000, Federal Farm Mortgage Corporation
bonds of $329,202,000, and Home Owners' Loan Corporation bonds of $743,377,000. Other bonds and securities held amounted to $3,684,778,000, showing an increase of $141,399,000 since June 29, and an increase of $114,641,000 in the year.
Balances due from correspondent banks and bankers of $7,402,596,000,
which included reserve with Federal Reserve banks of $3,453,672,000, were
$991,852,000 more than on June 29 and $1,790,562,000 more than on
Oct. 17 1934. The cash in vault of $404,379,000 showed decreases in the
four- and 12-month periods of $1,134,000 and $14,377,000, respectively.
The book value of capital stock of the active National banks on Nov. 1
1935 aggregated $1,776,591,000 and represented a par value of $1,782,313,000. The latter figure was composed of class A preferred stock of
$503,529,000, class B preferred stock of $21,198,000, and common stock of
$1,257,586,000. The book value of the capital stock showed a decrease of
$32,912,000 since June 29, but an increase of $4,078,000 in the year. Surplus funds of $865,955,000, undivided profits of $337,452,000, reserves for
contingencies of $147,282,000, and preferred stock retirement fund of
$2,664,000, a total of $1,353,353,000, showed increases in the four- and 12month periods of $76,438,000 and $69,576,000, respectively.
The total deposits of the active banks on Nov. 1 1935 were $24,033,236,000,
which was an increase of $1,514,990,000, or 6.73%, since June ,29 1935, and
an increase of $3,211,844,000, or 15.43%, since Oct. 17 1934. The aggregate on Nov. 1 1935 comprised amounts due to banks subject to Immediate
withdrawal and certified and cashiers' checks outstanding of $4,036,962,000,
United States government deposits of $438,768,000, other demand deposits
of $12,243,072,000, and time deposits of $7,314,434,000. In the total of
time deposits were included postal savings of $193,699,000, time certificates
of deposit of $637,126,000, and deposits evidenced by savings pass books
of $5,799,725,000, the latter amount representing 14,586,478 accounts.
Postal savings in National banks on Nov. 1 1935 showed a decrease of
$49,135,000, or 20.23%, since June 29, and a decrease of $166,684,000, or
46.25%, in the year.
Borrowings were reported in the form of bills payable of $3,883,000 and
rediscounts of $1,174,000, or a total of $5,007,000. Total borrowings
reported for June 29 1935, and Oct. 17 1934, were $4,643,000 and $8,786,000,
respectively.
The percentage of loans and discounts to total deposits reported as of
Nov. 1 1935 was 30.38%, in comparison with 32.71% on June 29 1935
and 36.66% on Oct. 17 1934.
A report of the Comptroller covering the figures issued
incident to the June 29 call was given in our issue of Aug. 17,
page 1018.
Views of S. Parker Gilbert on Member Bank's Excess
Reserves—Contends Proposed Increase in Reserve
Requirements Might Do More Harm Than Good—
Contrary Views on Subject of W. W. Aldrich
The debate among bankers on the question whether steps
ought to be taken promptly by the Federal Reserve authorities to reduce the record-breaking volume of excess bank
reserves took on fresh activity, it was observed in the New
York "Times" of Dec. 19, with the publication the previous
day, in the form of a letter to the Editor of that paper,
of a statement by S. Parker Gilbert, a partner in J. P. Morgan & Co., and a former Treasury official, declaring there
was no present neessity for reducing excess bank reserves and
particularly condemning the proposal to reduce these reserves
by a change in the requirements for reserves of member
banks. In its issue of Dec. 19, the "Times" continued:
Mr. Gilbert's statement was the first to be issued by an important Wall
Street banker in opposition to the proposal that excess reserves be reduced.
It contained an added element of interest for the banking community in
that It disclosed that the views of a Morgan partner and inferentially, of
that firm, again have come into sharp conflict with those of Winthrop W.
Aldrich, Chairman of the Chase National Boa. Mr. Aldrich. in a speech
in Houston, Texas, on Dec. 11, asserted that the current volume of excess
reserves invited "a far wilder speculative abuse of credit than that which
culminated in 1929" and urge that immediate measures be taken to reduce
these reserves.
Same Plea by Advisory Council
Last month the Federal Reserve's Advisory Council, composed of one
Important banker from each of the 12 Federal Reserve districts, met in
Washington and recommended that the Federal Reserve Board promptly
take steps to cut down excess reserves in order to obviate the probability
ofcredit inflation. The Council urged that the method to be pursued should
be the reduction of the Federal Reserve Banks' holdings of Government
securities.
Mr. Gilbert's argument against immediate reduction of excess reserves
was based on the contentions that as yet there had been no undue credit
expansion, that measures to curtail reserves might check recovery "just as
It is well begun," and that, since most of the great increase in reserves
comes from net gold imports, they should be maintained as a "protection
against unnecessary deflation if, for example, there should be a large outflow
of gold."
Contending, in any case, that if the need for credit restriction arose
It should not be carried out by raising reserve requirements, but by openmarket operations, Mr. Gilbert declared that the method of changing
reserve requirements was not adapted for use as "a regular measure of
credit control," but should be kept in the background to be employed in
emergencies.
'Dec. 21
1935
Mr. Gilbert's letter was regarded in Wall Street as expressing not merely
his own views but the considered opinion of the banking house of which he is
a member. It is a minority viewpoint in the banking community more in
line with what Wall Street construes to be the attitude of Marriner S.
Eccles, Chairman of the Board of Governors of the Federal Reserve System, on this particular subject, than with the opinions of most banking
executives. The majority of bankers concur in the stand taken by the
Advisory Council.
Agree on Deficit Financing
But although most bankers disagreed with Mr. Gilbert's general thesis
that nothing should be done at this time to reduce excess reserves, they
approved completely his point that the real danger of inflation lay in the
deficit financing of the Federal Government. His contention that there is
as yet no undue credit expansion was conceded. Advocates of prompt
measures to reduce excess reserves assert that if the authorities wait until
credit expansion is evident before they cut down bank reserves they may
wait until too late. Although it is conceded that a change in conditions in
Europe might bring a large outflow of gold, most bankers do not think it
likely that the outflow could be large enough materially to reduce the present
enormous volume of excess reserves.
A reference to the address of Mr. Aldrich appeared in our
Dec. 14 issue, page 3774.
Elsewhere, to-day, we refer to the meeting in Washington
this week of the Board of Governors of the Federal Reserve
Board and the Open Market Committee and the statement
issued bearing on excess reserves following the deliberations
on the subject.
•
Christmas Club Savings in Savings Banks of New
York State Reported 11.85% Above Record Year
1934—Savings This Year Aggregate $17,519,103
According to statistics compiled by the Savings Bank Association of the State of New York, Christmas.Club savings in
the savings banks of the State of New York ifor 1935 aggregated $17,519,103, a gain of more than $1,800,000 over the
year before, or 11.85%, said a statement issued..by the Association, Dec. 6. This is a new record for this State, with
the average deposit at $43.50. At the same time the number
of Christmas Club depositors reached a new hith of 402,984,
a gain of more than 11%, the Association said. It added:
A further interesting feature about this gain is that four fewer banks
operated Christmas Clubs this year than a year ago; 100 of the banks In
the State now have such clubs. This drop is accounted for by'three mergers,
the discontinuance of Christmas Clubs by two banks, and thk addition of
one by a bank previously not operating a club.
Nearly three-quarters of the Christmas Club savings, or $12,743,000, were
deposited with the savings banks of Greater New York. In New 'York City,
Christmas Club savings gained almost 9% for the year. Tip amount
per individual depositor, however, was approximately the same iproughout
the State. The Greater New York area accounted for 72% of ,the total
deposits and 71% of the members.
A wide variance has existed in the practice of paying interest and in the
amount of interest paid in the State on Christmas Club deposits. Fiftyfour banks, of whom 36 were in the metropolitan area, paid no interest at
all; 31 paid less than the current dividend rate on regular savings deposits,
and the remainder paid the going rate. For the coming year, 65 of the
banks conducting clubs have decided to pay no interest or have made no
decision as to whether they will pay, and if so at what rate.
The largest Christmas Clubs in New York State are as follows:
Amount of
Number of
Deposits
Members
81,385,000
Seamen's Bank tor Savings
19,439
The Bank for Savings
713,528
15,242,
Lincoln Savings Bank
821,154
15,371'
Dime Savings Bank of Brooklyn
598,000
13.781
National Savings Bank, Albany
513,129
9,434
"The savings banks of this State are pleased with the fine
showing of their Christmas Clubs," said Harold Stone of
Syracuse, President of the Association, said, adding:
We believe that the steady growth of these clubs proves that this is a
savings facility which the public likes, and savings banks try to serve the
public as well as possible. Furthermore, it has been proved by experience
that the habit of regular saving acquired by Christmas Club members is
frequently carried on thereafter to their own great benefit.
Heads of Federal Reserve System at Meeting in Washington Consider Recommendations of Advisory
Council as to Member Banks' Excess Reserves—No
Action,
Action However, Announced Beyond Statement
That
of Problem Will Be Continued
Member banks excess reserves, and the recommendations
with regard thereto of the Federal Advisory Council occupied the attention of the Board of Governors of the Federal
Reserve System and the Open Market Committee in a twoday conference this week, at the conclusion of which it was
Indicated that no action would be taken at this time. A joint
statement issued on Dec. 18 by the Board of Governors and
the Committee conceded that the present volume of member'
bank reserves "continues to be excessive, far beyond the
present or prospective requirements of credit for sound business expansion," but no further action was decided upon
than that "the special,problem created by the continuing
excess of reserves has had and will continue to have unremitting study . . In order that appropriate action may
.
be taken as soon as it appears to be in the public interest."
The statement follows:
The Board of Governors of the Federal Reserve System and the Federal
Open Market Committee have given extended consideration to the general
business and credit situation and to the recommendation of the Federal
Advisory Council and are of the opinion:
1. That continued improvement has been made in business and financial
conditions but that the country is still short of a full recovery.
2. That the primary objective of the System at the present time is still
to lend its efforts to a furtherance of recovery.
3. That there is at the present time no evidence of overexpansion of
business activity or of the use of business credit.
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Financial Chronicle
4. That the present volume of member bank reserves, which have been
greatly increased by imports of gold from abroad, continues to be
excessive, far beyond the present or prospective requirements of credit
for sound business expansion.
Therefore, the special problem created by the continuing excess of reserves
has had and will continue to have the unremitting study and attention of
those charged with the responsibility for credit policy in order that appropriate action may be taken as soon as it appears to be in the public interest.
month of November 1935,resulted in net sales of $18,419,000,
Secretary of the Treasury Henry Morgenthau Jr., announced
Dec. 16. During October, as noted in our issue of Nov. 23,
page 3307, the Treasury purchased $17,385,000 of the
securities.
The following tabulations shows the Treasury's transactions
in government securities during 1935:
In its Washington advices Dec. 18 the New York "Times"
said:
January
February
The decision was reached early this evening after a series of meetings at
which the problem was studied separately by each group and in joint session.
At these the recommendations of the Advisory Council of the Board that
the Reserve Banks reduce their holdings of government securities by permitting short-term issues held to "run out" as they matured was rejected. It
was reported that some of the Reserve Bank Governors had felt that a
policy of increase in the reserve requirements of member banks might be
advisable, but after much debate a statement made public representing the
combined viewpoint of the board and the bank governors was adopted by
a unanimous vote.. . .
From the first it was understood that Chairman Eccles and other members
of the Reserve Board had held the opinion that the present situation did not
call for quick action that might react against a continuation of the recovery
movement at this stage, and also that there was no direct evidence of credit
Inflation which threatened the development of an expansion of credit that
might get out of control.
Held Ready to deg
The nature of the joint announcement indicated that if there was any
fear on the part of members of the open market committee it was allayed
by the assurance given that the machinery would be kept in readiness to
get into instantaneous operation if an unhealthy situation appeared in any
quarter.
The recommendations of the Advisory Council, and the
Council's warning against credit inflation through excess
reserves, were noted in our Dec. 7 issue, page 3620. In an
account from Washington Dec. 17 to the "Times" it was
observed that an argument against any recommendation at
this time is said to be that to-day's [Dec. 17-18]meeting of
the Governors is probably their last as the system's OpenMarket Committee. Under the Banking Act of 1935 the Committee after Jan. 1 will consist of the Governors and five
members of the Board, to be appointed by the President.
Governor George L. Harrison and Dr. W. Randolph Burgess of the New York Federal Reserve Bank are understood
to have participated in the conference, along with the following Bank Governors:
March
April
May
June
$5,420,800 purchased
1,300,000 purchased
41,049,000 purchased
21,990,000 sold
23,326,525 purchased
8,765,500 purchased
July
August
September
October
November
533,426,000 purchased
35.439,100 purchased
60,085,000 purchased
17,385,000 purchased
18,419,000 sold
Bids of $200,906,000 Received to Offering of $50,000,000
of 273-Day Treasury Bills Dated Dec. 18—$50,215,000 Accepted at Average Rate of 0.087%
It was announced on Dec. 16 by Henry Morgenthau Jr.,
Secretary of the Treasury, that tenders totaling $200,906,00
were received to the offering of $50,000,000, or thereabouts,
-day Treasury bills, of which $50,215,000 were accepted.
of 273
The tenders to the offerings were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,Eastern
Standard Time, Dec. 16. Reference to the offering of the
bills, which are dated Dec. 18 1935 and mature Sept. 16 1936,
was made in our issue of Dec. 14, page 3778.
In his announcement of Dec. 16, Secretary Morgenthau
said:
The accepted bids ranged in price from 99.947, equivalent to a rate of
about 0.070% per annum, to 99.925, equivalent to a rate of about 0.099%
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 99.934 and the average rate is about 0.087% per annum on a bank
discount basis.
Treasury to Offer New Series of "Baby Bonds" Jan.1—
Will Be Designated Series B—$238,291,000 (Maturity Value) of Series A Bonds Sold to Nov. 30
Announcement was made on Dec. 16 by Secretary of the
Treasury Morgenthau that the sale of Series A,United States
Savings bonds would terminate on Dec. 31, and at the same
time he made known that a new issue of the bonds, to be
designated Series B,will be offered for sale through the Postal
System beginning Jan. 1. The Series A bonds comprised
the initial issue of the so-called "Baby Bonds" to be offered.
They were first made available on March 1, of this year,
R. A. Young, Boston; G. W. Norris, Philadelphia; M. J. Fleming, Cleveland; G. J. Seay, Richmond; Oscar Newton, Atlanta; G. J. Schaller,
and Secretary Morgenthau said on Dec. 16 that up to Nov.30
Chicago; W. McC. Martin, St. Louis; W. B. Geery, Minneapolis; G. H.
the cash receipts for the sales aggregated $178,718,250,
Hamilton, Kansas City; B. A. McKinney, Dallas, and J. U. Calkins, San
representing a maturity value of $238,291,000. Offering of
Francisco.
the initial issue of the 'Baby Bonds" was referred to in our
The arguments advanced this week by S. Parker Gilbert issue of March 2, page 1396. Authority to issue the bonds
of J. P. Morgan & Co. against action at this time are referred was granted under amendment to the Second Liberty Bond
Act, adopted Feb. 4; the text of the amendment was given in
to in another item in this issue.
the "Chronicle" of Feb. 9, page 892.
Secretary Morgenthau said on Dec. 16 that the issue prices
New Offering of $50,000,000, or Thereabouts, of 274
of the bonds of Series B, and the terms of the bonds and the
Day Treasury Bills—To Be Dated Dec. 24 1935
conditions of their issue are substantially the same as for the
Tenders were received at the Federal Reserve banks and bonds of series A. The new offering is governed by Treasury
the branches thereof up to 2 p. m., Eastern Standard Time, Department Circular No. 554, issued Dec. 16. The anyesterday (Dec. 20) to a new offering of $50,000,000, or nouncement of the Secretary continued:
-day Treasury bills. The bills were sold
for
thereabouts, of 274
Savings bonds are sold on a discount basis, the issue price being $75
on a discount basis to the highest bidders. They are dated each $100 maturity value, and are issued in maturity value denominations
Dec. 24 1935 and will mature on Sept. 23 1936, and on the of $25. $50. $100. $500 and $1,000. Each bond will mature 10 Years after
maturity date the face amount will be payable without the date of its issue. The face amount will be payable at maturity, and.
time
interest. There is a maturity of Treasury bills on Dec. 24 after 60 days from the issue date. Savings bonds are redeemable at anyvalue
at the option of holders, at fixed redemption values, the redemption
in amount of $50,071,00C.
each six
In inviting tenders to the offering on Dec. 17, Hanry for the first year being the issue price, and thereafter increasing
months until the face or maturity value is reached in 10 years.
Morgenthau, Jr., Secretary of the Treasury, stated:
yield is about 2.9%
bonds are held to maturity the investment
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1.000310,0003100.0003500,000, 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 the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 20 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 the following
morning. The Secretary of the JOreasury expressly reserves the right to
reject any or all tenders or parts of tenders and to allot less than the amount
applied for, and his action In any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
Dec. 24 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
the United States or any of its
of any tax now or hereafter imposed by
possessions.
$18,419,000 of Government Securities Sold by Treasury
During November
Transactions in market purchases and sales of government
securities for Treasury investment accounts for the calendar
Ifsavings
per annum compounded semi-annually; if redeemed before maturity the
yield is less, varying with the respective redemption values.
Savings bonds are issued only in registered form, the name and address
of the owner being inscribed on the face of each bond and recorded at the
Treasury Department. They are not transferable. Savings bonds may be
registered in the name of a single individual, or in the names of two individuals as co-owners, or in the name of an individual with a single designated
beneficiary in case of death; they may also be registered in the names of
fiduciaries, corporations, associations. &c.
United States Savings Bonds are offered primiarily for the small investor
and the amount which may be held by any one person is limited by law to a
year.
maximum of $10,000 (maturity value) issued during any one calendar
Accordingly, even if one holds savings bonds of Series A issued during the
calendar year 1935 to the maximum amount permitted by law, he may
purchase and hold a like amount of savings bonds issued during the calendar
year 1936.
The Secretary also announced on Dec. 16 that the regulations governing United States Savings Bonds contained in
Department Circular No.530, dated Feb. 25 1935, have been
re-issued under date of Dec. 2 1935, with amendments.
He said:
One important amendment authorizes the partial redemption of savings
bonds before maturity, the regulations providing that a savings bond in
denomination larger than $25 may be paid in part at the appropriate
redemption value corresponding to any authorized denomination or denominations, and a bond or bonds will be issued for the remainder. This
provision and all other provisions of the amended Department Circular
No. 530 apply to the savings bonds of Series A as well as to those of the new
series.
Gold Receipts by Mints and Assay Offices During
Week of Dec. 13—$51,075,695 Imports
The Treasury Department announced Dec. 16 that a total
of $54,471,552.02 of gold was received by the mints and assay
offices during the week of Dec. 13. Of this amount, it was
3944
Financial Chronicle
shown, $51,075,695.30 represented imports, $358,035.83 secondary, and $3,037,820.89 new domestic. The following tabulation shows the amount of the gold received during the week
of Dec. 13 by the various mints and assay offices:
Imports
$6,526.55
50,162,800.00
890,157.44
7,357.36
8,853.95
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Dec.13 1935-551,075,695.30
Secondary
$138,238.97
103,800.00
49,384.03
23,402.51
30,909.04
12,301.28
New Domestic
$426.09
299,100.00
1,771,841.71
598,541.57
157.30
367,754.22
$358,035.83 $3,037,820.89
Silver Transferred to United States Under Nationalization Order During Week of Dec. 13 Amounted to
2,415.85 Fine Ounces
During the week of Dec. 13 a total of 2,415.85 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal. A
statement issued by the Treasury Department on Dec. 16
showed that receipts since the order was issued and up to
Dec. 13 totaled 112,182,598.10 fine ounces. The order of
Aug. 9 1934 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of Dec. 16 shows that the
silver was received at the various mints and assay offices
during the week of Dec. 13 as follows:
Fine Ounces
256.00
837.70
431.00
459.97
271.08
160.10
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Dec. 13 1935
2,415.85
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended— Fins On.
1935—
Jan. 4
309,117
Jan. 11
535,734
Jan. 18
75.797
Jan. 25
62.077
Feb. 1
134,096
Feb. 8
33.806
Feb. 15
45.803
Feb. 22
152.331
Mar. 1
38.135
Mar. 8
57.085
Mar. 15
19,994
Mar. 22
54.822
Mar. 29
7.615
Apr. 5
5.163
Apr. 12
6,755
Apr. 19
68,771
Apr. 26
50,259
Week Ended— Fine On. 1 Week Ended— Fine Ozs.
1935—
1935—
May 3
7,941 Aug. 30
5.395
May 10
5.311 Sept. 6
1,425
May 17
11,480 Sept. 13
11,959
May 24
100,197 Sept. 20
10.817
May 31
5,252 Sept. 27
3.742
June 7
9,988 Oct. 4
1.497
June 14
9.517 Oct. 11
2,621
June 21.
26,002 Oct. 18
7.377
June 28
16,360 Oct. 25
1.909
July 5
2,814 Nov. 1
1,619
July 12
9,697 Nov. 8
1,440
July 19
5,956 Nov. 16
2.495
July 28
16.306 Nov. 22
8.800
Aug 2
2,010 Nov.29
1,289
Aug 9
9,404 Dec. 6
3.141
Aug. 16
4,270 Dec. 13
2,416
Aug. 23
3.008
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.
761,774,000 Fine Ounces of Silver Acquired by Treasury
Under Two Executive Orders and Silver Purchase
Act of 1934
Henry Morgenthau Jr., Secretary of the Treasury, made
public on Dec. 12 a tabulation showing, by months, the
acquisitions of silver by the Treasury Department under the
Executive Orders of Dec. 21 1933 and Aug. 9 1934, and also
under the Silver Purchase Act of 1934. Elsewhere in our
issue to-day will be found a Treasury announcement showing the silver acquired by the Treasury under the two Executive Orders during the week of Dec. 13.
The following is the tabulation issued by the Secretary of
the Treasury:
TOTAL SILVER RECEIVED AT THE UNITED STATES MINTS
(In thousands of fine ounces)
Period—
1934—
Jan. 1 to Jan. 30_
Feb. 1 to Feb. 28_
Mar. 1 to Mar. 30_
April Ito April 27_
April 27 to May 25.
May 25 to June 29..
June 29 to July 27_
July 27 to Aug. 31..
Aug. 31 to Sept.28_
Sept.28 to Oct. 26.
Oct. 26 to Nov. 30_
Nov.30 to Deo. 28_
1935—
Dec. 28 to Jan. 25_
Jan. 25 to Feb. 22_
Feb. 22to Mar. 29.
Mar. 29 to April 26_
April 26 to May 31_
May 31 to June 30.
June 30 to July 26_
July 26 to Aug. 30_
Aug. 30 to Sept.27_
Sept.27 to Oet. 25_
Oct. 25 to Nov. 29_
Nov. 29 to Deo. 6.
Total
Silver
Silver Receipts
Silver
Transferred
Under Executive Purchased Under Under Erecuttre
Proclamation of
Act of
Proclamation or
Dec. 21 1933
June 19 1934
Aug.9 1934
Total
Fine Ounces
97.000
1.273,000
1,633,000
1,769,000
2,636,000
1,149.000
2,066,000
1,411,000
1.774.000
2.211,000
3,014,000
2,418,000
Fine Ounces
18,000,000
38,600.000
12,900.000
42,600,000
37,900,000
71.855,000
19.114,000
7,099,000
11,501,000
1,492,000
Fine Ounces
97,000
1,273,000
1.633.000
1,769,000
2,636,000
1,149,000
2,066,000
91,266,000
59,488,000
22,210,000
57.115,000
41.810,000
2,676,000
3,917,000
3,838,000
2,845,000
1,560,000
2,327.000
2,407,000
4,105,000
3,142,000
2,939,000
4,995,000
748.000
39.000,000
41,200,000
24,600.000
17,200,000
11,000.000
7.700,000
24,400,000
37,000,000
37.900,000
86,200,000
104.200,000
11,400,000
983,000
366,000
178,000
131,000
129,000
62,000
35,000
23,000
28,000
14,000
15,000
3.000
42,659,000
45,483,000
28,614.000
20,176,000
12,689,000
10,089,000
26.842,000
41,128,000
41,070,000
89,153,000
109,210.000
12,151,000
56.943,000
591,800.000
113,031,000
761.774.000
Fine Ounces
$420,092 of Hoarded Gold Received During Week of
Dec. 11—$24,972 Coin and $395,120 Certificates
Figures issued by the Treasury Department on Dec. 16 indicate that gold coin and certificates amounting to $420,092.10
was received during the week of Dec. 11 by the Federal Reserve banks and the Treasurer's office. Total receipts since
Dec. 28 1933, the date of the issuance of the order requiring
Dec. 21 1935
all gold to be returned to the Treasury, and up to Dec. 11„
amount to $134,513,073.23. The figures show that of the
amount received during the week ended Dec. 11, $24,972.10
was gold coin and $395,120 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended Dec. 11
Received previously
Total to Dec. 11
Received by Treasurer's office:
Week ended Dec. 11
Received previously
Gold Coin
$24,772.10
30,997,115.13
Gold Certificates
5392,420.00
100,519,610.00
$31,021,887.23 $100,912,030.00
$200.00
266,256.00
$2,700.00
2.310,000.00
Total to Dec. 11
$266,456.00
$2,312,700.00
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 1,031,665.75 Fine Ounces During Week of Dec. 13
According to figures issued Dec. 16 by the Treasury Department, 1,031,665.75 fine ounces of silver were received by
the various United States mints during the week of Dec. 13
from purchases made by the Treasury in accordance with the
President's proclamation of Dec. 21 1933. The proclamation,
which was referred to in our issue of Dec. 23 1933, page 4441,
authorized the Department to absorb at least 24,421,000 fine.
ounces of newly-mined silver annually. Since the proclamation was issued the receipts by the mints have totaled
58,009,000 fine ounces, it was indicated by the figures issued
Dec.16. Of the amount purchased during the week of Dec.13,
299,625.42 fine ounces were received at the Philadelphia Mint,
722,383.75 fine ounces at the San Francisco Mint, and 9,656.58
fine ounces at the Mint at Denver.
The total receipts by the mints since the beginning of 1935%
follow (we omit the fractional part of the ounce):
Week Ended—
1935—
Jan. 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
604,363
732.210
973.305
321,760
1,167,706
1,126.572
403.179
1,184 819
P44,528
1,555,985
554,454
695.556
836,198
1,438.681
502.258
67,704
Week Ended— Ounces
1935—
May 3
173,900
May 10
686,930
May 17
86.907
May 24
363.073
May 31
247.954
June 7
203,482
June 14
462,641
June 21
1.253,628
June 28
407,100
July 5
796,750
July 12
621,682
July 19
608,621
July 26
379.010
Aug. 2
863,739
751,234
Aug. 9
Aug. 16
667.100
Aug. 23
1,313.754
Week Ended— Ounces
1935—
Aug. 30
509,502
Sept. 6
310.040
Sept. 13
755.232
Sept. 20
551.401
Sept.27
1,505.625
Oct. 4
448.440
Oct. 11
771,743
Oct. 18
707,095
Oct. 25
972.384
Nov. 1
1.146,453
Nov. 8
320,550.
Nov. 16
1,430,886
Nov. 22
1,139,617
Nov. 29
957,288
Dec. 6
748,396
Dec. 13
1.031,666
In our issue of Oct. 19, page 2518, we gave the weekly
receipts during the year 1934.
Treasury Is Purchasing Silver, Secretary Morgenthau
Reports—Changes Policy of Buying Mainly in
London—Mexican Silver Bought—Senator Thomas
Asks Conference of Senate Members
With respect to the change in the policy of the Treasury,
of concentrating its purchases of silver mainly in the London
market, Secretary of the Treasury Morgenthau, at a press
conference Dec. 19, said that the Government has been buying all of Mexico's 1935 output, estimated at 72,000,000
ounces, as well as taking the estimated output of 40,000,000
ounces of the United States. The Secretary, it was stated
in Washington press advices of Dec. 19, reiterated that the
Treasury had purchased silver "every day this week," which
included Dec. 19, but declined to state the amount or where
the purchases were made.
Abandonm'ent of the Treasury policy of purchasing silver
largely in London was revealed by Secretary Morgenthau
at a press conference Dec. 12, at which time he made the
following verbal statement:
I am continuing to carry out the mandate of the Silver Purchase Act,
which says:
"The Secretary of the Treasury is authorized and directed to purchase
silver, at home or abroad, for present or future delivery, with any direct
obligation, coin or currency of the United States, authorized by law, or
with any funds in the Treasury not otherwise appropriated, at such
rates.
and at such times and upon such terms and conditions as he may deem
reasonable and most advantageous to the public interest."
This statement by the Secretary followed a sharp drop in
London silver prices due, it was indicated, to the absence of
American orders. Prices dropped further this past week
and as to the situation on Dec. 19 we take the following from
the New York "Times" of Dec. 20:
The swift decline in the world price of sliver continued unchecked
yesterday. In London the quotation fell to 22 3-188., a drop of 13-108.
an ounce and the lowest since Sept. 25 1924. At this level only 6% of
the silver offered was taken, the purchaser being, presumably, the United
States Treasury. The London price was equal to about 49.22 cents.
In New York a price of 533 cents was posted, which was a drop of two
cents from the previous day's price and the lowest quotation since Feb. 6.
In Montreal silver future were irregular, 25 points higher to 100 points
lower, with 260,000 ounces changing hands.
In Bombay the tension increased. No business in silver, either spot or
forward, could be transacted but offerings of the metal were made at a
price equal to less than 50 cents an ounce, compared with a previous
pegged rate of about 58.14 cents an ounce maintained for the general
settlement of business.
In reporting on Secretary Morgenthau's remarks at the
press conference Dec. 19, Washington advices that day to
the "Times" of Dec. 20 had the following to say:
Volume 141
Financial Chronicle
Secretary Mortgenthau said definitely that the Treasury would take all
the newly mined silver offered in the United States this year, or approximately 40.000,000 ounces.
To Buy Mexican Sliver
Likewise, as far as Mr. Morgenthau knows, the United States will
buy all of the estimated 72,000,000 ounces of newly mined silver produced
in Mexico this year. The United States is dealing directly with the
Mexican government rather than with its central bank in the silver purchases.
"There is no secret about it," Mr. Morgenthau continued. "As far as
I know we are taking all of their newly mined silver at any old price."
He pointed out that Mexico was under no obligation to sell its silver
to the United States, leaving the inference tliat Mexico was selling where
it could get the best price.
Mr. Morgenthau was questioned closely as to his opinion on the reaction
of commodity prices to the drop in silver quotations.
"You look at the commodity price indexes for the last ten days an
you'll see what happened," he replied. "That will answer your questions.
I think the commodity index was slightly up."
"Do you attribute that to the silver situation?" a correspondent asked.
"I am just talking facts, not interpreting." the Secretary said. "I
study the facts."
"Has the Treasury sold silver?"
"I never have answered that."
As to tha use of silver by private industry or in the arts Mr. Morgenthau
said that the consumers can buy in the market and can get all the silver
they want.
Secretary Morgenthau reiterated his belief that the American silver
policy has been successful and was "in the interest of the public‘"
Declaring that "we should disregard foreign propaganda
and international banking influence in the pursuit of our
Congressional monetary policy," Senator Elmer Thomas of
Oklahoma suggested on Dec. 19 that a conference of Senators
be called with the convening of Congress "to the end that
every possible assistance, power and resource may be pledged
and used to win this fight for the people." His statement
was made in a telegram as follows to Senator Pittman
(Democrat) of Nevada, a copy of which, he said, was going
to Mr. Morgenthau and all Senators:
The Administrations' silver policy is being attacked by foreign and
domestic reactionary influences through a concentrated drive to force down
the price of silver with the intent to discredit and terminate such program.
.ihe American policy is to buy silver until we have 25% of our metallic
monetary stocks in silver or until the price should reach $1.29 per ounce.
The purpose of the program is to use silver along with gold in order to keep
our currency on a sound metallic basis.
To date we have accumulated some 750,000,000 ounces of silver at
an average price of some 60 cents per ounce. If foreign and domestic
oppositions were successful in defeating our program our Treasury stands
to lose vast sums on the metal already acquired.
The Administration has already fixed and stabilized the price of gold
at $35 per ounce and all nations recognize and accept such stabilized value.
What we have done with gold we can likewise do with silver and I am
appealing to you to stand firmly behind the adopted program to the end
that silver may be acquired, the value thereby raised and stabilized so
that the silver metal in the standard silver dollar may be worth 100 cents.
The fight being waged is a monetary war for control of world exchange
and the resultant control of world currencies and world trade. Formerly.
China, Mexico, and other foreign nations complained that our silver program was harmful to their economic well-being. To-day these same
Ibreign nations are unanimous in the complaint that the lowering of the
price of silver is destructive of their well-being.
This forces us to conclude that henceforth we should disregard foreign
propaganda and international banking influence in the pursuit of our
congressional moneytary policy. Having heeded such propaganda we witnessed not only a decline in the price of silver, but also a decline in the
price of cotton, other commodities and securities amounting to billions of
dollars.
I suggest a conference of Senators the moment Congress convenes to
the end that every possible assistance, power and resource may be pledged
and used to win this fight fcr the people, not only of America, but of the
world.
In Washington advices to the "Wall Street Journal" of
Dec. 17 it was stated that Secretary Morgenthau had indi•cated on Dec. 16 that there was a probability of the Treasury withdrawing from the London silver market every Saturday, because of the time difference between New York and
London. These advices added:
The Treasury did not buy any silver in London last Saturday because
.to do so would have been "impractical." the Secretary said. He pointed
out that because of the five-hour difference in time, an American order
would have to be entered at 7 a an. Eastern Standard Time to be executed
before noon in London. Asked if this same situation might keep the Treas
ury out of the silver market every Saturday, Secretary Morgenthau indi•
.cated that it might but declined to commit himself definitely.
President Roosevelt to Ask Congress for $500,000,000
Direct PWA Appropriations—Seeks to Return Such
Items to Regular Budget with Specific Authorizations
President Roosevelt will ask the next Congress to appropriate not more than $500,000,000 for public works expenditures during the fiscal year beginning July 1 1936, he said
.at his press conference on Dec. 17. This plan would involve
a change in policy whereby Congress in the future would
make direct appropriations for public works, rather than
have such funds allocated from a general amount administered by the President. Mr. Roosevelt indicated that the
appropriation mentioned would cover Federal public buildings, rivers and harbors, reclamation projects, canals and
•other Federal projects which in past Administrations have
been carried as part of the regular budget.
In 1933 and 1934 these Federal projects were financed
chiefly by Public Works Administration appropriations, but
a year ago the President began to restore projects of this
.character to the regular budget. A Washington dispatch of
Dec. 17 to the New York "Herald Tribune" reported the
3945
President's remarks at his press conference on that date
as follows:
Mr. Roosevelt has said on several occasions that he looked forward to the
regular expenditure of $500,000,000 a year on Federal public projects. From
what he said to-day, it was assumed that he has found it possible to include
approximately this total of projects in the regular budget of 1936-37. In
any event, he made it plain that Congressional sanction would be sought
for each of these large projects, most of which already have been begun.
Mr. Roosevelt was asked specifically about the Florida canal joining the
Gulf of Mexico and the Atlantic Ocean, on which $5,000,000 is being spent
this year in preliminary work. This $5,000,000 came from PWA. Mr.
Roosevelt said he felt a project of this magnitude should have some form
of Congressional sanction before the work was pursued much farther. Estimates of the cost of the completed canal range from $65,000,000 to $140,000,000, and the execution of the project involves such contentious questions
as the possible contamination with salt water of the fresh water supplies
of parts of Florida.
MC Not Included
Most of the specific large projects for which provision will be made in
the $500,000,000 sum already had been begun, Mr. Roosevelt said. This sum
is not expected to include the COO, which Mr. Roosevelt will ask to have
continued with an enrollment of 300,000 at a cost for the next year of
approximately $300,000,000. It is believed to be separate, also, from
appropriations for highways.
Mr. Roosevelt said to-day that he was not ready to discuss relief appropriations, or his recommendations with respect to government-subsidized
housing. The impression is growing, however, that he will limit his requests
for additional money for relief expenditures of all types to a minimum, with
the knowledge that if the money runs out, Congress can take the matter up
again in January 1937.
Senator Bankhead Plans Offering Bill to Next Congress
for Orderly Liquidation of Government Cotton
Holdings
Plans to introduce at the next session of Congress a bill
to regulate the disposition of cotton held by the government
were made known in a statement issued Nov. 24 at Jasper,
Ala., by Senator John H. Bankhead of Alabama. As to the
Senator's proposal, advices from Jasper, Nov. 24, to the New
York "Journal of Commerce" of Nov. 25 said:
Under the Senator's proposal the government cotton would be placed in a
corporation which would act as a selling agency, limited to the sale of
20,000 bales weekly, beginning March 1 1936. This would allow the sale
of about 1,000,000 bales yearly. Conditions next year should make it possible to dispose of this quantity, as it is believed the crop will be that
quantity short of detnand. It is estimated that it will require five years or
more to complete the liquidation of the government holdings.
The following is Senator Bankhead's statement, as contained in the advices to the paper quoted:
The time and manner of disposing of the cotton now held by the government is very important to cotton producers, cotton mills and the cotton trade.
There is in excess of 5,000,000 bales under government control. It would
be disastrous if that quantity of cotton should suddenly be dumped on the
market.
It is important that all who are affected by the price of cotton should
know how and when the cotton will be sold. It is just as important that
the cotton be sold in an orderly way and without causing undue price
depressions.
To Act as Seller
When Congress meets I shall introduce and press for passage a bill placing
the title of all unsold cotton financed by the government in the Commodity
Credit Corporation or some similar corporation. The Corporation will act as
a selling corporation and will be limited to the sales of 20,000 bales weekly,
beginning March 1 1936.
The Corporation will be directed to pay the profits, if any, to the farmers
who have cotton under the government loans, including the cotton under
the control of the pool manager. This cotton should be taken regardless of
any decision that may be rendered by the Supreme Court on the Agricultural
Adjustment Act or the Bankhead Act. The cotton loans were not made under
either of these Acts.
Early Decision by United States Supreme Court Sought
on Validity of Guffey Coal Conservation Act—
Appeal by Attorneys for James W. Carter
A plea for an early decision on the validity of the Guffey
Coal Conservation Act was filed in the United States Supreme Court on Dec. 16. In United Press advices, Dec. 16,
it was stated:
The new appeal in the Guffey case was sent to the court by attorneys for
James NV. Carter, stockholder of Carter Coal Co.
The Carter test case is pending in the District of Columbia Court of
Appeals after a lower court decision held the law constitutional, except for
wages and hours provisions.
A previous request to the United States Supreme Court for an injunction
in the Carter case failed.
However, it was reported to-day that the government would join in the
request for a quick Supreme Court decision, which probably would assure
favorable reception of the plea.
The government, it was understood, was eager to raise the question of the
validity of the wages and hours provisions of the law.
The petition presented by Mr. Carter's attorneys said:
"This case presents questions of the first importance relating to constitutionalltY
of an Act of Congress which has not heretofore been passed upon by this Court.
"An early authoritative decision on these Questions by this Court Is of pressing
importance not only to the parties to this cause but also to the bituminous coal
Industry generally and to allied industries, and as well to the Federal government.
". . . Aside from the novelty and importance of the issues PresenInd, the
decision below should be reviewed for the additional reason, we submit, that it Is
clearly erroneous and not in accord with the principles of applicable decisions of
this court."
In our Dec. 14 issue (page 3786) we noted the granting by
Judge Adkins of the District of Columbia Supreme Court of
an injunction to the Carter Coal Co. relieving it from paying
the penalty under the Act; the Supreme Court's rejection of
the plea for an immediate ruling in the action brought by
the company was noted in these columns, Nov. 16, page 3158,
and a decision on Nov. 26 by Judge Adkins holding price-
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Financial Chronicle
Dec. 21 1935
fixing provisions of the Act constitutional, but declaring invalid its provisions regulating wages and hours was referred
to in the "Chronicle" of Nov. 30, page 3470.
4. The Act is not rendered constitutional by Congressional declaration
that the industry is "affected with a national public interest," and that
"the general welfare of the nation" requires such regulation.
Suits Filed in United States District Court in New
• York Attack Guffey Coal Act as Unconstitutional
In suits filed in the United States District Court in New
York City, on Dec. 16, by the Consolidation Coal Co. and the
Phelps Dodge Corp—two coal-producing companies—the Guffey Coal Conservation Act is attacked as unconstitutional,
void and unenforceable in its entirety, according to the New
York "Herald Tribune" of Dec. 17, from which we also
quote:
Provision in Guffey Coal Act Affecting Prices Applicable
to Both Code and Non-Code Members According to
National Bituminous Coal Commission
The National Bituminous Coal Commission has ruled that
Section 12 of the Guffey Coal Conservation Act, prohibiting
deliveries of coal under-contracts made prior to Aug. 30 1935,
at prices below the minimum in effect at the time of delivery,
applies both to code and non-code members. Announcement
of this was made as follows by the Commission on Dec. 15:
The suits ask that the legislation, known formally as the Bituminous Coal
Conservation Act, its purported code and all regulations, rules and orders
issued by the Secretary of the Treasury, the Commissioner of the Department of Internal Revenue, the National Bituminous Coal Commission and
district boards on authority purported to be granted by the Act, be voided.
Among the allegations set forth in the petitions of the Phelps Dodge Corp.
and the Consolidation Coal Co. is the complaint that, while purporting to
give operators the "voluntary choice" of submitting to the code established
by the measure, "the Act in form and substance attempts to impose on such
producers as dial' not accept it an excise tax."
The Phelps Dodge Corp., which owns mines in New Mexico, sets forth
In its netition that while its sales realizations from 1928 to 1934, inclusive,
totaled $8,614,157„ it would have "gone in the red" on the basis of its
sales receipts to the extent of $426,335 if the 15% impost imposed by the
Act had been collected.
The papers in the Consolidation Coal Co. petition set forth that the company owns 227,407 acres of coal-mining land in West Virginia, Maryland,
Pennsylvania and Kentucky, the property having a book value of $16,059,900.
Last year the company's mines, according to the papers, produced 8,370,570
tons of bituminous coal.
Under the code promulgated by the National Bituminous Coal Commission, 23 district boards of coal producers, each consisting of 16 representatives of producing concerns and one of labor, were appointed, the petition
recites. In each of the three districts in which Consolidation Coal Co. has
mines, the company complains, all but one of the producer representatives
is in active competition with Consolidation.
The National Bituminous Coal Commission has received numerous inquiries
as to its interpretation of the scope of Section 12 of the Coal Conservation
Act of 1935 and the policy which the Commission will adopt with reference
to enforcement of that section.
It is the opinion of the Commission that the language of Section 12 of the
Act clearly applies to all producers of coal, irrespective of membership in the
bituminous coal code, and the Commission must, therefore, so interpret it.
Until existing conditions are changed, it will be the policy of the Commission to use such facilities as are available to enforce compliance with
provisions of Section 12 of the Act, particularly by producers who have
not accepted the bituminous coal code. In this connection, however, it
should be clearly understood that the section applies with equal force to
producers who have become code members.
Actions Filed in Philadelphia Challenging Constitutionality of Guffey Coal Conservation Act
In Philadelphia, on Dec. 11, two bituminous coal companies
challenged the constitutionality of the Guffey Coal Conservation Act in suits filed in the Federal District Court, seeking
injunctions to prevent the government from collecting taxes
imposed by the law. The Westmoreland Coal Co., with mines
in Westmoreland County, Pa., and the Stonega Coal & Coke
Co., with mines in Virginia, are the petitioners.
Appeal from Decision of Federal Judge Hamilton in
Kentucky District Court Upholding Constitutionality of Guffey Coal Act—R. C. Tway Co. and
Others File Action in Federal Circuit Court of
Appeals
The R. C. Tway Co. and 18 others of Harlan, County, KY.,
on Dec. 11,in the United States Circuit Court of Appeals,filed
an appeal from the decision of Judge Elwood Hamilton in
the Federal District Court in Louisville, Ky., upholding the
constitutionality of the Guffey Coal Conservation Act, it was
stated in United Press advices from Cincinnati, Ohio, Dec. 11.
Judge Hamilton's decision, handed down on Nov. 14, was
referred to in our issue of Nov. 16, page 3157, and Nov. 23,
page 3314.
Guffey Coal Conservation Act Viewed as Invalid by
Lawyers of American Liberty League—National
Bituminous Coal Commission Says Unofficial Views
Will Be Disregarded Until Supreme Court Acts
Following an announcement on Dec. 8 that the committee
of lawyers of the American Liberty League has expressed the
view that the Guffey Coal Conservation Act is unconstitutional, the National Bituminous Coal Commission on Dec. 9
took occasion to state that "until the Supreme Court acts,
unofficial decisions will be totally disregarded." In its statement the Commission said:
For those producers who oppose the legislation an orderly procedure is
guaranteed under the Constitution. Approximately 40 firms and individuals
have taken advantage of this orderly procedure and filed suits to test the
constitutionality of the Act. It is their inalienable right to do so.
Two of these suits have passed through the lower courts. In one of these
the Act was held unconstitutional. In the other the government won a
partial victory, and the case involves constitutional interpretations probably
far beyond those found in any other piece of legislation before the Supreme
Court for review.
Under the Constitution, the United States Supreme Court has the final
say. No provision is made for premature opinions by committees representing particular groups of citizens. And until the Supreme Court acts, unofficial decisions will be totally disregarded. Any other course would circumvent the constitutional government the American Liberty League claims to
support.
Regarding the Act, the committee of lawyers of the League
reached the following conclusions:
1. The Act is unconstitutional in that it undertakes to regulate activities
which are essentially and inherently local in character, and which cannot be
brought within the Federal power by Congressional declaration that they
"directly affect" inter-State commerce.
2. The Act is unconstitutional in that it capriciously and arbitrarily infringes upon the individual liberties of producers and employees.
3. The Act is not rendered constitutional by a pretended exercise of the
taxing power through the assessment of that which is not, in fact, a tax,
but a coercive penalty.
Section 12 of the law reads as follows:
Ruling on Delivery
No coal may be delivered upon a contract made prior to the effective date
of this Act at a price below the minimum price at the time of delivery upon
such contract, as established pursuant to Part II of Section 4 of this Act,
and such contract shall be invalid and unenforceable, Provided, That this prohibition shall not apply (a) to a lawful and bona fide written contract
entered into prior to Oct. 2 1933; nor (b) to a lawful and bona fide written
contract entered into subsequent to that date and prior to May 27 1935, at
not less than the minimum price current as published under the code of fair
competition for the bituminous coal industry, pursuant to the National
Industrial Recovery Act, at the time of making such contract; nor (c) to a
lawful and bona fide written contract entered into on or after May 27 1935,
and prior to the date of approval of this Act, at not less than the minimum
price for current sale as published under said code of fair competition, as
at May 27 1935.
Hearing Dec. 27 to Determine Minimum Coal Prices
Called by National Bituminous Coal Commission
In an order issued on Dec. 19 the National Bituminous
Coal .
Commission called a hearing of coal producers in
Washington, Dec. 27 to determine "the propriety of immediately establishing minimum prices to carry out the
purposes of the Guffey Act"and to determine "such schedules
of minimum prices as are necessary to carry out the purposes
of said Act."
At the same time the Commission directed its district
boards in price area No. 1 (comprising Pennsylvania, West
Virginia, Ohio, Michigan, Kentucky, Illinois, Indiana, Iowa
and part of Tennessee) to file before Dec. 27 proposed
schedules of minimum prices for immediate approval. The
Commission, alarmed it is said, by declining prices is reported to have warned the Appalachian producers that price
schedules would be fixed by the government if they delayed
longer. From Washington, Dec. 19, Associated Press
advices said:
Two factors, coal men say, have caused the delay in fixing priss for
the area, which produces two-thirds of the coal the country consumes
annually:
(1) The numerous suits to test the constitutionality of the Guffey Coal
Control Act. Some coal men say that if they abided by code prices, they
could not hope to compete with a neighboring operator who might not have
to abide by code prices because he had obtained a court injunction.
(2) The maze of technical difficulties attendant on price fixing in so
large an area. A producers' committee has been working on the price
schedule night and day for months, but has been delayed by technical
problems.
Government Defends TVA in Arguments Before Supreme Court—Contends Legislation Is Needed to
Protect Nation Against Monopoly and Waste
The Tennessee Valley Authority power project is of great
public benefit, and should be upheld as a protector of the
nation's resources against "monopoly and waste," the government contended in a brief filed on Dec. 13 with the Supreme
Court, preliminary to arguments which began Dec. 19 on the
constitutionality of the legislation. The case before the
court involves the right of the government to acquire transmission lines and to convey surplus electric power to municipalities for sale in competition with private companies. The
Federal District Court of Northern Alabama ruled that the
law is invalid, but this decision was reversed by the Circuit
Court of Appeals at New Orleans, which ruled that the government could dispose of surplus power. The litigation was
begun by 14 minority stockholders of the Alabama Power Co.,
who objected to a contract under which the company sold
some of its transmission lines to the TVA.
Government defense of the TVA in the Supreme Court on
Dec. 20 met with condemnation of that agency by opposition
counsel as "an unprecedented Socialistic scheme," said Associated Press advices from Washington yesterday (Dec. 20),
which also stated, in part:
Resting the case with the possibly divided tribunal, Solicitor-General
Stanley Reed said the question was whether the primary purpose of the
law was to aid navigation. Ile insisted it was, acknowledging that to have
power generation a primary purpose would be unconstitutional.
Volume 141
Financial Chronicle
Speaking finally for 14 preferred stockholders of the Alabama Power Co.,
James M. Beck called TVA efforts a "humiliating chapter" in history.
Justice Brandeis asked Mr. Beck whether be had been able to find any
cases in which preferred stockholders had been permitted to challenge a
contract as in the dispute being argued.
Mr. Beck said he saw no difference between the preferred and common
stockholders and the company itself would be "completely destroyed."
Explaining what he considered the issue, he said:
"The government has no title to the waters. They belong to the State
In which they are located, subject only to the government's right to use
them for purposes of navigation.
"We deny that the government . . . can make any use of property
In which it has only an easement.
"We admit the right of the government to 'dispose' of its property, but
we deny that under such power of disposal it can make a continuing
manufacturing use of its property for non-Federal purposes.
"We also deny that the Federal government has an abgolute and unqualified title in navigable waters simply because it constructs a dam to improve
their navigability. These belong, in each State through which they flow, to
the States respectively, subject only to the power of the Federal government
In good faith to improve navigability.
"The theory that the government has rights in respect to its property,
which it does not enjoy without such property, is a pernicious constitutional
heresy."
Associated Press Washington advices of Dec. 13 summarized the government's contentions, as presented in the
brief to the Supreme Court, as follows:
"We maintain," Attorney-General Homer S. Cummings told the Supreme
Court in the brief, "that under the commerce and war powers and the property clause of the Constitution the government may dispose of any surplus
power created by Wilson Dam, and that the conversion of the water power
into electric energy and the transmission of the energy to market for sale
are lawful means of disposition. . . .
"The TVA embodies the conclusion of Congress that monopoly of the power
at Wilson Dam was to be avoided; that its benefits were to be broadly distributed, and that for this purpose it was essential that authority to acquire
transmission lines be given to a government agency."
The government said the "water power created by Wilson Dam belongs to
the United States" and "is held in trust for the people."
Asserting the "yardstick" plan—to provide a measure of the cost of electric power—was constitutional, the brief added: "The so-called yardstick is
only a matter of accounting coupled with a widespread publication of the
information obtained. The yardstick, whatever its influence on rates, does
not have the effect of law.
"It is not expressed in terms of law. It does not purport to be law. It
imposes no duty. It prescribes no penalty. Its function is educational, and
at most advisory."
Replying to contentions of critics that the legislation invades State sovereignty, the government said "there is no purpose to regulate matters reserved to the States by the Ninth and Tenth Amendments."
"The contracts with the municipalities (to supply power) are subservient
to the law of Alabama no less than lithe municipalities had made contracts
with a private wholesaler."
Validity of TVA Upheld by Federal District Judge
at Memphis, Tenn.
The constitutionality of the Act creating the Tennessee
Valley Authority was upheld yesterday (Dec. 20)by Federal
District Judge John D. Martin at Memphis, Tenn. The
conclusions of Judge Martin were given in connection with
the trial of two men on charges of impersonating Federal
officers and conspiracy. United Press accounts from
Memphis yesterday said:
Judge Martin, the first Federal Judge to uphold the constitutionality
of the Agricultural Adjustment Administration processing taxes under the
"general welfare" clause of the Constitution, ruled that the TVA was
constitutional on the same grounds being argued by the government now
before the United States Supreme Court.
Those grounds principally are that the government has a right to sell
surplus power resulting from the construction of dams to aid navigation
and flood control.
The ruling came when L. E. Gwinn, counsel for J. E. Pierce, a publisher
of Huntsville, Ala., asked the Court for a directed verdict of not guilty.
Gwinn named as one of his grounds the claim that the TVA is unconstitutional.
Judge Martin overruled the motion and upheld the constitutionality
of the TVA without delivery a detailed opinion. He sake his decision is
based on the same grounds as those cited by the Fifth Circuit Court of
Appeals in New Orleans in overruling the late Federal Judge William L
Grubb of Birmingham, Ala.
United States Supreme Court Hears Final Arguments
in AAA Processing Taxes—Tribunal's Decision
Expected Soon After Court Reconvenes on Jan.6—
Rice Millers Attack Levies Imposed After Law Was
Amended
Final arguments on processing taxes imposed under the
Agricultural Adjustment Act were completed before the Supreme Court on Dec. 17, after lawyers for eight Louisiana
rice millers and for the government concluded oral statements on the legality of taxes imposed since Congress
amended the law in August. Two weeks ago the court heard
arguments in the Hoosac Mills case which involved the imposing of processing taxes before the amendments to the
AAA. It is expected that an early decision regarding the
validity of the AAA levies will be handed down by the court,
which disclosed on Dec. 16 that it will return from its holiday recess Jan. 6 instead of Jan. 13, in time to hand down
decisions on the AAA, the Tennessee Valley Authority and
the Bankhead Cotton Control Act three days after Congress
assembles.
Previous arguments before the court on the AAA were referred to in the "Chronicle" of Dec. 14, pages 3784-3785.
Arguments in the suit of eight Southern rice millers for permanent restraint against imposition of the lc. per pound
processing tax on rice were begun on Dec. 16, as noted in
3947
the following dispatch of that date from Washington to the
New York "Journal of Commerce":
Featured by persistent questioning by the jurists as to whether Congress
can legally provide a method of recovery but in such a way as to make
recovery virtually impossible as claimed in the present proceedings, the
suit marks the second attack within a week upon basic provisions of the
Administration's farm law.
Decisions Possible .1an. 6
Announcement that the court was going to sit on Jan. 6, meanwhile, gave
rise to much speculation and belief that rulings in the Hoosac Mills and the
Bankhead Cotton Control Act cases as well as the present suit of the rice
millers might be handed down a week earlier than expected. It was thought
in some quarters that these rulings might be expected with the return of
the court.
In the past the justices have usually taken a three weeks' recess over the
Christmas holidays. While it is not known what reason has prompted the
court to cut their recess short this year, it is significant that the court will
be in a position to aid the New Deal if any budget or legislative changes
are needed as a result of Its decisions affecting the assailed statutes.
Arguments to-day in the rice millers' case were presented solely by John P.
Bullington, counsel for the petitioners, and were only half concluded when
adjournment was taken until noon to-morrow. The government then is
expected to present its defense of the law and the power of Congress to
partially close the door for recovery of taxes.
In his arguments, Mr. Bullington conceded that the government is correct
in stating that Section 21(a) of the amended Adjustment Act is simply an
application of Section 3224 of the revised statutes which prohibits suits
except upon consent of the government for recovery of taxes. That being
true, however, he argued, the question then is whether Congress can deprive
the milled of their right to contest constitutionality of the tax.
Cites District Court Rulings
He said that a number of the District Courts in their rulings on the
processing taxes of the Agricultural Adjustment Act have held that Section 3224 is not applicable because processing taxes are not taxes.
"Do you claim that these are not taxes?" Justice Brandeis asked.
"No sir, not yet," he replied. "We are not here claiming inability to
enjoin simply because the Act is unconstitutional. We must show far more
than that. Our claim goes to the proposition that Section 21(D) of the
amended Agricultural Adjustment Act seta up a burden of proof which every
processor must set up and which is impossible to meet in any case."
He pointed out that the section requires processors to show to the satisfaction of the Commissioner of Internal Revenue that the taxes have not
been included directly or indirectly in the price of the commodity; that the
tax has not been passed on or taken out of the price paid to the farmer.
"Congress has attempted to enact in the law an economic theory which no
one has been able to prove or disprove," the counsel declared, "except by
hypotheses which are themselves incapable of proof."
Justice Brandeis asked if the difficulty of proof was greater in the case
of the rice millers than in the case of flour millers. Mr. Millington replied
that it probably would be even more difficult to show proof in the case of
wheat, and agreed with the justice that the specific acts stated regarding
the rice milling industry have no particular significance.
A Washington dispatch of Dec.17 to the New York "Times"
described the concluding arguments as follows:
Frank J. Wideman, Assistant Attorney-General, in opposing the rice
millers' plea, contended that the millers should pay the processing taxes
first and then sue for recovery instead of pressing for an injunction to
restrain collection of the tax.
John P. Bullington, counsel for the rice interests, insisted that this would
jeopardize his clients, as the government could withdraw the right to be
sued and the millers could not prove, as the government demanded, that the
taxes had not been passed on to the consumers.
The justices bombarded the attorneys with questions, some serious, others
with a tinge of humor.
Invokes Welfare Clause
As Mr. Wideman, in charge of the Department of Justice's Tax Division,
closed his case he defended the AAA as "deeply rooted in the economic
necessities of the time," and as a constitutional law based on the use of
"revenue and co-operation to bring about a necessary" nation-wide economic
balance.
Mr. Bullington, continuing his argument of yesterday, appeared first before
the court. Chief Justice Hughes soon asked the tall Texan if the Farm Act
did not provide that processing taxes taken by the Intemal.Revenue Collector
should be turned over to the Treasury.
Mr. Buffington remarked that great sums of money were involved in the
processing tax lawsuits, and added that Congress might not appropriate
enough funds to meet recoveries if the law was overturned.
"Can this court so assume?" the Chief Justice inquired.
"If judgments are issued against the Collector, are we not bound to assume
that the government will pay?" Mr. Hughes said.
Mr. Bullington assented, and the Chief Justice added:
"Yes, otherwise the government will break down."
Order Dissolving Injunction Against Rosenbaum Grain
Corp. Stayed to Permit Appeal—Chicago Board of
Trade Wins in Preliminary Court Action
Federal Judge William H. Holly of Chicago on Dec. 11
signed an order vacating an injunction restraining the
Chicago Board of Trade from expelling the Rosenbaum
Grain Corp. but the court later granted a writ staying the
dissolving order until an appeal is decided. The corpora'
tion has been engaged in legal action to prevent expulsion
from the Board of Trade, following its bankruptcy which
forced major grain exchanges to suspend operations for one
day. Previous rulings in the suit were noted in the "Chronicle" of Sept. 14 1935, page 1699. On Dec. 10 Judge Holly
dissolved the injunction against the Board of Trade, but
did not sign it until the next day.
The Board of Trade has charged infraction of the by-laws,
and the Directors voted to expel the corporation and Emanuel
F. Rosenbaum, its President, as well as to suspend for five
years Edwin S. Rosenbaum, Vice-President. Judge Holly's
ruling was described as follows in the Chicago "Journal of
Commerce" of Dec. 11:
The Federal Judge in effect ruled that the Board of Trade is a volun
tary association, has the power to make its own rules governing its mem
3948
Financial Chronicle
hers and anyone joining the organization must live up to them. This
was exactly the contention of the Board of Trade attorneys from the inception of the case last May.
Sustained by Evidence
Judge Holly stated that the Court had nothing to do as to the rightness or wrongness of the finding of the directors of the Board of Trade
if there was any evidence in the record of the proceedings to sustain the
finding; that after having examined all the testimony and the exhibits
and heard the arguments of counsel, he found that there was some evidence
to sustain each of the charges which had been presented to the directors
and as to which the defendants had been found guilty and penalties fixed
and therefore he would dissolve the injunction. After stating this, there
was an objection made to dissolving the injunction as to the Rosenbaum
Grain Corporation and no order was signed by the Court, the Court stating
that he would determine to-day whether the order would only be to dissolve
the injunction, restraining the Board of Trade of the City of Chicago and
the Board of Trade Clearing Corporation from action against E. F. Rosenbaum and E. S. Rosenbaum only, or against all three, the Rosenbaum
Grain Corporation, E. F. Rosenbaum and E. S. Rosenbaum.
Collection of Processing Tax on Coconut Oil Opposed
in Suit Filed in District of Columbia Supreme
Court—Held Illegal Since Philippine Islands Are
Now Independent Sovereignty
V Because the Philippine Islands are now an independent
sovereignty,further collection of a processing tax on coconut
oil imported from there is illegal, it is asserted in an action
brought in the District Court of Columbia Supreme Court
on Dec. 18 by Haskins Brothers & Co., Omaha soap manufacturers. Associated Press advices from Washington state:
Itis argued that the Revenue Act under which the tax is collected specifies
that the tax is for the benefit of the Islands, and that the United States has
no power to tax for the benefit of another government.
The suit challenges the constitutionality of the tax also, on the ground
that it is not apportioned according to the population of the country and
violates the Constitution's "due process" clause.
J. E. Jones Files Suit in United States Supreme Court
to Test Legality of Securities Act of 1933
A petition to test the legality of the Securities Act of
1933 was filed in the United States Supreme Court on Dec. 17
by J. Edward Jones, oil royalties operator, through his
counsel, James M. Beck, former Solicitor-General, and
Bainbridge Colby, Secretary of State under Woodrow
Wilson. According to Washington advices of Dec. 17, to
the New York "Times" of Dec. 18, Mr. Jones assailed the
Act as unconstitutional, and asserted:
"If upheld it wipes out State lines and destroys our dual system ofgovernment."
The oil operator asserted that the 1933 law is "another novel piece of
legislation," and added:
"To say the lease, it is a radical departure from what we have heretofore
understood to be time-honored American traditions.
Ilis"It creates in the national government new and virtually unlimited powers
of regulation of the minutest details of business and the affairs of men who
issue, purchase and sell securities."
The advices quoted also said:
Mr. Jones has taken his case unsuccessfully to the Federal District Court
in New York and the Second Circuit Court of appeals. Now he approaches
the Supreme Court in his determined fight.
The case arose when the Commission began stop-order procedings in
connection with an application by Mr. Jones to register 8100,000 of oil well
participation trust certificates, which the Commission said Ware illegal.
Mr. Jones was granted a stay on Nov. 25 by Judge Martin
T. Manton of the United States Circuit Court of Appeals
in New York from a previous order of the Court ordering
Mr. Jones to appear before the SEC in answer to a subpoena.
The action of Judge Manton of Nov. 25 was noted in our
issue of Nov. 30, page 3469.
Radio Station to Broadcast
Press Association—Decision
Holds Such Action Is Unfair Competition
Pirating of news gathered by a press organization wit::
forbidden in an order issued Dec. 16 by the Ninth Circuit
Court of Appeals at San Francisco, which directed the
Federal Court at Seattle to enjoin Radio Station KVOS of
Bellingham, Wash., from broadcasting news collected by
The Associated Press. The Circuit Court held that the
taking of such news and broadcasting it in advertising programs constituted unfair competition. Previously, an
injunction had been denied by the District Court at Seattle.
Extracts from the Appeals Court decision are given below,
as quoted in Associated Press advices of Dec. 16 from San
Francisco:
Appeals Court Forbids
News Gathered by
Newspapers of the Pacific Northwest, the decision declared, "are unconscionably injured in performing a public function as well as in conducting
a legitimate business."
"
fhe first amendment of the Federal Constitution has recognized the
public function of the press in the provision for its freedom," the opinion
said.
"While no constitutional right is here involved, this constitutional
recognition emphasized the exceptional character of the right which is
sought to be protected in a Federal court sitting in equity.
"When the Constitution speaks of the freedom of the press, it refers
to the freedom of private and non-government persons or bodies, engaged
in news gathering and dissemination, from interference by governmental
agencies. That is to say, that the public function in the gathering and
dissemination of news is presumed by the Constitution to be in private
hands.
"Under our capitalistic system, this means that news distribution as
a public function will be in large part by business men acting under the
inducement of the profit motive.
Dec. 21 1935
"The public, therefore, has an interest in protecting the business of
news gathering and disseminating agencies against the impairment of
their efficiency by the inevitable reduction of their business income through
the misappropriating of news prior to the expiration of the time during
which the Supreme Court has held there exists in it a 'quasi property'
Interest."
Suit Contesting Constitutionality of New York State
Milk Control Law Filed in United States Supreme
Court—Borden Company Seeks Right to Sell as
Cheaply as Others
The Borden Farm Products Co., Inc., filed an appeal in
the U. S. Supreme Court on Dec. 7 from a ruling of a special
statutory court in New York which held the New York State
milk control law constitutional. The action of the company
is directed against the section of the law which permits certain
dealers to sell milk at one cent a quart less than "well advertised trade name" dealers. The decision of the special
statutory court in New York, handed down on July 29, was
referred to in our issue of Aug. 3, page 684. With the filing
of the appeal by the Borden company on Dec. 7, Associated
Press advices from Washington, that day, said:
The Borden company asserted that it is one of the large New York City
dealers in the "well advertised trade name" class and is entitled under the
Federal Constitution to sell "milk in bottles at a price as low as any other
milk dealer."
The company protested a ruling by a three-judge Federal Court July 26
which denied an injunction against New York State officials. The company
further declared that a final ruling was of "vital importance" to New York
City milk dealers and State and city officials charged with enforcement of
the regulations.
The Supreme Court has already upheld the power of Now York State to
regulate milk production and prices.
The petition to-day was brought against Peter G. fen Eyck, State Commissioner of Agriculture; Kennety F. Fee, Director of Milk Control; John
J. Bennett Jr., New York State Attorney-General, and William C. Dodge,
District Attorney in New York County.
Federal District Court in Norfolk, Va., Denies Petition
to Restrain Utilities Power & Light Corp. from
Registering with SEC—Pennsylvania Court Exempts Company Pending Reorganization
A petition by the Public Utilities Investment Corp. that
the Utilities Power & Light Corp. be restrained from registering with the Securities and Exchange Commission was
denied on Dec. 18 by Judge Luther B. Way in Federal
District Court in Norfolk, Va. In advices from Norfolk,
appearing in the Richmond "Dispatch" of Dec. 19, it was
noted:
Exception to the ruling was noted and Judge Way ordered that temporary restraining order, issued some time ago, be extended 10 days to
allow the complainant time to appeal to a higher Court.
As argued before Judge Way by New York and Richmond attorneys,
the petitioning holding company—Public Utilities Investment Corp.—
owns a 28% interest in Utilities Power & Light Corp., a Virginia corporation. The directors of the subsidiary company want to file with SEC, but
the higher holding company says "No."
In denying the petition for a permanent injunction, Judge Way held
in effect that the directors of the subsidiary company had a right to chart
their own course and that the court would not force action on the complaint of a minority stockholder. The Judge also felt that the government
and SEC should have been made parties to the suit.
Judge William H. Kirkpatrick, in Federal District Court
in Easton, Pa., on Dec. 18 authorized the Lehigh Valley
Transit Co. to continue with its reorganization plan without
registering with the SEC, it was stated in United Press
advices from Easton, Dec. 18, which continued:
The court exempted the company from such registration until the reorganization plan is completed.
The Lehigh Valley Transit Co., seeking reorganization under Section
77-b of the Bankruptcy Law, contended that it and its subsidiary, the
Easton Consolidated Electric Co., are exempt from registration by virtue
of a special ruling issued by the SEC.
Judge Kirkpatrick was informed by counsel for the transit company that
the SEC officials are satisfied to allow the company to complete its reorganization without registering, if the court exempts it, and without
awaiting for a decision as to the constitutionality of the SEC.
A hearing on the reorganization plan will be held in Philadelphia on
Jan. 20
The Court's action in exempting the transit company from registering was
sought because the Lehigh Valley is a subsidiary of the National Power &
Light Co. and the Electric Bond & Share Co., which were recently cited
by the SEC in New York Fedral Court.
The action of the SEC against the Electric Bond & Share
Co. was noted in our issue of Nov. 30, page 3469.
Government Files $48,551,845 Income Tax Lien Against
Associated Gas & Electric Co.—Baltimore Court
Orders Hearing Jan. 16 on Utility Suits Under
Vew Holding Company Law
A further action in the campaign of the Federal Government against certain utility holding companies was taken on
Dec. 16, when James J. Hoey, Collector of Internal Revenue
for the Second (New York) District, filed a lien against the
Associated Gas & Electric Co. for $48,551,845. This was
the largest attachment of the kind ever entered in the
district and represents the Government's claim for corporation income taxes for the years 1929 to 1933, inclusive, and
for excess profits taxes for the year 1933. Mr. Hoey said
that he would file an additional lien of $2,500,000 against
the corporation based on the Government's claim for additional income taxes for 1927 and 1928.
Reference to the status of court actions taken in connection
with the passage of the Public Utilities Holding Company
Volume 141
Financial Chronicle
Act of 1935 was contained in the "Chronicle" of Dec. 14,
page 3787. On Dec. 17, United States District Judge
William C. Coleman of Baltimore ordered a hearing for
Jan. 16 to decide whether Attorney-General Cummings,
Postmaster-General Farley and members of the Securities
and Exchange Commission should be required to appear in
a suit attacking the validity of the law. Associated Press
advices of Dec. 17 from Baltimore noted this order as
follows:
The subpoenas were requested in a bill of complaint filed by the Western
Public Service Co., attacking the constitutionality of the holding company
Act. Judge Coleman recently held the Act invalid in another case.
United States Attorney Bernard J. Flynn filed the motion to quash
service on these subpoenas on the ground that those named were not residents of the district and, therefore, not within the jurisdiction of the Court.
He also filed a motion to dismiss the complaint, saying he had been instructed by the Attorney-General not to proceed against companies that
failed to register with the SEC.
We also quote in part from the New York "Times" of
Dec. 17 regarding the Federal action against the Associated
Gas & Electric Co.:
Mr. Hoey pointed out that the corporation could present any reasons
why it thought the government's claims unjust to the Board of fax Appeals
and that if the Board upheld Washington's point of view it could then take
the case into the Federal courts.
Associated Gas & Electric is a holding company for a huge system which
has electric and gas plants in various parts of the country, and has been
the subject of Federal inquiry off and on since 1929.
An investigation was begun and dropped during the administration of
Herbert Hoover. The inquiry was resumed again when Homer S. Cummings became United States Attorney-General.
Grand Jury Hears Evidence
The investigation had reached a point on Sept. 2, where Federal Judge
John C. Knox, at the request of Francis W. H. Adams, former United
States Attorney, impaneled an additional grand jury to sit that month
and hear evidence.
Since then numerous witnesses, whose names have not been revealed,
have appeared before the investigating body and have been questioned by
James V. Hayes, Assistant United States Attorney who is in charge of
the inquiry.
The Court ordered the special grand jury to sit after Mr. Adams had
-page report made
received instructions from Washington based upon a 500
by Post Office inspectors, agents of the Bureau of Investigation of the
Department of Justice and of the Intelligence Division of the Treasury
Department, headed here by Hugh McQuillan.
According to Associated Press advices from Harrisburg,
Pa., on Dec. 18 the Associated Gas & Electric Co. opened
its counter attack against the Public Service Commission's
inquiry into its financial organization on that day with a
demand that subpoenas for the books of 33 subsidiaries be
quashed as illegally and improperly issued. In part, these
advices also said:
Walter Biddle Saul, counsel for the Metropolitan Edison Co. and other
Associated Gas affiliates, made the move as the Commission reopened
hearings on its charges that Pennsylvania subsidiaries of the utility were
assessed for contributions to a "war chest" used in fighting the utilities
control bill at the last session of Congress.
These assessments, the Commission contends, were charged improperly
to operating costs, which are part of the base for determination of rates.
W. L. Willkie Says Utilities Could Place Thousands of
Men at Work if 'Reasonable Regulation' Were
Adopted—Repeal of Death Sentence and Amendment of Law Urged—Holding Companies Aid
Lower Rates to Consumer, He Contends
Hundreds of thousands of men could be put to work by
the utility industry of the United States if the "death sentence" of the Public Utilities Holding Company Act of 1935
were repealed and if regulation of the industry were placed
on a sane or reasonable basis, Wendell L. Willkie, President
of the Commonwealth & Southern Corporation, said on Dec.
19 at a luncheon given by the Bond Club of New York, Mr.
Willkie traced the efforts at utility regulation since the inauguration of the present Administration, beginning with
the creation of the Tennessee Valley Authority, and charged
that the primary motive behind this program appeared to be
the desire to break up large corporations, regardless of the
economic or social results to the country and its taxpayers.
Mr. Willkie pointed out that last year, prior to the introduction of the present Public Utility Act, he submitted a plan
to the responsible Federal agencies whereby the utilities, if
permitted to work under a reasonable regulatory law and
if freed from constant government attacks and unfair government competition, would undertake to spend for capital
construction a minimum in the years 1935 and 1936, of twice
their then anticipated requirements. The procedure for the
solution of the utility question suggested by him contained
the following points:
1. That in the territory of any utility company which had a base rate
schedule and supplemented such with an objective rate, satisfactory to the
Federal government, the Federal government would not build duplicate
transmission or distribution systems or give and loan money to cities to do so.
2. That utility companies as a group were to spend for capital construction, in anticipation, if necessary, of future needs, a minimum in the years
1935 and 1936, of twice their then anticipated requirement.
3. That the Federal government should complete the hydroelectric dams
which were in course of construction, where necessary to prevent economic
waste ; that the utility companies operating within transmission distance
of such hydroelectric plants were to buy and absorb in their systems as
rapidly as possible, all energy generated by such plants; that until the
absorption of the output of such plants they would not build additional
generating plants of their own ; that they would pass on to the ultimate
consumer the entire saving between the price which the government would
charge such companies for such energy and the cost to such companies of
3949
the
generating their own power—thus giving to the ultimate consumer
in connection
full benefit of any subsidy that the government desired to make
with such hydro developments.
rural
4. That the utilities would spend a substantial amount of money on
lines whether the same were profitable or not.
of a
5. That there should be created a national commission composed
leading
representative of the President's Cabinet, representatives of the
manufacturers of appliances and of the utilities and one or two outstanding
electric
citizens representing the public, which would constitute a national
commission for the electrification of America.
6. That arrangements would be made with manufacturers of electrical
appliances on a large scale basis so that a minimum standard model of
appliances such as ranges, refrigerators, etc., could be established and •
minimum price thus obtained; that such appliances should be sold on long
terms and arrangements should be made with the Federal Reserve System
or the Reconstruction Finance Corporation for the large scale rediscount
of such paper through the commercial banks.
7. That a utility holding company regulatory bill should be enacted
which would eliminate and prohibit all of the alleged abuses existent in that
field of endeavor, establishing a strict but fair regulation over the operations of such companies.
Mr. Willkie charged that the Administration had engaged
in lobbying activities to a far greater extent than had the
utilities during the consideration of the Wheeler-Rayburn
Bill, and he also contended that the rates of the operating
units of the holding companies with diversified properties
are in almost all instances lower than the rates of operating
companies unassociated with bolding company groups. Low
rates in most cases, he said, are found in those companies
that are parts of utility holding company systems. To break
up these systems, he continued, will check the downward
trend in utility rates.
Mr. Willkie added in part:
If the utility industry knew to-day that it could reach a reasonable compromise with the Administration by which the death sentence of the
Wheeler-Rayburn Bill could be repealed, sane regulation of the industry
established, and the invasion and duplication of its systems directly and
indirectly by its own government remove, it could double its capital
expenditures to-morrow. It could begin a program which would put hundreds of thousands of men in this country back to work largely in the manufacture of durable goods and construction work where all economists agree
lies the necessity for activity in order to produce the return of economic
prosperity. . . .
The electric utility industry under private initiative has played an important part in the upbuilding of the American nation. It looks for opportunity to continue its career of service and expansion, recognizing its ability
to bring new constructive forces to play in speeding economic recovery.
If that recovery be much longer delayed by artificial hurdles and punitive
legislation, our country will soon be flooded with a new deluge of panaceas
which may engulf both our economic and our political systems.
The responsibilities of to-day rest with our political leaders and those
who occupy the forefront and hold the positions of trust in industry and
business, and to both groups the people have a right to turn at the present
hour. Let both forget the acrimonies of the past and join in a common
purpose of restoring economic prosperity to this distraught country of ours.
Hull Defends Trade Agreement with Canada
In a letter to Senator Costigan, made public Dec. 12, Secretary of State Hun defends on broad grounds the trade
agreement between the United States and Canada, but also
(we quote from a Washington account to the New York
"Times") supports it particularly with reference to cattle
clauses. Senator Costigan had written Mr. Hull on Nov. 2
protesting proposed livestock rates, as a result of anxiety of
Western livestock interests,said the "Times" advices, Dec. 12,
which went on to say:
Secretary
Secretary Hull delayed replying, as the agreement was still under negotiation, and he wished to have details for his response. The pact was signed
on Nov. 18 and Secretary Hull replied on Nov. 26.
He pointed out that Canada had originally proposed a 50% reduction in
livestock duties, but had obtained only a "moderate" reduction, limited
by quotas.
It was necessary, he said, that some concession be given Canada with
respect to cattle, if an agreement was to be concluded.
The livestock rates and quotas, however, were so restricted, he contended,
as to be of "negligible significance to our cattlemen as regards imports
from Canada, while the agreement as a whole carried "very real benefits"
to our cattle producers, our agriculture, industry and commerce.
Mr. Hull declared that when the provisions on cattle were studied in relation to the circumstances to which they were related, it would be seen that
the "reductions in duty assure the most ample protection to our domestic
cattle producers."
The cattlemen's "anxieties," prompting Mr. Costigan's letter, were "clearly
aroused by an incorrect impression of what was being done," said Mr. Hull.
The reductions made in the rates of duty were "moderate," he said, and the
numbers of imported cattle and calves that might benefit from the reduced
rates were "specifically limited."
He passed to the more general aspects of the pact, saying:
"The small concession which we have granted on cattle, restricted as it
is by its quota limitation, and preserving every necessary safeguard for our
domestic cattle industry, must be considered, if its real significance is to be
appreciated, in the broad light of the entire agreement of which it is a part,
and of the benefits which we will derive from this agreement in the shape
of hundreds of millions of dollars in increased exports, a large part of which
will actually consist of agricultural exports, while the remainder of the
increase will be in industrial products which through enlarged payrolls
and augmented purchasing power will inevitably redound to the further
benefit of our farming and cattle raising sections."
Co-Operation with Government in United StatesCanadian Trade Pact Indicated by National Lumber Manufacturers Association—Agreement Criticized by Lumber Industry
In a letter to Secretary of State Hull indicating that it
will co-operate with the government in the administration of
the trade agreement recently entered into between the United
3950
Financial Chronicle
States and Canada, the National Lumber Manufacturers
Association states that "the lumber industry has frankly
criticized the agreement," but adds that the industry "recognizes and respects the agreement as constituting the deliberate conclusion of the President," and "that it intends to
accept the additional difficult responsibility thus imposed
In the same spirit in which it has heretofore sought to cooperate with the constructive purposes of government." The
letter was made public at Washington on Dec.16 by Secretary
Hull, who expressed his gratification at the action of the
Association. The letter follows:
NATIONAL LUMBER MANUFACTURERS ASSOCIATION
1337 Connecticut Avenue, Washington, D. Cl.
Dec. 14 1935.
The Hon. Cordell Hull, Secretary of State, Washington, D. C.
Dear Mr. Secretary: On March 18, before the Committee for Reciprocity
Information, holding hearings with respect to the negotiation of a trade
agreement with Canada then pending, we made this statement:
"The American lumber industry approves and accepts as desirable the
principle and the practice of mutually advantageous reciprocal trade and
tariff agreements between the United States and other nations."
Accordingly, we subsequently submitted to the appropriate agencies of
the government a comprehensive statement of facts and suggestions. We
recommended extensive reductions in tariffs on Canadian lumber of species
relatively scarce in the United States and the maintenance of tariffs on
species available here in great present and prospective surpluses. We have
frankly and publicly criticized the provision of the recent agreement reducing by one-half the tariffs on imported lumber of special already available
at home in continuous and unwieldy surpluses.
It is important that the opportunity, under the initiative of the government, to secure a general restoration of international commerce, be not
needlessly impeded or impaired. Opinions may differ as to the wisdom or
reasonableness of particular conclusions. They may not differ as to the
soundness of the fundamental objective.
The lumber industry has frankly criticized the agreement with Canada.
May it, with equal frankness, state that it recognizes and respects the
agreement as constituting the deliberate conclusion of the President; that
It intends to accept the additional difficult responsibility thus imposed in
the same spirit in which it has heretofore sought to co-operate with the
constructive purposes of government. It expresses the hope that the government will, in so far and in such ways as it can, aid the industry's effort to
meet this further difficulty now added to its already difficult situation.
Yours respectfully,
WILSON COMPTON.
Regarding a protest by the lumber interests against the
reduction in tariff rates in the new treaty, United Press advices, Nov. 25, from Washington said:
Protest of the Pacific lumber industry against reduction in the lumber
excise tax and tariff in the Canadian trade treaty was carried to Secretary
of State Cordell Hull to-day by Senator Charles L. McNary (Rep., Ore.)
in a 2%-hour conference.
Neither the Senator nor State Department officials would reveal details
of the discussion.
In part, Senator McNary, with his return from Oregon,
was quoted in Associated Press accounts from Washington,
on Nov. 23, as saying:
After arranging to see Secretary Hull on Monday [Nov. 25], Mr. McNary
said he would call on President Roosevelt when the latter returns from Warm
Springs, Ga., and expressed the belief that the treaty would be modified
whenever it was found that a basic industry had been "injured."
Important political changes in the Northwestern States were envisioned
by Mr. McNary if the pact remained unchanged and brought the results
predicted by American lumber interests.
"I am returning from Oregon in order to protest against the Canadian
treaty, particularly as it affects lumber and some agricultural products,"
he said. "I had planned to postpone my return until Dec. 15, but the situation was such that I had to come immediately.
"I believe that the government can and will modify the treaty when
injury has been done to any major or basic industry. The weakness of trade
agreements is that they disturb established conditions, benefit one section
of the country to the injury of another."
Details of the signing of the United States-Canadian trade
agreement were given in our issue of Nov. 23, page 3300.
Secretary Perkins Urges Passage of Walsh Bill, Requiring NRA Standards on Work Under Government
Contract—Federal Workmen's Compensation Law
/
/
Urged at Welfare Conference
Passage of the Walsh bill, requiring National Recovery
Administration standards on all work done under government contract, was urged on Dec. 17 by Secretary of Labor
Perkins as a means of improving labor conditions throughout the country. Miss Perkins spoke at a meeting in Washington sponsored by the Department of Labor, and attended
by representatives of welfare organizations and trade unions.
Other speakers proposed the enaction of a Federal Workmen's Compensation law for workers in Inter-State commerce, covering between 1,000,000 and 1,500,000 persons not
now protected by State laws.
The Walsh bill was passed by the,Senate last August, and
Is now awaiting action by the House Judiciary Committee.
Miss Perkins explained to the conference that the measure
would authorize the government to require bidders for Federal contracts, as well as borrowers and grantees of Federal.
funds, to comply with certain wage and hour requirements
and to discontinue employing child labor and prison labor.
A Washington dispatch of Dec. 17 to the New York "Times"
further reported the proceedings at the conference as follows:
In reviewing the progress made in State labor legislation since last year's
meeting of the same group, Secretary Perkins said that advance had been
made in hours legislation in a dozen States, while Illinois had made permanent its minimum wage law.
Dec. 21 1935
Labor Action Reviewed
Other achievements in the last year, according to the Secretary of Labor,
were the following:
Passage of unemployment compensation laws in nine States and the District
of Columbia.
Ratification of the Child Labor Amendment by four additional States;
passage of laws in New York and Connecticut to abolish or reduce industrial
home work, acceptance of the Wagner-Peyser Act by 25 States, bringing to
41 those States coming under the Federal-State employment service.
Secretary Perkins noted with approval adoption of workmen's compensation
laws in South Carolina and Florida, the coverage of all occupational diseases in New York, and certain specified diseases in North Carolina, West
Virginia and Nebraska.
The conference went on record as favoring:
1. Renewed activity in the interest of passage of the Child Labor
Amendment.
2. State authorization to State Labor Departments to make rules and
regulations having the force and effect of law in regard to industrial health
and sanitation:
3. Improved administration and continuance of trained State Labor Department employees.
Liquidating Distribution of $735,885 to be Made Dec.31
by Railroad Credit Corporation
The Railroad Credit Corporation will make a liquidating
distribution on Dec. 31 of $735,885, or 1%, to participating
carriers, E. G. Buckland, President, announced Dec. 19
following a meeting of the Board of Directors. Mr. Buckland stated:
This will be the twenty-third of such distributions and will bring the
total to $29,435,398, or 40% of the fund administered by the Railroad
Credit Corporation under the terms of the Marshalling and Distributing
Plan, 1931. Of the total amount returned to the carriers $13,593,657 will
have been paid in cash and $15,841,741 credited on carriers' indebtedness
to the Corporation.
Report of Operations of RFC Feb. 2 1932 to Nov. 30
1935—$10,561,594,469 of Loans Authorized During
Period of Which $999,652,251 Was Canceled—
$5,733,780,575 Expended for Activities of Corporation
Authorizations and commitments of the Reconstruction
Finance Corporation in the recovery program to Nov. 30, including disbursements of $745,466,560 to other governmental
agencies and $1,599,972,649 for relief, have been $10,561,594,469, it was stated in a report issued Dec. 12 by Jesse H.
Jones, Chairman. Of this sum, $999,652,251 has been canceled and $991,653,009 remains available to the borrowers
and to banks in the purchase of preferred stock and capital
notes, the report noted. The relief disbursements include
$299,984,999 advanced directly to States by the Corporation,
$499,987,650 to the States upon certification of the Federal
Emegerncy Relief Administrator, $500,000,000 to the Federal
Emergency Relief Administrator under provisions of the
Emergency Appropriation Act, 1935, and $300,000,000 under
the provisions of the Emergency Relief Appropriation Act,
1935. Of the total disbursements, $5,733,780,575 was expended for activities of the Corporation other than advances
to governmental agencies and for relief, and of this sum
$3,119,506,525, or approximately 54%, has been repaid. The
report issued by Mr. Jones continued:
Loans authorized to 7,454 banks and trust companies aggregate $2,408,943,313. Of this amount, $364,305,744 was withdrawn or canceled and $134,506,345 remains available to the borrowers and $1,910,131,225 was disbursed. Of this latter amount $1,522,248,142, or 80%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital notes
and debentures of 6,973 banks and trust companies aggregating $1,238,768,850, and 1,122 loans were authorized in the amount of $28,227,455 to
be secured by proferred stock, a total authorization for preferred stock,
capital notes and debentures in 7,247 banks and trust companies of $1,266,996,305. $108,559,286 of this was canceled or withdrawn and $124,600,080
remaimt
been e
remains available to the banks when conditions of authorizations have
Loans have been authorized for distribution to depositors of 2,658 closed
banks aggregating $1,162,592,927. $184,203,269 of this amount was canceled or withdrawn and $124,030,220 remains available to the borrowers.
$854,339,438 was disbursed and $607,075,735 has been repaid.
Loans have been authorized to refinance 569 drainage, levee and irrigation districts aggregating $120,308,648, of which $3,861,754 was withdrawn
boree e disbued
canceled and $70,904,784 rains available to the borrowers. $45,542,109
re
em
been
One hundred and sixty-two loans aggregating $16,347,275 have been
authorized through mortgage loan companies to assist business and industry
in co-operation with the National Recovery Administration program. $10,694,947 of this amount was withdrawn or canceled and $87,343 remains
a yanlab peit. the borrowers. $5,564,985 was disbursed and $717,
bee i eele d
o
558 has
Under the provisions of Section 5(d), which was added to the Reconstruction Finance Corporation Act June 19 1934, the Corporation has authorized
1,399 loans to industry aggregating $90,798,442. $18,382,920 of this amount
was withdrawn or canceled and $36,764,459 remains available to the borrowers. In addition, the Corporation has authorized, or has agreed to,
purchases of participations aggregating $12,110,968 of 240 businesses,
$2,897 le 2 of which was withdrawn or canceled and $5,491,583 remains
ave11ab4.
,1
The Corporation has purchased from the Federal Emergency Administration
of Public Works 717 issues of securities having par value of $230,827,700.
Of this amount securities having per value of $100,731,900 were sold at a
premium of $3,170,948, but $144,000 were not actually paid for and delivered
to the close of business Nov. 80 1935. Securities having par value of
$24,001,700 purchased from the PWA were subsequently collected at a
premium of $25,556 and securities having par value of $115,094,100 are still
held. In addition, the Corporation has agreed to purchase at par, to be
held and collected or sold at a later date, such part of securities having an
aggregate par value of $137,935,722 as the PWA is in a position to deliver
from time to time, provided the aggregate amount of securities acquired from
the PWA and held by this Corporation at any one time shall not exceed
$250,000,000.
Disbursements and repayments to Nov. 30 for all purposes
were listed in the report as follows:
Repayments
Disbursements
Loans under Section 5:
Banks and trust companies (incl. receivers)_.$1,898,986,977.46 81,511,698,493.65
487.122,572.11
74,327,446.34
Railroads (including receivers)
336,957,304.54
387,236,000.00
Federal Land banks
177,197,166.53
308,591,058.94
Mortgage loans companies
173,243.640.72
173,243,640.72
Regional Agricultural Credit corporations__ _
108,564,553.71
116,430,495.46
Building & loan associations (incl. receivers)_
89,519,494.76
80,147,031.89
Insurance companies
15,659,372.29
13,429,064.67
Joint Stock Land banks
12,081,931.48
13,012,732.81
Livestock credit corporations
State funds for insurance of deposits of public
10,764.631.18
9,735,799.56
moneys
9,250,000.00
9,250,000.00
Federal Intermediate Credit Banks
5,562,890.94
4,794,997.19
Agricultural credit corporations
600,095.79
271,175.63
Credit unions
94,500.00
2,500.00
Fishing industry
Processors or distributors for payment of pro14,718.06
14,450.38
cessing tax
53,516,089,180.52 $2,511,715,556.29
Total loans under Section 5
Loans to Secretary of Agriculture to purchase
3,300,000.00
3,300,000 00
cotton
Loans for refinancing drainage, levee and irri45,542,109.14
53,847. 58
gation districts
Loans to public school authorities for payment
22,300.000.00
22,300,000.00
of teachers' salaries
Loans to aid in financing self-liquidating construction projects (including disbursements of
$9,771,005.90 and repayments of $654,180.25
on loans for repair and reconstruction of prop15.175.901.03
erty damaged by earthquake, fire & tornado) 189,550,596.36
Loans to aid in financing the sale of agricultural
20,224,586 66
5,924,521.19
surpluses in foreign markets
39,373,037.14
1,998,883.80
Loans to industrial and commercial businesses
845,000.00
Loans to mining businesses (Section 14)
11,144,247.41
10,549,648.18
Loans on assets of closed banks (Section 5e)
Loans to finance the carrying and orderly marketing of agricultural commodities and
livestock:
Commodity Credit Corporation for:
422,044,217.42
162.048,241.01
Loans on cotton
124,988,074.92
124,998,074.92
Loans on corn
6,919,038.59
921,446.14
Loans on turpentine
16,326,359.08
8,087,014.54
Other
Total loans, exclusive of loans secured by
$4,418,646,447.24 82.867,063,134.68
preferred stock
Purchase of preferred stock, capital notes and
debentures of banks and trust companies
(including $22,860,110.00 disbursed and
$3,106,711.76 repaid on loans secured by
1,033,836,930.23
126,567,302.19
preferred stock)
10,000.000.00
Purchase of stock of the RFC Mortgage Co_ _ _
Loans secured by preferred stock of insurance
Companies (incl. $100,000 disbursed for the
30,375,000.00
192,000.00
purchase of preferred stock)
S1,074,211,939.23
Total
Federal Emergency Administration of Public
240,922,188 09
Works security transactions
Total
$126,759,302.19
125.684,088.09
$5.733,780,574 56 $3,119,506,524 06
Allocations to governmental agencies under provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners Loan
Corporation
$200,000,000.00
90,605,700.00
Capital stock of Federal Home Loan banks
Farm Loan Commissioner for loans to:
145,000,000 00
Farmers
2,600,000.00
Joint Stock Land banks
Federal Farm Mortgage Corporation for loans
55,000,000.00
to farmers
Federal Housing Administrator:
10,000,000.00
To create mutual mortgage insurance fund
29,000.000.00
For other purposes
Secretary of Agriculture for crop loans to
115,000,000.00
farmers (net)
Governor of the Farm Credit Administration
for revolving fund to provide capital for
S40,500.000.00
production credit corporations
Regional Agricultural Credit Corporation for:
44,500,000.00
Purchase of capital stock
Expenses:
3,108,399.13
Prior to May 27 1933
Since May 26 1933
10,062,460.63
Total for relief
$1,599,972,648.56
Interest on notes issued for funds for allocations
and relief advances
18,843,997.66
53,284,001.00
53,284,001.00
58,098,063,780.54 53,122,790,525.96
.The following table, contained in the report, shows the
loans authorized and authorizations canceled or withdrawn
for each railroad, together with the amount disbursed to and
repaid by each (as of Nov. 30 1935):
Authorizations
Canceled or
Authorized Withdrawn Dusbursed
Aberdeen & Rockfish flit. Co
$127,000
Alabama Tennessee & Northern RR.
275,000
Corp
2.500,000
Alton
J
Ann Arbor RR. Co.(receivers)• , ..,
400,000
Ashley Drew & Northern Ry. Co_
77,125,000
14,600
Baltimore & Ohio RR.Co.(note)
41.300
Birmingham & Southeastern RR.Co.
7,569,437
Boston & Maine RR
53.960
53,960
Buffalo Union-Carolina RR
549,000
13,200
Carlton & Coast RR. Co
3,124,319
Central of Georgia RR. Co
500,000
35,702
Central 1212. Co. of New Jersey
5,916,500
Chicago & Eastern Illinois RR,Co
1,000
46,589.133
Chicago & North Western RR. Co
1,289,000
Great Western R12. Co
Chicago
Chicago Milwaukee St. Paul & Paci12,000,000 500,000
fie Railroad Co
Chicago North Shore & Milwaukee
1,150,000
RR. Co
Chicago Rock Island & Pac. Sty. Co_ 13,718,700
10,398,925 2,098,925
Cincinnati Union Terminal Co
53,600
28,978,000
Colorado & Southern Ry. Co
Atahorizattons
Canceled or
Authorized 1Vithdratat Disbursed
60,000
60,000
Columbus & Greenville Ry. Co
53,500
Copper Range RR. Co
Denver & Rio Grande West. RR.Co. 8,300,000 219,000
Denver & Salt Lake Western RR.Co. 3,182,150
16,582,000
Erie RR. Co
3,000
3,000
Eureka-Nevada Ry. Co
90,000
717,075
Florida East Coast Ry.Co.(receivers)
227,434
Ft. Smith & Western Ry. Co.(rens)
15,000
15,000
Fredericksburg & Northern Ry Co_ _
10,539
10,539
(receivers)Gainesville Midi. Ry.Co.
Galveston, Houston & Henderson
1,061,000
RR. Co
354,721
Georgia & Florida RR. Co.(receivers)
6,000.000
Great Northern Ry.Co
13,915
Greene County RR. Co
520,000
Gulf Mobile & Northern Railroad Co.
22,667
17,863,000
Illinois Central RR. Co
9.500,000 1,000,000
Lehigh Valley R12. Co
800.000
Litchfield & Madison Ry. Co
2,550,000
Maine Central RR. Co
100,000
Maryland & Pennsylvania RR. Co_ _
Meridian & Higbee River Ry. Co.
1,729,252 744,252
(trustee)
Minneapolis St. Paul & Saulte Ste.
6,843,082
Marie Ry. Co
100,000
Mississippi Export RR. Co
2,300,000
Missouri-Kansas-Texas RR. Co_
23,134,800
Missouri Pacific RR. Co
99,200
Missouri Southern RR. Co
785,000
Mobile & Ohio RR. Co
1,070,599
Mobile & Ohio RR. Co.(receivers)
25,000
Murfreesboro-Nashville Ry. Co
27,499,000
New York Central RR. Co
New York Chic & St. Louis RR.Co.. 18,200,000
221
New York, Nit.& Hartford RR.Co. 7,700,000
29,500,000 600,000
Pennsylvania RR. Co
3,000,000
Pere Marquette Ry. Co
10,000
Pioneer & Fayette RR. Co
Pittsburgh & West Virginia RR.Co_ 4,475,207
300,000
Puget Sound & Cascade Ry.Co_ _
7,995,175
St. Louis-San Francisco Ry, Co
200,000
Salt Lake & Utah RIt. Co.(receiver)
162,600
Sand Springs Railway Co
23,200,000 1,200,000
Southern Pacific Co
14,751,000
Southern Ry. Co
100,006
Sumpter Valley Ry. Co
147,700
Tennessee Central Ry. Co
108,740
108,740
Texas, Oklahoma & Eastern RR.Co _
700,000
Texas & Pacific Ry. Co
30,000
Texas Southeastern RR.Co
6,000
45,000
Tuckerton RR. Co
18.790,000 117,750
St. Louis-Southwestern Ry. Co
15.731,583
Wabash Ry. Co.(receivers)
4,366,000
Western Pacific RR. Co
400,000
Wichita Falls & Southern RR. Co
22,525
Wrightsville & Tennille RR
53,500
8,081,000
3,182.150
16,582,000
Repaid
53,500
500.000
71,300
4,690
627,075
227,434
1,061.000
354,721
6,000,000
13,915
520,000
17,840,333
8,500,000
800,000
2,550,000
100,000
6.000,000
3,915
520,000
85,000
800,000
112,803
700,000
547,325
6,843,082
100,000
25,000
2,300,000
23,134,800
99,200
785,000
785.000
193.000
1,070.599
25,000
27,499,000
18,200,000 2,688,413
13,724
7,699,779
28,900,000 28,900,000
3,000,000
2,000
10,000
4,475,207
300,000
7,995,175 2,805,175
200,000
162,600
22,000,000
257.460
14,751,000
31,800
100,000
147,700
700,000
30,000
39,000
18,672,250
15,731,583
4,366,000
400,000
22.525
700,000
30,000
81
790,000
1,403,000
25,000
22.525
494,375,728 6,968,156 487,122,572 74,327,446
Totals
Note-Loans to the Baltimore & Ohio R12. Co. outstanding amounting to $64,965,500 are evidenced by collateral notes of the railroad in the total face amount of
565.100,400. Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 434% secured note due Aug. 1 1939. In the amount of 513,490,000
at a discount of 1% equivalent to $134,900.
In addition to the above loans authorized, the Corporation has approved
in principle leans in the amount of $130,922,097 upon the performance of
specified conditions.
Senator Hastings Says President Roosevelt's Monetary
Policies Impair Recovery-Tells Philadelphians
Administration's Program Creates Continued Uncerteinty-Attacks Social Security Legislation
Total allocations to governmental agencies $745,466,559.76
For relief:
To States directly by Corporation
5299,984,999.00
To States on certification of the Federal Relief Administrator
499,987,649.56
Under Emergency Appropriation Act, 1935_ _
500,000,000.00
Under Emergency Relief Appropriation Act
1935
300,000,000.00
Grand total
3951
Financial Chronicle
Volume 141
$127,000
Repaid
$
518,000
275,000
2,500,000
605,367
634,757
34,757
400.000
50,000
77,110,400 12,144,900
41,300
5.300
7.569,437
535,800
3,124,319
464.298
5,916,500
46.588,133
1.289,000
9,077
230,028
464,298
155,632
3.938,000
838
11,500,000
538
1,150,000
13,718,700
8,300,000 8,300,000
28,925,300 1.000,000
President Roosevelt's monetary experiments have undermined business confidence and prevented industrialists from
planning for the future, Senator Hastings of Delaware told
the Manufacturers and Bankers Club of Philadelphia on
Dec. 10. Senator Hastings also declared against other
features of the Administration's program, including the
social security legislation and the reciprocal trade agreement
policy. The President, he said, has no right to demand that
private business reduce unemployment, so long as his own
actions impair the national credit. The country can never
build for the future, he added, when it is uncertain what
changes will be m'ade in the monetary structure. Senator
Hastings said that so long as Congress delegates unrestricted
powers to the President, particularly in monetary matters,
it is impossible to tell when Mr. Roosevelt "might print
three billion dollars' worth of paper money with only the
credit of the government to back it up." Other portions of
Senator Hastings' address are given below, as outlined in
the Philadelphia "Inquirer" of Dec. 11:
going on
"We are on the road to Communism unless we stop what is
are. Unless
in Washington," he contended. "The country can't go on as we
we stop what is going on. democracy is lost."
Asserting that many tendencies of the New Deal will destroy the nation
unless blocked, he cited the huge works fund as an example.
"This is an outstanding example of many other acts of the Administraset
tion which has caused the American people to wonder if we have not
up a virtual dictatorship," he said.
Fears Democracy's End
Four billions of dollars amounts to $121.60 for every one of the 30,000.000
voters in the 1932 election. That leads us to ask whether that isn't enough
to destroy America's democracy. It is more power than any man wants
more power than any other kind of man should have."
of authority to the President enables
He charged that this delegation
him to allocate funds to any community or section of the nation, advantageous "for his Administration."
Senator Hastings declared that Congress and the President paid little
attention to the Constitution by enacting the National Recovery Administration, Agricultural Adjustment Administration, the Railroad Pension
Act, the Guffey Coal bill and the social security legislation.
"I doubt whether any single one of them is constitutional," he said.
He added rather than to gain a temporary advantage from these pieces
of legislation. it would be better to protect the fundamental law.
Raps Tariff Authority
Delegation by Congress to the President of power to make tariffs "Is a
dangerous thing," he charged.
"Congress' struggling over tariff bills is not as dangerous as the President
having the authority to change overnight the tariff rates," he continued.
3952
Financial Chronicle
The social security bill would cost Pennsylvania $300,000,000 in 1950,
Mr. Hastings asserted, and during that 15-year period $2,500,000,000.
ja"Any one with any sense knows we can't carry it out," the Delaware
solon added. "I doubt that any one of the Roosevelt Administration
thinks it is practicable. The purpose of the measure was to give the Administration some sort of social security bill.
/"Before the next election the people won't know what kind of a social
security bill they have. They won't know what its costs will be. The
Democratic party will have the credit, without having to face the humiliation of admitting, at least before the next election, that the whole scheme
is not practical.
"That sort of thing tends to destroy the country. When these kind of
schemes break down, then there is nothing left except dictatorship or some
form of government like they have in Europe."
E. T. Weir Sees Series Challenge to Fundamental Principles of Government in 'Economic Planning"—
Views Individual Through Acts of Administration
Stripped of Power to Regulate His Own Economic
Acts
Before the Illinois Manufacturers Association, at Chicago,
on Dec. 11, Ernest T. Weir of Pittsburgh, speaking on the
subject "Freedom or Autocracy," declared that during all the
42 years of its existence the Association "has not seen such a
serious challenge to the fundamental principles of our system of government, relating to industrial progress, as is confronting us to-day." "I refer," he added, "to the present
attempt to control our industrial development by the socalled 'economic planning' of political bureaucrats." In
part, Mr. Weir (who is Chairman of the Board and Chief
Executive of the National Steel Corp. and the Weirton Steel
Corp.) went on to say:
The Administration has attempted to be all things to all men. It has
given Agricultural Adjustment Administration to the farmer, the Wagner
bill to labor, social security to the aged, National Recovery Administration
to the business man. Each of these has for its purpose class appeal to a
particular group and is an extension of Federal power over the individual
citizen. The Administration has tried to conceal the fact that this power
extends over all citizens, by creating the impression that its acts were
designed to curb only the wealthy and employing groups. . . . This is
also true of the Guffey bill, the inheritance tax bill, the corporation tax
bill, the holding company bill.
When your Association started, only one of to-day's major steel companies
existed under its present name and in its present form, and there were no
opportunities in the automobile, radio, aluminum, or airplane industries
because there were no such industries. These have been the developmnts of
little over a generation, and who can tell what the future will bring in the
way of new industries and new opportunities? Also, in present times, good
positions are vacated and filled every day, thus providing immediate opportunities.
Stripping Citizens of Power
Every act of this Administration, every official declaration of policy,
every expression of the philosophy of government by one of its inner circle
adds to a mass of evidence that its one, central, dominating credo is that
the individual citizen must be stripped of the power to regulate his own
economic acts, that this power shall be concentrated into a tremendous reservoir at Washington, and there controlled by a group of supermen. . . .
If it is well-intentioned, this desire to concentrate power can be based only
on the belief that government can do a better job than individuals. The
acts and claim of the Administration can have no meaning at all unless
you predicate them on the thesis that its leaders assume that they are wiser,
more able, and more moral than the hundreds of thousands of men who
manage business, large and small, in this country. This is the line of reasoning that has supported every concentration of power, throughout history.
It was the motif in government of the monarchies and oligarchies of the old
world. If the New Deal Administration should actually realize its program . . . if enough of its major attempts should be found to be permissible under the Constitution, or if it succeeds in its attempts to circumvent the Constitution, there could be only one result. The ability and
power to make economic decisions that now rests in hundreds of thousands
of brains and hands over the entire country would be placed in the hands of
one group in Washington, politically controlled and not responsible for their
mistakes. . . .
With government limiting profits, how long do you think the momentum
of our present system of •individual initiative would continue the striving
for better products and more efficient, less costly ways of making them?
With the determination of the amount of experiment with new methods and
materials vested in a government official, how much chance would there
be for a future Edison or Westinghouse? . . .
The New Deal Administration has definitely taken the road toward control
of the citizen. That road has been taken by other countries. Its end has
found dictatorship and the "blood purge." The very heart of the American
system of government has been the freedom of the individual. Its operation
in our economic system as the right of individual initiative has been the
mainspring of our progress. . . .
If you are an executive of a corporation, you are a trustee of its funds.
If you were a guardian of a minor or a trustee of a charitable trust, you
would resist to the utmost anything whicia tended to destroy the principal
of your ward or charity. You are trustees of the money of your stockholders.
You are the person to whom your employees look for employment, and it is
your duty to defend the money and property of your trust against its
dissipation by overwhelming taxation, governmental control and so-called
"economic planning." . . .
The decision is between freedom and autocracy. This issue is one in
which every man, woman and child has a direct stake. If you believe that
America's future hope rests on the sound principles of her past; if you are
convinced that the present Administration policies prevent sound recovery,
and if you fear the consequences of the present movement toward centralized
power, then there is only one course before you. . . . Fight with all your
power to keep individual initiative and personal freedom as natural rights
of American citizenship.
Financial Incentives Increase Earning Power of
American Wage Earners, Survey of National
Industrial Conference Board Shows
The earning power of American wage earners cannot be
measured sorely on the basis of hourly or weekly wages,
according to the findings of the National Industrial Confer-
Dec. 21 1935
ence Board, in connection with a recent nation-wide investigation of the industrial relations policies. This investigation, covering 2,452 business establishments and over
4,500,000 employees, shows that opportunities for increasing
income are available to employees in a large proportion of
business concerns: This represents the first release of data
from the Board's census of industrial relations policies of
companies which employ 15.5% of those gainfully occupied in
manufacturing, mining, public utilities, transportation and
communication, wholesale and retail trade, and finance, an
announcement issued by the Board for publication, Dec. 20,
said, adding:
Most frequently the opportunity to earn higher than the standard wage is
provided through incentive wage plans. More than half of the companies
in manufacturing industries have piece rates in effect, and nearly a third
use premium and bonus payment systems.
Financial rewards for usable suggestions from employees for improving
product or methods are provided by 566 of the companies, and patent agreements, assuring inventive employees a specified return from inventions adopted
by the company, are reported by 376 concerns employing nearly 2,000,000
workers.
Profits are shared with employees in the case of 115 companies. The payment of special bonuses for long service is reported by 177 concerns; for
high quality of work, by 156; and for regular attendance, by 72 companies.
Special incentives for foremen are in effect in 377 companies, and for
executives, in 354 concerns.
A greater proportion of large concerns offer financial incentives than in
the case of small establishments. Patent agreements, for example, are in
force in 42% of the 136 companies having more than 5,000 employees, but
in only 6% of the 230 establishments with less than 100 workers. Of the
large employers, 54% have suggestion plans as compared. with only 4% in
the case of the small concerns. The difference is less marked in the case
of incentive wage systems and special bonuses.
Financial incentives are found more frequently in manufacturing than in
non-manufacturing establishments. This is especially true in the case of
wage inventives. Among manufacturing industries, financial rewards for
various accomplishments are most common in the automobile, chemicals, electrical, iron and steel, and rubber industries.
While companies that offer special financial rewards to employees are
numerous in all parts of the country, the Northeast and North Central sections have somewhat larger proportions of such companies.
Regional Decentralization oF Planning Work to Supplement State Planning Efforts Recommended in
Report to National Resources Committee
Regional decentralization of plannin,, work, supplementing
State planning efforts, is recommendedb by the Technical Subcommittee on Regional Planning, in its report to the National
Resources Committee, it was revealed on Dec. 14. The subcommittee's report, together with the recommendations of the
National Resources Committee will be transmitted to the
President and made public shortly. Decentralization of
powers and responsibilities on a regional basis for the planning of national resources follows the recent recommendation
of the National Resources Committee in its report on State
planning, which said that "too great centralization of planning for national resources in Washington is not desirable."
The Technical Subcommittee, it was announced on Dec. 16,
points out that no common regional division of the United
States is used by Federal agencies, with the result that there
is a confusion of different Federal districts established by
different bureaus in Washington for field administration of
their activities: Over 108 different sets of districts, it is
stated, are now in use, covering the whole country, with field
headquarters scattered broadly throughout these districts.
The Technical Subcommittee suggests possible economies
in grouping these field offices, and stressed the need of developing a series of common centers for field activities in
order to secure maximum efficiency and co-operation among
these Federal agencies.
Under date of Dec. 18 the National Resources Committee
indicated that five types of regional units designed to handle
the problems of decentralized planning,for which the powers
of individual States are inadequate, are already in operation
in the United States, according to the Technical Subcommittee. These sub-natitonal units, it is said, have marked
advances toward the solution of problems that were hampered
by State boundaries, according to the subcommittee. The
five types include: (1) the regional planning organizations
formed In New England and the Pacific Northwest; (2) the
inter-State metropolitan organizations of which those at St.
Louis, Philadelphia, Chicago, Washington and New York are
examples; (3) the Tennessee Valley Authority; (4) the interState compact such as exists between the States which use
the waters of the Colorado River; (5) the inter-State cooperative organizations of State officials exemplified by the
Council of State Governments.
Regarding the recommendations of the subcommittee a
statement issued on Dec. 14 by the National Resources Committee said:
This subcommittee was asked to study the regional factors in national
development when it became increasingly apparent that there was a rapid
trend toward, attempting the solution of many planning problems on a
regional or inter-State basis.
Among other developments moving the National Resources Committee to
appoint a group for the special study are the 30 inter-State compacts that
have been approved by Congress since 1918, and the many others that have
been proposed in an effort to deal with water-shed problems, oil canservation,
labor standards, and crime prevention. Further, an extensive movement has
developed for inter-State co-operation, expressed in such organizations as
the Council of State Governments, the Inter-State Assembly, and various
commissions and committees on inter-State co-operation.
The Federal government has already been forced into using combinations
of States for regional districts in connection with its various field headquar-
Volume 141
Financial Chronicle
tera, according to the subcommittee, which points out that the creation of
the Tennessee Valley Authority has been followed by numerous proposals for
other regional authorities for drainage basins in all parts of the country.
Pressing problems involving more than one State, such as those dealing
with drainage basins, industrial or agricultural developments, are infrequently related to State lines and powers, and adequate planning for wise
use of our national resources requires regional planning organization and
co-operation of Federal and State agencies. The subcommittee's report expresses the hope that decentralization and stimulation of regional planning
would "facilitate the processes by which sensible inter-State regional development policies and programs can be formulated through co-ordinate action
of Federal, State and local governments. Instead of expending a major part
of our public revenues in correcting avoidable past blunders, we want to have
the stream improvements, the reservoirs, the highways and wild life enterprises, for example, fitted together so that they will form parts of one
balanced, composite plan, on the execution of which each participating governmental agency may do its part without conflict or confusion, to the result
that transport, power and recreation (again only for example) may each
realize its full usefulness."
The Technical Subcommittee further says: "We (the nation) have to
discover and build up the arrangements whereby—on a decentralized basis,
and as nearly as may be for regions, large-scale—inter-State development
work can be planned and carried out in an integrated way so that the citizens
may derive the maximum of satisfaction from this work."
Finally, the report asserts that the search for the best organization of
construction and operation has reinforced its view that co-operation "should
be implemental and encouraged through a stage of decentralized planning,
in order to avoid wasteful commitments by one agency because its program
does not utilize a possible support from other agencies."
The National Resources Committee appointed the special
subcommittee consisting of Dr. John M. Gaus, of the University of Wisconsin (Chairman), Dr. Marshall E. Dimock,
of the University of Chicago, Mr. Jacob L. Crane, planning
consultant to the States of Wisconsin and Michigan, and Dr.
George T. Renner, of the National Resources Committee staff.
The first two members are authorities in the field of public
administration, Professor Gnus having served as Secretary
to the Wisconsin Executive Council and the Wisconsin Committee on Land Use, and Professor Dimock having recently
completed two studies for the Department of War on Federal
corporations. Mr. Crane is President of the American City
Planning Institute. Dr. Renner, formerly Professor of
Geography at the University of Washington and Columbia
University, is a specialist in the field of economic geography.
New Deal Relief Policies Criticized by Herbert Hoover—
Former President Urges Decentralization and Reduction of Expenditures—Attacks President Roosevelt's Atlanta Speech and Declares Fear of Experimentation Retarded Recovery
The relief policies of President Roosevelt's Administration
were attacked on Dec. 16 by former President Herbert Hoover, in an address before the John Marshall Republican Club
in St. Louis. Mr. Hoover in particular criticized Mr. Roosevelt's recent speech in Atlanta, when he said that the "mechanics of civilization came to a dead stop on March 3 1933."
and he asserted that instead industrial recovery actually
began throughout the world in June and July of 1932, but
that the New Deal prolonged the depression in this country
for two years while other nations progressed. "In the interest of good government," the former President advocated a
four-point plan to decentralize relief control, reduce government allotments to States by more than half, and "relieve
human distress which suffers enough without the poison of
politics in its bread." People on relief, he said, have "suffered enough from having playboys take America apart to
see how the wheels go round." Mr. Hoover pointed out that
three years ago he had warned of important proposals which
would destroy the foundations of the government. In the last
three years, he added, there has been created a huge bureaucracy. He continued:
The practical questions we have to debate separate themselves into two
great fronts.
The first is the insidious expansion of government over the lives of the
people. Unless it is arrested it means the strangling of the liberties that
were born with this nation.
The second is the spending, debt, currency and credit policies of the government. Even if they stood alone they would in continuation bring poverty
and despair.
In speaking at Atlanta two weeks ago the President's first basis of defense
for his gigantic spending, deficits and debts was the assertion that "the
mechanics of civilization came to a dead stop on March 3 1933."
What happened on March 3 1983 was an induced hysteria of bank depositors. The banking structure at large subsequently proved to be sound.
That is scarcely a dead stop to civilization.
I have always believed that the newspapers are one of the machines of
civilization. They did not quit. At that time I saw no headlines that the
farmers had ceased to till the fields. Most of you did not detect that the
delivery of food to your doors had stopped.
Railroad managers apparently did not know that their trains had stalled.
Somebody failed to inform us that the hum of our factories was silent. We
still bad to jump out of the way of the 23,000,000 automobiles.
Our churches, schools and courts are a part of the mechanics of civilization. They did not close. And the Supreme Court seems to be functioning
yet. If civilization came to a dead stop, the press missed a great piece of
news that day.
If this notion is to be the excuse for this spending and other vagaries of
the New Deal, we had better examine into it.
The truth is that the world-wide depression was turned, in June-July 1982,
all over the world. That was before the election of the New Deal. That is
supported by scores of leading American economists, business men and public
leaders. It is supported by the economic publications throughout the world.
That turning was aided by the measures of our Republican government.
These measures were within the Constitution of the United States. They
were not that futile financial juggling which has violated economic law,
morals, the Constitution, and the structure of American liberty.
3953
The turning was aided by the efforts of foreign governments. Every commercial country, including the United States, surged forward. Prices rose,
employment increased; the whole agricultural, financial and business structure grew in strength.
After the election of the New Deal we began a retreat. Only in the
United States was there an interruption. We were the strongest and should
have led the van. And we lagged behind for two years.
The other countries of the world went forward without interruption. They
adopted no New Deal. Apparently those nations did not hear that the
mechanics of civilization came to a dead stop on March 3 1933.
It did not come to a stop even in the United States. It was meddled with.
We have not got over it yet.
Mr. Hoover said that the 1933 bank panic was directly
attributable to the fact that depositors became frightened at
the incoming New Deal, "because soon after election a large
number of people awoke to the fact that promises given in
the campaign would be violated," including a change in the
gold standard and excess public spending. He denied that
the banks were insolvent, and said that solvent banks comprised 92% of the banking strength of the country.
Extracts from other portions of Mr. Hoover's speech are
given below, as contained in Associated Press advices of
Dec. 16 from St. Louis:
He asserted the Administration's "floundering" was shown by "the buffeting of those in distress from the FERA or PWA or its subsidiaries to
EPW, then to SERA, then to CWA, partly to FRSC, then back to SERA,
and over to WPA.
"It has been a sort of rainmaker's cabalistic dance."
"The President," he continued, "in further elucidation of the stop of
civilization, says: 'At that time our national balance sheet, the 'wealth
versus the debts of the American public, showed we were in the red.' . . .
He informs us, however, that some great bankers told him that the country
could safely stand an increase in the national debt to between 55 and 70
billions. He adds: 'Remember, this was in the spring of 1933.'
"Thus we are to believe that when our wealth was less than our debts
we were so strong we could still borrow 55 billions. . . . It indicates
some little excess of assets and at the same time great restraint on the part
of the New Deal."
Mr. Hoover's Program
Saying, "I believe I can without egotism claim to have had some special
experience in relief," Mr. Hoover suggested the following relief plans:
Confine Federal public works projects to the needs of the nation.
Turn back all other forms of relief to States and communities.
Do it now to assure a clean election.
Stop unnecessary expenditures and balance the budget.
Mr. Hoover asked young Americans to study their country and debate every
phase of its government.
"What you decide," he said, "will be final for your country, for you have
many votes."
National Research Program Planned with Allotment
of $12,000,000 from WPA
Announcement of plans for a new National Research
Program to be conducted under an allotment of $12,000,000
from the Works Progress Administration was made on Dec.9
by Corrington Gill, Assistant Administrator. The study
will be directed from Philadelphia by David Weintraub; it
is stated that all of the factors and forces making for employment and unemployment will be studied. In Washington advices Dec. 9 to the New York "Herald Tribune,"
it was noted that the study is to be undertaken on the
-developed thesis that while "technological
basis of the well
changes have resulted in tremendous increases in the volume
of goods and services, they have been accompanied by greater
economic insecurity of the individual worker."
These advices added:
In deciding to inaugurate the study a preliminary report noted:
"During the period from 1920 to 1929, the physical volume of production
in manufacturing industries increased 37%. while employment dropped
about 2%; freight-car loadings increased 6% from 1923 to 1929, while
employment on steam railroads declined 10%; the production of coal increased 10% from 1919 to 1929 and was accompanies by a decrease in employment of about 14%. rhat the trend shown by some of the data
given above has continued since 1929 is indicated by the fact that the
output a man-hour in manufacturing industries is estimated to have
Increased approximately 25% between 1929 and 1935."
On Dec. 9 Mr. Gill was quoted as saying:
The extent of unemployment during the past four years has been variously
estimated at 14.000,000 to 17.000.000 at its peak, or approximately onethird of the total number of gainful workers. And even during the current
period of partial resumption of production the volume of unemployment
remains at extremely high levels.
An effective approach to the problems involved requires a comprehensive
examination of the human and economic resources, of the development of
the techniques of production and of the effect of changes in these techniques
on the volume of production, on production capacity, on the volume of
employment and unemployment, and other related factors within the
framework of the national economy.
Survey to Determine Distribution of Expenditures by
Families with Incomes of Over $3,000—To Be Conducted by Department of Labor Under National
Research Program
A survey which is to be•undertaken by the Department of
Labor under the national research program is described by
Secretary of Labor Perkins as "the first adequate study of
the distribution of expenditures by families with incomes of
more than $3,000. These families," says Miss Perkins, "will
range from those living on low levels to families with incomes
in excess of $20,000 a year." In a Washington dispatch,
Dec. 12, to the New York "Times" it was stated:
Among the questions to which answers will be sought are the following:
How do spending habits differ among families of the same make-up and
the same income, in different size communities or in different parts of the
country?
3954
Financial Chronicle
How do rural families differ from urban families in their spending habits?
At what income levels are various luxuries customarily purchased?
What effect does a farm up-bringing have on a city dweller's spending?
What is the effect upon a family's use of its income of the addition of
children?
What influences cause a family to buy certain items at one season rather
than at another?
Should the advantage of mark-down sales be directed to persons of one
income group rather than another?
Do families whose wage earners are in the same occupation group spend
their money in much the same way?
The same advices said:
Forty-nine cities, ranging from 8,000 population to metropolitan centers
such as New York and Chicago, will be included in the survey, which is to
be conducted from five regional offices in Providence, R. I.; Columbus, Ohio;
Atlanta, Denver and Portland, Ore. The Bureau of Home Economics of the
Department of Agriculture will make a co-ordinated study in agricultural
regions, villages and small towns.
All the field work will be completed by or before July 1 1936, and the
compilations will be made within the year.
Views of Federal Fiscal Policies Sought in Poll of
Members of United States Chamber of Commerce
With a view to seeking the views of members of the United
States Chamber of Commerce on Federal fiscal policies, including revenues and expenditures, a questionnaire has been
sent to the 1,500 member organizations on Dec. 12 by the
Chamber. Accompanying the questionnaire was a report by
the Chamber's Taxation Committee, in which it was pointed
out that costs of government, Federal, State and local, equal
one-third of the current national income. The report said:
The high personal and corporate income taxes now levied by the national
government have seriously limited the possibility of the States obtaining
revenue from these sources. . . .
It would take three-fourths of all the savings deposits in all the banks of
the country to run all government in the United States for one year.
It is obvious, therefore, that government, taken as a whole, must restrain
itself with respect to its costs and taxes. Its levies now cripple business,
retard recovery, and threaten our economic system. The opportunity of
the employed worker to improve himself is reduced. To the unemployed, the
work-dole or the relief-dole of government can never be a satisfactory substitute for productive employment.
According to United Press accounts from Washington,
Dec.12, the principle recommendations of the Committee are:
1. Substantial reduction in the present "excessive" proportion of national
Income exacted by Federal, State and local governments.
2. Immediate reduction in expenditures to assure a balanced Federal budget in the near future, and further reduction after the budget is balanced
so as to make possible reduced taxes.
3. Early liquidation of "dispensable activities, especially temporary emergency agencies."
4. Withdrawal of government financing of projects competing with private
business.
5. Discontinuance of the use of taxing power for regulatory or prohibitory
legislation.
6. A flat rate for taxing corporate income.
7. Repeal of execs profits taxes and capital stock taxes.
8. No taxes on corporation dividends.
9. No capital gains taxes.
10. Revision of the tax structure so that estate, inheritance and gift taxes
be left exclusively to the States.
Among the questions on which members' views are sought
are:
Should taxation be applied at a flat rate to earnings of a corporate enterprise, irrespective of size, whether composed of one corporation or a consolidated group of affiliated corporations?
In revision of the Federal tax structure, should the capital stock and
excess profits taxes on corporations be repealed?
Should there be adequate recognition in the law of the principle that
no tax liability or penalty should attach to the reorganization of corporate
structures when undertaken for business purposes?
Should capital gains and capital losses alike be disregarded for income
tax purposes?
Should the Federal estate tax be repealed and inheritance taxes avoided
In order that these revenue sources may be left to the several States?
Should a substantial portion of Federal revenues be raised by excise taxes
at low rates on articles not of first necessity?
Should the Federal tax-collecting system he placed upon a strict civil
service basis, with provision for career services for members of the staff
and officials demonstrating outstanding ability?
Should the Board of Tax Appeals be maintained as an independent body,
with jurisdiction no less than at present?
Record Number of Modernization Notes and Mortgages
Insured by FHA During November
November marked the highest peak yet reached in the
number and amount of modernization notes and mortgages
Insured by the Federal Housing Administration, it was announced by the Administration, Dec. 3, which said:
During the month, banks and other financial institutions having insurance
contracts with the Housing Administration reported 93,712 Modernization
Credit Plan loans amounting to $31,051,673. This is an increase of 215%
over Nevember 1934. There were also 6,292 mortgages selected for appraisal
under the terms of the Single Mortgage System, amounting to $24,058,470.
The entire amount involved in both plans during the month was $55,110,143.
As to the activity of the FHA during the first week of
December an announcement issued Dec. 11 stated:
During the week, banks and other financial institutions having insurance
contracts with the Housing Administration reported 19,648 Modernization
Credit Plan loans totaling $6,881,974. This brought the grand total reported
since the start of the modernization program to 642,027 loans, amounting
to $232,811,634.
During the same week, 1,486 mortgages totaling $5,657,090 were selected
for appraisal by financial institutions, bringing the cumulative total to
61,959, amounting to $238,980,172.
Dec. 21 1935
With $27,030,234 of low-cost housing mortgages accepted for insurance,
the grand total was $498,822,040. The half-billion-dollar mark was passed
Dec. 9, with a grand total of $501,733,047.
The total volume of modernization and repair work developed by the program during the week, but not entirely financed under its terms, was estimated by field offices of the Housing Administration to have reached
$17,170,699, bringing the cumulative amount to $1,132,091,713.
In an announcement Dec. 17, the FHA said:
Business done during last week under the Modernization Credit Plan
and the Single Mortgage System of the FHA, showed a gain over the
previous week's totals.
Modernization Credit Plan loans numbering 23,945 and totaling $7,846.947 were insured during the week by banks and other financial institutions
which hold a contract ofinsurance with the FHA. This makes a grand total
of 665,972 loans amounting to $240,658,581.
Mortgages selected for appraisal by financial institutions during the past
week numbered 1,622 and amounted to $6,583,932. A total of 63,581 have
been selected for appraisal since the inception of the program, amounting
to $245,564.154.
Secretary of Agriculture Wallace Approves Four-Year
Rice Program—Affects Producers in South, California and Hawaii
A four-year adjustment program for rice producers in the
South, California and Hawaii, was approved on Dec. 6 by
Henry A. Wallace, Secretary of Agriculture. The proposed
programs, it is stated, provide for contracts for a four-year
period, 1936-1939. In Washington advices, Dec. 6, to the
New York "Journal of Commerce" of Dec. 7, it was said:
The Southern program, covering the classes of rice produced in Arkansas,
Louisiana, Texas and Missouri, and the California program, follow the
present programs, in these two areas, under which contracts covering crops
produced in 1935 are in effect. A program for the adjustment of production
ofrice grown in the territory of Hawaii is being proposed for the first time.
Simitar[to 1935 Program
The three proposed programs are similar to the 1935 rice programs under
which benefit payments were made to contracting producers for adjustment of their acreage to their individual allotments. The proposed programs provide for assignment of base acreage and base production figures to
Individual producers based upon their 1935 allotments and quotas, with
such downward or upward adjustments as will tend to correct inequalities
among producers.
rhe programs also contain provisions whereby producers who did not
Participate in the production of rice during the base period may be eligible
to sign a 1936-1939 contract. The total assignments of base figures in the
several States may not exceed State base figures.
State base figres assigned by the Secretary under the proposed programs are as follows:
Base Production
Base Acreage
State—
*2,058,558 bbls.
152,569
Arkansas
4.373,930 bbls.
415,569
Louisiana
6,500 bbls.
500
Missouri
161,452
2,256,155 bbls.
Texas
a2,928,765 bags
103,000
California
/69,000 cwt.
1,700
Territory of Hawaii
* 162 pounds. a 100 pounds. b 100 pounds.
Contracts for the classes of rice produced in ths three areas are now being
prepared and will be ready to submit to growers before the 1936 planting
season begins.
Argentine Fixes Minimum Wheat
Per Bushel—Estimate Places
Year 40% Below Last Year
Price at 90 Cents
Wheat Crop This
A decree issued by the Argentine Government on Dec. 12
fixed the minimum price of wheat at 10 Argentine pesos per
100 kilograms, which, according to the Bureau of Agncultural
Economics, United States Department of Agriculture, is
equal to approximately 90 cents per bushel at the prevailing
rate of exchange of the Board of Governors of the Federal
Reserve System. The Bureau, in a statement issued Dec.
17, said that the action of the Argentine Government was
taken because of the greatly improved statistical position
of wheat as a world crop, and particularly because of the
extremely short crop expected in the Argentine this year,
says the Bureau. The announcement of the Bureau continued:
Based on Argentine Government estimates of sown acreage, present
conditions indicate a wheat crop in Argentina this year of only 140,000,000
to 150,000,000 bushels, according to Agricultural Attache 1'. 0. Nyhus
In Buenos Aires. This would represent a reduction of approximately 40%
compared with the 241,000,000 bushels produced last season and of 36%
compared with the average crop of 228,000,000 bushels for the five years
ending with the 1933-34 season.
The second official Argentine estimate places the area sown to wheat this
year at 14,208.000 acres. This represents a reduction of 24% from the
18,812,000 acres sown last year. Drought over a large part of the wheat
area forced a reduction in the acreage this year and seriously hampered
germination. Continued dry weather in many districts during the growing
saason did further damage to the crop. The situation was improved somewhat in a few regions by rains during the latter part of October but yields
generally are expected to be much lower than last year.
Governmental guarantee of a minimum price for wheat in Argentina was
Inaugurated on Nov. 28 1933, when an executive decree set up the Argentine Grain Regulating Board with authority to purchase wheat for export
whenever the world price, as reflected in the Buenos Aires market, fell
below a fixed minimum of 5.75 Argentine pesos per quintal, approximately
51 cents a bushel at present exchange. This fixed minimum is the price
for wheat delivered in Buenos Aires. Farmers receive somewhat lower
prices since the usual deductions have to be made for freight, lighterage,
and other charges incident to moving wheat from the interior.
The government was not obliged to purchase any wheat during the last
marketing year, since the Buenos Aires price at no time fell below the
guaranteed minimum of 51 cents a bushel and reached 77 cents on Dec. 12.
Immediately after the now minimum price of 90 cents was announced the
open market price of wheat in Buenos Aires rose above that level.
In a statement made in Buenos Aires Dec. 17, and issued
in New York through the Argentine Information Bureau,
Minister of Agriculture Duhau said that the minimum price
fixed by Argentine was not intended "to create artificial
price levels or a false prosperity, but simply to keep the
farmer in business and secure for him a decent subsistence."
The Minister continued:
Our minimum price system has proved effective in keeping our grain
growing and other primary agricultural industries alive throughout the
depression without encouraging overproduction. If our harvest of wheat
is below normal,it is entirely due to an exceptional drought, a phenomenon
outside our control. Our lower production of bread grain will contribute
to the normalization of the world's wheat supply, which has been thrown
out of balance by the Canadian experiment to force prices above the
economic normal.
Argentina has consistently disposed of its exportable surpluses without
hoarding. The government is mindful of the advantages of the modern
system of bulk transport and has devised a plan of country and terminal
elevators whereby transport costs will be reduced. Furthermore, a grain
classification system will be enforced, and agricultural credits put on a
solid basis.
Our policy will never be one of hoarding grain. Our elevator system is
intended to modernize transport and facilitate classification.
As to the effect on the Chicago market of the Argentine
Government's action, a Chicago dispatch Dec. 13 to the
New York "Herald Tribune" said:
Action of the Argentine government in establishing a minimum price
for wheat grown in that country threw the wheat pit into a turmoil on the
Chicago Board of Trade to-day. The put itself was bedlam, with traders
elbowing each other for position, yelling themselves hoarse in an effort to
attract attention to their bids and almost shaking their fingers loose as
they waved them aloft in the customary gestures of trade.
Prices started their spectacular rise with the opening of trade and quickly
soared to the top level of 5 cents a bushel, the full limit allowed by board
rules, with only "bid" figures showing at the close. . . .
The overnight announcement took the grain markets of the world by
surprise and the results in the Chicago pits were disordered trading and
complete confusion, with shorts in wheat and other farm commodities
taking a bad drubbing. Prices locally jumped 4 to 5 cents in opening
transactions, and, although they fell back somewhat during the middle
hours of the session on profit taking, the check was only momentary and
they quickly advanced again to the full 5
-cent limit. Offerings were all
but non-existent during the final hour of trading.
Associated Press advices Dec. 13 from Buenos Aires said
in part:
Argentine grain markets soared the equivalent offrom 10 to 13 American
cents a bushel to-day in response to new minimum prices for wheat and
linseed fixed by the government and the Federal Grain Board.
The new price, more than 50% over the 6.50 pesos quotation fixed a
year ago, is equal to approximately 76 American cents a bushel at the
official exchange rate, or 73 American cents a bushel at the open exchange
rate.
The effect of the government's minimum prices, observers said, depends
on its exchange policy during the next few months. As a controller of
exchange rates since it devalued the peso in 1933, it can move foreign
exchange as it desires.
Payment of 85% of Matured Instalments on Land Bank
Commissioner's Loans to Nov. 30 Reported by
A. S. Goss, Commissioner
About 400,000 farmers with first and second mortgage
Land Bank Commissioner's loans made under the emergency
refinancing program of the past two and a half years had
virtually 85% of their matured instalments paid up to date
on Nov. 30, according to a statement Dec. 19 by A. S. Goss,
Land Bank Commissioner of the Farm Credit Administration. Interest instalments matured on $785,000,000 of
loans amounted to almost $40,000,000 to the end of November of which over $34,000,000 had been paid, it is stated,
compared to $6,700,000 matured to Nov. 30 1934 and
$5,500,000 paid at that time. Mr. Goss said:
Although the total amount of interest maturities on these loans this year
has been about five times greater than last year. farmers have substantially improved their payment record, fhe percentage of prompt payments has increased fairly steadily with the increase in farm income, especially in the Northwest where the gain in cash farm receipts has been reflected
in every district by improved interest payments.
Interest collected on Land Bank Commissioner loans as
per cent of maturities is given, by districts, in the following
tabulation issued by Mr. Goss:
Nov. 30, Oa. 31. Noy.so.
1934
1935
1935
Springfield, Mass.(Connecticut, Maine, Massachusetts,
New Hampshire, New Jersey, New York, Rhode
Island and Vermont)
Baltimore, Md.(Delaware, District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia
Columbia, S. C. (Florida, Georgia, North Carolina,
and South Carolina)
Louisville, Ky.(Indiana, Kentucky, Ohio, Tennessee,.
New Orleans, Ls.(Alabama, Louisiana, MIssissippl,_
St. Louis, Mo. (Arkansas, Illinois, Missouri)
St. Paul, Minn. (Michigan, Minnesota, North Dakota
and Wisconsin)
Omaha, Neb. (Iowa, Nebraska, South Dakota and
0 Wyoming)
Wichita, Kan. (Colorado, Kansas, New Mexico and
Oklahoma)
Houston, Tex. (Texas)
Berkeley, Calif. (Arizona. California, Nevada, Utah)._
Spokane, Wash.(Idaho, Montana, Oregon, Washington,
Total
•No maturities.
75.8
87.8
86.7
95.7
93.4
58.2
91.6
95.3
75.8
90.5
86.5
96.2
82.3
91.8
67.1
70.7
72.3
75.1
78.9
78.3
85.4
91.2
92.7
87.9
81.0
88.6
92.7
90.0
82.2
91.2
93.2
90.4
82.0
84.2
84.7
the protection of domestic potato producers. A tax of 45c. a
bushel will be placed on imports from each country in excess
of its quota. This tax will be in addition to any tariff on
shipments of potatoes into the United States. The text of
the Potato Act was given in our issue of Sept. 14, page 1657.
In its announcement of Dec. 11 the AAA said:
The quotas are 97.52% of the average annual imports of 2,847,575 bushels
for the past six years in accordance with the terms of the Potato Act. Potato
imports in 1929 were 4,275,847 bushels; 5,059,824 bushels in 1930;
1,180,057 bushels in
4,566,875 bushels in 1931; 726,915 bushels in 1932; .
1933, and 1,538,216 bushels in 1934.
In addition to the quota of 2,777,000 bushels for the full allotment year
a quota of 23,071 bushels was fixed for Cuba for the nine months from
March 1 to November 1936.
Under the tenna of the Potato Act no quota may be applied to Cuban
potatoes until March 1 unless it is determined that the importation of
Cuban potatoes is "unduly" depressing or threatens to unduly depress the
domestic price for potatoes.
The annual imports from Cuba for the six-year period 1929-34 were 47,321
bushels and averaged 23,656 bushels for the nine months from March to
November.
The quotas for entry during the 12 months beginning Dec. 1 1935 and the
six-year average of imports are shown by countries as follows:
Country
-Year Quota for
6
Entry
Average
Bushels Bushels
209
214
Denmark
24,672
25,299
Estonia
90
92
France
11,553
11,847
Netherlands
2,777
2,848
Spain
2,627
2,693
United Kingdom....
2 750,180 2,682,087
Canada
3,730
3,825
Mexico
43.442
44.545
Ra.rmurla
Newfoundland and
Labrador
Dominican Republic
Egypt
China
Canary Islands
Hawaii
Puerto Rico
Cuba (9 months).-
6 Year
Average
Quota for
Entry
Bushels
Country
Bushels
1,220
39
22.6
1.2
1,142
3.127
480
47.327
1,190
as
22
1.1
1,114
3,049
487
23.071
Previous regulations of the AAA issued under the Potato
Act were referred to in these columns of Dec. 14, pages
3791-3792.
•
Definite Policy of Currency Management Urged by
American Farm Bureau Federation-Administration's Agricultural Program Approved-Michigan
Fruit Growers Declare Against AAA
At the closing session of its annual convention, in Chicago,
Dec. 11, the American Farm Federation Bureau urged that
President Roosevelt "extend for one year the authority to
raise and lower the price of gold and establish a definite
policy of currency management to maintain stable price
levels in line with fixed costs from generation to generation."
According to the Chicago "Journal of Commerce," the Federation approved without major criticism the broad farm
program of the Administration, starting with the Agricultural Adjustment Administration and covering virtually all
ramifications. From the paper indicated we also quote:
Mention was not made, however, of the Canadian reciprocal trade treaty
which has been attacked in some quarters as harmful to American agriculture. The treaty was defended before the convention by President Roosevelt
and Secretary of Agriculture Henry A. Wallace.
Approves Purpose of Pact
One resolution did approve "the purpose of reciprocal trade agreements"
and insisted that "there be no further reduction in present agricultural
tariffs on any farm products that would have the effect of holding or
reducing domestic price levels below parity of such products."
Turning to the AAA, the convention went on record as follows:
"We serve notice on all groups and individuals who are opposing agricultural adjustment for political, personal or other reasons, that this program
was formulated by the farmers themselves, acting through their own organizations and will be protected and defended by the farmers and their friends
on the basis of its fairness to agriculture, its beneficial contributions to
continued national recovery, and in the interest of permanent prosperity for
all economic groups and classes of our nation."
The Michigan State Horticultural Society closed a threeday convention at Grand Rapids, Mich., on Dec. 5 with the
adoption of resolutions condemning the Agricultural Adjustment Act and demanding excise taxes or tariffs on tropical
fruits to lessen competition with Michigan apples. Associated Press advices from Grand Rapids to the Detroit "Free
Press" said:
George Friday, Coloma orchardist, was sponsor of the resolution which
expressed disapproval of the AAA. Adopted by a 6-to-1 vote, the resolution
complained that some commodities had been made so costly through the
AAA that family budgets had little leeway for fruit and vegetables.
92.8
74.6
88.5
Potato Import Quotas for Allotment Year Beginning
Dec. 1 Fixed by AAA at 2,777,000 Bushels
The quotas for potatoes imported into the United States
during the potato allotment year which began Dec. 1 1935
were announced Dec. 11 as 2,777,000 bushels by the Agricultural Adjustment Administration. Section 229 of the Potato
Act of 1935 directs the establishment of import quotas for
3955
Financial Chronicle
Volume 141
International Longshoremen's Association Terminates
Embargo on Atlantic and Pacific Coasts Ships
Federal Mediators Attempting to Settle Gulf Coast
Strike-Give New Orleans Shippers Ultimatum
New Orleans shippers were given 24 hours on Dec. 19 to
arrive at terms in the two-month Gulf coast strike of dock
union workers before Federal Government mediators abandon
the port to an embargo by the InternationP1 Longshoremen's
Association, it was stated in United Press advices from New
Orleans, Dec. 19. The advices, as given in the New York
"Herald Tribune" of Dec. 20, continued:
rhe ultimatum was served by Holt Ross, regional representative of the
American Federation of Labor, and confirmed by Edward F. McGrady,
Assistant Secretary of Labor.
Mr. McGrady decried lackiof co-operation from New Orleans shippers.
He said he had learned reliably that I. L. A. workers on both Atlantic and
Pacific coasts would Join the boycott.
Negotiations at Galveston to-day virtually settled the strike in the West
Gulf area. Shippers signed contracts with the I. L. A. at Houston, and
union workers will return to jobs to-morrow. Independents, who have
been doing the work during the strike will be absorbed into the I. L. A.
3956
Financial Chronicle
A settlement also was in prospect at Mobile, Ala., Gulfport, Miss., an
Pensacola, Fla., which with New Orleans, make up the East Gulf area.
Mr. McGrady, Mr. Ross and Dr. Georgs Stocking, of Texas University
another member of the strike mediation board,left here to-night for Mobile
to conduct a longshoremen's election to-morrow. Workers will ballot on
which union, the I. L. A. or independent, they wish to join. It was understood the I. L. A. will recognize the workers' choice. l'he action will apply
also to Gulfport and Pensacola, settling the strike in all ports except New
Orleans.
Here, only two companies of 23, Luckenbach and Swayne & Hoyt, have
recognized the I. L. A.—A. F. of L. affiliate. The other firms deal with
Independents called "company unions" by the I. L. A.
An order issued Dec. 3 by the I. L. A. that union dock
workers refuse to handle freight of Gulf steamship lines on the
Atlantic and Pacific Coasts was rescinded on Dec. 10 by
Joseph P. Ryan, President of the Assoeiation. The order
was terminated, it was stated in the New York "Journal of
Commerce" of Dec. 11, as a result of the decision of the
several lines to negotiate directly with the Association for
settlement of the difficulties at the Gulf ports. The paper
quoted also said:
The trouble started at New Orleans several weeks ago when the I. L. A.
proclaimed a strike at that port because the owners there refused to recognize the union and manned their docks with the members of two so-called
"company unions," one made up of white men and the other of colored
men. The companies insisted that these men had been doing their work for
several years in a satisfactory manner and that the men were satisfied with
the conditions of their employment. It is understood that the New Orleans
group continues to employ these men, although they are not affiliated with
the I. L. A.
Regarding the strike, United Press advices from New Orleans, La., Dec. 10, said:
The first break in the strike of union longshoremen at Eastern Gulf of
Mexico ports will occur to-morrow, when members of the I. L. A. go to the
docks to handle the Luckenbach Line's ship, Dorothy Luckenbach.
It will be the first I. L. A. job here in more than 12 years. Not since
1923 have New Orleans shippers recognized the I. L. A., American Federation
of Labor affiliate.
Two shipping concerns, Luckenbach and the Gulf Pacific Lines, have
agreed to sign I. L. A. contracts, and pending a final settlement, union
workers will handle their ships.
Meanwhile, secret conferences continued to-day between Federal mediators and representatives of 21 other shippers, in an effort to end the strike
which first was called in four East Gulf ports to force I. L. A. recognition
in New Orleans. Later it spread to the West Gulf area, and resulted finally
in a nation-wide embargo by the union on all ships worked in Gulf ports
by non-union longshoremen.
In Associated Press advices from Houston, Tex., Dec. 10,
it was stated that the union longshoremen, who struck at all
Texas ports and Lake Charles, La., 60 days ago, returned to
work that day. The advices continued:
The strike was over so far as ships in the coastwise trade were concerned.
At Galveston M. J. Dwyer, district president of the International Longshoremen's Association, said agreements had been concluded with all Gulf
deep-sea lines except Lykes-Ripley, Mervion, Harrison and Creole-Odero.
Union longshoremen were ordered to resume work at Galveston on two
Japanese ships, the Asosan Meru and the Karuma Maru, as. approximately
200 I. L. A. members here began unloading the Point Brava, of the Gulf
Pacific Line, and the Edgar F. Luckenbach of the Luckenbach Gulf Steamship Company.
The strike at the Gulf coast ports affected approximately
10,000 workers. A recent attempt by Secretary of Labor Perkins to bring about a settlement of the strike was frustrated
on Nov. 28 when steamship executives, at Houston, Tex., refused to accept mediation by a board appointed by Miss Perkins. The board, named on Nov. 23, consisted of Dr. George
W.Stocking, Chairman of the Petroleum Labor Board, Chairman; Edward F. McGrady, Assistant Secretary of Labor, and
Colonel Frank P. Douglass, member of the Textile Labor
Relations Board. The board had been authorized by Miss
Perkins (according to Associated Press advices from Washington, Nov. 23) to—
Investigate issues, facts, practices and activities of employers or employees
pertaining to such disputes, either with respect to one port or to all the several ports involved.
Hold hearings and take testimony under oath.
Act as voluntary arbitrator on request of the parties to the dispute and
render awards with respect to the subject matter of such disputes as are
submitted to it, whether such matter relates to one port or to several ports,
as shall be binding upon the parties to the submission.
Since the beginning of the strike 14 men have been killed,
It was reported in Houston, Tex., advices (Associated Press)
of Nov. 26. The advices stated:
Many strikers and strikebreakers have been beaten in sporadic violence
despite hired guards and injunctions against force. Three men have been
killed here, three at Port Arthur, one at Beaumont, three at Lake Charles,
La., two at New Orleans, and two at Mobile.
On Oct 11 it was stated in press advices from Houston, Tex..
that eight ports in the western Gulf Coast district were tied
up by the strike, completing a walkout extending from Pensacola, Fla., to Corpus Christi, Tex.
Building'Trades Unions Settle Two-Year Dispute—
Referee to Adjust Future Jurisdictional Conflicts,
President Green of A. F. of L. Announces—Convention to Be Held in Washington, Feb. 6
It was announced Dec. 4 by William Green, President of
the American Federation of Labor, that representatives of
19 building trades unions had reached a settlement of a twoyear controversy and had also agreed upon a plan whereby
building trades operations will be unaffected where future
jurisdictional disputes occur. A Washington dispatch, Dec. 4,
Dec. 21 1935
to the New York "Herald Tribune" of Dec. 5, had the following to say regarding the settlement:
The agreement reached here to-day by representatives of the 19 craft unions
comprising the building trades department of the Federation of Labor, Mr.
Green said, is based on an understanding which calls for adjustment of future
jurisdictional disputes by a referee within the organizations themselves. As
evidence of the serious intention of the effort to break the deadlock which
amounted to a row within the Federation, with the powerful carpenters,
bricklayers and electric workers organizations arrayed against other building
trade groups, Mr. Green further announced that a building trades convention
would be assembled here Feb. 6.
Contractor to Decide
The plan for submitting questions to a referee is to be announced in detail
at the February convention. It provides for a procedure by which the contractor decides which union is to do work over which a question of jurisdiction between two unions has arisen, and if his judgment fails to prevail
adjustment is left to a Federal judge, the work as designated by the contractor continuing meanwhile.
The controversy began when the carpenters, bricklayers and electrical
workers, constituting about 275,000 organized workers and the most numerous segment of the building trades department of the Federation, withdrew
from the department, although not from the Federation of Labor. Efforts
to patch up the differences failed, and the three unions did not participate
as part of the building trades group in the San Francisco convention of the
Federation in 1934.
Mr. Harrison Assigned to Task
Prior to the Atlantic City convention of this year, President Green appointed George M. Harrison, President of the railway clerks and Chairman
of the Railway Labor Executives Association, as special representative to
negotiate an adjustment, which was announced at the convention and a mediation committee appointed. The final settlement was reached to-day, Mr.
Green said, after repeated meetings in Washington. The total membership
of the 19 craft unions involved is estimated at 1,250,000 workers.
President Green of American Federation of Labor
Declines Invitation of John L. Lewis to Join
Latter's Industrial Union Movement
An invitation by John L. Lewis to William Green to withdraw as President of the American Federation of Labor and
join, as Chairman, the industrial union movement of Mr.
Lewis, has been rejected by Mr. Green. The resignation of
Mr. Lewis as Vice-President of the A. F. of L. incident to the
movement undertaken by the latter to organize industrial
unions as opposed to craft unions, was noted in our issue of
Nov. 30, page 3476. A letter to Mr. Green suggesting that
he affiliate himself with the new movement recalled his (Mr.
Green's) recent statement that he indorsed industrial union
organization, but felt himself officially bound to support the
craft union policy his own organization advocated. Suggesting that such a position might bring attacks, Mr. Lewis
urged:
If you care to dissociate yourself from your present position, the committee for industrial organization will be happy to make you its Chairman
in my stead. The honorarium will be equal to that you now receive. The
position would be as permanent as the one you occupy.
Replying to Mr. Lewis, Mr. Green said:
During more than 30 years of association with the American Federation
of Labor I have never aligned myself with any organization which bore the
slightest resemblance to a secession or dual movement either within or outside the parent body. I cannot do so now. Consequently, I respectfully
decline the invitation you submit in your letter dated Dec. 7 to head an
organization which thousands of people, both within and without the
American Federation of Labor, regard as dual in character and purpose.
Prior to responding to Mr. Lewis's letter, Mr. Green, when
approached by newspaper men on Dec. 7 to indicate his attitude toward Mr. Lewis's proposal, said:
To respond to the suggestion of President Lewis would mean that I would
lend my assistance to the development of dissension within the A. F. of L.,
and that I cannot do.
I am President of the A. F. of L., re-elected at the Atlantic City convention in October. I am not President of any group within the Federation,
and I am endeavoring to prevent the setting up of organizations within the
Federation.
Under no circumstances would I accept any offer to head another organization within the Federation.
Wallace Publishing Co. Sold at Sheriff's Sale—Founded
by Family of Secretary of Agriculture Wallace
The Wallace Publishing Co., founded by the family of
Secretary of Agriculture Henry A. Wallace, was sold at
sheriff's sale on Dec. 7 to the James M. Pierce Corp. for
$1,013,000, according to Des Moines (Iowa) advices, Dec. 7,
to the Chicago "Daily Tribune," which also had the following to say:
Secretary Wallace, editor of the farm publication from 1921 until he was
appointed to President Roosevelt's Cabinet, will continue as "editor on leave
of absence," the new owners announced.,
Policy of the paper will not be changed.
Sale Satisfies Mortgage
The sale, made to satisfy a mortgage totaling $2,224,742, was the largest
ever held by the Polk County sheriff's office. The Pierce Corp., headed by
Dante M. Pierce, was given a deficiency judgment for the $1,231,742 difference between its bid and the total amount of the mortgage. No other
bids were received.
In October 1929 the Wallaces purchased the Pierce holdings, thereby combining farm papers published by both organizations. The Wallace company
gave notes and mortgages as part of the purchase price, but subsequently
was unable to make payments due, and the Pierces foreclosed on the
mortgages.
Dante M. Pierce was named receiver for the company, whose magazine
now has a circulation of more than 270,000 copies monthly.
Sale Made in Sections
The sale to-day was made in sections. Five hundred thousand dollars was
paid for the real estate, while the personal property was in three groups.
Volume 141
Financial Chronicle
Bids were 8188,000 for cash, accounts receivable, notes receivable, and
inventory; $350,000 for furniture, fixtures, motor vehicles and equipment,
and $250,000 for circulation, good-will, and all other property .
The purchasers received a bill of sale to all personal property and a
certificate of purchase for the real estate. The certificate is subject to
redemption within a year if the Wallace firm pays the amount bid plus
interest.
American Legion Renews Bonus Drive—Commander
Ray Murphy Presents Written Demands to President Roosevelt—Administration Still Opposed to
Cash Payment,Says Secretary Morgenthau
Ray Murphy, Commander of the American Legion, visited
President Roosevelt on Dec. 17 and gave the President a
written request from the Legion asking the immediate payment of the $2,100,000,000 veterans' bonus. Mr. Murphy declined to discuss his conversation with the President, but
said that he had "reason to believe" the Legion and the
Veterans of Foreign Wars would be united on a bonus bill.
It was reported from Washington that Mr. Murphy seemed
confident that the bonus could be enacted at an early date,
even over the President's veto. Secretary of the Treasury
Morgenthau said on Nov. 27, after visiting Mr. Roosevelt,
that the Administration is still opposed to the immediate
cash payment of the soldiers' bonus. United Press advices
of Dec. 11 from Washington, however, said that response of
Congressmen and Senators to a poll on the bonus indicated
that the veterans' forces would have sufficient strength to
override a Presidential veto.
The National Economy League offered a new solution of
the bonus problem on Dec. 15, as noted in the following Associated Press advices of that date from Boston:
The plan, presented in the monthly bulletin under the signature of
Carl P. Bennett, Chairman, called for payment of the whole bonus pins 4%
compound interest to date of payment plus 18%% "for waiting ?.1 years instead of 25% for waiting 20 years."
In this way, the article stated, the matter would be "divorced from politics
and settled on a fair and honorable basis."
This plan, Mr. Dennett said, was similar to plans used by insurance
companies and the Department of Internal Revenue in figuring present cash
value of any sum due in 1945, the due date of the adjusted service certificates.
A Washington dispatch of Dec. 17 to the New York "Herald
Tribune" discussed Mr. Murphy's visit to the White House as
follows:
Including the text of the Legion's convention resolutions asking immediate
payment of the bonus, the memorandum presented by Commander Murphy
to-day carried this additional statement:
"May I respectfully direct your attention, Mr. President, to this resolution? It states as clearly as words may the emphatic desire of the
Legion
to have the matter of payment of the adjusted compensation settled
upon
its own merits and in no way confused or involved with any other
subjects
whatsoever.
"We recognize, and believe that you concur, that the adjusted compensation certificates are a just debt. The government is committed to
eventual
payment. To meet this obligation now, we believe, will prove a tremendous
stimulant to improved economic conditions and a powerful factor in overcoming the depression from which we have started to emerge."
In addition to the bonus, the Legion asked again for enactment of
the
widows' and orphans' pension bill.
With a reference to a legislative requirement for universal service In time
of war, which may form one of the Legian's suggestions in connection with
neutrality legislation in the next Congress, Mr. Murphy's statement said:
"You, Mr. President, are undoubtedly familiar with the many shocking
disclosures of the methods employed to gain excessive and illegitimate
profits
during the World War. Conditions which permitted this must never
again
be allowed to occur. No body of men anywhere has a greater right to
ask
this, or is possessed of more sincerity in so doing, than this great
group
of veterans of our last war. The placing of the universal service law
upon
the statute book in the form recommended by the American Legion will
make
impossible a re-occurrence of such conditions."
Death of General Juan Vicente Gomez—President of
4Venezuela Ruled Nation 27 Years
General Juan Vicente Gomez, President of Venezuela and
dictator of that country since 1908, died on Dec. 17 at his
home near Caracas. General Gomez, who has often been
termed the strongest dictator in the world, was 78 years
old. He assumed power after a revolution 27 years ago,
and thereafter maintained it without interruption, putting
down occasional attempted revolts against his rule. Despite
charges of oppression he is generally acknowledged to have
placed his country among the strongest of the Latin American
Republics in financial position. A brief account of his
carrer, as contained in Associated Press advices of Dec. 18
from Caracas, is given below:
General Gomez, who seized power through a revolution in 1908 when
President Cipriano Castro was in Europe, and held it thenceforth with a
strong hand, had one of the most colorful careers of modern politics.
Hastily going into session after the death became known, the Cabinet
elected General Eleazar Lopez Contreras, Minister of War, as Provisional
President. He will serve until Congress elects a successor to General
Gomez.
;- Venezuela was reported calm to-night as guns of the army boomed every
half hour in tribute to the Dictator. He will be buried to-morrow morning.
on the 27th anniversary of his assumption of the Presidency.
Among General Gomez's greatest contributions to Venezuela were the
establishment of friendly relations with foreign nations—in contrast to
previous regimes—and the development of the country's econiomc resources.
Under him the Venezuelan petroleum industry grew until it now holds
third rank in the world. He pushed through legislation allowing foreign
corporations to exploit the country's natural resources, but at the same
time protected the nation's interests.
3957
fhe country's finances were placed on a solid basis by payment of the
entire foreign debt, and a budget balance was maintained. By the construction of a system of magnificent highways throughout the nation, trade
was greatly facilitated.
During his rule several attempts were made by revolutionists to overthrow General Gomez, but they were all vigorously suppressed.
Death of George A. Buckley, Vice-President of National
City Bank of New York—Had Served with NRA
and FHA
George A. Buckley, Vice-President of the National City
Bank of New York, and its subsidiary, the City Bank
Farmers Trust Co. died at his home in New York City on
'
Dec. 19. He was 55 years old. Mr. Buckley had served
both with the National Recovery Administration and with
the Federal Housing Administration. In February, 1934,
he was appointed special assistant to the National Recovery
Administrator in charge of the newspaper and publishing
division of the NRA. He was later made Deputy Administrator of the FHA. When informed of Mr.Buckley's death,
Stewart McDonald, Administrator of the Housing Administration, issued the following statement (as contained in
Washington, Associated Press, advices of Dec. 19):
Mr. Buckley's death comes as a great shock to me personally and officially. His wide experience as an executive in the business and finance
field made him particularly well fitted for the post of Assistant Administrator under James A. Moffett.
His active assistance in the early days of the FHA was of incalculable
value and his advice and support during the past year, although he was
unable to be in Washington, contributed greatly to the success of the
Administration.
M.Buckley was born in Washington, Iowa,and attended
the University of Chicago. Following his graduation he
went to work with the Chicago Telephone Co., leaving this
firm in 1914 to join the Crowell Publishing Co. He was
made President of that company in 1917 and later became
publisher of the Chicago "Herald-Examiner". In 1925 he
joined the National City Bank of New York and the following year was elected a Vice-President. He also became
Vice-President of the City Bank Farmers Trust Co.
Senator Norris Declares He Will not Be Candidate for
Re-Election—Nebraska Friends to Draft Him
In a statement in which he expressed it as his belief that
President Roosevelt deserves re-election, and that he expects
to "support him actively," Senator Norris declared: "I can
perform this duty more effectively if I am not the candidate
for Senator of any political party." Senator Norris, whose
statement was issued at Washington, on Dec. 6, added: "I,
therefore, will not seek re-nomination and will not be a candidate in the primary." In our issue of Nov. 23 (page 3310) we
referred to the possibility that Senator Norris might retire,
and to President Roosevelt's statement that he would have
Mr. Norris continue as a member of the Senate "as long as
he lives." From Lincoln, Neb., Dec. 6, Associated Press advices reported that Nebraska friends of Senator Norris have
served notice that they would draft him as an independent
candidate for the Senate in 1936, but would yield to his desire
to stay out of the primary election. James E. Lawrence,
Lincoln newspaper editor and Chairman of a citizens' committee seeking to draft Mr. Norris, was quoted as saying:
The committee believes that a primary contest is unnecessary in this State.
He is the choice of a vast majority of the citizens so long as he will accept
a draft upon his services. At the proper time the committee expects to
place this question before the people of Nebraska.
C. M. Chester Elected President of National Association
of Manufacturers
C. M. Chester, Chairman of the Board of the General
Foods Corp., New York, has been elected President of the
National Association of Manufacturers for 1936, it was
announced Dec. 15. He succeeds C. L. Bardo and will
assume office at a meeting of the directors of the Association
to be held in January. The following were elected VicePresidents:
F. B. Davis. President, United States Rubber Co., New York City;
C. S. Davis. President. Borg-Warner Corp., Chicago; Charles R. Hook,
President, American Rolling Mill Co., Middletown, Ohio; George H.
Houston, President, Baldwin Locomotive Works, Philadelphia. Pa.;
N. W. Pickering, President, Farrell-Birmingham Co., Ansonia, Conn.;
S. Wells Utley, President. Detroit Steel Casting Co., Detroit; William B.
Warner, Chairman, the McCall Co., New York City; Harry A. Bulls,
Vice-President, General Mills. Inc., Minneapolis; S. Bayard Colgate.
President, Colgate-Palmolive-Peet Co., Jersey City; Homer L. Ferguson,
President, Newport News Shipbuilding & Dry Dock Co., Newport News,
Va.; Robert B. Henderson, President, Pacific Portland Cement Co., San
Francisco, Calif.; W. T. Holliday, President, Standard Oil Co.. Cleveland.
Ohio; Walter J. Kohler, President, Kohler Co.. Kohler, Wis.; F. W. Lovejoy. President, Eastman Kodak Co.; F. 11. Willard, President, Graton &
Knight Co., Worcester, Mass.
Resignation of Frank C. Walker as Executive Director
of National Emergency Council—President Roosevelt Accepts Resignation on Understanding that
Mr. Walker Will Resume Duties as Soon as Private
Affairs Permit
Because of the calls upon his time of personal matters,
Frank C. Walker has resigned as Executive Director of the
National Emergency Council. The resignation, regarded as
temporary, was accepted by President Roosevelt with the
understanding that Mr. Walker will return to Government
service as soon as his private affairs permit. Lyle C. Alverson
3958
Financial Chronicle
has been named by the President as Acting Executive
Director.
In his letter to President Roosevelt Mr. Walker said:
Dear Mr. President.
The illness of my good uncle and the recent passing of my cousin have
brought about a condition in their business affairs and mine that will require, at least for the immediate future, my almost exclusive attention.
Nothing save such urgent necessity could bring me to ask to be relieved
of my duties with your Administration, and it istwith the most sincere
regret that I herewith tender you my resignation as Executive Director of
the National Emergency Council.
It has been an honor and a great distinction to have served under you
In your great work. As you yourself well know, I have been in agreement
with your fundamental purposes for more than a decade. I have felt and
now feel that your approach to the solution of the great problems that
confront the American people is the correct one. Your leadership has been
intellegent, courageous and, most important of all, intensely human and
understanding.
I regret that some of the men in business and industry are so impatient
with your efforts to bring about a new and better order in our country. I
realize that it is difficult for them to adjust themselves quickly, but as the
days go on I feel that their farsightedness and reasoned judgment will
bring them to know how right you really are and how sorely we need you.
Of this I am certain, that the great mass of the American people are
wholeheartedly behind you. Do know that I shall always stand ready to be
of service to you and your great cause.
With affectionate good wishes, I am,
Respectfully yours,
FRANK C. WALKER.
President Roosevelt's reply follows:
My Dear Frank
Despite my reluctance to do so, I have no alternative but to accept your
resignation as Executive Director of the National Emergency Council. I
realize full well the added responsibility in the conduct of your private
business imposed upon you by the recent death of your kinsman and regret
the sad circumstance that forces you to retire from the public service.
In releasing you for the second time from the Executive Directorship rf
the National Emergency Council I desire to acknowledge the high character
of the service which you have rendered at personal inconvenience and no
small sacrifice. When you returned to the Executive Directorship last
April,in addition to your other duties as Co-ordinator of Emergency Activities, you undertook the direction of the Division of Applications and Information in connection with the works program.
Your rare abilities as an organizer and as an executive were brought
constantly into play in the discharge of your duties, and in simple frankness
I must say that no official could have rendered more efficient service in
solving the multiplicity of problems with which it fell to your lot to deal.
The nation is fortunate when it can enlist the service of public servants of
your integrity, capacity for hard work and all around ability.
Your resignation is accepted with the understanding that you will return
to government service in Washington as soon as your private business has
been put in order. I am glad that your separation from the service, therefore, is temporary and not a permanent one. In the meantime, please accept
with my gratitude this expression of my sincere good wishes.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Mr. Walker's assumption of the duties last April was
noted in our issue of April 27 1935, page 2800. It was
stated in press advices from Scranton, Pa., Dec. 19, that
Mr. Walker has excepted the Vice-Presidency of Comerford
Theatres, Inc., succeeding his counsin, M. B. Comerford,
who was fatally injured recently in an automobile accident.
Percy C. Magnus Re-elected President of New York
Board of Trade
At a dinner meeting Dec. 17 the Directors of the New York
Board of Trade re-elected Percy C.Magnus to the Presidency.
Mr.Magnus,who is President of Magnus,Mabee & Reynard,
Inc., will serve in that office for the fourth consecutive year.
Charles L. Bernheimer was elected honorary Vice-President
of the Board of Trade and Samuel P. Gilman, of Gilman &
Unger, was re-elected general counsel.
H. R. Winthrop Elected Chairman of New Standing
Committee on Customers' Men of New York Stock
Exchange
Henry Rogers Winthrop, a governing member of the New
York Stock Exchange, was elected Chairman of the newly
created standing Committee on Customers' Men, at the
organization meeting of the Committee Dec. 18. The
personnel of the Committee, which will have supervisory
power over all branch office managers, customers' men,
service men, securities salesmen, and securities traders
employed by members of the Exchange and their firms, was
given in our issue of Dec. 14, page 3772. John A. Cissel,
a Governor of the Exchange, was elected Vice-Chairman.
An announcement by the Exchange Dec. 19 said:
Dec. 21 1935
bership on the Nominating Committee for 1936, which will
select candidates for the annual election of officers and Governors of the Exchange to be held May 11 1936. On Jan. 13
the members of the Exchange will select seven of the 21
nominees for the Nominating Committee. The 21 candidates
follow:
Warren Ackerman, Munds, Winslow & Potter, New York.
Thomas J. Beauchamp, at E. A. Pierce & Co., New York.
Richard E. Boesel, Jackson Bros., Boesel & Co., New York.
James W. Brooks, J. H. Brooks & Co., New York.
William V. Couchman, Cohn Brothers, New York.
Basil B. Elmer, Wainwright, Luce & Nettleton, New York.
Carroll B. Half, at Abbott, Proctor & Paine, New York.
Albert P. Hinckley, Wrenn Bros. & Co., New York.
Moorhead C. Kennedy Jr., Montgomery, Scott & Co., New York.
Charles C. Lee, George D. B. Bonbright & Co., Rochester, N. Y.
Richard P. Loasby, Winthrop, Mitchell & Co., New York.
Richard H. Moeller, Southgate & Co., Boston, Mass.
Edward S. Munro, F. L. Dabney & Co., Boston, Mass.
Esmonde F. O'Brien, 15 Broad Street, New York.
John Rutherfurd, at Reynolds, Fish & Co., New York.
Harold W. Scott, at Jacquelin & DeCoppet, New York,
George M. Sidenberg Jr., Halle & Stieglitz, New York,
Gardner Dominick Stout, Dominick & Dominick, New York.
Harold H. Weekes, at Stern, Kempner & Co., New York.
•
Samuel W. West, L. F. Rothschild & Co., New York.
John G. Winchester, Gammack & Co., New York.
R. M. Catharine Resigns as Deputy Administrator of
FHA to Join Brooklyn Bank
The Federal Housing Administration announced Dec. 17
the resignation of Robert M. Catharine as Deputy Administrator in charge of mortgage insurance. Mr. Catharine
will leave the Administration on Jan. 1 to become Comptroller
of Brevoort Savings Bank of Brooklyn, New York, but will
continue to act in an advisory capacity as an Assistant to
the Administrator. He joined the FHA in August 1934.
Henry Hornblower to Leave Hornblower & Weeks—Will
Retire Jan. 1 after 56 Years in "Wall Street"
After 56 years in "Wall Street," Henry Hornblower will
retire from the firm of Hornblower & Weeks on Jan. 1 next.
Mr. Hornblower started his financial career as a clerk in the
firm of Hornblower & Page, in 1879, at the age of 16. On
the death of Mr. Page, nine years later, he, with the late
John W. Weeks, formed the firm of Hornblower & Weeks,
with the late James J. Phelan as its first office boy. The
firm at present is one of the most prominent and active stock
commission houses in Wall Street, with memberships on all
the leading stock exchanges. As to the termination of Mr.
Hornblower's active Stock Exchange career, it is stated:
Mr. Hornblower is not retiring from all business contacts. He will continue his directorships in the Bangor & Aroostook RR. and the HeywoodWakefield Co. Neither will his withdrawal from Hornblower & Weeks
involve any change in the capital of the firm, which will continue as at
present, with his son, Ralph, and his son-in-law, Alfred R. Meyer, as firm
members. The firm will continue to maintain its nine offices in eight
cities—Boston, New York, Chicago, Cleveland, Detroit, Philadelphia, Providence and Portland, Me.
Mr. Hornblower has been a member of the Boston Stock Exchange since
July 12 1888. Only four of the 150 members of that Exchange exceed him
In length of service.
Vice-President Garner Returns to Washington Following Trip to Japan and Philippines
Vice-President John W. Garner returned to Washington
on Dec. 19, following a two months trip, during which he
visited Japan and the Philippines, accompanied by a congressional delegation; their attendance at the inauguration of the
Philippine Commonwealth on Nov. 15 was referred to in our
issue of Nov. 9, page 2989, and in our Nov. 2 issue (page
2827) their visit to Japan was noted, Vice-President Garner
and his party sailed from Manila on Nov. 20, reaching
Seattle Dec. 15. It is stated that he arrived in Washington
on Dec. 19in time to have luncheon with President Roosevelt.
Mr. Winthrop was elected to the Governing Committee of the Stock
Exchange last May as a "Governing Member", to represent the office
partners on the governing board. He is senior partner of the firm of
Winthrop. Mitchell & Co. and has been associated with the brokerage business since 1907, prior to which he was Treasurer of the Equitable Life
Assurance Society. Since his election to the Governing Committee, he
has served on the Law, Public Relations, and Management and Personnel
committees.
Mr. Cissel, Vice-Chairman of the new Committee, was a member of the
former sub-committee on Customers' Men since May 1934. He has been
a Governor of the Exchange for five years, serving on the Arrangements
and Quotations and Commissions committees.
Conference, Jan. 6 of Industrial Council Called by
Major Berry
Major George L. Berry, Industrial Co-Ordinator, announced on Dec. 19, following a cenference with President
Roosevelt, that he had called a meeting of his Council of
Industrial Progress, to be held in Washington, Jan. 6.
Following the recent industry-labor round table conference in
Washington, Dec. 9 and 10 (referred to in these columns
Dec. 14, page 3794), Major Berry indicated that he might
submit during the succeeding week a number of controversial
questions to the Council. He stated this week that the
holidays had prevented an earlier meeting of the representatives of labor and industry chosen at his recent conference. According to Associated Press advices from Washington, Dec. 19. Mr. Berry added that industry would be
more fully represented than was indicated at the close of
the conference and that a number of groups which declined
to select representatives before consulting their associates
since had decided to do so.
Twenty-one Nominated for Nominating Committee of
New York Stock Exchange—Seven to be Elected
Jan. 13
The Nominating Committee of the New York Stock Exchange reported on Dec. 16 a list of 21 candidates for mem-
Mid-Winter Conference of Trust Division of A. B. A.
Scheduled for Feb. 11-13 in New York City
The seventeenth annual mid-winter conference of the
Trust Division, American Bankers Association, will be held
at the Waldorf-Astoria Hotel, New York City. Feb. 11, 12
Volume 141
Financial Chronicle
and 13, it is announced by M. P. Callaway, President of the
Division and Vice-President Guaranty Trust Co. of New
York. The annual banquet, which brings the conference to a
close, will be held on the evening of Thursday, Feb. 13.
Plans for the conference call for three formal sessions, two
Informal sessions, and two informal discussion meetings.
The formal sessions will be held on the morning of each day
of the meeting. Tuesday afternoon, Feb. 11, and Wednesday
afternoon, Feb. 12, will be devoted to informal discussions.
A program is in preparation for the meetings covering current trends in trust service and the many problems that now
confront trust business, it is stated, and arrangements are
being made for outstanding speakers to discuss the various
topics. "The viewpoint of the conference will be forwardlooking," the Division's announcement says. "The keynote
will be the continuance of the progress of American trust
business."
Eastern Savings Conference of Savings Division,
A. B. A., to Be Held in New York, March 5 and 6
The annual Eastern Savings Conference, sponsored by the
Savings Division, American Bankers Association, will be held
at the Waldorf-Astoria, New York City, March 5 and 6, next,
it is announced by Philip A. Benson, President of the Division
and President of the Dime Savings Bank of Brooklyn. In
addition to the banquet to be held on the evening of March 5,
and two luncheon meetings,four formal sessions will be held,
two on March 5, and two on March 6. In his announcement
Mr. Benson said:
The address at the banquet will cover a subject of national importance,
and the addresses at the luncheons comprise various subjects of current
interest. Among the subjects which will be included, are railroad reorganizations, mortgage loans, municipal, State and Federal indebtedness, development of personal loan departments and the competition now facing savings
banks through outside financial agencies. Others will have to do with
revising legal lists in States where savings banks are restricted to such
investments and developing new credit services in other States.
States included in the conference area are Connecticut, Delaware, District
of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey,
New York, Pennsylvania, Rhode Island, Vermont, Virginia and West
Virginia.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The membership of the estate of Jacob L. Kraus in the
New York Cotton Exchange was sold Dec. 14 to Jerome
Lewine for another for $13,500, this price being $500 in
advance of the previous sale.
Arrangements were completed for the transfer of a membership in the Chicago Stock Exchange Dec. 12 for $4,300,
down $700 from the last previous sale.
Several of the New York commodity markets have announced that they will hold shortened sessions on Dec. 24
and Dec. 31, the days immediately preceding the Christmas
and New Year holidays. The Commodity Exchange, Inc.,
announced on Dec. 12 that it will suspend trading on both
days at 12 o'clock noon, and similar announcement was made
on Dec. 16 by the New York Coffee & Sugar Exchange.
It was announced that trading hours on the New York
Produce Exchange on Dec. 24 and Dec. 31 will be on the
usual Saturday schedule, tallow closing at 11:30 a.m.,
cottonseed oil at 11:45 a.m.,and tobacco and frozen eggs at
12 noon.
W.Strother Jones, a partner of Cyrus J. Lawernce & Sons,
New York, and a member of the New York Stock Exchange
over 50 years, died at his estate in Red Bank, N.J., on Dec.
17. He was 78 years old. Mr. Jones at one time served
as a member of the Board of Governors of the Stock Exchange
He joined the Exchange on Oct. 29 1885, and at his death
his membership was the fifth oldest in point of seniority.
David J. Gould, retired stock broker and former member
of the New York Stock Exchange, died on Dec. 18 at his
home in New Brighton, Staten Island. Mr. Gould, who was
72 years old, entered the brockerage business about 40 years
ago. He became a member of the Stock Exchange in 1912,
and sold his membership in 1926. He had been senior
partner of Gould Brothers.
At a special meeting called for Dec. 23, stockholders of the
Lawyers County Trust Co.., New York, will vote on a plan
to change the name of the institution to Lawyers Trust Co.
The company hs been known as the Lawyers County Trust
Co., since 1933, following the merger of the Lawyers Trust
Co. and the County Trust Co. Alfred E. Smith, Chairman
of the institution, announced on Dec. 17 distribution of a
Christmas bonus of 7M% of annual salaries to employees.
The directors of the Public National Bank & Trust Co.,
New York,in a letter to stockholders Dec. 14,recommended
the transfer of $2,475,000 of capital and $550,000 of undivided
profits to surplus account, and a change in the par value of
the bank's stook from $25 to $17.50 per share. The readjustment it is stated is designed to comply with the provisions of
the Banking Act of 1935. It will lower the institution's
capital from $8,250,000 to $5,775,000, and increase its
surplus from $3,200,000 to $6,225,000.
3959
Charles E. Stephens had been elected a diector of the
Federation Bank & Trust Co., New York, to succeed J.
Homer Platten. Mr. Stephens is Vice-President of the
Westinghouse Electric & Manufacturing Co.
The Metropolitan Savings Bank, founded in New York
in 1852, has moved its headquarters from 1 Third Avenue to
754 Broadway, at Astor Place. Permission to move its
headquarters was granted the bank by the New York State
Banking Department on Oct. 2, as noted in our issue of Oct.
12, page 2377.
Guaranty Trust Co. of New York announced Dec. 16 the
appointment of Frederick S. Parker as Second VicePresident.
The Continental Bank & Trust Co. of New York announced
this week the appointment of Carleton Gibson Jr. as Assistant
Trust Officer. Mr. Gibson, who was formerly Secretary of
the Servicing Corp. of New York, will engage in matters pertaining to mortgage certificates and the reorganization of
title company certificated mortgages.
At a meeting of the Board of Directors of the Bank of the
Manhattan Co., New York, held on Dec. 12, the following
appointments of officers were made, effective Dec. 16:
Assistant Secretary, Daniel 0. Dechert Jr., of the legal department, at the
40 Wall Street office.
Assistant Cashiers, Edward J. Carleton, of the 40 Wall Street office;
Jesse Harvey, Manager of the Third Avenue avd 69th Street office; Joseph
M. Hayden, of the Madison Avenue and 41st Street office.
Assistant Trust Officer, Risdon G. Wright, of the Corporate Trust Department, at the 40 Wall Street office.
Depositors and creditors of the Globe Bank & Trust Co.,
Brooklyn, New York, which was closed on Aug. 22 1931,
were mailed an additional dividend of 5% on Dec. 17 by the
New York State Banking Department. The dividend
amounted to $201,000 and brought total payments to the
depositors and creditors to 90% of their claims. Payment
of a previous dividned of 5%,on Dec. 9 1933, was noted in
these columns of Dec. 16 1933, page 4310.
Dr. 0. M. W. Sprague, one of the world's leading authorities on banking and finance, and Arthur N. Maddison of De
Bois & Maddison, real estate trustees and managers, have
been elected members of the Board of Directors of the
National Shawmut Bank of Boston, Mass., according to the
Boston "Transcript" of Dec. 13.
The directors of the New Brunswick Trust Co. New
Brunswick, N. J., on Dec. 19 announced the election of
C. L. Mott as President of the institution to succeed Waldemar H. Fries, who resigned. A New York "Times" dispatch from New Brunswick in reporting this, went on to say:
Mr. Mott entered the employ of the bank in 1906 as a messenger boy.
He rose to be Assistant Treasurer and Assistant Secretary and assumed
his new duties to-day.
The Comptroller of the Currency on Dec. 13 authorized the
Ocean County National Bank of Point Pleasant Beach, P.0.
Point Pleasant, N. J., to establish a "seasonal agency" in the
Borough of Bay Head (Ocean County), N. J., and to operate
the same from May 1 to Nov. 1 of each year. This will be
the first "seasonal agency" of a National bank to be set up
under an amendment to the Banking Act of 1935, we learn
from Washington advices on Dec. 15 to the New York
"Times," which added:
-The law authorizes resort branohes—termed, "filling stations" by bankers
within counties in which the main office of the parent associations are
situated, where additional facilities are required by vacation business. Such
an agency can be established only in a resort community where there is no
bank. Permission for operation of an agency is automatically revoked upon
the opening of a State or National bank at the resort.
Announcement was made on Dec. 17 by Carl S. Withers,
Banking Commissioner for New Jersey, that the Livingston
State Bank, Livingston, Essex County, N. J., had been taken
over by the State for liquidation. In noting this, advices
from Trenton on Dec. 17 to the New York "Herald Tribune"
further stated:
The announcement said the bank had been operating with "a capital impairment" and with fewer directors than the law provided for, and that
there were fewer than 300 depositors, with total deposits of $75,000. Deposits up to $5,000 were insured by the Federal Deposit Insurance Corporation, and no single deposit was more than $5,000, Mr. Withers said. He
added that he expected all depositors would be paid in full within two
weeks.
Depositors in the closed Palisades National Bank of Fort
Lee, N. J., received checks this week representing approximately 6% of their deposits, we learn from the "Jersey Observer" of Dec. 14, which went on to say, in part:
This payment will bring the total disbursements to about 70%, and will
give the trustees of the bank the distinction of being the only bank trustees
to declare a dividend on deferred assets in that section, it is said. . . .
When the waiver plan was put through in the amalgamation of the acceptable assets of the Palisade bank with those of the First National Bank of
Fairview and the Cliffside Park National Bank two years ago, the Palisade
bank paid 58% to its depositors. Since then the trustees have paid an
additional amount equal to about 6%.
3960
Financial Chronicle
Dec. 21 1935
Long Branch•advices on Dec. 13 to the Newark "News" is
authority for the statement that an order approving a plan
for readjustment of the capital structure of the Asbury Park
& Ocean Grove Bank, Asbury Park, which will enable the
institution to distribute before Christmas $300,000 to preferred stockholders and depositors, was signed on Dec. 12 by
Vice-Chancellor Berry of New Jersey. We quote the dispatch
further:
The capital stock of the reopened bank totals $50,000, with a surplus of
$10,000 and undivided profits of $3,585.08.
Simultaneously with the reopning of the bank, a dividend of 10% was
Paid to all depositors in the old bank and all depositors who had less than
$50 in the bank at the time it was closed were paid in full.
The dividend brings the total payments to 70%. Certificates of participation are being issued for the remaining 30% and payment will be
made whenever further collections are made on the forzen assets.
The bank closed in 1931 and was subsequently reopened with the approval
of the State Department of Banking and Insurance. The depositors and
stockholders affected by the order were those who did business with the bank
before it closed.
Under the terms of the readjustment plan as submitted to the court by
Lester C. Leonard of Red Bank, counsel for the institution, payments will
be expedited with the delivery of certain assets not needed to preserve the
new structure of the bank.
The plan includes organization of the customary holding company, to
which will be delivered by the bank all assets not needed to preserve the new
capital account. The company will then issue common and preferred stock.
The common stock is to be held by the old common stockholders of the
bank, who, when old depositors are paid in full, will come into possession
of the common stock. The preferred stock will be held by old depositors,
together with the bank's common, until they are paid in full.
Under the plan the Board of Directors would reduce the par of the bank's
common stock to $10 a share and actually distribute it to old depositors who
now hold participation certificates in issues of preferred stock now held
In trust.
The Vice-Ohancellor said he had been informed by the Attorney-General's
office that the plan had the approval of the State Department of Banking
and Insurance.
J. W. Whitaker, receiver of the First Trust Co. of Valparaiso, Ind., announced on Dec. 14 that the first 25% dividend, amounting to $50,000, would be distributed on Dec. 16,
according to a dispatch from that place on Dec. 14 to the
Indianapolis "News." The bank closed in January 1932, the
dispatch said.
F. E. Bash was recently elected Cashier of the First
National Bank of Leeehburg, Pa., to succeed • the late
Charles Zimmers, according to a dispatch from that place,
appearing in "Money & Commerce" of Dec. 14, which
added in part:
Mr. Bash has been connected with the bank for over 20 years. He has
served in all capacities and knows the institution and Its customers
thoroughly. . .
In January. 1918, he was elected Assistant Cashier and in July, 192 9
when the bank added a trust depatment he was also made Trust Officer.
On Dec. 14, the First Trust Co. of Philadelphia, Pa., was
admitted to membership in the Federal Reserve System.
Net profits of $1,926,893.41 for the year ending Nov. 30 1935
are reported by Girard Trust Co. of Philadelphia, Pa.
$1,600,000 was paid to shareholders during the year in four
regular quarterly dividends of $400,000 each. At the end of
the year undivided profits totaled $1,918,022.34, an increase
of $291,329.31. Albert A. Jackson, President of the company,
in his report to the shareholders, called attention to the enactment during the year of Federal legislation limiting the liability for deposit insurance to a premium of one-twelfth of
1% per annum of the deposits of each member bank; so that
the uncertainty of the former unlimited assessment is removed. Mr. Jackson also stated that the securities owned by
the company are carried on the books at less than their
present market value. A resume of the bank's report
continued:
The Girard Trust Co. Building, corner Broad Street and South Penn
Square, nine of the 30 stories of which are occupied by the company, is
otherwise tenanted to the extent of 91% of its rentable space.
The report also records with regret the resignation of William Newbold
Ely, Senior Vice-President of the company, because of ill health, after 54
years of service.
During the year the Board of Managers Buffered the lose of two of its
members, General W. W. Atterbury, who died on Sept. 20 1935, and Edward
J. Berwind, who resigned because of advancing years. To fill these vacancies,
Martin W. Clement was elected in succession to General Atterbury, and
Thomas S. Gates in place of Mr. Berwind.
The staff of the company now numbers 807, which is an increase of 71
over last year.
•
Associated Press advices from Beaver Falls, Pa. on
Dec. 16 reported that depositors of the closed First National
Bank of Beaver Falls had received dividends amounting to
$136,456 on that date. The dispatch added:
George W. Weinman, receiver, said the payment brings the total disbursements to 65%.
In indicating that the State Bank of Defiance, Defiance,
Ohio, was increasing its capitalization, advices from that
city, printed in "Money & Commerce" of Dec. 14, contained the following:
Increase of capital in the State Bank of Defiance to $200,000 was under
way to-day, in order to bring the institution's capital structure in proper
relation with deposits. The additional capital is in the form of $75,000
debenture notes series "B",dated as of Dec. 1 1935, maturing Dec. 1 1953.
The notes bear interest at 4% payable semi-annually.
b The State bank was incorporated in 1902 with $50,000 paid in capital
and remained with that capitalization until early in 1934 when deposits
had reached approximately $1,500.000. At that time the capitalization
was increased by sale of $75,000 debenture notes series "A". By Sept. 30
1935, the deposits had further grown to 32,389,000, leading to decision to
again increase capital.
is
Itis learned from Springfield, Ohio, advices on Dec. 14
to the Cleveland "Plain Dealer" that the First State Bank
of South Charleston, Ohio, which was closed in June 1932,
has been reopened with Mrs. Augusta E. Gross, wife of
Howard Gross, South Charleston department store owner,
as President. Other officers are Walter B. Florence, VicePresident, and E. H. Hamner, Cashier. The dispatch continued in part:
A dividend of 30% to common creditors of the Frankton
Bank, Frankton, Ind., has been ordered by Judge Charles E.
Smith, in the Madison Circuit Court, according to Anderson,
Ind., advices on Dec. 14 to the Indianapolis "News," which
also said:
It will be the first dividend for common creditors, and will release about
$30,000. About $22,000 has been paid on preferred claims. The bank Is
being liquidated.
Edward J. Barrett, State Auditor of Illinois, announced
on Dec. 14 that he had authorized payment of the entire
remaining deposit liability of the Belmont-Sheffield Trust &
Savings Bank of Chicago, according to the Chicago "News"
of that date, which furthermore,stated:
The payment, amounting to approximately $111,000, will be made next
week. It is for 5234%, as 4734% had been paid previously.
The bank was closed in 1933 following the banking moratorium and has
been in receivership since that time. It is the second bank to pay depositors in full, the other being the Congress Trust & Savings Bank.
The same paper also reported Mr. Barrett as announcing
that he had authorized a payment of 15%, amounting to
$30,019, to the contributing stockholders of the Congress
Trust & Savings Bank of Chicago. We quote the "News"
in part:
These stockholders had contributed more than $200,000 in order to pay
off the depositors in full, and this lathe second payment to them. Previously
they had received 10% • •
From the Chicago "News" of Dec. 10 it is learned that four
closed State banks in Chicago recently paid dividends to their
respective depositors amounting to $180,986. Approximately
14,700 depositors were affected. The four institutions were
the Novak-Steiskal State Bank, Roseland State Savings Bank,
Brighton Park State Bank, and the Marshall Square State
Bank. We quote the paper:
The payment at the Novak-Steiskal State Bank was 7%, amounting to
$40,449, bringing the total paid to 27%.
At the Roseland State Savings Bank the payment was 5%, the amount
$81,925, bringing the total paid to 45%.
The Brighton Park State Bank paid 10%, amounting to $34,997, bringing
the total to 130%.
A payment of 5% was paid at the Marshall Square State Bank, bringing
the total to 15%. The disbursement here was $23,598.
William L. O'Connell is the receiver for all four banks.
The Board of Directors of the First National Bank of
Chicago, at its regular December meeting on Dec.13, resumed
dividends on its common stock on an annual basis of $4 per
common share. To comply with the recent amendments of
the Banking Act, which limit dividend action to twice a year,
the Board has declared a dividend of $3 per share on the
common stock of the bank, payable in three instalments of $1
each, on Jan. 2 1936 to the shareholders of record at the close
of business on Dec. 31 1935, on April 1 1936 to the shareholders of record at the close of business on March 31 1936, and
on July 1 1936 to the shareholders of record at the close of
business on June 30 1936—which is equivalent to placing the
dividend on an annual basis of $4 per common share. The
stock transfer records of the bank will be closed four calendar days before and the day of each dividend payment. The
announcement by the bank went on to say:
The Board of Directors also voted to retire preferred stock of this bank in
the par amount of $10,000,000 on and before the close of business Dec. 31
1935, and in this connection the Board declared and set apart the dividend
payable Dec. 31 1935 on the $10,000,000 of its preferred stock to be retired
and also the dividend payable Feb. 1 1936 on the unretired $15,000,000 of
its preferred stock.
The Board also voted to transfer $5,000,000 from special reserve account
to surplus account on Dec. 31 1935.
Incidentally, the Board also voted to close the stock transfer records of
the bank, in contemplation of the annual meeting, from Jan. 8 to Jan 14 1936,
inclusive.
Payment of 5% dividends to depositors of two closed
Illinois banks, viz. the Noel State Bank of Chicago and the
Lansing State Bail, Lansing. was approved on Dec. 13 by
Circuit Judge Stanley H. Klarkowski, according to the
Chicago "Tribune" of Dec. 14, which added:
Depositors of the Noel State Bank, which closed on June 18 1931, will
divide $176,404, and depositors of the Lansing State Bank, closed Feb. 2
1931, will receive $16,578.
The same paper stated that the 6,000 depositors of the old
First Natitonal Bank & Trust Co. of Bloomington, Ill., were
to receive $79,194.80, representing a 5% payment, on Dec. 16,
according to an announcement by Grover C. Helm, President
Volume 141
3961
Financial Chronicle
of the reorganized institution. This, it was said, would increase the total paid out to 77Y2% of the original deposits.
The directors of the Harris Trust & Savings Bank of
Chicago on Dec. 11 declared a quarterly dividend of $2 a
share on the capital stock of the institution, Placing the
same on an $8 annual basis against the previous $6 rate, it is
learned from the Chicago "Journal of Commerce" of Dec. 12,
which also supplied the following information:
Stock of the bank yesterday (Dec. 11) was advanced to a bid of $300 a
share from the previous day's bid of $290.
Howard W. Fenton, President, commenting upon directors' action, said
earnings for 1935 will be larger than in 1934. "While extremely low interest
rates now prevailing make it difficult for banks to make satisfactory earnings, we feel that the banking situation as a whole is much improved by the
conservative policy of charging off losses and increasing reserves, which has
been generally followed in the past few years," he added.
In indicating that two closed Michigan banks were about
to pay dividends to their depositors, advices from Buchanan,
Mich., to the Chicago "Tribune," under date of Dec. 11, said:
Notice was received here to-day by P. R. Botkin, in charge of the defunct
First National Bank Trust, that checks for a distribution of 7% to depositors
will be released Dec. 17. A 12% payment will be made to the depositors of
the City National Bank dr Trust Co. of Niles.
Announcement was made on Dec. 9 by the Wisconsin State
Banking Department that the State Bank of Friendship, with
deposits of $129,543, had voluntarily closed, effective Dec. 7.
In noting this, Associated Press advices from Madison, Wis.,
continuing, said:
The deposits, which will be paid off in full, are insured by the Federal
Deposit Insurance Corporation.
Later advices by the Associated Press (Dec. 12) from
Washington, D. C., in indicating the closing of the Friendship
bank, had the following to say:
When the Wisconsin Banking Commission ordered the Friendship State
Bank not to re-open last Monday (Dec. 9), it brought to six the number
of closings in the State since inauguration of deposit insurance. The total
is the highest of any State.
The Federal Deposit Insurance Corporation, headed by Leo T. Crowley of
Wisconsin, made this known to-day (Dec. 12).
The six closed banks had on deposit $1,346,118, according to FDIC examiners' reports, the bulk of which was government guaranteed.
All figures on the Friendship bank were not available, but examiners
reported total deposits were $137,345. Of 608 insured depositors, 606 were
fully insured, Mr. Crowley said.
Individual accounts are insured up to $5,000.
The five other closed Wisconsin banks mentioned above, in
addition to the Friendship institution, were reported by the
Associated Press as the Bank of Linden, Linden (closed
Nov. 28 1935); Farmers & Traders Bank, Porterfield (closed
Oct. 11 1934); the State Bank, Sauk City (closed Nov. 16
1934); Anchor State Bank, Milwaukee (closed Oct. 11 1935),
and State Bank of Suamico, Suamico (closed June 25 1935).
Charles A. Dwyer, Cashier of the bank, and Winston Carter
were named Vice-Presidents, while Henry C. Horne, former
Manager of the credit department, was advanced to Assistant
Cashier. Mr. Dwyer will continue to hold the Cashiership.
Upon the death of Mr. Finch, Edward H. Andrews became
Senior Vice-President. The Houston "Post" of Dec. 11, from
which we quote, continued:
Mr. Dwyer has been connected with Houston banks for the past 30 years,
having started with the Old Planters National in 1905. He has been at the
Union National since 1910. He also is Secretary-Treasurer and Manager of
the Houston Clearing House.
Mr. Carter started his banking career in 1928, serving as Vice-President
of the Federal Trust Co.
Mr. Home, past President of the American Institute of Banking, has
been with the Union National since 1924. He headed the Houston Chapter
of A. I. B. in 1931.
The directors of the Crocker First National Bank of San
Francisco, Calif., have authorized the transfer of $1,000,000
from the undivided profits account to the surplus account in
order to equalize the surplus and capital accounts at
$6,000,000 each, in accordance with the Banking Act of 1935.
The directors have also declared the regular semi-annual
dividend of $7 per share on the capital stock, payable Jan. 1
1936 to holders of record Dec. 28.
Authorization of a 10th dividend payment of 5% to the
depositors of the savings department of the Marine Bank of
Santa Monica, Calif., so soon as the necessary court authority has been received, was announced on Dec. 10 by Bruce
H. McBirney, Special Deputy Superintendent of Banks for
California. The Los Angeles "Times" of Dec. 11 states
that this makes a total of 80% paid to date.
The Bank of America National Trust & Savings Association, San Francisco, Calif., on Dec. 13 was authorized by the
Comptroller of the Currency to maintain a branch at Weaverville, Trinity County, Calif.
H. F. Patterson, General Manager of the Bank of Nova
Scotia, was elected a director of the institution at a meeting
on the Board held in Toronto on Dec. 17.
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sal.,
Mon.,
Tues.,
Wed.,
Dec. 14 Dec. 16
Dec. 17 Dec. 18
244d. n23d.
Silver, per oz__n26 7-18d. 26d.
Gold, p.fine oz.141s. id. 14113.1)4d. 1413.1)48. 141s. 3d.
88H
Consols,2)4%_ Holiday 85%
86(
British 34%
106
War Loan __ Holiday 105%
106
British 4%
Holiday 117%
117%
117%
1960-90
n Nominal.
Thurs.,
Fri..
Dec. 19 Dec. 20
22 3-16d. 21Hd.
1418. Id. 141s.13.fcl.
86
864
105%
105%
117H
11734;
The price of silver per ounce (in cents) in the United
States on the same days has been:
Two closed banks in Marshfield, Wis., were to pay dividends aggregating $310,000 to their depositors on Dec. 12,
according to a dispatch from that place to the Milwaukee
"Sentinel" on Dec. 11, which went on to say:
Bar N.Y.(for'n) Not avail. 59)
50.01
U.S.Treasury- 50.01
U. S. Treasury
(newly mined) 77.57
77.57
The American National will pay 22%, or a total of $173,000, and the First
National bill pay 15%, or $186,000. The dividends will bring the American's total dividends paid to 82% and the First National's to 42%.
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Dec. 21), bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
4.1%• above those for the corresponding week last year.
Our preliminary total stands at $6,675,570,882, against $6,413,166,265 for the same week in 1934. At this center there
is a loss for the week ended Friday of 3.6%. Our comparative summary for the week follows:
Effective Nov. 29, the First National Bank in Garrison,
Garrison, N. Dak., was placed in voluntary liquidation. The
Institution, which was capitalized at $25,000, was absorbed
by the Garrison State Bank, Garrison, formerly the Farmers'
State Bank of Gladstone, N. Dak.
Concerning the affairs of the closed First National Bank
of Merrill, Iowa, the following appeared in the "Commercial
West" of Dec. 14:
Depositors in the closed First National Bank of Merrill, Iowa, will receive
checks totaling $21,289.10 as the fifth and final dividend, reports E. A.
Heiden, receiver. The checks will bring the total paid creditors to $122,481.66, or 66.37%.
We learn from the Kansas City "star" of Dec. 10 that a
total of $25,817 was to be distributed to the depositors of four
defunct Jackson County, Mo., banks, namely, the Martin
City State Bank; the Blue Valley Bank of Leeds; Jackson
County Bank of Independence, and Bank of Oak Grove. The
paper continued:
Martin City State Bank, a 10% third dividend of $1,884, bringing the
total to 75% paid to depositors.
Blue Valley Bank of Leeds, 6. 5% sixth dividend of $4,156, bringing the
total to 65%.
Jackson County Bank of Independence, a 5% fifth dividend of $13,416,
bringing the total to 40%.
Bank of Oak Grove, a 5% sixth dividend of $6,361, bringing the total
to 40%.
The Clarksville National Bank, Clarksville, Tenn. with
capital of $100,000, was placed in voluntary liquidation on
Nov. 29. The institution was taken over by the First National Bank of Clarksville.
The appointment of two Vice-Presidents and an Assistant
Cashier was announced on Dec. 10 by the Union National
Bank of Houston, Tex. The changes in the bank's personnel
follow the recent death of H. B. Finch, Senior Vice-President.
Clearings-Rdurns Is. Telegraph
Week Ending Dec. 21
58)1
50.01
77.57
55H
50.01
77.57
5331
50.01
51H
50.01
77.57
77.57
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,604,191,292
261.450,675
318,000,000
228,000,000
84,205,250
80,700,000
120,609,000
102,648,338
84,271,888
73,926,064
57,513,980
34,068,000
$3,737,188,386
207,439,499
273,000,000
183,000,000
71,229,126
84.800,000
108,968,000
80,796,373
69,187,808
53,750.974
49,653,390
27,461,000
-3.6
+26.0
+16.5
+24.6
+18.2
+24.5
+10.7
+27.0
+21.8
+37.5
+15.8
+24.1
Twelve cities, five days
Other cities, five days
$5,049,584,487
680,057,915
24,928,474,558
607,532,235
+2.5
+11.9
Total all cities, five days
All cities one day
$5,729,642,402
945,928,480
$5,534,006,791
879,159,474
+3.5
+7.6
Total all cities for week_
SR A7A NM 5:129
SR ails 105 WIC
-LA. 1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended Dec. 14.
For that week there is an increase of 6.2%, the aggregate
of clearings for the whole country being $5,668,480,473,
Financial Chronicle
3962
against $5,336,406,514 in the same week in 1934. Outside
of this city there is an increase of 15.7%, the bank clearings
at this center having recorded a gain of 0.4%. 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 register
an increase of 0.7%, in the Boston Reserve District of 6.9%,
and in the Philadelphia Reserve District of 13.8%. In the
Cleveland Reserve District there is an improvement of
22.6%, in the Richmond Reserve District of 13.3%, and
in the Atlanta Reserve District of 13.6%. The Chicago
Reserve District has enlraged its totals by 22.2%, the St.
Louis Reserve District by 15.5%, and the Minneapolis
Reserve District by 9.4%. In the Kansas City Reserve
District there is a gain of 14.1%, in the Dallas Reserve
District of 22.0%, and in the San Francisco Reserve District of 18.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Dec. 14
Clearings at
1935
$
Federal Reserve Diets.
257,749,391
let Boston_ _ _ _12 cities
3,429,246,286
2nd New York_12 "
363,967,637
3rd Philadelphia 9 "
257,106,535
4th Cleveland__ 5 "
119,695,235
5th Richmond _ 6 "
133,771.438
6th Atlanta_.__10 "
440,445,930
7th Chicago _ __19 "
131,104,775
8th St. Louis... 4 "
94,807,914
9th Minneapolis 7 "
130,833,924
10th KansasCity 10 "
57.302,122
5 "
llth Dallas
.
252,447,286
12th San Fran_12 "
111 cities
Total
Outside N. Y. City
.-,
5,668,480,473
2,350,403,387
gr, ni•Im.0
0,1 00/2 000
1933
S
218.114,416
3,177,733,713
277,240,834
180,292,177
90,611,641
101,562,613
268,076653
96,342,872
72,288,623
87,686,473
44,567,018
178,446,077
$
224,993,427
3,202,601.894
316,878.776
183,449,985
107,986,775
80,313,492
268,136,797
89,135,012
65,821.825
79,802,082
35,631,798
169,152,460
5,336,406,514 +6.2
2,031,100,525 +15.7
4,812,963.310
1,725,867,115
4,823,704,324
1,730,695,861
0 101 001 0,1
,
-A 0
011 0,00 MCA
010 C. A GrI0
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Dec. 14
Clearings at
1935
1934
5
8
First Federal Reserve Dist act-Boston
640,715
517,325
Me.
-Bangor -__
Portland
1,960,196
1,564,497
Mass.
-Boston .. 220,000,000 210,497,787
Fall River __
881.645
791,503
Lowell
373.597
281,140
771,172
New Bedford
702,433
Springfield_ _
3,170,676
2,609,857
Worcester
1,748,905
1.399,007
Conn.- Hartford
13,312,592
10,376,235
New Haven_ _ _
3,647,976
2,946,920
R.I.
-Providence
10,791,100
8,252,500
N.H.-Manches'r
450,817
1,122,613
Total(12 cities)
257,749,391
241.061,817
Inc. or
Dec.
1933
%
8
1032
$
+23.9
+25.3
+4.5
-1-11.4
+32.9
+9.8
+21.5
+25.0
+28.3
+23.8
+30.8
-59.8
449,534
1,512,219
193,000,000
569,975
245,632
637,717
2,622,210
1,226,559
7,719.757
3,002,970
6,750,500
377.343
353,825
1,904,-90
194,505,779
655,783
256,936
611,747
2,710,586
2,099,772
9,941,785
3,027.003
8,489,400
436,221
+6.9
218,114,416
224,993,427
Second Feder al Reserve D istrict-New
N. Y.
-Albany_ _
11,799,626
8,509,266
Binghamton
895,130
716,866
Buffalo
30,100,000
27.400,000
Elmira
810,442
431,967
Jamestown
681,828
527,609
New York_ _ _ _ 3,318,077,086 3,305,305,989
7,429,219
Rochester
6,106,546
Syracuse
3,679,410
2,994,817
Conn.
-Stamford
2,537.732
2,898.716
N. J.
-Montclair
200,000
441.647
Newark
18,884,603
22,641,484
33.792,226
Northern N. J_
29,309,648
York-+38.7
7,015.899
4,139,485
733,277
+24.9
742,807
+9.9
25,102,395
22,029.501
+87.6
495,116
471,710
+29.2
418,997
510,776
+0.4 3,087,096,195 3,093,008,463
+21.7
5,361.249
6,195,504
+22.9
3,218,459
3,181.613
+14.2
2,456,977
2,039.572
-54.7
426,644
450,500
-16 6
16,883,153
28.068,685
+15.3
28,525,352
41,763,278
Total(12 cities) 3,429,248,286 3,406,923,571
+0.7 3,177.733,713 3,202,601,894
Third Federal Reserve Dist rict-Philad elphia-476,195
263,915 +80.4
Pa.
-Altoona ..„
b
261,736
a262,548
a2,163,231 -87.9
Bethlehem_..
250,313
250,640 -0.1
Chester
215,225
969,459
884,295 +9.6
Lancaster
687.624
Philadelphia ._ 347,000,000 308,000,000 +12.7 267,000,000
1.248,605
1,448,023 -13.8
Reading
1,078,249
2,068,435 +24.8
2,581,104
1.963.637
Scranton
978,781
891,059
+9.8
Wilkes-Barre
1,265,030
1.288,461 +20.5
1,553,180
1,124,333
York
8,910,000
4.852,000 +83.6
3,645,000
N.J.-Tren000_
Total(9 cities).
319,946.828 +13.8
262,927
a350,000
311,973
959.498
304,000.000
1.737,985
2.383,561
2.179,492
1,108,340
3,735.000
277,240,834
316,678.776
Fourth Feder al Reserve D lstrict-Clev eland-c
c
c
c
Ohlo-Akron
c
c
c
c
Canton
44,680,121 +18.2
52,819,561
37,488,734
Cincinnati_
62.173,909 +25.3
77.884,850
51,334,830
Cleveland
11,281.400
9,940,200 +13.5
7,883,600
Columbus
1,246.504
1,008,363 +23.6
924,134
Mansfield
b
b
b
b
Youngstown
91,985.507 +23.8
Pa.
-Pittsburgh _ 113.874,220
82,660.879
c
c
41.992,052
62,248,726
7,369,300
794,040
b
71,045.867
Total(5 cities).
363,967,637
257,106,535
209,788,100 +22.6
Fifth Federal Reserve Dist rict-RIchm ond131,162 +71.7
225,234
W.Va.-Hunt'ton
2,812,000 +10.5
3,107,000
Va.-Norfolk_
32,859,901 +11.9
36,777.952
Richmond
915,995 +14.1
1.045,100
5. C.
-Charleston
53,318,885 +8.0
57,601,759
40d.
-Baltimore _
15,595,188 +34.3
20,938,190
).C.-Wash'gton
i.
Total(6 cities). 119.695.235 105,633,131 +13.3
I-Sixth Federal Reserve Dist Met- Atlant a2,757,792 +22.4
3,371.688
rena-Knoxville
13.446,467 +10.8
14,893,975
qashville
42,400.000 +14.9
48.700.000
-Atlanta ___
la.
1,146,473 +1.0
1,157.766
Augusta
874,739 +15.9
1,014,244
Macon
13,171,000
+7.6
14,172,000
rla.-JacksonMile
17,082.142 -2.4
16.615,723
kla.-Btrm'ham _
1,090.187 +43.4
1.563.658
Mobile
is
b
b
diss.-Jackson
100,769 +11.4
112.215
Vicksburg
25,732,357 +24.8
32.117.169
-New Orros.
A.
117,801,926 +13.6
Total (10 cities)
133,771,438
Inc. or
Dec.
1933
1932
87,908
497,995
53,232,737
2,034,953
494,400
917,902
10,879.000
892,107
2,651,725
12,202,979
501,120
4,730,957
1,784,036
is
913,055
171,841,339
504,393
2,075,886
538,954
1,354,751
360,460,968 +22.2
288,076,853
268,136,797
Eighth Federa I Reserve Dls trict-St. Lo 1119Ind.
-Evansville
Mo.-St. Louls
78,900,000
69,500,000 +13.5
KY.
-Louisville._
26,178,023 +22.7
32,110,496
Tenn.
-Memphis
17,396,464 +12.9
19,642,279
Ill.-Jacksonville
Quincy
452,000
391,000 +15.6
57,300,000
22,627,696
16,099,176
59,400,000
19,110,935
10,204,480
440,445,930
1932
'7.
+6.9
+0.7
+13.8
+22.6
+13.3
+13.6
+22.2
+15.5
+9.4
+14.1
+22.0
+18.5
$
241,061,817
3,406,923,571
319,946,828
209,788,100
105,633,131
117,801,926
360.460,968
113.465,487
86.676,658
114,667,296
46,957,223
213,023,504
1934
$
$
Seventh Feder at Reserve D istrict-Chi ca go
Mich.
61,518
-Adrian _ _
92,386
56,558 +63.4
Ann Arbor__402,338
600,034
548,241
+9.4
53,372,819
Detroit
74,665,493 +31.8
98,410,670
1,296,082
Grand Rapids_
2,313,979
1,866,077 +24.0
Lansing
439,648
1,057,759
809,160 +30.7
Ind.
-Ft. Wayne
548,543
1,158,497
745.488 +55.4
10,053,000
Indianapolls
13,048,000 +23.1
16,062,000
South Bend_ _
528,743
956,374
755,943 +26.5
Terre Haute_ _
3,712,636
4,337,186
4,040,708 +7.3
Wls.-Milwaukee
15,368.648 +26.1
11,961,209
19,378,574
Iowa-Ced. Rap.
232,959
914,879
660,951 +38.4
Des Moines_
7.861,205
6,627,945 +18.6
4,976,203
Sioux CitY -3,183,039
1,948,903
2,644,677 +20.4
Waterloo
111.-Bloomingt'n
462,820
328,479 +40.9
472,234
Chicago
277,033,537 233,349,619 +18.7 192,597,987
Decatur
951,078
634,104 +50.0
496,846
Peoria
3,525.574
2,673,514 +31.9
3,570,699
Rockford
1,019,788
488,423
756,767 +34.8
Springfield....
1,126,551
880,598 +27.9
916,063
Total(19 cities)
Inc.or
Dec.
1934
1935
Week Ended Dec. 14 1935
Dec. 21 1935
180,292,177
183,449,985
115,907
2,290,000
31.706.119
920.150
42,946,088
12,633,377
364,856
2,906,000
31,766.606
772.310
54,870.189
17.306.814
90,611,641
107,986,775
3,427,008
11.372,233
35.300.000
978.902
636.040
11.322,000
14,441,935
937,020
b
145.357
23.002,118
2,024,364
9,022.161
25.100.000
764,549
464,652
9,334.067
7,545,833
879.192
b
98.378
25.080,296
101,562,613
80.313,492
316,000
419,597
113,465,487 +15.5
96,342,872
89,135,012
Ninth Federal Reserve DIs trict-Minn eapolis
Mlnn.-Duluth
2,969,804 -19.2
2,398,662
56,575,753 +8.2
Minneapolis_
61,193,980
St. Paul
24,561,169
22,650,185 +8.4
N. D.
1,854,115 +17.4
2,176.415
-Fargo..
8. D.
541,739 +11.7
605,126
-Aberdeen
433,389 +58.8
Mont.
688,281
-Billings
3,651,673 -12.8
Helena
3,184,281
1,877,438
48,767,905
17,559,110
1,559,181
524,564
290,543
1,700,882
1,667,172
44,852,362
14.759,599
1,731,025
489,828
302,927
2,018,913
+9.4
72,288,623
65.821,826
Tenth Federal Reserve Dis trict-Kens as City
184,868 -40.5
110,020
Neb.-Fremont.._
82.694 +46.7
Hastings
121.276
2,042,162 +29.0
Lincoln
2,633,887
25,067,726 +23.7
Omaha
31,018,156
Kan.
3,485,278 -52.1
1,670.723
-Topeka _ _
3,096,144 +0.4
Wichita _
__
3,108,551
76,446,043 +14.4
Mo.-Kan. City,
87.456,681
+3.9
3,136,796
St. Joseph_ __ _
3,259,587
Colo.-Col Spgs_
562,522 +27.9
.
719,722
735.321
563,063 +30.6
Pueblo
51,692
1,810,325
22,373,403
1,575,073
2,082,903
56,411,537
2,564,551
449,321
367,668
80,303
107,580
1,414,684
17,480,100
1,343,355
3.570.981
52,437,082
2,229,412
589,100
549,485
114,667,296 +14.1
87,686,473
79,802,082
-Da llasEleventh Fede cal Reserve District
Tex -Austin..,
1,262.580 -5.9
1,188,662
34,664,872 +26.9
Dallas
43,981.579
5,352,628 +32.2
Ft. Worth_-7,076,022
3,169,000 -18.6
2,581,000
Galveston
2,508,148 -1.3
La.
2,474,859
-Shreveport-
810.724
33,502,812
5,417,836
2,753,000
2,082,646
628.695
25,881,897
4,965,979
2,278,000
1,877,227
46,957,228 +22.0
44,567,018
35,631,798
Franci sco-21,458,757
+13.7
6,308,000
+11.1
488,013
+62.1
18,957,059
+14.5
12,179,705
+4.7
3,077,266
+23.1
2,725,665
+24.8
4,827,674
+5.7
+23.0 103,821,850
1,788,430
+28.5
+25.3
1,426,867
1,386.791
+12.0
20,534,875
4,926,000
387,720
15,607.130
15,513,578
3,092.898
3.197,722
6,700,531
95,185,188
1,633.750
1,126,604
1,246,404
Total(4 cities).
Total(7 cities).
Total(10 cities)
Total(5 cities)-
131,104,775
94,807,914
130,833,924
57,302,122
86,676,658
Twelfth Feder al Reserve D strict-San
27.600.834
31,377.854
Wash.
-Seattle- 8,232.000
9,148,000
Spokane
512,937
831.251
Yakima
23,117,141
26,470,352
Ore -Portland,_
13,073.869
13,684,411
Utah-S. L. City
3,527.412
4,342,229
Cal.
-Long Beach
3,119,595
3,894,607
Pasadena
11,250,268
11,895,897
Sacramento_
San Francisco_ 144,055,000 117,083,377
San Jose
2,114,612
2,717,483
1,743,685
Sonata Bat bara
2,184,205
1,647,774
Stockton
1,845,997
Total(12 cities) 252,447,286 V3,023,504 +18.5 178,446,077 169,152,460
Grand total (111
Cities)
5.668,480,473 5,336,406.514 +6.2 4,812,963,310 4,823,704,324
Outside New York 2,350,403,387 2,031,100,525 +15.7 1,725,867,115 1,730,695,861
Week Ended Dec. 12
Clearings al
1935
Canada
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__
New Westminster
Medicine HatPeterborough_ _ _
Sherbrooke_
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)
1934
Inc. or
Dec.
1933
1932
108,901.563
89.590,452
47,713,152
17,166.857
18,606:398
4,140.978
2,264.049
3,017,386
6,884,623
1,862.319
1,675.082
2,781,382
4,045.457
4,377.055
200,198
565,714
1,532,541
585.991
814,632
677.730
508,166
258.379
671.967
612.545
1,010.702
2,282,508
331.597
767.844
567,078
505.614
502.192
968,656
PS
123.087,877
100,621.535
47,608,020
13,867,053
4.159,480
3,669,716
2,191,122
3,595,884
5,731,444
1,025,463
1,388,433
2,394,989
4,569.705
3,910,159
287.711
473,362
1,396,429
505,317
695,097
570.075
425,274
229,176
561.840
564,778
854,620
1,892.224
293,559
694,253
538,050
485,265
379,472
716,290
-11.5
-11.0
+0.2
+23.8
+3473
+12.8
+3.3
+8.9
+20.1
+14.6
+20.6
+16.1
-11.5
+11.9
+0.9
+19.5
+9.7
+16.0
+17.2
+18.9
+12.7
+12.7
+19.6
+8.5
+18.3
+20.6
+13.0
+10 6
+5.6
+4.2
+32 6
+35.2
80,054,420
67.458,027
34,611,940
11,611,573
3,607,666
3,199,477
1,905,490
3,175,056
4,222,841
1,398,882
1.334,396
2,074,547
3,378,747
2,770.820
258,325
397,585
1,086,881
445,445
600.742
505,601
398,198
186.982
542,978
460,152
805,096
2,017,367
227,538
754,181
459,751
448,339
352,443
612,263
71,623,041
62,815,008
31,655,977
10.099,040
3.177,641
3,646,863
1,732.617
2,877 201
4,870,4 h
1,418,185
1.101.943
1,980,628
3,368,776
2,497,602
244,144
123,717
1,095,230
432,433
660,494
471,769
379,232
155.339
612,721
582,032
832,467
1,721,036
221,189
657,258
463,945
389,072
292,906
413,804
327,382,797
329,983,672
-0.8
231,367,764
213,514,605
a Not included a totals. b No clearings available. c Clearings House not functioning at present. •Estimated.
Financial Chronicle
Volume 141
3963
THE CURB EXCHANGE
Jan. 110 Dec. 20
Week Ended Dee. 20
Sales at
New York Curb
Curb market trading displayed considerable irregularity
1934
1935
1934
1935
Exchange
this week, and while there were a few modest gains recorded
58,443,694
72,507,441
1,249.465
1,829,020
Stocks
-No. of shares
by some of the more active of the speculative favorites, the
Bonds
Domestic
bulk of the changes were comparatively small and without Foreign government 818,740,000 821,054.000 81,117.404,000 3934.055,000
35,219,000
17.118.000
556,000
1,520,000
24,979.000
12,873,000
448,000
401,000
special significance. Public utilities were in demand at Foreigncorporate
8994.253.000
times, particularly Cities Service pref. which attracted con$20.661.000 822,058.000 81,147.395.000
Total
siderable buying at higher prices. Mining and metal shares
were bought in fair volume and so were the specialties, but
Prices on Paris Bourse
oils and alcohol stocks were quiet. The volume of sales Quotations of representative stocks as received by cable each day
of the past week
was somewhat lower than during the previous week.
Dec. 14 Dec. 16 Dec. 17 Dec. 18 Dec. 19 Dec. 20
Irregular price movements and narrow changes were the
Francs Francs Francs Francs Francs Francs
outstanding features of the brief session on Saturday. There Bank of France
9,355 9,400 9,400 9,700 9,300 9,300
993
1,024
Banque de Paris et Des Pays Etas 1,007
were occasional exceptions, particularly in the public utili- Banque de l'Union Parisienne_ 450 1,003 1,005
472
460
464
453
173
-iii
172
176
174
Canadian Pacific
made Canal de Sues
ties group and mining stocks, but the list, as a whole,
18,180 18,200 18,200 18,100 18,100 18,100
1,074
1,052
1,050
1,054
1,053
little progress either way. Newmont Mining (13.4k) was Cle Distr. d'Electrieltie
1,380
1,350 1;586
1,350
1,350
1,350
Generale d'Electricitie
fairly active during the final hour and closed with a net gain Cle Generale Transatlantique
--__
17
____
17
17
17
Cie
78
77
78
79
78
of a point. Pittsburgh & Lake Erie (234) also attracted Citroen B
915
924
919
908
915
Comptoir Nationale d'Eacompte
some buying and moved up 1 point to 72. Aluminum Co. of Coty S A
--ii
79
79
80
80
80
230
236
American pref. (3m) advanced 1% points to 110 and Gulf Courrieree
234
233
--233
548
570
553
557
550
Credit
Oil of Pennsylvania was fractionally higher. In the rest of Credit Commercial de France__ 1,685 1,690 1,680 1,710 1,670 1,1370
Lyonnais°
the list gains predominated, but the changes were largely in EAUX Lyonnais.
2,260
2,300 2,300 2.270
2,270
480
480
--475
476
475.
Energie Electrique du Nord__
minor fractions.
715
.701
700
705
The market slowed down on Monday and moved upward Energie Electrique du Littoral
576
-iii
568
Kul:Mama
565
564
890
870
"860
870
870
863
and downward during most of the session without definite L'Air Liqulde
818
807
820
808
830
trend. Price changes were small and in most cases were Lyon(P L M)
1,040 1.021
1,034
1,045 1,037
Nord Ry
"412
406
407
413
407
399
confined to fractions. Public utilities were moderately Orleans Ry
21
24
24
---24
24
active, particularly Cities Service pref. which advanced Paths Capital
1,236 1.215
1,210 1,224 1,226
Pechiney
3
71.70 7150
74.00 73.10 73.10 73.30
23 points to 34%. Singer Manufacturing Co.forged ahead Bastes. Perpetual 3%
4
75.60 75.30 75.80 74.10 73.50
2 points to 332, United Shoe Machinery 13 points to 86 and Baines4%.1917
75.90 74.20 73.50
75.70 75.30
Rentee 4%.1918
80.80
General Outdoor Advertising pref. 4 points to 69. The turn- Rentes4H%.1932 A
82.70 82.30 82.10 82.60 81.00
81.00 80.60 81.20 79.60 79.50
Rentee 44%.19
over was approximately 309,930 shares against 409,445 on Reams 5%,192032 B
102.80 102.40 102.20 102.75 101.50 101.10
Friday.
2,130 2,130 2.130
2.150 2,130
Royal Dutch
_...
1,700 1,685
C
1,698
1,690 1,689
Public utility stocks were featured on Tuesday by renewed Saint GobainCie& C
1.565 1,551
1.560
1,560 1.555
stocks, especially in the preferred Schneider &
activity in Cities Service
51
52
51
--ii
51
Societe FraneaLse Ford
27
28
27
29
28
..-Societe Generale Fonciere
4
issues which made a further advance of 33 points to 3834 Societe Lyonnais()
--2,255 2,270 2,265 2,305 2.300
and Continental Gas & Electric pr. pref. (7) which climbed Societe Marseillaise
540
535
540
---536
544
74
71
..-72
71
70
up 23 points to 88. Other outstanding gains included Tobin Artificial Silk prof
4
525
515
---518
519
513
23.jpoints to 663.'2; Duke Power (3), Union d'Electricitie
Draper Corp. (2.40),
42
41
41
42
--Wagon-Lila
41
2 points to 7234; General Tire & Rubber, 27/s points to 7034;
Penn Salt, 3 points to 114; Stroock & Co. (al), 3 points to
20; Murphy & Co., 4 points to 154; Brill Corp. pref., 134
The Berlin Stock Exchange
points to 2834; Jones & Laughlin Steel, 1% points to 293(; Closing prices of representative stocks as received by cable each
day of the past week
and Singer Manufacturing Co., 3 points to 335.
Dec. Dec. Dec. Dec. Dec. Dec.
The volume of trading was slightly larger on Wednesday
19
20
17
18
14
16
though prices were irregular at the close. Specialties and
Per Cent of Pa
35
35
35
35
35
35
metals were the center of speculative interest, and while Allgemeine Elektrizitaets-Geseilschatt
112 113 113 113 114 114
Berliner Handels-Gesellschaft
there were a few substantial advances, the greater part of Berliner Kraft u. Licht (8%) (6%)
134 133 133 133 133 133
83
84
84
the changes were in minor fractions. The best gains of Commers-und Privat-Bank A 0
84
84
83
Dessauer Gas (7%)
the day were Babcock & Wilcox (40c.), 33 points to 713.; Deutsche Bank und DIsconto-Geeellsohaft-120 118 119 119 119 118
82
82
83
83
82
82
Brill Corp. pref. 2% points to 31; Cities Service pref. (BB), Deutsche Erdoel(4%)
104 104 105 104 105 103
4
5 points to 36; Sherwin Williams (4), 33 points to 124; and Deutsche Reichabsbn(German Rye pf 7%)- 123 123 123 123 123 123
83
83
83
83
Dreedner Bank
83
83
Masonite Corp. (a .50), 13 points to 623 •
A
147 147 147 147
Fszbenindustrie I G(7%)
146
146
122 122 123 123 123 123
Gesfuerel
The trend of the market was irregular on Thursday, gains Hamburg(6%)
129
128 129
128 128 129
and losses being about evenly divided. The volume of sales Hapag Electric Werke (8%)
15
15
15
15
15
15
76
77
77
77
76
76
showed a further decline, the total transactions being Mannesmann Roehren
Nordeutsch I ILloyd
16
16 - -16
16
approximately 326,000 shares against 374,000 on the preced- Reichsbank (8%1
175 176 177 177 177
176
211
209 210 211 209 208
ing day. Cities Services pref. continued its upward climb Ithelnisehe Braunkohle(8%)
Salsdeturth (713%)
184 -- --185 186
%
and closed at 405 with a net gain of 2% points for the day. Siemens & Halske(7%)
164
154
164
165 166
163
B pref. on the other hand, dropped
Long Island Lighting
off quite sharply following the Public Service Commission's
THE ENGLISH:GOLD AND SILVER MARKETS
order to reduce rates. Mining and metals were fairly steady
and gains were recorded by a few scattered specialties, but
We reprint the following from the weekly circular of
most of the changes were small. A few miscellaneous issues Samuel Montagu & Co. of London, written under date of
showed losses of a point or more as the market closed. These Dec. 4 1935:
included among others Alabama Power pref. (7), 2 points to
GOLD
753.; Fisk Rubber pref.(6), 2 points to 51; Ohio Edison pref.
The Bank'of England gold reserve against notes amounted to £197.(6), 1 point to 10034; Pittsburgh Plate Glass (2), 1% points 632,279 on the.271h ultimo, as compared with £197,189,053 on the previous
Wednesday.
to 92 and Royal Typewriter, 1 point to 383.'.
Purchases:of bar:gold:announced by the Bank during the week amounted
Dull trading and declining prices characterized the dealings to 5776,891. 4
during the
About £1.500,000 of bar gold was dealt with
on the Curb Exchange on Friday. The day's transfers were week: there were one or two special orders inat the daily fixingprices have
the market and
higher than on Thursday, but selling predominated during been maintained at a premium,over gold exchange parities.
in Prance is not yet at an end,
most of the dealings and final prices were generally on the anAlthough;the political crisisgold from the Bank of France. there has been
As compared
abatement of the drain of
side of the decline as the session closed. Outstanding among with the return for Nov. 15th, that for Nov. 22nd shows a reduction in the
the recessions were Bunker Hill Sullivan, 3 points to 48; gold holding of about £18,200,000. but withdrawals since have been on a
Consolidated Gas & Electric of Baltimore (3.60),3 points to very much smaller scale.
Quotations_during the week:
82; Pepperell Manufacturing Co., *4 points to 603 and
Equivalent Value
Per Pine
of Z Sterling
Ounce
Alabama Power pref. (6), 234 points to 6634. As compared
128. 0.69d.
28
1403. 11d.
the closing prices on Friday of last week, the market Nov. 29
with
128. 0.56d.
Nov.
1418. Mtl.
128. 0.56d.
1418. 34d.
generally was lower, American Cyanamid B closing last night Nov.30
141s.
12s. 0.60d.
2
at 2834 against 2934 on Friday a week ago, Consolidated Gas Dec. 3
12s. 0.52d.
Dec.
141s. id.
12s. 0.65d.
140s. 113id.
93
of Baltimore at 82 against 87%; Creole Petroleum at 1 4 Dec. 4
12s. 0.605.
141s. 0.08d.
Hiram Walker at 3034 against 3134; Inter- Average
against 21
exports of gold
The following 'were the
A
national Petroleum at 337 4 against 353.; Sherwin Williams registered from mid-day onUnited Kingdom imports andon the 2nd inst.:
the 25th ultimo to mid-day
4
at 124 against 12534 and South Penn Oil Co. at 313 against
Imports
Exports
5974.368
£1.432,950 France
British South Africa
32%.
702,279
British West Africa
148,203 Netherlands
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Dec. 20 1935
Stocks
(Number
of
Shares)
Domestic
Foreign
Foreign
Government Corporate
Total
$33.000
584,000
328.000
194.000
269,000
112.000
$62.000 $1.620,000
61,000 4.052.000
69.000 4.037.000
137,000 4,066,000
57.000 3.357,000
15,000 3.529.000
1,829,020 318.740,000 81 520,000
8401,000 $20,663,000
153.490 81.525.000
309.530 3,407.000
304,585 3,640.000
374.100 3,735.000
325,505 3,031,000
361.810 3,402,000
Saturday
Tuesday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value)
1.030,126 United States of America
British India
100,000 Other countries
Canada
11.474
Australia
11.092
New Zealand
11,139
British Guiana
4,001,405
France
149,285
Netherlands
8.584
United States of America
29,906
Venezuela
23,473
Other countries
564.969
638
52,242,254
56.957.637
of
The SS. "Viceroy- India" which sailed from Bombay on Nov. 30th
carries gold to the value of about £597,000, of which 5505,000 is consigned
to London and £92,000 to New York.
3964
Financial Chronicle
The Southern Rhodesian gold output for October 1935 amounted to
68,484fine ounces, as compared with 57,328 fine ounces for September 1935
and 58,626 fine ounces for October 1934.
SILVER
During the week movements in the dollar exchange influenced the price
at which the American Treasury made their purchases in the London
market and the cash price varied between 29.3-16d. and 29%,d. The two
months price was unchanged at 28%cl, until to-day when it declined to
28 13-16d.
Purchases for America Continued steadily and there was further China
selling; re-selling by the Indian Bazaars was also in evidence, but there was
a little buying for the same quarter as well as some Carrying forward of
bull commitments.
The dollar-sterling exchange may continuo to be a factor, but no wide
variation from the present level is anticipated in the near future.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 25th ult., to mid.
-day on the 2nd inst.:
Imports
Exports
Hongkong
6732,900 United States of America_ £2,749,200
Australia
18,433 Franco
13,513
Japan
356,258 Sweden
3,400
British West Africa
3,821 Denmark
3,500
Poland
9,000 Aden St Dependencies__ _
5,420
Netherlands
11,884 Canada
1,240
Belgium
30,460 Other countries
1,132
France
28,840
Czechoslovakia
3,150
Iraq
3,445
Other countries
3,466
Quotations
during
61,201,657
the
week:
£2.777,405
IN LONDON
-Bar Save per Oz. Std.
-Bar Silver per Oz. Std.
Cash
2 Months
Cash
2 Months
Nov. 28- - -29 3-16d.
Dec. 3-- - - -29%d.
28%d.
28%d.
Nov. 29_ --29 3-16d.
28%d.
Dec. 4
293-16d.
28 13-16d.
Nov.30 _ _ _29 3-16d.
Average
28.86.5d.
29.208d.
28%d.
Dec. 2-- -29%d.
28%d.
IN NEW YORK
Nov. 27
-Dec. 3,inclusive, 65% cents per oz.. .999 fine.
The highest rate of exchange on New York recorded during the period from
the 28th ultimo to the 4th instant was $4.93 Yi and the lowest $4.9294•
Statistics for the month of November:
-Bar Silver per Oz. Std.Bar Gold per
Cash
2 Months
Oz. Fine
Highest price
2914d.
29 3-16d.
141s. 7d.
Lowest price
29 3-16d.
28%d.
140s. 11d.
Average
29.2837d.
28.9880d.
141s. 3.46d.
BREADSTUFFS
Figures Brought from Page 4036-All the statements
below regarding the movement of grain-receipts, exports,
-are prepared by us from figures collected
visible supply, &c.
by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ended last
Saturday and since Aug. 1 for each of the last three years:
Receipts at-
Flour
'
1Vheat
Corn
Oats
Rye
1
Barley
bbls.19616s. bush. 60 lbs. bush. 56153. bush. 32 lbs. bush.56l5s. bush.481bs.
161,000,
103,000 1,335,111
Chicago
134,000
8,000
227,000
233,111
Minneapolis..
' 1,061,000
254,000
107,000
366,000
18,11 I
Duluth
106,000
170,000
35,000
97,000
Milwaukee_
107,000
102,111
17.000
10,000
1,000
423,000
I
82,000
Toledo
117,000
469,000
2,000
1,000
57,000
Detroit
28,000
15,000
3,000
21,000
Indianapolis_
14,000
520,000
36,000
166,000
95,000
299,000
53,000
St. Louts_ _
132,000
54,000
1,000
32,000
Peoria
330,000
64,000
49,000
66,000
318,000
11,000
388,000
Kansas City..
30,000
Omaha
149,000
500.
96,000
53,000
St. Joseph85,
24,000
71,000
Wichita
4,1")10
2,000
17,000
Sioux City.
83,000
11,000
6,000
1,000
1,170,000
602,000
Buffalo
69,000
135,000
95,000
Total wk. '35
Same wk. '34
Same wk. '33
Since Aug. 1
1935
1934
1933
316,000
327,000
400,000
3,361,000
4,193,000
2,606,000
4,644,000
3,610,000
5,305,000
1,516,000
893,000
953,000
529,000 1,335,000
131,000 1,390,000
138,000
686,000
7,564,000233,258,000 58,140,000 84,007,000 12,697,000 48,419,000
7,300,000135,459,000 110,438,000 28,224,000 8,395,00038,316,000
6,806.000 130,973,000 100,521.000 41,053,000 7.263,00025,527,000
The destination of these exports for the week and since
July 1 1935 is as below:
Flour
1Vheal
Corn
Oats
Rye
Barley
bbls.196155. bush. 60 lb,. bush. 56 lbs. bush. 32 lbs. bush.56lb7.1bush.4811m.
142,000
389,000
15,000
New York_ _ _
44,000
169,000
Philadelphia__
35,000
77,000
22,000
214,000
11,000
Baltimore.. _ _
32,000
36,000
57,000
1,000
25,000
New Orleans
.
33,000
27,000
Galveston_
4.000
1 000
82,000
Montreal. _ _ _
132,000
4,000
St. John West
28,000
258,000
19,000
Boston
10,000
274,000
Quebec
101,000
St. John
5,000
Halifax
1,000
323,000 1,544,000
158,000
Total wk. '35
168,000
57,000
1,000
Since Jan.1'35 12,671,000 68,463,000 15,399,000 17,281,000 4,712,000 4,790,000
239,000
385,000
Week 1934_
Since Jan.1'34 13,057,000 86,722,000
315,000
408,000
137,000
8,995,000 9.437,000 2,996,000 3,202,000
Receipts do not include grain passing through New Orleans for foreign ports
.
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Dec. 14 1935, are shown in the annexed
statement:
Ex ports fromNew York
Boston
Newport News
New Orleans
St. John
Montreal
St. John West
Halifax
Quebec
Total week 1935._
,
,arna. walPlc 1034--
Wheat
Corn
Bushels
Bushels
389,000
3,000
104,000
132,000
Flour
Barrels
Bushels
19,552
1,000
1,000
1,000
82,000
4,000
5,000
28,000
1,000
113,552
-------55525
29,000
11 nnn
274,000
902,000
450.000
Oats
Rye
Barley
Bushels
Bushels
1Veek
Dec. 14
1935
Baran Barrels
United Kingdom_ 81,795 1,314,813
Continent
259,498
17,752
S.5: Cent. Amer
2,000
42,000
West Indies
68,000
4,000
Brit. No. Am. Col.
7,000
__ _ Other countries_
8,005
93,555
Total 1935
Total 1934
Corn
1Vheat
Flour
Exports for Week
and Since
Since
Week
July 1 to-Dec. 14 July 1
1935
1935
113,552 1,784,866
58,525 1.869.773
Week
Dec 14
1935
Since
July 1
1935
Bushels
Bushel,
Bushels
494,000 26,716,000
385.000 17,068,000
23,000
321,000
Since
July 12 1
1935
Bushels
43,000
2,000
60,000
902,000 44,165,000
450,000 45.331,000
45,000
5,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 14, were as follows:
GRAIN STOCKS
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
Milwaukee
4. afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
Wheat
Bushels
5,000
182,000
Corn
Bushels
116,000
203,000
48,000
95,000
87,000
97,000
60,000
81,000
66,000
Oats
Bushels
43,000
499,000
158,000
27,000
48,000
62,000
Rye
Bushels
Barley
Bushels
35,000
58,000
849,000
204,000
2,000
1,609,000
89,000
2.000
33,000
2,000
600,000
2,180,000
461,000
12,000
6,000
1,349,000
14,000
2,440,000
1,296,000
75,000
901,000
13,000
56,000
13,054,000
166,000 2,327,000
187,000
195,000
4,495,000
525,000 4,768,000
111,000 1,027,000
372,000
358,000
541,000
19,000
76,000
2,171,000
378,000
644,000
159,000
143,000
1,900,000
716,000
688,000
1,000
23,000
83,000
8,717,000 1.953,000 6,195,000 2,917,000
465,000
249,000
232,000
562,000
47,000
1,136,000
45,000
574,000
53,000 1,951,000
220,000
13,915,000
141,000 13,951,000 2,717,000 6,676,000
5,070,000
64,000 7,394,000
795,000 1,701,000
150,000
10,000
7,000
8,000
80,000
6,625,000
510,000 1.702,000 1,151,000 1,617,000
4,888,000
1,206,000
170,000 1,765,000
Total Dec. 14 1935._ 73,286,000 5,814,000 42,748.000 9,198.000 15,873,000
Total Dec. 7 1935
75,136,000 5,390,000 43,332,000 9,320,000 16,174,000
Total Dec. 15 1934
89,019,000 42,589,000 21,738,000 12,847,000 14,674,000
Note-Bonded grain not included above: Oats, New York, 168,000 bushels;
Buffalo, 73,000; total, 241,000 bushels, against none In 1934. Barley, Duluth,
64,000 bushels; total, 64,000 bushels, against 1,837,000 bushels In 1934. Wheat,
New York, 2,397,000 bushels; New York afloat, 1,600,000; Philadelphia, 755,000:
Baltimore, 806,000; Buffalo, 11,415,000; Buffalo afloat, 12,725.000; Duluth,
966,000; Erie, 2,402,000; Boston, 738,000; Chicago, 206.000; Chicago afloat,
115,030; total, 34,125,000 bushels, against 23,737,000 bushels in 1934.
Wheat
Corn
Oats
Rye
Barley
CanadianBushels
Bushels
Bushels
Bushels
Bushels
Montreal
8,942,000
638,000
115,000
711,000
Ft. Wllliam & Pt. Arthur 36,716,000
2,057,000 3,028,000 2,326,000
Other Canadian & other
water points
83,046,000
3,287,000
299,000
769,000
Total Dec. 14 1935...128,704.000
5,982,000 3,442,000 3,806,000
Total Dec. 7 1935
127,998,000
4,543,000 3,433,000 3,721,000
Total Dec. 15 1934
120,783,000
6,699,000 3,243,000 6,036,000
Summary
American
73,286,000 5,814,000 42,748,000 9,198,000 15,873,000
Canadian
128,704,000
4,982,000 3,442,000 3,806,000
Total Dec 14 1935...201,990,000 6,814,000 48,730,000 12,040,000 19,679,000
Total Dec. 7 1935
203,134,000 5,390,000 47,875,000 12,753,000 19,895,000
Total Dec. 15 1934
209,802,000 42,589,000 28,435,000 16,090,000 20,710,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 13, and since July 1 1935 and July 2 1934, are
shown in the following:
Wheat
ErPOrth
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 14 1935, follow:
-1
Receipts at
Dec. 21 1935
North Amer_
Black Sea.....
Argentina..,
Australia. __
India
0th. countr's
Total
Week
Dec. 13
1935
Bushels
3,236,000
1,800,000
1,373,000
1,879,000
Since
July 1
1935
Corn
,
Bushels
72,206,000
29,146,000
49,028,000
41,748,000
256,000,
1,032,000 15,488,000
Since
July 2
1934
Week
Dec. 13
1935
Since
July 1
1035
Since
July 2
1034
Bushels
Bushels
Bushels
Bushels
88,522,000
14,000
1,000
3,976,000
536,000 4,859,000: 8,615.000
85,264,000 6,001,000145,153,000 108,434,000
46,189,000
328,000
19,040,000 1,173,000 25,228,000 20,090,000
9,320,000207,872.000 243,319.006 7,710,000175,241,000137,153,000
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Capital
Dec.9-First National Bank in Gerrison, N Dak
$25.000
Effective, Nov. 29 1935. Liq. Agent, John Will, Garrison, N.
Dak. Absorbed by Garrison State Bank, Garrison, N. Dak.,
formerly the Farmers State Bank of Gladstone, N. Dak.
Dec. 11-The Claricsville National Bank,Clarksville, Tenn
100,000
Effective, Nov. 29 1935. Lig. Agent. Archer Howell, care of the
liquidating bank. Absorbed by "The First National Bank of
Clarksville," Tennessee, Charter No, 1603.
BRANCH AUTHORIZED
Nov.30
-The United States National Bank of Portland, Ore.
Location of branch: 133 East Main St., in the City of Medford.
Jackson County. Ore. Certificate No. 1202A.
Dec. 3
-The First National Bank of Portland, Ore.
Location of branch: City of Medford, Jackson County, Ore
Certificate No. 1203A
Doc. 13
-Bank of America Nat. Trust St Savings Assoclatinon, San
Francisco, Calif. Location of branch, unincorporated Town of
Weaverville, Trinity County, Calif. Certificate No. 1205A.
SEASONAL AGENCY AUTHORIZED
Dec. 13
-The Ocean County National Bank of Point Pleasant
Beach, I'. 0, Point Pleasant, Ocean County, N. J. Location of
branch, "Seasonal agency" in the Borough of Bay Head, Ocean
County. N.J., and to operate such seasonal agency from the first
day of May to the first day of November in each year. Certificate
No, 1204A. Seasonal Agency No. 1.
•
Volume 141
3965
Financial Chronicle
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
12}ic Jan. 2 Dec. 21
Duquesne Breweries, preferred A (guar.)
$134 Jan. 15 Dec. 31
Duquesne Light 5% preferred (guar.)
12 c Dec. 31 Dec. 20
Early & Daniels (guar.)
Dec. 31 Dec. 20
Preferred (guar.)
$1
Apr. 1 Mar. 15
Eastern Gas & Fuel
pref. (guar.)
$1.1
Assoc.,
$134 Apr. 1 Mar. 15
6% preferred (quarterly)
Dec. 31 Dec. 21
12
Easy Washing Machine A & B
Edison Electric Illuminating of Boston
• $2 Feb. 1 Jan. 10
25c Jan. 1 Dec. 20
Elder Manufacturing Co. (quarterly)
8% preferred (quarterly)
$2 Jan. 1 Dec. 20
$5 preferred (quarterly)
Per
When Holders
$134, Jan, 1 Dec. 20
30c Jan. 2 Dec. 26
Name of Company
Electric Auto-Lite
Share Payable of Record
Jan. 2 Dec. 26
$1
Preferred (guar-)
Feb. 1 Jan. 6
Electric Bond & Share Co., $6 pref. (guar.)...- $1
25c Mar. I Feb. 15
Abbott's Dairies (guar.)
$134 Feb. 1 Jan. 6
10c Jan. 10 Dec. 27
Adams Express (resumed)
$5 pref. (guar.)
25c Dec. 21 Dec. 17
Electrical Products Consol. (Wash.)(semi-ann.)
50c Jan. 2 Dec. 14
Aetna Casualty & Surety (guar.)
250 Dec. 21 Dec. 17
Extra
Extra
$1 Jan. 2 Dec. 14
250 Jan. 2 Dec. 20
15c Jan. 2 Dec. 14
Aetna Life Insurance (guar.)
Empire Trust (guar.)
Extra
20c Jan. 2 Dec. 14
Family Loan Society. Inc. (guar.)
25c Jan. 2 Dec. 14
8734c Jan. 2 Dec. 14
h75c Jan. 2 Dec. 15
Preferred (guar.)
Air Associates, $7 preferred
Jan, 10 Dec. 31
$1.34 Jan. 11 Dec. 19
Albany & Susquehanna RR.(special)
Fidelity-Phenix Fire Insurance (semi-ann.). .. _
6
Aloe (A. S.) Co.. pref. (guar.)
25c Jan. 10 Dec. 31
$134 Jan. 2 Dec. 31
Special
25c Jan. 25 Jan. 2
Alpha Portland Cement
Fifth Avenue Bank (guar.)
$6 Jan. 2 Dec. 31
American Asphalt Roofing 6% pref. (quar.)__
Finance Co. of America, A & B (quar.)
$134 Jan. 15 Dec. 31
1235c Jan. 15 Jan. 4
American Bakeries Corp., 77,, pref. (guar.).
4334c Jan. 15 Jan. 4
77 pref. (guar.)
$134 Jan. 1 Dec. 16
7.7 pref. A (quar.)
(
American Discount Co.of Georgia (qu.)
20c Jan. 1 Dec. 20
Jan. 15 Jan. 4
634% preferred (semi-ann.)
Jan. 20 Jan. 3
$1.63 Jan. 1 Dec. 20
Firestone Fire & Rubber (guar.)
American General Insur.(Houston, Texas)
15c Dec. 31 Dec. 20
Preferred (quar.)
$135 Mar. 1 Feb. 15
American Hard Rubber Co., 8% pref. (guar.)._
20c Jan. 2 Dec. 20
$2 Jan. 2 Dec. 18
First Cleveland Corp.. class B (quarterly)
American I. G. Chemical, A
$1 Dec. 26 Dec. 23
Preferred A (quarterly)
150 Jan. 2 Dec. 20
Class B
10c Dec. 26 Dec. 23
Fishman (M. H.), pref. A & B (quar.)
$131 Jan. 15 Dec. 31
American Maize Products (quar.)
25c Dec. 31 Dec. 23
250 Jan. 15 Dec. 31
Food Machinery, new (guar.)
Preferred (guar.)
UN Dec. 31 Dec. 23
Fostoria Pressed Steel (quar.
150 Jan. 1
American Mfg. Co.. pref. (quar.)
Freiman (A. J.) Ltd..6% pref. (guar.)
$2.35 Dec. 31 Dec. 16
$13.4 Jan. 2 Dec. 14
American News New York Corp. (bi-mo.)
25c Jan. 15 Jan 6
Fulton Trust Co. of N. Y.(quarterly)
s2gg Jan. 2 Dec. 23
American Republics
Jan. 2 Dec. 19
10c Dec. 30 Dec. 10
Fundamental Investors
American Screw (guar.)
20c Jan. 2 Dec. 19
Fundamental Trust Shares, A
10.6c Dec. 31
American Smelting & Refining (resumed)
40c Feb. 28 Jan 31
Class B
10c Dec. 31
First preferred (guar.)
$134 Jan. 31 Jan. 10
250 Dec. 31 Dec. 21
Garlock Packing Co., common (quar.)
Second preferred (guar.)
$134 Jan. 31 Jan. 10
Extra
250 Dec. 31 Dec. 21
Angostura-Wuppermann Corp. (quar.)
Sc Dec. 31 Dec. 23
General Telephone Co., $3 cony. preferred
750 Jan. 2 Dec. 24a
Apex Electrical Mfg. prior preferred
h25c Dec. 31 Dec. 20
General Tire & Rubber, preferred (guar.)
$134 Dec. 31 Dec. 20
Prior preferred (guar.)
51.34 Dec. 31 Dec. 20
40c Dec. 31 Dec. 20
Gibson Art(quar.)
Art Metal Construction (resumed)
15c Jan. 2 Dec. 23
40c Jan. 1 Dec. 14
Glens Falls nsurance (guar.)
Arundel Corp. (guar.)
25c Jan
2 Dec. 20
Goderich Elevated & Transit. Ltd. (s.-a.)
250 Jan. 2 Dec. 14
Associated Oil
20c Dec. 31 Dec. 28
Gold Dust Corp. (guar.)
30c Feb. 1 Jan. 10
Associated Telephone preferred (guar.)
Jan. 2 Dec. 31 .
3734c Feb. 1 Jan 15
Gold & Stock elegraph (guar.)
$1
Atlantic City Fire Insurance Co.(guar.)
$1 Dec. 31 Dec. 20
7
Dec. 30 Dec. 20
Gorton-Pew Fisheries (guar.)
Extra
$1 Dec. 20 Dec. 17
Greening (B.) Wire, preferred (guar.)
$1% Jan. 2 Dec. 14
Atlantic City Sewerage Co.(guar.)
25c Jan
2 Jan
Jan. 2 Dec. 14
2
Greening (B.) Wire, preferred (guar.)
El
tg Jan
Attleboro Gas Light Corp.(guar.)
2 Dec. 16
Great Western Life Assurance Co. (guar.)
$5 Jan. 2 Dec. 20
Autoline Oil, preferred (guar.)
2
J
Jan. 2 Dec. 23
Group Corp 6% preferred
h373ic Jan. 1 Dec. 31
Automobile Insurance (guar.)
25c Jan. 2 Dec. 14
h50c. Jan. 2 Dec. 16
Hamilton Cotton Co.,$2 cony. preferred
Extra
20c Jan. 2 Dec. 14
250 Jan. 2 Dec. 24
Harbauer Co. Squar.)
18c Jan. 1 Dec. 20
BancOhio Corp. (q_uar.)
Hartford Fire insurance (guar.)
50c Jan. 2 Dec. 17
Battle Creek Gas.6% pref. (quar.)
$134 Jan. 2 Dec. 20
Haverty Furniture Cos., Inc.. $13.5 Pref.(qu.)_ _ 37%c Jan. 10 Dec. 20
Bayuk Cigars, 1st pref. (guar.)
$1
Jan. 15 Dec. 31
Hawaiian Electric (extra)
60c Dec. 20 Dec. 14
Bellows & Co., class A (guar.)
250 Dec. 15 Nov.30
Hickok Oil, 7% preferred (guar.)
$1% Jan. 2 Dec. 21
Bird Machine (resumed)
25c Jan. 2 Dec. 20
Home Telep & Teleg.. 7% pref. (s.-a.)
$13 Jan. 2 Dec. 20
4
Birmingham Electric, $7 prof
y Jan. 2 Dec. 12
20c Dec. 20 Dec. 16
Honolulu Gas, extra
$8 preferred
$134 Jan. 2 Dec. 12
Houston Natural Gas.7% preferred (guar ) - 8734c Dec. 26 Dec. 14
'Birmingham Fire Insurance Co.ofAla
20c Jan. 1 Dec. 20
25c Dec. 31 Dec. 15
Humboldt Malt & Brewing.8% pref. A
Extra
50c Jan. 1 Dec. 15
25c Dec. 31 Dec. 15
Ideal Cement (quar.)
Boston Herald-Traveler (semi-ann.)
50c Dec. 21 Dec. 15
50c Jan. 2 Dec. 20
Extra
Extra
Interallied Investors Corp., class A (s.
350 Jan. 15 Jan. 10
25c Jan. 2 Dec. 20
-a.)
Brach (E. J.) & Sons. extra
30c Dec. 28 Dec. 20
Inter-Island Steam & Navigation Co.(quar.)
25c Dec. 30 Dec. 24
Brantford Cordage Co., 1st pref
Extra
20c Dec. 28 Dec. 20
r50c Jan. 15 Dec. 20
Brewing Corp. of Canada preferred
International Printing Ink (quar.)
350 Feb. 1 Jan. 13
3734c Jan. 15 Dec. 31
Bridgeport Gas Light Co
Preferred (quarterly)
$13.4 Feb. 1 Jan. 13
60c Dec. 31 Dec. 17
British American Tobacco, ord. (final)
8d. Jan. 17 Dec. 21
Inter-State Royalty, Ltd
$234 Jan. 2 Dec. 20
Ordinary (interim)
Jan. 2 Dec. 20
10d. Jan. 17 Dec. 21
8% preferred (s.-a.)
British Columbia Electric Power & Gas Co.
IowaPower & Light Co.,7% pref. (quar.)
sill Jan. 2 Dec. 14
6% preferred (q_uar.)
$13.4 Jan. 2 Dec. 14
$114 Jan. 2 Dec. 20
6% preferred (quarterly)
British Columbia Telep..6% 1st pref.(qu.)__ _ $134 Jan. 2 Dec. 17
Irving Oil, Ltd.,6% preferred (guar.)
750 Dec. 1 Nov. 15
67 preferred
Island Creek Coal
50c Dec. 30 Dec. 26
$134 Feb. 1 Jan.[17
Brooklyn-Manhattan Transit (guar.)
Preferred (guar.)
750 Jan. 15 Jan. 2
$13.4 Jan. 2 Dec. 26
Brooklyn Trust (semi-ann.)
Jamaica Public Service (guar.)
373ic Jan. 2 Dec. 24
$2 Jan. 2 Dec 24
Brown'Forman Distillery, $6 pref. (quar.)
Jamaica Public Service (guar.)
8734c Jan. 2 Dec. 24
$114 Jan. 1 Dec. 20
Buffalo Insurance (N. Y.) (guar.)
$3 Jan. 31 Dec. 17
Preferred A (quarterly)
Jan. 2 Dec. 24
Extra
$2 Dec. 31 Dec. 1
Preferred B (quarterly)
Jan, 2 Dec. 24
134
Building Products, class A & B (guar.)
250 Jan. 2 Dec. 18
Jardine Mining Co
Jan. 10 Dec. 24a
1
Class A & B extra
25c Jan. 2 Dec. 18
Jenkins Bros.. 7% preferred (quar.)
Dec. 28 Dec. 16
$1
Burco, Inc., $3 conv._pref. (series 1929)
75c Jan. 2 Dec. 20
Kahn's (E.) Sons, 1st preferred (guar.)
Jan. 1 Dec. 20
$1
Burt (F. M.) & Co.. Ltd. (quar.)
50c Jan. 2 Dec. 17
Dec. 30 Dec. 20
Kahuku Plantation Co
6
Preferred (guar.)
5134 Jan. 2 Dec. 17
Kansas City Fire & Marine Insurance
30c Dec. 20
Canada Dredge & Dock
$1 Feb. 1 Jan. 15
Kansas Oklahoma & Gulf Ry.—
Extra
$1 Feb. 1 Jan. 15
Series 06% non-cum. preferred
El Dec. 31 Dec. 23
Canada Light & Power Co.(semi-annually)._ _
50c Jan. 15 Dec. 31
& Transport (guar.)
Kelly Island
20c Jan. 1 Dec. 21
Canada Packers (guar.)
75c Jan, 1 Dec. 16
Kentucky_ Utilities, 6% Pref. (guar.)
Jan. 15 Dec. 26
$1
Preferred (guar.)
Dec. 31 Dec. 20
Larus & Bros. Co., class B /guar.)
.. 2
16
0
$2
Canadian 011 Companies preferred (guar.)
Jan,
Jan. 2 Dec. 20
6% preferred (quarterly)
Dec.
Carnation Co
50c Jan. 2 Dec. 20
Lawyers County Trust (guar.)
60c Jan. 2 Dec. 24
Case, Lockwood & Brainard Co. (quarterly)... $214 Jan. 2 Dec. 16
Lenox Water Co. (semi-ann.)
52% Jan. 2 Dec. 15
Centlivre Brewing Corp., class A (guar.)
634c Jan. 2 Dec. 20
Life Insurance Co. (Va.) (guar.)
75e Dec. 24 Dec. 17
Central Ohio Light & Power Co., pref.__
$134 Dec. 28 Dec. 16
Link Belt
30c Mar. 2 Feb. 15
Chatham Mfg. Co., 7% preferred (quarterly)
$134 Jan. 1Dec.20
Preferred (guar.)
$15i Apr. 1 Mar. 14
6% preferred (quarterly)
34 Jan. 1 Dec. 20
Lone Star Gas
20c Feb. 15 Jan. 15
Chesapeake & Potomac Telep. Co.,of Bald. City
% preferred (guar.)
$1.63 Feb. 1 Jan. 15
Cumulative pref. (quar.)
Loomis-Sayles Mutual Fund (guar.)
$134 Jan. 15 Dec. 31
50c Jan. 2 Dec. 7
Chicago Burlington & Quincy RR
52 Dec. 28 Dec. 19a
Extra
$5 Jan. 2 Dec. 7
Cincinnati Advertising Products (guar.)
250 Jan. 1 Dec. 20
Lord & Taylor, 2d pref. (quar.)
$2 Feb. 1 Jan. 17
Cincinnati Postal Terminal & Realty, 634%
Lowenstein (M.) & Sons, 1st pref. (quar.)
$134 Dec. 26 Dec. 26
preferred (quarterly)
$144 Jan. 15 Jan. 4
Lycoming Mfg.,8% preferred (guar.)
$2 Jan. 2 Dec. 27
Clearfield & Mahoning RR.(semi-annually)
$134 Jan. 2 De.c
Dec. 28 Dec. 16
M.J.& M.& M.Consol. Oil Co.(guar.)
Clearing Industrial District,6% pref. (guar.)._ $134 Jan. 2 Dec. 20
MacAndrews & Forbes Co.,common
50c Jan. 15 Dec. 31a
16
Semi-annual
Jan. 2 Dec. 16
Extra
50c Jan. 15 Dec. 31a
Cleveland Cincinnati Chicago & St. Louis Ry.._
$5 Jan. 31 Jan. 21
Preferred (guar.)
134% Jan. 15 Dec. 3I0
5% preferred (quarterly)
31.34 Jan. 31 Jan. 21
Maffett(G.)& Sons Co.,1st & 2d pref.(guar.)
$1 3.' Jan. 2 Dec. 20
Cleveland Graphite Bronze (guar.)
250 Jan. 2 Dec. 24
Magma Copper Co
50c Jan. 15 Dec. 28
Special
250 Jan. 2 Dec. 24
Massachusetts Lighting Cos. (guar.)
750 Dec. 31 Dec. 19
Cleveland By.(guar.)
$iji Jan. 1 Dec. 26
E8 preferred (guar.)
$2 Jan.. 15 Dec. 31
Certificates or deposit (guar.)
$134 Jan. 1
$6 preferred (guar.)
Jan. 15 Dec. 31
Coca-Cola Bottling Corp. (Del.) cl. A (guar.)._ 6254c Jan. 2 Dec. 26
Feb. 1 Jan. 1
Dec. 14
Massawippi Valley RR.(s.
-a.)
Cohen-Hall Marx Co.,67 preferred (quar.)_ _ $134 Dec. 15 Dec. 10
McKee(A. G.), class B (guar.)
250 Jan. 1 Dec. 20
Commercial National Bank & Trust
$2 Jan. 2 Dec. 26
Class B extra
250 Jan. 1 Dec. 20
Commonwealth Telep. Co.(Wis.),6% pref.
(qu.) $135 Jan. 1 Dec. 14
Measuregraph
$1 Dec. 16 Dec. 11
Compania Hispana-Americana de Electricidad
Merchants National Realty, A & B pref
Jan. 2 Dec. 24
$1
"Chade"—
Metropolitan industrial Bakeries
Jan. 2 Dec. 26
American shares for E shares
w4pesos Dec. 27 Dec. 19
7% preferred (guar.)
17%c Jan. 2 Dec. 26
Connecticut General Life Insurance
20c Jan. 2 Dec. 21
Minneapolis Gas Light Co.(guar.)
$131 Jan. 2 Dec. 20
Consolidated Chemical Industries A (quar.)
373ic Feb. 1 Jan. 15
Minnesota Mining & Mfg. (guar.)
1734 Jan. 2 Dec. 20
Consolidated Traction N. J. (semi-ann.)
$2 Jan. 15 Dec. 31
Extra
Jan. 2 Dec. 20
Continental Insurance Co. (semi-ann.)
60c Jan. 10 Dec. 31
Missouri Power & Light Co., $6 preferred
1134 Jan. 2 Dec. 14
Special
25c Jan. 10 Dec. 31
Montreal Light, Heat & Power (guar.)
38c Jan. 31 Dec. 31
Corcoran Brown Lamp Co.. 7% Pref. (guar.)._
Jan. 2 Dec. 26
Montreal Tramways (guar.)
$23( Jan. 15 Jan. 6
Cottrell (C. B.) & Sons.6% preferred (guar.)._
Jan. 2 Dec. 20
Mountain & Gulf Oil
7c Dec. 27 Dec. 20
Creamery Package Mfg. (guar.)
3
Jan. 10 Jan. 1
Mountain States Telep. & Teleg.(quar.)
Jan. 15 Dec. 31
Davenport Hosiery Mills
250 Jan. 1 Dec. 23
Muskogee Co.,common
28g Dec. 31 Dec. 23
Denver Union Stockyards (quarterly)
50c Jan
2 Dec. 20
Mutual Telep. Co., Hawaii (monthly)
8c Jan. 20 Jan. 9
Extra
2 Dec. 20
50c Jan
Nash (A.) & Co. (resumed)
50c Dec. 28 Dec. 23
Des Moines Gas Co.. 8% preferred (quar.)_ _
$1 Jan. 2 Dec. 14
National Cash Register (guar.)
1234c Jan. 15 Dec. 31
7% preferred
2 Dec. 14
National Distillers Products (guar.)
87344 Jan
5
SOc Feb. 1 Jan. 15
Detroit River Tunnel Co. (semi-ann.)
Jan. 15 Jan 8
National Fire Insurance (guar.)
50c Jan. 2 Dec. 19
Di Giorgio Fruit Corp.. preferred (semi-ann.) _ _ $1;i Jan. 2 Dec. 18
National Power & Light. $6 pref. (guar.)
$134 Feb. 1 Jan. 4
Crucible Co
Dec. 31 Dec. 16
Dixon (Joseph)
Newark Consol. Gas5% gtd.
Jan. 7 Dec. 31
Dominion Foundries & Steel. 6% pref. (guar.). $1°. Dec. 2
1
Newark Telephone Co. (Ohio).6% pref. (guar.) !RI Jan. 10 Dec. 31
Dominion Rubber preferred (quar.)
$134 Dec. 31 Dec. 26
New Brunswick Light, Heat & Power (5.-a.)_ _ _ $2
Jan. 2 Dec. 21
Dominguez 011 Fields (monthly)
15c Dec. 24 Dec. 18
New Hampshire Fire Insurnace (guar.)
40c Jan. 2 Dec. 14
50c Dec. 24 Dec. 18
Extra
New London Northern RR. Co. _(quar.)..
Jan. 2 Dec. 15
Jan. 1 Dec. 20
Dow Drug pref. (guar.)
$1
New York Power & Light Corp.,7% pref.(qu.)
Jan. 2 Dec. 14
Special
$6 preferred (quarterly)
150 Feb. 20 Feb. 8
$135 Jan. 2 Dec. 14
,
3966
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
New York & Richmond Gas,6% pref.(quar.)_ $1A Jan. 2 Dec. 16
New York State Realty & Terminal
$6 Jan. 2 Dec. 26
New York Trust Co. (quarterly)
5% Jan. 2 Dec. 21a
New York Trust (quarterly)
$1X Jan. 2 Dec. 21
Niagara Wire Weaving Co., Ltd
$1 Dec. 31 Dec. 19
55_33 preferred (guar.)
$1. % Dec. 31 Dec. 19
Norfolk & Western Ry., adj. pref. (guar.)
$1 Feb. 11 Jan. 31
North American Match
m Dec. 27 Dec. 18
North American Rayon, A & B common
50c Jan. 1 Dec. 23
Prior preferred
75c Jan. 1 Dec. 23
Northern Securities Co
$2 Jan. 15 Dec. 30
Northern States Power, 7% pref. (guar.)
$1( Jan. 20 Dec. 31
6% preferred (quar.)
$1A Jan. 20 Dec. 31
Northwestern Bell Telephone6%% pref.(quar.) $1% Jan. 15 Dec. 20
Northwestern Telegraph (semi-ann.)
$13•5 Jan. 2 Dec. 16
Norwalk Tire & Rubber pref.—Div. omitted.
Norwich Pharmacal Co. (quarterly)
35c Jan. 1 Dec. 20
Extra
25c Jan. 1 Dec. 20
Norwich & Worcester RR.8% pref. (quar.)
$2 Jan. 2 Dec. 12
Oahu Ry. & Land (monthly)
15c Jan. 20 Jan. 9
Ogilvie Flour Mills Co.(quar.)___.
$2 Jan. 2 Dec. 24
Ohio Brass
25c Jan. 25 Dec. 31
Preferred (quarterly)
$13 Jan. 15 Dec. 31
Old Joe Distillery preferred (guar.)
10e Jan. 1 Dec. 16
1. Common (initial)
20c Jan. 1 Dec. 16
Onomea Sugar (monthly)
20c Jan. 20 Jan. 10
Orange & Rockland Elec. Co.5% pref.
$1 X Jan. 2 Dec. 25
6% preferred (guar.)
$13 Jan. 2 Dec. 25
7% preferred (guar.)
$1 H Jan. 2 Dec. 25
Orchard Farm Pie preferred A (quar.)
75c Jan. 2 Dec. 20
Otter Tail Power Co.(Minn.) $6 preferred
h$2.16 Jan. 2 Dec. 15
155% preferred
h$1.98 Jan.' 2 Dec. 15
Paauhau Sugar Plantation (monthly)_
10c Jan. 5 Dec. 31
Pacific Gas & Electric (quar.)
37%c Jan. 15 Dec. 31
Pacific Investors, Inc
3c Dec. 24 Dec. 16
Pacific Sweat Realty Co.5% %
pref.(quar.)_
$1% Jan. 2 Dec. 21
Packer Corp. (quarterly)
25c Jan. 2 Dec. 23
Parke Davis
55c Jan. 2 Dec. 23
Stock dividend
el% Jan. 10 Dec. 23
Parker Wolverine
373'c Feb. 15 Feb. 1
Pennsylvania Co. for Insurances on Lives ana
Granting Annuities—Quarterly
40c Jan. 2 Dec. 18
Pennsylvania Investors Co. (Phila.) preferred....
h$2 Jan. 2 Dec. 18
Pennsylvania Salt Mfg.(quar.)
75c Jan. 15 Dec. 31
Peoples Collateral Corp. 7% pref. (semi-ann.).... ....$1H Dec. 31 Dec. 20
8% preferred (semi-ann.)
$2 Dec. 31 Dec. 20
Perfection Petroleum, preferred (quarterly) _
37Ac Jan. 2 Dec. 30
Peter Paul, Inc. (quarterly)
75c Jan. 2 Dec. 21
Philadelphia Co.(quar.)
25c Jan. 25 Dec. 31
Phoenix Securities preferred A (quar.)
75c Jan. 2 Dec. 27
Pie Bakeries
150 Jan. 2 Dec. 20
2nd preferred (quarterly)
75c Jan. 2 Dec. 20
7% preferred (quar.)
$IX Jan. 2 Dec. 20
Plough. Inc. (quar.)
30c Jan. 2 Dec. 15
Plume & Atwood Mfg. Co.(quar.)
50c Jan. 1 Dec. 25
Pond Creek Pocahontas (quar.)
50c Jan. 2 Dec. 26
Preferred Accident Ins. Co. (quar.)
15c Dec. 23 Dec. 18
Premier Shares (semi-annual)
7c Jan. 15 Dec. 31
Properties Realization Corp., corn. (v. t. c.)......
15c Dec. 21 Dec. 20
Providence Building Co. (semi-annual)
$2 Dec. 30 Dec. 13
Prudential Investors. pref. (quar.)
$1A Jan. 15 Dec. 31
Public Service Corp. of N. J.,6% pref.(mo.)
50c Jan. 31 Jan. 2
Railroad Employees Corp., A & B (quar.)
Sc Jan. 20 Dec. 31
A & B. extra
10c Jan. 20 Dec. 31
P Preferred (quarterly)
20c Jan. 20 Dec. 31
Richman Bros. (quar.)
75c Jan. 2 Dec. 20
Riverside & Dan River Cotton Mills, pref
$3 Jan. 2
St. Joseph Ry., Light, Heat & Power.5% pref__ $1). Jan. 2 Dec. 4
Salt Creek Consolidated Oil
17c Dec. 27 Dec. 20
Saskatchewan Life Insurance
50c Jan, 2 Dec. 14
Second Twin Bell Syndicate (monthly)
20c Jan. 15 Dec. 31
Seeman Bros., Inc., common (quarterly)
62c Feb. 1 Jan 15
Common (extra)
SOc Feb. 1 Jan. 15
Shaffer Stores, 7% preferred (quarterly)
$1 X Dec. 23 Dec. 22
Shawinigan Water & Power (quar.)
15c Feb. 15 Jan. 20
Shawmut Assoc. (quarterly)
10c Jan. 2 Dec. 17
Sheaffer(W. A.) Pen Co., $8 pref. (quar.)
$2 Jan. 20 Dec. 31
$1 % Jan. 1 Dec. 21
Slattery (E. T.) Co.,7% pref. (guar.)
Sloan & Zook Products (quar.)
25c Dec. 21 Dec. 20
10 77 preferred (quarterly)
$151 Dec. 21 Dec. 20
Smith (L. C.) & Corona Typewriter—
$154 Dec. 31 Dec. 27
$6 preferred, new. initial (quar.)
Staley (A. E.) Mfg., 7% pref. (semi-ann.)
Jan. 2 Dec. 16
$3
40c Dec. 30 Dec. 23
Standard Cap & Seal (special)
Standard Fuel Co., Ltd.. 6 A % pref. (quar.)
$1% Jan. 2 Dec. 16
50c Jan. 27 Dec. 26
Standard National (resumed)
Standard Oil Co.(Ohio),5% cum. pref. (quar.) $14 Jan. 15 Dec. 31
4
No action on common dividend.
Standard Screw (quar.)
51 Dec. 31 Dec. 18
$3 Jan. 2 Dec. 18
Preferred (semi-annually)
20c Jan. 15 Dec. 20
Standard Wholesale Phosphate & Acid
25c Dec. 30 Dec. 16
Stanley Works (guar.)
25c Dec. 30 Dec. 16
h., Extra
37c Feb. 1
Preferred (quar.)
551 X Dec. 31 Dec. 20
Stearns (Fred.) Preferred
$1H Dec. 31 Dec. 20
15. Preferred (quarterly)
43%c Feb. 1 Jan. 7
Steel Co. of Canada (quar.)
1.42A Feb. 1 Jan. 7
Extra
F Preferred (quarterly)
43 Sic Feb. 1 Jan. 7
Stetson (John B.) preferred
$3 Jan. 15 Jan. 1
51.1125 Dec. 23 Dec. 23
Stouffer Corp. A
25c Feb. 15 Jan. 27
Swift & Co. (special)
7
Tacony-Palmyra Bridge, 7A % pref. (quar.)
31/ Feb. 1 Jan. 10
$1 H Jan. 2 Dec. 21
Tamblyn (G.) Ltd., preferred (quar.)
Taunton Gas Light (quar.)
$IA Jan. 2 Dec. 16
50c Dec. 31 Dec. 20
Taylor Colquitt Co.(quarterly)
/41% Jan. 2 Dec. 15
Telluride Power Co..7% preferred
50c Dec. 31 Dec. 24
Textile Banking (guar.)
Towne Securities, preferred
$2 Dec. 28 Dec. 16
$8 Dec. 31 Dec. 16
Travelers Fire Insurance
Travelers Indemnity
$16 Dec. 31 Dec. 16
Travelers Insurance (quarterly)
$4 Dec. 31 Dec. 16
Tuckett Tobacco, preferred (quarterly) ..... $1 % Jan. 15 Dec. 31
Twin Dies Clutch (quar.)
25c Dec. 28 Dec. 18
Twin State Gas & Electric.7% pref.(quar.)
$1 X Jan. 2 Dec. 14
o
Dec. 17
Tung-Sol Lamp Works, preferred
$2.14
Union Twist Drill Co., common
25c Dec. 27 Dec. 18
I Preferred (quar.)
$1 H Dec. 27 Dec. 18
h$1 Dec. 2 Nov. 15
United Dairies, Ltd.,6% 1st preferred
United Gas Public Service, $6 pref. (quar.)
$1A Jan. 2 Dec. 21
United Gold Mines Co
lc Dec. 20 Nov.30
United Investors Realty Co., class A
7).c Jan. 10 Dec. 13
50c Jan. 15 Dec. 26
United Securities (quar.)
United States Smelting, Refining & Mfg.
$5 Jan. 15 Dec. 30
87c Jan. 15 Dec. 30
Preferred (quarterly)
h$1
Valve Bag,65 preferred
Jan. 2 Dec. 20
Kamp's Holland Dutch Bakeries—
Van
k $6de pref. (quar.)
$1% Jan. 1 Dec. 10
851% Jan. 2 Dec. 20
Van 15usen Harrington, Inc.,7% pref
10c Dec. 31 Dec. 26
Vlchek Tool (resumed)
Waterbury Farrel Foundry & Machine
25c Jan. 2 Dec. 26
Weinberger Drug Stores (quar.)
25c Jan. 2 Dec. 26
Western Maryland Dairy, pref. (quar.)
$1 A Jan. 2 Dec. 20
52 Jan. 15 Dec. 27
Western Union Telegraph (resumed)
$3 Jan. 10 Dec. 31
West New Brighton Bank (Staten Island)
51 Jan. 2 Dec. 17
West Point Mfg. (resumed)
10c Jan. 2 Dec. 17
West Virginia Pulp & Paper Co
15c Jan. 2 Dec. 20
Weston (Geo.) quar.)
SI X Jan. 2 Dec. 16
Whiteman (Wm.), Inc., pref. (quar.)
Wichita Union Stockyards
$3A Dec. 31 Dec. 21
$3 Jan. 15 Jan. 10
6% pref. (s.-a.)
Name of Company
Wieboldt Stores (quar.)
.
Special
6% pref., new (initial)
Woodward & Lothrop, Inc.(quar.)
Extra _
7% preferred (quarterly)
Ymir Yankee Girl Gold Mines
Young (J. S.) (quarterly)
Preferred (quar.)
Dec. 21 1935
Per
Share
25c
25c
75c
30c
55c
$1 %
2c
$1%
El%
When Holders
Payable of Record
Dec. 30 Dec. 26
Dec. 30 Dec. 26
Jan. 1 Dec. 26
Dec. 28 Dec. 21
Dec. 28 Dec. 21
Dec. 28 Dec. 21
Feb. 1 Dec. 31
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not hrlu de dividends announced this week, these being given in the preceding table.
Name of Company
Per
Share
When Holders
Payable of Record
Abbott Laboratories (guar.)
50c Jan. 2 Dec. 18
Extra
25c Jan. 2 Dec. 18
Abraham & Straus. Inc
45c Dec. 31 Dec. 21
Acme Steel (quarterly)
62Ac Jan. 2 Dec. 16
Extra
25c Jan. 2 Dec. 16
Adams Express Co., 5% cumul. pref. (quar.)— $1 A' Dec. 31 Dec. 17a
Addressograph-Multigraph (quar.)
15c Jan. 10 Dec. 20
Aetna Fire Insurance (quar.)
40c Jan. 2 Dec. 16
Agnew—Surpass Shoe Stores, pref. (quar.)
Jan. 2 Dec. 16
$1
Affiliated Products (monthly)
5c Jan. 1 Dec. 13
Agricultural Insurance (quar.)
75c Jan. 2 Dec. 20
Ainsworth Manufacturing
$1 Dec. 28 Dec. 21
Air Reduction Co., Inc. (quar.)
75c Jan. 15 Dec. 31
Alabama Great Southern RR., preferred
3% Feb. 27 Jan. 22
Alabama Power Co., $7 preferred (quarterly).... $13 Jan. 2 Dec. 14
,
$6preferred (quarterly)
$1A Jan. 2 Dec. 14
Albany & Susquehanna RR. (genii-annually)
Jan. 1 Dec. 14
Allegheny & Western Ry.. guaranteed (s.-a.)
Jan. 1 Dec. 20
Allied Chemical & Dye Corp., pref. (guar.)
.— 131% Jan. 2 Dec. 11
Allied Laboratories (guar.)
10c Jan. 1 Dec. 24
Extra
10c Jan. 1 Dec. 24
$3 A preferred (quarterly)
8735c Jan. 1 Dec. 24
Allied Mills
25c Dec. 28 Dec. 20 1
Allied Products, class A new, initial (quar.)
4351c Jan. 2 Dec. 20
Allied Stores 5% proferred (quar.)
$1 31 Jan. 2 Dec. 20
37%c Jan. 1 Dec. 14
Aluminum Co. of America, preferred
h50c Jan. 1 Dec. 14
Preferred
15c Jan. 2 Dec. 24
Aluminum Goods Mfg. (guar.)
15c Apr. 1 Mar, 21
Quarterly
10c Jan 15 Dec. 31
Aluminum Industries (guar.)
50c Dec. 31 Dec. 15
Aluminum Mfgs. (guar.)
7% preferred(
El% Dec. 31 Dec. 15
guar.)
h50c Jan. 1 Dec. 19
Amalgamated Leather, preferred
75c Dec. 27 Dec. 16
American Agricultural Chemical (quarterly).....
American Bakers Co.. 7% pref. (semi-ann.)
$3 A Jan. 2 Dec. 16
American Bank Note (resumed)
25c Jan. 2 Dec. 11
Preferred (guar.)
75c Jan. 2 Dec. 11
25c Dec. 31 Dec. 20
American Brake Shoe & Foundry (guar.)
Extra
25c Dec. 31 Dec. 20
Preferred (guar.)
$1 X Dec. 31 Dec. 20
American Beverage Corp., 7% preferred
8 5ic Jan. 2 Dec. 16
American Can Co., preferred (quar.)
131% Jan. 2 Dec. 190
American Capital, $3 preferred
525c Dec. 30 Dec. 16
American Chain, preferred
h$3A Jan. 1 Dec. 20
American Chicle (quarterly)
75c Jan. 2 Dec. 12
Extra
25c Jan. 2 Dec. 12
American Cigar, preferred (quarterly)
$1 A Dec. 31 Dec. 12
American Crystal Sugar, preferred (quar.)
$1 A Jan. 2 Dec 20
American Cyanamid Co., cl. A & B com. (qu.)_
15c Dec. 31 Dec. 14
American District Teleg. of N. J.(quar.)
$1 Jan. 15 Dec. 14
Preferred (quar.)
$1 X Jan. 15 Dec. 14
American Enka Corp (resumed)
25c Jan. 2 Dec. 16
American Equities Co., common
15c Dec. 23 Dec. 14
American European Securities Co., pref
MD A Dec. 27 Dec. 20
American Express (quar.)
$1 A Jan. 2 Dec. 20
15C Jan. 10 Dec. 31 •
American Factors. Ltd
35c Jan. 2 Dec. 4
American Gas & Electric Co.common (quar.)......
Feb. 1'Jan. 8
51
Preferred (gear-)
Ian
1 Dec. 14
2
American Hardware Corp (guar.)
250 Dec. 31 Dec. 14
American Hawaiian Steamship (quar.)
American Home Products (monthly)
20c Jan. 2 Dec. 140
American Light & Traction
30c Feb. 1 Jan. 15
Preferred (quarterly)
37 Ac Feb. 1 Jan. 15
American Motorist Insurance (quar.)
60c Jan. 2 Dec. 24
American Optical Co., 7% pref. (quar.)
Jan. 1 Dec. 14
$1
American Power & Light Co.
56 preferred
37 Ac Jan. 2 Dec. 6
$5 preferred
3114c Jan. 2 Dec. 6
American Rolling Mill Tar.)
30c Jan, 15 Dec 23
fl
preferred(guar.
$I A Jan. 15 Jan. 1
American Safety Razor guar.)
$1 X Dec. 30 Dec. 10
American Ship Building (quar.)
50c Feb. 1 Jan. 15
American Snuff (quarterly)
75c Jan. 2 Doc. 12
Extra
25c Jan. 2 Dec. 12
Preferred (quarterly)
sit' Jan. 2 Dec. 12
American Steel Foundries, preferred
50c Dec. 31 Dec. 16
American Stores (quarterly)
50c Jan. 1 Dec. 13
American Sugar Refining (quarterly)
50c Jan. 2 Dec. 5
Preferred (quarterly)
$1 Si Jan, 2 Dec. 5
American Superpower 1st preferred
555 Jan. 2 Dec. 14
First preferred (guar.)
31.11 Jan. 2 Dec. 14
American Surety
Jan. 2 Dec. 16
American Telephone & Telegraph (quarterly)... $231 Jan. 15 Dec 16
American Thermos Bottle preferred (quar.)
87 Ac Jan. 1 Dec. 22
American Thread preferred (semi-ann.)
12Ac Jan. 1 Nov 30
American Tobacco Co.. preferred (quar.)
1 A % Jan. 2 Dec. 10
American Water Works & Electric Co.. $6 first
preferred (quarterly)
31A Jan. 2 Dec. 16
Anchor Cap Corp., common (quarterly)
15c Jan. 2 Dec. 21
S6 A preferred (quarterly)
Jan. 2 Dec. 21
Angio-franean Oil Co., Ltd., common
S
R Dec. 23 Dec. 4
7% preferred
851
Jan. 2 Dec. 10
Appalachian Electric, $7 preferred (quarterly)... $1
Jan. 2 Dec. 6
$6 preferred (quarterly)
Jan. 2 Dec. 6
$1
Apponaug Co. (quarterly)
25c Jan. 1 Dec. 14
Arkansas Power dc Light $6 preferred
sit' Jan. 2 Dec. 14
$7 preferred (guar.)
$1 X Jan. 2 Dec. 14
Armour & Co. (Delaware), preferred (quar.)
$131 Jan. 2 Dec. 10
Armour & Co.. Illinois. 6% preferred (quar.)- - $131 Jan. 2 Dec. 10
Art Metal Works (quar.)
10c Dec. 24 Doc. 10
Asbestos Mfg Co.. $1.40 cony. pref. (quar.)__
1
35c Feb
Associated Breweries of Canada
r25c Dec. 31 Dec. 14
Preferred (quar.)
Jan. 1 Dec. 14
r$1
Associates Investment (quarterly)
20c Dec. 31 Dec. 21
Extra
30c Dec. 31 Dec. 21
7% preferred (quarterly)
$15i Dec. 31 Dec. 21
Atchison Topeka & Santa Fe. preferred (s.
Feb
1 Dec 31
$2
-a.)
Atlanta Birmingham & Coast, gtd• (8.
Jan. 2 Dec. 12
$2
-a.)
Augusta & Savannah RR
Jan. 6 Nov. 29
c$3
Extra
25c Jan. 6 Nov. 29
Auto Finance (quar.)
45c Jan. 15 Doc. 14
7% preferred (semi-annual)
8731c Jan. 15
Automatic Voting Machine (guar.)
12Ac Jan. 1 Dec. 20
Quarterly
1231c Apr. 1 Mar. 20
Quarterly
121.4c July 1 nine 20
Extra
25c Jan. 1 Dec. 20
Avondale Mills. A & B (quarterly)
20c Ian. 1 Dec. 15
80c Dec. 31 Dec 16
Axton-Fisher Tobacco, A (quar.)
40c Dec. 31 Dec.16
Class B (guar.)
$1% Doc. 31 Dec. 16
6% Preferred (guar.)
Name of Company
Per
Share
When Holders
Payable of Record
Avon Geneseo & Mt. Morris RR.(semi-ann.)._ $1.45 Jan. 1 Dec. 24
10c Jan. 2 Dec. 20
Babcock & Wilcox
4%
Interim
25c Dec. 24 Dec. 10
Backstay Welt
Badger Paint & Hardware Stores
$1. Dec. 28 Dec. 20
25c Jan. 2 Dec. 20
Preferred (quarterly)
70c Jan. 2 Dec. 20
Preferred (extra)
h$33 Dec. 24 Dec. 20
Balaban & Katz. 7% preferred
25c Dec. 28 Dec. 17
Bancamerica-Blair Corp_
62c Jan. 1 Nov.30
Bangor & Aroostook RR. Co., common
Preferred
1% Jan. 1 Nov.30
Bangor Hydro-Electric, 6% pref. (quar.)
313 Jan. 2 Dec. 10
7% preferred (guar.)
$1H. Jan. 2 Dec. 10
5% Jan. 2 Dec. 12
Bankers Trust Co. (quarterly)
Bank of New York & Trust Co.(guar.)
c$33. Jan. 2 Dec. 20
374c Jan. 2 Dec. 17a
Bank of the Manhattan Co.(quar.)
15c Feb. 1 Jan. 10
Bariasdall Corp. (quar.)
Extra
Sc Feb. 1 Jan. 10
Beatrice Creamery, preferred (guar.)
$1
Jan. 2 Dec. 14
Beech Creek RR.(quarterly)
50c Jan. 2 Dec. 16
Beech-Nut Packing Co., common (quar.)
75c Jan. 2 Dec. 12
Extra
50c Jan. 2 Dec. 12
Belding-Corticelli, Ltd.(quar.)
$1 Jan. 2 Dec. 14
Preferred (guar.)
$1.% Jan. 2 Dec. 14
Bell Telephone of Canada (guar.)
r$1
Jan. 15 Dec. 23
Bell Telephone of Pennsylvania pref. (quar.).__ $1
Jan. 15 Dec. 20
Bethlehem Steel. 7% cumulative preferred
$1 fi Jan. 2 Dec. 6
Bickford's, Inc. (quarterly)
25c Jan. 2 Dec. 20
Preferred (quarterly)
624c Jan. 2 Dec. 20
Binghamton Gas Works. 7% preferred (guar.). $1 5-4 Jan. 1
7% preferred (quarterly)
$14 Feb. 1
64% preferred (quarterly)
$1.563i Mar. 1
Bird & Son (guar.)
25c Jan. 2 Dec. 24
Black & Decker preferred
h50c Dec. 31 Dec. 23
Blaw-Knox Co., common (special)
10c Jan. 2 Dec. 14
Block Bros. Tobacco Co..6% preferred (quar.)_ $14 Dec. RI Dec. 26
Bloomingdale Bros
100 Dec. 27 Dec. 17
75c Jan. 2 Dec. 13
Bonn Aluminum & Brass (quarterly)
Borg-Warner (quarterly)
50c Jan. 2 Dec. 13
Preferred (quarterly)
$1% Jan. 2 Dec. 13
Boston & Albany FtR
$24 Dec. 31 Nov.30
Boston Elevated Ry. (quarterly)
$1
Jan. 2 Dec. 10
Boston Insurance Co.(Mass.) (guar.)
$4 Jan. 2 Dec. 10
Extra
$5 Jan. 2 Dec. 10
Quarterly
$4 Apr. 1 Mar. 20
Boston & Providence RR.(guar.)
$2.125 Jan. 2 Dec. 20
Boston Storage & Warehouse Co.(guar.)
$1
Dec. 31
Boston Wharf (semi-annually)
Dec. 31 Dec. 2
$1
Bourbon Stockyards (guar.)
1 Jan. 2 Dec. 24
Bower Roller Bearing (quarterly)
25c Jan. 25 Jan. 2
Brazilian Traction, Light & Power, pref.(qu.)
$1% Jan. 2 Dec. 14
31 Dec. 25 Dec. 20
Brewer (C.) & Co., td. (monthly)
Bridgeport Brass do. (quarterly)
10c Dec. 31 Dec. 13
Briggs Manufacturing (extra)
50c Dec. 31 Dec. 20
Brill° Manufacturing Co., class A (quarterly)._
50c Jan. 2 Dec. 16
Common (quarterly)
15c Jan. 2 Dec. 16
British American Oil (quar.)
20c Jan. 2 Dec. 28
British Columbia El. Pow.& Gas6% pref. (qu.) $13. Jan. 2 Dec. 20
British Columbia Elec. Ry. 5% preferred
24% Jan 15
British Columbia Power Corp., Ltd.. A
cr37c Jan. 15 Dec. 31
Broad Street Investing Co. (quarterly)
20c Jan. 1 Dec. 16
Extra
10c Jan. 1 Dec. 16
Brooklyn-Manhattan Transit Col p., pref.(qu.)_ $1% Jan. 15 Jan. 2
Preferred (quar.)
Apr. 15 Apr. 1
$1
Brooklyn & Queens Transit, preferred
75c Jan. 2 Dec. 16
Brooklyn Union Gas(quarterly)
75c Jan. 2 Dec. 1
Brown Fence & Wire (initial)
$1 Feb. 29 Feb. 15
Bruck Silk Mills (quar.)
30c Jan. 15 Dec. 16
Bryant & May,Ltd.(interim)
Bucyrus
-Erie Co., preferred
Jan. 2 Dec. 18
Bucyrus-Monighan, class A (guar.)
45c Jan. 2 Dec. 20
Class B
90c Jan. 2 Dec. 20
Budd Wheel, preferred
h$5% Dec. 31 Dec. 18
Preferred (quarterly)
$1 H Dec. 31 Dec. 18
Buffalo, Niagara & Eastern Power, pref.(guar.)
40c Jan. 2 Dec. 14
1st preferred (quar.)
$1( Feb. 1 fr.. 17
ee 5
Burdine's, Inc., preferred
h$3 Jan. 2
Preferred (quarterly)
70c Jan. 2 Dec. 17
Burger Brewing Co.,8% pref. (guar.)
$1 Jan. 1 Dec. 15
Burmah Oil Co. (initial)
Cairo Water Co.. 7% preferred (quar.)
31% Jan. 2 Dec. 20
Calamba Sugar Estates (guar.)
40c Jan. 2 Dec. 14
Preferred (quarterly)
35c Jan. 2 Dec 14
Calif. Electric Generator.6% preferred (quar.). $l i4 Jan. 1 Dec. 5
California Ink (quarterly)
50c Jan. 2 Dec. 21
Camden & Burlington County Ry.(s.
-a.)
75c Jan. 2 Dec. 14
Canada Bread. 5% preferred, A
$1 Jan. 2 Dec. 14
Canada Northern Power Corp. (quar.)
30c Jan. 25 Dec. 31
7% preferred (guar.)
14% Jan. 15 Dec. 31
Canada Permanent Mtge.(quar.)
$2 Jan. 2 Dec. 14
Canada Southern Ry. (semi-ann.)
$14 Feb. 1 Dec. 27
Canadian Canners, Ltd.. first preferred (qtrar.)_ 414 Ian. 2 Dec. 14
Canadian Celanese Ltd., 7% Pref. (quarterly). $1
Dec. 31 Dec. 17
Canadian Cottons, Ltd. (quar.)
51 Jan. 2 Dec. 13
Preferred (quarterly)
31% Jan. 2 Dec. 13
Canadian Fairbanks Morse 6% preferred
$1H Jan. 15 Dec. 31
Canadian Foreign Investors (quar.)
40c Jan. 1 Dec. 15
8%, preferred (quar.)
$2 Jan. 1 Dec. 15
Canadian General Electric (guar.)
75c Jan. 1 Dec. 14
Canadian Industries A & B (quarterly)
ill Jan. 31 Dec. 10
Preferred (quarterly)
Jan. 15 Dec. 31
Canadian Westinghouse (quarterly)
50c Jan. 1 Dec. 20
Canadian Wirebound Box. class A
25c Jan. 2 Dec. 16
Canfield Oil Co.7% preferred (quar.)
$1;( Dec. 31 Dec. 20
Cannon Mills (quar.)
50c Dec. 30 Dec. 18
Capital Administration, pref. A (guar.)
75c Jan. 1 Dec. 16
Caribou Gold & Mining, (initial)
2%c Jan. 2 Dec. 21
Carnation Co 7% pref. (quar.)
sui Jae. 1
77 preferred (quar )
0
*14 Apr. 1
Carolina Power & Light,$7 preferred
$j3 Jan. 2 Dec. 13
$6 preferred
$154c
22 Dec.Dec. 13
9
Carriers & General Corp. (quar.)
Jan.
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)
xw2O% Dec. 27 Dec. 11
Bonus
lHd Dec. 27 Dec. 11
Carthage Mills, class A (quarterly)
$1 H Jan. 1 Dec. 20
Class B (quarterly)
60c Jan. 1 Dec. 20
Case (J. I.), 7% preferred
$1 Jan. 1 Dec. 12
Cayuga & Susquehanna RR.(semi-ann.)
$1.20 Jan. 2 Dec. 20
Celanese Corp. of Amer.,7% pref. (quarterly). $1 Si Jan. 1 Dec. 17
First preferred
$34 Dec. 31 Dec. 17
Central Aguirre Associates (quarterly)
3734c Jan
2 Dec. 18
Central Hanover Bank & Trust (quarterly)_
$1 Jan. 2 Dec. 17
Central Illinois Light Co.,6% pref.(quar.)
3134 Jan. 2 Dec. 14
7% preferred (quarterly)
Si H Jan. 2 Dec. 14
Central Illinois Public Services
El Jan. 15 Dec. 20
36 preferred
$1 Jan. 15 Dec. 20
6% preferred
Central Maine Power 7% preferred
h874c Jan. 1 Dec. 10
h75c Jan. 1 Dec. 10
6% preferred
h75c Jan. 1 Dec. 10
$6 preferred
Sc Dec. 24 Dec. 14
Central Tube Co
70c Dec. 21 Dec. 12
Chain Belt (special)
30c Feb 15 Feb. 1
Quarterly
$134 Jan. 2 Dec. 15
Champion Paper & Fibre Co.. pref. (quar.)
45c Jan. 2 Dec. 17
Chemical Bank & Trust (quarterly)
75c Jan
Chesapeake Corp (quarterly)
1 Dec. 6
70c Jan
Chesapeake & Ohio Ry. (quarterly)
I Dec. 8
$3% Jan. 1 Dec. 6
Preferred (semi annual)
$1 Dec. 27 Dec 6
Chesebrough Mfg. (quar.)
$1 Dec. 27 Dec. 6
Extra
3967
Financial Chronicle
Volume 141
10a
Name of Company
Per
Share
When Holders
Payable of Record
30c Dec. 28 Dec 18
Chicago Flexible Shaft (quarterly)
10c Dec. 28 Dec.
Common (extra)
14
18qDec.
Jan. 2 D
Chicago Junction Rys. & Union Stockyards Co_ 52
51 14 Jan. 2 Dec. 14
6% preferred (quarterly)
$1
Dec. 31 Dec. 20
Chicago Towel preferred (quar.)
50c Jan. 2 Dec. 9
Chickasha Cotton Oil (special)
50c Jan. 2 Dec. 9
Chickasha Cotton Oil (special)
$1
Jan. 2 Dec. 20
Christiana Securities Co.. 7% pref. (quar.)
75c Dec. 31 Dec 2
Chrysler Corp
50c Jan. 6 Dec. 15
Churchill House Corp
$1
Jan. 2 Dec. 13
Cincinnati Gas & Electric pref.(guar.)
$4 Dec. 26 Dec. 4
Cincinnati New On.& Tex.Pac. Ry.(semi-ann.)
$3 Dec. 26 Dec. 4
Extra
514 Dec. 26 Dec. 4
5% preferred (quarterly)
Cincinnati Newport & Covington Light & Trac$1% Jan. 15 Dec. 31
tion (quarterly)
$1.125 Jan. 15 Dec. 31
5434 preferred (quarterly)
$1.12 Jan. 2 Dec .18
Cincinnati & Suburban Bell Telephone
40c Dec. 31 Dec. 21
Cincinnati Union Stockyards (quar.)
Jan. I Dec. 20
51
Cincinnati Union Terminal. pref (guar.)
Dec. 20
Citizens Water Co.(Washington, Pa.), pf. (qu.) $14 Jan.
50c Dec. 31 Dec. 14
City Ice & Fuel (guar.)
25c Jan. 1 Dec. 20
Claude Neon Electric Products (quar.)
$1% Jan.
Dec. 20
Clearfield & Mahoning Ry. (5.-a.)
50c Dec. 3 Dec. 20
Cleveland Electric Illuminating Co.(guar.)...
Dec. 10
51.125 Jan.
3434 preferred. Initial (quar.) _
Sc Dec. 3 Dec 15
Climax Molybdenum Co.(quar.)
20c Dec. 2 Dec. 10
New (special)
Quarterly
20c Dec. 24 Dec. 10
50c Jan.
Dec. 16
Clinton Trust (N. Y.)(quar.)
50c Jan. 2 Dec. 16
Extra
$1 3 Jan. 15 Jan. 2
4
Clinton Water Works, 7% preferred (quar.)
50c Jan. 1 Dec. 20
Clorox Chemical (guar.)
1214c Jan. I Dec. 20
Extra
Cluett, Peabody & Co.. Inc., pref. (quar.)
$1 31 Jan. 2 Dec. 21
50c Dec. 31 Dec. 12
Coca-Cola, new stock (initial, quarterly)
25c Dec. 31 Dec. 12
Extra
Class A (semi-annual)
514 Dec. 31 Dec. 12
$4 Dec. 31 Dec. 12
Coca-Cola International Corp.(quar.)
Extra
$2 Dec. 31 Dec. 12
33 Dec. 31 Dec. 12
Class A (semi-annual)
$1 Jan. 2 Dec. 21
Coleman Lamp & Stove
514 Jan. 1 Dec 5
Colgate-Palmolive-Peet. preferred (quarterly)
$1 Jan. 1 Dec. 20
Colonial Ice Co. common
$134 Jan. 1 Dec. 20
$7 series B preferred (quar.)
$1
Jan. 1 Dec. 20
Preferred series B (quar.)
31 Hc Dec 31 Dec. 10
Colt's Patent Fire Arms Mfg.(guar.)
50c Dec. 31 Dec. 10
Special
25c Jan. 1 Dec. 15
Columbia Baking Co., preferred (quar.)
874c Jan. 2 Dec. 15
Columbia Breweries A (semi-ann.)
40c Dec. 27 Dec. 13
Columbia Broadcasting A & B (quar.)
$1 Dec. 27 Dec. 13
A & B (extra)
25c Jan. 2 Dec. 18
Columbia Pictures Corp. (quarterly)
Feb. 3 Jan. 23
e2
Semi-annual
e2
Aug. 3 July 23
Semi-annual
6234c Dec. 31 Dec. 11
Commercial Credit (quar.)
5
preferred (guar.)
$1 .4 Dec. 3 Dec. 11
2
75c Jan. 1 Dec. 5
Commercial Investment Trust, common (quar.)
25c Jan. 1 Dec. 5
Common (extra)
d$1 3.4 Jan. 1 Dec. 5
Cony, preference, opt. ser. 1929 (quar.)
Cony. preference, $434 series of 1935 (guar.). 51.0634 Jan. 1 Dec. 5
-a.)
30c Dec. 31 Dec. 2
Commercial Solvents Corp. common (s.
75c Jan. 2 Dec. 6
Commonwealth & Southern, $8 preferred
Commonwealth Utilities Corp. 7% pref. A (qu.) $1.% Jan. 2 Dec. 14
5134 Jan. 2 Dec. 14
6% Preferred B (quar.)
3134 Mar. 2 Feb. 15
64% preferred C (guar.)
Jan. 2 Dec. 20
Commonwealth Water & Light,$7 pref.(quar.)_ $1
3114 Jan. 2 Dec. 20
$6 preferred (quarterly)
SI Dec 31 Dec. 25
Confederation Life Assoc.,"Toronto" (quar.)
124c Jan. 10 Dec. 31
Conigas Mines, Ltd
20c Jan. 2 Dec. 16
Consolidated Bakeries of Canada (quar.)
10c Jan. 2 Dec. 16
Extra
25c fan. 2 Dec. 10
Consolidated Film Industry, preferred
Consolidated Gas Co. of New York. $5 pt.(911.) 51 34 Feb. 1 Dec. 27
Consolidated Gas. Electric Light & Power Co.
90c Jan. 2 Dec. 14
of Baltimore (quarterly)
$13.4 Jan. 2 Dec. 14
5% preferred (quarterly)
Consolidated Mining & Smelting Co.of Canada_
3134 Dec. 31 Dec. 16
$4 Dec. 31 Dec. 16
Bonus
$2.4 Jan. 2 Dec. 14
Consumers Gas. Toronto (quarterly)
2 Dec. 14
Consumers Power Co., $5 preferred (guar.)._ 513.4 Jan
313-4 Jan. 2 Dec. 14
6% preferred (quarterly)
$1.65 Jan. 2 Dec. 14
6.6% preferred (quarterly)
5134 Jan. 2 Dec. 14
7% preferred (quarterly)
50c Jan. 2 Dec. 14
6% preferred (monthly)
Me Tan. 2 Dec. 14
6.60% preferred (monthly)
h$173.4 Dec. 31 Dec. 11
Container Corp., 7% preferred
514 Dec. 31 Dec. 11
7% preferred (quarterly)
50e Dec. 31 Dec. 14
Continental Assurance (quar.)
$1 Jan. 1 Dec. 16
Continental Baking Corp., pref
20c Jan. I Dec. 13
Continental Bank Trust, N Y.(quar.)
500 Dec. 30 Dec. 18
-Diamond Fibre
Continental
2Dec.12
5114 Jan
Continental Gas & Electric. prior pref.
25c Jan. 31 Jan. 6
Oil of Delaware
(quar.)Contiel
$1 3.4 Jan. 1 Dec. 16
Continental Steel, preferred (quarterly)
3
Continental Telephone Co., 7% partic. pf. (qu.) 51 4 Jan. 2Dec. 18
$134 Jan. 2 Dec. 16
63.4% preferred (quarterly)
5134 Jan. 2 Dec. 20
Coronet Phosphate Co. (quarterly)
5134 Jan. 2Dec.14
Courier-Post, 7% preferred (quar.)
50c Jan. 2 Dec. 23
Cream of Wheat Corp.(quar.)
25c Dec. 24 Dec. 14
Crowell Publishing (quar.)
25c Dec. 24 Dec. 14
Extra
/41 Jan. I Dec. 16
Crown Williamette Paper. 57 preferred
h$1 Jan 15 Jan. 2
Crown Zellerbach, preferred A and B
/41 Dec. 31 Dec. 16
Crucible Steel Co. of America, preferred
20c Jan. 15 Jan. 6
Crum & Forster (quar.)
5c Jan. 15 Jan. 6
Extra
$2 Dec 2g Dec 20
Preferred (quar.)
$1
Dec. 3n Dec. 9
Curtis Publishing Co., preferred
25c Jan. 15 Jan. 3
Darby Petroleum (semi-annually)
15c Jan. 2 Dec. 21
Davega Stores (resumed)
15c Jan. 2 Dec. 21
Extra _
10c Dec. 23
Davidson Biscuit (initial)
Sc Dec. 23
Extra
$1 Jan. 2 Dec 18
Dayton & Michigan RR.Co..8% pref. (qu.).
50c Jan. 2 Dec. 20
Dayton Power & Light Co..6% pref. (monthly)
20%
De Beers Consolidated Mines preferred
12 c Jan. 2 Dec. 20
Deisel-Wemmer-Gilbert (quar.)
374c Jan. 2 Dec. 20
Extra
4334c Jan. 2 Dec. 16
Dejay Stores. class A (quarterly)
hl1Hc Jan. 2 Dec. 16
Class A
Delaware RR. (semi-annual)
$1 Jan. 2 Dec. 14
75c Jan. 2 Dec. 20
De Long Hook & Eye (quar.)
Deposited Bank Shares (N. Y.), ser. A (s.
-a.)_ _ e234% Jan. 3 Nov 15
31 Jan. 15 Dec. 31
Detroit Edison Co. (quar.)
Extra
$1 Jan. 15 Dec. 31
6 Dec 20
Detroit Hillsdale & Southwestern RR (s.
-a.)
52 ian
25e Jan. 2 Dec. 18
Devoe & Raynolds, A & B (quarterly)
25c Jan. 2 Dec 18
A & B (extra)
$l4 Jan. 2 Dec 18
1st & 2d preferred (quarterly)
25c Jan. 2 Dec. 20
Diamond Shoe (quarterly)
$14 Jan. 2 Dec. 20
64% preferred (quarterly)
30c Jan. 2 Dec. 20
6% preferred (semi-annually)
Doehler Die Casting,7% preferred (quarterly).. 8734c Jan. 2 Dec. 21
5134 Jan. 2 Dec. 21
57 preferred (quarterly)
60c Jan. 20 Dec. 31
Dome Mines Ltd. (quar.)
$1 14 Jan. 2 Dec. 16
Dominion Glass (quar.)
514 Jan. 2 Dec. 18
Preferred (quar.)
r$1 Si Jan. 2 Dec. 16
Dominion Textile Co. (quar.)
Preferred (quarterly)
$1 34 Jan. 15 Dec. 31
60c Jan. 2 Nov. 30
Draper Corp. (quar.)
Special
$1.60 Jan. 2 Nov.30
Financial Chronicle
3968
Name of Company
Per
Share
When Holders
Payable of Record
Driver-Harris Co
25c Jan. 20 Jan. 10
$1 X Jan. 1 Dec. 21
Preferred (quarterly)
Duke Power Co.(quar.)
75c Jan. 2 Dec. 14
5
31% Jan. 2 Dec. 14
Preferred (guar.)
Duplan Silk (semi-ann.)
50c Fob. 15 Feb. 1
Preferred (quar.)
$2 Jan. 2 Dec. 20
du Pont de Nemours, debenture (quarterly)-- - $116 Jan. 25 Jan. 10
Eastern Gas & Fuel Assoc. prior pref.(quar.)
$1.125 Jan. 1 Dec. 14
6% preferred (guar.)
311i Jan. 1 Dec. 14
Eastern Steamship Lines,Ist pref.(quar.)
$1 X Jan. 2 Dec. 20
Preferred no par (quar.)
87c Jan. 2 Dec. 20
Eastern Steel Products. Ltd., pref.(qu.)
$1 si Jan. 1 Dec. 16
Eastman Kodak Co. common
$l)( Jan. 2 Dec. 5
Extra
25c Jan. 2 Dec. 5
Preferred (quar.)
$1)i Jan. 2 Dec. 5
Economical-Cunningham Drug
25c Jan. 20 Jan. 6
$11.6 Jan. 20 Jan. n
Preferred B (quarterly)
Preferred A (semi-annually)
$3 Jan. I Dec. 20
Ecuadorian Corp.. Ltd., common (quar.)
2c Jan. 1 Dec. 10
Common extra
lc Jan. 1 Dec. 10
Preferred (semi-ann.)
3% Jan. 1 Dec. 10
Eagle Warehouse & Storage
h$1 Jan. 2 Dec. 26
Electric Controller & Manufacturing (quarterly)
50c Jan. 2 Dec. 20
3% Jan. 15
Electric & Musical Industries preferred
Electric Storage Battery Co., common
$1 Dec. 30 Dec. 3
Common,special
$I Dec. 30 Dec. 3
Preferred
$1 Dec. 30 Dec. 3
Preferred, special
$1 Dec. 30 Dec. 3
Elizabethtown Consol. Gas Co.(quar.)
$2 Jan. 2 Dec. 26
Elizabethtown Water Co. consol. (s.
-a.)
$21i Dec. 31 Dec. 21
Elmira ac Williamsport RR., pref. (s.
-a.)
11.61 Jan. 2 Dec. 20
El Paso Electric Co. (Texas), $6 pref. (qr.)
$1). Jan. 15 Dec. 31
Emerson's Bromo Seltzer, 8% preferred_
50c Jan. 2 Dec. 14
Empire Power Corp.,cumul. pref.(quar.)
$1% Jan. 1 Dec. 16
Empire Safe Deposit Co.(quar.)
1;6% Dec. 30 Dec. 23
Endicott
-Johnson (quar.)
75c Jan. 1 Dec. 18
Preferred (quar.)
$14 Jan. 1 Dec. 18
Eureka Vacuum Cleaner (guar.)
20c Jan. 2 Dec. 16
Evans Products(quar.)
25c Jan. 2 Dec. 16
Famise Corp., A (quarterly)
6;in Jan. 2 Dec. 27
Common (initial)
20c Feb. 1 Jan, 28
Fanny Farmer Candy
121ic Dec. 31 Dec. 16
Farmers & Traders Life Insurance
$21i Jan. 1 Dec. 11
Quarterly
$2Si Apr. 1 Mar. 11
Faultless Rubber (quarterly)
50c Jan. 1 Dec. 16
Fedders Mfg
373.ic Jan. 2 Dec. 20
Federal Insurance Co.(J. C.. N.J.)(s.
-a.)
$1 Jan. 2 Dec. 21
Federated Department Stores
95c Jan. 2 Dec. 21
Federation Bank & Trust
30c Jan. 3 Dec. 21
Fifth Ave. Bus Securities (quarterly)
16c Dec. 30 Dec. 13
Filene's (Wm.) Sons
30c Dec. 31 Dec. 20
Preferred (quarterly)
$116 Tan. 2 Dec. 20
Finance Co. of America at Baltimore,7% pref. 43 fic Jan. 15 Jan. 4
7% preferred, class A
811c Jan. 15 Jan. 4
Class A & B common
1216c Jan. 15 Jan. 4
,
Finance Co. of Pennsylvania (quar.)
$214 Jan.( 2 Dec. 14
First National Bank (II. Y.) (quarterly)
$25 Jan. 2 Dec. 16
First National Stores (guar.)
6214c Jan. 2 Dec.
First preferred (guar.)
3111 Jan. 2 Dec. 9
First State Pawners Society (Chicago,
31. 1 Dec. 31 Dec. 21
1
Fisk Rubber Corp.,6% pref
1116 Jan. 2 Dec. 12
Florsheim Shoe. class A (quarterly)
25c Jan. 2 Dec. 14
Class A rectal)
25c Jan. 2 Dec. /4
Class B quarterly).
1214c Jan. 2 Dec. 14
Class B special)
1214c Jan. 2 Dec. 14
Foreign Light & Power,6% 1st pref. (quar.)
$134 Jan. 2 Dec. 20
Formica Insulation
20c Jan. 1 Dec. 15
Foundation Trust Shares, series A
Sc Jan. 15 Dec. 31
Fox (Peter) Brewing
25c Jan. 2 Dec. 16
Freeport Texas, preferred (quarterly)
$134 Feb. 3 Tan. 15
Frick Co., Inc., 6% preferred (quar.)
33 Jan. 1 Dec. 16
Gannett Co.. Inc.,$6 preferred (quar.)
$114 Jan. 1 Dec. 16
General Alliance
15c Dec. 27 Dec. 20
General Amer. Invest. preferred (quar.)
$116 Jan. 2 Dec. 20
General American Transportation
8734c Jan. 1 Dec. 10
General Baking Co.. preferred
52 Jan. 2 Dec. 21
General Cigar, preferred (quar.)
$114 Mar. 2 Feb. 20
Preferred (guar.)
$114 June116 May 22
General Electric Co.,common
20c Jan. 25 Dec. 27
General Mills, Inc.. preferred (guar.)
51.1.6 Jan. 2 Dec. 10a
General Motors. $5 preferred (quarterly)
$111 Feb. 1 Jan. 6
General Paint Corp. A stock
h50c Dec. 31 Dec. 16
General Printing Ink (quarterly)
40c Dec. 31 Dec. 17
Extra
50c Dec. 31 Dec 17
Preferred (quarterly)
$134 Jan. 2 Dec. 17
General Public Utilities,$5 pref.(quar.)
$114 Jan. 1 Dec. 20
General Ry. Signal (quar.)
25c Jan. 2 Dec. 10
Preferred (quarterly)
$134 Jan. 2 Dec. 10
General Refactories Co.(resumed)
50c Dec. 30 Dec. 2
General Water,Gas & Electric
25c Dec. 30 Dec. 16
$3 preferred (quar.)
75c Jan, 2 Dec. 16
Georgia Power Co., 16 pref. (quar.)
$116 Jan, 2 Dec. 14
$111 Jan. 2 Dec. 14
$5 preferred ((mar.)
Georgia RR. & Banking (quar.)
2
$211 Jan. 15 Tan
Gillette Safety Razor Co., common
25c Dec. 31 Dec. 6
$5 convertible preferred (quar.)
$114 Feb. 1 Jan. 2
Glens Falls Insurance Co.(quar.)
40c Jan. 1 Dec. 14
Glidden Co. (quarterly)
50c Tan, 2 Dec. 16
Prior preferred (quarterly)
$1 11 Jan. 2 Dec. 16
Globe Wernicke preferred (quar )
50c Tan. 1 Dec. 20
Godchaux Sugars, Inc., preferred
h$2 Jan. I Dec. 19
Preferred (guar.)
$114 Jan, 1 Dec. 19
Goldblatt Bros.(quar.)
3734c Jan, 2 Dec. 16
Gold Dust Corp.$6 pref.(quar.)
5134 Dec. 31 Dec. 17
Gold & Stock Telegraph (quar.)
2 Dec. 31
$134 Jan
Goodall Security Coro. (quar.)
50c Jan, 2 Nov. 26
Goodyear Tire & Rubber. $7 pref
$1 Jan, 2 Nov.30
Goodyear Tire & Rubber (Canada)(quar.)
63c Jan. 2 Dec. 14
5% preferred (quar.)
6214c Jan, 2 Dec. 14
Grace(W. )& Co.
-a.)
6% preferred (s.
13 Dec. 30 Dec. 27
Preferred A (quar.)
32 Dec. 30 Dec. 27
-a.)
Preferred B (s.
54 Dec. 30 Dec 27
Grand Rapids Varnish (quarterly)
121ic Dec. 31 Dec. 20
Grand Valley Brewing Co
10c Dec. 23 Dec. 3
Granite City Steel Co
25c Dec. 27 Dec. 17
Grant(W. T.) (quarterly)
25c Jan, I Dec. 12
Great Western Electro-Chemical.6% pt.(qu.)_ _
30c Jan. 2 Dec. 20
Great Western Power Co. of Calif..7% pf. (qu.) $114 Jan. 1 Dec. 5
6% preferred (quarterly)
$13.4 Tan, 1 Dec. .5
Great Western Sugar (quar.)
60c Jan, 2 Dec. 14
Preferred (quar.)
$114 Jan. 2 Dec. 14
Greenfield Tap & Die, $6 preferred
50c Jan. 6 Dec. 16
Greenwich Water & Gas Sys. 6% pref.(quar.)
75c Jan. 2 Dec. 20
Greif Bros. Cooperage Corp. class A common_ _ _
25c Jan. 2 Dec. 140
Greyhound Corp . pref. A (guar.)
$111 Jan. 1 Dec. 21
Group No. 1 Oil Corp.(guar.)
$100 Dec. 31 Dec. 10
Guaranty Trust Co.of N.Y.(quar.)
3% Jan. 2 Dec. 10
Gulf Power Co., $6 pref. (quar.)
$134 Jan. 2 Dec. 20
Gurd (Chas.) preferred (quar.)
$111 Feb. 15 Feb. 1
Hackensack Water Co..7% preferred A (guar.) 43 5ic Dec. 31 Dec. 14
Halifax Fire Insurance Co.(s.
45c Jan, 2 Dec. 10
-a.)
HammermIll Paper Co.,6% pref. (quar.)
$134 Jan
1 Dec. 16
Hanes(P. H.) Knitting Mllls. 7% pref
c$1
Jan. 2 Dec. 20
Hanover Fire Insurance (quar.)
40c Jan. 2 Dec. 19
Harbison-Walker Refractories Co., pref.(quar.)_ $134 Jan. 20 Jan. 7
Harrisburg Gas. 7% preferred (quar.)
$111 Jan. 15 Dec.
Hawaiian Agricultural Co. (monthly)
20c Dec 31 Dec. 24
Hawaiian Pineapple (initial)
25c Dec. 31 Dec. 16
Hazel-Atlas Glass Co.(quarterly)
$111 Jan. 2 Dec. 14
Heath (D.0)Co.. 7% Pref. (quar.)
1111 Dec. 31 Dec. 28
Heller (Walter E.) & Co.,7% preferred (quar.)_ 4314 c Dec. 31 Dec. 20
Name of Company
Dec. 21 1935
Per
Share
When Holders
Payable of Record
Heime (Geo. W.)Co., common (quar.)
111 Jan. 2 Dec. 10
Common (extra)
52 Jan. 2 Dec. 10
Preferred (quarterly)
$111 Jan. 2 Dec. 10
Hercules Motors (guar.)
25c Dec. 31 Dec. 20
Hershey Cream Co.. 7% pref. (semi-ann.)
Si Jan. 2 Dec. 15
Hibbard. Spencer. Bartlett & Co.(monthly)
(ic Dec. 27 Dec. '20
Hollinger Consolidated Gold Mines
rl% Dec. 31 Dec. 13
Holly Development (guar.)
lc Jan. 15 Dec. 31
Holmes(D. H.) Co.(quar.)
$1 Jan. 2 Dec. 21
Homestake Mining (monthly)
$1 Dec. 24 Dec. 20
Extra
$2 Dec. 24 Dec. 20
Honolulu Plantation Co. (monthly)
15c Jan, 10 Dec. 31
Hook Drugs, Inc. (guar.)
1214c Jan. 10 Dec. 20
Hoover Steel Ball Co
15c Dec. 23 Dec. 12
Horn & Harden Baking (quar.)
$114 Jan, 2 Dec. 19
Hoskins Mfg. (quarterly)
50c Dec. 26 Dec. 11
Extra
25c Dec. 26 Dec. 11
Houdallle-Hershey, class A (quar.)
6234c Jan. 2 Dec. 20
Class B (quarterly)
3734c Jan. 2 Dec. 20
Household Finance. A & B (quar.)
75c Jan. 15 Dec. 31
Participating preferred (quar.)
. 21
c Jan.. 31 Dec 33
pec 15
Howe Sound (quar.)
75c Dec. 31 Dec. 23
Extra
Howes Bros. Co.7% 1st & 2d pref. (quar.)
5134 Dec. 31 Dec. 21
6% preferred (quar.)
$134 Dec. 31 Dec. 21
Humble Oil & Refining (quarterly)
25c Dec. 26 Nov. 26
Huron & Erie Mortgage Corp. (Ont.) (quar.)_ _ $134 Jan. 2 Dec. 14
Hutchinson Sugar Plantation (monthly)
10c Jan, 5 Dec. 31
Huyler's of Delaware. Inc 7% preferred
$1 Jan. 2 Dec. 14
Hygrade Sylvania Corp., com
50c Jan, 2 Dec. 10
Preferred (quarterly)
3134 Jan. 2 Dec. 10
Idaho-Maryland Mines (quar.)
Sc Jan. 10 Nov. 30
Ideal Finance Association A (guar.)
1214c Jan. 2 Dec. 16
$8 preferred (quar.)
$2 Jan. 2 Dec. 16
$2 convertible preferred (quar.)
50c Jan, 2 Dec. 16
Illinois Bell Telephone
5116 Dec. 31 Doc. 21
-a)
Illinois Central RR.. leased lines (s
$2 Jan. 2 Dec. 11
Imperial Life Insurance (quar.)
3334 Tan. 2 Dec. 31
Imperial Tobacco of Canada (quar.)
r8 11C Dec. 01. Dec. 1'3
Independent Pneumatic Tool (quar.)
75c Dec. 31 Dec. 20
Extra
50c Dec. 31 Dec. 20
Indiana General Service pref.(quar.)
$11i Jan. 2 Dec. 6
Indiana & Michigan Electric pref. (quar.)
1134 Jan. 2 Doc. 6
6% preferred (quar.)
$134 Jan. 2 Doc. 6
Indianapolis Power & Light,6% pref.(quar.)
$134 Jan. 1 Dec. 5
31
Jan. 1 Dec. 5
634% preferred (quar.)
Indianapolis Water Co.. 5% pref. (quar.)
5134 Jan. 1 Dec. 12a
Industrial Rayon (quarterly)
42c Jan. I Dec. 20
$3 Dec. 2B Dec. 9
Ingersoll-Rand, extra
$3 Jan. 2 Dec. 9
Preferred (semi-ann.)
15c Dec. 31 Dec. 20
Inland Investors (quar.)
20c Dec. 31 Dec. 20
Extra
$1. Jan. 15 Dec. 31
Insurance Co. of North America (semi-ann.)-- 50c Jan. 15 Dec. 31
Extra
25c Dec. 31 Dec. 14
Interlake Steamship (guar.)
60c Dec. 31 Dec. 14
Extra
25c Doc. 26 Doc. 11
International Cement Corp
$114 Jan. 10 Dec. 20
International Business Machines (guar.)
Stock dividend
3% Feb. 10 Dec. 20
2 c Dec. 27 Dec. 16
Internat. Button Hole Sewing Machine (quar.)_
20c Doc. 27 Dec. 16
Extra
International Cellucotton Products (guar.) _ - 3734c Jan, 2 Dec. 20
30c Jan. 15 Dec. 30
International Harvester (guar.)
25c Dec. 31 Dec. 2
International Nickel Co. of Canada
$134 Feb. I Jan. 2
Preferred (quar.)
3715c Jan. 2 Dec. 16
International Salt Co
50c Jan. 1 Dec. 14
International Shoe (guar.)
International Teleg. of Maine (s.
-a.)
11. .33 1-3 Jan. 2 Dec. 14
Jan. 2 Dec. 31
Inter Ocean Telegraph (quar.)
Jan. 2 Dec. 16
Intertype Corp.. 1st preferred (guar.)
$3 Jan. 2 Dec. 16
2d preferred (s-a)
hl2c Jan. 15 Dec. 31
Investment Foundation.6% preferred
5114 Jan. 2 Dec. 20
Investors Corp.of R. I.,$6 pref.(guar.)- — -Iowa Public Service Co., $7 1st pref. (quar.)
1111 Jan, 2 Dec. 20
1134 Jan. 2 Dec. 20
$616 1st preferred (quarterly)
D
ec 2
0
an
: 2 Dec: 2 0
$6 1st preferred (quarterly)
$7 2d preferred (quarterly)
Iowa Southern Utilities Co.7% preferred
$1 X Dec. 21 Dec. 6
1134 Dec. 21 Dec. 6
614% preferred
6% preferred
$114 Dec. 21 Dec. 6
Irving Air Chute (quarterly)
15c Jan. 2 Dec. 16
25c Jan. 2 Dec. 16
Extra
Irving Trust (N. Y.)(quar.)
15c Jan. 2 Dec. 10
Jefferson Electric Co
50c Dec. 31 Dec. 16
Jersey Central Power & Light.6% prof. (qu.) _ 5114 Jan. 1 Dec. 10
7 preferred (quarterly)
5131 Jan. 1 Dec. 10
5 % preferred (quarterly)
$114 Jan, 1 Dec. 10
Jewel Tea (quarterly)
75c Jan. 15 Jan. 2
Special
31 Dec. 23 Dec. 14
Johns
-Manville Corp., common
50c Jan. 15 Dec. 24
7% cumulative preferred (quar.)
3111 Jan. 1 Dec. 17
Joliet & Chicago RR Tar.)
$114 Jan. 6 Dec. 20
Joplin Water Works,6 pref. (guar.) _ _ ___
5136 Jan. 15 Jan. 2
Kalamazoo Vegetable archment (quar.)
15c Dec. 30 Dec. 30
Kansas City Power & Light. $6 pref. B (quar.)_ _ $1
Jan, 2 Doc. 14
Kansas City St. Louis & Chic. RR., pref.(qu.)_
Fob. 1 an. 17
SI
Kansas Electric Power Co.. 7% pref. (quar.)_ _ 8114 Jan. 2 Dec. 14
Jan. 2 Dec. 14
6% preferred (quarterly)
$1
Kansas Gas & Electric, $6 pref. (quar.)
*134 Jan. 2 Dec. 16
7% preferred (quarterly)
5134 Jan. 2 Dec. 16
Kansas Power, $6 preferred (quar.)
$116 Jan. 2 Dec. 20
$111 Jan. 2 Doc. 20
$7 preferred (guar.)
Kansas Power & Light. 6% preferred (quar.)
*134 Jan. 2 Doc. 20
7% preferred (quar.)
$1 X Jan, 2 Dec. 20
Kansas Utilities Co.7% pref.(quar.)
$1 X Jan. 2 Dec. 21
Katz Drug, preferred (quar.)
513-4 Jan, 2 Dec. 14
Kaufmann Department Stores (quar.)
25c Jan. 28 Jan, 10
Preferred (quar.)
$114 Jan./ 2 Doc. 10
Kekaha Sugar Co. (monthly)
52.40 Jan, 2 Dec. 24
1214c Jan. 2 Dec. 5
Kelvinator Corp. (quarterly)
210c Jan. 2 Dec. 5
Extra
Kennecott Copper
20c Dec. 26 Nov. 29
Keystone Public Service $2.80 pref. (quar.)--- - $74 Jan 15 Dec. 15
10 ra . 2
0
Keystone Steel & Wire, preferred
123-4c Jan. 2 Dec. 12
Kimberly-Clark Corp ,common (quar.)
Preferred (quarterly
.
)
$U4 Tan. 2 Dec. 12
Doc. 31 Dec. 16
King Royalty Co.8% pref.(quar.)
Kings County Lighting Co..7% ser. B pf.(qu.). 31 X Jan. 2 Dec. 16
6 series 0 preferred (quar.)
Jan. 2 Dec. 16
$1
5 series D preferred (quar.)
Jan, 2 Dec. 16
SI
Jan. 2 Dec. 16
Quarterly
$1
Klein (D. Emil)(quarterly)
Jan. I Dec. 20
2
Preferred (quarterly)
$131 Feb. 1 Jan. 20
Koloa Sugar Co. (monthly)
50c Dec. 31 Dec. 24
Koppers Gas & Coke, preferred (quar.)
$13.4 Jan. 2 Dec. 12
Kresge (S. S.)
25c Jan. 2 Dec. 11
Preferred (quarterly)
$1' Jan, 2 Dec. 11
Dec. 31
$1
Kroehler Mfg. Co.. 7% pret. (quar.)
Dec. 31
$1
Class A preferred (quar.)
Kroger Grocery & Baking. 7% preferred (quar.) $151 Feb. 1 Dec. 20
6% preferred (quarterly)
$11 Jan. 2 Dec. 20
Jan. 2 Dec. 6
Lackawanna RR. Co.. N. J
Sc Jan, 2 Dec. 17
Lambert Co. common (quar.)
Landers Frary & Clark ignite.)
37Sic Dec. 31 Dec. 20
h$2 Doc. 31 Dec. 21
Lane Co
15c Dec. 31 Dec. 20
Lazarus(F.& R.)Co.(quarterly)
$1;6 Feb. 1 Jan. 20
preferred (quarterly)
616%
oc 10
4
6 Dee.. 2
2 D
Lehigh Portland Cement Co., pref. (quar.)---- 8734c
75c Jan.
Lehman Corp.(quar.)
Lexington Telephone Co.616% Pref. (quar.)__ - $134 Jan. 15 Dec. 31
$3 Jan. 1 Dee. 20
Libby. McNeil & Libby, preferred
Liggett & Mayers Tobacco. preferred (quar.)___ $111 Jan. 1 Dec. 10
$1.
8777c
Name of Company
Per
Share
When Holders
Payable of Record
hn Dec. 30 Dec. 20
Lincoln Printing. preferred
873.5c Feb. 1 Jan. 20
Preferred (guar.)
$105 Jan. 2 Dec. 14
Link Belt, preferred (quarterly)
40c Feb. 1 Jan. 17
Liquid Carbonic (guar.)
25c Feb. 1 Jan. 17
Extra
61.10 Jan. 10 Dec. 14
Little Schuylkill & Navigation RR.& Coal
$2 Jan. 1 Jan. 1
Lock Joint Pipe, pref. (quar.)
50c Dec. 31 Dec. 13
Loew's. Inc. (quarterly)
50c Dec. 31 Dec. 13
Extra
h$1 i Dec. 21 Dec. 10
Loew's (Marcus) Theatre. Ltd.. 7% pref
$135 Dec. 31 Dec. 14
Lone Star Gas,6% cony. pref. (quar.)
Long Island Lighting Co..7% see. A prod,(qu.)_ 111 01 Jan. 1 Dec. 16
$115 Jan. 1 Dec. 16
B preferred (quar.)
6% series
106 Jan. 2 Dec. 7
Loomis-Sayles Second Fund (quar.)
15c Jan. 2 Dec. 7
Extra
Loose-Wiles Biscuit Co.
Jan. 1 Dec. 18
$I
5% preferred (initial, quarterly)
$234 Jan. 2 Dec. 17
Lord & Taylor (quar.)
30c Jan. 2 Dec. 13
Lorillard (P.) & Co.. common
$13% Jan. 2 Dec. 13
Preferred (quarterly)
2 Dec. 16
12c Jan
Loudon Packing (quarterly)
3734c Dec. 24 Nov.30
Louisville Gas & Electric. A & B (quar.)
$134 Jan. 1 Dec. 20
Ludlum Steel, preferred (quar.)
$134 Jan. 1 Dec. 21
Lunkenheimer Co., 635% preferred (quar.)
10c Dec. 26 Dec. 16
Extra
-a.)
$3 Jan. 2 Dec. 14
3c Abingdon Telephone (s.
Lynchburg
25c Dec. 31 Dec. 14
Mack Trucks. Inc
$634 Feb. 1 Jan. 15
Mahoning Coal RR.(quar.)
3134 Jan. 2 Dec. 23
Preferred (5.-a.)
$1( Jan. 2 Dec. 20
Manischewitz (B.), preferred (quar.)
Manufacturers Finance (Baltimore). preferred_ _ 2134c Dec. 31 Dec. 16
25c Jan. 2 Dec. 14
Manufacturers Trust, (quar.)
25c Jan. 2 Dec. 14
Extra
50c Jan. 1 Dec. 16
Mapes Consolidated Mfg.(quar.)
10c Jan. 2 Dec. 13
Marine Midland Corp.(quar.)
$104 Jan. 2 Dec. 20
Marion Water Co.. 7% pref. (guar.)
50c Jan. 2 Dec. 21
Marlin-Rockwell (quar.)
$131 Jan. 2 Dec. 21
Special
50c Tan. 2
Massachusetts Plate Glass Insurance
lc Dec. 25 Dec. 15
Mascot Oil Co.(quarterly)
3734 c Dec. 27 Dec. 6
Mathieson Alkali Works (guar.)
uc
$f$131 Dec. 27 Dec. 6
Preferred (quarterly)
Feb. 1Jan. 15
McCall Corp.. common (quar.)
McColl Frontenac 011 Co., 6% pref. (guar.)._ _ 4134 Jan. 15 Dec. 31
Jan. 2 Dec. 17
McKeesport Tin Plate (quar.)
25c Jan
2 Dec. 17
Extra
s50c
McKesson & Robbins, preferred (special
75c Mar. 16 Feb. 28
New $3 preferred (initial)
10c Dec. 30 Dec. 23
McLennan, McFeeley & Prior, Ltd.. A & B.
$155 Jan. 1 Dec. 23
6 % preferred (quarterly)
75c Jan. 1 Dec. 20
McQuay-Norris Mfg.(quar.) _
75c Jan. 2 Dec. 14
Mead Johnson & Co. (quarterly)
75c Jan. 2 Dec. 14
Extra
35c Jan. 2 Dec. 14
Preferred (semi-annual)
Memphis Natural Gas Co., $7 pref. (quar.)___ _ $1 31 Jan. 2
$134 Jan. 2 Dec. 14
Memphis Power & Light, $6 pref. (quar.)
$131 Jan. 2 Dec. 14
$7 preferred (quarterly)
50c Dec. 30 Dec. 20
Merchants Bank of New York (quarterly)
25c Dec. 30 Dec. 20
Extra
Merchants & Miners Transportation Co.—
40c Dec. 31 Dec. 16
Common (quarterly)
Merchants National Realty Corp., pref. A
3134 Jan. 2 Dec. 24
6% preferred B (guar.)
$135 Jan. 2 Dec. 24
10c Jan. 1 Dec. 23
Merck & Co., Inc., common (guar.)
$2 Jan. 1 Dec. 23
Preferred (quarterly)
50c Jan. 1 Dec. 16
Mesta Machine Co. common (quar.)
Metal Box Co. (initial)
3;5%
Metal & Thermit Corp.,7% pref. (guar.)
$131 Jan. 2 Dec. 20
Special
82 Jan. 2 Dec. 20
Metropolitan Edison Co., $7 pref. (quar.)
5131 Jan. 2 Nov. 29
$134 Jan. 2 Nov. 29
$6 preferred (quay.)
313.1 Jan. 2 Nov. 29
$5 preferred (quar.)
yi jan.2No; 29
Jan. 2 N0 :
$7 cumulative preferred (quar.)
$6 cumulative preferred (quar.)
SI 3-1 Jan. 2 Nov. 29
$5 cumulative preferred (quar.)
$1201 Jan. 2
Michigan Electric Power.6% Preferred
$14a Jan. 2 Doc. 20
7% preferred
Jan.
Midland Grocery, preferred (semi-annually)__ _
40c Jan. 2 Dec. 15
Midland Loan & Savings Co. (s-a)
50c Dec. 23 Dec. 16
Midland Royalty $2 cony. prof
25c Jan. 1 Dec. 23
Midland Steel Products (resumed)
50c Jan. 1 Dec. 23
$2 preferred (resumed)
$2 Jan. 1 Dec. 23
8% preferred (quar.)
Milwaukee Electric By. & Light, 6% pref. (qu.) 5134 Jan. 31 Jan. 20
$131 Feb. 1 Jan. 15
-a.)
Mine Hill & Schuylkill Haven RR.(s.
Minneapolis-Honeywell Iterulator Co., pt. (qu./ 3134 Jan. 1 Dec. 20
Minnesota Power & Light,7% pref. (quar.)___ _ $131 Jan. 2 Dec. 11
3134 Jan. 2 Dec. 11
6% preferred (quar.)
3135 Jan. 2 Dec. 11
$6 preferred (quar.)
Mississippi River Power pref.(quar.)
$135 Jan. 2 Dec. 14
Mississippi Valley Public Service Co.
3135 Jan. 1 Dec. 20
6% preferred B (guar.)
1.16 2-3 Jan. 2 Dec. 20
Missouri Edison Co., $7 cum. pref
$131 Jan. 2 Dec. 16
Mitchell (J. S.) Ltd., pref. (quar.)
-a.)
32 Jan. 2 Dm. 2
Mobile & Birmingham RR.. pref. (s.
$131 Jan. 1 Dec. 15
Mock. Judson, Voehringer, pref.(quarterly)
3131 Jan. 2 Dec. 14
Monarch It nitting Co., Ltd.,7% pref.(quar.)
15c Jan. 2 Dec. 24
Monarch Machine Tool (quarterly)
Sc Jan. 2 Dec. 24
Extra
15c Feb. 1
Monogram Pictures Corp. (quar.)
Monongahela Valley Water Co.,7% pref.(qu.)_ $1 01 Jan. 15 Jan. 2
3734c Dec. 24 Dec. 4
Monroe Chemical
873.5c Jan. 1 Dec. 24
Preferred (quarterly)
1735c May 10 Apr. 30
Montgomery & Erie RR.(semi-annual)
$131 Jan. 2 Dec. 20
Montgomery Ward, class A (nuar.)
30c Dec. 31 Dec. 20
Monumental Radio (Balt., Md.) (quar.)
$1 Dec. 31 Dec. 20
Extra
$1 01 Jan. 2 Dec. 24
Morrison Cafeterias Consolidated, 7% pref_ _ _ _
50c Jan. 2 Dec. 14
Moore Corp
$131 Jan. 2 Dec. 14
Preferred A & B (quar.)
$135 Jan. I Jan. 1
Moore Dry Goods (quar.)
$115 Dec. 31 Dec. 21
Morris Finance Corp., class A (quar.)
50c Dec. 31 Dec. 21
Extra
30c Dec. 31 Dec. 21
Class B (quarterly)
10c Dec. 31 Dec. 21
Extra
$131 Dec. 31 Dec. 21
Preferred (quarterly)
25c Jan. 2 Dec. 16
Morristown Securities Corp., common
3234 Jan. 2 Dec. 16
$5 cumulative preferred (semi-annually)
50c Jan. 2 Dec. 16
Mosser (J. It.) Leather
50c Dec. 31 Dec. 20
Motors Products, old stock
el00% cFeb. I Dec. 20
Old stock
50c Mar. 31 Mar. 20
New stock (initial)
50c June 30 June 20
New stock (quarterly)
10c Dec. 21 Nov.30
Mountain Fuel Supply (initial)
30c Dec. 31 Dec. 14a
-a.)
Mountain Producers Corp. (s.
53235 Dec. 31 Dec. 18
Mt. Vernon-Woodberry Mills preferred
31 Jan. 2 Dec.ec. 2232
moosingwear,Inc.(special)
$2 Jan. 2
C.) preferred (quar.)
Murphy (G.
Mutual Chemical Co. of Amer..6% pref. (qu.)_ $135 Dec. 28 Dec. 19
50c Dec. 31 Dec. 16
Myers(F. E.)& Bro.,_(quarterly)
9301c Jan. 2 Dec. 21
Nashville & Decatur RR.. 7;5% gtd
75c Jan, 1 Dec. 16
Nassau & Suffolk Lighting Co.7% pref. (qu.)._
55c Jan, 2 Dec. 17
National Battery Co., pref. (guar.)
40c Jan. 15 Dec. 13
National Biscuit (quar.)
r40c Jan. 2 Dec. 16
National Breweries, Ltd. (quar.)
r43c Jan. 2 Dec. 16
Preferred (quar.)
$1 Dec. 28 Dec. 23
National Can Co.. Inc. (guar.)
25c Jan. 1 Dec. 12
(quar.)
National Candy
3131 Jan. 1 Dec. 12
Preferred 1st 3c 2d (quar.)
$131 Dec. 31 Dec. 14
National Casket, preferred (guar.)
30c Jan. 2 Dec. 4
National Dairy Products (quar.)
$131 Jan. 2 Dec. 4
Preferred A & B (quarterly)
3969
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
25c Dec. 27 Dec. 18
National Enameling & Stamping Co
25e Jan. 15 Dec. 31
National Fuel Gas ((mar.)
25c Dec. 21 Dec. 6
Special
6131 Jan. 2 Dec. 14
National Gypsum, first preferred ((mar.)
25c Jan. 2 Dec. 14
Second preferred (guar.)
$131 Dec. 31 Dec. 13
National Lead (quarterly)
31 Dec. 31 Dec. 13
Extra
$134 Feb. 1 Jan. 17
Preferred B (quarterly)
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.)
20c Dec. 30 Dec. 14
Natomas Co.(quar.)
20c Dec. 30 Dec. 14
Extra
531.3131 Dec. 31 Dec. 16
Nehl Corp 1st preferred
SI Feb. 1 Dec. 30
(guar.) Nevada-Calif. Electric,7% preferred
40c Jan. 1 Dec.
Newberry (J. J.) (quar.)
13c Jan. 2 Dec. 16
England Fire Insurance (quar.)
New
New England Power Assoc.,$2 pref.(quar.)__ 33 1-3c Jan. 2 Dec. 10
$1 Jan. 2 Dec. 10
6% preferred (guar.)
3135 Jan. 2 Dec. 10
New England Power Co..6% pref. (quar.)
3134 Dec. 31 Dec. 10
New England Telep. & Teleg
$2 Jan. 2 Dec. 15
New Hampshire Power,8% preferred (guar.). _
$3 Jan. 2 Dec. 31
-a.)New Jersey & Hudson River By.& Ferry (s.
2
29
New Jersey Power & Light. $6 pref. (quar.)_ _ _ $134 Jan. 2 Nov. 29
Nov. ,
$IM Jan.
(quar.)
$5 preferred
3101 Jan. 2 Dec. 20
New Jersey Water Co.,7% pref. (quar.)
3235 Jan. 2 Dec. 31
New York & Hanseatic Corp.(extra)
$255 Jan. 2 Dec. 16
New York & Harlem RR.Co.(semi-ann.)
$2.05 Jan. 2 Dec. 16
Preferred (semi-ann.)
New York & Honduras Rosario Mining Co—
31 Dec. 28 Dec. 17
Special
75c Jan. 2 Dec. 31
New York Mutual Telegraph Co. (seml-ann.)
3135 Jan. 2 Dec. 14
New York Steam.$6 preferred (quar.)
5131 Jan. 2 Dec. 14
$7 preferred (quarterly)
$134 Jan. 15 Dec. 20
New York Telephone, preferred (quar.)
50c Dec. 28 Dec. 13
New York Transportation (quar.)
Jan. 2 Dec. 14
SI
Niagara Alkali Corp., pref.(quar.)
$134 Jan.
Niagara Share Corp. of Md..class A pref.(qu,)_
2
20 Dec. 31
Nil:easing Mines
3735c Jan. 2 Dec. 20
Noblitt-Sparks Industrial (guar.)
El Dec. 28 Dec. 14
Noranda Mines
25c Jan. 2 Dec. 10
North American Co., com. (quar.)
75c Jan. 2 Dec. 10
Preferred (quarterly)
32 Jan. 15 Dec. 20
North Central Ry. Co.(semi-ann.)
$1 Jan. 2 Dec. 10
Northeastern Water & Electric. $4 pref. (quar.)
25e Jan. 2 Dec. 13
Northern Pipe Line (s.-a.)
Northland Greyhound Lines. Inc.—
5134 Jan. 2 Dec. 20
$635 preferred series I (quar.)
10
26
2
1 J
10 jan
$5
Northwestern Telegraph Co. (semi-ann.)
Novadel-Agene Corp., common (quar.)
25c Dec. 31 Dec. 14
Nunn-Bush Shoe
$134 Dec. 31 Dec. 14
1st preferred (quar.)
$14 Dec. 31 Dec. 14
2d preferred (guar.)
75c Jan. 2 Dec. 16
Nova Scotia Light & Power (quar.)
$1 31 Jan. 2 Dec. 14
Edison Co.. $5 preferred (quar.)
Ohio
$134 Jan. 2Dec.14
$6 preferred (quarterly)
Jan. 2 Dec. 14
$1.
$6.60 preferred (quarterly)
3134 Jan. 2Dec.14
$7 preferred (quarterly)
$1.80 Jan. 2 Dec. 14
$7.20 preferred (quarterly)
h$135 Jan. I Dec. 10
Ohio Finance Co.. 8% preferred
581-3c Jan. 2 Dec. 14
Ohio Public Service Co.,7% pref. (mo.)
50c Jan. 2 Dec. 14
6% preferred (monthly)
412-3c Jan. 2 Dec. 14
5% preferred (monthly)
50c Jan. 1 Dec. 15
Ohio Service Holding Corp., $5 preferred
25c Dec. 23 Dec. 13
Oils & Industries. Inc
$2 Feb. 1 Jan. 20
Old Colony Insurance Co. (Boston)
Dec. 30 Dec. 10
$10
Extra
$2 May 1 Apr. 20
Quarterly
15c Jan. 2 Dec. 16
Old Colony Trust Assoc.. (quar.)
$2 Jan. 2 Dec. 13
Omnibus Corp.. preferred (quar.)
50c Jan. 2 Dec. 16
Ontario Loan & Debenture Co.(quar.)
25c Dec. 31 Dec. 20
Ontario Mfg. (quarterly)
5131 Dec. 31 Dec. 20
Preferred (quarterly)
15c Jan. 15 Dec. 27
Otis Elevator (quar.)
$134 Jan. 15 Dec. 27
Preferred (guar.)
80c Jan. 2 Dec. 14
Ottawa Electric By. Co
3134 Jan. 2 Dec. 14
Ottawa Light, Heat & Power (guar.)
$134 Jan. 2 Dec. 14
(quarterly)
Preferred
50c Jan. 2 Dec. 14
Ottawa Traction (guar.)
50c Jan. 2 Dec. 14
Pacific & Atlantic Teleg. Co.(semi-ann.)
30c Jan. 2 Dec. 14
Pacific Finance (quar.)
20c Feb. 1 Jan. 15
8% preferred A (quar.)
163-1c Feb. 1 Jan. 15
6.55% preferred C (quar.)
1735c Feb. 1 Jan. 15
7% preferred D (quar.)
15c Jan. 1 Dec. 14
Pacific Indemnity (quar.)
$134 Jan. 15 Dec. 31
Pacific Lighting, preferred (quar.)
75c Jan. 2 Dec. 16
Pacific Southern Investors. pref. (quar.)
Pacific Southwest Realty, 63-4% pref. (guar.)._ $1% Jan. 1
51.35 Dec. 31 Dec. 20
Pacific Telephone & Telegraph (quar.)
$1.35 Jan. 15 Dec. 31
Preferred (guar.)
25c Dec. 23 Dec. 10
Pacific Western Oil Corp
r75c Jan. 2 Dec. 14
Page-Hersey Tubes (quar.)
$131 Dec. 31 Dec. 16
Power & Light Corp., pref
Panama
50c Dec. 23 Dec. 7
Paraffin° Cos. (quarterly)
25c Mar. 1 Feb. 15
Parker Pen (quar.)
25c June 1 May 15
Quarterly
25c Sept. 1 Aug. 15
Quarterly
134% Jan. 2 Dec. 20
Patent Cereals (quarterly)
Jan. 2 Dec. 23
$1
Pathe Film Corp.. $7 cumul. pref. (quar.)
Penn Central Light & Power, $5 pref. (quar.).... 5131 Jan. 2 Dec. 10
70c Jan. 2 Dec. 10
$2.80 preferred (quar.)
75c Dec. 31 Dec. 20
Penney (J. C.) Co., common (quar.)
$135 Dec. 31 Dec. 20
Extra
20c Dec. 28 Nov. 22
Peruiroad Corp
5131 Jan. 2 Dec. 20
Penna. Gas & Elec. Co..7% pref. (quar.)
3
D .2
Si 01 Jan. 2 Dec .10
$7 preferred (guar.)
Ja b 1
Fen 2 Dec. 13
Pennsylvania Glass Sand Corp., preferred
$131
(quar.)
Preferred
55c Jan. 2 Dec. 20
Pennsylvania Power Co., 66.60 pref. (mthly.)-55c Feb. 1 Jan. 20
$6.60 preferred (monthly)
55c Mar. 2 Feb. 20
$6.60 preferred (monthly)
3134 Mar. 2 Feb. 20
$8 preferred (quar.)
$131 Jan. 2 Dec. 14
Penna. Power & Light,$7 pref. (quar.)
$135 Jan. 2 Dec. 14
36 preferred (quar.)
$131 Jan. 2 Dec. 14
$5 preferred (guar.)
6Oc Jan. 2 Dec. 28
Co.(Phila.)
Pa. Warehousing & Safe Deposit
$1 Jan. 2 Dec. 16
Pennsylvania Water & Power Co.(quar.)
$131 Jan. 2 Dec. 16
Preferred (guar.)
25c Jan. 2 Dec. 9
Peoples Drug Stores (quar.)
50c Jan. 2 Dec. 9
Extra
623-5c Jan.1 2 Dec. 14
Peoples Natural Gas, 5% pref. (quar.)
Peoria Water Works Co.,7% preferred (quar.)— $101 Jan. 2 Dec. 20
50c Jan. 2 Dec. 17
Perfect Circle (quar.)
30c Dec. 28 Dec. 20
Perfection Stove (quar.)
5131 Apr. 1 Mar. 25
Petersburg RR.(3.-a.)
25c Jan. 1 Dec. 11
Pet Milk (quarterly)
5134 Jan. 1 Dec. 11
Preferred (quarterly)
25c Dec. 20 Dec. 10
Petroleum & Trading,class A
SI Jan. 2 Dec. 206
Pfaudler Co. (guar.)
25c Jan. 2 Dec. 20
Pfeiffer Brewing Co. (quar.)
15c Jan. 2 Dec. 20
Extra
5155 Dec. 31 Dec. 16
Philadelphia Baltimore & Washington RR
$135 Jan. 2 Dec. 2
Philadelphia Co., $6 pref. (quar.)
$151 Jan. 2 Dec. 2
$5 preferred (quarterly)
50c Jan. 1 Dec. 10
Philadelphia Electric Power, preferred (guar.)._
S234 Jan. 10 Dec. 31
Philadelphia & Trenton RR.(quar.)
25c Jan. 15 Jan. 2
Philip Morris & Co.(quar.)
50c Jan. 10 Dec. 31
Phoenix Finance Corp.,8% pref. (quar.)
50c Jan. 1 Dec..14
Insurance (quar.)
Phoenix
50c Jan. 1 Dec. 14
Extra
r20c Jan. 2 Dec. 2
Pioneer Gold Mines of British Columbia (qu.)
20c Jan. 2 Dec. 21
Pioneer Mill Co. (monthly)
3970
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Pittsburgh Ft. Wayne & Chicago Ry.(guar.).Jan. 2 Dec. 10
7 preferred (quar.)
%
Jan. 7 Dec. 10
Pittsburgh & Lake Erie RR (s.
-a.)
sig Feb. 1 Dec. 27
Extra
Feb. 1 Dec. 27
Pittsburgh Plate Glass (quar.)
50c Jan. 2 Dec. 10
Plymouth Cordage (quar.)
51H Jan. 20 Dec. 31
Extra
50c Jan. 20 Dec. 31
Pocahontas Fuel Co
$1 Dec. 31 Dec. 20
6% preferred (semi-ann.)
$6 Jan. 2 Dec. 20
Ponce Electric, 7% preferred (qua?.)
Jan
2 Dec. 13
Port Huron Sulphate & Paper Co.. pref. (qu.)
Dec. 31 Dec. 24
Porto Rico Power Co..7% pref.(qua?.)
$1 IS Jan. 2 Dec. 14
Powdrell & Alexander, preferred (guar.)
El IS Jan. 2 Dec. 16
Pratt & Lambert(guar.)
25c Jan. 2 Dec. 16
Extra
25c Jan. 2 Dec. 16
Premier Gold Mining (quar.)
r3c Jan. 15 Dec. 16
Extra
Hoc Jan. 15 Dec. 16
Pressed Metals of America
25c Jan. 2 Dec. 16
Procter & Gamble,8% pref. (guar.)
$2 Jan. 15 Dec. 24
Providence Gas (quarterly)
20c Jan
2 Dec. 14
Providence Washington Insurance
25c Dec. 24 Dec. 12
Special
25c Dec. 24 Dec. 12
Prudential Investors, $6 pref. (guar.)
$1
Jan. 15 Dec. 31
Publication Corp..7% original preferred (guar.) $1
Jan. 2 Dec. 20
.PuMic National Bank & Trust (guar.)
37Hc Jan. 2 Dec. 20
Public Service Co.of Colorado
7 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 Corp. of New Jersey (qua?.)
60c Dec. 31 Dec. 2
8 preferred qua?.
$2 Dec. 31 Dec. 2
7 preferred qua?.
$1 If Dec. 31 Dec. 2
5.preferred qua?.
Dec. 31 Dec. 2
$1
6% preferred (monthly)
50c Dec. 31 Dec. 2
Public Service Co.. of Oklahoma
7% prior lien stock (quar.)
$1
Dec. 31 Dec. 20
6% prior lien stocks (quar.)
$1% Dec. 31 Dec. 20
Public Service Electric & Gas Co.7% pf.(qu.)
$1 It Dec. 31 Dec. 2
preferred (quar.)
$5
$1A Dec. 31 Dec. 2
Pyle-National, 8% preferred (quar.)
Dec. 21 Dec. 10
Quaker Oats (quar.)
51 Jan. 15 Dec. 31
Preferred (quar.)
SIM Feb. 29 Feb. 1
Queens Borough Gas & Elec. Co.6% pf.(qu.)
Jan. 1 Dec. 16
Radio Corp, of Amer., A pref. (quar.)
87Hc Jan. 1 Dec. 4
Rand Mines, Ltd., common (final)
45.
Ray
-O-Vac Co..8% pref. (quar.)
50c Jan
2 Dec. 20
Reading Co., 2nd preferred (quarterly)
50c Jan. 9 Dec. 19
Reece Button Hole Machine (quarterly)
20c Dec. 27 Dec. 16
Extra
10c Dec. 27 Dec. 16
Reece Folding Machine (quarterly)
Sc Dec. 27 Dec. 16
Reed Roller Bit(guar.)
260 Dec. 26 Dec. 16
Extra
50c Dec. 26 Dec. 16
Reliance Manufacturing (Ill.). pref. (quar.)..
$1 It Jan. 1 Dec. 20
Remington Rand. new 5% pref. (guar.)
1 Dec. 10
313(0 Jan
5% preferred new (qua?.)
31 c Apr. 1 Mar. 10
$6 preferred (semi-ann.)
Apr. 1 Mar. 10
Reno Gold Mines. Ltd. (guar.)
1 Nov.30
3c Jan
Rensselaer & Saratoga RR. (s.
-a.)
$4 Jan. 2 Dec. 14
Republic Steel,6% pref.(initial)
51H Jan. 1 Dec. 12
Retail Stores
50c Jan. 2 Dec. 21
Rex-Hide. Inc. (guar.)
25c Jan. 15 Dec. 31
Reynolds Metals Co.. 51i% cum. pref. (quar.)_ $1
Jan. 2 Dec. 20
Reynolds Spring (quay.)
25c Dec. 30 Dec. 16
Reynolds (It J.) Tobacco (quarterly)
75c Jan. 2 Dec. 18
Common B (auarterlY)
75c Jan. 2 Dec. 18
Rich's, Inc.. 6 % Preferred (guar.)
$1A Jan. 21 Dec. 16
Richmond Fredericksburg & Potomac RR
Dec. 31 Dec. 23
Non-voting common (s.
-a.)
Dec. 31 Dec. 23
Dividend obligation (3.-a.)
$2 Dec. 31 Dec. 23
Richmond Water Works,6% pref. (qua?.)
51H Jan. 2 Dec. 20
Rice-Stix Dry Goods Co..1st & 2nd pref.(qu.)
Jan. 1 Dec. 15
$1
Rickel(H. W.)& Co.(semi-ann.)
Sc Jan. 15 Dec. 20
Extra
4c Jan. 15 Dec. 20
Riverside Silk Mills. A
h25c Jan. 2 Dec. 14
Class A (quarterly)
25c Jan. 2 Dec. 14
Robbins (Sabin) Paper Co.,7% pref. (quar.)
$1 It Jan. 2 Dec. 20
Rochester Telephone Corp. (qua?.)
Jan. 2 Dec. 20
$1
6H% 1st preferred (guar.)
51% Jan. 2 Dec. 20
5% 2nd preferred (quar.)
Si
Jan. 2 Dec. 20
Root Petroleum, pref. (quar.)
30c Jan. 1 Dec. 20
Ross Gear & Tool (quarterly)
30c Dec. 31 Dec. 20
Extra
50c Dec. 31 Dec. 20
Royal Typewriter, 7% preferred
Dec. 24 Dec. 17
Safety Car Heating & Lighting
Dec. 23 Dec. 6
Safeway Stores, Inc.. common (quar.)
50c Jan. 1 Dec. 19
7 preferred (quarterly)
Si If Jan
1 Dec. 19
6% preferred (quarterly)
$111 Jan
1 Dec. 19
St. Croix Paper, preferred (semi-ann.)
Tan. 2 Dec. 25
St. Joseph & Grand Island Ry.(initial)
$2 Dec. 31 Dec. 26
First and second preferred
$4 Dec. 31 Dec. 26
St. Louis Bridge Co.6% 1st pref.(semi-ann.).$3 Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
$1H Jan. 2 Dec. 15
St. Louis National Stockyards (quar.)
$1
Jan. 2 Dec. 21
Salt Creek Producers Association (seml-ann.)
40c Dec. 31 Dec. 14
Samson Corp.,6% preferred
50c Jan. 31 Dec. 31
San Carlos Milling Co.(monthly)
20c Jan. 15 Jan. 2
Extra
50c Jan. 15 Jan
2
Sangamo Electric (quarterly)
25c Jan. 2 Dec. 23
Extra
25c Jan. 2 Dec. 23
Preferred (quarterly)
$1 52 Jan
2 Dec. 23
Savannah Electric & Power
-8% deb. A (quar.) sii2 Jan. 2 Dec. 10
% debenture B (quar.)
Jan. 2 Dec. 10
7% debenture C (quar.)
$1
Jan. 2 Dec. 10
6H% debenture D (qua?.)
Si
Jan. 2 Dec. 10
6% preferred
hi'
Jan. 2 Dec. 10
Scott Paper Co., corn. (quar.)
45c Dec. 31 Dec. 17
Common extra
20c Dec. 31 Dec. 17
Common
050% Dec. 31 Dec. 17
Scovill Mfg. (quarterly)
25c Jan. 1 Dec. 12
Scranton Electric, 56 preferred (quarterly)
$134 Jan. 2 Dec. 6
,
Second International Securities. 1st preferred
6234c Jan. 2 Nov. 15
Seaboard Surety Co
. Dec. 30 Dec. 20
Securities Holding Corp..6% Preferred
5 c Jan. 2 Dec. 17
Securities Investment Co. of St. Louis,8% pref.
(quarterly)$2 Jan. .1
Selected Industries,$5) preferred
87,Hc Jan. 1 Dec. 14
55H preferred
hi! Jan. 1 Dec. 14
Servel. Inc._, 7% cum. preferred (quarterlY)
$1 If Jan. 2 Dec. 206
Shattuck (F. G.) quar.)
7c Dec. 28 Dec. 14
Extra
25c Dec. 28 Dec. 14
Sherwin-Williams. Ltd.. preferred
1151,1 Jan. 2 Dec. 15
Silver King Coalition Mines(quar.)
10c Jan. 2 Dec. 13
Singer Mfg.(quar.)
Si
Dec. 31 Dec. 10
Extra
$2
Dec. 31 Dec. 10
Special
51 Dec. 31 Dec. 10
S. M. A. Corp. (qua?.)
124: Jan. 2 Dec. 20
Extra
Jan. 2 Dec. 20
South Carolina Power Co., $6 pref. (quar.)..
Jan. 2 Dec. 16
Southeastern Express Co. (s.
-a.)
Jan. 2 Dec. 14
Southern Acid & Sulphur Co.,7% pref. (qu.)... $1 It Jan. 2 Dec. 10
SouthernCalifornia Edison Co.—
preferred (quar.)
37)ic Jan. 15 Dec. 20
SVes C 5H% Preferred (qua?.)
C
nai.
3430 Jan. 15 Dec. 20
Southern Calif. Gas. pref. A (guar.)
37He Jan. 15 Dec. 31
Preferred (quarterly)
37Hc Jan. 15 Dec. 31
Southern Canada Power Co.
67 cum. partic. pref. (guar.)
134% Jan. 15 Dec. 20
Southern Indiana Gas & Electric Co.
-7% preferred (quar.)
Jan. 1 Dec. 21
6% preferred (qua?.)
Jan, 1 Dec. 21
6.6% preferred (guar.)
Jan. 1 Dec. 21
Dec. 21 1935
Per
Share
When Holders
Payable of Record
Southern New England Telephone (quar.)
$134 Jan. 15 Dec. 31
South Penn 011 (guar.)
40c Dec. 28 Dec. 13
South Pittsburgh Water. 7% Pref. War.)
H Jan. 15 Jan. 2
6% preferred quar.)
$114 Jan. 15 Jan. 2
South Porte Rico Sugar Co. (quar.)
50c Jan. 2 Dec. 12
Preferred (Quar.)2% Jan. 2 Dec. 12
Southwestern Bell Telep., pref. (quar.)
$1H Jan. 1 Dec. 20
Southwestern Gas & Electric Co
8 . preferred (quarterly)
$2 Jan. 2 Dec. 14
7V preferred (quarterly)
Jan. 2 Dec. 4
$1
Southwestern Light & Power, preferred
h50c Dec. 31 Dec. 18
South West Penna.Pipe Lines
51 Dec. 31 Dec. 16a
Extra
$1 Dec. 31 Dec. 160
Spang, Chalfant & Co.. Inc., pref
852
Dec. 30 Dec. 16
Preferred _
h$134 Jan. 1 Dec. 16
Sparta Foundry Co.(quar.)
25c Dec. 23 Dec. 10
Spencer Kellogg & Sons (guar.)
40c Dec. 30 Dec. 15
Spencer Trask Fund (guar.)
123-Ic Dec. 30 Dec. 13
Spiegel. May. Stern. 634% preferred (quer.)
5194 Feb. 1 Ian. 15
Springfield Gas & Electric. pref. A (quar.)
$1 H Jan. 2 Dec. 14
Springfield Valley Co. (liquidating)
$2 Dec 31 Dec. 10
Square D Co., class A preferred (guar.)
560 Dec. 31 Dec. 20
Standard Brands, Inc.. common (quar.)
20c Jan. 2 Dec. 6
$7 preferred A (quay.)
$1H Jan. 2 Dec. 6
Standard Coosa-Thatcher Co..7% pref.
It Jan. 15 Jan. 15
Oil Export Corp..5% pref.(semi-ann.)
(quar.)Stnd
Dec.
Standard Steel Spring
$251 Dec. 3241 Dec. 20
2
13
Starrett (L. S.)
35c Dec.
Dec.
Stecher-Traung Lithograph Corp.,734% pref._ 11S174 Dec. 30 Dec 18
ec. 11
16 D 16
1
Stein (A.)& Co., preferred (qua?.)
D
51a Jrin.. 23 Dec. 17
ee 2
5134
Stroock (S.) & Co. (resumed)
Sunshine Biscuit,5% pref. (quar.)
$134 Jan. 1 Dec. 180
Sunshine Mining (quarterly)
50c Dec. 30 Dec. 14
Superheater Co. (quarterly)
123-Ic Jan. 15 Jan. 4
Superior Portland Cement, class A
h55c Jan. 2 Dec. 23
Supersilk Hosiery Mills. 7% pref.
34 Jan. 2 Dec. 13
3
Supertest Petroleum, pref. A (s. (8.-a.)
-a.)
Jan. 2 Dec.
Preferred B (semi-ann.)
Jan. 2 Dec. 13
Sutherland Paper (bi-monthly)
10c Dec. 23 Dec. 13
Extra
10c Dec. 23 Dec. 13
Swift & Co.(quarterly)
25c Jan. 1 Dec. 2
Swiss 011 (quarterly)
Sc Dec. 24 Dec. 19
Extra
Sc Dec. 24 Dec. 19
Sylvanite Gold Mines (guar.)
Sc Dec. 31 Nov 23
Tacony-Palmyra Bridge (guar.)
50c Dec. 31 Dec. 10
Class A (quar.)
50c Dec. 31 Dec. 10
Taylor Milling Co. (quar.)
25c Jan. 2 Dec. 10
Teck-Hughes Gold Mines
10c Jan. 2 Dec. 10
Telephone Investment Corp. (mo.)
25c Dec. 23 Dec. 2
Monthly
25c Jan. 2 Dec. 20
Tennessee Electric Power Co.
5 first preferred quar.
$134 Jan. 2 Dec. 16
6 first preferred quar.
5134 Jan. 2 Dec. 16
7 first preferred guar.
$1 It Jan. 2 Dec. 16
7.2% first preferred (quar.)
$1.80 Jan. 2 Dec. 16
6% first preferred (monthly)
50c Jan. 2 Dec. 16
7.2% first preferred (monthly)
60c Jan. 2 Dec. 16
Terminal RR. of St. LOUIS (s.
$3 Jan. 2 Dec. 16
-a.)
Texas Corp. (quar.)
25c Jan. 11
.
. 16
.Dec
Texas Electric Service, $6 preferred (quar.)
Dec.
$1H
Tex-O-Kan Flour Mills (quar.)
15c Jan. 2 Dec. 14
Quarterly
15c Apr. 2 Mar.14
Taxon 011 & Land Co.. common
15c Dec. 30 Dec. 10
Thatcher Mfg Co.(guar.)
260 Jan. 2 Dec. 14
Third Twin Bell Syndicate (bi-monthly)
10c Dec. 31 Dec. 28
Tide Water Assoc. Oil Co.. prof. (quar.)
$134 Jan. 2 Dec. 20
Tide Water Oil Co
50c Dec. 31 Dec. 20
Tilo Roofing, $2 preferred
/42 Jan. 2 Dec. 20
Tintic Standard Mining (quar.)
15c Dec. 24 Dec. 14
Tip Top Tailors, Ltd.. 7% pref. (quar.)
$134 Jan. 2 Dec. 14
Tobacco & Allied Stocks, Inc
$4 Dec. 31 Dec. 23a
Tobacco Securities Trust (final)
=10% Dec. 28 Dec. 3
Toledo Edison Co..7% preferred (monthly).- 581-3c Jan. 2 Dec. 14
6% preferred (monthly)
50c Jan. 2 Dec. 14
5% preferred (monthly)
412-3c Jan. 2 Dec. 14
Toronto Elevator preferred (guar.)
1 H%Jan. 15 Jan. 2
Torrington Co. (quarterly)
51 Jan. 2 Dec. 19
Extra
50c Jan. 2 Dec. 19
Tr -Continental Corp., $6 pref. (quar.)
5134 Jan. I Dec. 14
Trico Products (guar.)
62
Jan. 2 Dec. 12
Troy & Greenbush RR. Assn. (s.
-a.)
EP Juno 15 June 1
Trumbull Cliffs Furnace, pref. (qua?.)
3134 Jan. 1 Dec. 14
Truscon Steel, preferred
h
Dec. 31 Dec. 16
Tubize-Chatillon % preferred (resumed)
5134 Jan. 2 Dec. 10
Twin Bell 011 Syndicate (monthly)
52 Jan. 5 Dec. 31
Underwood Elliott Fisher Co. (guar.)
623-Ic Dec. 31 Dec. 12a
Preferred (quarterly)
$14 Dec. 31 Dec. 12a
Unilever N V., ordinary (interim.)
2%
Union Carbide & Carbon Corp
50c Jan. 1 Dec. 6
Union Electric Light & Power of Ill
4
6% preferred (quarterly)
51
Jan. 2 Dec. 14
Union Electric Light & Power of Mo..7% pref._
$1 H Jan, 2 Dec. 14
Union Pacitic RR
$1
Jan. 2 Dec. 2
Union Public Service (Minn.), pref.0 &
$1
Jan. 2 Dec. 20
7% preferred A & B (quarterly)
$41
United Biscuit of America. preferred (quar.)-__. $1 H Jan. 2 Dec. 20
Feb. 1 Jan. 16
United Carbon (quarterly)
60c Jan. 1 Dec. 16
United Corp., $3 preference
75c Jan. 2 Dec. 10
United Dyewood preferred (guar.)
$134 Jan. 2 Dec. 13
United Elastic Corp. (quar.)
10c Dec. 24 Dec. 5
United Engineering & Foundry Co.(guar.)
50c Dec. 24 Dec. 14
Special
50c Dec. 24 Dec. 14
United Fruit Co
75c Jan. 15 Dec. 19
United Gas & Electric Corp.. pref. (quar.)
134% Jan. 1 Dec. 16
United Gas Improvement (quarterly)
25c Dec. 31 Nov.30
Preferred (quarterly)
21 ti Dec.
United Gold Equities of Can., std. shs.(guar.)- 23-4c Jan. 31 Nov.30
15 Jan. 3
United Light & Ry. Co. (Del.)
6% preferred (monthly)
5043 Jan. 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% preferred (monthly)
58 1-3c Jan. 2 Dec. 16
7% preferred monthly
58 1-3c Feb. 1 Jan. 15
7% preferred monthly
58 1-3c Mar. 2 Feb. 15
7% preferred monthly
581-30 Apr. 1 Mar. 16
6.36% preferred (monthly)
63c Jan. 2 Dec. 16
6.36c7. preferred {monthly)
53c Feb. 1 Jan, 15
6.36% preferred (monthly)
530 Mar. 2 Feb. 15
6.36% preferred (monthly)
53c Apr. 1 Mar. 16
United Loan-Industrial Bank (quar.)
$1
Jan. 2 Dec. 20
Extra
$1 Jan. 2 Dec. 20
United Molasses (final)
=8% Jan. 17 Dec. 19
United New Jersey RR & Canal Co.(quar.).
523.4 Jan. 10 Dec. 20
United New York Trust Shares—
C-3 registered & bearer
4 .99560 Jan. 2
United Shoe Machinery (quarterly)
623-0 Jan. 6 Dec. 17
Special
$2 Tan. 6 Dec. 17
Preferred (quarterly)
Jan. 6 Dec. 17
IJnited StatesFoll Co.,common cl A & B (qu.).- 373-Ic Jan. 2 Dec. 16a
15c
Preferred (quar.)
5134 Jan. 2 Dec. 16a
United States Gauge Co. 8 -a.)
(.
Jan. 2 Dec. 20
Preferred (semi-ann.)
Jan. 2 Dec. 20
United States Gypsum (guar.)
.
250 Jan. 2 Dec. 6
pee
Extra
ec
50c D.24 Dec. 6
Preferred (quarterly)
5134 Jan. 2
United States Industrial Alcohol
50c Jan. 2 Dec. 16a
United States Pipe & Fdy Co.. corn. (quar.)__. 12 c Jan. 20 Dec. 31
1st preferred (quar.)
Jan. 20 Dec. 31
United States Playing Card (quarterly)
25c Jan. 1 Dec. 21
Extra
260 Jan. 1 Dec. 21
Name of Company
11
74
IN
3971
Financial Chronicle
Volume 141
When Holders
Payable of Record
Per
Share
Name of Company
Jan. 2 Dec. 16
$1
United States Tobacco Co., common
Jan. 2 Dec. 16
Common (special)
$134 Jan. 2 Dec. 16
Preferred (quarterly)
2 Dec 20
$15 Jan
United States Trust Co. (guar.)
25c Feb. 1 Jan. 3
United Verde Extension Mining
60c Feb. 1 Jan. 17
Universal Leaf Tobacco (guar.)
$2 Jan. 2 Dec. 20
Preferred (quarterly)
40c Dec. 31 Dec. 20
Universal Products
$1;6 Feb. 10 Jan. 31
Upper Michigan Power & Lt. Co..6% pf.(qu.)_
h58 1-3c Jan. 15 Dec. 14
Utah Power & Light,$7 preferred
h50c Jan. 1 Dec. 14
$6 preferred
Utica Clinton & Binghamton Ry.—
$234 Dec. 26 Dec. 16
Debenture stock (a.-a.)
h$4 Dec. 31 Dec. 24
Vlchek Tool, 7% preferred
heS20 Dec. 31 Nov. 16
7% preferred
$1 .4 Jan. 1 Dec. 20
Victor Monaghan Co.,7% pref. (quar.)
Jan. 1 Dec. 10
$I
Virginia Public Service 7% pref. (quar.)
$2 Dec. 30 Dec. 20
Virginia Railway
50c Dec. 28 Dec. 18
Vogt Manufacturing, extra
37 Ac Jan. 2 Dec. 14
Vortex Cup (quar.)
Jan. 2 Dec. 14
62
Class A (guar.)
$4 Jan. 20 Jan. 10
Vulcan Detinning (special)
Jan. 20 Jan. 10
SI
Preferred (quar.)
Apr. 20 Apr. 10
SI
Preferred (quar.)
$1 34 July 20 July 10
Preferred (guar.)
$1% Oct. 20 Oct. 10
Preferred (quar.)
81 34 Jan. 1 Dec. 20
Wagner Electric. preferred (quarterly)
$1% Jan. 2 Dec. 20
Walgreen Co ,634% pref. (guar.)
50c Dec. 26 Dec. 9
Ward Baking 7% preferred (guar.)
$334 Jan. 2 Dec. 30
Ware River RR.. guaranteed (semi-ann.)
15c Jan. 1 Dec. 14
Waukesha Motors, new (initial)
10c Jan. 1 Dec. 14
New (extra)
12Mc Jan. 2 Dec. 14
Wesson Oil & Snowdrift Co., Inc
373.4c Jan. 2 Dec. 14
Extra
50c Jan. 15 Dec. 20
Western Grocers, Ltd. (quar.)
$1 '4 Jan. 15 Dec. 20
Preferred (guar.)
50c Dec. 31 Dec. 16
Western Massachusetts Cos. (quarterly)
-a
35c Jan. 15 Dec. 31
Western Pipe & Steel (Calif.), 7%pref. (s. .)_ _ _
$1 Dec. 21 Dec. 16
Western Tablet & Stationery
Jan. 2 Dec. 16
S1
Western United Gas & Electric 63.5% pf.
$1;i Jan, 2 Dec. 16
6% preferred (quarterly)
$134 Jan. 1 Dec. 14
-a.)
West Jersey & Seashore RR.(s.
$134 Jan. 2 Dec. 17
West Kootenay Power & Light, pref. (guar.) _
30c Jan. 2 Dec. 14
Westmoreland, Inc. (guar.)
$136 Jan. 2 Dec. 20
Westmoreland Water Co.,$6 preferred (quar.)_ _
$136 Jan. 2 Dec. 30
West New York & Pennsylvania Ry
$134 Jan. 2 Dec. 30
5% preferred (semi-ann.)
50c Jan. 2 Dec. 19
Weston Electric Instrument, A (guar.)
SI "1 Dec. 30 Dec. 17
West Penn Electric class A (quar.)
$I K Feb. 1 Jan. 6
West Penn Power,7% pref. (guar.)
$134 Feb. 1 Jan. 6
6% preferred (quarterly)
75c Jan. 2 Dec. 16
West Texas Utilities, preferred
Jan. 2 Dec. 16
Westvaco Chlorine Products, preferred (quar.)_ _
West Virginia Water Service Co.—
$134 Jan. 2 Dec. 16
$6 cumulative preferred (guar.)
Per
Share
Name Of Company
Wheeling Steel, cum. preferred
White Rock Mineral Springs (guar.)
1st & 2nd preferred (quar.)
White Villa Grocer, Inc., pref. (qu.)
Wichita Water,7% pref.(guar.)
Winn & Lovett Grocery, class A (guar.)
Preferred (quarterly)
Wisconsin Electric Power. 634% pref
8% preferred (quarterly)
Wiser Oil Co. (quar.)
Woodley Petroleum (quar.)
-Hargreaves Mines (quar.)
Wright
Extra
Wrigley (Wm.) Jr. CO. (monthly)
Monthly
Monthly
Monthly
Special)
Yale &Towne Mfg. Co
Young (L. A.) Spring & Wire (stock div.)
Quarterly
Youngstown Sheet & Tube, pref. (resumed)- Zellers. Ltd., 6% preferred
50c
c35c
$I
$1
$134
50c
$134
8134
$I
25c
10c
10c
Sc
25c
25c
25c
25c
50c
15c
e5%
75c
5134
5134
When Holders
Payable of Record
Dec. 24 Dec. 5
Jan. 2 Dec. 20
Jan, 2 Dec. 20
Jan. 2 Dec. 14
Jan. 1 Man. 2
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan. 1
Jan. 2 Dec. 14
Jan. 2 Dec. 12
Dec. SI Dec. 16
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Jan. 2 Dec. 20
Feb. 1 Jan. 20
Mar. 2 Feb 20
Apr. 1 Mar. 20
Jan.) 2 Dec. 20
Jan. 2 Dec. 10
Dec. 31 Dec. 17
Dec. 31 Dec. 17
Jan. 1 Dec. 21
Dec. 30 Nov. 30
a Transfer books not closed for this dividend
C The following corrections have been made:
Bank of N. Y. & Trust Co., dividend of $334, previously reported as $3.
Motor Products,stock div. payable Feb. 1, previously reported as Jan. 2.
White Rock Mineral Springs Co., div. of 35c. previously reported as 25c.
d A reg. quar. div. on the cony. pref. stock, opt, series of 1929, of Commercial Investment Trust Corp. has been declared payable in common
of
stock of the corp. at the rate of 5-208 of 1 share of corn, stock per share
cony. pref. stock, opt. series of 1929, so held, or. at the opt, of the holder.
the rate of 31.50 for each share of cony. pref. stock, opt, series
in cash at
Of 1929. so held.
e Payable in stock.
f Payable in common stock. y Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
m North American Match, div. of ),f, sh. of capital stock, no par value,
of North American
of Smokers Match Corp. for each one sh. of capital stick fractional shs.
Match held. Scrip certificates will be issued in lieu Of
share held.
n Lincoln Printing, pref. div. of 1-5 sh. of pref. stock for each
o Tung-Sol Lamp Works pref. div. payable five days after surrender of
stock for new.
Old
r Payable in Canadian funds, and In the case of non-residents of Canada
be made.
a deduction of a tax of 5% of the amount of such dividend will
delivery of
s McKesson & Robbins pref. special div. is payable upon
new preference.
present stock in exchange for
Payable in special preferred stock.
u Payable in U. S. funds. to Loss depositary expenses.
z Less tax. y A deduction has been made for expenses.
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:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 18 1935,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY, DEC. 14 1935
*Surplus and
Undivided
Profits
• Capital
Clearing House
Members
Bank of N. Y.& Tr. Co_
Bank ot Manhattan Co__
National City Bank ____
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Ilanover Bk.& Tr.
Corn Exch. Bk. Tr. Co_
First National Bank
Irving Trust Co
Continental Bk.&Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland Tr. Co_
New York Trust Co..
Comm'l Nat. Ilk & Tr_
Pub. Nat. 13k. & Tr. Co_
Net Demand
Deposits,
Average
s
s
$
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
19.600,000
7,000,000
8,250,000
Time
Deposits,
Average
s
144,089,000
10,747,300
374,106,000
25,431,700
41,881,200 a1,382,309,000
439,333,000
49,711,100
176,613,400 91,401,021,000
401,073,000
10,297,500
743,623,000
61,523,900
16,726,200 218,590,000
490,573,000
91,767,600
58,021,900 486,754.000
42,789,000
3,711,500
69,874,900 c1,800,230,000
46,898,000
3,377.200
63,748,200 d779,215,000
15,668,000
5,314,800
7,825,200
78,899,000
21,651,600
280,334,000
7,745,600
65.406,000
5,433,500
72,390,000
5,755,000
30,953,000
150,125,000
14,730,000
38,292,000
82,121,000
14,209,000
20,875,000
3,551,000
72,000
1,365,000
55.649.000
37,738,000
292,000
3,196,000
23,611,000
1,680,000
40,188,000
Totals
614.955.000 731 404 am n 9sa ono ono co., Ana min
•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) $220.360,000:(b) $81,397,000;
(c) $77,733,000; (d) $29,597,000.
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. 13:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR TIIE WEEK ENDED FRIDAY, DEC. 13 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, Res. Dep., Dep Other
Including N. 3'. and Banks and
Disc. and
Investments Bank Notes Elsewhere Trusi CO3.
Manhattan—
S
20,542.100
Grace National
Sterling National_ _ _ 16,500,000
Trade Bank of N. Y. 4,013,321
Brooklyn—
Peonies National_ _ _ _ 4,739,003
s
s
104,200
689,000
319,909
3.164,400
3,830,000
1,355,206
92,000
869.000
Orats
Deposits
s
g
2.245.600 22.499,700
1,956,000 19.735,000
268,190 5.030,992
342.000
s
A49 'inn
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County ..
United States
Brooklyn—
Brooklyn
,
-cc,n,,, Onnntv
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust C0.3
Oros:
Deposits
$
$
$
52,716,500 .12,716,800 8,464,400
629,889
167,179
7,375.025
693.181
.792,078
9,675,918
17,317,500 *3,663,300 1,600,100
,
29,859,600 '
13,196.600 1.510,800
62.539,340 21,784,927 17,799,016
S
$
3,230,700 65,917,200
2,052,893 8,415,729
9.116,917
1,400,500 19,220.400
37,202,300
73,139,479
3.169,000 41,569,000
2.194.902 7.827.604
124.000 114.439,000
a/ 474 (VI.,
77,293.000
29 01e 418
•Includes amount with Federal Reserve as follows: Empire, $11,372,200: Fiduciary. $515,676; Fulton, $3,453,900; Lawyers County, $7,367,400.
Dec. 18 1935 Dec. 11 1935 Dec. 19 1934
Assets—
Gold certificates on hand and due from
3,175,043,000 3.208,845,000 1,703,662,000
U. S. Treasury.:
1,654,000
1,257,000
1,920,000
Redemption fund—F. R. notes
50,764,000
50,372,000
48,392,000
Other cash'
3 225,355,000 3,260,474,000 1,756,080,000
Total reserves
1,591,000
Redemption fund—F. R. bank notes....
Bills discounted:
Secured by U. S. Govt. obligations
2,587,000
1.810,000
1,975,000
direct & (or) fully guaranteed
2,949,000
2,134.000
2,356,000
Other bills discounted
5,536,000
3,944,000
4,331,000
Total bills discounted
1,795,000
7,764,000
1,803,000
7,932,000
2,055,000
748,000
55,842.000
498,307,000
187,668,000
55,842,000
497,470,000
188,505,000
140,955,000
475,23.4,000
161.566,000
741,817,000
741,817,000
777,755,000
Total bills and securities
755,707,000
755,496,000
786,094,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
262,000
4,795,000
161,976,000
12,136,000
27,300,000
300,000
254,000
4,910,000
4,715,000
155,650,000 137,335,000
12,136,000 11,624,000
28,717,000
32,699,000
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities.
Other securities
Foreign loans on gold
Total assets
4,137,531,000 4,221,424,000 2,726,651,000
796.992,000 783,011,000 671.546,000
F. It. notes in actual circulation
25,819.000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve &col__ 2,544,900,000 2,946,822,000 1.591.358,000
59,722,000
4,277,000
Treasurer—General account___ 362,025,000
U S.
6,604,000
11,677,000
12,544.000
Foreign bank
187,427,000 188,189,000 111,945,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
3,106,896,000 3,150,965,000 1,769,629.000
157,090,000 151.716,000 133,822.000
59,600.000
50,998,000
51,000.000
45,217,000
49,964,000
49,964,000
615,000
7,250,000
7,250,000
4,737,000
7.500.000
7.500,000
15,666,000
20,020.000
10,839,000
4 187,531,000 4,221,424,000 2,726,651,000
Total liabilities
Ratio of total reserves to deposit and
71.9%
82.9%
82.6%
F. R. note liabilities combined
Contingent liability on bills purchased
330,000
for foreign correspondents
Commitments to make Industrial ad2.432,000
10,012,000
9,948,000
vances
•"Other cash" dote not include Federal Reserve notes or a bank's own Federel
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from we
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
tamer tbr ”..nvisione of the Gold Reserve Act of 1934.
3972
Financial Chronicle
Dec. 21 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. 19,
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."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS DEC. 18 1835
Dec. 18 1936 Dec. 11 1935 Dec. 4 1935 Nov. 27 1935 Nov. 20 1935
Noo.13 1935 Nov. 6 1935 Oct. 30 1935 Dec. 19 1934
ASSETS
$
$
S
$
3
3
3
3
s
Gold ctts. on hand & due from U.8.Treas.x 7,553,862,000 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 5,122,762,000
Redemption fund (E. R. notes)
17,623,000
17,487.000
17,524,000
17,668,000
18,598,000
18,595,000
19,454,000
19,370,000
19,727,000
Other cash •
233,371,000 235,413.000 225.445,000 227.249,000 242.110,000
234,585,000 223,634,000 238,953,000 219,662,000
Total reserves
7,804,856,000 7,773,249,000 7,653,320,000 7,511,568,000 7.422,356.000
7.377,336.000 7,306.160.000 7.235,303,000 5,361,878,000
Redemption fund-F. R. bank notes
1,841,000
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
3,634,000
3,022.000
2,360,000
3,200.000
2,500,000
5,569,000
4,768,000
3,773,000
2,999,000
Other bills discounted
3,286,000
3,084,000
3,008,000
2,832,000
2,922,000
3,497,000
3,839,000
3,028,000
3,129.000
Total bills discounted
6,920,000
6,106.000
5,368.000
6,032,000
5,422,000
9,066,000
8,607,000
6,801,000
6,123,000
Bills bought In open market
4,671,000
4,679,000
4,675,000
4.674,000
4,674,000
4,677,000
4,676,000
5,682,000
4,676,000
Industrial advances
32,696,000
32,790,000
32,395,000
32.634,000
32,562,000
32,689,000 32,677,000
12,494,000
32,719,000
U.S. Government securities-Bonds
215,615,000 215,116,000 219,948.000 219,940,000 225,753,000 230.001,000 235,447,000
238,923,000 395,572,000
Treasury notes
1,641,602,000 1,639,097,000 1,630,725.000 1,651,757.000 1.646.009.000 1,644,009.000 1,638,588,000
Treasury bills
572,958,000 575.958.000 579,608,000 558.482,000 558,482,000 556,162,000 556,162.000 1,635,087,000 1,507.124,000
556,162,000 527,475.000
Total U. S. Government securities 2,430,175,000 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 2,430,171,000
Other securities
181,030
181,000
181,000
181,000
181,000
181.000
181,000
131,000
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 asset/
Total assets
LIABILITIES
F. R. notes In actual circulation
F, It. bask note, In actual circulation__
2,474,643,000 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 2,456,954,000
650.000
20,039,000
657.595,000
50.308.000
38,290,000
641.000
644,000
19,477,000
18,550,000
554,980,000 543,286,000
50,304,000
50,279,000
44,766,000
43,413,000
645,000
20.038,000
531,236,000
50,278,000
43,329,000
645,000
641,000
23,945,000
22,139,000
599,032,000 696,940,000
50,274,000
50,220,000
42.518,000
42,057,000
641,000
21,829,000
477,338.000
50,169,000
41,137,000
804,000
22,028,000
551,496,000
53,372,000
42,133,000
-11,046,381,000 10,917,344,000 10782.292.000 10,630,794.000 10,611,903,000 10,666.118,000 10,371,806,000 10,381,304,000 8,490,506,000
641,000
21,447,000
507,936,000
50,169,000
41,932,000
3,698,393,000 3,653,741,000 3,648,243,000 3,626,782,000 3,570,416,000 3,562,087,000 3,563,254,000 3,511,319,000 3,231,862,000
26,732,000
Depoelts-Member banks' reserve account 5,436,894,000 6,039,613,000 5,905,115.000 5,788,991,000 5,781,642,000
5,745,948,000 5,671,235,000 5.652,989,000 3,943.123,
000
11.8. Treasurer-General account-- .. 632,794,000
24,031,000
42,672.000
53,763,000
50,458,000
59,719,000
77,772,000
60.279,000 232,261,000
ForeIgn bank;
32,716,000
31,849,000
39,109,000
43,787,000
29,396,000
26.131,000
22,501,000
18,361,000
25,402,008
Other deposits
248,110,000 248,062,000 244,335,000 237.782,000 232,142,000
222,758,000 213,724,000 270,744,000 166,548,000
Total deponits
6,350,514,000 6,343,555,000 6,231,231.000 6,124,328,000 6,003,638,000 6,072,609,000 5.967.179.000
6,009.414,000 4,360,293,000
Deferred availability Items
650,308.000 555,360,000 547,149,000 533,284,000 601,723,000 682,195,000 490,231,000
532,562,000
Capital paid in
130,471,000 130,440,000 130,437,000 130.436,000 130.306.000 130.363,000 130,364,000 508,013,000 146,718,000
Surplus (Section 7)
•
144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 130,356,000 138,383,000
144,893,000
Surplus (Section 13-8)
23,457,000
23,457,000
23,457.000
23,457.000
23,457,000
23.457,000
23,457,000
5,126.000
23,457,001
Reserve for contingencies
30.700,000
30,701,000
30.701,000
30,700,000
30.700,000 f30,899,000
30,699.000
22,272,000
30,698.00b
All other liabilities
17,645,000
35,197.000
26,181,000
16,914,000
10,770,000 t19.815,000
21,729.000
26,538,000
22,254,008
Total liabilities
11,046.381,000 10.917,344,000 10782,292,000 10,630,794,000 10,611,903,000 10,666,118,000 10.371,806,000 10,381,304,001
3,490,506,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
77.7%
77.8%
77.5%
77.0%
76.8%
76.7%
76.6%
70.6%
76.5%
Contingent liability on bills purchased for
foreign correspondents
651,000
Commitments to make IndustrIal advances
27,691,000
28,084,000 127,719,000
28,002,000 f27,486,000
27,373,000
27,336.000 t27,047,001
7,399,000
Maturity Distribution of Bills and
I
Sbort-term Securities$
$
s
s
a
s
s
$
3
1-15 days bills discounted
4,673,000
4,399,000
3,718,000
3,506,000
3,761,000
7,116,000
4,374,000
6,865,000
3,749,000
16-30 days bills d1scounted
56,000
64,000
94,000
712,000
784,000
653,000
41,000
221,000
597,000
81-60 days bills discounted
260,009
264,000
250,000
162.000
231.000
853,000
847,000
863,000
876,000
81-90 days bills discounted
777,000
206,000
192.000
275,000
118,00,,
194.000
307.000
627,000
247,000
Over 90 days bills discounted
1,154,000
1.173,000
1.114,000
1.138,000
707.000
827,000
755.000
659,000
31.000
Total bills discounted
6,920,000
5,368.000
6,106,000
6,032,000
5,422,000
6,801,000
9,066,000
8,607,000
6,128,000
1-15 dayabills bought In open market _
1,730,000
2.006,000
615,000
1,524,000
532.000
156,000
761,000
165,000
1,140,000
16-30 days bills bought In open market....
859,000
489,000
1,768,000
644,000
1.053,000
722,000
532,000
632.000
513,000
81-60 days bills bought in open market _
1,328,000
808,000
721,000
713,000
2,350,000
407,000
403,000
521,000
1,271,000
01-90 days bills bought In open market__754,000
1,376,000
1,571.000
156,000
1,471,000
2.981,000
3,391,000
3,308.000
2,758,000
Over 90 days bills bought in open market
Total MIS bought In open market
1-16 days Industrial advances
18-30 days Industrial advances
81-60 days Industrial advances
1-90 days Industrial advances
Over 90 days industrial advances
4,671,000
4,679,000
4,675,000
4,674,000
4.674,000
4,677,000
4,676,000
4,676.000
5,682.000
1,512,000
418,000
664,000
936,000
29,166,000
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
846,000
29.220,000
1,566,000
370,000
690,000
937,000
29,114,000
1,698,000
195,000
754,000
704,000
20.278,000
99,000
146,000
205,000
832,000
11,212,000
32,562,000
32.689,000
32,677.000
32,719,000
12,494,000
32,550,000
23,360,000
22.760,000
27,500,000
111,110,000
33,830,000
32,550,000
23,360,000
59,320,000 139,300,000 145,360,000 145,880,000
62.743,000
76,993,000
50,495,000
56,925,000
3.1134.521,000 2,150,609,000 2,179,032,000 2,176,507,000
42,399,000
30,950,000
80,317,000
78,752.000
295,057,000
Total IndtutrIal advances
32,696,000
32,790,000
32,395,000
32,634.000
1-15 days U. S. Government securities
34,250,000
91,024,000
90,084,000
33,830,000
16-30 days U.S. Government securitles_.
25,070.000
27,250,000
34,250,000 112.050,000
31-60 days U.S. Government securities..
62,743,000
57,280,000
50.495.000
56,925.000
61-90 days U. S. Government securities._ 124,344,000
70,643,000
67,343,000
62,618,000
Over 90 days U.S. Government securities_ 2.183,768,000 2,183,974,000 2,188,009,000
2,164,766,000
Total U.S. Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
2430,175,0002.430.171.000 2,430,181,000 2,430,179.000 2,430,244,000 2,430,172,000 2,430.197,0002,430.17
2,000
527.475,000
181,000
181,000
181,000
181,000
181,000
131,000
181.000
181,000
Total other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
131,000
=
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent__ _ 4,022,137,000 3,966,374,000 3,042,712.000
3,897,103,000 3,874,197.000
3,540,121,000
Held by federal Reserve Bank
323,794,000 312,633,000 294,469,000 270,326,000 303,781,000 3,863,624,000 3.846,465,000 3,812,938,000 308,259,000
301,537,000 283,211,000 301,619,000
In actual circulation
3,698,393,000 3,653,741,000 3,648,243,000 3,628,732,000 3,570,416,000
3,562,087,000 3,563,254,000 3,511,319,000 3,231,862,000
-Collatval Held by Agent as SecurUy for
Notes Issued to Bank•
Gold etts. on hand& due from U.S. Treas. 3,960,343,000 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 3,366.700,000
By eligible paper
5,044.000
4,404,000
3,744,000
4,494,000
6,932,000
3,882,000
4,668,000
7,511.000
5,244,000
U. S. Government securities
110,000,000 109,000,000 121,100,000 109,100.000 125,900.000 124.500,000 120,500,000 138.000,000 206,000,000
Total collateral
4.075.387.000 4.023.247.000 3.933.647.000 3.937.937.000 3.909 12:, non 3000 804 000 3 SU 262 000 3.304.686.0003.579,602.00
•"Other cash" clom not include Federal Reserve notes. t Revised figure.
a These are certlficates given by the U. S. Treasury for the gold taken over from the Reserve banks
when the dollar was devalued from 100 cents to 59.06 cent/
on Jan. 31 1934. these certificates being worth less to me extent of the difference, toe difference itself caving noes appropriated
as profit by the Treasury tinder the
provisions Of the Gold Reserve Set of 1934.
Volume
3973
Financial Chronicle
141
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
DEC. 18 1936
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Two Ciphers (00) Omitted
Federal Reget00 Bonk of
-
Clesetand Richmond Atlanta
New York
Boston
Total
San Nee,
Dallas
St.Louie Minnear. Kap. COO
Chicago
$
$
.3
RESOURCES
Gold certificates on hand and due
403,491,0
7,553,862,0 528,283.0 3,175,043,0 375,733,0 501,551,0 243,673,0 175,400,0 1,438,673,0 232,083,0 149,028,0 203,024,0 127,880.0 2,901,0
from U. B. Treasury
686,0
856,0
545,0
806,0
570,0
1,920,0 1,286,0 1,090,0 1,057,0 2,889,0
17,623,0 3,017,0
Redemption fund-F.R. notes
25,970,0 15,670,0 6,859,0 15,044,0 6,269,0 15,626.0
48,392,0 30,503,0 14,059,0 10,748,0 10,628,0
233,371,0 33,603,0
0leer cub-•
7,804,856,0 564,903,0 3,225,355,0 407,522,0 516,700,0 255,478,0 188,917,0 1,465,213,0 248,559,0 156,432,0 218,924,0 134,835.0 422,018.0
Total reserves
Bills discounted.
Sec. by U. S. Govt. obligations
15,0
2,0
34,0
5,0
28,0
550,0
50,0
45,0
388,0
50,0
1,975,0
492,0
3,634,0
direct & (or)fully guaranteed
19,0
34,0
570,0
57.0
13,0
32,0
48,0
10,0
26,0
84,0
2,356,0
37,0
3,286,0
Other Mils diacounted
Total bills discounted
6,920,0
529,0
4,331,0
472,0
76,0
55,0
98,0
582,0
41,0
62,0
604,0
36,0
34,0
Mlle bought In open market...
Industrial advances
U.S. Government securities:
Bonds
Treasury notes
Certificatee and bills
4,671,0
32,696,0
344,0
2,944,0
1,795,0
7,764,0
474,0
6,873,0
444,0
1,786,0
173,0
4,442,0
168,0
934,0
555,0
1,849,0
80,0
400,0
64,0
1,666,0
126,0
1,139,0
121,0
1,789,0
327,0
1,110.0
215,615,0 14,420,0
1,641,602,0 107,636,0
572,958,0 35,615,0
55,842,0 16,848,0 19,070,0 10,209,0 8,240,0
498,307,0 120,857,0 149,491,0 80,028,0 64,596,0
187,668,0 39,415,0 49,464,0 26.479,0 21,373,0
25,623,0 9,420,0 12,961.0 9,514.0 16.033,0 17,435,0
242,064,0 74,346,0 47,178,0 73,132,0 47,293,0 136,674,0
88,002,0 24,434,0 15,439,0 24,198,0 15,649.0 45,222,0
Total U. S. Govt.securities_ 2.430,175,0 157,671,0
181,0
User securities
741,817,0 177,120,0 218,025,0 116,716,0 94,209,0
355,689,0 108,200,0 75,578,0 106,844,0 78,975,0 199,331,0
181,0
Total bills and aeouritles
2,474,643,0 161,488,0
755,707,0 184,939,0 220,331,C 121,386,0 95,409,0
358,675,0 108,721,0 77,370,0 108,894,0 80,921.0200,802.0
48,0
650,0
20,039,0
339,0
657,595,0 67,265,0
50,308,0 3,168,0
496,0
38,290,0
23,0
24,0
61,0
67,0
262,0
4,795,0
948,0 1,613,0 2,296,0 1,227.0
161.976,0 52,428,0 59,571,0 53,568,0 22,265,0
12,136,0 4,830,0 6,632,0 3,028,0 2,331,0
918,0 1,501,0
27,300,0 3,866,0 1,513,0
45,0
17,0
18,0
3.0
4,0
78,0
356,0 1,723,0
866,0 1,763,0
3,041,0 1,072,0
17,294,0 40,709,0 25,854,0 34,225,0
94,791,0 27,649,0
4,967,0 2,628,0 1,580,0 3,453,0 1,686,0 3,869,0
382,0
821,0
265,0
443,0
256,0
" 529,0
Due from foreign banks
Fed. Res. notes of other banks-.
Uncollected items
Bank premised
All other resources
11046 381,0 797,707,0 4,187,531,0 654,600,0 806,421,0 436,698,0 311,673,0 1,927,294,0 388,889,0 253,988,0 374,026,0 244,490,0 663,064,0
Total resources
LIABILITIES
1. R. notes in actual circulation_ 3,698,393,0 318,376,0
796,992,0 273,652,0 352,392,0 186,244,0 156,284,0
842,933,0 162,539,0 111,391,0 141,988,0 75,405,0 280,197,0
Deposits:
Member bank reserve account_ 5,436,894,0 325,133,0 2,544,900,0 269,587,0 319,029,0 164,527,0 101,826,0
U. S. Treasurer-Gen. acct.. 632,794,0 56,596,0 362,025,0 15,544,0 40,375,0 15,310,0 12,520,0
Foreign bank
12,544,0 3,160,0 3,033,0 1,181,0 1,149,0
32,716,0 2,298,0
Other deposit:,
248,110,0 3,440,0 187,427,0 10,235,0 3,106,0 2,691,0 4,819,0
881,566,0 157,451,0 102,347,0 169,321,0 116,590,0 284,617,0
57,573,0 20,000,0 8,104.0 9,349,0 9,277,0 26,121,0
830,0 2,234,0
860,0
766,0
958,0
3,703,0
688,0 4,301,0 13,458,0
2,465,0 9,453,0 6,027,0
6,350,514,0 387,467,0 3,106,896,0 298,526,0 365,543,0 183,709,0 120,314,0
945,307,0 187,862,0 117,244,0 180,218,0 130,998,0 326,430,0
157,090,0 51,003,0 57,139,0 51,817,0 21,819,0
51,000,0 12,332,0 12,315,0 4,588,0 4,168,0
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
278,0
10,839,0
408,0
654,0
524,0
96,163,0 28,246,0 16,510,0 42,026,0 27,583,0 33,246,0
11,999,0 3,752,0 2,997.0 3,910,0 3,776,0 10,204,0
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
836,0 1.363,0 2,046,0
891.0 1,169,0
5,325,0
492,0
336.0
293,0
254,0
397,0
2,826,0
Total deposits
Deferred AV6Ilability items
Capital paid In
Surplus (Section 7).....
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
650,308,0 67,666,0
130,471,0 9,430,0
144,893,0 9,902,0
23,457,0 2,874,0
30,700,0 1,648,0
344,0
17,645,0
11046 381,0 797,707,0 4,187,531,0 654,600,0 806,421,0 436,698.0 311,673,0 1,927,294,0 388,889,0 253,988,0 374,026,0 244,490,0 663,064,0
Total liabilities
Ratio of total res to dep. & F. R
note liabilities combined
Committments to make industrial
advances
• Other Cash
77.7
80.0
82.6
71.2
72.0
69.1
68.3
81.9
70.9
68.4
67.9
65.3
69.6
27,691,0
3,356,0
10,012,0
822,0
1,632,0
2,233,0
507.0
163,0
2,265,0
139,0
1,353,0
596.0
4,613,0
does not incrude rederai Reserve moue
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers cow Omuta
Federal Reserve Agent al-
Total
New York
Boston
St- Louie Mtunsap. Kan. City
Chicago
Cleveland Richmond Atlanta
Phila.
Dallas
San Fran
riders] Reserve notes:
$
$
Issued to F.R.Bk.by F.R.Ag1_ 4,022,187,0 346,732,0
Held by Fed'i Reserve Bank-. 323,794,0 28,356,0
$
$
$
$
i
920,536,0 285,796,0 370 263 0 198,289,0 175,394,0
123,544,0 12,144,0 17:871 0 12,045,0 19,110,0
:
$
S
$
$
i
$
888,841,0 169,670,0 115,082,0 150,075,0 82,452,0 319,057,0
45,908,0 7,131,0 3,691,0 8,087,0 7,047,0 38,860,0
In actual cireuletion
. 3,698,393,0 318,376,0
/collateral held by Agent IA security for notes Issued to tks:
Gold certificates on hand and
due from U. S. Treasury...-. 3,960,843,0 356,617,0
Eligible paper
509,0
5,044,0
U. B. Government securities.,
110,000,0
796,992,0 273.652,0 352,392,0 186.244,0 156,284,0
842.933,0 162,539.0 111,391,0 141,988,0 75,405,0 280,197,0
038,706,0286,000,0 370,440,0 185,000,0 130,685,0
88,0
2,630,0
45,0
445,0
.50,0
14,000,0 47,000,0
896,000,0 170,632,0 110,500,0 142,000,0 83,000,0 291,263,0
29,0
15.0
.594,0
56,0
33.0
550,0
34,000,0
5,000,0 10,000,0
941.336.0 286.445.0 370 eqn 0 199 045.0 177.773.0
896.550.0 170.665.0 115.556,0 152,594,0 83,029,0 325,278,0
Tots)collateral _
4.075.687.0 357.126.0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
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 of 91 cities, and has
also been revised further so as to show additional items. The amount of "Loans to banks" was included heretofore partly in "Loans on securities-to others" and partly
In "Other loans." The item "Demand deposits-adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations.
associations, States. counties, municipalities, &is., minus the amount of cash items reported as on hand or in process of collection. The method of computing the item
"Net demand deposits,"furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935: First, it includes United States Government deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted
from gross demand deposits, rather than solely from amounts due to banks, as was required under the old law. These changes make the figures of "Net demand deposits"
not comparable with those shown prior to Aug. 23 1935. The item "Time deposits" differs in that it formerly included a relatively small amount of time deposits of other
banks, which are now included in "Inter-bank deposits." The Item "Due to banks" shown heretofore included only demand balances of domestic banks. The item
"Borrowings" represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital
account." "Other assets-net." and "Other liabilities." By "Other assets-net" is meant the aggregate of all assets not otherwise specified. less cash Items reported as on
hand or in process of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS.ON DEC. 11 1935(In Millions of Dollars
Federal Reserve DistrictASSETS
LOAD8 and investments-total
L06118 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
Loans to banks
Other loans
U. S. Govt. direct obligations
Obligations fully guar. by U.S. Govt.
Other securities
Reserve with Federal Reserve Bank
Cash In valut
Due from domestic banks
Other aMets-net
LIABILITIES
-adjusted
Demand deposits
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Total
Boston
New York
P)lila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City
San Aran.
Dallas
20,521
1,123
8,741
1,100
1,702
568
515
2.639
590
386
625
439
2,093
915
169
5
23
896
61
9
13
11
3
6
1
32
5
1
2
3
2
2
9
2,102
357
1,140
74
3,404
8,216
1,136
3,008
153
42
86
2
283
360
20
149
901
174
242
39
1,313
3,508
409
1,198
147
22
69
2
169
288
95
286
224
3
188
4
177
781
74
240
es
219
31
65
10
342
1,450
153
336
60
11
39
8
114
200
.55
98
32
9
6
108
252
38
73
48
5
21
1
148
169
42
75
5,024
379
2,342
1,422
305
103
134
86
2,721
74
154
565
188
18
147
94
266
35
209
115
122
18
169
44
63
10
150
44
792
62
425
119
14,092
4,856
452
940
301
9
6,414
968
171
741
250
20
968
666
38
376
190
16
304
171
19
5,458
441
1
866
5 S99
237
9
2,328
405
1
370
1 SOR
286
5
305
1
218
21
99A
18
.121
33
55
24
921
6
20
130
150
14
44
40
28
15
7
130
233
52
115
128
150
51
45
170
24
368
1
362
675
133
349
123
12
142
27
67
.5
106
20
112
13
278
37
7.5
10
180
30
190
19
248
241
2.107
741
80
383
172
9
274
119
8
459
145
8
329
121
14
797
1,012
60
194
1
712
6
238
119
1
362
187
1
272
12
10
52
47
344
10
82
6
57
2
80
6
76
319
310
40
2
21
Financial Chronicle
3974
dire
United States Treasury Bills-Friday, Dec. 20
Rates quoted are for discount at purchase.
Itti „financial
aronirle
Orinnintrilla
Bid
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.
Daily Record of U. S. Bond Prices Dec. 14 Dec. 16 Dec. 17 Dec. 18 Dec. 19 Dec. 20
(High 115.3
15High
Low_ 115
Treasury
43(. 1947-52
Total sales Is 31,000 units__
{High
Low_
Y.194444
Close
Total sales 65 81,000 units__
{High
Low_
114s-314e. 1943-45
Close
Total sales in $1,000 netts_
(High
Low_
lIIs. 1948-58
Close
Total ales In $1,000 units__
{High
Low_
8)4s. 1943-47
Close
Total sales Be $1.000 units_ __
{High
Low_
Close
Total sales in $1.000 units_ _
{High
Low_
6e, 1946-48
Close
Total sales In $1,000 units__
(High
Low_
3i4s, 1940-43
Close
Total sales in 81.000 units.....
{High
Low_
344s, 1941-43
Cl,
am
Total sales in $1,000 units_ __
3s. 1951-55
5
110.24
110.24
110.24
4
105.11
105.11
105.11
2
108.30
108.30
108.30
1
---_
- ___
---102.iii
-102.16
102.16
1
102.18
102.18
102.18
1
107.13
107.13
107.13
1
---._
--
115.3
115
115.3
6
110.25
110.21
110.22
18
105.14
105.10
105.10
186
109
108.31
108.31
5
106.9
106.7
106.7
17
102.19
102.17
102.19
21
102.21
102.19
102.19
13
107.12
107.12
107.12
1
107.18
107.16
107.16
6
103.20
103.19
103.19
4
115.
114.31
114.31
2
110.24
110.20
110.23
10
105.12
105.5
105.8
7
108.30
108.30
108.30
6
106.5
106.5
106.5
1
102.17
102.15
102.15
4
102.19
102.13
102.13
129
107.12
107.12
107.12
3
115
114.31
114.31
14
110.24
110.22
110.22
14
105.8
105.6
105.7
14
114.29
114.29
114.29
4
110.25
110.22
110.25
11
105.12
105.8
105.12
21
10;51
106.8
106.8
1
102.16
102.15
102.15
18
102.21
102.19
102.21
35
102.16
102.14
102.16
22
102.16
102.15
102.16
12
107.15
107.15
107.15
1
107.16 107.17
107.14 107.17
107.16 107.17
5
12
103.20
103.15
103.20
41
103.14 103.16
103.14 103.15
103.14 103.16
11
3
108.3
108.3
108.3
7
104.28 105
104.27 104.29
104.28 105
33
9
99.25 99.28
99.24 99.25
99.24 99.28
524
36
100.16 100.19
100.13 100.16
100.15 100.19
418
225
102.10 102.11
102.8 102.11
102.10 102.11
3
6
100.28 100.29
100.26 100.27
100.28 100.27
7
66
101.9 101.12
101.5 101.8
101.9 101.12
14
87
100.2
100.2
100.2
115.2
115
115.2
7
110.23
110.22
110.22
39
105.12
105.9
105.9
28
109.2
109
109
9
106.10
106.8
106.8
36
102.21
102.17
102.17
48
102.22
102.20
102.20
57
107.15
107.15
107.15
10
107.21
109.19
107.21
3
103.20
103.18
103.20
58
103.19
103.19
103.19
2
108.4
108.4
108.4
1
105.1
104.31
105.1
36
99.30
99.26
99.26
36
100.22
100.19
100.19
120
102.13
102.11
102.11
15
103.19
103.14
103.14
37
-- _ _
103.14
103.13
-_-_-_-_
103.13
106
Total tales In $1,000 units___
.S1 167-- 108.1
{High 107
-107.30
Ms. 1941
Low_ 107.28 108
Close 107.28 108
107.30
161
6
Total sales in 31,000 units_ __
105.1 2 105.1 104.29
a
104.3High
Low_ 104.31 104.31 104.28
SHs. 1944-48
105.1 104.28
{Close
4
18
Total sales in $1,000 units_
{High 99.30 99.31 99.31
Low _ 99.28 99.26 99.23
214s, 1955-60
Close 99.30 99.28 99.25
32
172
89
Total sales in $1,000 units_
100.21 100.22 100.19
{
23te, 1945-1947
HighLow_ 100.18 100.19 100.13
Close 100.20 100.20 100.14
10
Toga sales In $1,000 units_ .
64
53
Federal Farm Mortgage
High
102.10 102.13
102.10 102.13
3Hs, 1944-64
{Low_
Close
102.10 102.13
Total sales in $1.000 all,.-1
5
Federal Farm Mortgage
Higb 1010r.56 100.31 100.29
3s, 1944-49
{Low_ 100.30 100.28 100.25
Close 100.30 100.31 100.25
2
Total sales in $1,000 units_ __
3
74
Federal Farm Mortgage {High
101.12 101.11
101.9 101.5
Is. 1942-47
Low_
101.9 101.5
Close
70
Total sales in $1,000 units_ -13
Federal Farm Mortgage (High
101.1 100
Low.
100.1 100
2s, 1942-47
Close
100.1 100
Total salesin $1,000 units_ _
5
3
Home Owners' Loan
100.25 100.26 100.26 100.22 100.24 10 7i5
0
series S. 1944-52._ (Higha, Low_ 100.23 100.23 100.19 100.20 100.20 100.22
Close 100.25 100.25 100.19 100.21 100.22 100.22
Total stun .n $1.000 units_ _
35
9
114
33
44
25
Home 0-oers' Loan
(High 99.17 99.18 99.16 99.14 99.15 99.16
ke, series B, 1939-49.... Low_
99.15 99.15 99.12 99.13 99.13 99.13
Close 99.17 99.16 99.12 99.14 99.15 99.13
Total sales in $1,000 units__
71
15
52
280
51
186
114s, 1946-49
HighLow_
(Close
Total sales ffi $1,000 units_ __
(High
Low_
1134s. 1949-52
___ _
..Deferred delivery sale.
-The abovel table includes only sales of coupon
Note
bonds. Transactions in registered bonds were:
114.28 to 114.28
106.2 to 106.2
102.11 to 102.14
103.9 to 103.9
101.6 to 101.6
99.9 to 99.13
11Treasury 4s 1952
1 Treasury 3145 1943-47
2 Treasury 38 1951-55
liTreasury 3140 1946-49
1 Federal Farm Mortgage 38 1942-47
7 Home Owners' Mortgage 24.1s 1939-49
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Dec. 20
Figures after decimal point represent one or more 32ds of
a point.
Maturity
Da.
Rats
Bid
Asked
Maitiriir
June 15 1936.Dec. 15 1939.Mar. 161939...
June 151940...
Sept. 15 1936._
Dec. 15 1940...
Mar. 15 1940....
June 151939...
Sent. 15 1938._
131%
134%
Uf%
114%
134%
114%
134%
234%
244%
100.22
100.19
101.6
100.20
101.4
100.14
101.5
103.4
104.24
100.25
100.21
101.8
100 22
101.6
100.16
101.7
103.6
104.26
Feb. 1 1938...
Dee. 15 1938.-Apr. 15 1936-June 15 1938.-Feb. 15 1937Ayr. 151937...
Mar. 15 1938.-Aug. 1 Ism-.
Sept. 151937...
ins.
Rate
Bid
104.24
102.22
101.6
105.15
103.11
103.24
105 19
334% 102.2
3)-1°S. 105.8
234%
234%
244%
214%
3%
3%
3%
Dec. 21 1935
Asked
104.26
102.24
101.8
105.17
103 13
103.26
105 21
102,4
105.10
Dec. 24 1935
Dee. 311936
Jan. 8 1936
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar,11 1936
Mar. 18 1936
Mar. 25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936
0.10%
0.10%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
Asked
Bid
Asked
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
020 i,
020%
0.20%
0 20%
0.20%
0.20%
fl 200t
May 6 1936
May 13 1936
May 20 1938
May 27 1936
June 3 1936
June 10 1936
June 17 1936
June 24 1936
July 1 1936
July 8 1936
July 15 1936
July 22 1936
July 29 1936
Aug 5 1936
Aug. 12 1936
Aug. 19 1936
Aug. 26 1936
Sept. 2 1936
Sept. 9 1936
wpm. 15 1025
.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
Dec. 20 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Railroad
State,
Number of and Miscall. Municipal &
Shares
Bonds
Porn Bonds
666,460
1,401,800
1,390,690
1,691,845
1,264,080
1,412,470
85,681,000
9,829,000
10,025,000
11,465,000
8,330,000
9,399,000
7,827,345 854,729,000
37.618,000
Week Ended Dec. 20
1935
Stocks
-No,of share,.
Bonds
Government
State and foreign
Railroad ds industrial
Total
$92,000
618,000
1,017,000
610,000
1,561,000
666.000
$903,000
1.435,000
1,213.000
1,283,000
1,629,000
1,155,000
Sales at
New York Stoat
Exchange
1934
Total
Bond
Sales
United
States
Bonds
$6,676,000
11,882,000
12,255,000
13,358,000
11,520,000
11,220.000
$4,564,000 $66,911,000
Jan. 1 to Dec. 20
1935
1934
4,963,595
367,236,524
316,782,947
84,564.000 $14,276,000
7,618,000 12,148.000
54,729,000 43,260,000
3665,960,000
368,368,000
2,214,607,000
$874,791,700
593,028,000
2,192,908,000
7,827,345
$66,911,000 $69,684,000 33,248,935,000 33,660,727,700
CURRENT
NOTICES
-Slepack & Co., members New York Stock Exchange, announce the
opening of an office in the Empire State Building, 350,Fifth Avenue, for
the transaction of a general brokerage business in stocks, bonds and commodities, under the management of E. Alexander McLaughlin and S. Lionel
Sheflan. B. Bertrand Uhran, Charles Hemming, Vincent LaFemina and
Leroy Sinclair will be associated with the company in the new office.
-Announcement of payment of a year end bonus by H. C. Speer &
Sons Co., Chicago, was made by W. W. Speer, President. Payment will
be made to all employees and will be equal to one month's slary. The
Speer organization celebrated their 50th anniversary as underwriters and
distributors of municipal bonds in June of this year.
Thornton C. Pray has been elected a vice-president and director of
Foster & Co., Inc., investment firm with offices in New York, Philadelphia, Boston and Hartford. Mr. Pray has been manager of the Philadelphia office of the firm and was formerly with the Guaranty Company of
New York.
-The firm of Sherry, Hugg & Marshbank has been formed in Philadelphia to conduct a general investment business. Members of the new
firm, whose officers are at 812 Packard Building, are John L. Hugg, Robert
R. Marshbank and John J. Sherry.
-Howard C. Caldwell and James P. Ernstrom are now associated with
the sales department of Amott, Baker & Co., Inc., of 150 Broadway, it
was announced by Harry R. Armott, President of the organization.
-Eugene F. Bellew, formerly with Peak & Walbridge, is now connected
with the public utility department of J. Arthur Warner & Co., at their
New York office.
-Bristol & Willett, 115 Broadway, New York, have prepared a memorandum showing the dividend record of the Singer Manufacturing Co.from
1887 to date.
-James Talcott, Inc. has been appointed factor for Shendell, Williams
& Heitner, Inc., New York City, manufacturers of drapery and upholstery
fabrics.
-Homer & Co., Inc., 40 Exchange Place, New York City has prepared
a special circular on high-grade railroad bonds.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
n New stock.
C Cash sale.
z Ex-dividend.
Y Ex-rights
"Adjusted for 25% stock dividend paid Oct. 11934.
33 Listed July 12 1934: par value 10s. replaced .C1 par, share for share.
34 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
IS Listed Aug. 24 1933; replaced no par stock share for share.
"Listed May 24 1934; low adjusted to give effect to 3 now shares exchanged for
1 old no par share.
27 Adjusted for 66 2-3% stock dividend payable Nov. 30.
"Adjusted for 100% stock dividend paid April 30 1934.
n Adjusted for 100% stock dividend paid Dec. 311934.
"Par value 400 lire; listed Sept. 20 1934: replaced 500 lire par value.
Cl Listed April 4 1934; replaced no par stock share for share.
Adjusted for 25% stock dividend paid June 11934.
:Listed under this name Aug. 9 1934 replacing no par stock. Former name.
American fleet Sugar Co.
"From low through first classification, loan 75% of current.
"From last classification and above, loan of 55% of current.
44 Listed AprU 4 1934; replaced no par stock share for share.
.1/ Listed Sept. 13 1934; replaced no par stock share for share.
"Listed June 11934; replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchange, on which low prices since July 1 1933 were
made (designated by superior figures In tables) are as follows
I New York Stock
I2 Cincinnati Stock
22 Pittsburgh Stock
New York Curb
23 Richmond Stock
Cleveland Stock
14 Colorado Springs Stock
24 St. Louis Stock
3 New York Produce
23 Salt Lake City Stock
4 New York Real Estate
,3 Denver Stock
22 San Francisco Stock
▪ Baltimore Stock
"Detroit Stock
23 San Francisco Curb
Boston Stock.
,7 Los Angeles Stock
23 San Francisco Mining
•Buffalo Stock
"Lox Angeles Curb
23 Seattle Stock
Minneapolis-St. Paul
▪ California Stock
le Spokane Stock
wa New Orleans Stock
• Chicago Stock
n Washington
le Chicago Board of Trade 23 Philadelphia Stock
I/ Chicago Curb
-
3975
Volume 141
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
.
No account Is taken on such
Jolly 1
1933 lc Ramos for
Nor. 30 rear 1934
1935
Tuesday
Friday
Saturday
Wednesday
Monday
Thursday
Hill
Highest
Lowest
Dec. 14
Dec. 18
Dec. 16
Dec. 19
Dec. 17
Dec. 20
Low Low
---3 Per spars 5 Per s3 $ Mu shard
Far 3 per skull
,3 per share $ per share S per share $ per share $ per share 3 per share Shares
43
35
30
*441. 49
32 Apr 3 5212 Nov 20
No par
50
4 50
513
49
*4412 49
•50
60 .45
*45
50 Abraham & Straus
111
89
89
100 110 Jan 10 116 Oct 23
Preferred _
*112 11414 *112 11414 112 112 *11218 11414 *11218 11414 *11218 11414
30
21
4
25 51 June 25 743 Nov 15
*69% 72
69% 6918 69 69
6914 70
*6912 7112 70
70
600 Acme Steel Co
IFs
i
414
414 Mar 15 117 Dec 9
1078 1118 11
1012 11
No par
4
1118 107 11
103 11
8
4
103 11
25,300 Adams Express
7014 :85
65
4
100 843 Jan 2 100% Dec IS
*10038 1007 10038 10038 1005 10038 1003 1003
*9312 0712 *9212
8
8
Preferred
2
8
270
8
347
15
1412
35
No par 28 June 6 3714 Nov 26
3.112 35
*3434 348 3432 343
*3418 3412 3412 4 35
1,100 Adams mime
35
6
4 11%
31
2212 23
2234 23
2218 2252 2214 2212 x2238 2238 2214 2238 3,500 Address Multigr Corp
8 Jan 12 2438 Dec 11
10
738
318
318
8
412 Mar 18 185 Oct 26
1712 1718 1738 1712 1712 1712 173
s 17
No par
*17
*1612 173
17
4 2,800 Advance RumelY
47
952
Vs
83 Feb 11
71
612Sept 20
7
718
7
7
7
7
7
7
No par
7
71s
718
1,700 Affiliated Products Inc
8018
4
913 113
8
No par 1043 Mar 18 173 Nov 6
165 166
163 16338 163 16312 16312 165
1654 16514 16512 16512 2,900 Air Reduction Inc
Vs
1%
218 Dec 2
4
3
4
3 Apr 3
No par
2
218
17
2
218
17
2 2
17
134
178
4
13
8 2,400 Air Way Elea Appliance
17
74
*75
81
*75
81
Alabama & Vicksburg RR Co 100 74 Sept 26 74 Sept 26
81
*75
*75
81
*75
81
81
*75
2
1314
16
---52 137
10 1314 Oct 17 z2018 Jan 9
1412 1438 1412 147
143 1452 14
8 1458 15
4
143 147
8
1412 12,700 Alaska Juneau Gold MID
77
224
112
4 Dec 11
112June 24
4
4
378 4
No par
8 37
8
*35
8 37
.35
400 A P W Paper Co
*352 33
4
338 37
514
%
114
8
33 Dec 4
4
3 liar 30
No par
25
212 278
238 23
4
23
4
212 258
4
8 23
25
212 23 14,400 :Allegheny Corn
43, 1618
8
23
1438 Dec 4
23, Mar 21
100
1212 1112 12
11
8 1138 1178 11
113
11
11
1114
1114 4,200
Pref A with $30 warr
4
,
145
2
2 Mar 27 1418 Dec 4
100
1138 1138 *105 113
*10
8
11
11
11
4 *93 11
113
4 11
4
Pret A with $40 warr
600
2 143,
37
4
13
28 1458 Dec 4
4
13 Mar
100
*10
1178 1012 107
*1014 1112 *1014 1138 *1012 12
Pref A without wan.
8 10
10
200
8
65
6% Apr 2 3314 Dec 5
27
27
4
263 263 *26
2712 27 27
*2412 263
4
4 2512 26
2% prior cony vret__No par
700
2318
15
1314
No par 21 Jan 12 3012June 19
29
*2858 2912 283 2938 29
29
4
283 287
29
285 283
4 1.100 Allegheny Steel Co
No par 125 Mar 18 173 Sept 18 10712 11818 160%
15518 15512 15312 15512 152 153
15012 15212 14812 151
1451 147
10,200 Allied Chemical & 1370
12212 130
100 12212 Apr 19 139 Oct 31 117
12512 12512 125 125
4
8
4
*1247 127 *125 127 *1233 1211 *1233 126
200 Preferred
- - - 2212 Dec 20 24 Dec 16 2 512
No par
8
225 233
24
8 2314 2312 227 227
5
2312 23 2 23
8 2212 227
8
8 3,500 Allied Mills Co Inc
8
- -14
i
- 12
3%
9 Nov 20
77
3% Mar 13
73
No par
4
714 712 18,000 Allied Stores Corp
8 712
73
738 73
71z 8
8
738
2514 6312
49
100 x42 June 17 7514 Oct 21
72 . 723 7234 73
4
4
5% pref
73
723 73
7212 7212 72
*7234 74
700
8 23
103
8
103
3
No par 12 Mar 13 3778 Oct 26
34
33
33
3312 338 3312 343 17,300 Allis-Chalmers mug
33
3212 338 3218 33
8
11% 2038
1112
*2014 2112 2012 203
*2018 2112 *2018 21
4 20
SOO Alpha Portland Cement No par 14 Mar 13 2234 Nov 20
2038 19
1912
73
21
21
412 Dec 6
218 Mar 14
1
37
37
418
4
4
4
4
418 1,000 Amalgam Leather Co
4
312 33
4 4
33
afi
25
211.4
June 25 40 Dec 9
30 26
*3512 38
*35% 38
.35
35
100
*3512 38
35
39
7% preferred
*3512 38
39
27
5152
4
No par 4812 Jan 11 773 Nov 6
7414 743
76
7314 7312 7312 74
7312 7312 7314 74
4 75
3,000 Amerada Corp
20
4
Z514 68
572 Feb 16
.No par 4112June 1
*5118 52
51
51
*5118 52
4 503 5114
5114 5114 *5114 513
400 Amer Agri° cum (Del)
4
1112 3514
1118
8
10 1312 Jan 12 473 Nov 14
4234 42% • 4212 4212 427
4012 4038 3912 4012 3912 4114 42
8 4,200 American Bank Note
40
3412
5012
50 43 Jan 11 70 Nov 14
Preferred
6512 *64
6514 6514 6612 •64
30
6514 *64
6514 .64
*64
6512
19% 84
1912
8
Mar 29 417 Dec 6
4114 41
4114 *4034 41
41
41
41
x4012 4012 4118 41% 1,300 Am Brake Shoe & Fay___No par 21
122
96
88
100 119 Jan 8 129 Nov 6
1277 1277 .1253 1277 *1253 12712
Preferred
1263 1263 *12634 128
2
4
2
•1263 128
80
4
4
4
8
9014 114%
80
25 110 Jan 15 14938 Oct 22
12914 132
131 13214 131 13112 131 13212 10,600 American Can
131 1313 12912 132
4
12612 15212
4
100 1513 Jan 4 168 May 3 120
Preferred
16114 16114 .152 164
*160 154 *159 164
164 164 *16312 16412
300
8
337
10
12
10 liar 13 3238Nov 20
No par
29
8 283 308 29
2914 2938 29
295
297
4
2918 29
2912 8,100 American Car & FOP
5612
32
2512
8
100 2513 Mar 13 645 Nov 18
Preferred
58
4
*5714 59
588 583 5914 5918 6012 583 59
5814 583
4 2,800
1214
e38
4
4
8 Jan 30 313 Dee 10
No par
8
3012 3012 303 304 3012 3012 3014 307
o 30
2,000 American Chain
8 2912 30
303
40
19
14
100 88 Jan 11 115 Nov 21
8
•11012 113 *1107 113 *11078 113
7% preferred
11212 113 *106% 113
300
110 110
4614 7052
43%
No par 66 Feb 8 96 June 8
90
90 90
00
*871 01
90
90% *88
89
*88
8838 1,000 American Chicle
22
20
3512
_ . *34
*34
_ _ •34
*34 ____ *34
Am Coal of N I (Allegheny Co)25 30 liar 26 3414 Aug 2
50 .34 - - _
612 I
218
2
8
83 Nov 19
10
23, Mar 14
714 - 14 -- i',111 Amer colortyoe Co
2
73
i
V14 *7
7
-7-12
7
"
7
7
7
7
4 5212
203
4
203
4
20 2212 Mar 18 353 Nov 2
2914 2934 2914 293
2938 30
8
297 30
2914 2912 287 29
5.300 Am Comml Alcohol Corp
8
612 1312
1
612 Feb 5 1812 Dec 12 . 51
10
Sugar
8
1714
9 167 17% 17
1712 177
8
173 1712 167 1714 168 1718 8,300 American Crystal
8
618 7372
32
100 5738 Jan 2 135 Sept 13
7% 2nd pref
72
100 72 Aug 1 92 Dec 13
*9018 9278
91
92
x91
91
9118 9118 9118 92
6% 181 pref
91
92
120
5
1
14
34liay 24
38 Dec 9
27
3
3
8
3 14
27
3
4 3
23
8 7,900 Amer Encaustic Tiling___No par
27
4 3
3
23
28
10
4
918 Dec 13
4
22 Apr 2
83
8 914 *812 0% *812 912 *812 912
*85
4 *818 9
100 Amer European Sec%____No par
83
37, 1338
2
914 Aug 17
Mar 13
No var 2
678
65
612 638
8 638
65
8
67
634
8 6% 7,000 Amer & Forn Power
63
638
638
11% 30
11%
14 Mar 15 42 Aug 12
No par
Preferred
2714 2714 2718 2714 2714 2714 2758 281
2714 2717 27
27
2,500
518 1712
37
8
37 liar 14 17 Aug 19
No par
1114 117
11
11
8 11
2nd preferred
11
*1138 12
1,000
1138 1112 11% 1114
25
11
1014
No par 12 Mar 30 3814 Aug 12
preferred
23
2312 2314 2418 2338 2338 2312 2312 3,300
23
56
4
223 2318 23
1012 2252
814
814 Apr 18 1518 Oct 5
10
400 Amer Hawaiian S S Co
1314
4
1314 *13
123 1314 1314 1314
*13
*1312 14
13
13
8
67 Nov 29
3 Oct 15
_1
55
55
5
6
8
.57
6
6
4,300 Amer Hide .4. Leather new
4
53
4
8 53
55
552 534
28
50 28 Oct 14 40 Nov 29
3612
6% cony pref navr
3712 *3612 3712 3512 351 *35
*35
35% 36
3534 36
50
5
. 4 31;
21 - - 3
4
243
1 X 2918 Apr 12 3818 Nov 22
33% 3412 5.800 Amer Home Products
3412 3314 3312 3314 337
4
2 343 3538 34
355 355
10
3
47 Ian 17
17
8
17 Oct 16
No par
234 31
27 10,600 American Ice
3
23
4
3
3 18
3
318
3
8
33
27
4 6514
252
1414
373 Feb 16
100 1414 Oct 17
8
167 1738 17
1714 4,900
6% non-cum pref
1938 1918 2018 1914 1934 1912 197
17
4% 11
412
41 Mar 18 1118 Nov 22
No par
97 1018
934 10
1014
8 10
103
10
912 9 4 5,100 Amer Internal Corp
3
10
10
1412 5838
9
9 Mar 13 273 Nov 20
No par
2312 233 24
3,000 American Locomotive
4
2414 *23
24
24
2512 24
2512 24
.25
3512 7438
32
100 31 Mar 19 7514 Dec 9
72
7214 7238 73
7312 7312 1,400
72
Preferred
7414 723 74 .70
74
1218 2338
12
8 28
28
2818 2814 2818 2814 2814 2838 28% 2814 2818 283
3,600 Amer Mach & Wiry O0___No par 18% Mar 13 3314 Nov 18
314 1014
3
8
414 Apr 4 123 Dec 5
8 1012 1038 5,800 Amer Mach et Metals____No par
4 107 1114
1012 103
107 11
1038 107
1012 11
412 10
3
412 Apr 4 1214 Dec 5
No par
8
103 1012 1038 108 *1012 11
Voting truat Ws
*1014 1138 1.200
8
4
•103 115 •IO12 11
127
2
137
2 2738
8 28
2834 28
par 1312 Mar 15 3214 Dec 5
2912 2814 2812 2812 287
No
4 2834
283
295 293
4 5,100 Amer Metal Co Ltd
91
63
63
130 130 .12814 132
4
100 72 Jan 2 13012 Nov 12
4
4
.1283 132 *1283 132 *12834 132 *1283 132
6% cony preferred
100
34%
21
20%
357 *34
3512 .34
3512 *34
*3414 36
3512 *34
*34
Amer News. N Y Corp__ No par 224 Jan 3 3614 Nov 25
3512
121*
3
112
958Nov 8
13
8
83
8
112 Mar
8 818
8 14
77
8
73
8
8% 83
4 8
814 812
12,900 Amer Power & Light____No par
1128 297
Hag
Aug 12
1018 Mar 13 4912
No par
4212 43
8
3912 40
4138 42
4
403 4212 4138 423.4 405 41
56 preferred
4,300
918 2614
8%
8 Ma?
83 M 13 4112 Aug 12
4 3514 3534 337 343
353
No pa
35
4 327 34% 5,200
3
35 8 36
8
55 preferred
3
35 4 36
1738
10
914
8
2 227 2314 227 2314 58,900 Am Red es Stand San'y
233
1012 Mar 13 237 Dec li
8 2258 2318 23
2212 233
No par
2238 23
8
100 13412 Mar 1 159 Sept 28 10712 11112 1377
15212 15212 15214 15214 15212 15212 •150 153
Preferred
*15212 155 •15212 155
180
13% 2838
1218
s
3038 2938 30
25 1514 mar 18 323 Nov 16
4
293 3014 30
4
x293 30
2912 30
4
293 30
Mill
17,700 American Rolling
.15%
$6
8
335
4July 25
9314 93
8
9312 93
9312 *907 9312 *92
93
*9034 9312 *91
300 American Safety Razor __No par 66 Mar 14 953
2
7
212
412 Mar 12 21% Dec 7
2012 21
201 2012 4,400 American Seating vs o___No par
4 2014 2034 2018 2038 2058 211
*2012 203
1758 3014
15
2434 24
*24
241 *24
241 .24
2414
237 24% 2414 25
230 Amer Shipbuilding Co___No par 20 Mar 14 2614 Jan 7
2812
30% 51
577 585
8 57
8
58
5714 5834 573 583 34,400 Amer Smelting & Refg___Ns par 3138 Apr 3 6438 Dec 9
4
Ws 598
5812 57
12512
100
71
134 134
13612 13612 134 134
134 1353
136 137
100 121 Feb 4 144 May 8
136 136
4 1,800
Preferred
7114 109
57
102 102
102 10214 102 10414 2,100
4
1023 1023 10212 103
100 10138 Dccli 11714 Aug 6
4
•10134 103
2nd preferred 6% cum
4838 7112
43
71
*6912 71
71
.70
697 7012 .70
4
693 693
*69% 70
25 63 Jan 16 76 June 26
4
500 American Snuff
12712
106
106
100 123 Feb 20 143 July 1
Preferred
*132 13714 *13214 13714 *133 13714 *13318 13714 .134 1371 •134 13714
10% 26
1018
12 Mar 14 2514 Nov 14
2212 2212 2218 2212 2214 2234 2212 2212 2212 2238 213 2214 6,500 Amer Steel Foundriea____No par
8 9238
597
62
4
4
4
100 88 Feb 4 113 Dec 12
4
4
Preferred
•1113 1123 .1113 1123 11114 1113 11114 11114 111 11114 112 112
210
44
87
4 3418 3434 3414 3414
2
No par 3315 Apr 4 43 Jan 9 11 3312
500 American Stores
*347 3512 348 347 *34% 343 .34% 343
65
4512
7218
51% 5134 50% 513
51
.51
8 51
100 5012 Dec 16 7012 Feb 16
51
5118 5118 5012 51
2,700 Amer Sugar Refining
10312 129
131 131
s
12912 130 *1283 12912
Jan 3 14012May 6 102
132 *1297 132
8
100 12612
4
Preferred
8
•1297 132 *1297
500
1314 2414
11
243 243
4
4 24
8 2412 2412 1,400 Am Sumatra Tobacco____No par
245
243 243
25
1812 Jan 29 27% Nov 14
2 25
263
*25
10038 125
987
8
154 15512 15134 15338 15318 154% 15112 1533 150 15112 17,100 Amer Telep & Teleg
8
100 987 Mar 18 16012 Nov 29
15414 155
6514 8518
6312
9312 9412 9212 933
25 7212 Apr 3 10414 Nov 19
4
9112 913 9412 9412 95
90
4 3.900 American Tobacco
8912 91
89
67
8
647
4 3.596
973
96
25 743 liar 21 107 Nov 18
9512 9614 12,600
4 9314 97
9212 933
Common Masa B
93
92
4
10714 1303
139 139 *137 140 .137 140
100 12918 Jan 18 141 Nov 19 105
Preferred
*136 139
13514 13514
400
(13412 135
13
3
218
No par
212 Mar l& 1014 Dec 14
712 814
3
10
7 4 834
7
8
8
1014
718
712 12,700 Lam Tyne Founders
7
7% 28%
9 Mar 15 3812 Dec 16
100
3512 3214 34
32
Preferred
33
333
4 6.430
331.2 3812 3314 35
8
313 37
1238 2738
712
2 2018 2014 2018 2012 18,100 Am Water Wks & Eleallo par
7% Mar 13 217 Nov 21
3
20 4 2012 2018 2038 20% 2012 201* 205
80
54
48
No par 48 Mar 19 941 Nov 12
91
91
91
91
*90
01
91
let preferred
*90
94
300
*01
94
*91
17%
47 Mar 13 103 Sept 19
7
8
47
4
No par
914 2,700 American Woolen
9
914 98
914 038
914 914
918 918
98 95
35
3512
8324
100 3512 Mar 18 6834 Nov 19
6312 6212 6212 7,200
62
4
4
Preferred
6158 623
4 613 62
6312 6112 633
62
414
1
238 Dec 16
%
%Mar 29
1
17
2
17
17
8
2 14
2
8
8
17 30,300 :Am Writing P110
114
25
32
2
112 218
214
37
8 174
,
93 107
97 1052
214Mar 15 113 Dec 16
No par
912 97
Preferred
712 938 25,300
4
914 113
714 912
57 Dec 5
3
9
314
43
3 Mar 13
43
4s8 438
45,
4
43
45s 45
8 1,300 Amer Zinc Lead & Smelt___100
43
5
5
4
43
3618 501e
31
25 81 Mar 20 49 Aug 21
Preferred
*4112 4719 *4112 4712 *4112 4712 *4112 4718 *4112 4718 *4112 4718
8
%
17
10
8 Mar 13 30 Dec 9
50
4
2678 2738 2659 2678 263 2718 75,600 Anaconda Copper Mining
8
257 271& 26% 26% 2618 267
1838
914
738
37 Dec 6
8
4 35
353
8 3512 357 "35
357
35
•35
3512 *35
800 Anaconda Wire & Cable__No par 15% Apr 1
3638 35
1318 243
8
107
4
No par
8
107 Se pt 25 174 Jan 4
8
1513 15% 15%
1514
15% 1512 x147 1518 15
1,400 Anchor Can
1514 1518
15
105
84
80
No par 9612 Oct 2 109 Apr 26
56.50 cony preferred
110
101 10112
102 10214 x102 102
gill% 1044 *101 10412 a102 102
31
418 1018
1258 Dec 9
312 liar 21
10
8
*107 1112
11
4 11
113
4
113 *11
200 Andes copper wham
4
113 *11
1114 1114 .11
26% 3918
8
217
4 4112 4134 40
Archer Daniel, Mirli'd___No par 36 Ian 16 52 Aug 1
4114 3,100
414 413
414 418
8
.415 4214 4134 42
117
10
100 117 Aug 22 12214July 19 106
4
1203 1203
4
7% preferred
100
*12018 122 *12018 12012 *12018 12012 12012 21012 .12012 121
5
7614 103,
64
100 97 Apr 3 109 Dec 7
4
200 Armour & Co (Del) pref
4
1073 107% 107% 1073 *107 108 *107 108
8
.1063 107 .106 108
314
5%
312
618 Jan 3
314 Apr 3
47
5
47
Illinois new
47
43
4 5
43
15,700 Armour of
48 5
4 5
43
8 5
47
4614
46% 714
70% Jan 10
Vo par 5512May 1
$6 cony prat
6612 661s 6614
"66
66
1,100
4
658 65% 653 6572 66
66% 6614
85
54
3114
100 85 Jan 2 110 Jan 30
*101 1018
Preferred
•101 10312 *101 10312 *101 10312 *101 10312 *101 10312
No par 2532July 19 45 Dec 20 2 13
4412 4314 111 5
4 44
1
4
6,700 Armstrong Cork Co
4 43 4312 433 443
8
443 443
.4312 437
HIGH AND LOW SALE PRICES
-PER SHARE', NOT PER CENT
For footnotes see page 3974
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ramos Baca Jan. 1
On Basis of 100-altars Lots
New York Stock Record-Continued-Page 2
3976
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share S per share $ per share Shares
Par
83
4 83
4
4
82
8 83
85
§ 83
4
812 83
4
814 85
8
84 818 3,000 Arnold Constable Corn
6
810 812 *818 812 *818 9
*818 812 *818 812
814 814
600 Artloom Corp
No par
*8814*8814 _ . *8814
__ *8814 _ . *8814 . _
*8814 . __ _ ___
Preferred
100
1653
1612 16 1133
16% - - 8 16 16
-38
15
153
- 4 154 153
_7.700 Associated Dry Goods
1
•10412 108
108 108 *108 10812 108 108 *10412 1075 *10412 108 8
4
400
6% let preferred
100
9524 95 4 96
3
96
*95
9812 98
98
9912 100
*98 110
600
7% 20 preferred
100
*39
44
4314 *40
*40
44
404 4018 •38
50 Associated 011
4314 39
39
25
553 56
4
545 55 4 544 557
8
3
5514 5612 547 553
8
4 55
5614 16,000 Atch Topeka & Santa Fe__130
*9118 913
4 9114 9114 9112 9112 904 9134 *8812 9012 •88
9012
900
Preferred
100
303 313
8 31
4
32
31
3112 303 3214 2912 303
4
8
4 293 3014 11,100 Atlantic Coast Line RR
100
*13
1512 1312 1312 1314 14
1314 1314 *134 1512 13
134
200 At 0 & W I 1313 Line,„--No par
*16
18
*153 17
4
*16
17
*16
17
*15
17
*15
17
Preferred
100
25 8 2618 26
2
27
2618 26% 2653 2718 2612 27
263 2638 42,200 Atlantic Refining
8
25
*43
46
0423 44
4
*423 4312 4334 44
4
*43
4 43
433
43
500 Atlas Powder
No par
*11212 . _ *11212
*11212_ *1123
4
_ •1123 _ _ *1123
4
4
_ _ _ _ ___
Preferred
100
-58 1834 19
185 18
8
183 19
4
19 1938
-183 17
4
4 918 4,600 Atlas Tack Corn
183 1No par
3714 37
37
377 73512 365
8 363 38
4
3612 3612 3512 3610 4,500 Auburn Automobile
No par
1
118
1
118
3
8 1
5
8
7
8
3
8
18
3
4
2 46,600
3
Rts WI
*9
8% 8%
94
8% 85
8
9
914 *87
9
*85
8 1,400 Austin Nichols
8 87
No par
*424 45
*4218 43 4 4218 423
3
4 4214 44
4218 4218 *4218 43
70
Prior A
No par
4
4
4
418
4
4 18
418 42
8
44 414
414 458 18,500 Aviation Corp of Del(The) new 3
414 43
8
414 412
414 412
414 43
4
414 412
414 412 26,100 Baldwin Loco Works
No par
3534 353
4 34
35
3512 37
38
3912 37
38
37
3712 5,300
Preferred
100
1614 1534 1614 1534 1618 16
16
1658 1512 16
155 1618 21,100 Baltimore & Ohio
8
100
2212 2212 22
2238 22
2214 22
2214 2118. 2110 21
2112 3,400
Preferred
100
11018 11018 11012 11012 "108 11012 *109 11012 11012 11012 *10812 112
60 Bamberger (L)& Co pref
100
4412 4412 44
4410 4378 43% *44
4412 437 43% *4312 437
8
8
600 Bangor & Aroostook
50
•114 115 *114 115
114 114
114 114 *114 115 *114 115
30
Preferred
100
*1338 133
4 133 1312 *1312 138 137 134 14
8
8
*1338 13%
14
800 Barker Brothers
No par
*8018 89
*8018 89
82 82
*8018 86
83
82
83
90
63.4% cony preferred
8212
100
1313 13 8 135 14
1338 137e 1314 14
7
8
1312 137
137 1418 37,300 Barnsdall Corp
5
5712 5712 58
58
5812 5812 5812 5812 5812 5914
578 58
1,500 Bayuk Cigars Inc
No par
*11112 112 *1114 11178 11158 11158 11114 11112 *11110 1113 1113 112
4
4
180
1st preferred
100
1718 1712 1712 1712 1758 1758 1712 173
1714 1714
4 173 174 1,600 Beatrice Creamery
8
25
*103 110 *101 110 *105 110 *107 109 *107 109 *107 109
Preferred
100
"3212 3614 *3212 3614 *3212 3614 *____ 3614 *_ 3614 . _ _
364
1_
Beech Creek RR Co
50
*86
87
87
89
*8712 89
*8814 89
*8814 89
*88F4 89
100 Beech-Nut Packing Co
20
8 134 133
8 1314 1314
1314 133
135* 133
8 133 135
8
8 134 1312 2,100 Belding Hemingway Co__No par
*82
*815 84
84
8
8153 8312 *835 857 *8313 855 *835 8538
8
8
8
200 Belgian Nat Rye Part Prer
20 2012 2018 20% 2018 202
8 203 213
8
4 213 213
8
4 213 2212 51,000 Bondi: Aviation
8
5
2112 213
4 2138 217
2153 213
4 2138 2134 2138 21% 2138 217
8 9,000 Beneficial Indus Loan____No par
5512 5512 5412 5412 5418 55
55
55
5410 543
4 5412 543
4 2,000 Best & Co
No par
454 4614 45
4614 47
4614 4618 467
8 453 4038 453 474 45,600 Bethlehem Steel Corp___ _No par
8
4
11514 116 *115 11558 11458 1143 115 116
4
115 11518 11412 116
2,100
7% preferred
100
23
24
2322 2312 *223 24
4
*223 24
4
233 233 •2212 2 4
4
4
33
700 Bigelow-Sant CarDet Inc- No vor
1412 143* 1412 147
1412 154 1412 1518 1438 1518
1458 148 13,100 Blaw-Knox Co
No par
*19
22
*194 22
*1918 22
*1918 2178 *1918 217 *1918 2172
8
Bloomingdale BrothersNo par
*11112
_
. _ *11112 114 *11112 114 *11112 11412 112 112
10
Preferred
100
.82 _ __ *11112- - •82
*82
88
_
*83
_ __ *82
_ *82
Blumenthal & Co pre
100
133 13 8 1318 1312 1313 13
8 -3
7
; 1334 14
13% 118 14
1412 14.200 Boeing Airplane Co
3
6
*4918 50
4914 4912 49
495
8 50 5014 4914 50
4912 493
4 2.600 Bohn Aluminum & Br
5
9412 9412 94
9412 9414 9414 94
94
0414 95
943 943
4
330 Bon And class A
4
No par
40
40
3912 40
39
3912 3912 395
8 395 3953 39
8
Class 11
570
393*
No par
25 8 26
5
2512 2618 2513 25 4 2512 25% 253 2553 2518 2512 11,400 Borden
3
Co (The)
15
6212 63
63
62
6218 6212 622 63
8
8218 6212 6218 627
8 5,800 Borg-Warner Corp
10
63* 6%
714 83
4
818 87
8
814 83
4 *75
83
8 *73
4 812 4,000 Boston & Maine
100
214 2%
214 23
8 *214 212
238 23
8
214 214
238
214
1,200 tBotany Cons Mind class A_50
1512 15'2 155* 153 *1514 1538 1518 1512 15
153
8 5,500 Bridgeport Brass Co
153* 15
No par
5112 51
51
5112 51
5253 5214 538 151% 523
8 5118 52
17,000 Briggs Manufacturing_No th.,,
7 *4612 48
47
478
47 47
47
47
46
4612 46
467
700 Briggs & Stratton
No par
*4034 4112 4012 403 •40
4
41
41
4114 40% 4118 *405 4112
8
700 Bristol-Myers CO
5
412 422
412 412
412 54 54
412 434 *43
8 412 3,000 Brooklyn & Queens Tr_ No par
518
*34
3514 *3353 36
*34
3514 *34
3512 3312 34
*34
2518
400
Preferrcd
No par
4112 415
4112 4158 4114 4134 415 42
4212 5,700 BIlyn Mash Transit
4112 4112 42
No par
*9512 991 *9612 99
*9614 99
*9614 99
*9614 99
"967 983
8
$6 preferred series A_ __No par
4
534 5318 53
5314 5134 5212 5112 52
5018 5114 5014 5012 3,600 Brooklyn Union Gas
No par
•55
62
62
*60
61
61
*6012 62
613 613
4
4 6112 613
500 Brown Shoe Co
4
No par
*95
8 93
4
93
4 93
4
93 1014 108 107
4
8 1012 103
4 1014 1012 5,100 Bruns-Balke-Coilender
No par
8
812 8%
87
8
838 812
838 812
818 838
82
8 83
8 8,200 Bucyrus-Erie Co
10
157 17
1612 17-5* 1614 163
4 1612 164 16
1612 16
1612 13,800
Preferred
5
96
96
96
96 10 196
96
96
96
*93
96
140
96
96
7% preferred
100
9
9 14
85
83
4 94
8 9
87
8 918
87
8 94
83
4 918 24,800 Budd (E C1) Mfg
No par
954 9518 96
9712
9612 9610 95 - 97
06
0612 97
2,400
97
7% preferred
100
212 2%
238 238
238 21_
238 212
238 238
224 2% 16,800
Rights
1112 12
115* 113
4 117 125
8
118 12
8 12
123
8
1218 1212 22,800 Budd Wheel
No par
1.412 1414 1412 1414 1438
1412
137 1414
143 14% 14
8
143
8 4,600 Bulova Watch
No par
2012 21
2014 21
3
20 4 21
21
2134 21
2,000 Bullard Co
21
218 21
No par
*112 P8
112 112
112 112
112 11
*13
8
13
8 *138
400 Burns Bros class A
13
8
No par
7
8
7g
14 14
1
1
118 14
7
8 1
670
*3
4 1
Class 11
Vs par
73
4 8
4
8
74 8
3
83
*8
8
74 74
280
7% preferred
712
714
100
2478 254 25
2514 245 25
8
25
251- 254 258g 25
2512 15,900 Burroughs Add Mach____No par
•17
8 2
2%
2
214 212
2
2 14
2
24
218 24 4,000 213u/fh Term
No par
710 83
*612 7
4
812 812
812 838
78 8
812 83
4 3,400
Debenture
100
1514 1514 16
1912 1713 1713 1812 183
4 18
183
4 18
1912
860 Bosh Term 111 gu prof alts
100
27
8 27
8 28
7
27
8 27
4
23
25
4 23
8 258
8
25
212 212 2,000 Butte Copper & Zino
5
*1
1
118
1
1
1
1
118 *1
14
1
1
1,800 :Butterick Co
No par
185 1838 1814 187
8
8 183 1812 1814 185
8 175* 1814 173 1818 3,400 Byers Co (A 51)
4
No par
*60
65
*60
65
43014 65
60 60
60
60
59
60
130
Preferred
100
35 35
343 345 *345 354 3414 3412 34-53 343
35
8
35
8
8
4 2,300 California Packing
No par
3
4
7
8
31
7
7
8
8
3
4
2
4
3
4
3
4
5
8
3
4 5,200 Callahan Zino-Lead
3
4
1
534 57
53
4 57
4
5 4 53
8,800 Calumet & Heels Cons Cop--_25
54 53
3
3
5 8 54
54 6
5
3
4
3112 32
303 31
32
4
30 4 3138 30% 3112 31
3
30% 3118 9,000 Campbell W & 0 Fdy___ _No par
1414 1418 143
14
4 1414 1458 1434 153
4 1518 163
3 1612 1714 63,300 Canada Dry Ginger Ale
5
5714 *55
5714 *55
574 •55
*55
574 *55
574 *55
Canada Southern
5714
100
107 1118 1034 11
8
114
11
107 11
103 107
8
4
8 107 1118 21,400 Canadian Pacific
8
25
40
*39
40
*39
x373 3812 3812 3812 3712 38
4
37
37
900 Cannon MIlls
No par
1212 1258 1214 1213 .1238 1212 123 125
123 13
4
8
123 127
4
1,900 Capital Adminis al A
1
*463 47
4
47 47
48
*4712 48
48
*4713 48
48
48
130
Preferred A
10
88
*85
88 .85
*85
88
88
*85
87
*85
87
*85
Carolina Clinch & Ohio Ry_100
*89
9012 9012 *89
91
*89
91
*89
91
.89
91
91
30
Mod
100
75
73
3,350 Carrlers & General Corp.
712 712
8 74
x73
752 738
7%
4 8
722 75g
1
98
983
4 9712 10014 973 99
4
9818 100
943 9814 9412 953
4
4 5,500 Case (JO) Co
100
*117 120 *117 1183 *117 1183 117 117 *117 119
4
117 117
40
4
Preferred certificates
100
543 5518 8,300 Caterpillar Tractor
5512 553
4 5512 5618 55
4
4 543 5512
5512 552 553
8
No par
2714 2712 2834 2714 27
2712 2718 275
8 838 2818 2834 18,100 Celanese Corp of Am
8 273 2
No par
1858 187
19
8 18
8 1812 1812 18-53 1812 183 188 2,600 teelotex Co
1818 185
8
No par
*5713 5812 *57
*57
58
•57
88
*57
58
*57
58
58
5% Preferred
100
*2618 2612 2612 2612 22612 27
2612 26
*26
2612 2612 2612 1,600 Central Aguirre Asso____N0 par
4812 4812 49
49
493* 493
4813 4812 4812 4812 48
48
800 Central RR of New Jersey _ _100
*8
878 *814 83
8 812
4 *83
810 810 *84 834
8% 813
300 Century Ribbon M1118___NO par
•102 103 *102 103
103 103 *102 103 .•102 103
20
102 102
Preferred
100
55
56
5214 55
523 54
4
517 54 I 5112 5312 522 5314 38, 00 Cerro de Pasco Copper___No par
8
8
4
8 1114 115
103 1114 114 115*
103 107
4
115* 117
8
1014 103
4 6,800 Certain-Teed Products-No par
80
*76
•76
784 7914 76
76
7912 *77
200
78
77
78
7% preferred
100
*1512 177
*15
8 17
17
*15
17
*15
17
1533 16
17
1,500 Checker Cab
5
5612 565
8 57
5714 5614 5612 5614 5712 56
565
8 56
5612 8,300 Chesapeake Corp
No par
51
51
501 4
5014 504 5014 51.
505*
50
5012 5014 507 20,900 Chesapeake & Ohio
8
25
*I% 134 *158 14
15
8 153 •158
138
13
4
300 Whie & East Ill Ry Co
15
8
13* *112
100
*218 214
212
212 278
212
3
314
3
23
3 18
4 318 2,900
6% preferred
100
112 112
14 112
112 112
112 112
138
13
8 1,800 Chicago Great Western
13
8
122
100
418 418
418
4
4
4
4
418
4
4
418
378
1,900
Preferred
100
*6
0
*612 7
8
614 *512 7
20 tChle Ind & Loulsv pref_ _100
*418 7
*414
7
*3112 32
32
8 313* 3134 32
323
3214 3214 3214 3214 324 1.800 Chicago Stall Order Co
5
112
13
4
112
112
112
15
112 15g
112 3,400 /Chic Milw St P & Pao_ No Par
112
112
12
8
212 25*
25
212 228
8 253
214 212
212 25
8
212 212 5,200
Preferred
100
3
25
8
212 253
212 258
27
27
212 25
8
212 25* 16,900 Chicago & North Weetern_100
712 *812 712 *518 7
*718
1,200
614
6
6
6 12
612 610
Preferred
100
1614 167 1838 18
183
16
8 173 1818
1718 175
8 163 1718 14,500 Chicago Pneumat Tool___No par
4
*4912 50
52
50
*484 51
5112 5112 *4912 51
2,000
51
51
Cons preferred
No par
112
112
•12
112
8
13
112
4
112 134
13
4
13
14
8
112 4,900 /Chicago Rock Isla Pacfflo__100
33
35*
*33
4
8 33
33
8 312
34 3 4
34 34
7% preferred
3
23
4 318 2,200
100
3
28 3
3 18
312
*3
3
*212 3
314
25* 2% 1,000
5% preferred
100
*1212 13
*1212 13
*1212 123
•123 13
8
4 1212 121_
300 Chicago Yellow Cab
1214 1214
No par
-1- 64
For footnotes are page 2971
Dec. 21 1935
July 1
Ramos Mare Jan. 1
111033 to Range for
On Basis of 100-18071 Lots Nov. 30 Year 1934
1935 ----Lowest
Low Low
Highest
Hiol
$ Per /71011
$ Per Mars $ par sa
4 Mar 6
958 Deo 9
2%
3 Mar 15
/
1
4
97 Oct 21
8
318
70 Apr 25 90 Nov 2
833
4
74 Mar 13 1834 Nov 19
714
807 Apr 3 109 Sept 18
8
44
48 Mar 12 100 Deo 19
36
294 Feb 21 4012 Aug 7
26
353 Mar 28 593 Deo 9
4
4
3554
665 Mar 28 9218 Dec 13
8
5314
1913 Apr 3 3714 Jan 4
11112
3 Mar 6 1712 Deo 2
3
6 Mar 5 197 Deo 2
8
0
2012 Oct 3 28 May 16
2012
324 Apr 3 4812 Nov 7
18
1063 Jan 2 115 Sept 19
4
75
4 Mar 13 1912 Dec 6
4
15 Mar 18 4513 Oct 21
15
18 Dec 20
2 Dec 7
512May 6 14 Jan 2
4
3512May 7 63 Jan 2
27%
47 Nov 30
23 July 10
*
24
113 Feb 20
63* Jan 9
112
712 Apr 3 40 Dec 10
712
713 Mar 13 18 Sept 11
712
94 SIar 13 2514 Deo 5
918
1004 Feb 21 11012 Deo 16
86
3818 Star 12 4913 Aug 9
2914
10614 Mar 18 116 Doc 2
9113
314 Feb 25 1512 Nov 25
214
32 June 21 88 Nov 18
14
67
8
57 Mar 6 1414 Deo 12
14 604 Deo 12
3712 Mar
23
4
1073 Jan 11 115 May 16
80
14 Oct 10 2018 Nov 16
814
1004 Jan 5 10818June 18
55
33 Nov 6 33126ept 24
27
72 Feb 2 95 Sept 12
54
1118 Mar 18 143 Nov 15
4
7
79 Sept 19 11712Mar 7
79
117 Mar 13 2412 Oct 21
8
94
1513 Mar 13 2218 Dec 9 • 12
34 Jan 30 5712 Nov 7
21
215 Mar 18 5112 Nov 19
8
2153
553 Mar 18 12112 Nov 16
4
443*
144 Mar 19 2712Sopt 30
143
4
938 Mar 14 17 Nov 14
6
185
8Juno 19 237 Aug 16
18
8
85
10314 Jan 22 112 June 19
284 Mar 13 813 Deo 10
28
184 Oct 5
64 Mar 18
64
395
8July 10 597 Jan 8
2
334
88
90 Jan 31 100 July 18
384 Oct 3 4734 July 17
383
4
21 Mar 29 272 Nov 8
4
18
2814 Jan 15 6514 Oct 22
1112
33 Star 27
4
88 Doe 17
33
4
12
12June 6
23 Deo 10
4
813 Apr 30 1718 Nov 20
812
2413 Feb 7 554 Oct 26
614
2318 Jan 17 55 Oct 26
1013
30 8May 25 414 Oct 26
2
25
13
512 Deo 4
8
15* Apr 18
14 May 9 38 Deo 4
14
3818 Mar 15 482 Aug 10
2514
4
90 Jan 4 100 Aug 8
694
43 Mar 18 714 Aug 13
43
53 Star 11 63 4 Aug 2
2
41
33
8July 5 1112 Dec 1
35*
414 Mar 14
313
87 Doe 14
8
84 Mar 15 1728 Deo 16
6
6234 Mar 22 0812 Deo 16
47
3
934 Nov 22
34 Mar 15
16
23 Mar 14 9712 Dec 16
4
3 Nov 25
14 Sept 11
2
213 Star 21
143 Nov 22
8
4Slay 13 143 Nov 29
24
4
33
44
814 Mar 13 2412 Nov 16
4
14July 9
2% Jan 25
14 Star 20
112 Nov 27
1
973 Jan 23
3 Star 10
3
134 Mar 14 28 Nov 23
104
„
1 Apr 8
318 Jan 21
2
614 Apr 3 1012 Jan 22
418
10 Star 28 2213 Jan 21
34 Nov 22
118 Mar 12
lin
„
38June 3
13 Jan 3
4
113 Star 14 205 Jan 7
*
113
8
8
32 Mar 14 66 Dec 6
32
3013 Aug 1
4213 Feb 18
1135
8
14July 8
118 Jan 3
23
212 Mar 13
212
63 Oct 8
4
8
8
712 Mar 13 332 Nov 2
8'gSept2l 1714 Dec 20
818
50 Apr 9 5612 Oct 5
44
4
53 Oct 2 133 Jail 9
8
83*
30 June I 404 Oct 15
2714
438 Mar 21
14 Nov 6
44
324 Feb 25 48 Nov 7
28
8214 Feb 27 88 Aug 29
60
85 Mar 20 96 July 18
70
714 Dec 2
84 Dec 5
453 Star 18 11114 Nov 16
4
36
8313 Apr 11 12612Nov 6
567
1
384 Jan 16 60 Nov 8
16
191s Apr 20 3533 Jan 7
174
1618 Nov 30 2114 Nov 18
104
55 Nov 29 624 Nov 21
55
2214 Feb 13 29 May hi
183
4
34 Mar 18 6212 Aug 17
34
01* July 3
1213 Jan 16
511
9814 Mar 14 10913 Jan 2
75
8
3838 Jan 15 652 Deo 7
334
35* Star 13 1214 Dec 13
8
25
23 Mar 12 8024 Deo 11
10%
41
/
4
43 Star 27 2014 Deo 4
3
36 Mar 12 6114 Nov 27
2912
374 Mar 12 5314 Dec 4
3718
1 Apr 26
1
24 Jan 12
78
7
sJune 3
314 Deo 18
38
5, Feb 28
214 Jan 7
1% Feb 28
14
558 Dec 2
1
9 Deo 12
1 Mar 30
4
1918June 7 k35 Nov 7 9 89
4
14 Mar 29
3 Jan 3
3
4
43 Jan 4
4
3 Star 29
4
14
138June 28
538 Jan 7
34
358July 1
1038 Jan Iii
32
1838 Deo 16
458 Star 14
1414
20 Mar 13 5318 Nov 20
3
4
8
4Ju1y 9
25 Jan 9
3
15
8
15* Mar 30
414 Dee 10
114
4 Jan 10
114July 22
918
0I July19 14 Nov 19
$ per share
8%
4
1012
634 704
74 184
46
90
36
541k
2912 404
454 7314
7018 90
2413 1344
5
15
778 24
2113 854
354 554
83
107
54 164
1612 573*
44
314
14;
-2
55
1
4
1614
121
4
15
884
3513
9518
2„
164
57
23
89
1014
88
31
58
87
3
954
934
1218
28
3418
5473
1904
8
17
88
28
84
444
78
II
1344
344
373
8
1027
2
461,
115
84
3812
10
451
4
10912
1914
100
30
78%
154
127
33%
1918
40
WA
82
40
1814
76
108
5814
1114
1384
94
197
-;
1618
514
„
- -13
14
20
35
3114
2814
8218
46
45
4
312
8
50
3
16
784
3138
194
8
0 -1
1818
274
3712
84
584
447
2
97
804
131
10%
98
144
75
714
44
7
27
,
57
is.
1
4
101s
34
2„
618
1 12
118
1314
40
184
18
24
6
124
4813
10%
3813
54
2614
74
70
1.
8
513
1512
8
34
1513
3194
37
4
1113
21
314
454
3214
57%
44%
1114
653
/VI
2011
5614
1814
384
1014
39
85
9212
35
587
3
23
1718
----
803
4
93
383
4
44%
----
1- -1
8;
63
64
82
304
314
171
.
44
34
394
14
1%
114
313
114
2194
2
3
4
34
68
32
2
144
14
2%
2
94
411
4
92
121*
1104
4413
714
35
1813
48%
485
*
7
8
514
i
117
7
19
813
134
15
28
9711
2854
814
938
8
*113
New York Stock Record-Continued-Page 3
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 14
Monday
Dec. 16
I
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3977
Sow Slate Jas. 1
OS Bents of 100
-stare Dols
Lowest
Highest
July 1
1933 to Amigo for
Nor.30 Year 1934
1935
Low Low
Eliok
$ per stare I per 88 $ per stare
$ per 'Dare
15
1914 303
25 Sept 17 3134 Dec 12
4
9 Dec 4
33
4 114
318
312 Mar 15
9
1014
9 Feb 23 26 Nov 25
174
2914 604
2614
31 Mar 12 90 Nov 18
1714 2438
12
8May 24
12 Oct 8 247
67 9212
633
8
693
4Sept 10 100 May 3
35 Oct 7 37 Oct 29
3714 52
35
12
212
314
612 Nov 18
34 Apr 30
1214May 15 273 Dec 18
83
612
8
4 2114
71
71
80 Nov 2 89 Aug 23
9034
273
8
273
8July 3 4813 Dec 12
7012 71
60
80 Dec 28 87 Oct 31
38
31
45
48 June 25 48 June 25
20
247
4 46
20 July 27 4914 Dec 20
90
95
115
110 Autr19 126 May 20
7212 Nov 18 93 Dec 9 44 2114
--.
8018 If
4512
5338 Apr 20 584 Dec 9
93
8 184
9
1518June 1 21 Dec 16
6812 1024
101 Jan 3 111714 Dec 9, 66
10
284
9
8
9 Mar 13 483 Dec 111
74
94
694
69 Mar 13 10812 Deo 11
54
6
9
5
97 Nov 9
8
83 Jan 10
4
34
884
„
512 Jan 21
12 Mar 13
1012 32
.5
5 Mar 14 284 Jan 21
183
2 404
101
4
103 Feb 28 2212 Dec 5
4
13
3314
7
7 Feb 28 21 Dec 5
638 Mar 9 1713 Dec 7
11
30
65
8
45
58
87 Jan 15 10114 Nov 6
7714
44 Dec 10 494 Dec 10 ------ ---44 Dec 18 50 Dec 17
33 Mar 13 153 Oct 30
8
34
4
8 2 1914
,
354 Mar 13 90 Oct 23
52
3512
7814
31
41
71
31 Mar 15 83 Dce 11
8 4014
183
114
394 Jan 2 58 Oct 18
110 Oct 23 11912 Aug 10 110
iia- 614
5814 Feb 7 72 Aug 15 "2238
844
91
1111
111 Mar 13 11512 Jan 29
977k July29 105 Oct 15
--974
151
4
151
4 36 7i
,
1612 Oct 3 234 Jan 7
1
3
4
3 Nov 8
3 Mar 8
4
32
4
3112 228
2
173
2
2918 Jan 4 71 Oct 30
8
135.
6
57 Mar 18 11 Dec 2
2
354
32
1612
4
27 Mar 15 453 Nov 20
714
74 144
9 Feb 7 21I2Nov 9
32
61
1438
143
8Nov 10 49 July 19
68
55
24
24 Nov 20 5812Sept 20
514 13/8
514
7 Mar 14 1114 Nov 25
3014
82 Mar 28 74 Jan 24
31
75
4514 747
2
4514
69 Nov 1 82 Feb 28
49
70
4514
7212 Oct 23 80 Mar 8
18
8
64
14
74 Jan 18
31431aY 17
734
2218 Feb 15
103
2 203
8
14143lay 31
184 4732
157
8
157 Feb 20 3434 Nov 20
8
z71
95
724 Feb 23 10518.37ov 20 z71
14
638 Dec 6
112 Mar 12
112
Me
612
84 Mar 13 11 Dec 13
74 1438
108
11218
10812 Feb 5 11212 Oct 28 103
10012 Dec 19 10118 Dec 18
814 Dec 10
24
63
4
-24
212 Jan 25
13 Nov 21
8
32 Aug 10
41
24
3
8
818
1314
4.4
4June 5 1914 Nov 18
83
21
8
2
53
8
812 Nov 18
7
2 8June 10
514 1452
412
104 Dec 4
412 Mar 13
13 Dec 2
4
7
8
218
4 Apr 1
4
4414 64
4414
4
4814 Jan 28 873 Aug 9
5632 0613
37
623 Jan 15 9914 Nov 20
4
1184
6
6
7 Jan 15 2013 Dec 11
5
1814 1812 1818 1813 2,700 Cont'l Diamond Fibre
8
8
1913 193
4 187 1913 183 1918 1813 19
233
1 3614
20
8
8
44
4412 4312 447
2.50 287 Mar 13 447 Dec 11
434 443
8 4312 44
4 4312 4418 4314 44
8,100 Continental Insurance
tA
4
23 Nov 20
4
3 Jan 2
1
2
4
24
218
218
2
218
2
218
218 214
24 214
214 16,400 Continental Motors
4
I 5„ 228
1214
8
5 1518 Mar 14 307 Dec 20
3018 307 55,800 Continental Oil of Del
2934 3014 293 3018 2912 30
8
8
293 3014 2912 30
4
404 51
4012
4
4
750 Corn Exchange Bank Trust Co 20 413 Mar 11 693 Dec 12
4 6412 6513 6413 6514
643 6514 654 653
4
4 66 66
6614 663
5512 8612
5512
8July 10
25 60 Oct 2 783
68
674 6814 6,600 Corn Products Refining
683
4 6712 68
6814 687
8 68
6814 6812 69
15012
135
100 1484 Oct 8 165 May 23 133
15912 15913
*157 163 *1573 163 *15712 163 *15712 163 *15713 163
8
Preferred
400
97,
338
34
74 Dec 9
418 Mar 13
No par
638
738 16,200 Doty Inc
65
8 718
63
812 67
8
64 67
8
012 658
8 64
28
23
384
8
4
No par 357 Jan 15 397 Mar 4
373
8 3,300 Cream of Wheat OM
*3713 373
4 3712 3712 3712 3712 3712 3710 3710 3738 z37
8
174
7
8
113 Sept 24 193 Dec 12
4
No par
18
18
4
183
8 183 1834 1813 1812 18
4
*18
1834 173 18
1.400 Crosley Radio Corp
*
183
4 3814
188
8
No par 2312 Mar 14 487 Nov 16
43
4
4 43
4214 413 423
8 42
4
4 423 423
425 427
8
4238 43
2,400 CrONCO Cork & Seal
354 4414
32
No par 4312 Jan 4 48 Nov 20
4612 4612 4612 4618 4612 46
4714
4714 *46
*4613 4714 *46
$2.70 preferred
300
84
47
9914 109
99
99
99
99
*99 109
*99 101
*99 101
60 Crown W'mette Pap let ON° par 7412 Mar 13 z99 Dec 13 'p40
38
,
888
314
Ks 618
8
918 Dec 18
312 Mar 18
812 97
83
8 83
4
8
No par
812 83 23,800 Crown Zellerbaok v t o
4
814 85
818 814
17
384
/
1
14
3312 34
3412 33
3434 33
America___100 14 Mar 15 3512 Dec 16
34
34
3434 3334 3512 34
8,100 Crucible Steel of
44
71
30
10514 10514 *10312 104 *103 104
10514 10514 105 105
100 4712 Apr 12 10514 Dec 16
*103 106
Preferred
400
3
4
7
8
31g
218 Dec 9
14
112 112
112 112
110
1 Jan 28
8
13
8
112 *13
15
8
112
No par
112 2,600 Cuba CO (The)
314 1012
3
12
12
1134 12
*103 11
4
all
1112 1134 1014 11
6 Jan 5 14 Dec 11
100
11
340 Cuba RR 6% pref
34
94
212
81231ay 13
518July 22
53
4 53
*53
4 6
10
4
584 53
54 6
53
4 53
4 2,200 Cuban-American Sug a
4
*53
4 6
20;2 65
1412
4May 13
5814 583
100 4012 Jan 3 803
59
4 59
5912 5912 *5713 59
57
Preferred
5912 5912 57
320
3518
37
524
4014 4012 403 404 4012 4012 4014 4012 4014 4031 4012 41
4
50 x3914 Oct 3 4712 Jan 2
2,200 Cudahy Packing
1311 2952
134
8
2112 2034 2112 213 2134 203 21
2034 2112 21
4
4
No var 15 Mar 15 243 Nov 25
207 2112 8,500 Curtis Pub Co (The)
8
3812
434 954
10212 10212 10218 10212 102 1023 102 102
8
1013 102
4
1013 102
4
No par 8912 Mar 14 10514June 13
Preferred
1,600
24
514
2
34 Nov 29
2 Mar 12
1
34 33
8
338 312
310 33 35,100 Curtiss-Wright
34 312
8
34 310
314 34
514 1214
34
834 918
83
4 018
84 9
9
014
84 Mar 15 104 Jan 2
1
918 912 21,000
Class A
878 914
7514 91
73
Nov 15
*85
91
*85
91
*85
89
*85
91
*85
87
85
85
40 Cuehman's Sons 7% pref __100 73 Mar 23 x95
6412 90
61
701 *67
*63
7012 *63
No par 61 June 8 75 Nov 8
7012 *63
7012 *63
7012 *63
8% preferred
7012
912
11
21,
2
44
4512 4610 4513 46
4514 4514 46
No par 16 Mar 13 4612 Dec 17
4512 4512 *444 45
5,800 Cutler-Hammer Inc
84
6
512
101z 10
1038 1012 10
6 June 7 1012 Doc 14
103
8 1014 1014 *912 1018
5
012 912 1,500 Davega Stores Corp
104 3438
1018
52
5218 4912 5114 50
52
5238 5012 5213 5012 52
4
No par 223 Mar 18 584 Nov 15
503 12,200 Deere & CO
8
104 194
104
2718 2718 2714 271_ 2714 2714 274 2713 2714 2713 27
20 19 Jan 15 28 Sept 5
2714 3,000
Preferred
-_
8 2238 2234 *22
2238 2214 223
2214 2212 *22
8
2234 2212 2213 1,200 Diesel-Wenuner-Gilbert Corp _10 187 Dec 2 2412 Dec 5 1, 438
/3
-12
-35
2312
3712 3614 3714 363 37'2 3614 384 364 3714 9,200 Delaware & Hudson
37
374 36
8
100 2312 Mar 26 4312 Jan 7
14
333
11
4
1614 1638 157 163
1.53 16
8
8
8
8 157 1638 1614 1638 153 1614
4
11,500 Delaware Lack & Western___50 11 Mar 13 1918 Jan 7
33
4
1314
112
*33
8 43
4
4
4
4
*4
438
4
8
5 Dec 9
4
33
8 33
14 Feb 27
100
8
400 Deny & Rio Or Wes1 pref
118 118
034 84
55
1183 120
12013 123
4
*118 121
12314 12314 *125 127
100 65 Mar 13 12314 Dec 19
1.100 Detroit Edison
8
7
2
.318 6
.318 6
*318 6
*5
67
8
*5
6713
*318 7
8 Jan 17
2 Aug 12
Detroit eo Mackinac Ry Co 100
1814
10
112
*10
*10
11
11
__ *10
14 Dec 20
11
11
*1014--- *10
14
518 Oct
5% non-cum preferred__ _100
100
5514
40
40
*39
41
42
29
4014 4012 4014 4 ,
4038 4038 *3918 -20
2
04
600 Devoe & Reynolds A____19o par 3512 Aug 28 503 Jan 2
89
117
8912
_
•117I4 11912 *11714 _ .*11714
*119 12012 *119 12012 *1171
_ _ __
1et preferred
100 neil mar 8 12012July 8
21
2812
4 3612 21
374 373
4363
8 3612 363
3ils 37 --8 3718 367 367
8
374 1,500 Diamond Match
No par 264 Jan 2 41 Nov 19
*35
4
3612 *363 3718 *3612 37
4
3658 3658 *363 37
284 8412
274
363 363
4
4
8
25 343 Jan 7 4112May 3
400
Participating preferred
3614 3614 3412 3614 3414 351
344 353
8 3418 3412 34
344 17,600 Distill Corp-Seagrams Ltd No par 34 Dec 20 3812 Dec 9 3 87
--8
- 4614
42
4118 424 42
4212 4114 4238 41
82
437
8 4314 433
25
42
8
4 6,200 Dome Mines Ltd
No par 344 Jan 15 443 Dec 10
*938
9
813 87
83
4 83
4
33
84 83
11
64
83
4
834 83
4
8 85
8
2
1,400 Dominion Stores 1.25
43:ay 29 123 Jan 28
63
No pa
8
8 383 3934 3912 403 34,200 Douglas Aircraft Co Inc No par 171k Mar 12 4018 Dec 20
144 2
114
377
8 3812 3734 3814 393
3612 364 37
8
20
8
30
30
'
3014 *2912 31
814
30
304 *29
30
30
*2818 31
603 Dresser(SR) Mfg cony A- No panl 1312 Mar 15 32 Nov 25
*16
5
117
2
1612*, Convertible class B_
1614 1614 17
33
8
16
*16
1512 16
1613 1 200
*16
17
No par
64 Mar 18 1712 Dec 5
r
„
b *38 ... 1
'
,,s
1
7
8
3
8
7
8
55
8
.5
8
7
8
7
8J. 7
8
1 Dee 11
13
Duluth S B & Atlantis
'aline
300
12
218
14
,8
*7
)8 Dec 12
114
*1
114 *1
118
114
*1
114
110
*1
114
3
14June 21
Preferred
100
300
114
3
2
63
4
7
7
718 *63
714 74
4 7
714 714
84 Dee 10
2 June 6
1
1,800 Dunhill International
4
r 714 73
237
8
13
1518 *1518 1512 1513 1512 *1512 16
4
123
*1512 16
19 Aug 6
No par
123
43:ay 21
40Ci Dunlan Silk
*1518 1512 15
11012
92
__ *1147
_ .1147g
8
8
-- *1127
g
92
_ M127
8
_
_ *1147
Preferred
100 103 Mar 20 116 Nov 16
8
*1147
4 -- 8
103
-8 --8 100
1353 1163- 4
--4 10.700 DuPont deNemoure(E.I.)&Co.al 88 8 Mar 18 14612Nov 20 31 597
,
13514 13614 1353 13714 136 13718 1363 1373 13534 137
8
4
8
400
6% non-voting deb
100 1287 Feb 8 132 Oct 28 10414 115 128
*13014 1313 13012 13012 *13038 13112 1307 13112 13014 13014 *130 13112
1074
114 114 *114 115 *114 115
90
100 104 Feb 18 115 Aug 5 85
10 Duquesne Light let Drer
*114 115 *114 115 *114 115
3012
*20
28
28
21
*20
*20
27
28
12
Hosiery Mills pref 100 12 Nov 29 2713 Dec 10
2612 2612
*20
20 Durham
*173 27
4
64 63
7
7
63
4 67
8
063
4 718
4
634 67
8
44 12
312
63
8 64 1,700 Eastern Rolling Mills
33 Mar 13
4
_5
8 Jan 7
116
1543 15513 15513 156
4
79
6512
3,700 Eastman Kodak (N J)___No par 1104 Jan 18 1721431ov 18
155 15512 15413 15513 15412 15718 156 158
147
15812 15812 158 15812 158 158
120
100 141 Jan 4 164 July 26 120
156 156 *153 158
6% cum preferred
60
*153 156
4
1212 22
2718 273
263 2714 263 27
4
8
10
8
No par
4 5,400 Eaton Mfg Co
163 Jan 15 303 Oct 23
8
267 2714 267g 2712 265 27
8
19
0
314
7
7
7
7
714
83 Nov 1
8
67
8
7
314 Mar 27
3 par
10
7
7
74
1,800 Eitingon Schild
672718
31
15
113
8
8
4 351g 353 25,400 F.lec Auto-Lite (The)
3614 345 353
4
8June 1 383 Oct 21
5 193
1 347
4
8
8 337 344 334 3514 35
SO
110
75
8
Preferred
100 107 Jan 23 11312Sept 25
50
11214 11314 11314 11314 *1107 11312 *110 11314 *110 11312 *110 /1312
3
7
3
1214 113 124
81 12
4
4
3
117 1218 20,100 Electric Boat
8
3e Mar 15 131* Dee 9
4
1214 113 1214 113 123
12
414
9
7
83 Feb 18" 212
8
718 30,600 Elec & Mus Ind Am shares
63
4 714
612 658
612 612
63
4 63
4
2, 612 612
538Sent 21
14 54
214
9
118
713 Aug 17
11g Mar 15
8 7,100 Electric Power & Light __No par
5 4 53
,
514
53
8
54 54
5
8
514 55
8
512 55
64 21
3
8
2610 253 2513 254 28
2618 26
3 Mar 13 32 Aug 17
Vs par
37 preferred
5,300
4 26
2534 263
25
3 25
Vo par
6
19
24
212 Mar 13 28 Aug 17
2214 2214 21
23
22
2212 22341 23
86 preferred
2,200
23
0 22
2214 22
For footnotes see page 3974.
Par
$ per share $ per share $ per share $ per share $ per share $ per share Shares
2912 29
3012 303
4 2912 3013 29
10
8
293
8 287 29
293
4 29
3,900 Chickasha Cotton 011
4 8
714
8
8
8
838
73
8 818
No par
714 1,400 Childs N.
712 712 *73
2378 237
8 237 237
2378 24
25
8
8 237 237
*2378 24
8
8
8 237 237
260 Chile Copper Co
8
8514 8812 8538 8718 8512 8712 8614 8818 86
5
8638 8813 215,100 Chrysler Corp
87
No par
8 1413 1413 1414 1412 14
8 1413 147
1312 14
1414
143 147
4
5,200 City Ice & Fuel
190
7612 74
7612 76
733 74
737 74
8
75
7613 7612 76
Preferred
8
520
100
*3812
*3812 51
_
_ -- *38
*37 _ __ *37 - _ -- *37
City Investing Co
512 512
538
538
53
58
5
58
3
538 - 8 *538 - 7
1,900 City Stores new
514
538
538
2738 263 27
2578 274 2514 274 27
No par
4
2638 27
2614 27
7,300 Clark Equipment
100
*80
__ *80
-- *80
*80__ *80
*80
__ _ _ _ ___ C CC & St Louis pref
4414 143
45
44 1514 45 - 441
8 433 -4414 4332 45
4 45
3,000 Cleve Graphite Bronze Co(Tbe) 1
*8212 83
*8213 87
50
*8218 87
83 83
*8212 87
*8218 87
20 Cleveland & Pittsburgh
*43
*43
__
*43
*43
Spec grt 4% betterment stk 50
'
.
*43
*43
__
_
8 47
443
46 1718 4614 444 4334 - 8 443 4238 - - 43,8 443
4
4914 12,200 abets Peabody & Co____No par
*120 125 *120 124 *120 124 *120 124 *120 124 *120 124
100
Preferred
8512 8414 85
4
8513 8512 85
823 84
4
8414 8412 823 84
5,900 Coca-Cola Co (The) w i _ _Novae
*5512 56
*5513 5612 .5512 56
No par
5512 5512 5512 5510 *5512 56
Class A
300
20
2012 1938 2014 1912 1938
204 21
183 20
4
1938 197 53,700 COlgate-Palmolive-Peet- No par
8
100
10513 10512
*10512 107 *10512 107 *10512 106 *10512 106 *10513 106
6% preferred
100
46
4612 4514 4714 4514 47
No par
4712 4618 4738 27,800 Collins & Alkman
4612 4814 46
100
10712 10712 *1073 108
108 108
Preferred
108 10812 10812 10812
*10712 108
4
200
812 9
*812 9
*812 9
*912
9
*812 9
812 81
No per
120 Colonial Beacon Oil
414 *418 414
412
4
4
No par
33
4 4
414 414
37
8 4
2,600 :Colorado Fuel & Iron
2512
24
100
24
2412 24
25
26
26
r2512 2512 25
25
Preferred
360
2113 18
2112 *18
100
2012 *18
*18
201 *18
18
*18
19
20 Colorado & Southern
100
18
1812 18
19
19
*19
20
1918 20
*193 20
8
18
1% let preferred
200
100
*15
16
*15
16
16
16
17
17
*1012 17
*15
4% 3c1 preferred
70
1513
93
943
4 9313 9312 94
94 94
9412 95
2,500 Columbian Carbon v 1 a __No par
94'8 9378 94
900 ()plumb plot Corp v t c__No par
4334
443 *43
4
4513 4512 44
4
*453 463 *4512 4613 x443 45
4
4
No par
4912 *4812 49
*483 49
4
49
52.75 cony pref
500
---- ---- ---- ---- 4912 50
123 1318 26.200 Columbia Gas & Elec
8
134
No par
1314 1312 1318 1313 1318 1313 1318 1313 13
867 867
8
8 8614 8614 8513 86
100
8
8518 8538 853 853
8512 88
Preferred series A
4 1.800
*___ 8134 813 813 ____ 8112 *____ 817 *__-- 817 *_--- 817
100
8
8
4
4
8
5% preferred
10
4712 4812 473 4838 47
4714 4714 473
8
10
4 4614 4714 454 464 6,900 Commercial Credit
11278 113 *11138113 *11138113
1114 1113
1133 1133 *113 114
4
4
8
50
5)4% preferred
6078 62
No pat
6014 6014 59
4
607 604 603 6114 6014 61
8.
603
8 7,00 Comm Invest Trust
11118 11118 *111 11214 *11112 112 *111 112 *111 112 *111 1117
No par
8
Cony preferred __
100
100 100
10118 10118 100 10034 100 100
100 10018 9914 100
34.25 conv,pf ser o11935 No par
1,70
8 2014 2013 48.100 ommercial tiolvenea
2012 204 2014 2034 2018 2038 2014 2114 2014 203
No par
238
238
212
238 238
212 23
8
212 23
8
212 24
No par
212 59.200 Commonveltb & Sou
$6 preferred series
No par
2,20
63
63
643
8 62
64
65
65
*65
8513 65
6514 66
No par
1018 1014 10
1012 1018 *1014 1012 1018 1014
8
1018 *93 10
1,000 Conde Nast Put).. Ino
413
4 41
4
41
4234 413 4217 41
4252 4234 42
4012 404 2.800 Congoleum-Nalrn Ino
No par
No par
*1418 17
*1418 17
*153 17
8
*153 17
8
16
16
*15
16
200 Congress Cigar
820 connections Ry & Lighting__100
1612 1712 17
4
1612 1712 163 17
1738 18
1778 18
17
100
*23
*25
29
*24
29
29
29
29
2934 293 *28
Preferred
30
4
30
No par
1,600 Consolidated Cigar
934 93
93
4 93
4
93
4 93
4
93
4 94
4
94 93
93
4 07
8
100
63
8
8 63
623 6238 623 623
8
63 63
*8212 63
63
63
Preferred
80
100
*69
71
*6912 72
69 69
*69
71
Prior preferred
*7014 72
7014 72
120
100
*6818 110
*6818 110
*69 110
*6818 110
069 110
Prior Pref ex-warrante
*69 110
512
534
538
534
512
512
512
534
512 51
1
512 53
4
3,400 Consol Film Indus
No par
1814
18
4
4
*1814 1813 18
Preferred
2,800
1838 173 1814 173 1818 18
l810
293 3012 30
4
39
31
8
No par
3013 39,600 Consolidated Gas Co
3012 3114 303 31
3013 31
No par
10314 1033 103 103
10312 1034. 1,800
8
10312 lO4'o 10312 104
104 104
Preferred
No par
5
5 18
5
518
5
47
8 5
44 44 5,200 Coneol Laundries Corp
5
514 514
105 107 62,300 Coogol 011 Corn
8
4
8 105 11
103 107
8
8 103 107
8
No par
8
105 107g 105 11
8
8
100
*11118 1113 *11114 1114 11113 11110 11138 11138 *11112 1114 11112 11110 1,800
8
8% preferred
101 10118 10012 10012 *10012 10118
Preferred new
300
613 -100
74 74 *614 714
7
*612 7
*63
4 7
2,100 Cowen RR of Cuba pref
7
8
1
3
4
7
8
3
4
7
3
4
7
8
3
4
7
8
3
4
7 52,900 :Consolidated Textile____No par
8
1738 18
1738 18
1712 18
20
173 174 173 18
4
173 18
4
4
2,900 Container Corp class A
No par
74 714
74 71
738 714
Class B
718
,
718 714 3,500
714
718 7 8
918 91g
914 93
8
912
9
9
9
9 14
93
8 912
918 3,300 Continental Bak class A No par
D.,
No par
138
112 112
158
138
13
8
112
112
13
8
15
8
138 3,700
Class B
6512 6412 6412 *6312 66
100
64
64
64
*6512 6614 65
64
Preferred
700
8312 843
8 824 85
8314 84
20
834 8414 824 8312 824 84
14,900 Continental Can Inc
r 34 , ,
3978
New York Stock Record-Continued--Page 4
HIGH AND LOW SALE PRICE'S
-PER SHARE, NOT PER CENT
Saturday
Dec. 14
Monday Dec. 16
Tuesday
Dec. 17
Wednesday , Thursday 1
Dec. 18
Dec. 19
Friday
Dec. 20
Sal s
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 21 1935
Rasp! State Jan. 1
Os Basis of 100
-share Lots
Lowest
Highest
J110/ 1
1933 to Range for
Nor.30 Year 1934
1935 ----Low Lore
11101
$ Per share $ per share $ per share $ per share $ per share 5 per share Shares
Par 9 per share
$ per share $ per oh $ per share
53
5314 5212 5212 513 5214 5214 5214 525 523
4
4
8
4 5312 54
1,900 Elea Storage Battery
No par 39 Mar 21 583 Nov 30 31 337
2
34
52
5
8
58
5
12
12
12
12
1
800 :Elk Horn coal Corp
72 Jan 10
8
'10 par
14 Mar 29
5
8
^
.'8
4ss
17
s
_.1
114
13
8
138
138 *138
112 *138
112
13
8
112 *13
8
112
18 Aug 17
7
800
6% part preferred
52 Apr 1
150
52
1
33
4
*63
65
*63
65
x65
63
63 63
*6318 64
400 Endicott-Johnson Corp
45
63
63
50 523 Jan 16 66 Sept 5
4
45
63
*131
__ *131
_ _ x130 130
130 130 *12914 12912 12912 12912
100
Preferred
100 1253 Jan 10 132 Apr 23 112
4
120
128
*612 1.
7
7
*612 -*6
7
*6
7
Engtneers Public Serv____No par
1 18 Mar 16
814 Nov 8
*618 7
118
*53
4 7
2
83
4
*41
4312 43
43
*42
4312 *41
4312 4113 4212 *42
55 cony preferred
4312
900
No par 14 Mar 19 50 Nov 8
1018
1018 234
4518 4518 45 45
46
46
4618 4618 46
1412 Feb 7 55 Nov 8
46
46
46
900
No par
11
$535 preferred
11
2612
52
*5112 53
52
*51
517
8 50
51
12
*50
52
51
51
1,200
16 preferred
No par 154 Mar 19 5512 Nov 8
13
2512
63
4 7
65
8 67
8
63
8 65
412 Aug 8
8
659 65
712 Dec 6
8
612 612
63g
67
8 2,700 Equitable Office Sidg
No par
412
5
103
s
1138 1112 1112 1178 1112 1112 117 1218 117 12
8
718 Mar 20 14 Jan 4
8
1113 113
4 3,400 Erie
718
93
8 247
100
8
167 1678
8
1634 17
1658 17
1714 1738 163 163
812 Mar 26 1912 Dec 4
4
First preferred
4 1612 1612 1,500
100
812
143
4 2814
1138 1138 1114 1114 1114 1114 1114 113
8 103 103
700
Second preferred
63 Mar 12 1312 Dec 5
4
624
4
100
9
23
4 1114, 1114
*
_ *65
Erie dr Pittsburgh
4
50
60 8912 Feb 18 853 Nov 1
50
68
12 --12
1134 12
141
/
4
*1218 1212 1214 1212 *1214 1212 113 117
63
2
7
1,000 Eureka Vacuum Clean
5 1012 Mar 19 147 Aug 17
8
4
8
8 353 3738 3612 383
3
33
,5 15 May 7 3834 Dec 19
3312 3314 3512 3412 357
3
4 3712 3814 64,300 Evans Product, Co
274
9
*412 5181 *4
518 *438 5
*414 518 *4
2 Apr 30
6 Nov 18
Exchange Buffet Corp___No par
2
518 *4
3
518
10,
2
3
3
3
3 14
318 318
700 Fairbanks Co
353 Dec 11
5 Mar 26
8
27
8 27
4
23
4
25
23
2
3
23
4 27
8
23
1
5
2
115 133
8
8 13
1414 1212 1314 12
1314 1112 1112 1114 12
1,670
4 Mar 19 15 Dec 11
312
Preferred
100
33
4 12
,1
30 30
29
3014 2938 3012 3014 3014 30
30
31
2,700 Fairbanks Morse & Co_--No par 17 Jan 11 32 Nov 20
30
47
2
7
1814
*1143 125 1 115 115 *116 117 *11618 120
4
6% cony preferred new_
118 118 *116 119
200
100 115 Dec 16 118 Dec 19
111,
1978 197 *1914 2014 1914 1914 1938 1.95
8
8
8 1812 1914
600 Federal Light a frac
15
53 Mar 15 215 Nov 25
8
4
183
4
183
4
4
*80
8478 82
82
*80
8478 *82
8478 *82
40
Preferred
33
8478 *82 .847
No par 48 Jan 8 z85 Aug 16
3418 62
8
60 60
*59
64
*60
64
*58
64
500 Federal MM & Smelt Co____100 40 Apr 3 72 Apr 26
*60
64
*6014 64
40
52
107
*82
87
*85
89
85
85
•83
87
100
Preferred
100 64 Apr 1 95 May 28
50
*82
87
62
98
87
*82
*7
714
63
4 73
8
7
7 18
7
714
2,900 Federal Motor Truck____No par
33 Mar 23
4
812 Deo 4 . 23
67
8
7
1
67
8
7
4
859
27
s
4
4
4
418
378 4
4
2,600 Federal Screw Works____No par
2 July 6
412 Jan 7
4
33
4 418 *378 4
1
2
53
2
214
214
214 4,600 Federal Water Serv I
212
212
214
7 Feb 25
8
318 Aug 19
214 23
8
218 214
2141 2 8
3
No par
4
7
2
1
*2234 2314 2214 2212 *2114 217 *2114 217
*2214 2234 2212 23
8 1,000 Federated Dept Stores_ -No par 16„ Mar 29 25 Aug 8
1618
8
20
31
8
4438 4412 443 4413 4414 4413 4418 445
*4414 45
2014
233
8 4314 437
8 2,900 Fidel Phen Fire Ins N 1r_ _2.50 2812 Mar 14 4514 Dec 9
_
4 3512
*20
2412 '20
2312 *20
23
*20
23
21958 195 *1934 23
20 Filene's(Wm)Sons Co _No par
18 Apr 9 25 Sept 26
16
8
23
30
*111 1137 *11114 1137 *11114 1137 11114 11114 *110 1137 *111 1137
8
8
10
8
8
87
8
100 10614 Mar 6 114 July 3 z85
106
6.4% preferred
2218 2212 2218 2338 223 2314 2212 2312 2218 2278 2218 2212 20,100 Firestone Tire & Rubber
4
1318
10 1312May 2 2312 Dee 18
13
254
"993 9913 9958 9958 095 1003 10012 1007a 101 1017 1017 1023
8
8
4
4
4 4,600
Preferred series A
100 8418 Apr 8 1023 Dec 20
8
87,
8
8 9214
8
71,
46
4612 457 4614 4512 4612 447 46
3
8
45
4514 45
4512 5,000 First National Stores__No par 443 Nov 20 587 Aug 12
8
8
4438
53
694
30
*29
30
*29
30
*29
30
*29
*29
Florsheim Shoe Waal A__ _No par 19 Feb 21
30
303 Dec 11
8
125
8
*29
30
15 . 25.2
4
4
3 8 37
7
2
1713
8
4
4
37
214 Mar 6
63 Jan 7
8
8 414
418 414
414 414 2,700 /Follansbee Bros
Vo par
2
793
4 7812 783
4 7712 7812 78
74
7612 77
7
1011 21
7812 773 7812 4,000 Food Machinery Corv
4
No par 204 Jan 15 7934 Dec 10 . 1014
2412 233 243
23
233
8 223 2314 2318 2338 24
4
4
8 9,900 Foster-Wheeler
97a Mar 15 2558 Dec 20
8 2312 255
No par
812
812 223
8
101. 101 *102 1027 10214 10214
99
9912 99 100
190
8
6414
*99 103
Preferred
No par 603 Mar 15 103 Nov 2
55
8
8052
2 8June 7 101 Jan 7
5
Foundation Co
,
25
8
No par
614 17
3212 3218 3218 3218 3214 3212 327
1,8130 Fourth Nat Invest w w
3618 Nov 18
3212 3212 3212 3212 32
8
165
8
1 193 Mar 21
4
174 27
Fox Film class A
4July 15
814 174
No par
85s Mar 15 173
814
67
67
*6212 6812 *67
20
20
83
68
60 Fkln Simon & Co Inc 7% O1--100 3014 Apr 2 70 Nov 8
65
65I *62
6812 6714 6712
2112 50f3
2614 263
8
1714
273
8 6,200 Freeport Texas Co
10 1714 Mar 18 303 Nov 20
4, 2638 2714 2658 2712 2758 2812 2718 2718 27
20
*122 16012 122 122 *122 16018 *122 16018 *122 16018 *122 16018
Preferred
100 11212June 27 125 Nov 19 11212 11312 160 8
42
*40
42
42
33'3
.41
42
*40
4212 43
480 Fuller (0 A) prior pref___No par 15 Mar 13 54 Dec 20
1212
14
8
49
49 7 54
5
195s
23 8 247
7
8 2412 2512 26
43
4
"25
2632 2412 25
36 2d prat
No par
43 Mar 13 4018 Dec 20
4
323
4 3612 4018 1,790
.312 35
8
312 35
314 314
8
3 8 312 *33
3
8 2,200 Gabriel Co (The) al A
8
8
318 33
7 May 21
s
53 Nov 23
7
2
14
4"
2 35
No par
1112 1112 103 107
7
8
'1034 12
"103 12
4
8
8 1012 105
160 Gamewell Co (The)
7 Mar 30 12 N,.v 6
8 1012 1012
No par
2012
Vs 11
512
1018 1014 1014 1012 1014 1038 1018 1012 1018 1014 1018 1038 9,900 Gen Amer Investors
8
No par
54 Mar 13 107 Dec 11
0913 *98
9913 *98
9910
6411
73
87
*987g 100 '99
*98 100
*987 100
8
Preferred
4
No par 843 Jan 10 10018Sept 16
8
4358
4634 463
4 463 4712 463 4712 4634 4712 4612 4718 467 4718 4,600 Gen Amer Trans Corp
4
8
30
8
2514
6 325 Mar 12 9812 Dec 9
4,200 General Asphalt
23'
3
8 2118 215
8 21.
12
213 217
4
8 2118 217
2158 207 21
113
4
8
203 21
4
4
10 113 Mar 15 2212 Nov 20
4 115 113
8
4 1158 1134 1112 113
5
732 Mar 29 2133 Oct 17
611
613 14:
8
1112 1112 1112 113
4 113 115
8
8 3,500 General Baking
8
143 143
143 143 *139 143 *134 143
90
$8 preferred
100
10811
*140 143 *140 143
No par 116 Jan 10 146 Aug 13 100
2,100 General Bronze
818 83
s
818 83
8
814 83
8
5
5
10,
3
814 812
818 818
8
814 814
514 Mar 4 103 Nov 20
5
2
2 Mar 20
64
63 Nov 16
2
224
4
53
4 53
4
55
8 534
55
8 53
4
5 4 53
3
4 2,000 General Cable
No par
57
3 57
8
53
4 53
1638 17
16
1,000
1634 17
163
4 157 157
•1634 17
8
Class A
4
8 153 16
4
1812 Nov 18
No par
4 Mar 26
414. 12
66
•647 66
8
70
66
66
400
66
66 '66
66
*6314 70
7% aura preferred
14
100 19 Mar 14 76 Nov 16
1418 33,
:
59,
4
27
52
523 523
4
4 53
*52
5214 52
5312 54
2414
54
543 555
4
8 1,100 General agar Inc
No par 4612 Nov 16 6414July 27
143 143 *141 143 *141 143
20
*141 143 *141 143 '141. 143
7% preferred
100 12712 Jan 2 14512 Oct 7
97
97
127,3
3512 3614 36
363
4 36
8
3612 357 363 56,400 General Electric
357 3614 355 36
8
4(
8
No par 204 Jan 16 407g Nov 13 • 16
167
8 25,
4
8 323 327
8
8 3218 3238 32
3212 32
3214 325
323
8 3218 3212 15,200 General Foods
28
28
310
No par 30 Sept 17 377 July8
7
8
7
8
7
it
1
14
7
8
1
7
8
7
8
78
1
7
8
7 10,700 Gen I Gael dv Elea A
8
38
1
1.4 Feb 25
112 Aug 22
No var
13
*1012 13
*1012 13
*1012 13
20
13
*1012 13
Cony pref series A.. No par
*13
15
514
614 19
8 Oct 16 1512 Aug 19
18
*11
18
*11
18
*11
*11
63
4
11
21
*11
18
18
*11
18
$7 Pre class •
11 Mar 5 18 Aug 20
No par
*105 20
8
"1052 20
38 pref class A
*105 20
8
*103 20
2
*105s 20
712
13
22
*818 20
4
No par 153 Jan 15 18 Apr 6
8
575 *33
8
82,
8
*33
5778 *33
573 *33
5758 *33
Gen Ital Edison EMI) Corp
50
575 *33
8
32 Oct 7 813 Feb 5 1432
4
575
8
6838
6778 68
51
6612 67
61
8
6412 6534 1,000 General Mills
6412
677 677 0677 6814 *68
8
8
No par 597 Feb 6 7212 Oct 25
s
20
8
3
8
118
11818 11818 1187 1187 *11814 1187 *11814 1187 *11814 1187
Preferred
*11812 119
8
100 118 Jan 3 212013 Dec 9 10012 103
8
5413 5518 54
5438 5514 5418 545
5518 5418 55
2458 42
8 5418 555 173,100 General Motors Corp
8
8
10 285 Mar 13 5938 Nov 18 '2233
11812 119
11812 11872 11814 11812 118 11814 1173 11818 3,100
$5 preferred
84
4
No par 010712 Jan 4 120 Nov 21
893 109
4
119 119
No par 10 Mar 20 21 Dec 17
81.2
83
4 21
17
1812 1814 193
4 193 21
4
19
2014 19
19
185 185
8
8 5,000 Gen Outdoor AM/ A
4
3
512 614
53
4 614
412 514 ' 53
55
8 53
512 63 13,000
8
Common
No par
614 Dec 17
652
3 Aug 9
314
42
42
*4018, 4178 '395 41
8
41
41
*41
4114 *41
4114
200 General Printing Ink
No par 175s Feb 5 425
8Nov 7
1012
1012 2512
20
36 preferred
*10612 10712 *10612 10712 *10612 10712 *10612 10712 *10612 10712 107 10712
No par 9312 Jan 22 109 Oct 16
6114
731s 9
6
559
4 1,000 Gen Public, Service
412 Nov 8
1 18
2
*312 33
No par
118 Mar 13
37
8 38
7
37
8 3 8 *3 2 31
7
,
37
8 38
7
33
4 33
4
4 397 40
8
393 4058 1,600 Gen Railway Signal
8
393 3938 40 403
8
155
8
No par 1558 Mar 13 4114 Dec 11
2313 404
3914 3914 3953 40
*85 10912 '83 1091 *83 10912
10
Preferred
90
100 80 Jan 2 109 Oct 2
80
10112
*100 10912 *100 10912 108 108
212 258
212
258
212 23 10,700 Gen Realty & Utilities
4
212 258
8
212 25
8
318 Dee 5
55
212 258
1
3 Apr 2
4
1
3
4
4
4
4
1,800
6 prelcrred
333 3334 333 333 *3312 3334 333 357
4
8
10
2641
34
343
8 333 34
4
No par
143 Mar 20 3918 Deo 7
4
10
2914 283 2913 4,400 General Refractories
2914 30
4
283 2912 29
4
No par 163 Jan 30 3112 Dec 7
4
*30
3012 2910 30
812
1018 23.
11
_
_
_
_ _
_
_
_
_ ___ __ _
Voting trust certlfe__No par
71A
10
20
Ms Jan 15 23 July 9
ii 220 Gen Steel Castings prey No par 14 Apr 13 51 Nov 19 14
--- iii ii ioT, "4i -- -- -----47 47 ii s 7
175
8 484
17
1714
9,900 Gillette Safety Rasor
8 1718 1714
12 Mar 14
1913 Aug 7 • 712
1712 173
4 173 1752 1718 173
8
3 1718 175
No par
811 147
1
600
*883 89
8
89
89
8912, 8912
Cony preferred
89 89
72
89
No par 7012 Jan 4 93 Aug 6
47
*8812 8914 89
4512
812 83
4
83
8 85
s
7 4 818 35,400 Gimbel Brothers
3
818 838
24 Mar 13
N e par
218
8
8 14
818 812
834 Dec 10
25
2
63
8
743
8 9,000
4 73
7178 73
7512 7312 753
Preferred
68
6912 69
100 18 Mar 27 753 Des 19
4
1312
667 67
,
1614 30
9,700 Glidden Co (The)
4818 485
8 485 49
8
NO Par 233 Feb 7 493 Dec 12
8
8
12
4738 477
8 4712 4734 4758 48
4712 48
1551 283
,
90
Prior preferred
100 1047s Jan 2 111 Oct 14
109 10914 109 10912 108 108
109 109
805
8
83
*109 11012 110 110
107,
2
43 Jan 25
4
5
118 Apr 26
118
8
314 314 1,700 tGobel (Adolf)
3,
8 33
33
8
912
Vs 33
8 *314 312
314 33
8
33
8 312
143
8
16
23
19521 197 32,800 Gold Dust Corp vie
8
No par 143
2May 2 22 Nov 25
1918 1938 185 1912 1834 1918 1918 203
8
8 193 20
4
700
III cony preferred_ . No Var 11111MaY 3 120 June 29
3812
8r118 120
1153 11512 11512 11512
8
.115 1163 *115 116 *115 116 *11518 116
4
__ _ ___ Gold & Stock Tel'ph Co
100 104 Dec 6 105 Dec 6
- *105
_-- *10512
77
*105
_ *105
*105
77
77
15,900 uoodrich Co (15 F)
74 Mar 13 133 Nov 6
117 8 12
No par
8
4 12
4
712
8
18
12
115 -1
8 1 31 113 -12 18 113 *105-- 3113 117 4 1112 4
703
4 1,900
Preferred
100 40 Mar 15 7612 Nov 7
6912 703
4 70
2612
8 6912 71
512 OA
4 6914 6912 683 683
8
687 693
8
4
11554 Mar 13 Ms Jan 7
2012 203 12,300 Goodyear Tire & Rubb___No par
8
1534
Ws 413
203 2078 203 213
8
4
4
8 203 2118 2078 2138 203 21
8
600
1st preferred
84
No par 70 Apr 11 92 Jan 10 "5353
84
8412 827 83
8
64
8673
*8112 843 *82
4
8412 8412 8412 84
No par
212 Apr 4
1012 Dec 9
95
8 97
8
914 958
918 958
97 1012 7,700 Gotham Silk Ho,,
8
212
93
8 912
912 1014
37
8 II%
530
Preferred
100 20 Apr 3 85 Dec 20
8412 85
20
3812 7112
80 '78
7912 80
84
80 '78
*80
81
80
11,200 Graham-Palge Motors
1
114June 25
412 Oct 25
114
1a2
412
318
3
318
3
27
8 3
27
8 3
,
318 3 4
314 314
1,900 Granby Cons M Stn & Pr____I00
514 Mar 19 1358 Nov 29
914 *0
914
4
918 91a
9
4
9
9 18
133
8
913 93s *918 914
4 2,700 Grand Union Co troll,
1
214 Mar 15
33
4 33
5 Jan 7
8
4
4
38 4
7
37
8 37
214
4
8'
372 3
78
37
8 38
7
1,700
Cony prat sedan
No par 143
8May 20 293 Jan 3
*1912 20
4
2012 20
20
1438
23
40
*21
2112 21
2112 2012 203
4 20
1,000 Granite City Steel
3118
No par
24
31
18IsMar 29 353 Nov 25
8
1818
3212 32
32
31
32
31
*31
3312 *3212 3318 32
Part pald rcts
No par 2234 Oct 2 3314 Nov 22
8
3333 •--__ 333 *_--- 3359
•____ 3338 *____ 3218 *2913 3218 *30
223
4
.7..
No par 28 Mar 26 38148ept 7
3112 303 313
4
8 3014 3012 4,700 Grant (W T)
25
28
31
317
8 31
4 3014 305
45
. 8
0
3112 32
3,700 GI Nor Iron Ore Prop,,. _..Ns par
914 Mar 19 1534 Deo 6
143 15
4
15
734
812 15,
2
15 , 15
1412 143
4 143 15
8
147 1518 15
8
100
958 Mar 12 3518 Dec 18
4
3
343
4 3414 3412 58,100 Great N..rthern pref
95
8
33 1 3314 323 3438 33 4 3412 3438 3518 34
1214 3212
--No par 265 Jan 15 347
8
8May 20
25
25
3524
313 317
8
8 31
313
4 31
293 3012 2912 3014 9,000 Great Western Sugar.
4
3114 3
04 31
370
Preferred
100 119 Jan 2 140 May 4
11812
4
99
102
*13614 1367 13614 137 *13614 1363 1364 13614 13612 13612 136 136
8
Green Bay & Western RR Co.100 21 Apr 12 36 Nov 25
40
*40
50
*40
50
*40
50
*60
50
21-*40
50
*40
1 255
2612 3,100 Green (II L) Co Inc
8Nov 26 2858 Dee 0
27
27
2714 2614 2612 2614
2558
2612 2658 2658 2714 27
50 Greene eananea coiner
100 34 Feb 6 92 Dee (1
92
76
76
80
80
92
79
79
*76
18
ft; -59
*76
'80
92
4,400 Greyhound Corp (The).
5 4618July 17 7412 Nov 14 • 5
663 67
4
4 6712 6814 6712 683
4
s 663 68
674 673
4 6712 673
44
34
8 1,200 Guantanamo Sugar
No par
1 Feb 1
134 13
4
13
4 134
17
2 4MaY 13
3
178 2
13
4
13
4 *13
4
8
5s
*13
4 17
Preferred
30
714 31
100 19 Feb 16 431
714
8
4
8
4
8
,4May 14
8
8
4
4
'257 293
8
4 295 293 *257 293 *257 293 *257 293 *257 293
4
900 Gulf Mobile & Northern4-100
5
1614
4
918
4 Mar 7 1112 Dec 12
9
1
012 1014
914 914
*10
1012 *93 lO's
03
4 93
12
353
4
4 1,600
Preferred
100
8 Apr 3 3414 Dee 9
6
3012 293 293
4
32
313 313
4
4 30
3112 3112 3112 3534 30
200 Gulf States Steel
No par
1514 42
*28
3012 *27
30
2812 2812 2812
12 NIar 29 3312 Nov 25
12
025
30
*27
31
029
83
70
Preferred
47
100 48 Mar 29 108 Dec 3
2514
8
10012 10012 *100 103 *10012 1047 10012 10012 10212 10212
*10012 105
2012 2614
100 Hackennek Water
197
2
3014 31
304 3014 *2934 31
21 214 Jan 15 303 Dec 10
*3014 31
*3014 31.
4
*3014 31
31
. 7% preferred class A
27
_
_ ____ _
28
035 _
_ *35
_ _ *3,5
25 30 Jan 18 35 Dee 4
*35 - _- *35 _ _ *35 _
612 2,500 Hall Printing
25
4
8 -4 Mar 19
8 Oct 28 3 314
311
57
8 6
57
8 -6
6
6-34 557
10
5 4 -3
6
538 - 4
53
352
35
8 117
8
NO par
612 Apr 30
1412 Nov 16
200 Hamilton Watch Co
*1258 1312 *1318 1312 *1318 1312 '1318 1312 *1318 1312 1318 1312
83
25
170
Preferred
20
100 63 Jan 4 111 Deo 18
III III. *110
*110 11012 *110 11012 11012 11012 110 111
84
1013
4
77
_
____ ____ ____ ____ ____ ______ Hanna (M A t Coil pf___No par 101 Jan 2 108 June 3
_
55 preferred
200
No par 10012Sept 26 105 Nov 20 10012
- ---5 - -34
.16538 f6i-- 1558 16i- *16. 2 163 10334 13334 10314 10312 "10314 10334 3,200 HarbUon-Wruk
-ii 2434
12
2712 2714 2758 27
Refrac
4
No par
16 Mar 15 283 Dec 11
2778 2712 2712 27
277
8
4 27
*2678 273
100
87
82
100
Preferred
100 993 Jan 7 121 Des 5
4
119 120
122 *119 122 *119 122 *119 122 *119 122
*119
Ps
752
5,100 Hal Corp of America el A____1
112
512 Feb 6 14 Dee 20
1212 123 13
4
127 127
8
8 1318 1312 1312 14
1218 1214 12
193
4 92
We
250
100 81 Feb 6 11112 Dec 11)
11018 111
111 11112 111 111
63.4% Preferred
.11018 1103 11018 11018 *110 111
4
For footnotes see page 3971*
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 14
Monday
Dec. 16
3979
New York Stock Record-Continued-Page 5
Volume 141
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ per share $ per share S per share S per share $ per share 5 per share Shares
2
5
5
43
4 5
4
/ 4
1
4
/
1
4
47
8 5
47
8 5
43
4 47
8 3,000 Hayes Body Corp
11258 11234 11234 113
25
*11212 11412 113 113
1127 113
8
11112 113
Hazel-Atlas Glass Co
1,500
25
*12734 132 *1273 132 *130 13112 130 130
4
130 131
12912 1293
4
800 Helme (0 W)
100
*15818 163 *159 163
159 159 *159 163 *159 163
Preferred
159 159
30
No par
*33
3414 323 335
4
8 33
3312 3312 3312 x3318 3318 333 333
4
4 1,400 Hercules Motors
.8258 8312 83
/ 837
1
4
8 84
84
*8258 8378 83
83
Ns par
825 8258
8
510 Hercules Powder
126 126
*12514 126
12612 13012 130 130
100
13012 13012 *128
$7 cum preferred
640
No par
*76
78
7612 7612 7612 7612 7612 7612 763 7638 7614 - 14
8
76
700 Hershey Ch000late
115 115 *115 11512 11512 11512 *115 117
No par
*11358 115
11512 11512
Cony preferred
300
2914 2914 2918 2918 283 29
4
2612 267 28
Ns par
263 2812 26
4
8
3,100 Holland Furnace
83
4 83
4 *85
8 83
4
85
8 85
8 *812 8
/ *812 85
1
4
5
8
85
8 85
8
501) Hollander h Sons (A)
8 1918 193
2018 2012 1934 203
4 1938 2014 20
No par
201 20
/
4
2018 5,800 Holly Sugar Corp
*450 490 *450 489 *460 470 470 470 x470 478
100
483 483
400 Homestake Mining
42
42
4112 42
*4112 42
4112 4112 x42
42
*402 413
4
900 HoudaIlle-Hershey CIA -_No par
8 3014 3118 3012 311 3012 311 2297 3038 2934 3012 49,800
/
4
2938 303
8
No par
/
4
Class B
7318
/
1
*717 7212 714 715
8
8 7112 7112 *654 7312 *6812 7312 *69
/
1
200 Household Finance part pf___50
Houston 011 of Tex tern olfs_100
614 612
614 612
638 612
638 612
614 63
25
8
61 6
/
4
Voting trust cite new
/ 5,000
1
4
5614 5612 5412 553
553
4 5412 553
4 55
5
4 533 56
4
x5314 5414 8,200 Howe Sound Co
4
/ 418
1
4
4
4
4
4
4
4
100
3 8 37
5
8
3
/ 313 2,900 Hudson & Manhattan
1
4
1212 *11
113 *11
4
1
.11
1212 *1012 1112 1018 105
100
Preferred
8
94 10
/
1
500
1614 1612 15 4 1612 157 1638 157 165
3
8
8
No par
8 153 16
4
153 1612 21,100 Hudson Motor Car
4
212 212
212 212 2
238
2
214
2
218
10
2
218 22,200 Hupp Motor Car Corn
1958 197
8 187 197
8
9 194 193
/
1
4 1914 1972 187 1918 19
100
8
1914 16,600 Illinois Central
*3112 3312 3158 32
*32
33
100
*3214 34
*31
34
*31
34
200
6% pref series A
56
56
56
56
*55
5612 55
100
57
5612 5612 *55
57
Leased lines
250
1212 1212 12
1212 12
12
*1212 13
13
13
1214 1214
440
RR Sec otfs series A__-.1000
412 51
/
4
412 5
10
5
5
4
/ 43
1
4
5
5
*43
2,100 Indian Refining
4 5
2812 285
8 2838 283
4 287 297
8
8 295 3012 22912 303
No par
8
4 3014 3012 10.700 Industrial Rayon
*116 1165 1163 1163 11614 11612 11614 11612 116 116
8
4
4
No par
11512 116
1,200 Ingersoll Rand
100
*125
*125
. 125 125 *12518
__ *12518 _
*12518
Preferred
1
10314 104
-102 1634 10114 1021 10112 102
-1
/
No par
-101 1013- Ica 101
4
--5,100 Inland Steel
638
638
61 614
/
4
618
614 638
618 61
618
614 614
20
1,900 Inspiration Cone Copper
712 712
718 714
1
718 718
/
4
/
1
718 71
7
*73
8 74
714 1,400 Insuransharee Ctfs Inc
171 1712 *1718 173
/
4
4 1718 1734 *1714 177
173 173
4
4 1712 1834 5.800 IInterboro RapidTran v t o __100
314
3
33
8 *3
314
3
/ 03
1
4
33
8 312
*3
312 *3
660 Internal Rye of Cent Amer _100
No par
*3
312 *212 312 *212 3'2
Certificates
212 314 *2,2 31 *212 314
/
4
100
1814 1814 17
17
*1614 1814 163 164 *1612 1814 18
4
/
1
20
Preferred
170
212 212 *212 25
212 21
No par
8
212 212
214
212
21 214 2,900 Intercont'l Rubber
/
4
105 107
8
8 103 11
4
103 11
4
No par
101 1112 111 117
/
4
/
4
8 117 124 36,800 Interlake Iron
8
/
1
4
4
358 418
35
8 33
No par
37
8 37
8
3
/ 4
1
4
33
4 3
/ 4,700 Internal Agricul
1
4
3512 3612 33
36
34
34
3418 *3312 3412 1,400
100
3312 3404 34
Prlor preferred
*184 18612 18712 19012 *185 18302 18634 18634 x178 1791 17912 17912 1,600 Int Business Maohines___No par
/
4
1
__ ____ ____ ___ ____ ____ ____ ____ ____ ____ ____ ____ ______ Internal Carriers Ltd
3112 325 33
8
33
32
3212 3114 3214 31
3338 33
3312 8,600 International Cement„-No par
No par
603
4 603 6112 x6018 60
4
/ 6018 607
1
4
8 8,400 Internal Harvester
8 6114 6012 6113 60
100
*1504 152 *15072 152
/
1
152 152 *151
0151
_ __ 153 15314
Preferred
300
33
8 312
33
8 33
8
33
8 3
/
1
4
3
/ 1 312
4
314 314
25
314
312 4,500 Int Hydro-El Sys ol A
411 414
414 438
41 418
/
4
4
4
/ 438
1
4
41
/
4
418 418 1,600 Int Mercantile Marine___No par
4312 4314 4418 4238 434 4314 437 113,900 Int Nickel of Canada__--No par
4212 433
8 40
/ 4212 42
1
4
/
1
8
100
*12738 130 *127 130 *127 130 *128 130 *128 130
128 128
Preferred
200
100
____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ______ Internet Paper 7% prat
418 414
4
/ 412
1
4
418 458
414
414
418 44 3,000 Inter Pap & Pow el A __No par
414 432
/
1
No par
2l3 214 *214 212
238 238
238 238
214 214
214 214
Clam li
700
No par
2
218
2
218
2
2
2
2
14 2
/
1
13
8
13
4 9,500
Class C
26
100
27
2512 27
255 267
8
8 2514 263
4 253 273
4
4 263 273 22,700
4
4
Preferred
41
42
4112 4218 408 402 41
42
42
4112 4138 423
4 2,300 Int Printing Ink Corp__-No par
*109 10934 *10918 10934 10912 1093 109 10912 10912 10912 10912 10912
100
4
240
Preferred
2612 2634 2614 2614 2612 261 26
No por
/
4
2618 26
26
26
26
1,300 International Salt
*4814 48
No par
/ 483 483
1
4
4
4 4812 4812 *4814 481* 48
/ 4812 48
1
4
4814 1,200 International Shoe
*1914 197 *1914 197
8
8
1914 1914 1914 1914
100
1914 1914 *1914 1912
400 International Silver
*60
62
6014 60
/ 6012 6012 *6014 6012 60
1
4
100
6014 60
60
340
77 preferred
1212 121 1212 127
/
4
8 1212 1318
1318 133
No par
4 127 1318
8
12
/ 1318 46,900 Inter Telep & Teleg
1
4
144 1414 1334 1418 133 14
/
1
No par
4
14
1418
131 1418 131 133
/
4
/
4
4 2,500 Interstate Dept Storee
*7912 83 8 80
5
100
80
7918 811 813 827
/
4
4
8 8214 8214 82
Preferred
83
170
133 1414 14
4
1414 133 133
No pa
4
4 134 134 *133 143 *133 15
/
1
/
1
4
4
4
700 Intertype Corp
*284 295
/
1
1
8 287 284 28
8
/
1
28
28
2814 263 263 *27
4
4
273
4
700 Island Creek Coal
1
*115*115
_ *115
_ •115
_ _ *115
Preferred
__ *115
*61 61 - -- *m8 - No par
- 3- 61 6'1 4
0112
61
593 8 412 593 60
61.
4
900 Jewel Tea Inc
90
No par
90
89
91
8913 9014 903 913
4 90
4
9114 903 013
4
4 9,100 Johne-Manville
*124 125 x125 125 *12214 125
100
/
1
4
125 125 *12214 125 *12214 125
Preferred
60
---- 153 e_ 153 *____ 153 *____ 153 *____ 153 *____ 153
Joliet & Chic RR Co 7% gld_100
843 8512 82
4
8512 7714 7912 7712 79
733 77
4
/ 7012 73
1
4
2,050 Jones dc Laugh Steel pref-100
*11812 12014 *1181 12014 *11812 12012 *11812 12014 1181 11812 *118 12014
/
4
20 Kansas City P & L pf set 13N0 par
/
4
100
1278 1312 111 123
/
4
4 1112 12
1238 123
/
4
4
4 111 1238 113 1214 6,700 Kansas City Southern
100
20
2014 *1812 20
1812 1834 20
Preferred
20
19
193
4 1914 1914 1,200
1914 1914 1812 183
4 1814 1858 183 183
8
8 1812 181 18
/
4
181 2,500 Kaufmann Dept SIGree $12..._50
/
4
291 2912 29
/
4
2014 2812 28
5
/ 29
1
4
29
29
281 2812 29
/
4
1,600 Kayser (J) & Co
*80
85
80
90
*80
85
*80
85
*SO
85
*80
20 Kelth-Albee-Orpheum pref_100
85
6
tlielly-Springfield,Tire
---- ---- ---- ---- ---- ---No par
6% preferred
---- ---- ---- ---- ---- ---- 27
27
2534 2612 2512 2614 27
273
4 26
27
253 2612 4,300 Kelsey Hayes Wheel conV.c1A_ -1
4
*2414 2412 2414 2412 233 2414 2418 2414 24
1
4
2414 4,600
24
24
Class B
14
14
13
/ 14
1
4
137 14
8
No par
133 14
4
1358 14
13
/ 13
1
4
/ 9,300 Kelvinator Corp
1
4
*90
91
89
91
8612 8712 *84
89
*84
89
*84
89
90 Kendall Co pt pt set A-No par
2758 28
271 273
/
4
4 27
28
273 283
4
No par
8 273 271 273 277 35,100 Kennecott Copper
8
/
4
8
8
*20
21
20
20
no
21
*20
21
No par
*1812 203
4 184 1912
/
1
300 Kimberly-Clark
*5
514
43
4 43
No par
4
514 514
5
584 612
/ 53
1
4
4,400 Kinney Co
4
53
4 6
35 35
351 353
/
4
4 36
3814 3912 41
3918 40
No par
3914 4059 2.410
Preferred
2518 2558
10
2538 26
2514 2558 2514 254 25
25 r 2478 2518 12,800 Kresge (8 S) Co
/
1
4
1
100
*108 109
108 109 *1063 109 *10634 1073 107 107 *1063 107
preferred
4
4
4
7%
50
No par
Kresge Dept Stores
6
*5
53
4 *5
*51 614 *518 614 *51
/
4
614 *5
53
4
*72
100
90
*72
90
*72
90
*72
90
*72
Preferred__ ,.
90
*72
90
*70
7618 *70
7618 *74
No par
7618 7618 7618 *74
7618 *7014 7618
100 Kress (81 H) & Co
2614 2638 2618 263
No par
4 26
2614 2618 2638 26
263
8 2618 2612 8,500 Kroger Clroo & Bak
*2412 2638 24 24
24
24
112312 26
23
23
224 24
/
1
50 Laclede Gas Lt Co St Louis __100
*40
4484 *37
4434 *37
100
447 113714 4278 *37
8
443 *37
4
4434
2314 2312 x225 223
8
4 2212 2258 2214 23
2218 2212 2214 223
No par
8 5,600 Lambert Co (The)
*712 8
*712 8
712 712 *758 8
*75
8 8
No par
*75
8 8
100 Lane Bryant
1258 1258 124 13
/
1
4
/
1
123 123 *124 13
4
1212 123
4 1214 1212 2,200 Lee Rubber & Tire
5
1514 1512 *1514 1512 *1514 1512 1514 1514 151 1514 143 143
50
/
4
4
4
800 Lehigh Portland Cement
1063 1067 107 107 *107_ - 107 107 *10418 10714 *10418 107
4
8
100
50
7% preferted
8
/ 8
1
4
/
1
4
8
/ 878
1
4
834 -9
85
8 9
85
8 85
8
812 8
50
/ 3,800 Lehigh Valley RR
1
4
212 212
212 25
8
212 2
212 212
212 212
23
8 212 4,000 Lehigh Valley Coal
/
1
4
No par
123 1312 127 1314 1234 1318 13
4
8
1334 1312 1312 1318 1318 2.000
50
Preferred
4 9012 91
9112 x9018 903
03
933
9012 9012 91
4 89
/ 90
1
4
No par
2,800 Lehman Corp (The)
113 1134 12
1214 1214 1218 1218 12
4
3
12
113 12
4
1218 3,000 Lehn & Fink Prod Co
4 44
4412 433 444 4412 45
4412 443
4 441 4412 7,900 Libbey Owens Ford (lIses_ No par
/
4
4
4418 443
/
1
9
87
8 9
84 87s
/
1
9
84 9
/
1
9
/
1
4
4,300 Libby, McNeill ..12 Libby_No par
9
914 0,
2
2712 2758 2712 2712 27
27
/ 2712 2712
1
4
3
*27
2812 *2712 28
800 Life Savers Corp
*10314 105
104 1043 1043 10514 106 106
4
4
106 10614 105 10512 1,100 Liggett & Myers Tobacco--.25
10412 10513 105 10612 1063 107
4
10512 107
10512 10534 6,200
01043 105
4
Berle! B
25
100
Preferred
*1587 161 *15614 161 *15614 161 *15614 161 *15614 161 *15614 161
2
/ 21
1
4
21
21
2114 *2118 213
8 201 2118 1912 2012 1,900 Lily Tulip Cup Corp----Nopar
/
4
197 20
8
254 25
/
1
25
1,300 Lima L000mot Worke___No par
24
/ 243
1
4
4 2412 2412 2412 2412 2478 2538 25
411 4112 4112 4112 4112 413
/
4
4 4118 4114 2,400 Link Belt Co
No par
41
413
8 40
/ 41
1
4
No par
347 35
8
3518 353
4 3514 3512 3512 3638 4,400 Liquid Carbonic
8
344 351 345 35
/
1
/
4
/
4
No par
/
4
4
513
4 503 5112 5114 5218 511 5218 511 513 12,600 Loew's Inoorporated
4
515 5218 51
8
No par
Preferred
/
1
4
400
8
81073 1077 *10714 10712 10712 10712 107 107 *107 10712 *107 10712
8
/
1
No par
218 24
218 214 4,500 Lott Incorporated
214
214
218 214
218
214
218 214
8
4
43
8
312 3
/
1
4
33
8 3
/
1
4
3
/ 37
1
4
35
8 33
4
358 33 15,700 Long Bell Lumber ANo par
4
25
3814 3814 *3814 383
39
3914 3814 39
4
40
800 Loose-Wiles Biscuit
*39
*39
40
100
108 10812 108 10814
400
5% preferred
*109 120 *109 114 *108 110 *108 110
10
2312 24
237 24
8
8
233 2412 237 2418 2358 24
4
11,700 Lorillard (P) Co
237 24
8
100
/
1
/
1
30
7% Preferred
/
4
1471 1471 *14712 1494 14712 14712 *14314 147 *14314 147 *1434 1457
/
4
No par
/ 1
1
4
/ 1
1
4
5
4
12
5 -------- 69,500 :Louisiana 01:
8
7
8
12
/
1
4
100
Preferred
1112 13
1314 13
13
1179 11
470
4 11
4 1112 113
1112 114
/
4
/ 21
1
4
2012 2012 2012 31
20
2078 211 20
201 1,900 Louisville Gas & El A-_No par
/
4
21
21
100
5912 2,000 Louisville & Nashville
6112 6112 5912 607
8 58
61
6114 61
6112 6212 61
1
2312 233 2514 2418 2412 3,400 Ludlum Steel
4
x23
2314 23
2358 24
*2358 24
No par
/
1
127 127
Cony preterred
300
*117 127 *125 127 *125 127 *125 127 21254 127
10
*403 42
4
*401 42
/
4
4
100 MacAndrews & Forbes
4012 4012 11403 42
*4012 41
42
*4012
100
6% Preferred
/
4
*1264 ____ 812718 ____ *1271 ____ 412718 ____ *12759 ____ *12714 ---- ______
/
1
For footnotes see page 3974.
/taupe Mace Jas. 1
Os Bails of 100-skar4 Lots
Lowest
$ per share
152 Mar 18
85 Jan 2
127 Jan 5
142 Jan 10
/
1
4
11 Jan 8
71 Mar 12
122 Feb 9
734 Apr 4
104 Jan 25
53 al ar 15
4
652 Mar 29
1918 Dec 17
338 Feb 5
307 Mar 14
2
613 Mar 13
49 Jan 2
91 Mar 15
/
4
112 afar 13
43 Jan 14
2 Feb 27
/
1
4
612 Mar 14
614 Mar 26
3 Apr 5
4
91 NIar 14
/
4
15 Apr 11
40 Mar 21
414 Mar 30
218 Mar 16
2312May 8
6012 Mar 13
109 Jan 7
4614 Mar 22
212 Feb 27
4 Mar 1
83 Mar 15
4
2 Oct 7
13 Oct 14
4
914May 21
112May 1
414 Mar 7
2
/
1
4July 11
26 June 1
14912 Jan 15
318 Mar 12
227 Mar 15
8
341 Mar 18
/
4
133 Jan 2
114 Mar 15
8June 20
17
2214 Jan 15
12378July 11
IlloSest
,1 , Isis 1
11933 to
Ramo'for
Nor. 30 Year 1934
1935 ---Low Low
High
$ per share S per el
612 Oct 5 4, 1
11712July 24
65
141 June 4
94
162 June 19 120
3512 Dec 7
514
90 Oct 16
40
13012 Dec 17 10412
44
811 Jan 19
/
4
118 July 17
80
4
301 Dec 4
/
4
11 Jan 2
5
/
1
4
223 Dec 9 17 812
8
490 Dec 11 200
42 July 31 3 7
2
/
1
4
311 Dec 18
/
4
73 Nov 19
43
94
/
1
4
173 Jan 2
DI
7 Nov 25
20
601 Dec 9
/
4
23
4
51 Jan 21
/
4
612
133 Dec 6
4
1712 Oct 23. 6
1
3 Jan 7
/
1
4
44
2214 Des 4
912
15
3814 Dec 7
5914 Dec 9
40
414
15 Des 4
514 Dec 13
24
/
1
4
363 Oct 21 . 131
8
3 /
121 Nov 6
45
130 July 18 105
103 Nov 18
26
8 Oct 8
/
1
4
2
/
1
4
2
712 Dec 10
51
/
4
235
8Sept 11
2
43 Jan 25
2
5 Jan 3
13
4
20 Dec 20
6
/
1
4
3 Jan 7
112
4
1238 Dec 20
11
/
4
6 Jan 2
423 Jan 25
4
10
/
1
19012 Dec 11 1254
8 Nov 29
352
8
183
367 Nov 15
2
6558 Nov 15
2314
15314 Dec 20 110
43 Aug 19
4
114
612 Oct 3
11
/
4
4714 Dec 7 31 1452
13012 Nov 21 101
814
118 Mar 15
5 Dec 7
111
/
4
3
8July 11
31 Dec 7
/
4
3
8
2May 7
218 Dec 10
/
1
4
3
412
412 Mar 13 2814 Dec 12
9
2112 Jan 15 423 Dec 20
4
98 Jan 2 110 Dec 10
/
1
4
65
20
26 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
55 Mar 13 14 Dec 6
8
55
8
81
/
4May 8 1658Sept 9
2
/
1
4
1614
7012June 27 90 Aug 19
43
4
612 Mar 13 16 Nov 19
2034
2412 Oct 22 36 Jan 8
110 Jan 22 12012 Apr 9
86
25
49 Mar 13 37 Aug 8
3812 Mar 13 9912 Nov 18
361
/
4
87
11712 Mar 15 12612 Dec 6
130 Feb 19 130 Feb 19 116
45
50 Apr 4 93 Nov 20
977
2
11514 Mar 20 12014 Dec 11
33
4
3 4 Mar 13 1412 Dec 10
3
6
/
1
4
6 Mar 12 22 Dec 12
/
1
4
54
7 Feb 6 2014 Nov 18
/
1
4
12
16 4 Jan 17 30 Oct 13
3
11
34 Mar 7 9018 Oct 23
44 Apr 4
23 Jan 17
8
3
2
5
6 Apr 4 22 Aug 12
2 12
/
4
6 Jan 25 311 Nov 7
11
/
4
314 Mar 1 2814 Nov 6
1
2
1014 Aug 27 1814 Jan 9 . 67
55
84 Mar 21 96 July 9
13
/
1
4
/
4
133 Mar 13 301 Dec 9
4
94
/
1
10 Mar 5 21 Nov 6
214
25 Oct 4
8
618 Dec 18
12
23 Mar 29 41 Dec 18
1014
4
193 Mar 13 273 Nov 22
4
9914
10312 Apt 26 113 Apr 9
2
612 Nov 22
2 May 21
12
42 Jan 11 80 Oct 31
2734
5612 Apr 5 80 Nov12
19
2214May 16 321 Aug 12
/
4
12
12 Mar 22 2712 Dec 9
1914
1914 Mar 27 46 Aug 20
193
2
211 Oct 3 2812 Jan 8
/
4
41
/
4
9 Jan 3
5 May 13
5
/
1
4
/
1
/
1
84 afar 14 134 Dec 9
9
8
2
105 Mar 14 173 Jan 7
73
89 Jan 3 107 Dec 13
/
1
4
5
5 Mar 13 1112 Jan 7
112
112 liar 13
314 Aug 14
4
512May 1 154 Nov 26
/
1
584
/
1
6712 Mar 28 953 Nov 18
4
1012
1012 Oct 1
1714 Jan 25
211 Mar 30 4914 Oct 28
/
4
21
/
1
4
6 Sept 10 103 Nov 19 a 2
/
1
4
8
21 Mar 14 291 Nov 22
/
4
155
8
9414 Apr 5 120 Aug 6
7112
7314
933 Apr 4 122 Aug 6
4
15112 Jan 30 16712May 4 123
1512 Oct 16 2834 Nov 20
1414
1312
134 Mar 14 27 Nov 18
/
1
/
1
4
111
/
4
1712 Mar 13 43 Oct 16
2411 Mar 13 371 Dec 4
/
4
1612
1912
3114 Feb 7 5518 Nov 25
66
102 Feb 1 1081 Oct 18
/
4
24 Oct 28
/
1
I
1 Mar 15
114 afar 12
43 Dec 17
8
1
33
33 Apr 25 4158July 25
10734 Nov 27 112 Dec 4 10734
1812 Mar 26 2612 Nov 14
141
/
4
124 Apr 5 z149 Dee 12
981
/
4
3
8July 16
1 Jan 7
/
1
4
412June 19 15 Dec 6
9
/
1
4
104 Mar 18 23 Aug 19
/
1
4,1
/
4
34 Mar 29 64 Dec 12
34
123 Mar 26 2612 Sept 18
4
71
/
4
9014 Jan 4 135 Sept 18
50
37 Nov 4 46 Feb 19
/
1
4
21
113 Feb 8 130 May la
8752
5 per than
114
61
/
4
74
96
/
1
4
101
145
12312 163
5
/ 1212
1
4
59
815
8
111
12534
4812 7354
83
1051
/
4
43
4 1014
55
4 13
110 x43
-012
11
34
25
2
87
2
63
54
1212 294 I
/
1
212
51
/
4
354 5714
/
1
4
12,
8
2614
9
/
4
6 / 241
1
4
17
s
714
1352 384
/
1
21
50
481 66
/
4
71 2414
/
4
23
2
454
191 3214
/
4
4912 7354
105
1161
4
344 56
/
1
2
/
1
4
67
2
212
43
8
/
4
5
/ 171
1
4
2
7
212
61
/
4
75t. 2258
212
5
4
117
2
2
64
,
15
3714
131
16412
41 1212
/
4
1852 2758
2314 467
2
110
137
Vs
959
2
6
291
/
4
21
1151 130
/
4
10
23
2
62
,
7
2
312
ki
2
/
1
4
81 2472
/
4
9
2512
66
101
21
32
38
503
8
19
4584
59
84 2
,
74 17 4
/
1
,
312 165
2
215
8 81,
2
55
2 10
241 36
/
4
90
110
33
5712
39
eaas
101
21
135
40
45
77
977
a
1412
652 193
4
1014 27,
2
1058
6
13
/ 181
1
4
/
4
20
37,
2
41/4
1
5
20
3
10
2
/
1
4
712
111 21,
/
4
4
1512 94
2318
16
94 1859
/
1
3
714
1312 41
/
1
4
1338 22
101 2114
2
/
1
4
714
19
55
654
/
1
36
2314 33
52
20
6312
60
27
/
4
2
221 313
5
1414
7
141
/
4
11
20
73
/ 90
1
4
912 2114
24
/
1
5
5
161
/
4
641 78
/
4
1112 2312
224 437
/
1
8
--12 24
17
73
110
761 1111
/
4
/
4
129
15212
2612
16
1514 361
/
4
1112 1932
1612 35 2
,
201 37
/
4
72
105
11
/
4
3
3
1
3314 1463
4
2212
15 4 - -3102 s130
44
33
2
714 2312
12
21
373
4 6212
81 19,
/
4
2
60
97
30
4214
93
11114
New York Stock Record-Continued-Page 6
3980
Dec. 21 1935
mill
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ras,o &au Jas. 1
Os Basis of 100-slars Lots
Loiossl
par $ per shard
Shares
1858June 1
No par
10,100 Mack Trucks Inc
No par 3012 Apr 1
10,200 Macy (R H) Co Inc
812 Jan 2
No par
300 Madison Sp Gard vs c
10 184 Jan 16
/
1
Magma Copper
50 515 Aug 20
MahonIng Coal RR Co
100
7 Feb 6
2
/Mallet! Sugar
4 Jan 7
Preferred
100
190
3 Apr 29
No par
1,600 Mandel Bros
20 :Manhattan RI 7% guar ___100 29 Apr 23
100 1314 Mar 15
Mod 5% guar
5,600
25 10 Mar 28
400 Manhattan Shirt
1
1 Feb 23
2,900 Maracaibo 011 Explor
5
514 Apr 1
9,300 Marine Midland Corp (Del)
100
%June 14
380 Market Street Ry
100
212 Oct 24
Preferred
30
33 Mar 1
4
100
Prior preferred
670
100
1 Mar 15
280 preferred
50
No par 20 Mar 13
2,600 Marlin-Rockwell
No par
62 Mar 14
4
6,600 Marshall Field & 00
4 June 27
No par
3,700 Martin-Parry Corp
4
4,300 Mathieson Alkali Work3 No var 233 Mar 14
100 138 Jan 2
10
Preferred
2
10 357 Mar 29
3,600 May Department Stores
54 Jan 30
/
1
No par
1,800 Maytag Co
No par 33 Jan 15
Preferred
900
/
1
Preferred ex-warrants_No par 324 Jan 7
10
/
4
No par 841 Jan 4
260
Prior preferred
No par 28 Mar 14
1,900 McCall Corp
714 Apr 3
3,900 :McCrory Stores claseA_No par
612 Apr 3
Class B
No par
1,200
100 5714 Feb 5
300
Cony preferred
74 Mar 26
/
1
700 McGraw-Hill Pub Co___No par
4Nov 1
16,000 McIntyre Porcupine MInes____5 333
500 McKeesport Tin Plate___No par 9012 Jan 15
57
1May 22
S
9,600 McKesson & Robbioa
,Vo par 3812 Dec 19
4,500
83 cony pref
812 Apr I
No par
7,400 McLellan Stores
/
4
100 851 Mar 13
90
8% cony pref aer A
600 Melville Shoe
No par 41 Jan 2
3 Mar 12
1
1,200 Mengel Co (The)
8
100 20 4 Mar 20
50
7% preferred
50 Merch & Min Trans° Co_No par 22 Apr 12
/
4
5 241 Jan 15
9,400 Mesta Machine Co
212 Mar 13
5
2,200 Miami Copper
10
91 Mar 15
/
4
9,200 Mid-Continent Petrol
814 Mar 12
No par
2,300 Midland Steel Pr"d
/
4
100 801 Mar 6
8% cum 1s2 pref
380
Milw Elec Ry & Lt Co 6%pref 100 85 Nov 4
100 Minn-Honeywell Regu_-No par 58 Jan 15
100 105 Jan 9
6% pref series A
37 Mar 15
c
11,800 Minn Moline Pow Impl __No par
Preferred
No par 31 Mar 14
800
',Mar 4
1,100 :Minneapolis & St Louls__-_100
14 Apr 24
300 Minn St Paul & SS Marle-_100
1 Mar 6
100
300
7% preferred
114 Mar 29
100
520
4% leased line ctfs
2
3,900 Mission Corp
No par 103 Apr 9
212July 22
6,200 Mo-Kan-Texas RR
No par
57
2May 7
11,100
100
Preferred series A
1 July 8
100
3,300 IMIssourl Paelflo
11 Mar 30
/
4
Cony preferred
100
• 2,800
2,200 Mohawk Carpet Mills
4
20 103 Mar 13
6,300 Monsanto Chem Co
10 55 Feb 29
4
48,700 Mont Ward & Co Inc___No par 213 Mar 12
600 Morrel (J) & CO
No par 4312 Dec 10
60 60 Dec 12
130 Morris & Essex
14 Apr 4
3,500 Mother Lode Coalition___No par
34
3
4
/
1
4
3
4
3
4
3
4
%
*3
4
7
8
3
4
3
4
3
4
1718 Mar 18
/ 664 6512 66
1
4
/
1
6634 67
65
65 5
8 7,700 Motor Products Corp__-_No par
x653 66
4
6512 6612 65
74 Mar 12
/
1
5
2,600 Motor Wheel.
1318 13
13
13
13
1318 127 13
8
123 13
4
1318 1314
914 Aug 21
1,200 Mullin, Mfg Co Class A____7.50
/ 15
1
4
13
•1378 1412 14
141 14
/
4
8
14
131 1378 *133 14
/
4
915 Aug 23
1
Class B
14
1412 133 14
4
1378 1378 135 137
1412 2,100
14
8
8 14
14
No par 62 Sept 4
Preferred new
180
*7712 78
7712 78
773 80
4
7812 7812 *754 80
.7514 80
/
1
131 Mar 26
/
4
No par
500 Munsingwear Inc
2412 25
*2314 2412 2314 233 *21
*2314 25
23
/
1
4
4
*2314 25
43 Mar 13
4
10
/
1
1834 1914
4
183 1914 183 1918 18,100 Murray Corp of Amer
4
4
184 188 183 194 1878 1914
/
1
No par 30 Jan 12
500 Myers F & E Bros
4478 45
45
44 44
*44
*4214 4412 *4214 4412
44
44
11 Apr 3
No par
8 187 1914 1714 18
8
/ 17,800 Nash Motors Co
1
4
1718 1714 1718 17
8 1718 175
1738 175
160 Nashville Chatt & St Louis -100 14 Mar 14
2212 213 2212 22
*22
4
/ 223
1
4
4 2214 221 *2012 23
23
/
4
23
412 Mar 13
1
4,700 National Acme
8
1314 13
1318 123 13
4
8
127 13
1212 1258 123 1312 13
63 Feb 26
4
*912 10
*91 10
/
4
9
/ 9
1
4
/
1
4
9
/ 10
1
4
10
1018 1018 1018 1,800 National Aviation Corf).__No par
/
4
10 221 Apr 1
8
4 3138 3218 32
8
317 323
3238 3158 3214 3112 327 24,600 National Biscuit
3212 33
100 14118Mar 7
100
7% cum prof
*153 15818 *153 15818 *15414 15818 15818 15818 *154__ *154 159
1312 Mar 14
No par
4 2
2138 2118 2112 2118 2112 2112 2218 213 - 3
217 2214 28,900 Nat Cast Roesler
21
2
No par 127 Mar 21
2014 1978 201/4 20
2014 20
2014 40,000 Nat Dairy Prod
193 197
8
8 191* 2014 20
100 108 Sept 28
120
7% pref class A
10812 *107 10812 10812 10812 *107 10814 10814 10814 10812 10812
*107
100 3106 Sept 3
class B
20
7% pref
108 108 *107 108 *107 108 *107 108
..._ . 108 e__ 108
ot mar 7
3
/
1
4
3
3
3
3
3
3/
7,000 :Nat DepartmentStores_No par
5
1
4
3
3
3
3
100 17 Apr 2
Preferred
301 3112 3112 3238 32
/
4
3212 1,190
303 32
4
323
4 32
3112 32
No par 2312May 2
22,700 Nati DIstll Prod
3014 3012 303
/
4
4 30
/ 313
1
4
8 3012 31
8 3018 301 30
3012 307
*281 29
/
4
2818 2818
400 Nat EnaM & Stamping-No Par 21 Ma 31
2818 2818 2814 2814 2814 2818 29
*28
100 145 Jan 18
300 NatIonal Lead
19712 19712 *196 203 *198 203 *198 201
197 198
3195 201
100 150 Jan 18
200
Preferred A
__
8.
*1607 _ _ *1607
8
161 161 *1607
8
__ *1607
8
160 160
/
4
100 1211 Jan 26
140
Preferred B
-- - 1394 140
/ 1
139 139 *139 140
--139 139
138 139
138
138
cs Mar 15
No par
95, 934 8,500 National Pow & LI
0
/ 97s
1
4
97
98
93
8 93
4
93
8 95,
93
8 9
/
1
4
12July 12
*7
8
Nat Rya of Me: Hit 4% pf___100
314
.78
*7
114
*7
8
111
11 4
.
378
114
8
.%
114
14 Mar 19
1
no
*3
8
12
12
20 preferred
12
800
12
12
*3
8
12
*3
8
12
13
8
25 403 Mar 13
4 5,500 Nit:Iona] Steel Corp
/
1
4
4 7618 7612 754 7612 733 743
4 7312 733
7614 763
7612 77
9 Mar 13
25
1838 1814 1858 *1713 183
4 2,000 National Supply of Del
4
8 173 173
1814 1812 18
*1814 19
100 36 Mar 20
440
7112
Preferred
72
7212 69
7112 71
*7114 7212 *7112 7212 *7112 72
No par 2814 Mar 13
918 912
918 918 3,400 National Tea Co
9 8 93
,
8
912 913
91 912
/
4
94 91
/
1
/
4
712 Jan 15
No par
1114 6,800 Natomas Co
/
4
1114
11
/
4
1114 111 111 1112 1114 111* 11
1118 117
NI par 2114June 6
400 Neinner Bros
/
4
*371 3812 *371 3812 *3718 38
/
4
"36
39
38
37
37
38
No par 4312 Jan 2
600 Newberry Co (J 2)
59
/
4
593
8 59
/ 5912 591 5912 5912 5914 5914 *59
1
4
593 59
4
100 109 Jan 25
7% preferred
*112 113 *112 113 *112 113 *112 113 *11178 113 *112 113
/
1
4July 13
3
50 :New Orleans Texas & Mex 100
15
*9
/
4
15
*1018 1112 *1018 1112 101 1018 1018 1018 *9
4 Mar 12
/
1
4
1
934
94 912 8,700 Newport Industries
/
1
912 95
8
914 912
4
938
8
914 93
93
4 97
No par 1812 Mar 12
700 N Y Air Brake
*3414 35
3412 3412 3412 3412 *341 1 35
35
35
35
35
/
4
121 Mar 12
No par
8
,
263 2714 267 273 49,925 New York Central
4
/ 2614 2712 26 8 2712 2718 28
1
4
2738 27
6 Mar 12
100
/ 2,600 N Y Chle & St Louis CO
1
4
1612 17
177 181 173 17
8
/
4
4
/ 17
1
4
/ 17
1
4
8
165 17
•165 17
8
.37 Mar 12
c
100
7,900
Preferred series A
34
35
333 351 353 371 3414 36
4
/
4
4
/
4
33
/ 3312 3212 34
1
4
2 Mar 14
100
830 New York Dock
5'
*43
4 6
512 51., ' 5
5.t 6'
512 6
54 512
/
1
4 Mar 29
100
820
Preferred
16
16
15
4
153
4 1412 151 1
157 153 1512 168 153 1614
50 112 Mar 11
N Y & Harlem
8
*12212 1247 *124 125 *124 125 *124 125 *124 125 *124 125
50 11414 Mar 14
Preferred
.
*____ 140 *___ _ 140 *___ _ 140 *___ 140 *_ __ 1,40 e___ 140
14May 31
No oar
IN Y Investors Inc
118 6,300
*1
11
/ 114
4
1
114
11
/
4
118
118
118
118
1
N Y Lackawanna & Weatern_100 96 Nov 16
*____ 9112 •____ 9112 *____ 9112 *____ 9112 *____ 91 *._91
8
25 Oct 23
100
5i
4 3
3
/ 37
1
4
8
/ 6,800 IN Y N H & Hartford
1
4
3% 4
37
8 4
4
4
418
4
53 Oct 23
8
100
Cony preferred
8 5,200
4
812 87
8
84 83
/
1
814 83
8
/ 812
1
4
/
1
4
812 8
85
8 83
4
2 Mar 15
/
1
4
100
700 N Y aztarlo & Western
/
1
4
518
518
55
8 5
5
5
514 514
53
4
*518 512 *518
1g Mar 29
No par
314
214 27
212 212 12,900 NY Railways pref
3
8
212 2
/
1
4
23
4 33
1
212 212
14May 22
_ . _ ___
_
Preferred stamped
_ *114
/
4
_
*118 _ - *11 _ _ *114
_
•11
/
4
*1
61s'War 14
1-2
12 - -38 2,500 N Y ShIpbidg Corp part stk.__ _1
14 12 - / 12 1i
1
4
12
-12 1218 12
12
1214 - 12 1218 12
51 Oct 9
40
,
66
66
*6514 67
*6512 67
6512 6512
66
6712 66
*66
450 NY Steam $21pref
No par 69 June 5
8914 8911
901 90
/
4
90
893
4 8934 903
4 90
8818 8818 88
No par 79 May 28
170
$7 1s1 preferred
102 102 *101 10212
10112 102
100 1001 10014 102
/
4
100 100
/ Aug 6
1
4
100
200 /Norfolk Southern
*13
4 2
4
4 2
11 13
/
4
.11 218 *13
/
4
2
2
*13
4 21
/
4
100 158 Mar 13
1,300 Norfolk & Western
213 213
21312 21312 *210 213
215 215
21512 21614 214 215
100 99 Jan 10
Adios .4% prof
450
-- *10514 __ *10514 1054 10514 10512
/
1
10512 106 *1051
/
4
106 106
9 Mar 13
No par
/
4
245
8
243/ 243 2514 2438 -- 8 .2414 - 4 2418 2412 2418 241 34,200 North American Co
1
4
2412 24
50 3512 Mar 15
Preferred
53
5318 53
53
5318 *53
534 1,900
/
1
52
/ 53
1
4
53
4
523 53
2 Mar 13
1
23,200 North Amer Aviation
5
/ 618
1
4
/
1
4
558 6
5
/ 5
1
4
53
4 6
534 6
5
/ 558
1
4
400 No Amer Edison pref____No par 57 Jan 3
*957 9634 *957 9614 *953 963
8
3
4
4 95
/ 953 39512 96
1
4
4
9512 9512
314 Nov 14
No German Lloyd Amer shs___
4 48 *31/4 47
8 *33
4 4
/ *33
1
4
*33
4 48 *33
4 47
*33
4 5
50 884 Mar 29
10 Northern Central
95
*9512 9812 *95
/
1
95
/ 9812 *954
1
4
*951 ---/
4
$ per share $ per share 3 per share S per share 3 per share 3 per share I
/
1
/
4
273
4 27
2714 261 2712
2738 27
/ 2612 2712 264 2714 27
1
4
517 5214 5112 5212 49
/ 51
1
4
4818 49
534 5212 53
/
1
53
8 1018 1018
*1012 11
1014 1014 01018 11.3 *1018 114 *1018 113
8
/
1
*3414 35
*3334 34
*3312 348 *3312 35
*3312 34
*3312 35
__ ____ ____
134 *110 11
/
4
*112 134 *112 13
*138
13
4
4 *112 13
4 *112
7
7
*7
712 "714 712
73
8 73
8
7
73
8
7
7
*10
1012 1012 11
*10
11
101 1014
/
4
*1014 1114 1014 11
577
8 5712 58
*55
58
*55
578 *55
*55
58
578 *55
2114 213
4 2114 2114 21
2112 21
2114 2112 2214
*2114 22
18
1712 1712 18
18
*173 1814 *177 1814
8
8
4 18
*1812 183
8
212 212
212 212
212 238
214
238 *214 23
2
/ 2
1
4
/
1
4
94 912
/
1
914 9 8
3
914 912
91 938
/
4
94 914
/
1
912 958
112 *114
138
114 114
13
8
112 *11
/ 158 *114
4
158
114
912
8
8
8
*6
912 *8
712 712
7 8 78 *712 87
7
20
2012 19
2012 19
19
1912 1912 *1912 21
2012 21
/
4
2 4 23
3
4 *3
3
/
1
4
23
4 23
4 "212 314 *212 31
*23
4 312
447 447
8
4458 4514 4414 45
8 4412 443 34214 4214 *4118 42
4
1212 1218 1214 12
12
1214
12
1214 117 1218
8
1218 1214
913 912
9
9 3 1012
8
97 10
8
812 8
/
1
4
83
4 83
4
9
4
3018 301 3012 3014 303
/
4
4 3014 30121 293 301 1
304 3018 30
/
1
149 149 *149 150 *149 150
*149 153 *149 153 *149 150
5212
5214 52
5212 52
5234 5212 52
53
52
/ 52
1
4
53
8
/ 1512 1534 153 1614
1
4
1512 16
1512 155
4
157 15% 1512 15
8
4
4914 4938 491 4938 *491 4938 4938 4938 493 497
/
4
/
4
*4914 50
*4614 48
*4614 48
48
48
*4614 48
*4818 487 *4818 487s
8
*10258 1027 *1023 102
8
10212 10258 10212 103
8
8
/ 1027 103 *10258 103
1
4
3214 318 3214
3212 *32
3218 32
3214 32
325 323
8
4 32
/ 1358 1334 1312 1358 1312 1312
1
4
4
135 1334 1358 13
8
133 133
4
133 133
4
*1334 14
4 1313 1358 1312 1378 1312 1312 1312 1312
110 110
109 109
110 110 *109 110
*106 110 *107 110
4
*1918 1912
183
4 1812 1812 1812 1812 183 19
4
173 173 *18
4
3938 3912 398 3914 408 403 4158
4
8
39
393 40
397 40
8
/
4
8
4
*12112 123
12112 12112 122 122 *12112 1223 120 12112 *1187 1201
012 958
4
912 93
914 '9
/
1
4
8 03
4
918 912
04
8
93
4 97
3918
/
4
3812 3958 39
3912 3934 39 8 39
,
/ 391 40
1
4
3914 40
13
131
127 13
1212 1318
8
1258 1318 125 1278 131 1318
/ 11512 11512 *11312 115 *11312 115 *11312 115 *11312 115
1
4
115 115
/
1
4
63 63
*6214 63
8 6214 6214
*6214 627
/
1
6312 6312 624 63
714 74
714 *7
714
/
1
7 8 712
3
714 714
714
714 714
*544 573 *5414 5712 *5414 573
/
1
8
56
56
4 5512 56
*55
56
4_
*321
/
4
_
*3212
32
*313
. *3212
32
32
32
8
4 37
324 3718 273- 3718 - -7
34
3 -38 3714 ii7/
4
37
/ 371 3714 373
1
4
51
/
4
518
/
4
1
518 5
/
1
4
518 514 *518 51
3
/
1
4
5
/ 58
1
4
58 5
/
4
4
4 173 174 164 173
8
/
1
8 171 173
/
1
/ 1712 1778 1738 173
1
4
17
/ 17
1
4
4
4 2112 2112 *2114 213 52012 21
4
4 2112 2212 213 213
*2212 223
8
8
4
11012 11012 112 112 *11112 1117 11112 11112 11134 1113 31113 11112
/
4
*8514 _ _ *8514
_ *851
_ *8514
_ *8514
*8514
/
4
---3
, -6
145 145 *14258 1451
- .
*142 8 147 *14238 116 8 *14258 145 *142 8 14
, --*108 109 *10712 109 *10712 108 *10712 109 *106 109 *106 109
4
6lz 67o
8 63
4
63
4 67
8
658 6
/
1
4
65
68 63
63
4 68
6112 6114 6114 601 61
6214 61
/
4
4
623 623 *6012 6212 *61
4
12
8
*3
*1
/
4
12
3
8
3
8
3
8
3
8
"
3
8
3
8
1
3
8
112 112 *138 13
13
4
112 11;
4 *13
8
8 11 *13
/
4
•158 134
/
1
4
21 212
/
4
234 23
4
258 2
/ *258 312 *258 3
1
4
*318 3
312
27
8 3
278 3
314 312 *3
*33
4 4
3
/ 312
1
4
155 16
8
4
8
16
8 153 16
16
*153 16
1614 *153 163
4
16
5
5
/ 5
1
4
/
1
4
518 514
5
518
5
514 5 8
3
5
/ 58
1
4
3
133
4 128 137
8 1314 14
13
4 13
135
8 1318 1358
1312 133
/
1
214
214
2
8
24 214
2
2
2
214 23
238 23
8
*34 3 8
/
1
3
/
1
4
312 312
314
312 312
3
/ 312
1
4
33
8 312
201 207
/
4
8 207 207
8
2038 2012 2012 21
8 2014 2018 2018 2014
82
8314 84
4
/
1
861 8614 87
/
4
863
4 843 854 8012 84
86
8
385
8
383 3914 3812 3958 383 3918 3812 3912 3818 384 38
4
/
1
4518
*444 46
/
1
*447 46
8
45 4518 453 4531 45
4
*4414 46
/
1
/
4
618
*6014 6112 *604 611 6114 6114 603 613 *61
4
4
60
60
For footnotes 886 page 3971
Mahal
1933 to Zoom* for
Nov.30 Filar 1934
1935 ----Hio4
Lose Low
$ per shard 6 per al
2812 Dec 6
181
/
4
5714 Nov 18
3012
21
/
4
1114 Dee 12
1214
373 Dec 6
4
515 Aug 20 515
214May 14
7
2
10 May 24
1
1214 Dec 11
3
661 Oct 16
/
4
14
30 Sept 11
104
/
1
1912 Nov 25
10
1
3 May 23
9 8 Dec 11
7
5
17 Des 9
38
2
10 Deo 9
23 4 Der 10
,
3
7
3 Dec 13
/
1
4
12
4514 Dec 14
141 Nov 7
/
4
6.3
11 Dee 7
2 14
7
2312
33 Nov 22
156 Nov 16 10512
5734 Nov 20
23
20 Nov 4
314
54 Oct 11
83
4
55 Oct 11
8
103 June 17
27
3512June 17
22
147 Dec 7
8
/
1
4
141 Dee 7
/
4
11
/
4
111 Dec 7
3
/
1
4
a
1912 Dec 11
283
8
4518Sept 28
131 Nov 20
671.4
312
1038 Dee 10
40 Dec 13
912
151 Jan 3
2
34
6
1151 Dec 14
/
4
1712
6514 Nov 6
3
8Nov 14
83
203
4
603 Oct 21
4
3312 Dec 7 , 22
7 /
1
4
411 Nov 20 . 8
/
4
2
/
1
4
63 Oct 8
4
1812 Dec 13
918
612
247
8Sept 20
11618 Oct 9
44
50
85 Nov 4
2052
150 Dec 2
11114June 19 3 68
11
/
4
7 Nov 25
/
1
4
15
68 Nov 18
18
3 Nov 21
4
258 Dec 9
38
1
4 July 10
114
412 Dec 12
103
8
16,
8May 18
212
6 8 Nov 25
,
51
/
4
1694 Dec 4
1
3 Jan 4
/
4
112
41 Deo 5
104
/
1
23 Nov 7
9134 Nov 11 "24
1514
404 Dec 10
/
1
347
8
66 Feb 25
553
4
6512May 24
14
118May 1
1514
69 Dec 10
814
147 Oct 15
8
1614 Oct 22
91
/
4
912
153 Nov 25
4
62
8134 Nov 26
10
2612 Dec 13
3
/
1
4
213 Nov 22
8
1312
4712 Oct 25
11
1912 Jan 7
14
2712 Jan 8
3
14 Nov 20
514
1114 Nov 30
2214
361
/
4Nov 6
15818 Dec 18 12912
12
2314 Dec 9
1114
2012 Dee 9
80
11314 Nov 6
108 Aug 19 3106
il
43 Jan 1.7
8
3
341 Feb 18
/
4
16
3412Nov 2
3212July 8
01
205 Nov 15
871
/
4
16212May 23 122
991
/
4
14012July 30
143 Aug 17
8
us
112 Nov 29
/
1
4
14
4
3 Nov 29
33
8338 Nov 14
9
207 Aug 17
2
33
773 Aug 17
8
1122 J60 4
381
/
4
1318 Dec 9 31 35,
4134 Oct 21
4
15
6114 Dec 9
11812 Apr 23
80
1112 Doe 5
38
,
43
8
101 Dec 13
/
4
3612 Nov 20
111
/
4
291 Doe 9
/
4
121
/
4
8
19 Dee 5
97
39 Dec 4
614 Dee 5
2
4
167 Dec 16
8
139 June 12 101
11414 Mar 14
114 Dec 9
99 May 22
812 Jan 4
164 Aug 13
/
1
61 Nov 25
/
4
334 Dec 17
218 Nov 18
11112 Jan 7
87 Jan 7
92'2 July 15
102 Nov 25
212 Dec 9
218 Dec 13
108 June 18
28 Nov 8
55 Dec 4
8
63 Dee 4
102 Nov 21
1018 Nov 26
99 Aug 20
112
/
1
4
7812
24
/
1
558
2
/
1
4
is
/
1
4
els
51
69
79
3
4
138
77
9
31
2
39
71s
71
I per shard
23
411
/
4
35
/ 6'21s
1
4
2
/
1
4
7
1512 323
/
1
4
-72
- -34
3
1*.
914
3
81
/
4
20
41
Hot 2318
104 201
/
4
118
33
8
9
5 12
12
2
/
1
4
2
81
/
4
3
124
/
1
1
44
17
32
8
/ 191
1
4
/
4
a
133
8
234 4014
/
1
136
110
30
45'.
Vs
84
,
10
36
9
321
4
49
921
/
4
24
32
/
4
112 121
14 121
/
4
512 534
/
1
4
1012
3812 2012
79
951
/
4
04
/
1
at
117
2 42
/
1
4
1718
1
9 / 9212
1
4
35
62
31 11
/
4
24
112
2512 33
/
1
4
/
1
5201 254
/
4
27
2
512
918 141
/
4
1
51 217
/
4
a4
8514
70
50
65
28
107
87
I%
57
8
151 41
/
4
11
/
4
ll
3511
14
518
11
/
4
112
712
21
8
12
11
/
4
218
1312
39
20
37
58
14
34
6
97
224
/
1
61
351
/
4
63 8
,
71
/
1
4
I
151 441
/
4
/
4
61 16 4
/
4
,
---- ----
-18
--
25
37
2 1 114
14
334
/
1
1258 32
/
4
4 261
193
Ws
318
658 1314
2572 491
/
4
/
4
1481
131
12
235
8
183
4
13
1
5
16
1612
135
123
1001
/
4
61
/
4
/
1
4
38
344
/
1
10
334
/
1
3
714
812
31
100
8
51
/
4
1112
1832
ti
16
/
1
4
2
5
108
112
/
1
4
83
6
101
/
4
612
58
_ ‘_
12
;
72
73
90
11
/
4
101
82
104
36
24
/
1
471
/
4
7ls
81
3
7
;
3818
3128
327
8
170
14618
12112
1512
8
23
1
5814
2112
60
181
/
4
103
8
3014
497
2
112
25
13
281
/
4
451
/
4
26%
4314
35
9
1081
.
120
11
/
4
95
241
/
4
371
/
4
DA
4
13
2258
893
4
991
/
4
10972
414
187
10012
2514
45
83
4
7418
10
9214
New York Stock Record-Continued-Page 7
Volume 141
-PER SHARE, NOT PER CENT
IIIGII AND LOW SALE PRICES
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
1Veek
Lowest
-
3981
Rasp* Since Ian. 1
Oa Bast., of 100-,kart Lots
lltobest
July 1
1933 10 /Oafqi for
Nov. 30 Year 1934
1935 ----Low Los
11409
$ pet Mar: $ per se $ von :dare
$ per share
1318
4
1412 3814
1318 Mar 28 243 Nov 25
33
43
33
4
1
/
35 Jan 18 5212 Dec 11
4
/
11
412
8
13
20 Jan 4
1 18July 12
29
20
4014
s20 Mar 20 3212 Jan 3
812
914 Mar 18
Ws
14183lay 17
1
/
154
1614
1614 Oct 2 2714 Dec 13
5
312
638
18
312July 23 18 Dec 11
95
70
70
75 Jan 18 107 Nov 28
4
43
4
/
50 141
4
1
/
4 Apr 3 1158 Nov 8
4
/
1212 191
11 18
8
4
/
111 Apr 4 285 Des 6
92
108
92
106 Jan 7 125 July 5
3
8
4
1
/
3
8
414 Mar 14 175 Sept 7
35
9
712
4
223 Jan 18 9114 Dec 20
47
30
28
38 Mar 12 55 Dec 4
97
97
3
114,
11412 Mar 23 11512 Mar 29
94
80
60
80 Mar 12 129 Nov 12
,
4
173 Nov 13 r 5
14 Aug 5
1
118
61
-/
8
37 Dec 7
4
1 Mar 26
312 1114
313
312 Apr 22 10 Dec 6
1
612
2
4
1
/
5 Dec 71
1 Mar 27
4
/
121 2312
8
123
25 130 Mar 6 31 Dec 9
3038 30
3013 2934 3014 30
4
/
301 8,900 Pacific Gas & Electric
4
2912 2912. 293 3012 30
4
/
201 37
19
19 Mar 18 56 Nov 6
No par
5114 5114 5114 5012 51
5014 51
5158 51
51
2,500 Pacific: Ltg Corp
8
507 51
34
12
19
12 June 19 21 Jan 2
No par
1614
1612 16
8 1,900 Pacific NIills
1614 1614 *15
157
1
/
164 161.1 1634 *16
16
69
8813
.
850
100 70 Jan 2 123 Dec 14
Telep & Teleg
12118 122 *1210 123 111914 11912 *11914 11913
12134 122
180 Pacific
123 123
116
9914 103
100 11113 Jan 14 14212 Dec 19
4
1
/
142 14212 *14018 143
6% preferred
60
4
/
•1411 144 *14113 144 *14112 144 *14113 143
4
/
91
812
4
/
111 Aug 23 I 6
4July 11
1
/
6
8 103 11
1
/
4
1012 1014 105
4
103 1118 104 1118 9,800 Pao Western 011 Corp____No par
1014 1014 10
712 Oct 22
8
.258
65
4
23
:
31 Mar 13
No pa
4
612 63
4
4 7
63
612 63
4
1
/
8 6
65
4
1
/ 6
6
4 61 58,500 Packard Motor Car
83
4
1
/
4
/
4
/
101 12
814
4
/
4
5 103 Jan 9 131 Dee 19,
8
8
133 133 *135 20
8
1218 1214 13
1314 1314 *1314 14
12
1,000 Pan-Amer Petr & Trans
212
2
3
4
/
11 Dec 4'
12,1une 20
12
12 *13
Panhandle Prod & Ref__..No pa
113 112
112
8
15
112
8
*13
112 112
700
113 1
112
8
2112
7
613
612 Mar 12 20 Nov 22
106
1117
1812 1812 18
19
8% cony preferred
8
18
•173 19
18
19
18
120
•18
4
/
Vs par 7118 Dec 10 801 Dec 16
1
/
4
1
/ 794 *783 79
4
8
4
4
1
/ 4,700 Paraffine Co., Inc
1
/
794 7914 807s 783 7918 783 7914 78
78
8
8 Aug 28 12 Sept 19
1
4
93
12 93
Pictures new
912 93
958
4
8 95
93
8
9
8 912
93
,
4
8 9 2 16,000 Paramount
93
67
4Sept 19
/
100 67 Nov 30 1011
4
/
First preferred
7812 78
*7813 791 78
7914 77
78
79
77
1,200
7812 79
- 91.4
914 Aug 28 1414 Sept 18
10
8
Second preferred
1
/
4
/
8 1112 114 113 1112 1158 113
8
4 111 1112 113 1112 5,700
1112 115
17
11
45's
8
11 May 20 215 Nov 14
1
1818 1818 1818 1818 *1818 185 *1818 19
19
8
19
*1914 201
400 Park-Tilford the
2
212
4
/
61
8 Apr 28
214 Mar 21
1
8 412
43
4
1
/ 41
4
4
1
/
4
1
/ 412 7,500 Park Utah 0 M
4
4
1
/ 4
4
8 412
43
4
1
/
414 4
2
Ii
8
43 Deo 5
34 Apr 18
II
8
358 418
8
4
358 35
418 6,100 Parmelee Transporta'n___No par
8 35
35
4
1
/
312 3
5
5
38 38
4
47 Oct 3
73 Dec 2
4
1
/
4
8
No par
4
/
8
4 71
63
3
7 8 13,200 Path° Film Corp
4 67
63
714
4 7
63
8 7
65
4
8 63
65
2113
9
- -12 814
814 Feb 28 15 May 23
1319 127 133
3,200 pauno Mines & Enterpr No pa.
1278 13
4
1
/ 13
8 1318 1312 12
8
13
13
13
:
47
1
14
4
/
11 Nov 30
4July 12
1
/
3
114
114
114 *118
114
114
114
112
114 *118
17114
llg
900 Peerless Motor Car
4
/
441 67
4054
No par 6413 Feb 5 81 July 8
6814 68
68
4
1
/ 68
6813 68
68
4
693 *6714 6912 67
1168
1,400 Penick A Ford
510 7414
351s
4Sept 18
No par 5714 Apr 3 843
82
82 821
8318 8314 8412 .27912 8012 7812 791 9,300 Penney (J 0)
82 82
4
/
4
/
11
1
/
14
51.4
214 Mar 13
812 Aug 21
10
8 43
4
1
/ *45
1
/
44 45
4
1
/
412 44 *459 4
8 *412 .5
*413 5
500 Penn Coal & Coke Corp
7
478
4
1
/
2
512 Aug ci
3 Mar 9
N. par
412
4
413 412
4
/
414 414 5,300 Penn-DI:1e Cement
4
1
/
4
1
/ 41
4
412 4
4
1
/
412 4
8
1214 327
10
4
1
/
18 Mar 11 30 Nov 22
100
Preferred series A
4
273 *26
2912 *2712 29
2712 2814 26
1,100
27
2914 *27
29
2018 37
4
/
171
Mar 12 3212 Dec 5
50 1714
4
4
/
4
301 293 3014 293 3018 24,000 Penn3y:vanla
4
1
/ 29
30
4
1
/ 30
8 2958 30
303
30
195: 66
101:
1
Na par 30 Feb 5 3958 Apr .
32
4
/
321 3214 3214 32
1132
*3112 33
33
200 Peoples Drug Stores
1132
33
1132
86
80
11214
1
/
4
/
109 1081 Oct 7 1184 Mar 28
Preferred
20
*11313 11612 116 11612 *11413 116 •11413 11612 1111413 11613 11412 1161,
4
1
/
1
/
1914 434
4
100 173 Mar 7 4312 Aug 171 17
41
4
1
/ 40
40
40
8
4
1
/ 393 40
40
40
4
4
/
391 397. 5,900 People's (.1 L & 0 (Chic)
8
393 40
8
2
2
4 Nov 221
218 Feb 26
100
Peoria & Eastern_
4
1
/ "3
3
414 •3
414 *3
*3
3
3
4
1
/
3
100
414
*3
38
12
914
914 Mar 13 3412 Nov 231
100
3014 *281 30
*30
30
8 3014 3014 29
307
4
/
800 Pere 31arquette
30
30
*28
5113
18
4
/
141
100 1812 Mar 13 63 Dec 6
60
•5814 62
607 62
4
/
Prior preferred
581 5814 1.300
8
8 6018 6018 59
*5912 605
12
1
/
134 43
100 13 Mar 15 5318 Dec 9
Preferred
4912 4914 5013 53
5112 5112 5112 52
53
1149
2,100
4
/
*471 50
914 1758
914
813lay 4
1313 Oct 7 193
NO par
4051 16
4
/
111514 16
*1514 16
*1514 16
Pet Milk
*1514 16
*1514 16
8
75
4
814 141
4
1
/
4
1
/
7. Mar 14 12 Dec 131
5
1134 12
12
1218 1214 121 12
4
/
4,300 Petroleum Corp of Am
1214 1218 1214 12
12
11 Oct 2 1914 Des 16 11 2
8
8
187 31718 173
4 164 1714 29,100 Pfeiffer Brewing Co.__ __No par
8
1
8
/
177 1812 185 1914 183 1878 18
113
1314 -- 8
4
187
4
1
/
12 Mar 15 2818 Dec 9
26
8 2418 2413 2414 245
245
4 24
8 2438 25
8
8 243 243
1
/
244 247
13.000 Phelpe-Dodge Corp
4
/
241 37
50 23 Feb 27 4518 July 131 2111
43
43
*4213 44
4212 43
43
*43
*4212 4312 43
44
700 Philadelphia Co 6% pref
4
/
841
49
3814
No par 3813 Mar 5 8514 Nov 12
*77
81
*77
80
•76
81
*77
$13 preferred
80
*77
80
81
*78
2
a
83uly 26
15
4
1
/
4 Nov 29 77 114
3
3
3
3
4 3
*23
4 3
*23
200 :Philadelphia Rap Tran Co___50
4 3
*23
318
3
16
VI
3
313July 30 10 Nov 27
50
712 8
4
1
/ 7
6
3
7 8 712
7% preferred
712 712
712 712
712 84 1,070
1
/
4
/
11
4
/
61
4
13 Mar 21
314
4
1
/
4 Jan 9
NO pan
4
1
/
212 2
8
212 2
212 25
1
/
4
1
/
212 24
213 2
4
1
/
2
214
4
1
/ 8.200 Phila & Read 0 & I
1112 481
4
/
4
/
10 3514 Mar 12 651 Dec 12, 1018
4
1
/ 6212 62
4
/
62
4 62
623
6218 623
6213 631 6114 6314 61
4 4,800 Phillip Morris A Co Ltd
21
7
:
51
512 Mar 22 14 Dec 9,
No par
4
1314 1313 123 1312 1112
8 12
127
1314 123 123 *12
4
4
12
600 Phillips Jones Corp
48
8
747
5312 Apr 1 85 Dec 7) 48
101
*7712 83
4
117712 83
*773 83
*7712 100
*7712 83
7% preferred
*7712 83
4
4
1
/
13 .203
4
4
1
/
133 Mar 12 37 Nov 6; 11
No par
4
/
4
1
/ 361 364 365 37
8 3614 37
1
/
4 3614 36
4
1
/ 3618 365
3614 363
8
24,100 Philips Petroleum
412 1312
3
1014 Dec 11
3 Mar 21
1
1
/
94 912 *91 934
*912 10
7
9 8 10
4
/
4 *912 97
4 93
93
8
5001 Phoenix Horner,
64
50
44
100 50 July 8 7812 Nov 22
Preferred
88
*73
*73
78
*73
*7212 88
*73
88
*7212 78
83
4
1
/
118
8
3
4
/
11 Nov 25
14 Apr 27
25
8
7
4
3
78 6,700 Pierce 011 Corp
34
8
7
7
8
7
4
3
78
8
7
8
7
s
7
8 Nov 23
4
1
/
2
4
4
40 103
23 July 24
100
634 718
Preferred
4
/
1,61 714
7
718 71
7
*7
714
712. 73
4 1,400
5,
2
4
1
4
13 Dec 13
8July 16
5
No par
158
8
113 15
112
4
113 158 *13
8 13
15
8
4
15
1
/
14 13
8 6,200 Pierce Petroleum
1
/
1812 344
18
31 Apr 8 38 Nov 16
No par
8
357 113518 355
8
35
700 Pillsbury Flour Mills
357
8
4
/
351 353 *35
36
36
36
*35
7014 87
5
65 8
8553 Aug 26 7612 Jan 25
*5018 60
*5018 60
115018 60
Pirelli Co of Italy Amer shares__
*500 60
*500 60
55
*50
7
712 1812
4
1
/
12 Aug 13
7 NI ar 1
100
9
*913 10
*914 10
914
200 Pittsburgh Coal of Pa
*914 101
*914 10 • *914 11
26
4212
4
26
100 2614June 6 443 Aug 13
Preferred
35
1133
35
3412 35
3512 3512 1133
351 *34
*3512 381
1,100
100 172 Feb 14 180 Aug 21 14114 14111 169
l'ItM Ft W & Chic pre!
1117614 181 1117614 179 *176 179 *17513 181 *17512 181 *17512 181
4
/
111
413
4
/
41
1
/
94 Dec 13
512 Mar 13
Nova,'
93
812 8
4 914
83
8 8
85
9
83
7
1
/
4 84 13,300 Pittsburgh Screw & Boll_
83
4 O'g
4
1
/
1814 43
1514
100 2213 Mar 1, 55 Oct 1
451 *43
*4313 45
45
*43
45
43
45
43 43
45
90 Pitts Steel 7% cum prof
30
Ili
1
4
1
/
2 Nov 25
1 Mar 21
100
114 214
Term Coal Corp
214
*113 21
Pitts
*112 21
8 •2
4 23
013
*114 214 *
4
/
81 1913
4
/
61
100 1014 Apr 4 18 Sept 13
1414 1414 1414 141 *12
147 *12
8 1414 1414
147
•1112 14
6% preferred
190
5
4
/
11
118
312Sept 11
114 Mar 20
25
4 27
*23
*23
4 3
*23
4 27e
*234 3
900 Pittsburgh United
4 24
23
4
1
/ 23
2
3
4
2412
4
/
2539 591
100 2412 Apr 4 62 Nov 18
5512 5512 55
4
5512 5512 551
543 551
1
/
5412 544 54
5414
Preferred
520
27
10
4
1
/
6
8Jtme 4 25 Nov 25
87
19
21
4
1914 *1713 22
2012 213 *2034 2213 20
22
22
190 Pittsburgh & West Virginia 100
5
4
13
1
238 Aug 30
1 Mar 21
No par
,
*112 2
*158 2
2
*158 2
(The)
2
4
/ 2
*11
8 2
*15
100 Pittston Co
714 161
612
4
/
812 Mar 15 1214 Nov 6
5
8
1134 12
1218 117 1218 1172 1219 1178 12
8
117 117
12
2 4,600 Plymouth On Co
1478
6
6
4
60 Mar 15 123 Nov 20
No par
1114 1112 1138 113
1014 1012 103 107g
4
*1012 11
8 1114 113
8 1,700 Poor & Co class B
61/4
21/2
8
4
1
/
5 Nov 9
15
47g
159 Mar 19
No par
4
1
/
4
4 47
43
*434 5
*458 5
412 412
418 414
900 Porto Itic-Am Tob al A
14
3
14
1
218 Nov 12
14 Feb 28
No par
112 112
1
/
14 11 •114
Class B
4
/
*114
11
112 113
112 *114
409
4
/
11
1011 3 /
4
1
9
8
43
8
4June 13 165 Jan 7
1
/
4
8
95 1012 103 107
1
/
94 10141
3 10
8
4
93 10
10
8
05 1018 6,700 5Poeta'Tel & Cable 7% prat _100
5
83lay 14
5
4
/
11
414 Dec 5
53
No par
Car
334
4
1
/
4
1
/ 3
3
312 33
312 312
4
358
312 312
312 312 2,200 f Pressed Steel
858 32
514
612May 14 24 Dec 11
100
8 211 224 2111 2212 211 23
Preferred
1
/
214 217
1
/
4
/
4
/
4
/
*211 22
22
2212 3,600
4
/
3318 641
3318
3
1
/
No pan 424 Jan 12 53 4July 23
4578 4614 4512 45 4 4478 453
3
4 4518 4534 45
8 45
455
4512 8,600 Procter & Gamble
4
/
10211 1171
Jan 2 121 Nov 7 31 101
4
*11813 1193 *11812 1193 *11812 1193 11912 120
4
5% pref Met of Feb 1'39)_100 115
4
120 120 *11813 120
80
45
25
4
/
201
4
4
/
No par 201 Mar 5 463 Nov 18
4212 4214 4312 42
42
4 42
423
4252 42
8 413 42
423
6,600 Pub Ser Corp of N J
4
84
: 87
597
8
No par 823 Feb 20 10418 Dec 10
4
1033 10334 *10314 10412 *10312 10412 10314 10312 10214 10214 10212 10212 1,100
$5 preferred
9744
78
73
100 73 Mar 14 117 Dec 12
*11618 117
11618 11618 115 11534 1154 11512 *11513 11614 1111514 11614
8% preferred
4
1
/
1
/
400
108
88
84
100 8518 Mar 18 132 Dec 6
*13058 13114 1303 1303 13014 13014 130 130
4
4
7% preferred
130 130 *127 13014
700
1190
105
99
Mar 14 143 Dec 9
100 100
*146 149 *145 149 *145 149 *145
8% preferred
*145 149 •145 149
8713 10412
4
1
/
83
1
/
*11112 11212 1124 113 *11113 112,2 *11112 1
300 Pub Ser El & Gas pf 36__No par 99 Jan 5 113 July 20
1
/
1
/
-12-12. *11112 11214 1104 1104
4
1
/
3514 59
2912
:
No par 2912 Oct 11 527 Jan 9
3524 16,000 Pullman Inc
3712 3758 3612 3714 3534 3612 355 364 3514 357
8
8 35
618 140
4
1
/
5
4
1
/
5 Mar 21 1614 Dec 12,
No par
1512 153
1513 16
4
1552 16
1534 16
8
155 154 155 157 48,200 Pure 011 (The)
8
1
/
140
49
8
8
100 495 Mar 18 1197 Dec 12, 49
117 11713 11718 11713 117 11714 11612 117 *115 117
8% cony preferred
4
1
/
116 116
1,210
3312 63
3312
100 65 June 25 103 Dec 16
101 101
103 103
6% preferred
103 103
10213 10213 101 101
2,000
10212 103
4
/
171 Oct 15
4
/
81 1104
8
85
4
1
/
8 Feb 1
No par
14
1
/
1314 144 1318 1312 1314 134 13
1418
1313 15,100 Purity Bakeries
1
/
4
/
131 13
41, 91/4
4
1
/
4 Mar i3 134 Dec 18
No par
1118 1112 1118 1158 111 123
Corp of Amer
4
4 123 133
8
4
/
8 123 13
1253 13 517,700 Radio
4
/
31114 561
50 50 Mar 18 6212 Jan 2b, 22
35
55
55
1
/
554 55
554 5518 5514 5518 5519 55
Preferred
3,400
55
66
15
4
1
/
13
No par 3514 Mar 12 92 Dec 18
8358 8514 8514 8612 86
84
Preferred B
84
88
92
4
1
/ 88
90
893 24,900
414
112
114
6 Oct 21
114 Mar 13
No par
5
5
518
518
51
5
514 53
4
/
8
4
1
/
518 5
5
514 16,000 iltadlo-Keith-Orph
1412 23
1118
161s Mar 13 2912 Nov 25
No par
285 29
8
8
2813 287
8
2812 *277 2812 283 29
*28
8 2853 281 2,800 Raybestos Manhattan
4
/
3518 563
1
/
294
8
8
37
50 297 Mar 28 4318 Jan 7
37
3512 353
37
37
4
4
1
/ 353 *351* 361 •3512 3613
4 35
500 Reading
28
3313 4112
*4012 4132 4012 4012 .3612 4014 *3612 40
*4012 42
60 36 Apr 6 4318 Nov 6
lel preferred
40
40
800
27
390 391t
4
373 *37
4
373 •3612 37
50 33 Apr 17 38 Dec 6
113612 37
3733 *37
*37
11361* 37
2d preferred
14
6
318
11 Aug 16
318 Apr 4
10
4 9
93
8
8 *95 10
1
/
104 103
4
1
/ *95 10
10
8
4
/
101 1018 101
4
/
800 Real Silk Hosiery
4
1
/
60
35
2118
68
68
100 201g Apr 2 72 Nov 13
*68
70
70
Preferred
6814 6912 71
67
72
70
72
390
4
/
11
6
1
3 Oct 25
1 Mar 26
212 212 .218
8 252 *212 25g
25
1
/
No pan
258 24
21
*2
21 2
500 Reis (Rohl) & co
4
/
4
1
/ 381
5
4
1
/
5
8 Mar 12 18 Nov 7
17
*1612 174 •1612 1712 *1513 161 *1512 173
17
1
/
100
16
let preferred
16
200
4
8
33
0
514
1
/
7 June 1 204 Dec 12
I
8
9 191 193 24,400 Remington-Rand
1918 197
1
/
4
/
8 184 1914 193 20
191 20
1
/
184 197
4
/
4
11214 71
1
/
244
4
100 713 Jan 15 911 Aug 28
let preferred
---- ---- ---- ---- ---- ---- ------ ---- ---69
4
/
841 *83
25 69 Aug 22 88 Nov 27
84
8313 84
83 8 835
8 84
5
$68 preferred
8412 8412 84
8412 1,000
2118
25 2118 Oct 15 2514 Nov 19
2334 237
4
233 233
Prior preferred
4
1
/ 24
4 23
5
8 233 237
8
235 23 8 *2312 24
1,200
4
8
28
981/ 1-14
Renns & Saratoga RR Co __100 9812June 10 110 Mar I
*____ 117 *____ 117 *_-__ 117 *____ 117 *- . 117 •____ 117
512
2
4
1
/
5 Dec 4
4
1
/ 5
4
214 Mar 13
4
/
:11 4
4
1
/ 5
4
4
1
/
478 5
6
4
1
/ 518
4
434
4
1
/ 10,200 Reo Motor Car
4
1
/
1014 354
11
9 Mar 15 204 Nov 20
1
/
No pan
4 1718 17
4
1
/ 17
4
1
/ 171 170 1713 1714 17
4
/
4
/
4
1
/ 19,100 Republic Steel Corp
4
/
8
175 171 171 173
3313 67,
19
2
Nov 14
1
/
100 284 Mar 18 97
8 8412 8413 •854 8614 8513 87
1
/
8412 8513 1,600
6% cony preferred
8312 8312 8458 845
7812
100 7813 Oct '2 9512 Nov 22
91
4 91
900 900 9012 903
*9014 9112 90
4
1
/ 905
6% eon, prolr pref ser A
8913 90
800
8
1112
5
3
.
I
512 Apr 3 16 Dec 11
1
/
1314 1314 1314 124 1258 •12l4 1314 2,000 Revere Copper & Brass
4 13
143
13
15
*14
11 14 281
:
10 13 Apr 17 3414 Dec 11 44 10
311 *30
30
30
Class A
33
31
30
2912 2913 1,200
3414 30
1132
VO
48
35
10)1
75 Apr 9 115 Nov 26
Preferred
112 11212 112 113
4
1
/
4
1
/
112 11318
370
11112 1111 110 11011 109 111
95
. 8
151
: 273
4
1712 Apr 29 2718 Dec 11
26
2614 2652 2612 263
4 2612 263
4 2,400 Reynolds Metals Co ____No par
2612 2658 2612 281z 26
4
/
10 101 June 10 1121 Nov 7 101
5)4% cony pref
300
"10:1 11314 4,109 11314 *110 1131 *112 11314 *111 11213 111 11214
fa
611
4
1 1214 Mar 20 313 Dec 12 7 6
3014 3014 3014 305
30
30
Reynolds Spring
3014 29
298
8 2,100
4
1
/ 29
.3018 30
4
1
89
4
1
885
547
4
1
4
/
4
1
5458 5512 541/4 5514 354/ 55 55 5512 •58 8 551 54/ 551 14,800 Reynolds(R .1) Tob class B___10 431851ar 26 67 8 Nov 23 39/ 67/ 5334
Nov 12
5514
4
/
10 551 Apr 22
8
627
4
/ 58
59
Class A
63
*58
63
10
4
/
58
4
*583 6312 *581 63 .58
518 1319
512
514 Mar 28 19 Oct 29
No yar
1812 1613
1613 1612 *1613 1714
8 1714 1714
400 Ritter Dental Mfg
4
/
1771 *1014 173
•17
90
20
911,,
.
217 0.993 33 Dee 5
.4197771
900 Rrign 4877718n* 0881977 5
33
311. 3112 3218 3214 303g 3059 .303 334
031
31.v 311
s
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
8 2134 2212 2218 227
4
/
8 211 2214 217 2214 27,100
8
2158 2218 2112 225
300
8
517 52
5212
52
8
4
8
*515 5312 515 52
*5158 533 *5158 53
800
1
/
14 14
4
13
1
/
14 17
8
8 2
15
*17
1
/
8
17
4
13
8
4
13
17s
24
60
8
1
/
*2414 2718 *244 277 *2414 2778 *2414 2778 2418 2414 1120
8
44,500
4
1
/ 1318 125 13
8
125 13
13
1314 12
1214 1258 1212 13
3,600
8
247 25
25
2514 2614 25
4 2512 26
4
253 263
27
27
4 163 1713 163 17
4
4
1513 1714 1614 1718 163 173
4
35,600
8
167 1714
•
11105 107 *105 107 *105 107 *105 107 11105 107 11106 107
*914 93
8
914 914
814 814
4
4 9
83
9
818 80 2,100
4
8
8 243 2518 2458 247 10,900
4
/
3
4
1
/
8
247 254 243 25 8 2478 251 2514 257
__ 123 123 *123 12312
190
12212 1221 •123
4
/
11123 12312 123 123
4
1
/ 1518 153 13,900
15
8 15
1
/
8 154 155
8
4
1
/ 1518 155
1514 15
8
155 16
4
1
/ 8813 8812 8913 9014 9114 9114 1,300
*8614 90
8714 88
8712 88
4
4
70
4 4914 4914 493 493 *41
50
*5018 .52
5018 *4914 493
4
493
_ _
_ __ '116. -_ ..
-_
__ *118
__ *118
_ •116
*116_ •116
4 - - 12214 12
4,800
1
/
-1213 113
314 124 11514 1244 11514 12312 125
31121 113
8 14
8 1418 1413 1414 145
1414 1413 145
8 3,400
1412 1412 1412 145
8 1127
35
3
100
8
8 313 *3
4
1
/
3
4
1
/ *312 35
3
314 358 *3
*812 938
9
813 813
90
9
4
4 83
83
4
1
/ 812 *83
8
8 912
5
•4
5
*4
5
*4
5
*4
4 5
*33
7
*3 8 5
eq. •.t 0..14.“
Par
100
Northern Pacific
50
Northwestern Telegraph
Norwalk Tire & Rubber __No par
50
Preferred
No par
Ohio 011 Co
Oliver Farm Equip new_No par
Omnibus Corp(The)vto„ No par
100
Preferred A
Oppenbeim Coll & CO-No par
No par
Otis Elevator
100
Preferred
No pa
Otis Steel
100
Prior preferred
Vs par
Outlet Co
100
Preferred
25
Owens-Illinois Glass Co
Pacific Amer. Fisheries Inc__5
111
Pacific Coast
No pan
let preferred
No par
20 preferred
New York Stock Record-Continued-Page 8
3982
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 21 1935
Range Since Ian. 1
On Balls of 100-sharo Lots
Lowest
'Bobcat
Jany 1
1933 to Rasp.for
Nov. 30 Year 1934
1935
High
Low Lon
$ per share $ per share S per share 3 per share S per share $ per share Shares
$
$ per share Spar at a per share
*4612 47
8
468 463 *4614 47
*4614 47
700 Royal Dutch Co (N Y sharee)_a_r 29 2 Ma:12 483 Nov 26
1 r iA°
7
1
1
8
2852
2852 3912
453 457
4
8 4614 461 1
P
*8414 8514 8412 8514 .8414 85
*8312 84
700 Ruberold Co (The)cap stk No par 82 Nov 20 86 Nov 23
25
84
84
84 18 8418
814 838
918 10
100
3 Apr 18 10 Dec 16
914 912
739
3
914
73
8 8
8
8 12 4,300 Rutland RR 7% prat
*2312 24
233 2312 2312 2358 2312 2334 223 23% 23
2
4
108 june 16 253 Dec 6
14 Mar 3
4
1014
154 277
2314 3,800 St Joseph Lead
1
112 112
112 112
112 158
112
139
112 112
2 Jan
112
118
114 3,700 :St Louls-San Franoisco____1010
43
2
0
2% 23
8
214 2:
2% 23
8
78
2
274
2
3 Nov 29
1
21s
4,000
let preferred
1 Apr 3
1%
612
17
8 2
100
*83 1012 *812 10
4
*812 1012 *812 1012
812 812 *812 10,
20 01.Louls Southwestern
6 Apr 15 14 Jan 12
6
8
20
100
2
•1412 1612 *1512 18
18
18
*1412 18
12
13
10
Preferred
27
*1412 19
*141, 19
100 12 Mar 4 2312 Nov 29
34
3412 337 3414 3314 333 z3318 33% 33
8
4
313
4
5,200 Safeway Stores
4
38[4 57
No par 313 Nov 9 46 Jan 2
33 8 3212 33
,
*10812 110 *10814 110
10918 10914 21075 10739 *10812 109
8
80
109 100
70
6% preferred
100 104% Mar 11 11314June 29
8484 108
112% 112% *112 1123 111 112 2111 1123 111 1113 111 111
8
8
450
7% preferred
100 109 Oct 1 114I2June 19
9812 11312
4
90%
12
*12
1212 12
113 12
4
1212 1212 *1112 1214 1112 113
135 Dec 9
8
412
4 1,200 Savage Arms Corn
512 1214
51% 5214 5114 5214 51
52
1 66
5014 .5114 4939 5012 4818 50
20,600 Schenley Distillers Corp No °ad 22 86 r 12 5614 Nov 2
1712 387
' 6 .1 2,
1712
4
312 35
8
33
8 312
3:
78 312
33
8 35
8
418 Nov 25
1 34
314 312
1% Apr 4
3
8
314
I
338 4,400 Schulte Retail Storer!
*1712 183
4 1712 1712 *18
1812 173 1814
4
600
15
167s 167 .1539 1778
8 Apr 4 201s Jan 18
8
303
8
Preferred
100
4
*88
8912 x88
88
89
90
*8818 8812 87
160 Scott Paper Co
41
88
88
88
No par 55 Jan 2 91 Nov 26
3714
6032
1
Ds
1
118
1
118
1
7
8
%June 29
114 Dec 3
1
1
17,300 :Seaboard Air Line
No par
's
7
8
1
53
*232 2-38
214 2,
4
1,300
3 Dec 2
218 213
1
212 214
218
Preferred
312
24 2 4
21a
,
,
31
31
305 3112 3114 32
8
314 323
4 Aug 1
20% 38%
4 3214 325
17,300 Seaboard Oil Co of Del___No 1 rir 205 Mar 12 3571May 9
8 3212 34
p
19
27 Oct 14
439 *33
3 8 35
5
8
4
4
*33
212
4 414 *33
800 Beagrave Corn
47 Jae 26
8
212
4 43
No par
5%
2
33
4 33
4
657
8 63 8 647
30
6534 65% 64
5
31
8 647 66
18,900 Sears. Roebuck & Co
8
6412 6478 64 8 65
No par 31 Mar 12 69% Nov 20
51,
4
,
I
112May 6
418 Nov 25
ill
339 33
1%
414
33
4 33
4 *339 33
4 *35
3 33
4
4 *339 33
4 *35
2 33
1 1,100 Second Nat Investors
*6712 674 67
6712 6512 6512 653 653 *65
30
32
140
Preferred
1 40 Apr 3 70 Nov 19
fa
4
4
6612 6614 6614
1414 14% 1414 14 8 14 8 1458 1414 1458 14 s 17
,
,
313
25,900 Bervel Inc
1
U
8
,
147 15
739 Mar 13 1518 Dec 4
1112 11% 1112 113
4 1132 1112 111s 11:78 103 11
8
6
4
13 3
7
4
4
8 5,900 Shattuck (F 0)
No Par
61
103 107
739Mar 14 127 Dec 6
2314 2314 23
4
2314 2258 227
par
253 Nov 6
4
51s 1314
8 2212 2234 213 22
4
2112 213
4 3,900 Sharon Steel Hoop
47
5
5
478 47
47
478 5
Mar 2
2,000 Sharpe & Dohme
314 81a 14
0 1'
53 Nov 25
4
314
No pa
No
4
7%
43
4 434
5
5
4238 423
8 423 423 *4112 42
8
8
Cony preferred eer A
30
3814 29
4112 4112 42 42
500
*42
4314
No par 4012 Nov 12 50 July 23
*30
31
*30
31
3130
100 Sheaffer (W A) Pen Co_ _No par 30 Oct 5 3114Sept 21 1 712
31
*30
31
31
3012 3012 *30
8
*3814 3812 *3814 3812 3814 3814 3812 3812 3712 3712 *373 39
250 Shell Transport & Tradinig___E2 20% Jan 2 385 Nov 25
19
15
1512 14 8 1514 15
,
512 Mar 19 16% Dec 10
11%
15 8 15 8 1539 147 1514
,
512
,
8
No par
1 Is 153 17,800 Shell Union OH
10914 10914 *108 10912 *108 109
900
Cony preferred
FebMar2151 111 Nov 14. 4611
57
109 10914 108 109
7
89
108 10918
19% Apr 28 . 514
8
11
1114 107 11
105 11
8
9,800 Silver King Coalition Mines___5 635
3
1212
1012 107
100
1012 11
103 11
4
81'
8
8
18
1812 1739 1814 1739 18%
1812 1914
6 Mar 15 1912 Nov 6
8% 2418
8
No par
18: 19
78
18 8 187 22,900 Simmons Co
,
5
518 7,500 Simmit Petroleum
5
5 14
518 518
5
518
5
4
7,4
1718
518
10
43 Oct 24 18% Jan 0
5
5
43
4
17
17
17
1712 163 18
4
18-39 19
13,900 Skelly 011 Co
6
6
1118
612 Jan 16 1918 Dec 19
1812 19% 183 19
25
4
*108 111 *109 111 *109 110
42
51 12 6818
111 112 *111% 115
600
Preferred
100 60 Jan 22 11312 Dee 20
112 11312
4
12
15
5612 5612 .57
80 Bloss-Sheff Steel & Iron
100 13 Mar 20 583 Dec 2
374
58
58
58
5612 5612 5612 5612 *5612 58
100 24 Mar 12 7012 Nov 16
15
66
68
*66
68
66
66
65
150
7% preferred
1812 42
65
65
6512
65
65
57
5712 58
5912 6012 62
6312 6812 64
Vs par 467 Nov 30 6812 Dec 18 2 1518
8
68
6413 6612 9.000 Smith (A 0) Corp
2414 233 2512 257 27
237 2414 24
8
4
8
15.4 Apr 3 30 Nov 7
3%
4
84 -113*4
3253 2614 253 2614 8,900 Snider Packing eorp____No par
4
133 14
2
4May 24 4 913
*
133 14
4
1312 14
1213
8
Ws
1312 133
138 14
4 1339 137 59,200 &cony Vacuum 011 Co Inc ____15 1039 Aug 30 153
4
*110 1104 110 110 *110 1103 *110 11014 *110 11014 11012 11118
300 Solvay Am Invt Tr pref____100 10713 Jan 15 112 Oct 1
76
86
10812
8May 24
20
20
24%
25
2514 25
2514 25
25
2412 247
5,000 So Porto Rico Sugar
24
% 2412 25
No par 20 Jan 30 283
i 16
150 150 *150 155 *150 152
120
Preferred
132
150 152
150 150
240
150 150
100 132 Feb 4 151 Dec 12 112
3
10% 2218
24
24
2312 2418 2312 24
2414 2438 237 243
8
2 2412 24% 4,900 Southern Calif Edieon
25 1039 Mar 13 27 Nov 8
2239 227
4 2178 2238 22% 227
12%
47
s 3314
8 2178 223
2
22
22% 2214 225 25,100 Southern Pacific C
A
100 12% Mar 18 2512 Dec 4
5I2Jul1 8 161 Jan 4
512
1113 3612
12-78 1312 1314 1312 1212 13
19,500 Southern RallwaY
125 1314 1212 13
8
100
1239 13
7
14
1734 183
8 1778 1814 175 1838 18
8
7,100
21% Doe 4
4114
1834 17
Preferred
18
173 18
8
15
31
*27
*28
363 *27
4
32
Mobile & Ohio stk *rr Ms 100 15 j ll y 23 3334 Des 4
8
31 12 473
4
*28
32
7 Ju
*2614 32
*2614 32
°
°
73
5
5
13
*714 78
*752 78 *712 77
500 Spalding (A 0)& Broe___No par
5 Mar 14
84 Nov 22
78
712 712
1
714
712
066
30[4
6812 67
101
. 74
*6814 693
4 67
67
6612 67
80
let preferred
69 .66
69
100 42 Apr 2 7012 Nov 22
140 Spang Chalfant & Co Ina pref_ 100 5912 Apr 3 107 Dec 11
20
30
66
•102
*103 104
104 101
105 105
_ _ __
105 105 *105
Vs
8
Vs
7
64 7
63
4 714
77,100 Sparks WIthIngton
814 Dec 19
27
2
718 77
8
3% Mar 13
73
4 814
No par
77
2 8
2
700 Spearfe,,
pre & Co
813 Oct 18
1 11
4
314June 25
73
4 73
No par
7
7 12 *718 77
8
714 714 *715 712
712 712
73
4
*77
7012 *77
3112
7912 *77
Preferred
80
39
6412
*77
7912
100 85 Mar 23 81 Oct 21
7912 *77
7912 *77
400 Spencer Kellogg & Sons __No par 31 Nov 13 38I4May Si
3418 343 *3312 3412 *3312 3412 *3312 3412 *3312 3412
4
12.,
35 35
15% 3318
1252 1314 123 1318 1318 1312 1318 133
123 13
4
4
14 Dec 9
339
8 1314 1334 25,300 Sperry Corp (The) v so
1
714 Mar 14
5%
117,
8
*137 1414 *13 4 1418 *133 137
8
,
4
8 13. 137
300 Spicer
6
6
13
74
8 135s 1339 •1314 1418
813 Mar 14 1513 Oct 22
No par
*4518 46
*45
vM referred A
plg C°
*45
46
453 *45
4
48
18
71% 4114
*45% 46
*45% 46
No par 3314 Feb 14 48 Nov 22
k
675 683
8
4 67
68
3,800 Spiegel-May-Stern Co
6812 69
6712 6812 67
19
6734 663 67
4
437 Mar 27 84 Oct 21
763
4
No par
7,
4
•98 104 *102 104 *10112 104 *100 104 *103 104 *103 104
100 10134July 26 1051$ Nov 1 • 45
63-1% preferred
1212
8
1412 143
145 144 145 143
8
4 1412 143
35'g
4 1412 145
No par
17!4
8 1412 1434 38,900 Standard Brands
1212Sept 18 191s Jan 3
250
Preferred
126 127
12712 12712 126 128 *124 126 *124 125 *124 125
12114 127
,
8June 4 130 Apr 9 120
No pa 1225
2
4 10% 113
1.
117 1212 113 1212 1113 113
8
4 1012 11
2142 5145 1212 Dec 14
212
3
8
No par
15
1012 104 7,200 Stand COMM Tobacco
1
1
51
8,600 :Standard Gas & El 04,
534 6
112
3%
17
558 57
112 Mar 15
914 Aug 17
-No par
512 5
5s
53
4 6
512 53
4
514
8,400
Mar
13
4
45i
17
11% Aug 17
Preferred
8
85
8
8 14
852 83
4
83
2 83
4
812 8%
818 812
33
2114 2012 2174 21
$6 rum prior pro!
10
21
213
4 21
4% Mar 15 2552 Aug 12
No par
43
4
223
21
213
8 2112 2112 3,300
$7 rum prior prof
6
111.4 38.8
2514 24
2478 25
2412 2518 24
26
No par
8 Mar 15 2712 Aug 17
2412 2514 25
258 13,100
212 Nov 18
239
214 214 *214 23
2
%July 17
78
178
214
214 214 *212 23
28 1,600 Stand Investing Corp
No par
8
214
pal, 114
92%
11214 1121 1 111 11114 11114 112 *11112 11312 *112 11212 11212 11212 1,200 Standard 011 Export pref____ 100 111 Jan 3 116 Apr 6
26%
4May 24
26,4
22%
37% 18,600 Standard 01101 Calif
No par 272 Mar 15 387
4
365 377
8
3712 37
373 3734 304 375
8 363 37
8 37
23
2313 2714
43,300 Standard OH of Indiana
2912 30
293 3012 3018 3038 3014 31
4
25 23 Mar 15 3012 Dec 12
2012 30
3012 31
19
26
41
200 Standard 011 of Kansas
2812 27% 2712 26% 2612 *231 4 28 .2512 28
10 20 Oct 2 34 Feb lb
*2314 2812 *24
3914 501n
8 4812 4918 4818 487
3312
4838 4814 4878 4812 487
4
48
25 353 Mar 18 6012may 23
4839 48% 32,500 Standard 01101 New Jersey
6
6
15%
700 Starrett Co (The) L B____No par
1213 Mar 14 3212 Nov 16
31
31
*3014 31
31
31
31
31
31
31
3012 304
453
4
4714 11612
3,000 Sterling Products Inc
10 583 Jan 15 68 Nov 12
4
8
6314 64
6312 6312 63 8 6312 6314 64
637 64
64
64
,
114
3
1
139 Mar 19
314 Dec 18
27
2% *23
4 3
27
8 27
8
27
8 314
318 314
314 314 4,700 Sterling Securities al A___No par
23*
7
1,500
3% Mar 28
9 Dec 20
No par
9
Preferred
85
8 83
4
85
8 83
4
85
8 839
84 83
4
83
4 83
9
4
3,,
3812
100
50 86 Mar 5 48 Oct 31
2812
4912 *46
4912 4612 4612 *48
Convertible preferred
*46
55
*49
*49
5012
52
412 101,2
65 Mar 8 1852 Oct 22
8
5
4 5,500 Stewart-Warner
4,
2
8 1612 163
4 163 16% 16% 1612 1612 163
8 1612 167
8
168 165
No par
213 Mar 14
1432 Nov 1
3%
133
2
212
8
8 127 13
4
123 1314 125 127
4
8
125 127
13
1314
8
123 123 11,400 Stone & Webster
8
012 05
8
46,800 :Studebaker Corp (The) new __I
214 Apr 17 1034 Nov 25
914 939
914 912
214
939
9 8 93
3
8
939
912 10
42
-14,400 Sun 011
No par 6012 Mar 20 77 Nov 21
11 2
6912 70
693 693
4
4 697 697
6912 70
70
71
7014 70
480
Preferred
100 11512 Jan 10 121 Mar 23
06
100
118
*11812 11912 11812 1183 11812 1193 *118 119 *11812 119
4
4
11812 11812
500 Superheater Co (The)......-No par 311 Apr 4 305 Dec 9 ill
26
4
8
11 13 26 4
,
273
8 26
2614 2614 *2612 28
2812 2812 *26
2612 263
312 33
8
3i8 314
318 314
1.4
3
312 Dec 13
1 14
314 3%
318
318 28,200 Superior 011
34
3
,
1041
45*
800 Superior Reel
5 Nfa r 18 123 Aug 27
14 jan 2
4
4%
1694
10
1912 .10
1012 *012 1012
*10
1012 *10
4 10
912 93
10 17 s Oct 8 25 Deo 9 • 534
2410 2418 24
2418 24
24
7
24
•23
24
233
4 2312 2414 1,900 Sutherland Paper Co
9 Sept 30
600 Sweets Coot Amer (The)
50
Ws Mar
3%
3%
a.
,
*612 712
61s 618 *614 714
612 6%
6.2 612
711
714
Swift & Go,,,.25 15 Sept 16 2218 Deo 20 • 11
_
8 2074 21% 203 2132 21
4
2118 2112 2058 215
213
4 2114 2218 38,800
3212 Dec 17 3312 Dec 18 9 19 s
,
3212 33
33
33 12 323 3314 3234 3278 6.300 Swift Internat Ltd
4
No par
14 Apr 5
113 --1T2 -- 171
1,100 21321aIngton Co3, Nov 27
2
.2
•.
118
1
*1
114
ill
114
118
118 *118
114
545
I%
Class A
No par
114 Apr 29
1,14 Dec 2
518 512
518 514
5
5
5
5 18
5% 518 2,000
514 514
77
77
614 Sept 20
614
1,300 Telautograph Corp
5
112
9% Jan 14
1514
8
8
73
4 77
8
8
8
8
.
17% 8
IN
3.
2
30,300 Tennessee Corp
5 4 Mar 15 812 Dec 20
4
73
8 739
8
634
714 73
739 772
739 81
83*
814 812
1611
_25 1611 Mar 13 2814 Dec 18
19% 39%
257 263
8 2614 2634 2612 2714 2712 2814 2712 2818 2739 2812 74,900 Texas Corp (The)
No par 2814 Apr 4 363 Feb 18
17,800 Texas Gulf Sul!):ur
4
22%
63.,
80
3012 3038 3114 307 3114 304 31
8
3012 303
4 3039 3118 30
10
314 Jan 2
914 Oct 7
212
2%
614
75
8 8
73
4 77
739 73
4
73
4 8
734 77
739 77
8 7,300 Texas Pacific Coal & 011
1
6
812 Jan 15 1213May 14
61
, 12
10 8 1014 107
,
1018 103
103
* 10
8 10 8 1034 1014 103 15,900 Texas Pacific Let0 Trust
2 10
,
4
100 14 Apr 12 263 Deo 5
4
1312
43,4
.237 2412 233 24
23
2312 2334 23
13%
23
4
2312 2212 2212 1,500 Texas & Pacific R3 Co
131iNlay 8 40 Nov 2
8
18
4
4 36
363
363
353 3539 353 353
4
4 3614 3658 36
4 36 4 3812 5.900 Thatcher Mfg...... _--NO Dar
,
$3.60 cony pref
No par 50 May 4 61 Nov 8
33153
79
5212
*5812 60
*5812 60
*5812 60
.58
60
*5812 60
*5812 60
,No par
I 25 Oct 19
*
300 The Fair
5 4 Apr 10
,
4
1112 1112 1114 1111
1212
1112 1112 *1114 1112 *1139 12
*1114 12
Preferred
_100 6113 Jan 7 100 Oct 16
10
45
60
83
*9514 99
*9514 99
3195 100
*9514 9912 *9512 99
99
99
213 Mar 7 1014 Nov 21
1
2%
9,2
88
4 83
22
,
4
s 3,200 Thermold Co
812 83
4
839 9
87
87
84 87
a
85s 8%
33
2 June 28
2
500 Third Avenue
100
5 Jan 6
a
814
338
33
8 *318
X% 3% 312 312
33
4 33
4
312 312
1
16 Mar 15 29 Nov 15
2212
200 Third Nat Investors
13
134
4
*263 2718 *263 2718 2612 263 *2614 2718 *2614 27% *2614 27
4
4
*8
812 •8
87 Nov 29
8
100 Thompson (J R)
25
512 Jan 7
Vs
II
813 08
812 *8
411
814
8
8
*73* 8,
4
13% Mar 13 264 Nov 22
10
to
20.4
24
2412 2339 2378 233 2414 2314 2312 2314 2312 2.900 Thompson Products Inc__ No par
4
234 24
37
152 Mar 15
412 Dec 7
4,800 Thompson-Starrett Co___No par
IS,
512
15*
33
4 418
4
334 37
334 37
33
4 33
4
334 37
$3.50 cum prof
17
3412
100
No par
17 Apr 23 27 Nov 20
*2212 2714 *23
17
26
*23
25
25
25
*221. 2714 *2212 28
13
1314
127 1314
127 1318
8
13
1318 1212 1318 1212 13
102 102
101 10212 *10212 103 210012 101
10012 101
*1013 103
4
4312 42
42
4312 042
*4112 4312 *4112 43 2
4312 4312 42
,
1111
8
8 1012 103
4 103 11
4
107 1132 11
8
103 1012 1012 107
6212 63% 6212 631 1
6412 644 6414 6518 6314 6412 6314 643
1238 125
8 1214 1238 12
8
12:
78 117 1214
1258 123
4 1212 127
8
4
1339 135
8 1312 13 2
,
,
1312 1372 13 8 1414 1312 1312 133 14
4
*133 14
4
137 141s
8
133* 1312 1318 1338 1314 1312 133 14
739 739
2
714
714
714 739
714
712
7% 73
714 739
95
94
94
*92
07
*94
9412 93
93
9438 945 *93
8
43
4 43
4
43
4 518
478 518
434
434
43
4 47
43
4 47
8
7
4 7
7
*63
4 7
678 67
8
8 *63
63
4 67
67g 67
8
2338 2378 24
24 8 2418 2478 24
,
243
4
2414 238 2438
24
323 3312 3212 3318 3212 333
4
8
3218 33
4 323 33
8
3212 323
4 10
103
8
912 10
93 104 1014 103
4
912 912
914 912
6212 63
6514 6512 6839 68 • 6812 6812 69
6112 61
61
4
4
4
4 18
4
4
37
8 378 .339 4
4
85
85
8
86
863
4 857 8612 8414 9512 8412 8412 843 86
*12314 133 *125 133 .125 133 •125 133 *125 133 .125 133
4452 45
45
4518 44
451 1
4514 453
457 4578 451s 46
8
4
8 6984 7012 7018 71
694 7012 69 8 70
,
4
693 7018 693 705
4
8 217 22:
8
78 213 22
4
213 2210
4
8 2112 2138 21511 217
215 217
8
For footnotes see page 3974.
......1••••••••=1111.
Tidewater Assoc 011
7% /Mar 18 131 4 Dec 13 49 712
No par
Pfeferred
100 84 Jan 8 10412 Nov 18 *7438
Tide Water Oil..... ____No par
25% Mar 15 4312Sept 4
173
Timken Detroit Axle
433 Mar 15 113 Nov 25
4
3
10
Timken Roller Bearing __No par 283 Mar 15 7212 Nov 18
2
.
21
Transamerica Corp.
No par
4% Mar 12 133 Nov 20
4
471
/
Transcon & Western Air Inc
5
714 Mar 29 1514 Nov 6
7,
4
Traneue & Williams SIN_ No par
5% Mar 14 1513 Nov 6
412
Tr -Continental Corp__--No par
17 Mar 13
0
814 Nov 25
1%
51
6% Preferred
No par 69 Apr 4 9718 Nov 2
Truax Traer Coal
87
No per
3 2 Oct 14
3
/May 11/
1%
Trusoon Steel
3% Mar 13
84 Nov 18
332
10
20th Cent FOX Film Corp No par
8
13 Aug 28 247 Dec 13
13
Preferred
No par 24% Oct 3 3312 Dec 13
24%
TW1li City Rapid Trans
No par
212June 5 1239 Nov 29
94
41,
Preferred
100 18 Mar 18 70 Nov 29
1
Then & Co
IlsJune 10
518 Nov 1
No par
22%
Under Elliott Plebes Co No par 533 Mar 29 8714 Dec 10
4
Preferred
95
100 12612July 17 133 Apr 5
29
29 May 28 5012 Jan 22
3,400 Union Bag & Far, Corp___No par
4
27,300 Union Carbide & Garb,
..No par 44 Jan 15 753 Nov 20 le 34
1111
,
5,800 Union 011 California
4
75 143 Feb 6 22 8 Dec 12
28,100
1,100
140
28,700
17,500
26,700
3,000
2,800
12,300
300
6,300
500
10,600
15,600
3,300
1.610
900
2.100
8
84.2
24
33
4
24
5%
144m
87
60
812
41
8%
3
6014
14
Vs
11.6
78
512
9%
1-31;
812
6
39
1
36
58%
128%
102
3014 8°74
35,
s
507
4
11%
2012
...
Nur
-PER SHARE, NOT PRE CENT
MOH A.VD 1,01V SALE PRICES
Saturday
Dec. 14
Monday
Dec. 16
3983
New York Stock Record-Concluded-Page 9
Volume 141
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Rases &nee Jan. 1
Os Basis of 100-shar• tote
Lowesi
MOHO
...1
14133 to
Jones for
Noe. 30 Fear 1934
--1935
Low LOU
High
$ per share $ per eh
Par $ per share
$ per share $ per share S per share $ per share S per share Shares
1
/
824
100 8212 0.1ar 28 11112 Jan 10
10414 106
4,900 Union Pacific
106 10612 10414 10512 10412 106
105 106
1
/
624
4
/
100 791 Mar 14 9012July 3
8813 8812 .88
89
88
89
800 Preferred
8812
.8812 8912 89
4
133
2014 Oct 16 26'3 July 17
No par
4
1
/ 2318 2212 233
22
8 22
2212 23
8 223 223
227
8 2,300 Union Tank Car
8
4
/
81
1
/
94 Mar 13 2434 Dec 20
5
4
1
/ 223 23
4
1
/ 2218 22
4
1
/ 224 23
4
4
1
/ 2334 243 55,800 United Aircraft Corp
1
/
4
2218 22
4
/
314
413 Mar 13 131 Nov 27
1114 1112 111 1112 115 117
4
/
8
8 113 111 111 111 11,500 United Air Linea Tratuip •t (3_5
4
/
4
/
8
4
/
7
7 Mar 29 20 Nov 20
4 183 183
1834 183
500 United American Bosch __No par
19
4
19
4
4 183 183 *163 19
4
4
19
4
/
No par 2014May 16 261 Jan 9
8 24
8 2438 243
2438 24
2438 243
8 2438 243
243
8 2,000 united Biscuit
4
/
100 111 Oct 1 118 Aug 7 1041
Preferred
115 115 .114 11712 *114 11712 *114 117 *114 117
10
2014
No par 46 Jan 28 78 Nov 16
68
6914 6912 68
6814 6912 6814 683
4 6714 68
2,700 United Carbon
1712 Oct 3 2414 Deo 5 I 518
Corp No par
*2212 2314 *2212 2313 2212 2212 2212 2213 *2213 2312
300 United-CarrFastener
1 12
4
73 Nov 21
4
/
11 Feb 27
No par
8
638 65
638 612
612 63
8 612
63
8
8 612 46,800 United Corp
63
3
20 4
4
No par 203 Mar 13 4534 Nov 21
4
1
/ 43
8 42
4218 43
Preferred
4
/
411 42
4
423 427
4112 411 5,200
4
/
61
4
/
4
/
4June 14 131 Dec 20
83
5
8 1238 1234
8
4 123 123
8
123 123
1212 131 131 1358 53,700 United Drug Inc
4
/
4
/
4
23
412 Mar 13 1718 Dec 13
10
1612 153 163
4
16
2 1613 171 1678 1718 167 167
4
/
8 6,100 United Dyewood Corp
8
50
100 55 Mar 21 96 Dec 11
Preferred
95
96
.01
*9214 96
96
100
*92
96
96
*91
314J0l7 18
No par
3
1
/
74 Jan 9
8
4
1
/ 45
4
413 413
1,700 United Electric Coal
414 412
414 43
8
4
/ 438
41
4912
4
/
No par 6012 Oct 1 9281 May 14
1
/
8
647 6513 644 6513 26414 643
4 6412 65
6314 643 11,500 United Fruit
4
1
/
94
914 Mar 18 1812 Nov 8
No par
4
1
/ 17
1714 17
8 167 17
173
8
4
/
161 17
1
/
164 17
16,900 United Gas Improve
8213
No par 8712 Mar 15 110 Nov 26
8
1075 108 *10738 1071 *1073 10812 *107 1083 1075 1073
4
/
8
Preferred
4
8
300
8
1
4
93 Dec 20
214 Jan 28
100
/United Paperboard
.812 9
4
1
/
8
93
812 8
9
914
9
9
4 2,100
93
74 Jan 3
214
312 Apr 4
6
614
6
4
1
/ 61
5
GIs
618
6
4
/
4
1
/ 5
5
4
1
/
53
8 5,200 United Stores class A____No par
4 57
46
*6913 75
*6912 75
No par 46 Apr 31 78 Oct 28
*6912 75
*693 75
Preferred class A
*6912 75
4
.6912 75
37
51 Mar 15 7312 Nov 29
Universal Leaf Tobacco No par
67 67
67
68
6814 6814 67
68
68
68
*67
68
500
100 13314 Feb 9 z15913 Dec 19 10814
Preferred
15812 15812 *15812 159
159 159 *157 159 z159 15912 *157 15913
60
15
*5512 5912 5912 60
60 60
60
GO
4
/
591 58
150 Universal Pictures 1st pfd-100 29 Aug 3 73 Nov 25
*58
58
72
4
/
21 Jan 16
3
7 Oct 16
1
113 113
8
113 13
4
/
8
113 11
112 15
112
158
113
113 3,500 :Universal Pipe & Bad
4
/
41
2
8
93 Oct 19 193 Mar 6
100
1313 1334 1318 137
4
1
/ 14
13
Preferred
8 1313 1338 131 1314 13
4
/
13
560
12
4
20 143 Mar 14 22 Jan 7
2012 203
1
/
4 2012 204 2012 203
8 203 2038 2018 203
8
8 20
2014 3,700 US Pipe & Foundry
1314
4
4
/
191 Jan 7 213 Dec 4
*2114 2112 2112 2112 2114 2114 *21
No par
2113 2114 2114 2114 2114
lot preferred
800
313 Oct 4
53
5841mne 24
*214 212 *214 212 *214 212
No par
218 214
4
/
*11 214 .17
8 214
400 U S Diatrib Corp
6
8
5 July 26 203 Oct 4
100
1612 1612 1512 1512 153 15 4 1512 16
3
Preferred
4
8
1513 1513 153 1512
330
11
11 Mar 14 3214 Nov 19
*29
No par
3112 2912 29
4
1
/ 2912 2912 2912 2913 30
3014 3013 311 2.100 U S Freight
4
/
411
4
1
/
4 Mar 12 15 Nov 2')
No par
1378 14
141 1438
14
14
4
/
133 14
8
3
13 4 133
4
133 14
4
2,500 U S & Foreign &mar
60
9212 9212 *92
No par 6514 Mar 26 96 Nov 27
9212 92 92
*9112 9318 *9112 9318 *9113 9318
Preferred
200
3414
20 4012 Mar 12 87 Nov 7
8
4 823 84
8214 823
4
1
/ 8313 833 8413 8312 8412 8313 837
82
4
8 3,900 US Gypsum
100 143 Jan 11 165 Dec 19 110
4
•1623 164
4
4
1623 1623 *16234 164 *16234 164
16212 165 *16212 105
7% preferred
80
314
5 Feb 6 1018 Nov 7
4
1
/
5
8 9
*87
918 918
4
1
/ 918
8
4
1
/ 8
8
8 9
4
1
/ *85
8 9
*83
1,000 U S Hoff Mach Corp
32
4
/
4434 4534 4434 45
4
/
451 46
4413 451 4313 443
4
/
4 4213 4314
5,200 U S Industrial Aloohol-No par 8518 Mar 13 501 Nov 20
318
912Sept 18
4
/
31 Mar 15
No par
4
1
/
.813 8
4
/
81 813
813 8
4
1
/
1,300 U El Leather v I a
4 94
83
83
1
/
4
4 83
83
4
1
/
4 8
7
712011)r 16 1614Sept 18
1418 1418 1378 14
No par
4
133 133
4 14
8 133 133
8
1414 133 137
Class A v I o
4
4
1,600
48
100 63 Jan 22 73 Sept II
71
*70
70
4
/
*701 7213 *703 7113
7012 70
78
8
*70
70
Prior preferred vie
600
3
3 Mar 13 1114 Dec 6,
No par
8
95 10
918 9
4
1
/
4
1
/
918 9
8
93 1014
4
/
912 91
4
93 11
19,400 U S Realty & Imps
914
1
/
94 Mar 13 174 Jan 3!
No par
1412 1434
1413 15
8
145 143
4 144 1514
4 143 143
1412 143
1
/
8
4 9,600 U S Rubber
4
/
171
1
/
100 2412 Mar 14 444 Dec 9
4114 4113 4118 42
4118 42
4
/
421 423
4113 4214 9,700
4 4112 42
let preferred
5314
50 92 Sept 11 12411 Am 25
98
9812 943 96
923 95
9813 94
4
8
9214 9714 9612 9714 26,400 US Smelting Ref & Min
5112
34July 14
4
50 627 Jan 3 73
Preferred
*7034 71
4
703 703
4 7013 7012 7013 7012 7013 7012 *7018 71
500
2712
8
100 2712 Mar 18 503 Nov 18
4
1
/ 4413 4538 4412 4538 4418 444 443 453 48,100 US Steel Corp
4534 4614 441g 45
1
/
8
8
,
8
67 4
100 735 Mar 18 11914 Nov 20
4
11212 113
4
11314 1133 113 1133 11312 11334 11212 1133 112 1133
4
Preferred
4 5,000
4
813
4May 16
No par 1191 Jan 4 1403
8
8
4
4
1
/ 1373 1377 *133 140 *135 140 *135 140
8
*130 1377 .130 137
300 U S Tobacco
8
4
100 1493 Feb 11 165 Aug 3 1245
Preferred
.16114 164 *16118 164 *162 164 *16214 164 .16214 163
16214 1623
110
8
414 Aug 13 31 /
4
1
1 Mar 15
1
4
278 27
8 23
23
4
4
1
/ 2
2
4
1
/ 23
2
8 23
25
8
4
1
/
4 2
23
4
1
/
4 4,800 Utilities Pow & Li A
12
2 Nov 9
12 Mar 15
No par
112 112
112
112 138
8
13
112
112
4
/
11 113
138
112 4,400 Vadsco Sales
1914
1914 Apr 11 5612Nov 9
100
41
4114 42
.4114 444 *4114 43
42 .40
1
/
Preferred
4434 .40
4234
90
11 14
4
213 Jan 7
1114 Apr 11
1834 1834 1812 19
1813 1813 18
1834
4
173 1814 18
3,300 Vanadium Corp of Am ___No par
18
33
4
5 1114 Feb 7 33 Nov 14
30
30
2912 30
29
30
8
30
.283 2913 .29
30
2913 1,400 Van Motile Co Inc
5414
100 91 Feb 20 114 Nov 18
2
.11012 11313 *11012 1127 .11013 1127 •11012 112 *11013 112 .11013 1127
8
4
1
/
7% let Pref
8
2313
8
5 34 May 28 44, Dec 13
4
1
/ 4314 4313 4313 4313 4312 4214 43
42
4314 4314 4212 43
Chemical Inc
1,600 Vick
610
*68
*5718 73
74
73
.68
063
1
/
704 .68
•63
73
\ricks Shreve & Pac By Co 91_100 63 Dec 9 70 Aug 6
73
60
63 Dec 17 63 Dec 17
100
63
63 .63
*543 66
66
Common
8
8
*543 66
10
4
/
11
8
45 Jan 3
212 Mar 18
334 378 .3 8 3
418
4
4
4
4
1
/
3
4
1
/ 3
3
4
1
/
4 33
33
1,500 Virginia-Carolina Chem -No par
4
10
3212 Nov 20
30
100 1712June 1
21)
301 t 29
30
2913 29
29 .3014 2913 297
29
6% preferred
8 3,200
5714
100 85 Jan 4 12012 051 31
.110 115 .111 115 *105 114 *105 114 *111 114 *112 114
preferred
7%
60
1
/
4
/
4
/
1111 1111 112 11212 1113 112
4
112 112 *112 114
190 Virginia El & Pow 35 pf --No par 724 Jan 4 11212 Dec 16
4
/
112 1121
2
3
7 4 Nov 14
2 June 22
4
/
*41 63
8 133
4 *43
4
4 *43
1
/
*44 63
4 *43
8 63
Virginia Iron Coal & Coke___100
8 6
.43
8 6
15
190 15 Feb 19 33 Nov 20
2634 *2114 263 *2114 263 *2114 263 *3114 263 *2114 263
*21
4
4
4
4
5% pre(_
4
35
100 6312 Mar 29 83 May 10
SO
.72
*7518 79 .7518 80
80
*72
.7518 80
Vulcan DetinnIng
*7518 80
95
100 10914 Feb 5 1173 Dec IS
4
__ *117
.117
__ *117
__ 11712 1173 *118
Preferred
4
____'°118
__
90
1
314 Nov 27
1 Apr 1
100
213
.214 .4
/ 214 *214 _- ,
21 .2 3 *214 23
300 :Wabash
4
8 *2,4 _- 8
3 23
23
23
3
5 4 Dec 5
114
4
13 Mar 1
100
434
434
434 5
Preferred A
*413 5
*412 5
5
5
*412 434
GOO
1
8
43 Dec 10
1 May 22
100
8 438 *3
Preferred 13
.25
8 *2
43
8 *3
43
4
/
41 *213 43
8 *213 43
8
4
1
/
9 Nov 19 • 31
4
/
8 9
*87
9
9
,
41 Mar 15
No par
014 914
.878 9
9
4
/
*81 9
9
400 Waldorf System
2614June 1 3314 Dee 14 • 1518
NO par
3314 3314 327 '3314 32
4
1
/ 3318 323 33
8
4
4 323 33
8
323 323
8
4,800 Walgreen Co
100 114 Jan 7 120 Apr 24 • 80
preferred
11813 11812 .11713 118 •11713 1187 •118 1187 •116 1187 .116 1187
4
1
/
2
4%
/
61
8
8
8
10
I',
8
63 Nov 25
No par
114 Feb 28
4
/
4
/
r ' 513 51 5 514 41 41 434 5 13,500 jWalworth Co
8
4
/
4
5
5 Mar 14 11 Dec 4
No par
•1018 1013 1018 101
8
093 1013 .93 103
8
*97 1014
10
8 10
4
600 Ward Baking class A
1 14
3 Dec 4
114 Feb 28
No par
Class B_
213 213
238 238 *214
213 21
8
23
214
214
8
8 23
23
800
24
100 2812 Jan 12 47 Dec 7
44
4412 4412 45
Preferred
4413 4413 44
44
4
443 443
1,100
4 4413 45
214
214 Mar 15 1018 Dec 10
0
1
/
8 94 44,900 Warner Bros Pictures
95
8
912 934
8 94
93
8 97
95
UO
8
93
4
93 10
1
/
12
1412 Mar 13 52 Dec 9
No par
5118
8
.463 51
5118 *45
4
1
/ 51
*47
*47
4
/
$3.85 cony Dref
511 045
5112 *45
2
3
4
/
11 Dec 6
114
8
3 Mar 15
No par
118
118
114
114
1 11
114
114
*118
4
/
11
114
4
/
11 3,000 :Warner Quinlan
818 Jan 7
312
1
/
24 Mar 15
No par
4
1
/
412 4
4
1
/
2 4
43
8 434
45
8 434
*43
414 414
412 1,500 Warren Bros
414
4
1
/
7 Mar 20 17 Aug 8
No par
4
/
71
14
.1313 1413 *1113 141 *12
14
14
Convertible Pref
*14
*1112 15
15
100
1912
3
No par 203 Aug 7 32 Sept 19
2318 23
2314 2314 23
23
2218 224 2214 2212 2218 221 1,600 Warren Fdy & Pipe
1
/
4
/
1
/
254 2714 26
5 2518 Dec 19 3014 Dec 3 9 21
2614 25 4 257
2713 28
3
8 2518 2513 2514 2514 4,100 Waukesha Motor Co
3
4
73 Nov 22
4 Mar 14
No par
1
/
*64 7
613 612
4
1
/
612 6
6
613
6
_ _ ____
6
1.600 Webster Elseninnr
60
100 85 Apr 29 90 Feb Is
.80
*80 Preferred
•80 - _ .80
_ __ *80
_ _ *80
_
_
4
3
3 Nov 26
4
/ 23
1 Jan 5
23
*214 .- 8 •21 - 8
214 --1
/
I
24
214 214 *21 2
4
/
4
1
/
210 Wells Fargo & Co
2
218 - -18
15
3
4512 45 4 4412 4513 4514 46
4512 4614 443 453
4
4 443 457
8 7,600 Wesson Oil dk Snowdrift _No par 301s Jan 16 5513 Nov 21
4
49
*8218 83 .8218 83
8
.817 83
No par 72 Jan 29 8414 Oct 31
8
•817 83
Cony preferred
8
817 82
08238 83
200
34
*8414 89
90 90
No par 34 Mar 6 91 Nov 26
*8414 88
88
88
086
871 .86
4
/
20 West Penn Elea class A
4
/
871
1
/
394
92
*9238 93
2
100 397 Mar 6 9914 Nov 8
9212 9212 1)2
9212 93
Preferred
9214 9314 924 9213
1
/
200
35
89
9014 89
88
100 36 Mar 14 92 Nov 29
90
87
87
87
87
87
87
5% preferred
87
210
8812
120 120
8
120
4
4
1193 1193 120 120
100 10413 Jan 17 1203 Dec 20
12014 12014 12014 1204
200 West Penn Power pref
1
/
4
/
781
8'. __ •11338 _ . 11338 113 0114
1
/
8
8
*1133 _ _ 1133 11:34.1133
100 95 Jan 2 114 Aug 14
4
1
/
6% preferred
30
613
4
1 9
/ 8
91
8
612 Mar 15 1018 Dec 4
100
4
1 83
/ - 4
4 94
9
t --4 *83
1
/
4 8 4 2,900 Western Maryland
83 --3712
4
1
/
1712 154 16
8 16
8
*163 175
*1513 1614 1512 1512 16
712 Mar 30 193 Dec 4
100
113
31:1 preferred
1,400
2
11
218
4 218
13
4
/
2
8
33 Jan 7
1' July 19
1
/
218 24
2
100
2
2
2
1,500 Western Pacific
2
8
23
4
1
/ 4t
4
472 5
4
1
/ 48
4
5
5
4
1
/
7 Jan 7
8
23 Feb 26
414
414
100
413 45
Preferred
8 1,500
1
/
204
7213 72
741
4
1
/ 7113 6912 7113 70
70
7118 7314 7413 744 47,000 Wester: union Telegraph_ _100 205 Mar 14 7714 Nov 18
8
1
/
4
3
3212 331
3318 3312 3318 3334 3234 331
18 Mar 27 3518 Nov 19 . 153
3213 323
4 33
3312 9,300 Westingh'se Air Brake___No 9).?
4
1
/ 917 93
s
9214 93
277
8
4Nov 19
8
4
1
/ 913 9312 9l78 931
50 323
8
915 92
8131er 18 983
9214 037 27,700 Westinghouse El & Mfg
8
•120
77
0120
_ *123
121 121 .120
_ _ 12314 12314
50 90 Feb 5 12314 Dec 20
lst preferred
40
5
2il
812 2813 -2
2814 - 2914 -- 8 2812 - -14 .2812 29
1
/
284 29
293
10 Mar 18 32 Nov 7
29
4
/
1,600 Weston Elea lnatrum1 ___No par
•3613 3712 37
15
.3612 371 *3614 3613 .3614 3713 *3614 3713
37
No par 29 Jan 4 3714 Oct 17
Class A
20
1214
4
1
/ 23
*22
23
23
23
2212 23
23
23
23
23
4
163 Mar 13 2513 Nov 19
2314
1,300 Westvaco Chlorine Prod No par
35
*31
35
IS
*31
35
*30
*31
35
35
030
*31
Wheeling & Lake Erie By Co_100 18 Jan 3 3512Sept 9
35
50
21
*44
50
*44
*44
50
*44
50
*44
50
25 Mar 14 50 Nov 2
*44
50
6% non-cum preferred___100
30
3014 2934 30
114
4
1
/ 30
8 29
4
1
/ 2912 303
8
295 29
1414 Mar 28 3214 Nov 14
2913 3014 4,300 Wheeling Steel Corp
No par
.90 10012 9912 9912 •95 100
34
•0113 100
2
100 100
9914 9914
100 4513 Jan 12 10212 Nov 13
Preferred
300
183
18
674
1818 1834
4
/
181 19
1814 1812 1813 183 13,700 White motor
8
183 19
4
1
/
6 Mar 15 1912 Dec 11
4
50
•1518 1514 154 1578
1
/
1538 153
4 1514 1534 11434 15
3
1259
1258 Oct 4 24, Jan 9
1414 144 4,400 White Rk Min Spr cif ____No par
1
/
312 3
1.4
414 Dec 11
4
1
/
312 3
4
1
/ 414
3
4
4
1
/
4
1
/ 33
3
114 Mar 15
418 4 4
,
410
414 9,800 White Sewing Machine___No par
1618 1614
4
/
8 161 1614 17
4
1
/ 167
15
8 175 173
183
4
8
1
/
8
4 175 171 3,000
4
/
6 Jan 11 184 Dec 11
No par
Cony preferred
3
318 318
3
3
.234 3
3
I
4 2
23
4
1
/
318 Dec 13
25
8 2
I Mar 14
5
4
1
/ 1,000 Wilcox 011 & Gam
____
4
/
221
____
34 Feb 5 3512May 47
Wilcox-Rleh Corp class A_No par
318
,
4
/
81 8
914 Nov 22
4
1
/
4
1
/ 8
8
4
/
81 8 2
4
858 83
,
4
1
/
3 Apr 3
4
1
/
4
/
81 8
813 814 17:000 Wilmon & Co Inc
No par
11 14
4
/
4
/
251 Feb 7 311 Jan .4
No par
58
7713 7734 77
773
7713 7712 7712 7712 1,5615
4 77
1
/
2 764 77
77,
100 58 Apr 2 79 Nov ‘.'2
$6 prof
4
1
/ 5434 5512 533 547
55
4
2 5352 54
35
5518 5512 55
523 537 24,100 Woolworth (F W) CO
8
8
10 61 Jan 15 6514June 1s
2113 213 213 .2112 223 .213 2214
.21
21
4
4
8
4
113
4
4
100 113 Mar 12 2514 Nov 19
2112 2112 21
400 Worthington P & W
55
55
54
5418 54
2512
5414 .53
5414 56
100 2513 Mar 13 61 Nov 21
5314 55
5612
Preferred A
280
45
.43
4 4412 4412 45
463
4534 .45
20
8
4612 *45
1
/
454
100 20 Apr 4 515 Nov 21
Preferred B
.45
200
54
52
54
52
.51
53
53
12
51
5213 53
No par 3512 Mar 13 59 Dec 2
52
220 Wright Aeronautical
52
4 7814 78)3 7814 7814 17814 781 77
Vas
4
4
1
/
7814
7812 783
1,000 Wrigley (Wm) Jr (Del) No par 73 Mar 13 823 Apr 26
4
/
4
.783 80
33
33
8
327 33
33 .32
4
/
111
3314 3314 3318 3318 33
4
1
/
25 17 Apr 9 3514 Nov 8
33
800 Yale & Towne Mfg Co
4
1
/
8 Nov 25
4
1
/
2
258Ju11e 6
10
8 772
73
712 734
4
1
/ 71
7
4
/
8 7,600 Yellow Truck & Coach ci B
4
1
/ 73
7
4
/
71 734
758 779
85
25
*83
87
82
83
86 .82
80
100 3112May 8 96 Nov 20
.82
82
Preferred
130
•8213 87
4614 4412 4514 4414 444 4514 4512 4,200 Young Spring & Wire__ No par
4
/
101
1
/
18 Mar 18 5318 Dec 7
4
503 5078 z464 464 46
1
/
1
/
4
/
4
4
1
/
12
13 Mar lb 391 Dec 10
8 3658 371 s 363 3738 3714 3734 3714 3734 38
373
37
39$8 12,700 Youngstown Sheet & T___No par
100 3811 Apr 11 104 Dec 12 "30
10012 10012 100 100 •100 103 2100 100 •100 103
4
/
51 preferred
300
102
.10012
4
118
114May 6 143 Nov 25
2 1359 1412 1312 14
VS par
1312 133
4 8,600 Unlit Radio Corp
1312 1312 1312 1312 13,2 143
8
73 Dec 12
24
5
2 8June 7
1
1
/
7
4
1
/ 7
6
612 678
638 63
,
68
4
2 6
63
0
64
4
1
/ 8,000 Zonite Products Corn
659
$ per share
105 10512
8913 90
4
.223 2314
8
2214 223
1114 1138
1914 1914
2334 24
•114 115
69
68
*2212 2314
4
1
/
612 6
4314
43
1218 1238
8
8
163 163
97
.91
412 412
65 6518
1714
17
8
•1073 108
*812 9
a20
For footnotes see page .11)71.
$ per stare
90
13372
713
4 89
2 254
153
1
/
81 1814
4
/
4
1
/
3
4
/
61
17
8
2114 294
107
120
35
8
503
2
18
4
/
211
914
$
4
1
/
593
4
3.4
59
Ills
80
153
82
- 74
/
371
1814
2
107
3
75 4
714
77
2012
4
1
/
99
Vs
1
/
24
4
/
81
78
54
4014 63
11213 140
2 6612
107
72
3
414 24
1513 33
8
1612 195
4
4
/
11
14
4
374
11
1514
a
6814 78
34.4 511
4
/
136
110
4
/ 1018
411
33
4
643
8
117
513
4
/
191
7
48
SO
1234
4
24
11
4
/
341 614
0638 141
:
5313 651
4
/
291 594
1
/
4
/
671 9912
140
99
150
126
1
/
54
Us
S4
17.
1914 2212
14
4
313
:
121
413
.5414 98
8 3/
245
4
61
80
80
s0
76
bi
4
/
11
10
26
1
/
594 84
SO
65
9
4
1
/
3
1614 27
8
52
112
95
4
/
61
112
4
/
81
We
114
612
s
87
4
4
2314 297
4
/
841 1 16!j
4
1
/
6
214
12
5
114
11%
24
36
4
8,
4
2.
15
4
/
311
4
1
/
3
1
4
1
/
4
/ 13
31
8
2
287
1313 31
.)
65
54
1
/
154
5212
i
90
2..
1
/
354
1
/
744
4412 71)
4 80
513
268.2
65
8918 11052
7834 105
4
/
171
4
/
i1
914 23
23
812
2
4
/
41 1711
29,
3 667
4
88
8
157
4
/
271 67,4
95
83
1512
6
2 2913
168
1 2714
147
2411 29
36
24
Ws 29
34
57
284
18
3114 3113
4
1
/
3
112
6
11 14
4
/
81
2
271s 34,
8
9
4
43
1238 323
3
5514
41'4 134 3172
3113 53
4
1
/ 42
23
1
/
164 75
pc, 76
14
4
/
221
4
23
714
4711
28
4
1
/
22
13
4
/
121 333
4
4
1
/
59
84
11
4
/
4
43
734
1
/
34
..*3984
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Dec. 21 1935
On Jan 1 1909 the Exchange method of quoting bonds was changed and prices are now -and interear-except for income and defaulted bonds.
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when gelling outside of the
regular weekly range are shown in a footnote in the week in which they occur. No account Is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20
July 1
Wssl's
.1.
Rang. at ; 1933 to
i'.
2
;
u
Friday's
..• 1 Nos.30
.
,
.
...a. 814 ct Ailed ras5
1935
U. S. Government.
Loin
Treasury 44a
Oct 15 1947-1952 A 0 114.29
Treasury 34e__
Oct 15 1943-1945 A 0 105.5
Treasury 49
Dec 15 1944-1954 J D 110.20
Mar 15 1948-11356 M 8 108.30
Treasury 31s
/
4
June 15 1943-1947.9 D 106.5
Treasury 334s
Sept 15 1951-1955 M S 102.14
Treasury 3s
Treasury 33
June 15 1945-1948 .1 D 102.15
Treasury 348
June 15 1940-11143 J G 107.12
Mar 15 1941-1943 M B 107.14
Treasury 345
Treasury 3948
June 15 1948-1949 J D 103.14
Dec 15 1949-1952 J D 103.13
Treury 334e
as
Treasury 3%o
Aug 1 1941 F A 107.28
Treasury 33E8
Apr 15 1944-1946 A 0 104.27
Treasury 214s
Mar 15 1955-1960 M S 99.23
Treasury 2%s
Sept 15 1945-1947 M S 100.13
Federal Farm Mortgage Corp31
/
46
Mar 15 1944-1964 M S 102.8
May 15 1944-1949 51 N 100.25
Os
34
Jan 15 1943-1947 J J 101.5
2, 5
4
Mar 11942-1947 M 13 100
Home owners' Mtge ComMay 1 1944-1952 M N 100.19
39 serlea A
Aug 1 1939-1941) F A
2346
99.12
1101
Low
113.8 117.7
102.28 106.28
108.24 112 8
110.25
_ 107
103.38 107.29
100.20 104.10
100.20 104.10
104.15 108.23
104.14 108.28
101.28 105.11
101.15 105.9
104.18 108.28
102 24 106.19
98.28 101.29
99.23 101.5
ii. No
38
115.3
105.14
96
110.25 230
21
109.2
106 10
55
102.21 114
102.22 2)7
16
107.15
107.21
26
103.20 140
103.19 122
177
108.4
108
105.1
99.31 889
100.22 900
Los
102.13
100.31
101.12
100.2
30
152
187
13
__
____
__
100.26
99.18
260
655
State A City-See sots below.
Foreign Govt. A Municipals
Agricultural Mtge Bank (Colombia)*Sink fund 68 Feb coupon on__1947 F A
*Sink fund 69 April coup on____1948 A 0
1963 IN N
Akershus (Dept) ext be
19452 J
•Antlooula (Dept) colt 71 A
89452 1
*External a f 79 tier B
1946 2 J
•External a t 7.1 ear C
1945 J J
•External 8 1 78 ser D__
•External 9 t 78 lot ser
1957 A .3
1957 A 0
•External sec 5 f 7820 aer
1957 A 0
*External sec a f 7s 3c1 ser
1958 2 13
Antwerp (City) external 55
1900 A 0
Argentine Govt Pub Wks 6s
1959 J D
Argentine 85 of June 1925
1959 A 0
/
1
Extla f f4 of Oct 1925
1957 M 9
External e f e5 series A
1058.9 0
External 86 merles B
196089 N
Exti s i / of mar 1920
t
1
4
1960 M 5
External 51 69 (State Ry)
1961 F A
Eat! 68 Sanitary Works
Ertl 6s pub wka May 1927 _ -1961 M N
1962 F A
Public Works extl 534e
19562 71
Australia 130
-year 55
External be of 1927
1957 M S
1956 MN
External g 414. 01 1928
1957 J 2
Austrian (Govt) 5 8 7
6
1614 165
8
8
*1612 17
__
9714
9712 --13
8
712
7
718
712 22
71
/
4
71
/
4
4
7
778
19
61
/
4
712
6
7
713
5
7
7
7
100
10112 14
9814 9812 55
95 8 14
,
,
9 18
9818 9812 46
9818 98s
8 98
9818 9812 45
981 9834 61
/
4
9812 75
98
9818
9812 62
9818 9812 19
951 96
/
4
56
1043 10512 128
4
1045 10512 41
8
99
9914 80
92
9314
5
1945 F A
'Bavaria (Free State) 614s
315
8
Belgium 25-yr exti 6349
1949 M S 1091
/
4
1955.9 2 10812
External 9 f 69
1956 J D 11814
External 30-year e f 79
Stabilisation loan 74.
1958 MN 1073
8
1960 M $ 9100
•Bergen (Norway) ext 8' 5s
1950 A 0 2812
•BertIn (Germany) s t 6148
1958 3 D 2714
'External sinking fund 6e
89911
'Bogota (City) exile'
12
1947 A N74
145 M 0 * 3
*Bolivia (Republic of) eat' 89
1958 J 1
612
*External secured 75
1969 MI 8
*External sinking fund is
659
1941 2 0 26
*Brasil (1J i3 of) extenal 89
1957 A 0 2118
*External 9 f 8 431 of 1926
1957 A 0 2118
*External 8 1 6)4e Of 1997
1952 ..1‘ D 2114
4378 (Central RY)
1935 M S
•II Bremen (State of) eat! 7e
1957 M 8
Brisbane (City) 9 1 58
1958 F A
Sinking fund gold 58
1950 2 D
20-year ef 69
Budapest (City of)1962 1 D
1169 July 1 1935 coupon on
Buenos Aires (City)6148 25-2 _ _ _1955 J 1
1960 A 0
/
1
External a f f4 ser C-2
1960 A 0
External a f 6e ser C-3
*Buenos Aires (Prov) Intl 69_ _1961 151 8
1961 M 8
Nle stamped
1961 F A
*External 5 1 694s
1961 F A
*845 stamped
Bulgaria(Kingdom of)*Sinking fund 78 July coup off1.967 1 J
*Sink fund 74s May coup off_1968 MN
•Calda5 Dept of (Colombia)749_1946 .1 2
1980 A 0
Canada (Dom'n of) 30-yr49
1952 MN
58
1936 F A
‘348
1954. 7
1
*Carlsbad (City) 81 88
*Cauca Val (Dept) Colom 749_1946 A 0
*Cent Agri° Bank (Gar) 7s____ _1950 M 8
July 15 1960 2 1
*Farm Loan e f 69
Oct 15 1960 A 0
*Farm Loan a f 65
*Farm Loan 69 eer A _ _Apr 181938 A 0
1942 MN
*Chile (Rep)-Ext1 5 tie
1980 A 0
*External sinking fund 89
Feb 1961 F A
•Ext sinking fund 69
Jan 1961 J J
*RI ref ext a f (le
Sept 1981 M 5
*Ext sinking fund 613
1982 M S
*External sinking fund 68
1963 M N
*External sinking fund 68
1957.9 D
*Chile Mtge Bk 6345
1961 J D
*Sink fund 645 of 1926
1961 A 0
*Guar a f 85
1962 M N
*Guar 9 f 88
1960 M S
*Chilean Cons Muni° 79
311
/
4
110
10914
11912
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44
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23
2912 12
2712 52
133
4
83 132
s
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541 55 4 143
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55 4 55
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9
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8 32
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/ 123
1
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1112 39
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11
1118 41
1078
1112 59
104 103
/
1
4 42
1951 1 D 39
/
1
4
*Chinese(Hukuang 90,9 58
*Cologne (City) Germany 549_1950 M 8 2712
Colombia (Republic of)068 At 1 1935 coupon on__Oct 1981 A 0 1314
1814
•6s July 1 1935 coupon on_Jan 1981 .1 J
1947 A 0 16
*Colombia Mtge Bank 845
1946 M N
1514
*Sinking fund 78 of 1926
1947 F A
1614
*Sinking fund 79 of 1927
1952 2 D 9212
Copenbagen (City) 58
1953 MN 8814
25
-year g 4349
/
4
1967 F A *581
*Cordoba (City) extl e f 75
1957 -- _, 521*
• *79'tamped
*External sink fund 75
1937 Mil *651
/
4
1937 ___- *57
/
1
4
*75 stamped
_
Cordoba(Pro') Argentina 75. _ _1942 1 J 77
Costa Rica (Republic of)3379 Nov 11933 coupon on
1951 M N
34
1951 -_-- 2318
*78 Ma,1 1938 coupon on
Rang.
Since
Jan, 1
12
12
84
/
1
Ws
991
/
4
9813
4212
77
8
291
/
4
26
2614
2712
7
5
618
61
/
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6
734
97
8
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5
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1
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22
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183
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2
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24
15
29
1712
____
394
/
1
, Jail i
Week's
;I..
g. 1933 to 'Mugs
.....
Range or
it:....
5
81=9
z Nos. 30
Friday's
4 *Jan. 1
1935
3 3s- Bist & Astad 05 sa
.
Mott
yob No. Low Low
Foreign Govt. & Munk.(C091.3
Low
9412 101
Cuba (Republic) Ss of 1904
6818
/
1
4
7
/ 99
1
4
1944M S 99
90 101
11
831
/
4
External Soot 1914 ser A
1949 F A 100
100
9858
84
8
817
1949 F A 92
1
External loan 430
92
77 10014
Pinking fund 534s ..__Jan 15 1953 1 J 100
61
19
100
1914
2312 42
*Public wke 5348 --une 30 1945 1 D 3514 373
4 59
/
1
912 144
812
9
/ 60
1
4
915
•Cundlnamarca 634s
1959 M N
9512 10714
773
4
20
Czechoslovakia(Rep of) 8e
1051 A 0 10114 10212
Sinking fund 8e eer B
3
14 5
199522
034:
2
05
1 1%
10
Denmark 20-year ext1 (is
93 10133
External gold 534e
195 F A 010118 1913
8 65
75
5
8218 964
/
1
01
External g 434s_ Apr 15 _ 1962 A 0 923
4 9312 55
Deutsche Ilk Am Dart Ott 138 __ _1
1
70
39
39
I•Stamped extd to Sept 1 1935_ _... M S 433
6
8
8 443
6114 72
1
40
Dominican Rep Cust Ad 549_1942 M ii 6778 877
8
67
55
1st ser 5348 01 1926
36
1940 A 0 4.6012 63 ---8
547 67
38
2d series sink fund 534e
:3
1940 A 0 63
64
2512
2532 43
/
1
4
2
*Dresden (City) externa' 7s
/
4
1945 M N 291 291,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 20
3 101142
0
01
77Tp. r3:108,3
104.5
102.20
651, 6512
102.24 •El Salvador (Republic) Rs A _.A948 J ,
e_628 ---:
4
36
323 82
4
101.20
*Certificates of deposit
53
34
2 J 5i
40
8412 97
5
4812
Estonia (Republic of) 75
1967 3 2 94
94
10312 108
70
99.18 102.18 Finland (Republic) ext 65
1945 M S 10614 10714 11
/
4
4
7012 1011 1043
58 20 101.6
External sink fund 614e
1955 M S 104
10412 11
2118 3514
20
2614
274 18
*Frankfort(City of) 9 f 645
1953 191 N
16512 190
French Republic extl 7349
27 126
1941 2 D 17418 176
/
4
5 1271 16912 190
External 79 of 1924
1949 J D 17612 17612
German Goat International
211 3712
/
4
8
213
*549 of 1930 stamped
279
1965 i D 285
9
32
27
__
•534s unstamped
1414 334
/
1
1985 - , 28
2289'812 81
8
16
3014 473
32
*German Rep evtl 7e stamped _.1949 A 0 395
8 4012 101 /014
3414 3712
•71; unstamped
5
9012 97 8
194 - *
/
4
658 111 German Pro* & Communal Bk8
484
/
1
38
2312
5
65 1118
8
aCons Agri.) Loan) 649_ -1958 . D 4518
45i8
1
613 954 Gras (Municipality on
80 10812
1
49
8
•88 unmatured coupons on_ _1954 M N 94
613 105
94
22 10612 10612 11612
613 1014 Gr Brit A Ire(UK of) 5349
1937 F A 1063 107
4
953
8 108 119
+4% fund loan E opt 1960
614. 10
54
1990 M N a11413 all5
22
614 9
30
5
3912
/ *Greek Government steer 79....._1964 MN 30
1
4
30
2412 37
2712
88 126
. part paid
37/3
1964 ---- *2518 32 ---2:433 33
991 )91.,
/
4
CS I secured 66
161
/
4
10(01 F A
2512 2614 18
221g 2314
991
/
4
*(is part paid
90
1968 ---- 2218
23
/
1
4
7
23
985
8
90
82
9914 984 Haiti (Republic) a f fla net A
95
67
/
1
933
8 14
1952 A 0 93i4
201a
22 2 301s
,
10
8
901 987 *Hamburg (State) 65
/
4
1946 A 0 2614 27
16
31
6
15
983 *Heidelberg (German) ext17 49_1950 2 3 24
4
90
24
90
981 Helaingfors (City) ext 034e
6
6614 10114 10412
/
4
1980 A 0 10418 10418
985 Hungarian Cons Municipal Loan
8
90
90
2412 38
98
/
1
4
2412
1
•794s unmatured coupons on 1945 2 2 334 3358
/
1
2512 3714
2512
8
4379 unmatured coupon on
8412 99
1946 2 2 3213 33
25
35
25
8
98 1087 *Hungarian Lan1 M that 7349_1961 M N *273
8- --25
35
98 1063
4
*Sinking fund 734e ser B
1961 Al N
275
8 -7
.
2 -58
i
25
9212 9958 Hungary (Kingdom on/
4
3112
341 4918
5
81
9812
.7358 February coupon on
1944 F A
3618
391/4
10812 116
Irish Free State 621181 58
92
4
3
1060 MN 11212 1123
5014
501 9412
/
4
393
37
Italy (Kingdom of) extl 79
29
/
4
1951 I 0 60
701
99
68
9314 11012 Italian Cred Consortium 78 A ___'37 141 13 *83
8912 -,68,
99
44
/
1
External sec e f 75 ser B
934 10914
1947 M 8 56
60
19
-3
4012 85
4012
10112 11912 Italian Public Utility esti 79
47
58
1952 2 2 51
90 100
77
97 11014 Japanese Goat 30-yr s f 649
/
1
994 73
99
1954 F A
771 897
/
4
Mal Sinking fund 5349
a
0712
93 102
8812 73
1965 MN 8714
251 38
/
4
Jugoglavla State Mortgage Bank25
43
23
11
317e with all unmet coup_ _ 1957. - 255
211 381
/
4
/
4
8 2618
*3 3,
912 19
31
447
3
6
293
8
5,
8 912 *Leipzig (Germany) e f 7s
3115 3178
1947 F A
8
Lower Austria (Province of)
4
5997 106
4
814
*7349 June 11938 coupon on_1950 2 0 10012 10012
1
614 1014
61
/
4
23
397 *Medellin (Colombia) 634e
2
7
/ 11
1
4
718
1954 2 0
4
818
3
18
518
3113 *Mexican Irrig Asstng 434s
518 10
1943 MN
4
4
175 3134 *Mexico (US) e181 5s Lf 1899 5_1945 0 2 *81.1
8
93
4-- .-_.
4
a
4
Cs
63 113
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1812 3114
*Assenting 5. of 1999
194503 3
914
10
1
541
614 11
asenting 59 large
9
4112
51
__
---- ---*Assenting be small
---- --874 97
12
53
4 53
4
/
1
4
.41 of 1904
1954 J G 04
434--.714
4
5
41 8
/
4
5i2 in
3
855 9718
8
*Assenting 49 of 1904
1954J D
31 7
/
4
314
97 103
47
8 25
418
*Assenting 49 of 1910 large
--*Assenting 4e 01 1910 small
-_--,
418
458 16
318
3 11
'
7
712 ____
512
3218 3914
512 8
•ITreas a or '13 assent (largo, _1933 2 2 *6
y y_ _ ____
4
/
1
4
4 8 83
,
4
99
84
•H3mall
39
82
95
85,
2
Milan (City, Italy) extl 6345 _-_1952 A 0 48
39
5734 202
9234 Minas Geraea (State of, Bruin
82
193
8
13
13
9
*645 Sept coupon off
1958 M S 1412 1512
/
4
6819 771
1319
13 9 1912
,
9 45 Septcouvon off
6
5152 65
3
/
1
1959 M S 144 1512
67
78
4
311 453
/
4
/
4
371
6514 *Montevideo (City of) 75
7
52
4534
1959 J 0 45
29
4118
1959 MN *413825
*External 8 f 88 series A
12
195 New So Wales (State) extl 5a _
8
73s4 0634 105
1957 F A 10214 103 --i5
/
1
7312
984 10518
19
12
/
4
External a f ba
1021 25
Apr 1958 A 0 102
88
1034 10814
Norway 20
-year out' (ie
1943 F A 10612 10712 13
9
8712 10313 108
8
/ 14
1
4
0
-year external tie
1944 F A 106
107
10014 10514
30-year external 139
831a
101 10812
1952 A 0 10418 10412 25
/
4
993 1041
8
/
4
40-year a f 549
787
8
106 1141
/ 10412 29
1
4
1965 2 0 103
76
981 1043
/
4
8
1003 10312
8
External sink fund 59
1963 M 8 10312 10414 11
424 8212
/
1
98 135.4
2214 03
Municipal Bank male f be
811111
22
2
2614
1972 2 D *126% ____ --71
50 1, A 0
/
1
7
/ 134 •Nuremburg (City) extl 6e
1
4
34
771 90
/
4
5812 Oriental Dave! guar (le
1953 M 8 8312 833
4
5
64
8
5914
741 855
/
4
Extl deb 530
51
2614 47
7712 80
1958 M N
79 10314
4
2614 463 Oslo (City) 30-year 8 f 6e
73
5
4
1955 111 N 10112 1013
35
55 4
,
3
89
13 17 Panama (Rep) extl 1534a
10212 10712
107
1953 2 D 107
*Eat!81 rier A
247
8
40
70
5
1012 1514
1063M N 664 69
/
1
*Stamped
1012 1512
3612 60
___
58
5912 61
27
1012 1512 Pernambuco (State cf)818
1012 1512
1112 157
9
478 Bent coupon off
2
1278
8
1947 M S 127
12
2114
7
103 153 *Peru (Rep of) external 75
4
8
/ 13
1
4
1959 M S 1512 15
73 1712
8
5
*Nat Loan ext1 a 1613 let ser _ _1960 J 0 1114
104 1512
/
1
68
12
1034 1412
*Nat Loan extl if fie 2deer__1081 A 0 1114
54
43
4
7 2 171
,
/
4
12
8318
71
4
11
143 Poland (Rep of) gold 69
56
7012 13
4
1940 A 0 '783
997 12612
8
/
4
1065 141
83
Stabillsation loan e f 79
17
/
1
1947 A 0 1064 108
1012 1414
195e J J 9212 9312 10
External sink fund g 95
63
/
1
4
797 9 9
9 67
9
/ 1212 Porto Alegre (City of)
1
4
/
1
.8e June coupon off
124 22
1212
1961 J G
141 151 14
/
4
/
4
22
12
334 47
/
1
12
*734e July coupon off
7
1418
1966 2 2 1418
7714
98 1053
35
4
Prague (Greater City) 7%s
26
1959 MN *10012 103 _.,
2212 37
2212
*Prussia (Free State) extl 6349_1951 M S 2812 2855 28
/
4
18
2212 361
3612
3212
*External 6 f fle
. 43
1952 A 0 2814 281
94
171 37
1057 11118
/
4
8
Queensland (State) anis!75
11018 12
1941 A 0 110
1313 2412
25
8314 10318 110
-year external 69
13
1947 F A 10812 109
3214 63 2
134 2412 *Rhine-Main-Danube 7e A
/
1
,
3214
45 ____
1950 M S *38
1318 2512 Rio de Janeiro (City of)8
135 1052
943
8
.813 April coupon off
85
1312
1612 13
1945 A 0 151g
8114 9112
113 1812
4
1184
*6348 Aug coupon oft
1963 F A
1212
1312 43
4434 5912 Rio Grande do Sul (State(M14
2312
384, 5612
14
*85 April coupon off
1946 A 0 1534
1612 10
l25 22
8
12 8
,
6412
0 June coupon off
68
50
123
4 131g 27
1968.8 D
461 551
/
4
4
123 21
/
4
,
075 May oupon off
12 4
1312 1412 14
1968 M N
12, 3112
8
12ss
*is June coupon off
81
70
1318
1414 13
1987 1 D
4012 3
1714
Rome (City) extl 6345
4012
1952 A 0 5018 60
259
921 110 139 9
/
4
,
Rotterdam (City) exti 69
301s 38
1964 M N •110
120 ---1712 327
2
101.14
99.18
100.
98.24
For footnotes see page 3989.
.
,
NOTE-Sales of State aild City securities occur very rarrly on the New York Stock Exchange. lea111. In such securities helne almost entirely over the count
Bid and asked gimtationg. however, by active dealers in these mecurttlea. w91 be found on a sulyseouenr, page under the general heads? "Over-the-Counter Securities.-
f
New York Bond Record-Continued-Page 2
Volume 141
ri.
BONDS
V STOCK EXCHANGE
Week Ended Dec. 20
-4.
wur a
lair 1
.
Ranoe or : 1933 to
t-..,_ ...
Friday's
Lil Nov.30
.7. Bit & AIM ci55o 1935
AI
Low
Foreign Govt. &Munk.
(Cosa.)
Roumania(Kingdom of Monopolies)26
*75 August coupon off
1959 F A
•Saarbruecken (City) 6e
1953 1 1 .25
Sao Paulo (City of, Brazil)1952 M N
1478
'8* May coupon oft
13
*External 610 May coupon ofI 1957 MN
San Paulo (State of)
19363 1 2218
•85 July coupon oft
155
8
*External 8s July coupon off-1950 1 J
*External 75 Sept coupon off _1958 M 9 15
*External 65 July coupon off _ _ _1968 1 3 1312
1940 A 0 80
*Secured of 75
Mg) No. Low
26
58
327 ---8
5
1
1312
1112
3218
1631
151*
144
8113
4
5
6
40
29
Low
2058
50
1478
13
Rana.
Since
Jan. 1
1518
1212
123
4
103
4
61
17
7.5 -___
sglanta Fe (Pray Arg Ran) 75
1942 M 5 *6118
'Stamped
8
8 675
--*Stamped- 675
6 38
3258 327
8 21 2912
*Saxon Pub Wks(Germany) 75_1945
12 28
32
*0e0 ref guar 640
1951 MN 32
*Saxon State Mtge Inst 75
2 35
19453 0 3813 3612
*Slaking fund g (3348
35
1946.5 0 *34
-_
Serbs Croats & Slovenes (Kingdom).8s Nov 1 1935 coupon on1962 MN 235
8 253
4 27 1914
*78 Nov 1 1935 coupon on
1962 MN 2112 25
29 17
1 42
7114
Mesta(Pro, of) extl 7s
.1958 1 D 7114
5118 514
5 2514
*Silesian Landowners Man 6e
A947 F A
-------- 117
Solesone (City of) esti 85
1938 MN *163
Styria (Province of)*75 Feb coupon off
1 4714
8 8758
1948 F A 875
Sydney (City) a f 540
36 75
1955 F A 10112 102
-
Ta1,720 Elec Pow St 5145
6
81
1
1971 1 . 81
Tokyo City be loan of 1912
1952 M 9 *71
715 _-__
8
External a f 840 guar
1981 A 0 8014 81
19
*Tolima (Dept of) esti 7s
83
4
1947 MN
83
4
5
Trondhjem (City) let 540
1957 M N 9912 100
8
Upper Austria (Province of)•Ext1840 unmatured coups_ 1957 J D
_.
3
- 3918
39
*Uruguay (Republic) esti 8e__ _1946 F A
*External a f 65
3734 3812 45
1980 MN
3714
*External *f 68
1984 M N
38
13
Venetian Pro, Mtge Bank 75
1952 A 0 a5318 05318
2
Vienna (City of)*61 Nov coupon on
6
1952 MN 8934 90
Warsaw (City) external 75
693
4 7114 17
1958 F A
86
Yokohama (City) eat! 85
19431 1 0 85
10
RAILROAD AND INDUSTRIAL
COMPANIES.
•1/ Abitibi Pow & Paper 1st 541_1953 1 D 36
t dams Express coil tr g 45
4
1948 M 8 983
Coll trust 4s of 1907
1917 J 0 98
1952 A 0 555
8
Adriatic E4)Co ext 78
Ala 01 Sou let cone A be
1943J 0 *10812
3943.5 19 103
1st cone 4s ter B
1948 A 0 *5213
*Albany Perfor Wrap Pap 6s
1 63 assented
.
1918 .._ _., *54
Alb & Sueq let guar 330
1946 AM 101
1944 F A 84
/Allegheny Corp coil tr 55
Coll & cony 55
1949 1 D 76
*Coll & cony ba
1950 A 0 49
eta stamped
1950 , 3312
Alleg & West tat gu 45
1998 --- *873
A 33
4
Alleg Val gen guar g 4a
1942 M 8 10013
Allied Stores Corp deb 410
1950 A 0 99
Alltn-Chalmers Mfg deb be
" --_,
N
1937
Cony deb 48
8
1915 MN 1127
*Alpine-Montan Steel 75
_1955 M 8*_
Am Beet Sugar 135 ext to Feb 1 1940 F A
Am & Foreign Pow deb 5a
2030 M 8
American Ices t deb be
1953 1 13
Amer 10 Chem cony 530
1949 MN
Am Internet Corp cony 510
1949 1 .1
Am Rolling Mill cony deb 440_1945 M 8
Ain Telep & Teleg cony 45
1936 M 8
30
-year coil tr 58
19463 0
35
-years t deb 6s
1960J J
20
-year sinking fund 510
1943 MN
Convertible debenture 412s_ _ 1939 1 3
1)ebenture&
1965 F A
/'Am Type Founders (ls otts
1940 A 0
Amer Water Works & ElectricDeb g &series A
1975 M N
10
-year 5* cony coil trust
1944 M 8
Mtn Writing Paper lat g 6s
1947 1 1
*Certificates of deposit
---Anaconda cop Mmn 8 f deb 4148_1950 A 0
*Anglo-Chilean Nitrate 7a
1915 MN
f*Ann Arbor 1s1 a
1995 0 .1
_
Ark & Mein Bridge & Ter 58
Is_- 1984 M 8
Armour & Co (III) let 414e
1939 1 D
1st M s f 4s ser le (1)e1)
1955 l'' A
Armstrong Cork deb 44
1950.5 1
58
537
4
59
813
833
4
4111
33
2812
2638
51
5253
41
63
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1995 A 0 10918
1995 Nov •10312
Adjustment gold 4$__
Stamped 48
1995 M N 1043
4
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1955 1 D 10314
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1955-3 D 10312
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1980 ./ D *10112
Cony deb 440
1048.1 D 10812
Rocky Mtn Div 1st0
1065J 1 105
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19583 1 111
Cal-Aril 1s1 & ref 440 A
1962 M 8 11314
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10463 0 *11212
MI & Chart A L 1st 410 A
19443 1 101
1944.3 1 109
let 30
-year tet eerie, It
Atl Coast Line 1st cons Is July_1952 M 13 96
General unified 4441 A
1964 1 D 8212
L & N coil gold 46 ____Oct
1952 MN 78
10 yr cull tr 55
May 1 1945 itti N 964
1094 135
105 ____
105
54
104
4
104
6
104 ____
10918 54
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5
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76
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79
89
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88
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814
57
8912
BONDS
N. T. STOCK EXCHANGE
Week Ended Dec. 20
3985
/sly 1
.
,
W e. eh'o
1933 to
..
. Range or
4;
"'s
......
r
ki2 Nor. 30
li 2;Friday's
..5 Bid & Asked 0165
.
1935
High
1948 1
All & Dan let g 45
1948 J
28 4s
1959 1
Atl Gulf & W I SS coil tr 55
1937 J
Atlantic Refining deb 58_____
1313 193 Auburn Auto Cony deb 430 w 1_ _1939 J
1112 1974 Allah, & N W let gu g &
1941 J
234 3812
50
78
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40
25
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10
33
1 3214
1 6018 6214 36
5
1 10618 10618
10812 18
1 102
1
3 99% 99%
Low Low
27
27
23
23
3514
3514
106
101
102
__
90
/5
High
424
354
62
10814
10813
101
9514 105
954
:Baldwin Loco Works let 5s__ _1940 MN 10414 10413 15
30
9512 10412
824
1948 A 0 10158 10258 91
233 Bait & Ohio let g 4s___July
4
774
54
54
11
Refund & gen ba series A
1995 J : 7312 7518 209
21
9418 101 10912
90
let gold be
July ____1948 A 0 10718 108
21
59
6314 867
8414 160
8
1995 1 0 83
Ref & gen 6e aeries C
914
934 100
783
8
8 997
8 96
1941 M N 993
P. L E & W Va 575 ref 45
9912
86
744
64
1950 1 1 9813 99
Southwest Div let 344-55
52
7314
81
753 88
4
8714 59
1959 J 1 86
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4718 70
5212 76
5212
4 7.53
8 75
2000 M 8 723
Ref & gen be seriee D
2912 4214
3812
428
3812 62.14
61
1960 F 6 59
Cony 430
28
40
5212
157
5212 7612
4 74
1996 M 8 723
Ref & gen M be ser F
35
55
8
__ ____
944 110 1143
1943 1 1 .1131
6212 Bangor & Aroostook 1st Is
35
7418 10014 10814
15
8-1
1951 . 3 10312 105
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1093
4 65 1114 103 11218
1951-,--, 109
to stamped
235 36
8
9418 103 118
18
1942 1 J 10514 108
Batavian Petr guar deb 4345
224 36
64
88
60
1
1989 J 0 6512 6513
Battle Crk & Stur let gu 38
6512 75
43
611
/
4
100 103
88
10118 10
1936 1 1 101
158 17513 Beech Creek let gu g 4s
8912 100 102
____ ____
1936 .1 J __ _
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95
98
68
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88 10114 Beech Creek ext let g 310
11314 12012
12 103
11914
1948 J 1 119
95 1024 Bell Telep of Pa 5s series B
4
30 10314 1183 12638
series C
1960 A 0 12412 125
let & ref be
1943 1 J *101
8
7412 873 Belvidere Delaware cons 310
8
10714 1135
82
-- 8 73 Beneficial Indus Loan deb 6s __1946 M 13 11018 1103
8612 78
2713 44
273
8
6
4
1951 1 D 3212 323
*Berlin City Elec Co deb 640
s
743 88
2412 3913
2413
7
2914 2912
*Deb sinking fund 830
1959 F A
813 124
2412 3638
2412
4 12
1955 A 0 2814 233
*Debentures 65
91
100
30
413
8
275
8
5
1956 A 0 3258 3234
*Berlin Elec El & Underg 814e
9918 10418
9918
8
8
1960 J 1 1037 1043 258
82 10358 Beth Steel cons 131 440 ser D
3818 47%
1025 1104
8
90
5
4
4
344 414 BIg Sandy 1st 45
1944-3 D 1093 1093
344 45
25
1950 M 8 *3712 48 ____
Bing & Bing deb 830
3418 42
5912 805
8
5914
7712 372
1967 M 9 74
Boston & Maine let 5a A C
51
83
8012 8312
8012
4 96
743
4 773
1955 M N
1st M be series II
5912 75
56
731* 55
7114
96
80
1961 9 0
lat g 440 aer JJ
1814 4018
1814
9
2512
25
7118 :Boston & NY Air Line let 4e.. 1955 F A
63
53 2718
4
53
4
1934 A 0 2214 2718 183
II*Botany Cone Mille 610
8014 90
6
2314
8
---- 214 2614 165
*Certificates of deposit
II•Bowman-1311t Hotels let 7s___1934
6
43
4 7
84
12
_ --69 13 *55
Stmp as to pay of $435 pt red
82
93
6813
8714 20
1941 J 1 8612 Brooklyn City RR let be
1063 11012
s
1949 1 J 10814 10812 10 103
26
4113 Bklyn Edison Inc gen be A
10712 10813 33 10212 106 110
1952 1 J
Gen mtge be aeries E
85 100
4
86
/ 10418 1072
1
4
1988 1 1 10714 10734 88
9612 9914 Bklyn-Manh R T sec 65 A
104 10558
98
10412 46
1949 1 D 104
15-year see 8s, series A
504 10014
55
71
525
8
Bklyn Qu Co & Sub con gtd 55.._1941 M N *6612 70 ____
104 109
7738
65
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1941 i J *7418 90 ____
let ba stamped
4
9812 1033
8
7213 1005 11012
37
1950 F A 1083 110
4
38
8458 Skip/ Union El let g511
4
5 1034 1143 121
119
'
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4412 5314 Bklyn Un Gas 1st cons g bs
-------- 10114 1185 128
8
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8413 89
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93
2 10518 38
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793
4
5212
8
1967 M N 10912 10912
6 10012 1075 ill
15s lien & ref he series B.
13
55
10512 14 10114 101 10512
1950 9 A 105
3912 Brown Shoes f deb 330
8
8412 94
8
884 1015 10314
1938 1 J *104_ ____
10513 10912 Brune & West let gu g 40
4
8
2
9812 1083 1115
1981 F A 11012 11612
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9253 100
103 107
91
___ ___
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1937 M
Buff Roth & Pitts gen g 85
100 102
5112 7014
50
103
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1957 MN 635
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1093 11412
4
155 24
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155
8
28
87
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4
21
14
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21 ____
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*Certificates of deposit
78
9212
39
12
80
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1952 --11 79
98 10312 /*Bush Terminal let le
5318
35
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5318 132
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49
7612
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31
1960 A 0 5913 8012 20
694 884 Bush Term Bldge be gu tax ex
773 944
8
54
9113 20
1945 MN 90
1st 5345 A
By-Prod Coke
104.13 116
854 10314
1023
8 107 109
1074 ___
1937 M N *107
10212 12912 Cal GI & E Corp unf & ref be
8
10312 1055
85
1940.5 J 10412 10518 18
Cal Pack cony deb 55
10012 104
23 15
4
Ps
818
811 17
1942 A 0
10712 11012 *Camaguey Sugar 75 etre
10614 1134
79
1962 A 0 11014 11112 38
Canada Sou cons gu 55 A
11112 114
8
9114 10238 1135
4
1957 1 1 1073 10818 23
Canadian Nat guar 410
1113 114
2
963
4 107 118
10
8
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July 1969 1 1 1123 113
10618 117
9618 10514 12018
0 11334 11418 16
Guaranteed gold 5s
Oct 1969 A
111 114
s
983
4 1077s 1197
3
1970 F A 11412 11412
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31 10712
4
943
4 105 1173
2
1 11
4
Guaranteed gold 430..June 15 1955.1 : 1103 11112
/
4
s
914 1031 1157
8
1956 F A 10918 10918
Guaranteed gold 410
637 10012
8
8
915
8 10318 1145
4
4
Guaranteed gold 4128___Sept 1951 M S 10914 1093
80 11312
8
12 10518 1165 123
8
Canadian Northern deb 634s..
10463 1 1223 123
1954 41
3012 43
4
8112 8913
523
8 8814 170
Canadian Pao RI 4% deb etk perpet_ .1 1 567
983 100
4
9914 1044
86
49
8
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1946 91 9 1015 103
7
/ 2934
1
4
4
943
8 109 1123
4
19443 1 11214 1121
63 equip trust ctts
73
504
4
973 97
7314 10114 10712
coil trust gold 58
Dec 1 1954 1 0 210512 10612 38
9512 10318
641
4
41
1960.5 1 10014 101
Collateral trust 410
102 1043
4
40
46
19
___ ___
*4814
1949 J
903 9614 /'Car Cent let guar g 4e
4
9512 106 109
6
1938 1 D 1083 1087
4 - 8
10312 10512 Caro Clinch &0 1st be
6914 10612 11112
5
4
let & cons g Os ser A _ __Deo 15 1952 .1 0 1093 110
7012 78
88
4
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1
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1062 11112 Cart & Ad let gu g 4a
24
39
24
2814 27
1948 J D 28
101 10813 *Cent BrancOU P let g 45
8 11/34 10714 10952
8
1943 .1 0 1075 108
10114 10618 Cent Diet Tel let 30-yr 55
39
51
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29
13
13
263
4 2714 66
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1945 MN
100 106
7
684
164
1512 13
1959 A 0 1413
100 10312
*Ref & gen 53.451161-1159 B
83 1614
4
7
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*Ref &gen 5s Belles C
1959 A 0 1418
10411 110
174 234
1712
2413 ____
•ChattDivpur money g 41__ -1951 1 D 822
10014 1057
8
19
20
19
24_
1074 11212
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15
15
15
22% _
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1087 11414
4
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19
19
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_ _ 1948 / 1 *2312
110 11312
l'i 10418 10418 10518
99 106
8
Cent Hudson 0&E 1st & ref 330 1965 M S 1045 10518
714 9838
43
100 1103 Cent 111 Elec & Gas lat 6e
98
98 12 98
1951 F A
8
397 6784
8
394
9012 1034 j•Jent New Engl let gu 45
4418 23
1981 1 .1 43
4
981 3 1083
109
8 67
713 9212 Central of NJ gen g 5s
4
1987 1 J 9812 993
8138 987
4
78
8812 84
19
General &
8 873
8
1987 .1 1 847
8912 1.00
2218
1438
1234
13
724
For footnotee Hee page 3989
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
&mos
Since
Jan. 1
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Telephone HAnover 2-7900 - A. T. & T. Teletype NY 1-911
Private Wires to Chicago. Indianapolis and St. Louis
New York Bond Record-Continued-Page 3
3986
le
BONDS
Y. FITOCK EXCHANGE
Week Ended Dec. 20
-4,.
.
i J251
gases or
4.•
1933 to
ll 6
Friday's
_At Noy.30
21 II
..
/..%1: Bid et Asksd ( 0i) 1935
5
94418 No.
10314 133
10014
7
874 48
2
65
3
122
64
96
Rados
Blau
Jan. 1
BONDS
flf. Y. STOCK EXCHANGE
Week Ended Dec. 20
Dec. 21 1935
July 1
Week's
F. `t
gangs of
41
1933 to
Rancid
Sines
,4 ll Nov.30
1
Friday's
:At
2:4 84.1 & Asked et r4 1935
Jan. 1
Low
Mob No
Low Low
litah
111o8
Low Low
974 10338 *Consolidated Hydro-Elec Works
6558
1
29
634
9712 1024
30
1956 J 1 30
of Upper Wuertemberg 7s
99
6914 9012 Comm! Gae (N Y) deb 545
55
1945 r A 10434 10514 102
1951 .1 D 108
6812
52
88
1083
8 75
49
Debenture 434e
1957 1 .1 1053 106
93
8
114 124
66
100
Debenture 56
16
6312 9612 t•Consol fly non-con• deb 42-1954 1 1 2012 2114 33
42
8
5
175
8
4
'Debenture 45
10212 10212 1045
1955 1 1 2012 203
4 24 ---102 11912
170
94
233
4
*Debenture 45
116
1955 A 0 •183
1956 .1 J
16
204 21
10
*Debenture ls
11012 106 1014 10112 1124
10
11152 19 104
8 62
1105 11318 t•Cons Coal of ma let & ref 53 1950 3 0 3412 357
8
49
10
3414
11814 31
36
'Certificates of depoeit
9114 1144 12018
98
112
10314
10
6
0 103
Consumers Gas of Chic gU 511
834 108 112
1936 /- 1074 112
11118 80
84
Consumers Power Co
--------96
105 108
7 --__
1033
1965 ____ 103
2
1st lien & unit mtge 334s
1965
5
_ 10612 1065
._
8
1st lien & unit mtge 331s
1024 105
85
88
1043
4
6 - L
1123
4
4
2
9018 10518 1123 Container Corp let tie
1946 1 - 1 104
61
87
4911
10514 108
-year deb 55 with warr
1943 1 D 1004 101
15
96
5
6
693
9612
Copenhagen Telen 55 Feb 15 __g54 r A
107 110
--------99
__
Crown Cork & Seal s f ts
1950 51 N 10212 10314
Chic & Alton RR ref g as
3314 5014 Crown Willamette Paper 6s
1951 J 1 10312 106
55-11
3314
75
1999 A 0 39
4014 107
Chic Burl & Q-111 Div 34e
1949 J .1 10434 10514 24
10112 10614 Crown Zellerbach deb 58w w
10212
7
84
65
1
1940 0 F 102
Illinois Division te
1949 J J 10812 10914 31
8
923
4 1054 1097 Cuba Nor fly let 545
2 423
1942 1 0 507
15
4 68
1952 1 1 4712 494 27
General 4s
133
4
1958 M S 10714 1074 103
8414 104 11012 Cuba RR let 15e fit
48
1
let & ref 6345 ser B
1318
1977 r A 1064 1073
let ref 74e series A
10353 10952
2 52
1936 1 D 48
77
1s1 & ref User A
15
4 46
1971 r A 111
4
111
8412 1074 11452
1st lien & ref 65 ser B
19
1936 1 D 453
1:Chicago & East III let 6s
1934 A 0 *
4 102
82
8
86
Climb T & T let & gen 65
73
1937 1 .1 10112 1045
53
t•C & E III fly (teet so) gen 155 _ 1951 M N 1512
1612 130
54
63 173
8
4
•CertIficates of deposit_
54
67
518 1614 Del & Hudson let & ref 4e
4
143
753
4
4 7734 114
143
4
1943 NI N
894
Chicago & Erie 1st gold Se
9512 96
1982 MN 115
8
115
5
8212 11112 117
Gold 534e
1937 MN
Ch 0 L & Coke 1st gu *65
__ ____
97
1033 1067 Del Power & Light 1st 634e _ _1971 1 1 *1061
1937.5 1 10514 10512 12
5
2
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4
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l959 Si S 2312 25
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155
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1858
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4-1989 J 1 10412 105
93
1947.1 d 2912 2913
t•ChIc Ind & Louis, ref tls
2
15
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let mortgage 434e
1
15
1969 1 J 10512 10512
1936 F A *10012_ ____
98
153 264 D RR & Bridge let g 42
1947 J J 2612 2612
8
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1555
1
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4
85
14
14
1947 .1 J 2612 2758 29
275 Den Gas & El L let & ref. f Is
8
12
1951 M N 10012 101
8312
*let & gen 6e eerie, A
1968 MN
1312
1512 111
43
4
43 16
4
Stamped as to Penne tax
1951 MN 10714 10714 10
2054
*let & gen 60 series B_Mity _1986 J 1 14
418 16 'Den dr R G let cone g 4s
2812 131
44
1538 34
1936 1 J 2714
21
1936 J 3 28
2918 18
Chic Ind & Sou 50-year le
1956 .1 .1 9112 9212 16
4
867 933
2
70
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612
4 40
10
103
t•Den & 110 West gen tle _Aug 1956 P A
1969 1 D *111
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93
8
1084 1113
104 88
514
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1112
1989 1 -1 423
4 44
140
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3312 584
8 64
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3212 15.5
1989 1 1 39
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3212
96
36
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1989 1 J 47
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24
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t•nbto & No West gen g 334e__1987 MN 3618 374 73
1965 A 0 1083 109
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2858 4812
1987 M N 38
__30
____
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304
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1995 J D .30
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1995
---*Gen 4 yte no Feel Inc tax
8
____
1118
l987 M N 4312 4312 10
33
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1995 .1 D .157
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84
1987 MN 4212 4312 49
1961 MN 1125 112;
1
35
6112 Detroit River Tunnel 434s
35
8 -- -5
87
'4%,stamped
1987 MN 40
3
40
40
47
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.1 1 10418 1044
41
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1942
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1936 10 N 444 4712 47
38
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, 10718 12 102
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20
13
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31
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125
13
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78
1949 M N
'Cony 434e series A
712
1018
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712 224 East fly Minn Nor Div 1514, _1948 A 0 *103
'3-_ - ---8912
4 t•Cbicago Railways 1st 55 stpd
East T Va A Ga Div 1st 5s__
7
9
4
-1956 MN 1023 10312 10
F A
7018 7012
Ed El III Bklyn let cons 45
Aug 1 1933 25% part pd
99
664 80
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8 3814 97
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,
1988 1 J 343
1995 1 J .1264 131 ____ 107 4
323830
43 'El Pow Corp (Germany) 8342._1950 M 5 323
*Certificates of deposit, *33
40 ____
314
4 324 28
- 0 153
*Refunding gold 42
1934 1C30
8
1612 304
5181 sinking fund 6442
1014 1712
1014
1953 A 0 3212 3258 22
,,-- 1418
*Certificates of deposit
HI. Elgin Joliet & East let g 5s
10
153 113
4
. 89
10
8
1941 M N •1093
l•Secured 445 series A
1959 M S 154
1014 18
1614 159
El Paso & SW let S.
1011
8138
_1965 A 0 10052 101 - ---7
*Certificates of deposit, 1414
90
15 4 72
3
181, Erie & Pitte g gu 34e ser B
10
1018
1940 1 J .1054 ____ ____
1N1
412
We
65 195
412 10
1960 IW 8
*Cony g 4 he
90
Series C 34s
1940 1 J *10538 ---- ---9812 9918 98
1996 .1 J
Erie RR 1st cons g 1e prior
89
Ch St L & N 0 58
1
June 15 1951. D 102
1033
96 1057
8
75
52
4
4
let come)l gen lien g 42
7612 109
75
1996 J J
Gold 342
June 15 1951 1 D .8012
Penn coil trust p016 4,
99
8812 59
1951 F A 10.514 10514
6312
6
Memphis Di• let g 45
1951 J D .81
5012
1953 A 0 73
88
75
59
Cony Is series A
8212 4 24
733
Chic T 11 & So East let Se
254 76
733
19603 D 72
4 11
2578
5012
9
8 734
1953 A 0 727
Series B
Inc gu 56
1312 63
Dec 1 _ _1960 M 5 58
1312
6012 93
62
Gen cony 4s series 0
74 ____
1953 A 0 *____
ChM U13 Stan 1,1 *0 4148 A
1963.5 J 1073 108
8
8
4
2
9334 1083 1095
Ref & inapt 52 of 1927
4612
478
6612 69
1967 m IN
19633 J 108
let 5e series B
664
4
10638 11014
108
4 100
Ref & Impt 5e of 1930
1975 A C' 6612 0812 277
1944 J D 1084 1093
Guaranteed is be
9014
8
8
4
95
1065 10938
11818
8
1955J 1 118
Erie & Jersey let e f 6s
Guaranteed 4s
9212
1944 .1 J 10618 1065
2
8 11 10512 10512 1064
116
Genetteee River let s f 62
1957 .1 .1 116
1963 J i 1083 1083
1st mtge 4s series D
86
8
4
4 22 10718 10718 1093
N Y & Ede RR ext let 48
___
-1947 M N •110
8
1952.5 1 093 100
C010 & West Ind con 48
92 l003
46
6372
3d mtge 434s
4
1938 m r
1962 M 5 106
.st ref 534e series A
413
4
107
82
102 107
____ ____
26
1954 F A .38
Ernesto Breda is
1962 51 5 *1061
1st & ref 5345 series C
103 10758
- ---- 103
1943 A 0 724
Childs Co deb 5e
8--- 4 45
743
60
9612
1942 M E
8
301 i
9618
513 764 Federal Light & Tr let Sc
4
1947 3 1 10014 1007
Chile Copper Co deb 52
75
79 10114
8 63
46
55 International series
3
1942 M 6 9613 9612
1952 10 N 829
Mhos Okla & Gulf C0138 56
59
37
39 ____
4114
36
let lien a f 5s stamped
1942 M F
3
9612 965
8
Cln 0 & E 1s1 M 4s A
1988 A 0 1044 10514 23
8
1942 M F 10114 102
877
let lien 88 stamped
5912
2 1013 1074
2
Cln HAD VI gold 4342
1937 J J
30
4814
1 10212 10338
---887
-year deb 65 series B
94 ___
1954 3 0 .93
C 1St L & C let g 4s__Aug 2
102
102
1936 Q F.1021
9712 1014 103
Fiat deb e f g 75
5012
3
62
1948 1 1 62
On Lab & Nor 1s1 con gu Is
_ __
1942 MN .1023
1007 10314 t•Fla Cent & Penin Ss
8
82
25
3
50
50
1 J
1943
2020 3 J 1103 1 103
4 Cln Union Term let 4345 A
45
4
973
8 109 1113 t•Florlda East Coast 1st 434e
58 ---68
1959 1 D 555
2020.5 J 11118 11112
let mtge 5s series B
9
983
•Ist & ref 50 series A
611
4 110 113
93
8 93
863
1974 M S
let guar 5s series C
1957 M N 11212 1125
4
8
6 100
1118 11412
511
*Certificates of deposit
813 15
Clearfield Bit Coal let 45
6912 7812 Fonda Johns & Glov 434e
1940 .1 .1 .7912 --------5338
1959
Series B (small)
1940.5 1 *7018 ____ 412
_
- --- ---2
ii•Proot of claim filed by owner_
8
612
NI N
1943 1 1 __
____ .-._
Clearfield & Mab lot gu 4s
- 12
78
__ _-._
(Amended) let cons 2-4s
1989
8
4 ____
*35
3
It•Proof of claim filed by owner_ 151 N
__
Cleve-Cliffs Iron 1st mtge 43‘5_1950 MN 1014 10112 75__
34
10118 101 12
312
3
2
*Certificates of deposit
"j 4) 96
1 3
963
4 29 -.
66
89 WI
cieveCID etll & Si 1. pea fie
Fort St U D Co let g 41411
- /
1941 1 . .1044 --------83
1993 i D *100
9213 108 112
General 15e series B
112 ,.„
Ft W & Den C let g 5345
1961 J D 10112 10412
1
9438
Ref & Impt 82 ser C
93 10114 Frarnerican Ind Day 20-yr 7345
2
73
1941 1 J 10114 10114
3
940
4
108
1942 1 .1 108
60
80
864 t•Francisco Bug 1st e f 7348
Ref & inapt beset D
4 8658 61
1903.5 .1 843
15
24
3212 34
1942 MN
Ref & impt 4149 ser E
50
783
8
50
77
1977 .1 .1 75
176
DIv let gold 4e
1939 J J.106_ _
Cairo
8
Gale Hous & fiend 1st 5342 A
8818 1033 107
79
5
77
1938 A 0 75
Cin Wabash & M Div let As__ _1991 J J 9418 - -18
8714 9412 Gas & El of Berg Co cone g 55_ _1949 1 D
94
3
58
8
_ ____ 1033
1990 MN a94
96
88
At L Div let coll tr ff Is
66
a94
5
*5118 65
354
_
•IGelsenkirchen Mining Os
1934 M S .118--- . _ _
10312 104
Spr & Col Div let g44
85
Gen Amer Investors deb 5411 A---1952 r A 10114 10112
1940 M S *10014
6
734
954 Gen Cable 1st e f 534e A
W W Val Div 1st g Is
95
1940 J i .96
__ 72
46
1947 J .1 10012 1013 100
4
Cle• & PO gen ffU 134s eer B
1942 A 0 .11112 --------106
109 1103 •Gen Else(Germany) 72.18n 15 1945 .1 .1
4
5
3212
325
8 3318
Aeries ts 34e fftlAY
105 105
•2 f deb 8 42
8
1942 A 0 .1023
33
105
3
33
1940 .1 0 33
Series A 4345 guar
MI! --------10014 1075 112
8
'
1942 1 3 ,
•20-year et deb 65
3014
9
327
8 33
1948 m N
90
____ ____ Gen Pub fiery deb 534s
Series 03%,guar
1948 MN *10212
76
8 11
1939 1 J 1034 1037
Series 13 3345 guar
_
____ ____ Gen Steel Cast 5548 with wart
____ __
1950 A F *105
54
54
8 90
1949 J J 883
"
pi
10512 10512 1 t•Cien Theatres Equip deb 6s
Gen 44e ser A
1977 r A .10614
8
1918 237
1940 A 0 183
212
____ ____
Gen & ref mtge 434* set B
1981 J 1 *10512
*Certificates of depoeit_
214
1814
19
106
---I•05 & Ala fly lst cons 52
IS
1945 J 1 •153
4
1612 ____
Cleve Sho Line let ffU 4 34
734 10012 10714 5 2•Ga Caro & Nor lot ext 6s
4
1961 A 0.1053 1063
8
,
1
1934 J . *3218 --------18
Cleve Union Term go 534e
1972 A 0 105
74
1053
927 1054
2
4 31
les if 54 Series B gas/
85 101
*Good Hope Steel& Jr sec 7s__ _1945 A 0 .323
8
1973 A 0 1003 1004 118
71
33
8 39 ____
lets f 44s series 0
80
94
Goodrich(B F) Co let 534s
1977 A 0 9214 93
611
135
8912
8
1947.5 J 1077 10814 20
Coal River fly let gu As
1945 1 D .1073
9212 104 10712
Cony deb 66
2
1945 J D 10314 104
63
70
t•Colon 011 con• deb 6e
38
38
19383 1 657
118
5
8 6578
Goodyear Tire & Rub let 52
831
4
1957 M N 10418 10412 57
f•Colo Fuel & It Co gen 51 55
1943 r A
130tharn Silk Hoelery deb 68
96
100
6613 100
29
2612
89:2
1936 J D 100
1004 11
it•Col Indus let & coil S.ffU-- _1934 F A 48
22
5112 148
5112 1 t•Gould Coupler let 2 f Se
1558
53
8
37
1940 F A
49
Colo & South 634s ear A
4812 733 Uou• A Oswegatchle 1st 5e
1980 M N 5512 573 132
4
4812
4
1003 ...... 101
1942 J I) *97
4
Or R & I ext 1st gu g 4 345
913
4
1
108
1941 1 1 108
Columbia 0 de E deb 6e..._ May 1952 M N 983
4 9912 48
89 100
Grand Trunk IQ, of Can guar 82_1936 M $ 1033 1033
nig
8
8 29 1004
Debenture 55
604
885 100
9934
8
4
Graye POIEIS Term let gu 58
Apr 15 1952 A 0 99
90
84 ___
1947 J 0'__
Debenture 56
68
9813 Gt Cone El Pow (Japan) 7e
58
3
8
Jan 15 1961 J J 97 4 983 150
94
4
5818
93
1944 r A
Col & H V let ext g de
8
1948 A 0 1097 1097
8 15
94
1St & gen s f 6341
10214 1103
4
56
1950 3 1 8814 8912 13
Columbus RY P & L let 534s
8
984 1073 Great Northern penis ser A
1957 J J 105
105
714
3
73
o
1938 J J 10212 1027 533
5
Col & Tol let ext 45
91
1053 1124
111
1956 F A 111
4
let & ref 44s series A
1961 .1 .1 1054 1073
8 57
684
9512 1104 11238
Comae] Invest Tr deb 1544/1
1949 r A 112
1124 73
General 54s series B
64
1952 1 ./ 10612 10812 50
Coon & Passum RI, 1st Is
8
1943 A 0 *1027
General 5s series C
100 10312
57
1973 1 J 10112 10314 121
92
Conn Ry & Lies & ref 454l
8818 10818 1094
1951 .5 J *10612
537
5
130
General 434s series D
9118 97
1976. J
1
Stamped guar 1142
1961 J .1 10714 10814
9
9652 106 109
5312
General 430 eerie, E
937
8 964 269
1977 1 d
Cent Pac let ref gu g 4s
Through Short L let gu 42
Guaranteed it 5s
Cent RR & Bkg of Ga coil 52
Central Steel let 2 s 188
Certain-teed Prod 534s A
Charleston & Serb let 7e
Chesap Corp cony 5s
10-year cony coil 5s
Mee & Ohio let con g 5e
General gold 44s
Ref & !mot 434e
Ref & hunt 434, ser B
Craig Valley let 5s__May
Potts Creek Branch let 4e
R & AD!,let con g 4s
26 consol gold 4e
Warm Spring V let g 6e
For footnotes see page 3589
Lew
1949 F A 1025
8
1954 A 0 10014
1960 F A 86
1937 M N 65
1941 MN 12112
1948 M 5 94
1938 1 ]
1947 M N 11412
1944.5 0 10812
1939 M N 11114
1992 M 13 118
1993 A 0 112
1995.5 J 11012
1940 .1 J *109
1946 3 1
1989 .1 J 1123
4
1989 J J *10712
1941 M El q10
29
4114
10412 1067
8
99 10852
1023 10714
4
16
3514
173 323
3
4
233 25
4
16
295
8
29
4412
29
44
1025 1053
4
2
103 1034
10612 1064
9912 1043
4
83 1013
2
92 100
10212 103'4
10134 106
9714 103
37
55
51
29
28
52
233 47
4
10412 10715
7214
8912
105
1003
4
10412
101
111214
103
2014
9114
612
6,
4
1112
947a
1023
4
10712
105
1 1212
101
10712
10714
3014
3958
13,2
124
244
214
63
1081 1
10612
10818
107
26
26
124
8
1057
102
10658
3112
3,
8
72
11012
11354
11114
10918
311
30
157
8
1125
8
10412
1084
6138
7ii 21
10114 105
2
96 111,
10612 1083
4
1237 128
2
313 414
4
40
32
1044 10912
92 10124
1014 101112
1013 10612
4
0554 102
80
70
104 106
65
78
78
65
68
76
5312 7414
74,8
52
11412 11818
11211 11714
105 111
43
83
99
81
9812
83
793 98
4
8012 10212
1531 95
/
4
5012 97
4314 50
50
67
124
6711
512 12
412
8
35
8
3
10152
10314
106
23
5
4
10458
1067
8
11038
463
4
75
11512
54
99
80
324
3112
32,8
U018
54
618
812
11
18
84
11712
75
105
1014
50
50
4912
1037e
94
1954
1914
18
21
33
443
4
/
1
4
1073 1094
9212 104
10312 108
8212 1004
58
17
101 101
10412 1084
1034 1074
90
85
660 97
4
7832 934
821 10338
96 10738
75 10812
69 10314
97
83
6234 967
8
_.,
Volume 141
N
BONDS
V STOCK EXCHANGE
Week Ended Dec. 20
New York Bond Record—Continued—Page 4
Week'i
July 1
1.1,
1933 to
2.; o
Rang, or
Z'
Friday's
_le 1,., .Vov. 30
&,.. r.,
1
1935
5
,1 13.. Bid & Asked 0 56
• -
RangeBONDS
I
Slane
N, T. STOCK EXCHANGE
Jan, 1
Week Ended Dec. 20
I
3987
Jule 1
—..
West's
1933 to
Range or
.1
Z1
a! No,.30
21r.
Friday's
42: Bid & Asked oz 5n
1935
Range
Since
Jan. 1
---Hie
Low Low
8
8918 1027 10778
11318 117
8914
130 136
117
103
1157 1234
a
811
: 104 104
76
10318 106
8012
38
38
9814 104 10614
8714 100 105
:
931 10438
9218
9712 10518
853
4
12514 13238
110
984 1124 11512
83
384
58
86
1074 114
7518 102 107
100
103 1073
4
8812 1044 108
'8
1034 10712
81
804 1033 1073
4
4
9812 104
74
981
: 10614 109
102 10512
82
744 834
5458
1085 III
8
92
86
564
77
1043 108
8
80
844 99
441s
Low
giok No
Elioh Na. Low Low
High
Lon
,
8_ ---Lab Valley Term Ry let gu g 3* __1941 A 0 *1057
Feb 60
60
6
3818 60
26
*Green Bay & West deb etre A
3
4 - 514
312 812 Lex & East let 50-yr be gu
Feb
1945 A 0 1143 11738
3
814 26
*Debentures ctfa B
6
1944 A 43 13218 13312
Liggett & Myers Tobacco 78
1940 MN *10612 ---------881i
Greenbrier Ry let gu 4,
8 13
1951 F A 12118 1213
be
5358 8312
50
24
1950 A 0 8318 86
Gulf Mob & Nor 181 534, B
__ ____
1962 M N
Little Miami gen 48 series A
50
82
494
8 27
1950 A 0 3014 807
let liege be series C
1033 10114 33
4
1941 A 0 *106-6614 6614 Loew's Inc deb s I 6s
--------55
Gulf & S I 1st ref &ter lie ____ Feb1952 1 J •54
50
38
1952 J D 40
4912 5614 Lombard Elec 78 ser A
4912
1 2 *60
Stamped
1933 1 D *10414 10412 --_90 1034 Long bland gen gold 45
60
4 20
Gulf States Steel deb 5348_ _1942 1 D 10212 1023
10234 —__
1949 M S *102
Unified gold 48
8
1952.2 J *1075
954 10511 108
Hackensack Water let 4,
1937 M N 9912 9934 17
1938 A 0 *3838 42 ____
2618
20-year p rn deb be
2618 463
8
*Hansa SS Lines 6, with wart
1949 j .1 383
4
4 42
3314 4912
3314
4 383
4
1
1949 M 6 993 1003
Guar ref gold 48
•Harpen Mining 6e
1949 A 0 *12914 131 ___
91
11512 12
1999 J 1 115
1125 11712 Lorillard (P) Co deb 78
8
Hocking Val let cons g 434s
1951 F A 118
9
118
58
30
4618 40
1941 A 0 39
30
4618
*1loe (R) & Co lot mtge
1969 J 1 801* 8212 162
Louisiana & Ark 1st be ger A
13
15
124
_ _-__
'Holland-Amer Line 6e (flat)....j947 M N
8 16
1952 MN 11112 1115
10
Louisville Gas & El(KY) 55
5414
633
8 65
2•Flousatonto RI cons g5s
1937 MN *1618--5414 95
106
7
1945 M S 105
105
1937 J J 105
2
8
4
904 1043 1063 Louie & Jeff Bdge Co gu g 4s
if & T C lst g be int guar
8
5937 J J 1033 1033
1937 M N *1045 106 ____
4
4
101 10438 Louisville & Nashville be
89
3
Houston Belt & Term 1,1 5,
4 43
Unified gold 4,
1940.2 1 10712 1073
61
Houston Oil ,ink fund 5358 A
_1940 MN 10012 .0114 50
85 10114
5
10512
2003 A 0 105
41
106
let refund 53411 eerie, A
35
4478
35
1962 1 D 39
Hudson Coal 1s1 a f 158 ser A
27
8
2003 A 0 1067 107
1st & ref be seem B
8 1133 120
8
8
1949 MN 1197 1197
1 1015
4
Hudson Co Gas 1st g be
4
795
8 824 88
1957 F A
2003 A 0 1023 10312 102
1st & ref 434e series C
6334
79
903
8
Hurl & Manbat lst baser A
107
I
3412 154
1941 A 0 107
Gold be
253
4
253 397
4
8
*Adjustment Income be _ __Feb 1957 A 0 31
3
1946 F A 10512 10512
Paducah & Mem Div 4s
80
1980 M 8 79
13
St Loul8 Div 26 gold 38
4
Illinois Bell Telep 334s ser B
1970 A 0 1023 10318 66 10212 10212 10318
5
1945 M 6 1101: 111
2
Mob & Montg let g 434e
103 10612
83
11110013 Central let gold 4,
1951 1 J 10312 10312
1952 J 1 8314 8414 27
8
South Ry joint Monon 4,
99 103
7612
1s1 gold 3344
1951 J J *1015
1955 WI N 1073 1073* 14
8
Atl Knoxv & Cin Div 4,
Extended 1st gold 3149
1951 A 0 *10218
9918 102
78
83 __
1st gold 36 sterling
1951 M 8 *7512_- ---_—_
_ *Lower Austria Hydro El 6 3fa_ 1949 F A *__
66
-79
57
5
67 --Collateral trust gold ls
1952 A 0 77
83
4
78
Refunding 4s
59
564
1955 MN 76
66
8
863 2•1McCrory Stores deb 5%..._.194I
813 115
4
4612
25
MN 11438 115
Proof of claim filed by owner
69
Purchased lines 330
1952 J .1 66
26
66
71
58
933 103
4
63
4
57
754 McKesson & Robbing deb 534e___1950 M N 10214 1023 128
524
Collateral trust gold 4e
1953 Ni N 6512 6612 128
11
35
9
1
4
4 203
8612 883
4
Refunding be
747 944 12•Manati Sugar 1st g f 734e____1942 A 0 203
8
7014
1956 MN
4
:
84 34
71
_ *1718 2212 ____
9912 102
*Certificates of deposit
15
-year secured 63.4, if
82
1936 J 1 99
89 101
84 32
6,3
64
_—
4213 67
213
42•Stmpd Oct 1931 coupon_ __1942 A0 *2018 224 ____
4212
60-year Ms
Aug 1 1966 g A 62
12
2112
4
8
- ---- ---*Certificates of
Cairo 13ridge gold 48
1950 2 D 1015 102
13
995 1021:
8
7018
94 3012
--------732
8
deposit—
4
183
8
Litchfield Div let gold 35
1
8018 881
1951 1 J *86
1 t•Flat stamped modified_ _1942 A0 183
:
74 35
713
2
1812 20
_
•Certificatee of deposit
651:
Louis,' Div & Term g 334a __AIM J .1 *8914 92 ____
8618 923
4
50
7838
35
7018 95
2•Manhat Ry (NY)cone g 48 _1990 A 0 68
Omaha Div 1st gold 36
1
60
1951 F A 6612 6612
6518 77
764
47
35
44
6412 67
*Certificates of deposit
St Louis Div & Term g 38
1951 2 i *7212 75
74
61
37i 6
---76
27
2
2 5
52
2013 1 D 52
•26 45
Gold 3Mg
8714
1951 J 1 *7712 82
78
624
98
90
82
9412 __
Elm RR & Lt 81 58
1953 M S 890
1 J *9812 10014
Springfield Div lat g 334s
9718 9334 Manila
67
1951
85
68
493*
1939 M N *7114 80 ____
87
Western Lines 1s1 g 48
4
76
1951 F A 87
85
891: Manila RR (South Lines) 4s
61
70
bl
66 ____
III Cent and Chic St L & N 0—
let ext 48
1959 MN *61
39
33
50
1941 1 J *36
45 ____
ID 685
8 71
198312
Joint let ref be series A
107
523
8
5212 784 2•Men GB & NW let 3143
493
4
let & ref 434e aeries C
196312 0 6514 6714 59
4934 733, Mfrs Tr Co ctfg of pares In
7114 101
50
8
4
1943 1 D 993 10012
Illinois Steel deb 434e
19401A 0 10814 109
5 1014 106 109
A I Namm & Son let 6s
55
844
41
8 8314 19
1947 A 0 803
31
8 21
8 325
*Raeder Steel Corp mtge 6,
323 4314 Marlon Steam Shovel a 1 6s
8
1948 F A 325
60
63
9912 56
9312
1940 Q J 99
8914 104 104
_-- ___
Ind Bloom & West lat it 4e
1940 A 0
Market St Ry 78 ser A_April
795 101
8
47
48
101
M N 100
1945
*971a 98
Ind III & Iowa let g 4.
72
1950 2 3 *10295 1001 Mead Corp let 6, with warr
:
411: 98
414
1957 A 0 48
5018 28
1934 20
7
7
Meridlonale Elea let 78 A
t•Ind de Louisville 1st gu 431
1956 3
7
21
102 8 10818
,
77
23
105
1965 1
106
106
1
1953 1 J 105
96
104 10634 Metr Ed 1st & ref be ser C
Ind Union Ry gen be ger A
8
957 1084
67
8 32
1968 M 8 10814 1033
lst g 434, aeries D
1965 3 I *107
984 106 107
Gen & ref be eerie@ B
96 10134
74
1978 A 0 1034 10312 30
4 28
8
1950 A 0 1005 1013
79
Inland Steel let 414 ear A
1034 107$8 Metrop Wat Sew & D 534
,
914 171:
11
9
3
105
8
F A 1023 1024 22
F A
193,,
4
1921
lat M I 1 434a ger B
1024 1064 42•Met West Bide El(Chic)48
80
2
17
a
334 ____
2
1977 31 S *_
•Mex Internet 1st 48 asstd
2918
29
33
1
1956 1 D 25T4 2914
1966 1 J 8914 9012 177
564
tInterboro Rap 'Iran 1s1 5s
811, 9412 •Miag Mill Mach lst a f 7s
8 8312 68
'Certificates of deposit.. 875
867
8
867 9212 Michigan Central Detroit & Bay
8
934 1004 10414
__ ____
194 / J
1•10
653 170
4
-year 63
1932 A .0 63
City Air Line 48
194
50
8412
8318 901
:
8318
92 ____
*80
6212
'Certificates of deposit
1951 31 6 *10278-=,... 59
Jack Lane & Sag 334,
4312 81
2014
8
8411 10012 1055.
14
4•10
1952 M N 10418 104¼
-year cony 7% notes
1932 M 6 9112 93
let gold 334e
40
84
97
574
:
931 9912
70
30
1973 2 2 9734 99
*Certificates of deposit
9012 92
Ref & impt 434s series C
21
5712
82
9412
613
8
664 80
Interlake Iron lot 5s B
1940 A 0 *5514 69 ____
1951 MN 8218 8234 23
8614 Mid of NJ 1st ext 5s
60
72
57
771: 10314
1961 J D 10212 10314 83
Int Agee Corp 1st & coil tr So—
Milw El Ry & Lt 1st be B
56
M N 99
7612 10312
Stamped extended to 1942
993
4 11
1971 1 2 10212 1034 26
1st mtge ba
9118 10014
52
-----------62'.
Int Cement cony deb 5s
1948 M N 10314 10314 20
74
9712 10412 42•Milw&Nor let ext 434,11880)1934 1 D Ei li
58
t•Int-Grt Nor lot 6s ser A
1952 1 J 3612 373
1939 ---- 6i
4 51
lat ext 43531
25
2512 4312
55
5612
56
55
653
4
9
838 10
*Adjustment Os ser AJuly 1952 A 0
1939 .
Vs
184
Con ext 434s
478 1114
3714 43
3018 53
30,8
•Ist 5s series B
357
8 3712 20
1956 1 J 3514
1947 m e
23
23
4212 I•1
3,111 Sim/ & N W 13t gu 0
6438 643
8
604
70 __ _
•lst g 50 series C
1956 1 J 3612 3718 26
2•Milw & State Line lat 349__ 1941 1 J *55
23
23
4212
514 20
412 818
4
Internet Hydro El deb Gs
412
1944 A 0 4514 48
1934 M N
2814
161
284 564 2•Minn & St Louis be ctfa
4 212
138 12
4
114
Int Mere Marines f 6s
1949 M 6
1941 A 0 6812 69
14
•lec tc refunding gold 45
37
4658 72
1
1
112
Internet Paper bs ser A dr B
5 --1962 Q F *218
934 156
1947 i J 91
*Ref & ext 50-yr bs ser A
58
965
8
47
4
263 37
263
4
3314 132
1955W. S 77
Ref of Os series A
79
122
M St P & SS M con g 491 nt gu1938 J 1 32
354 82
3114
197 31
8
194
1
29
1938 2 1 29
7614 763
Int Rys Cent Amer 1st 58 B
8
1972 M N
454
6
let cone 55
70
83
31
31
4218
3812 25
1st coll trust 6% glnotes
1938 J 1 36
4918
1941 M N 85
lat cone S,gu as to lot
7418 8714
87'A 23
1812 2712
16
lot lien & ref 634s
4
1947 F A 783
1
let & ref 65 eerie" A
1946 J 1 2314 2412 21
4 783
8112
434
68
15
1518 26
2018 2114 13
Int Telep & Teleg deb g,454s
37
1949 M B
733
4 7612 228
1952 i J
25-year 534e
60
763
4
6712 8512
514
42
Cony deb 434s
1939 1
5812 883
853
4 831 575
lat ref 5148 aerie@ 11
1978.2 2 804 8112 129
4
115
781" 8012 331
---- ----------Debenture 55
40
1955 F A
.
1941 MN *76
5512 8012
let Chicago Term s 1 4a
Investors Equity deb 5s ser B w w 1948 A 0 100158 100)4 32
82
99 1035
8
18
3512
12
34
3512 26
Without warrants
1959 .1 J
1948 A 0 10014 1001
13
82
99 1031 24,Mo-III RR lst 51:series A
,
„
8
5012
5012 895
138
120
70
73
1
2•Iowa Central Ry 1st & ref 4s.._1951 3 , *114
1990 2 D
34
1178 Mo Kan & Tex let gold 48
3112 73
3112
James Frank & Clear_lst 4.8
1959 J D 8312 85
5412 5712 183
1962 1 J
47
665
8
74
8512 Mo-K-T RR pr lien be ger A
2734
273 62
4
4812 102
46
40-year 4e series B
1962 i J
2812 64
2812
1978 .1 2 43
Kan dr M 1st gu W 48
1990 A 0 *8658 101
5012 96
70
Prior lien 434e series D
97 103
1114 3612
1114
2•K C Ft S & M R ref g 4s
s
1936 A 0 3814 3914 78
2hz 162
293
4
293, 41
•Cum adjust ba set A
Jan 1967 A 0 25
A 0 3612 37
30
20
20
•Cert!Mates of deposit
5
28
26's 38
1st & ref be ser A
28
F A
2558
1965
3918 2•Mo Pac
19
19
K C Pow & Lt lot mtge 934s____1961 F A 11278 11314 31
2712
96
26 -_
*Certificates of deposit-_
11018 114
Kan City Sou lot gold 3s
54 114
57
a
1950 A 0 72
75
196
111
514
814 9
6113 783
*General 45
1976 601 6
.
4
1912 30
1912
Ref & Inapt 5s
Apr 1950 J .1 64
66
123
2652 249
52
52
.1st & ref be aeriee F
1977 M S 25
741:
Kansas City Term let 4s
1812 2758
1812
1960 1 J 1063 10712 53
4
13
8412 10514 109
*Certificates of deposit
253
4 25
194
Kansas Gas & Electric 434s
193 293*
,
1980 1 D 10412 105
30
2512 2612 58
704 1001 10512
•lst & ref Ss series G
1978 MN
,
•Karstadt (Rudolph) 1st 60
1943 MN *4212 45
8
187 274
18
4
133
5
4
253
4 254
*Certificates of depogit
32
45
*Ctrs w w strnp (par $645)
1943 ---- 40
40
3
4
33
4 77s
1
67 125
s
13
26
6
*Cony gold 5348
1949 M N
42
40
•Ctfs w w amp (par 6925)
1943 ---- *34
191
: BO
1912
2514
2514 33
*1st & ref g be series H
1980 A 0 2514 2612 116
*Ctrs with warr (par 3925)...„1943 --. 2918 30
__
195
8
194 26
21
23
23
*Certificates of deposit
31
,
191, 30 4
194
Keith (B 1)Corp lot 60
0
1946 M H 92
9312 13
44
2658 474
25'
671: 954
•Ist & ref be series I
1981 F A
Kendall Co 534s
1948 M 5 102
187 29
8
187a
1025
8
6
68
213
4 254 38
*Certificates of deposit
10111 1034
Kentucky Central gold 4s
10872 J 10612 10612
76
83
695
8
80
2
1044 1071: •Mo Pao 367.ext 81 4% July - _1938 MN *7618 79 ___
Kentucky .0 Ind Term 4348
1961 J 2 *89
30
88 ____
90
73
77
9512 2•Mobile & Ohio gen gold 48____1938 M 6 *_
Stamped
1961 J J •98
101
80
9
1612
9
1
1312
1312
*Montgomery Div let g be__ _1947 F A
95 1011:
Plain
1961 2 J 101
101
414 10 8
,
412
9
93
2
814
814
99 10212
1977 51 S
*Ref & Mit 4348
Kings County El LA,P be
1937 A 0 10612 1065
5
8
10 8
,
6 103
6
93
4 62
814
10612 108%
*Sec 5% notes
1938 M 4
Purchase money 68
1997 A 0 *150
118
155 __
14512 155
Kings County Elev 1st g 48
1949 F A 10258 10312 44
70
66
94 10313 Mohawk & Malone lot gu g 48_1991 31 S 80
79
8511
8312 78
Kings Co Lighting 1st Ss
19542 J
__ ____ 1003
4 110 115
45 10212 10212 105
Monongahela Ity 1st M 43 ser A 1960 31 N 10412 105
First and ref 1334s
1954.3 J •114-*11814 119____ 10512 11712 12.
87
0
1004 10112
15
104
1937 J 2 104
Mont Cent lst gu 65
Kinney(G 10 & Co 734% notes_.1936 J D 1027 1027
7958
8
8
974 103
1
8
7712 10014 105
103
1st guar gold be
1937 2 .1 103
Kresge Foundation colt tr 4s
1945.2 ..1 11014 112
9312 108
31 1104 1103, 11312 Montana Power 1,1 5. A
77
26
19433 3 1064 107
2•Kreuger & Toll cl A 5s ctfs
1950 M 8 3212 3312 35
1014
501
: 67 100
99
26
264 371
Deb be aeries A
,
1962 1 D 974
Montecatini Min & Agile—
Laclede Gas Light ref & ext 5s
1939 A 0 10113 1015
8 10
94
65
65
90
72
1937 J .1
974 1021
19
74
: Deb g 7,
CoIlS, ref ,
1953 F A
7314
,
747a 39
961 103
38
483
4
8
5912 81
102
Montreal Tram Ist & ref be
1941 J J 102
Coll & ref 5345 series:13
1960 F A
7112 7312 12
86
46
77
703
8
59
86 _
80
Gen & ref a f be series A
1955 A 0 a____
764 761
1942 F A
Coll tr 65 series A
723
, 82
____ ____
8
7114
85 2
,
7114 7612
Gen & ref a t be series B
1955 A 0 ____
77
77
1942 F A
Coll tr 6s series B
8
1
75
633
4
____ ____
733 783
4
75
1955 A 0 ___ _
77
Gen & ref e I 434e series C
1937 J J 10144 10212 11
Lake Erie,!., West 1st 655
R2
77
74
4
703
10114 1033
195 A 0 ____
4
_ ____
Gen & ref.1 5.!erica D
1941 J J •100
1001 ____
2d gold 58
61
101 10518
82
35 10038 Morris & Co let s f 44s
10414 17
--193 J J 104
Laket312& Mich So 8334.
2257 9512
2
1997 J D 9918 995
70
37
9112 97
7
9
9758 10212 Mores & &we: let gu 334s
2000 2 D 90
1954 J J
1814
193 245
•Lautaro Nitrate Co Ltd 6,
43
4
7
8912 102
77
25
211,
Conatr M be ser A
1955 M N 8912 91
4 49
1954 J 2 9514 973
Lehign C & Nay a 1 434a A
774
653
8
9514 10618
8312 963
3
Conatr M 414, series B
847
8 64
84
1955 511 N
951, 98
1954 1
Cons sink fund 494,ser C
69
60
1033 110
e
95
9512 106
5
Mutual Fuel Gas 1st gu g 5.
1947 M N 10918 10918
1965 A 0 10312 104
Lehigh & New Eng RR 48 A
2 104
893
8 102 10812
10313 10554 Mut Un Tel gtd 68 ext at 5
1
1941 M N 10712 10712
48
1945 M 6 60
60
Lehigh & N Y let an g
2
5212
55
731 Namm (A 1) & Son—Bee MfreTr—
,
1944 F A *9614 100 --Lehigh Val Coal let & ref a I 5s
64
8
874 973,4 Nash Chatt & St L 4a ser A
817 97
78
1
84
84
1978 F A
1954 F A 6712 68
1st & ref a I 58
3
33
10218 10514
65
91
3
Nash Flo & S lat gu g be
80
1937 F A 1024 1024
1964 F A
62
65
14
4
lit & ref a 15,
31 12
5014 623
504
51
72
Nassau Elec gu g 48 stPd
1951 1
574 36
564
1974 F A 603
8 6312 15
364 10314
6511
32
lat & ref a IS,
52
9
731: Nat Acme lst a f 65
1942 J D 10212 103
1938 J
98
98
Secured 6% gold notes
1
73
911 981 Nat Dairy Prod deb 1548
, :
747
8 10218 105
8
1949 F A 1037 10414 100
1954 F A
8414 85
79
36
Leh Val Harbor Term gu 5s
99 103
99
8414 104
Nat Distillers Prod deb 4 Sig
60
1945 4 N 10214 103
1940
8214 844
9
757
1
Leh Val N Y 1st gu g 4348
7814 99
2003 M N
3258 35
3014
173
Lehigh Val (Pa) cone g 45
304 504
2003 M N
33
35
364 61
33
544
General cons 44e
40
2003 M N
4212 23
General cone 5,
38's
334 80
90
For footnote, see Pare 3
r
New York Bond Record-Continued-Page 5
0
39S8
BONDS
N. Y. STOCK EXCHA /37GE
Week Ended Dec. 20
r.
Weirs
!sly 1
l...1
Bassos Of ; 1933 so
;I:
F'riday's
1.3,... Nor.30
...7,a2 Bid dt dad OW) 1935
.
ffiob No
Low
Nat Ry of Mex or lien 434e
1957
•Jan 1914 coupon on
J J .3
*Assent case war rct No 4 on
314
314 10
---*Guar 4e .4 pr '14 coupon
1977
*Assent cash war rct No 5
____
312
312
5
Nat RR Met pr lien 644e
on.- 211
11
.
)
...Agent cash war rot No 4
---- .4
53 ---4
*let consol 45
on_15iii
314
•Aseent emit war rct No 4 on____ -_314 '21
Nat Steel let coil a f 48
1965 .1 - 5 10512 10614 57
1
65
:'Naugatuck RR let g 4,
1954 M N *50
Newark Consol GAS COOS 5s
1948 .1 D
- ---'New England RR guar Se
1941.3 .1 .118- _49
49
4
*Congo! guar 4s
1945 J J 4414 47
2S
New England Tel & Tel 58 A __ 1952 J D 121
1213
4 17
let g 434e series B
1961 MN 1193 12014 34
4
N J Junction RR guar let 48
1986 F A .993
8
N J Pow & Light let 444e
1960 A 0 1053* _1053
4 25
New On Great Nor be A
1983 1 1 7312 7312
3
NO & NE let ref&impt 441/5 A
8 50 ____
1952 J J .455
:New On Pub Sery let 5, A
1952 A 0 87
8712 37
First & ref Se aeries B
1955 J D 8612 8712 97
New Orleans Term let gu 4e
24
1953 .1 J 795* 80
1935 A 0 .2514 30 ___
211•140 Tex & Max n-c Inc 58..
*1st 5s series B
1954 A 0 32
3412 21
.
'let be series C
1956 F A .3114
*let 448 series D
1958 F A 3012
3012
2
*let 5414 series A
1954 A 0 33
3512 34
N & C Bdge gen guar 434e
1945.3 J .10712
----
Low
N Y & RIchm Gas let es A
N Y Steam 6s settee A
let mortgage Se
let mortgage .5s
NY Sueq & Weet let ref Ss
3d gold 43-4*
General gold be
Terminal 1st gold tie
NY Telco lot & gene f 4348
N Y Trap Rock let Ele
6s+/tamped
N Y Westch & B 1st ser 5494e
112
2
234
4
45
10112
683*
45
104%
9914
824
6812
483,
35
38
38
584
1214
14
144
1412
144
92
1951 m N 108
4
1947 M N 1093
4
1951 M N 1063
8
1956 M N .1063
1937 1 1 54
1937 F A 4312
1940 F A 46
1943 M N •
1939 M N 1107
1946 1 D 82
1946 ---- 8112
1946 J 1 1514
108
3
1093
4 20
1067
2
7
107 ---54
2
2
435*
46
2
100 ..--1113* 21
82
3
82
10
1612 221
96
98
90
911J
404
41
31%
723
4
1021,
455
76
10
Nies Lock & 0 Pow let Se A
1955 A 0 10714
Niagara soare(mo) deb 5448 --1950 M N 97
•Norddeuteche I-101d 20-Yr 61611_1947 MN 8914
New 4-6%
1947 51 N 48
Nord Ry ext strik fund 644e
1950 A 0 15272
12•Nortolk 801/th let & ref Se__ 1961 F A
17
'Certificate, of denosit15
i t•Norfolt & South let g be
1
.
1941 M -4 .50
N & W Ry 1st cone g 4s
4
1996 0 A 1133
Pocah CA C joint 481941 J D 10612
North Amer Co deb bs
1961 F A 103
No Am Edleon deb Se ser A
1957 M 5 103
Deb 554s ser B
Aug 15 1983 F A 1034
Deb be ear C
Noy 15 1989 MN 101
North Cent gen & ref 5e A
1974 M 8 .116
Gen & tel 414, serles A
1974 M 8 .11212
I•North Ohlo let guar g be
1946
•Ex Apr'33-0cV 33-Apr'34 cpn_
.55
e*Strand as to sale Oct 1933. &
'Apr 1934 coupons
- *
Nor Ohio Tree & Lt 68 A
1947 M S 1083
-North Pacific prior lien 4s
1997 Q J 103
Gen lien ry & ld g 3a Jan
7312
2047 Q F
Ref & impt 4349 sertes A
2047 .1 J 8912
Ref & impt 6e series B
2047 1 J 1045*
Ref de Impt be series C
2047J 1 974
Ref & Rapt be eerie, D
2047.3 1 97
Nor By of Calif guar g 521
1938 A 0 .108
Nor States Pow 26-yr 58 A
1941 A 0 105%
let & ref 6-yr (le nen B
1941 A 0 10614
Northweetern Teleg 44414 ext
1 1 *103
Norweg Hydro-El Nit 640
1957 MN 10114
7
1073
4
977
78
8914
1
484
7
155
34
173
4 38
153
4 26
52 ---11514 78
10612
1
10312 73
10312 39
15
104
10114 52
12114 ____
90
48
38
387k
10512
5
4
1414
9114
96
8112
56
56
54
98
88
ob
3534
69% ---65
10812
10378
7412
91
10512
0812
9812
3452
743*
76
504
60
6812
64
6i
100
106
40
89
93
3
10612
--------100
102
7
685*
3
150
184
111
267
24
77
Og & L Chem let go g 4,
361, 51
1948J .1 3514
Ohio Connecting Hy let 42
1043 M 5 .108
Ohio Indiana & West 5s_ __Apr 1 1938 Q J .96
_ ___,
PublIc Service 7344Ohio
A
1946 A 0 11212 112
-12
3
let & ref 7,serles B
1947 F A 11114 11114
4
For footnotes see page 3939.
19%
106%
_
-8
6
78
II
:II
I
= *.
41::
July 1
wur•
Rano or ; 1933 in
Friday'
,..•1 Nor.30
s
Bid & Askod 61 41
1936
High
212
24
24
112
25
22
2114
223
4
20
2072
25
348
1214
234
80
40
31
8112
6614
4
104
be
90
BONDS
N. T. 8TOC EXCHANGE
,
Week Ended Dec. 20
r.me
Mob NO. Low
Ohlo River RR let g ba
1936 1 D .1013
4_ ---90
214
General gold be
87
1937 A 0 1015 2- 5
2 101
1
2.01/1 Ben Coal let 88
5
1944 F A .11
10
163* 10
Ontario Power N P tat 55
16
99
1943 F A 11114 11214
4% Ontario Transmission let be
2
2
944
1945 M N 11114 11312
Oregon RR & Nay corn g 4,
834
/
1
1946 1 D 10912 11014 11
2%
95* Ore Short Line let cons ale
7 100
1946 1 1 11812 119
Guar atp , cone 58
995*
1946 1 1 119
119
3
4
2
43 Ore-Wash RR & Na,4.
7714
1961 1 1 1043 1053
78
4
10252 1063 Oslo Gam & El Wke extl be
4
851
,
1963 M 9 010152 10212 -- -65
Otle Steel let mtge 6,ser A
45
20
1941 M 8 1013 10212 139
4
11312 120 2
,
Pacific Coast Co let g 5s
4712 81
25
30
60
1946 1 D 65
4318 70
Paelfic Gas & El gen & ref be A
0812
82
1942 J J 10412 105
1154 124
Pao RR of Mo let ext g 49
9812 9814
9
80
1938 F A
•26 extended gold bs
1125* 12318
84
963 ---2
1938.3 1 .93
Pacific Tel & Tel let be
1937 J 1 10412 10452 10 10314
8812 100
94 106
Ref mtge be series A
8 10414
1952 M N 1094 10912
483 77
2
Paducah & tile 1st erg 4 411.---1955 J .1 .10512 --------93
35
53
12•Pan-Am Pet Co (Cal)conv 68_1940 1 0 4512 5012 88
254
5512 8834
*Certificates of depoelt
25
4514 5012 129
Paramount Broadway Corp
553 88
4
693 67
4
'1st M erg 38 loan ars_ _
544
8
1955 F A 563
2
4 573
Paramount Pictures deb Os-----1955 1 J 9014 9212 142
155* 30
844
1814 3612 Paris-Orleans RR ext 534,
nor Na s 114178 14314 26 10414
197 36
8
8
2•Park-Lexington 644e otfe
4
3
1953 J 1 3512 35 4
Parmelee Trans deb lie
187 34
*
14
4912 13
1944 A 0 47
3614 Pat & Passaic0& E cons 5e
1949 M S 118
20
2 102
118
1024 10712 •Paulista RY let ref 8 1 7e
7632 --__
46114
1942 M S .64
Low
NY Cent RR cony (Se
1944 MN 1123 1133 196
4
4
983
4
Como!48 series A
8614
8714 148
1998 F A
64
Ref & inapt 444s eerie. A
2013 A 0 717
7414 244
4314
Ref &!mut be series C
2013 A 0 78
80
334
464
NY Cent & Bud Ely M 334e -_1997 J .1 9512 973
k
4 64
737
Debenture 4
1942 1 1 977
19
98
87
Ref & impt 4448 ser A
2013 A 0 7214
7414 361
43
Lake Shore coil gold 344s
88
1998 F A
8812 19
64
8613 863
Mich Cent coil gold 334s
1998 F A
4 12
85
NY Chic & St L let g 48
1937 A 0 1003 10114 41
4
77
Refunding 534e series A
1974 A 0 754 7912 178
43121
1978 M S 6512 6912 522
Ref 6449 series C
362
4
98
193.5 A 0 82
540
•113-Yr 6% gold notes
4112
*Deposit receipts for (is
1935 ---- 7312 783 173
4
52
NY Connect let gu 434e A
1953 F A 1077 1077
a
2
4
924
lot guar 68 series B
1953 F A 108
108
9
99
N Y Dock let gold te
1951 F A 684 683
4 10
4112
Serial 5% notes
1938 A 0 58
58
4
30
N Y Edison 1st & ref 644e A
1941 A 0 10912 1083
4 25 1084
let lien & ref 5e serles 13
1949 A 0 1065* 1073* 34 10212
let lien & ref Se aeries C
108
1951 A 0 107
27 1025*
NY 84 Erie-See Erle RR.
NY Gas El Lt H & Pow g be__
1948 J D .12212 123 ---- 1044
Purchase money gold 4s
11314 10
1949 F A 113
96
N Y Greenwood L gu g be
1946 M N 90
90
5
61
N Y & Harlem gold 334s
2000 M N •1011
---8314
N Y Lack & West 4. ser A
41973 M N 953* 961 1 24
923
4
444s eerie, B
10172 14
1972 M N 101
9912
NY L E & W Coal & RR 53+0_1942 MN .97
99 ---7512
NY L E & W Dock &!mot 58_1943 1 1 .10414 106 ---87
NY & Long Branch aen 4e
9512
____
1941 M S .1044 _
____ ____
NY dc N Eng (Bost Term) 4s_ _1939 A 0 .82
____
:IN Y NB & H n-.2 deb 4s_ _ _ __ _1942 M 8 2834
2874 16
•Non-cony debenture 344e...._ _1947 M 9 2832 2918
4
•Non-con• debenture 3348
1954 A 0 2812 29
11
•Non-cony debenture 48
1955J 1 28
2912 43
•Non-conv debenture ls
1956 M N
2812 2912 32
•Con• debenture 344.1
1958 1 1
2812 2914 23
•Con• debenture 6,
301 3312 341
/
4
1948 1 J
'Collateral trust 68
4312 112
1940 A 0 42
•Debenture 48
154
1957 M N
167
83
•Ist & ref 414s ser of 1927
1967.3 D 3012 324 248
'Harlem It & Pt Chee let 4e...._1954 MN
86
8712 22
NY 0& W ref fide
424 132
June 1992 M 5 41
General is
333
4 35
5955 1 D
37
2•81 Y Providence & Boston 43_ _1942 A 0 .855*__ ---NY & Putnam let con gu 48
4J93 A 0 81
823. 17
2•N Y Rye Corp Inc 8s___Jan
2652 2812
1965 Apr
2
•Inc 6s assented
2612 274 100
1965 --Prior lien fls eerie. A
99 ---,
1965 1 .1 .96
Pr. lien 6s assented
1965 ---- 96
98
18
&moo
.g11484
Jae. 1
Dec. 21 1935
Penn Co gu 334e coll Sr A
4 ___--94
1937 M 5 *1023
Guar 344e coil trust ser 13
____ ____
815a
1041 F A ____
Guar 341, trust eits I'
833
4
1942.3 D .10314 ---_ ____
5944.3 D .103
Guar 34s trust ctts D
8112
10414 _-__
Guar 4s ser E trust ctfs
1952 MN 104
10412
1344
8
28-year 4s
4
1983 F A 10112 1013 125 100
Penn-Dixie Cement let (is A
55
15
1941 M 5 914 03
Pa Ohio & Del lat & ref 434e A 1977 A 0 1043 10514 12
78
4
1981 J J .1074
434e eerie, B
1013
4
7512
Pennsylvania PAL let 434s
16612 116
1981 A 0 10.5% . 3
111
985*
Pennsylvania RR cons g 4s
1943 M N 111
Consol gold 4s
11412
5
1948 M N 112% 11212
4s titer! stpd dollar May 1
96%
1948 MN 11114 11114
1
9812
9
Consol sinking fund 4348
11812
1960 F A 118
80%
General 44/leerier A
1965 J D 1084 10914 101
87%
General 5s +/erten B
11412 43
1988 J 0 114
2
Secured 694.
1938 F A 10012 1005; 24 1007
Secured gold 6e
81.
2 84
2
1964 MN 1063 1067
66
Debenture g 44e
1970 A 0 983 995* 228
75 4
,
1981 A 0 10514 1061 103
General 414, aeries D
.
1984 J J 1053 1057- 118
Gen mtge 444e Her E
2
2
914
Peon Gas L & C let cone 6s
1943 A 0 11412 11512 18 1110
80
4
11612 1243
Refunding gold be
10612 23
1947 M S 106
50
Peoria & Eastern let cone 4e
1075* 115
1940 A 0 7219 7412 80
4
8214 97
2
912
834
*Income 4s
April ____1990 Apr
Peoria & Pekin T3n let 5349
98 103
834
__, __ ..,,,
1974 F A .108
,
9314 1027 Pere Marquette let eer A 68 __1956 1 1 96
-07-58 117
51
100 10852
let 4,series B
484
874 67
1956 J 1 86
94
99
let g 43413 serlea C
a(i
24
89
1980 Si 8 88
10414 107
987
1014 10418 Phila Ball & Wash let g 48
1111. 11
1943 MN 111
____ ____
General be series B
9513
123 ____
1974 F A .118
General g 434, series C
87
10
11314
1977 1 1 113
25
39
General 448 aeries D
1 100%
1981 1 D 11012 11012
8612 Phila Co sec be series A
22
8114
1471
1967 J 0 10212 103
Phila. Elec Co lat & ref 444+3
2114 37
10734 11 100
1967 MN 107
223 40
let & rot 4s
4
811%
1971 F A 10612 1078 17
394 PhIla & Reading C & I ref 58
20
488
5272 103
1973 1 1 48
207 385*
Con• deb 88
*
3012
2 523* 185
1949 Si 8 287
2014
52
Philippine Ry 1st et4e
25
1937 J J 27
2812 13
34% 63
Pillsbury Flour Mills 20-yr 68_1943 A 0 108
1081; 16 10214
1214 3014 Pirelli Co (Italy) con• 7e
80 -___I 75
1962 Si N .62
PICO CC & St L 434s A
2312 45
6 100
8
1940 A 0 1114 1113
--------139
80
Belles B 4448 guar
9514
1942 A 0 .110
61
40
Series c. 494, guar
_ ____ 10014
1942 MN
Serlee D 4, guar
49
31
9754
*1094 1123
1945 M N .110---4 -- -10112 10112
8912
Serie, E 334++ guar gold
1949 F A .10312 ---- ---75
8714
Series F 49 guar gold
1953 1 0 •108
---- ---964
____ ____
98
1957 MN *108
Series G 41. guar
2912
8
9812
1014 293
Series H cons guar 4,
____ ____
8
1960 F A .108
99
Series I cone 414e
705* 1+912
1963 F A •1154 11672 ____
4
4
Series J cons guar 434s
9012
993
____
90
1964 MN .1153
General M 58 series A
864
9
1970 1 D 1147 niis
8514
10514 11012
Gen mtge 58 ser B
10
2
1975 A 0 1157 116
4
108 1113
Gen 448 serlee C
76
6
10714
1977 1 1 107
94
____
1044 1073* P101 VS & Char let 4s guar
1
1943 MN 010512
1044 1075* •Pitte & W Va let 44e ser A __ _1958 1 0 70
- 1% 14
.
7
63
46
let M 434, merles B
63
4
513
7112 39
1958 A 0 7012
let M 414e series C
52
41
47
1960 A 0 70
59
72
1948 J D .1073
373 5112 Pitts Y & Ash lst 4e ser A
4
92%
let aen be nerles B1962F A 1184 1 - -1- --13
9712 100
-18 8
97
181 gen 55 series C
109 11134
D *11212
1974
86
56
181 494,series D
1977 3 D '10714
76
85
1953 F A
Port Arthur Can & Dk 68 A
79'2
32
79
10
7
6114
let mtge (Se series B
86
80 ____
1953 F A •____
Port Gen Elect 1st 44* ser C _1960 5 5 701
1041, 108
* 725* 101
374
+I
lot bs 1935 extended to 1950
J J 10712 10714
624 100
/
1
6 10652
89% Porto Rican Am Tob oon• 62_1942 1 J 613
63
2814
22
4 63
5212 :•Poetal Teleg & Cable coil 5a_ 1953 I 1 353
42
2512
8 3712 310
11.1
3re/teed Steel Car cony g 5e___1933 1 1 6412 768 171
135 171
3814
194 :'Providence See guar deb 4,__.l967 MN
10
12
19%
9
1212
94 DM 'Providence Term let 4s
--------8111
1956 Si 8 .64
4
357 603 Pub Ber• El & C1 let & ref 48
.
1971 A 0 10714 1073
88.4
2
11012 117
Pure 011 Co e f Ofa w w-- _
1950 1 J 108
9512
1087 449
106 10812 Purity Bakeries e t deb be
1948 1 .I
7814
995* 100
19
8114 104%
,
741 10312 :•Ratlio-Kelth-Orpheum pt pd etre
for deb 8e & com etk (66% pc') __ _ J D •150
7812 104
35
158
1•Debenture gold fis
4
7112 1023
1941 1 11 73
16
11
75
Reading Co Jersey Cent coil *0_1951 A 0 9512 90
118 120
73
22
Gen & ref 434a serlea A
110 113
1997 .1 .1 1083 1067
79
4
2 31
Gen & ref 4348 serlee B
60
1997 1 J 10612 .107
40
9,
7 14
92
4
45
65
Rem Rand deb 5%, with ware _1947 M N 1043 1043
8
63
4 46
544, without warrants
1947 M N .10412 1043 _ __
4
Rensselaer & Saratoga fle go
3812 59
4
1043 1104 Reoub IA El aft e f..
81i"
194 1 M N i56 T2 1- 3 --in
0A O
661
Ref & gen 544e eerie, A
101 107
614
1953 J J 104
10
104
68
707 Republlo steal corp 4345 ser A1950 M S 10912 11014 226 10252
Purch money 1st M cony 548_1954 NI N 10712 10814 81 10012
7412 91
8812 10512 Revere Cop & Braes 68 err A
76
1948 M 8 107, 10812 25
7
9812 •Rheinelbe Union 8 f 7e
82
264
1940 1 J 3414 3412 11
9812 *Rhine-Ruhr Water aeries 68
82
25
1
1953 1 J 2912 2918
106 1083* •Rhine-Westphalla El Pr 7s
1950 MN
325* 3314
'Direct mtge 6*---103 108
31 2
3212 35
32314
1952 M N
11
'
•Cone mtge Ile of 1928
10514 1084
317
17
1953 F A 3312 34
•COna NI 6s of 1930 with warr1955 A 0 3412 344
3112
101 10114
6
1:•Itichfield 0110? Calif (is
89 102
20
424 437
1944 M N 375
*Certificates of deposit
1912
M N
3618 4134 814
99
1
1052 1 1 1067 1067
193 5014 Richm Term By 1s1 Cu Ss
4
2
s
•13.1ma Steel let a t 70
1053 108
4
45
1955 F A .523
4 54 ____
_ Rio Grande June let gu 64
____
70
1935 1 0 90
2
90
-- - :•Ftto Grande West 1st gold 4s_ 1939 .1 J
10914 113
808
28
75
31
*let con & coil trust 4, A
2412
1075 11214
8
33% 25
1949 A 0 31
983 114
4
7312 8772
4314 7531
404 8172
4
9113
92
98
88
7512
43
785* 8914
887
2
79
1003* 1024
80
57
47
70
435* 98
52
783
4
10814 10814
4
1067 1083
2
2
595* 747
424 601 1
10934 1141.
10512 10932
106 11014
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9{12C11
Jas. 1
Low
High
1003 104
4
10152 10414
1314 21
100 1134
1083 11712
4
4
105 1102
11412 119
1154 120
101 106
8
94 1017
8914 10212
36
60
19412 109
957 1014
91 100
10414 1074
109 113,2
104 1054
3312 .5012
3314 504
5412
8434
13014
1712
23
118
69
63
,
973* '
163
3612
50
118,
4
94
s
102 1027
100 10314
983 1023
4
4
98 10414
99% 10412
100 10134
2112 9312
103 10012
1044 1067 ,
*
98% 10814 '
107 111
108 11412
108 11312
1145* 11912
104% 10912
109 115%
10012 106
101 1191
90% 0 5*
9
100 2 107
,
9973 19675
110 1 118
1
983 1074
4
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4
934
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4
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09
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68
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113 120
10812 113%
107 11212
794 10334
105 110
10414 108 4
,
48
76
2812 5372
2214 30
10514 10914
75 104,2
1083 11212
s
10812 112
109 II 17
1073 110
4
10414 1047s
108 10814
1055* 10912
107 110
11811 1184
2
1135* 117
2
1113 11614
111% 11614
104 108
/
4
1071 107.4
63
75
4
513 7412
75
47
107 109%
114 1185*
74
8514
74
82
5014 80
10652 10712
42
67
254 5214
381 763
/
4
s
12
36
885* 9112
104 1084
951 1094
,
82% 1015*
451 161
/
4
2611 883
4
93 10012
104% 1084
199 4 10458
04 2 0812
:
99 10514
ii5314 11;7 -
9434 1053e
10252 115%
10812 10812
4
1074 1083
/
1
43
32
2184 3913
4
32314 43
1 2 4 12
3178 43
314 4312
4212
25
4
2412 413
1043 10714
80
48
8512 954
2
603 82%
2412 4712
Volume 141
BONDS
N. V STOCK EXCHANGE
Week Ended Dec. 20
New York Bond Record—Concluded—Page 6
Weal'
Range or
Friday's
Bid dk Asked
July 1
to
4. 1933 30
Nov.
1935
Mang/
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Dee. 20
3989
Week's
Jwiy 1 1
to 1933
Rang. or
Friday's
Nov.30
diked a1v2
1935
Bid
Range
Since
Jan. I
Moll N.
Los Low
1110k
Low
Los Low
High
10
8 10412 1094
943
1967 A 0 1054 106
8
1057 10978 Union Elea Lt & Pr (Mo) 5,
96
10114 10612
9914
108 11218 Un E L & P (111) 1st g 634s A __1954 1 J 10512 10612 19
86
2512
13
A 0 *1512 20
1014
I•lUnion Else Ry (Chic) 5e
8912 10612 110
1164 121
105
F A 11938 41193
8
738 1512 Union 011 of 051(1 61 series A
74
49 1094 10912 11712
1
9447
199425 NI N 11514 116
12-year 4s cone deb
904 10512 13612
46
10772 11312
94
8
J 1123 113
1947
Union Pac RR let & Id gr 4s
3218 38
324
4
8012 1033 1084
June 2008 M S 1054 10714 75
1812
let Lien & ref 4e
61
12
2812 4014
103 108
81
10512 32
1987 J J 105
Gold 434s
22
42
113 120
99
51 S 11612 117
June 2008
1st lien & ref 58
994 1044
8
763
1968 J D 1024 10312 64
Gold 48
J 10618 10618
834 103 107
1947
St Joe & Grand IBM let 4s
32 1054 1054 108,
8
1950 A 0 10612 107
96 1044 United Biscuit of Am deb Is
70
1937 NI N 10312 10312 10
St Joe Ry Lt Ht & Pr lst 5s
99
369
87
53
99
S 97
1953
United Drug CO (Del) 5s
.1 *75
89
6414
1996
St Lawr & Acir let g be
8628 90
1
9712 1074 11212
1111 S 11114 11114
U N J RR & Can gen 45
8014 85
80
70
2d gold Os
1996• CI *70
2514 35
4
153
J J *25
27
1I•United Rye St L let g 4s
St Louis Iron Mt & Southern—
904 10212
56
1193444
106
U 8 Rubber let & ref be ser A __ _ A 9947 • J 10114 10212 -186
5412 71
4518
1933 MN 634 66
•iRiv & G Div let g 4s
851.
4
98 101,
8
1937 MN *1003
-year 1313
*62
United El 5 Co 15
69
54
52
*Certificates of depo.it
5618
3812 10
30
30
t•St L Peor & N W let gu 58___1948 J J 38
324 43
8
26
8 33
7612
7714 •Un Steel Works Corp 6413 A_ _ _1951 3D 325
60
75
37
f3t L Rocky Mt & P 58 stp
1955 J J
4212
33
11
27
33
1951 J D 33
1194571
'Sec. s 1 834e series C
4 1512 132
133
:•St L-San Fran pr lien 48 A __ 1950 J J
4
93
324 41
10
23
• J
3212 35
812
141
1212 14
fund deb 6 45 ser A
821 16
9112
8 4 1Th
*Certificates of deposit .
4
9814 120 1413
126
1951 A 0
934
15
4
93 1812 Un Steel Works (Burbach)7a
1512 30
*Prior lien 5e series B____
1950 J
16
3114
24
13
4
144
93
4
93 1612 I•Universal Pipe Je Had deb (is _1936 J D 2612 28
1512 18
*Certificates of deposit
414
32
32
8 13
1953 A 0 3212 325
4
73
•Unterelbe Power & Light 8e_
•Con M 448 series A__ __ __1978 MS 1212 1314 325
3
7 4 16
964
85
9612 56
504
A 0 9572
Utah Lt & Trac let & ref 5s
11
74 15
1214 208
•Ctfe of deposit stamped ______
74
g
697 9814
79
4
553
FA
96
98
Utah Power & Light 1st be
2414 664
101
2018
119
19444 ID 5912 62
93
9447
71
66
UM Power & Light 534a
1:•51 L S W let 4sIbond
85
64
..1989
51
2014 63
18
F A
5718 5812 149
17
Debenture 58
4112
40
4312 46
•Lag Salim bond etre _
6912
No. 1989
9414
66
59
8 843
4 23
1941 A 0 835
3312 3
354
•ist terminal OC unifying ba__ ..1952
3318 6414 Vanadium Corp of Am cone ba
612 109
4
1063 1074
99
F A *10718
2312 2312 138
2312 5412 Vandalla cons g 4s series A
27
•3en & ref g 58 ser A
1990
10214 107
85
1
97
1955 51 N *1074
5
101
Cons s t 4e series B
101
45
St Paul City Cable cone 5s
1937
7814 101
412
2
.) *101
1934 J J
2
457
*Were Cruz & P let 51,14348
1937
79 101
Guaranteed 58
4
4
J
•10314
'(July coupon off
84
St Paul & Duluth let eon R 4e,.1968
10112 10412
3
4
31 184
1012 --24
1942 J D "in"
141;
45
wertientea Sugar 7,etre
1947
181 Paul E Or Trk let 4 34e
1054 10614
10
8
57
A
1955 SIN 1055 10614
18
11
18
:Oil Paul & K C Rh L gu 44a
-7
1941
H
. . I8 4 Virginia El & Pow 4s ser A
5612 70
60
• B *61
70
949
1936
9218 10412 10912 Va Iron Coal & Coke 1s1 5 65
1083 10912 48
Al Paul Minn & Man 5
1043
4
99 1024
91
M N 1004 1004 10
10312 16
103
86
101 10434 Virginia Midland gen 55
Mont ext let gold 4,
1937
94 10112
1
7574
J 3 1013 10138
8
4
2003
103
10312
(pacific ext gis 48 (large)
85
8
1940
3
99 4 1033 Va & Southwest let gu 5s
634 84
55
4 11
11914
8
1958 A 0 8112 813
.1 119
96
AS Paul Un Deo beguar
1972
113 11914
lat cone 58
1104 113
89
2 44
119622
1962 MN 11114 1113
7004 10934 Virginia Ry 1st Se series A
,
844 103 4 106
MN 104
104
19433 .1 8712 881, 57
let mtge 434s series B
55
6 A & Ar Pass 1st go g 4s
'! 9078
74
6
70
Han Anionlo Pub'Sere let S,
1952 1 J 10718 10818 22
8
8912 985
2
/
571
MN
9712 983
8 8
S
1939
95
1942 M
Santa Fe Pres & Phen let be
3 3238 :Wabash RR 1st gold be
4
108 113
574 84
48
27
83
84
,
1 34
9 69 FA
34
Schulco Co guar 6345
1946 .1 J *5212 75
•2d gold 5s
5312 65
50
J .1 *66
26
2612
55
29
let lien 8 term Es
Sta.pea
55
8
547
9812 102
70
4
941
1939 J J *993
29
60
Del & Chit) Ext 1,$S8
Guar a I 6348 aeries B
1946 A 0 *50
8
717
53
45
J J *68
"
65
.
60
28
60
324 5606
28
Dee Moines Div 1st 9 4a
Stamped
4512 6214
38
3
5412 55
1941 AO
0
.
1989 MN •11238 1141
90
Scioto V & N E 1st gu 49
Omaha Div let S 3345
1 918 115
8612
77
58
1
1941 MS *85
19,50 A 0 17
614
17
ii
Toledo & Chic Div g 4s
12•Seaboard Air Line 1st g 4s
18
,
12 4 304
30 3 83
,
12 4
2
____
3: 10
101 2 1. j•Wabash Ry ref & gen 54a A „ 97 • S 28
7
3
1976
1718
1712
4
10,
*Certificates of deposit
284
13
2
11
27
8
277
1612 177
7
8
10
*Certificates of depoeit
1950
1•Gol0 4e stamped
31
12
12
• A 28
AG 1514
2912 60
1612 10
1014
*Centre of depoelt stamped
*Ref & gen be series B
104 20
1012 2834
4
1012
27
27
PA
9
358
3
2
deposit
Oct 1949
*Certificates of
*Adjustment 5s
8
47
2
2
114 297
4
113
284 72
414
1979 • 0 27
718
8 49
77
1959 AO
*Ref & gen 4% series C
11•Refunding 4s
1:
,
l
,
24
414 5 2
2
137 26
11
29
*25
2
618
618
*Certificates of deposit
4
33
"Certificates of deposit
314 8
4
113 31
81
4
113
40 273
4 30
412
1980
978 162
8
'let & cons 6s series A
1945 MS
412 1171
•Ref & gen 5sseries D
1012 22 2
,
1012
312
27
:
31 10
714
83g 96
*Certificates of depoelt
'Certificates of deposit
1212
93
33
1
101
812
1933 MS 17
1718 10
24•Walworth deb 63413 with wart_193I .0 *98
84 18
:I•Atl & 131rm let g Ea
4812
82
4 , 94
_ 90
90
*630 deposit receipts_
1212
814
36
214
0
. *82
378
8 85
45
I'Seaboard All Fla 130A ctfs
1935 AO
'Without warrants
381s 96
181/
43
40
96
1941 40 95
4
1935 FA
43
24
*Series 13 certificates
tiler tanking fund 13s eer A
4
214 43
594
5914 96
145
8 96
937
Sbaron Steel Hoop a 1 534e
1948 FA 1025 10312 54
8
35
80 10312
*Deposit receipts
Shell Pipe Line at deb 5s
1952 MN 10314 1033
4 49
86
10234 10514
4812 8912
S 8612 8812 90, 24
Shell Union 0114 t deb be
19
1939
1947 MN 10214 103
784 1024 104, Warner Bros Pict deb 6a
4
40
21
21
3018 121
28
2
ShInyetsu El POW let 634
193: M
84
68
1952 JO 84
t•VVarner-Quinlan Co deb 6e
7612 88
,
53
31
30
S 38
'3 5914
4214 123
5
1941
5914
39
1935
,
'I/Siemens & Heine a 1 78
76 'Warren Bros Co deb 68
58
354 40
3518
12
8 40
373
5
36
*Debenture s f 634a
1951 MS 4014 4214
39
*Deposit receipts
5034
80 80
76
79
Sierra & San Fran Power 55
1949 FA *11212 11318
86% 1031 113
Warren RR let ref go e 345,,,, _2000 F A
4
94
91
79
8
30
254
*Silesia Mee Corp a I 6345
1946 FA
30
254 3912 Washington Cent 1st gold 48 ____1949 QM *9218 947
2
1033 10612
80
76
8192211113-AID Corp coil IT 7a
24
1945 FA .1054
1941 FA
80
33
454 8212 Wash Term 1st gu 348
1
1084 1087
94
FA *10712
MS 1024 10212 53
Skelly 011 deb 5 Hs
1946
80
1939
9854 103 2
-year guar 4e
1st 40
,
984 105 112
-38
8
196 1004 1005 104
1939 .1 .1 1113 ff1 4 10
Socony-Vacuum Oil 3345
1950 AO 1035 104
8
Wash Water Power a I 58
6 103 4 11514 1324
,
122
D 122
South & Nor Ala cone gu g 55.. 1936 FA •10212 10318
1950
99
Ltg be stud net
1024 1043 Westcbeeter
4
2 1004 106 11112
8
Gen cone guar 50-year 6s
1948 MS 10712 1073
89
1963 AO *1144
112 11612 West Penn Power sec A 5e
12118 11 1014 11414 122
120
M
1st be series E
1054 11112
• D 108
.1 .1 10712 108/8 26 10312 106 110
1084 50 101
South Bell Tel & Tel let 81 58_1941
ri
11995663
let sec be sees0
4 10512 11014
90,
3
1094 110
Southern Colo Power tis A
22
1961 /I
6014
1947 J J 10214 103
82 103
1s1 mtge 4, ear H
48
Ho Pao coil 4e (Cent Pao coil)
32
80
8334
1949 3D 78
6012
874 98
6112
95
119777
1952 AO
let 434e (Oregon Lines) A
4
93
953 141
55
8
1977 MS 86
7312 8712 Western Maryland 1st 4s
867 172
4
96 1053
66
J J 10412 10514 39
7612 200
44
Gold 434s
1968 M
75
5612 774
let & ref 64'series A
104 107
.1
MN 75
10412 11 100
104
Gold 63-111
413
1969
5512 78
West N & Pa lat g be
614 212
7
102 10834
78
1083
Gold 414s
8 11
1943 AG 108
1981 MN 7312 755 404
7712
8
56
Gen gold 4s
25
4
383
23
3414 19
San Fran Term let 48
1946 MS 33
32
8018
:*Western Pao let 55 ser A,
1950 AG 106
9912 107
107
384
25
70
34
3214
Ho Pao of Cal let con gu g 58
1937 MN *10612 108
100
108,2 1074
Cis Assented
4
1014 1063
-3 10612 10612 70
1
Ho Pao Coast let go g 4e
1037 33
95
10012 10012 Western Union coil trust be
82 10312
6712
'3 9818 987 230
4
So Pee RR let ref guar 48
119340
1 99586 MN 1023 10312 133
1955
8
89
Funding & real est g 434s
601s
99
100 1034
92
10312 87
1st 4s, Stamped
97
1936 FA 103
1955
97
-year 64s
15
97
8212 10414
8
713
45
3D 103
104
-year gold 55
25
80 10418
72
107
Southern Ry let cone a be
8
1033 104
1994 J
89
74
91
19 0 M
8
915 138
5
6
77 1034
30-year be
2
43,
31
27
Devi & gen 48 series A
3212 3312 105
28
534
1956 AO 48
51
1953• J
28
6212 *Westphalia Un El Power 6a
7412 8614
66
3612
54
Dee! & gen (is
J 82
84
1956 AO 6512 6912 132
2381
3511 81
West Shore 1st 48 guar
704 824
Devl & gen 634s
8 28
1956 AO 6812 71
354
362
2361 ii 7812 797
3518 86
Registered
Mara Div let g be
8312 8312
60
5
9212
1996 J
69
4
103 1043
.
, 78
*761
103
St Louis Div let g 4s
1951 J
_
534
1966 51 S *1034 104
6912 88
Wheeling & L E 11y4, ser D
10214 109
e3
East Tenn reorg Hen g 13a
10712
1938 M S 9714 973
73
51 S 107
5
4
95 103
RR 1st consol 4e
10014 105
70
Mobile & Ohio coil tr 4s
25
1938 M S 5212 5412 44
29
103,
29
8
1 3
9 96
_1949 33 103
_
87
8
Wbeeling Steel Corp let 534s
90 10318
60
Sweet Bell Tel 1st & ref be
88
1954 FA 1053 10512 38 104
8
AG 1023 103
4
8
1053 111
let & ref 4148 series B
9612
65
434
I•Spokane Internet let g 5s
15
6
4
1955 J J
101
6
15
1936 J 3 *98
164 White Sew Mach (le with warr
3D
45
99
68
9812 99
Staten Inland Ry 1st 434e
9812
1943
▪ J
Without warrants
90
64
4212
II•Steeens Hotel,6e series A
10
1945 33 2014 2138 18
12
90
89
22
13
1940 M N
Panic a I deb 6s
*Studebaker Corp cone deb 68
1945 ii 83
39
165
85
39
894 t•Wickwire Spencer St'l let 78 1935
*10012
84 2212
414
Sunbury & Lewiston let 4s
1936 J
4
983
13 1818
,
22 2 163
*CH Sep Chase Nat Bank
7
4
223
4
8
33
1045 105
Swift & Co 1s1 NI33:s
16 10112 10113 105
1950 M
4
4 223 789
183
*Ctrs for col & ref cone is A ___1935 MN
50
38
33
6
4412
1942• D 44
Will & East let go g 5e
Tenn Cent let (la A or B
9
1947 AO 73
74
4314
544 75
10212 107
86
Tenn Coal Iron & RR gen be
1951 .1 .1 120
120
10 1014 113 1213 Will & S F let gold 5s
10
ID 107
107
4
4
993
98
Tenn Copp & Chem deb 68B __ _A944 M
8
98
1033 104
14
60
4 60
9112 104
938
1955 3, 9914 993
Wilson & Co lst M 48 series A
1044 10812
Tenn Eles Pow 1511 fla ear A
42
1947 ID 96
981
83
5412
8
108
90 104
1 108
1960
Winston-Salem S II let 4s
75,
74 174
1939 AO 11012 11012
99
Tern Assn of St L let S 44a
2
88
• .1
1512
10812 112
14
1949
I•Wis Cent 50-yr let gen 48
718 1612
let cons gold ISa
1944 PA *116
74
98
40
10912 11614
15
14
*Certificates of deposit
44 11,
Gen refund s I g 4s
1953 .1
8 71
1047 16512
4
7
44
10112 106
*8
1114
*Sup & Dul die & term 1st 48_1938 MN
FA 86
9
4
Taxa_____ & Ft Ei gu 534a A
21
1950
871
4
6414
4.712
7618 96 4
*Certificates of deposit
,
1944 AO 103
8
1035 106
9312 1024 1043 :•Wor & Conn East let 4346_1943 T-5
Tomo Coro cone deb be
55
4
1943 J J 99
991
Tex 14 N 0 con gold be
13
64
"iAa 6314 59l 103's
83 100
Youngstown Sheet & Tube 6a_-_1978 J J
D 11512 1161
Texas & Pao let gold 6a
20
2000
82
103
1-6:1 122 6314 894 10312
113 120
lat mtge s I 5a ser B.
1970 AO g
Gen & ref Is series 13
38
1977 AG 94
95
65
79
9514
951
Gen & ref 5e series C
22
1979 AC 9314
5312
:
794 051
1980 3D 93
54
38
95
Oen & ref Is series D
7912 95
1964 MS 104
67
21
1041
Tex Pas-Mo Pao Ter 548 A
894 105
r Cash sales not included In year's range. a Deterred delivery sale not included In
J
38
74
1960
5412 567
Third Ave Re let ref 4s
5012 5912 Year's range. n Under-the-rule sale not included In year's range.
Negotiability
184
81
1960 AO 2212 23
•Adj Inc, as tax-ex N Y_Jan
1838 2612
impaired by maturity. t Accrued interest payable at exchange rate of $4.8665.
8514 10014 103
J 102
4
1937
102
Third Ave RR let g be
2
1955 MS 9212 94
7014
TO° Elea Power let is A
8812 9514
I Companies reported as being In bankruptcy, receivership, or reorganized under
Tokyo Eleo Light Co Ltd—
7912 80
1953 ID
5712
34
3
85 8 Section 77 02 11,9 Bankruptcy Act, or securities assumed by such companies.
72
let 68 dollar series
53
Ohlo Cent ref & impt 31:8_1960 3D 9812 99
974
Tol 64
974 99
• Friday's bid and asked price. • Bonds selling flat.
9412 95
1960 AU
60
12
81
'l'ol St L & W Is14.8
95
1942 MS *108
103
103 103
Tol W V & Ohlo 48 ser C
t Cash sales in which no account is taken in computing the range, are shown below:
3D *10114 fcig"
1946
82
9614 10212
Toronto ham & Buff let g 48
No sales.
8
1014 11214 1184
1949 MS 1185 1185
8
Trenton 0 & El 1st 5 be
'3 117
8 20 11212 11212 1184
1173
Corp Is cone deb A_ _ _1953
Tri-Cont
35
3
1943 MN a8812 a90
z Deterred delivery sales in which no account is taken in computing the range, are
94
Truax-Traer Coal cony 6348
70
1034 24
674 100 1043 given below:
1940 MN 103
Trumbull Steel let Si 6e
4
N
1
84
1985
84
454
75
98
*Tyrol Hydro-Elec Pow 7345
Can. Pacific 5s,'54 Dec. 16 at 1043-4.
634
8
1952 F A
8018 81
7138 9012
*Guar sec a I 78
5
Denmark 534s, Dec. 14 at 10034•
9212 94
1946 M
6911
964
87
Uj1gawa Elea Power a f 75
Paris-Orleans 5348, Dec. 14 at 140.
Union OU Calif. 6s, Dec. 18 at 11934.
Viol No
Low,
1057 1054
8
Rod: G&E gen M 534e ser C__..1948
1977 Ni S *11214
Gen mtge 434e series D
- -110812 168 2
1962 M
Gen mtge 5s series E
1414 92
1934 MS 1214
1t•R I Ark & Louis let 434s
1
1945 AO 11112 11112
Royal Dutch 4s with warr
5
4
4 323
1948 AO 323
*Ruhr Chemical 5 I (is
3338 15
1949 J J 32
-Canada let gu g 4e
Rut
68
35
38
1941 J
Rutland RR let con 434e
-Maz.
3990
New York Curb Exchange-Weekly and Yearly Record
New
Dec. 21 1935
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Dec. 14 1935)and ending the present Friday (Dec. 20 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range Sales
of Prices
for
Week
July 1
1933 to
Vor.30
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range Sates
for
of Prices
Week
July 1
1933 to
Noo.30
1935
Par Low
High Shares Low
Low
High
Par Low
High Shares Low
ACm0 Wire V t 0 COM__ _20
464 Nov British Amer Tobacco
46
300
464
634
8% Jan
Adams Millis 7% 1st a1100
Nov
Am nap rots ord beareril
Feb 113
6634 103
700 2434
283.4 28%
5
Aero Supply Mfg cl A ____• 124 124
July
100
5
am dep refs ord reg __ £1
1234 Dec
2434
Class B
Mar British Celanese Ltd•
24 234 1,300
4
4
134 June
Agfa Ammo Corp com__ _ _1 12
1234
1234 Dec
Am Sep ran ord reg-_10e
34 Jan
300
3
2
Alrutworth Mfg Corp_--_10 4634 z47
400
6
Dec British Col Power el A ___•
1831 Feb 52
2134
Air Investors oom
•
114
254
500
N.
4 Mar
24 Oct Brown Co 6% pre
2,950
100
24
734 13
Cony pref
• 2034 2234
400
Dec Brown Fence & Wire B___. 335.1, 334
9
400
__
12(4 Mar 23
Warrants
4
54 Sept Brown 1.ormau Distillery _1
•,4 Feb
700
5%
794 8
AlabamaGt Southern___50 3634 39
Nov Bruce (EL) Co corn
225 30
Apr 43
30
9 5
*
Ala Power $7 pref
110 26
4134 Jan 8034 Dec Bruck Silk Mills Ltd
• 75.31 7731
_.1734
•
$6 preferred
• 664 69
20 25
704 Dec BUckeye PiDe Line
37
Jan
50
26
Algoma Consol Corp com..•
2,400" 1,
34 Feb
34
'Is Dec Buff Niag & East Pr pref 26 2354 21
1,000 144
916
7% preferred
$5 let preferred
'is
4 4,500" 1 1
4 Dec
•
200 9 66
101
• 101
'16 Aug
Allied Internatl Invest_ •
Nov Bulova Watch $34 prat_ •
"is
May
',s
31
1634
Alliance Investment corn_'
100
2
2
234 Nov Bunker Hill & Sullivan__10 48
114
54
950 26
'is ' Feb
Allied Mills Inc
Deo Burco Inc corn
•
m
54
1234 Jan 24
100
•
2
2
2334 Nov
Allied Products cl A corn 25 2114 22
200' 334
53 cony pref
Nov
•
21
20
AlUnlinum Co common_ •
1,110 32
8334 86%
Nov
Warrants
Mar 95
32
'It
6% preference
Nov Burma Corn A m dep rcts _.
joie 109 iiii
650 54
6934 Mar 114
1,400
134
24 24
Aluminum Goode Mfg__' z1534 16
300
1634 Nov Butler Brothers
8
1,100
251
954 Feb
84 851
10
Aluminum Ind corn
• 10
Dec Cable Elea Prod vie
734 Mar
350's 6
11
10
31
% 1,600
%
•
Aluminum Ltd corn
• 45
200 17
48
5934 Nov Cables & Wireless Lid
Mar
17
Nov
Am Sep rots A ord ohs_ £1
37
6% preferred
100
603.4 Apr 91
134
14
100
'1
Ayr
7
C warrants
Am del) rots B ord sirs £1
231 Jar)
231
,
i4
4
114 2,100
5
5
D warrants
64 Mar
Amer Sep rots prat she El
Apr
3%,
American Beverage com I
434
454 2,500
134 Feb
1
54 Oct Calamba Sugar Estate_ _20 2234 234
900" 1534
American Book Co_ - _ _100 75
20 41
Dec Canadian Inane Alcohol A• II% 114
76
76
Jan
57
300
54
-B
Amer Capital
non-voting
454
: 94 954
300
4
Class A corn
Dec Canadian Marconi
1,000
100
374; 4
1
134 Apr
2% 6,300
2
1
134
Common class B
10c
34 Aug Carib Syndicate
%
A
400
31 Jan
4
134
254 24 5,200
26e
28
$3 preferred
Dec
400
• 27
28
Carman & Co
94 164 May
35.50 prior pref
• 86
100 46
a
86
76
July 87.4 Nov
Convertible ciatis A _ _ _•
.
-Clas
Am Cities Pow & Ls
s
13
134
500
•
254 24
47
Class A
464 1,100 2331
25 45
Oct Carnation Co awn
29
Mar
500 134
• 1834 1834
Class B
5% 594 3,800
1
634 Nov Carolina P & L $7 pref_ _ _•
4
33
4 Mar
Amer Cynamid Class A__10
Oct
$6 preferred
12%
•
27
2034 Apr 28
Class B n-v
10 28
2934 17,200
Dec Carrier Corporation
Mar 3
0
851
15
414
• 1034 1134 6,300
Amer Dist Tel NJ oom_ •
Nov Castle (A M)& Co
Jan 109
7334 76
9 10
10
7% Cony preferred_ _100
Apr 116
Nov Catalin Corp of Amer_ __ 1
111
Os
5200,
10
1034
354
.
Amer Equities Co com_ _ _1
300
315
334
1
154 Feb
34 Dec Celanese Corp of America
Amer Fork & Iloe Co corn • 1834 18%
7% let panic prat _100 III
25 154
154 Sept 2234 Oct
111
25 81
Amer & Foreign Pow wan.
534 Aug
334 2.200
335
7% prior preferred__ _100 105 10731
134 Mar
134
475 73
Amer Gas & Elea corn__• 3634 37
9,300 163.'
634
4234 Nov Celluloid Corp corn
1634 Feb
lb
Preferred
• 10734 10734
1634
275 5734 8034 Feb 11134 Nov
$7 div preferred
•
American General Corp 10c
7
la preferred
8% Nov
2,800
Dec
73-4
754
40
7
•
Deo Cent Hurl0 & E•s e _ _ • 14% 15%
1 31
$2 preferred
314
250 _
31
Dec 33
700
8
Amer !lard Rubber com _50 23
23
Nov Cent Maine Pr 7% pref 100
150
26
i
434 Apr
63
Amer Laundry Mach _ 211 20
204
950 104
1254 Mar 2434 Oct Cent P & L 7% pref_ _ _100 40
400 11
414
Amer L & Tr corn
25 154 16% 7.600
1634 Dec Cent & South West 74 Mar
754
5
,4
300
IIt11.1
1 9.4
134
Aug Cent States Elec oom____j
6% preferred
25 25
25
100 16
174 Feb 26
134
7,800
31
1
Amer Mfg Co torn_ .100
Nov
334
334 Apr 16
6% pref without warr 100 14
550
1
143-4
Amer Maracaibo Co
nrs 4,900
"tts May
4
54 Mar
1
%
2
7% Preferred
775
100 24
25
Amer Meter Co
• 18
19%
675
Cony preferred
534
8
Mar 2046 Dec
1%
100
100 1394 1434
Amer Pneumatic Service_•
294 D e
Conv met op ser'29 100 1434 1434
Jan
1% 24
800 9
%
1
4
125
Amer Potash & Chemical.' 2534 254
Oct t entrifugal Pipe
50 11
124 Apr 30
334
1,700
•
534 54
Am Superpower Corp eom •
54
34 Mar
234 2% 22,700
9
34 Aug Charts Corporation
400
1734 18
1
1s1 preferred
• 80
soy, 1,100 64
44
Feb 8t1
Dec Ctesebrough Mfg
106
25
• 35
Preferred
734
1,500
7% ma, 1.8
Dec Chicago Flexible Shaft Co 5
3734
• 7
Amer Thread Co pref. _ _.5
434 Nov Chicago Rivet & Math_ • 2431 2434
434 431
600
3
Jan
4
434
100
Amsterdam Trading
Childs Co pref
570
64
lop 3334 3534
American shared
•
1631 May Chief Consol 511ning Co_ _1
1134
114 Jan
100
Si
4
Si
Anchor Post Fence
•
134
900
134 Nov Cities Serylee corn
h
134
4 Mar
51
254 24 66,100
•
Anglo-Iranian 011 Co Ltd634
Preferred
16,800
• 3134 41
Am Sep rcts ord rag_ _£1
9
Preferred B
1531 Aug
51
600
1434 May
334
•
3
Angostura Wupperman_.1
44 z44
May
700' 254
4
634 July
6
Preferred BB
190
37%
• 29
Apex Elec Mfg Co corn_ •
tii 334
Nov Cities Sere P & L $7 prof • 40
13
431 Apr
734
100
40%
Appalachian El Pow pref.* 105 105
$6 preferred
30 6734 71
Jan 10654 Nov
634
650
-• 3734 4034
Arcturus Radio Tube _ _ _ _1
,4 5,800
34
13
34
•14 Ma
2,200
1f Aug City Auto Stamping
3
• 113.4 123-4
Arkansas Nat Gas corn._..
334 3% 5,200
34 Dec City & Suburban II ornes 10
4
4 Ma
3
Common elaas A
•
334 34 14,700
4
54 Feb
351 Deo Claude Neon Lights joo_ _1
6,200
Ns
1
51
Preferred
10
634 7% 2,200
734 Dec Cleve Else Ilium corn _ _• 4831 4851
154
231 Mar
200 2134
Arkansas P & 1.37 pref._'
Nov Cleveland Tractor com___• 1334 1431
254 4134 Jan 85
1%
1,300
Art Metal Works corn _ _ _ _5 10% 11
12% Oct Clinchfleld Coal com _ _ _100
900
131
331 Mar
14
Associated Else Industries
Club Alum Utensil Co__ _•
334 4,200
4
3
1034 1034
Amer deposit rots____£1
300
11
4
Dec Cockshutt Plow Co corn__•
554 Feb
64
Assoc Gas & EleaCohn & Itatenberger
551
'
Common
1
4 1
Aug Colon 011 Corp own
1,400
31
2
34 Apr
4
134 13,900
Si
•
2% Aug Colt's Patent Fire
Class A
% mar
4
)
4 134 17,900
3,275 16
Arma_25 5034 34
$5 preferred
•
334 634 2,300
14
134 Feb
1034 Aug Columbia Gas & Elea-Option warrants
8,300
Cony 5% pref
144
132
932 Aug
44 Oct
'64
750 32
100 9434 96
Assoc Laundries of Amer..
54 Dec Columbia 011 & Gas vie.. •
300
Si
4
Si
4 A lig
4
+is
4 5,600
V t c common
•
4
74 Deo ColumblaPictures
34 Dec
1994
•
Associates Investment Co • 31
Oct Commonwealth Edison 100 9534 9654
Nov 364
3231
450• 8% 29
1,700' 3034
Associated Rayon corn ___•
800
1% 234
1
134 Sept
2% Jan Commonwealth & Southern
ASSOC Telep $1.50 pref...
Oct
13
22
Apr 26
•
Warrants
A
31 9,100
116
Atlantic Coast Fisheries_ . 13% 16
16
12,900
Dec Community PAL $6 pret• 124 13%
434 June
2
375
3
Atlantic Colust Line Co...60 31
34
70 18
18
Mar 3534 Dec Community Water Fiery •
14
1,500
34
134
Atlas Corp common
• 1234 12% 18,000
Nov Como Minas
14
754
754 Mar
' 130
,
14 134 33,300
$3 preference A
Apr 54
• 5034 51
July 0611100 Shoe Machinery 1
300 35
47
600
8
1234 123-4
Warrants
3
3%3,800
14
154 Mar
451 Aug 0nn Gas & Coke See 53 pf•
40
•
Atlas Plywood Cory
7u 7%
84 Nov Consolidated Aircraft. _..I
400
334 Mar
2%
6,300
6
1551 1631
Automatlo-Voling Mach... 1134 14
2,500
1434 Nov Consolidated Automatic
14
5
Jan
-Merchandisi
Axton-Fisher Tobacco
ng ern __ •
'is
100
%
. .
34
Class A common
Feb Consol Copper Mines_ _ _ .5
,i
10 493-4 52 ,
610 4334
62•3
434 May 60
54 7,600
5
Babcock & Wilcox Co _ _ _.• 67
Nov Consol0 E L&P Balt oom • 82
571 1834
72
28
Mar 74
1,400 4534
8734
yi Feli
Baldwin Locomotive warn,
14 14
334 Jan Consol Mln & Smelt Ltd_25 208 208
1,200
20 115
Baumann(L)&Co7%pfd100 55
Dec Consol Retail Stores
May
100 11
60
60
15
SS
700
534
5
a
Bellanea Aircraft coin ___l
2Y, 1,300
54 June
154
8% preferred w w___100 92 100
2
13,4 Apr
30 1234
Bell Tel of Canada
10434 123
00
May 14234 Dec Consol Royalty Oil
800
231
1
234
lb
Benson & Hedges com----•
July Cont0 & E 7% snot of 100 87
4
154 Feb
134
175 29
88
Cony pref
1%
5
•
15
Dec Continental Oil of Mex _ __I
Mar
Si
400
ii
916
,,_.•
Bickfords Ins corn_
1594 Dec Continental securities_ __•
454
834 Feb
2
$2 50 cony pref
3694 Nov Cooper Bessemer oom____•
23
3334 Apr
200
234
634 6%
Black & Decker Mfg Co.._* 22
2334
1,900
__
Dec 2334 Dec
33 pref A
22
• 30
200 12
30
13Iauners Inc
Nov16
•
Nov Copper Range co
16
12
•
44 534
1,900
3
biles(E W)& Co com____• 14
1531 2,800
154 Nov Cord Corp
154
ax Mar
434 474 3,000' 2
h
Blue Ridge Corp oom____1
3
434 Nov Corroon & Reynolds
1
1
Mar
33-4 3,800
• 4434 44%
S3 opt cony pref
May
1,400 2834
Common
3534 Mar 46
1
5
1
5% 2,900
Blumenthal (S) & Co
1834 Deo
• 1634 1734
56 preferred A
254 Jan
700
2
100 10
56
• 56
Bohack(BC)CO corn ..... _•
Jan Cosden 011 corn
75
5
5
7
June 11
734
3,300
4
31
1
1
7% let pref
3834
190 38
130 40
Feb
38
Dec 65
Preferred
%
24 2,100
100
2
Botany Consol Mills corn.'
400
Si
Si
34
34 May
A Dec Courtaulds maBourJols Inc
•
5
900
Am Sep rcla or/ reg...,41
654 Nov
3
3
June
49-4
8
500
1334 13%
Borne Scrymeer Co.. 25
Dec Cramp(Win)& Sons 8111 1)
6
12
Mar
6
Bower Roller Bearing__ _.5 z26
3234
1,800 • 651
Ac Eng Bldg Corp. _ _100
Mar 353-4 Oct
16
34
BowmanI3Iltmore Hotels
Crane Co corn
6
25 2534 2754 13,800
7% 1st pref
Jan
100
3
14 Jan
Preferred
134
125 32
100 1184 120
Brasililan'Tr Lt & Pow___0
954
1051 Nov Creo le Petroleu m
974
1,500
734 Aug
794
41,400
51-4
5 194 22
Bridgeport Machine
• 12
12%
2,600
33/4 Jan
133-4 Dec Crocker Wheeler Elea__ •
54
33/4
2,700
8% 934
Brill Ca p clams B
•
1
600
135
151 Nov Croft Brewing CO
34
34 Mar
50,500
1
nis
1
M
Class A
•
234 2%
1.100
4
1
Jan
354 Nov Crowley Milner & Co _ _ _ _•
234
7% preferred
100 26
470 23
Nov
3134
311.1 Dec Crown Cent Petroleum_ _1
23
4
154 21,500
134
Brillo Mfg Co corn
•
714
714
100
64
7% Dec Crown Cork Internet! A.
634 Apr
531
300
1134 1134
_•
Class A
•
2234
2434 Nov 28
Aug Cuban Tobacco corn vto_•
1 51
Brit Amer 011 coup
•
144 Mar 1634 June Cuneo Press corn
1254
100 153-4
• 36
36
Registered
I
•
14%
16
16
June
Jane
64% Preferred
150 6954
100 1064 107
For footnotes see page 3995.
La
Range Since
Jan. 1 1935
Low
High
Oct
Apr
2631
2631
3151 Jan
zit% July
2
2134
2%
3334
534
1254
1734
3034
1451
694
2434
30
54
20
4
1%
554
34
Mar
June
4
July
2.834 Nov
Dec
Sept 13
Dec 3334 Dec
94, Jan
Oct
Dec 1251 Dec
Oct 18
Oct
Jan 4234 Nov
Jan 244 Nov
Jan 10434 Nov
Mar 5234 Dec
Mar 57
Dec
Feb
24 Nov
Fel
36
Nov
4 Aug
Jan
Mar
334 Nov
Aug
94 Dec
Aug
I
Jan
51
lis
354
20
734
631
134
I%
154
Ma
35
May
Mar
534
Feb274
Oct1334
Jan
1134
Mar
234
Mar
434
634 Jan
Nov
2
Jan
17
5434 Jan
Feb
67
851 Oct
4194 Aug
44 Apr
June
Nov
Nov
Nov
Nov
Nov
Nov
May
1334
2%
194
95
86
1934
45
1234
Deo
Deo
July
Dec
Nov
Feb
Nov
Nov
90
May 115
9734 Mar 11154
7
Oct 15
2434 Oct 4854
694 May 924
84 Mar 17%
83
Oct 73
2034 Jan 4334
254
11,4 Mar
31 Mar
2
Mar 2034
1
Mar 3434
2
134 Mar 244
51 Mar 2034
634
434 Jam
194
1294 Mat
115
Mar 157
3534 Nov 354
274
1234 Jan
16
Apr 3834
4 Jan
134
331
51 Mar
64 Mar 41
351
51 Mar
6
Mar 3794
4234
734 Ma
631 Mar 42
1334
34 Jan
4
351 Nov
134
•is Mar
50
2334 Jan
184
534 Jan
134 May
2
4
31 Aug
644 Oct
834
534 mat
7
Si June
234
56
25
Jan
Deo
Oct
Jan
Nov
Nov
Aug
Nov
Aug
Nov
Aug
Nov
Nov
Nov
Nov
Oct
Nov
Feb
Nov
Nov
Deo
Apr
Nov
Dec
Nov
Dec
Aug
Nov
Dec
Apr
Deo
Deo
Apr
June
Dee
Aug
Mar
Sept
Deo
32
Mar 100
134
Si Mar
38
Jan
73
4731 Jan 984
,
Nov
Sept
Nov
Nov
54
Jan
Jan
203i
2
May
Sept254
1834
Oct
July 47
June 1614
Aug
Aug
Dec
Apr
Mar
Sept
Deo
A
634
31
1
9
4
46
7
34
ti Jan
1
Jan
8
5234 Jan
90
13451 Feb 218
531
June
2
3431 Jan 100
Feb
3
1
36
Mar 8934
54
Si Mar
Apr
414
2
354 Apr
84
3534
1634 Jan
5%
July
3
534
234 Mar
134
22
4
SI
Mar
Mar
Jun,
Nov
1 134 Mar
34
7
87
10
4
34
2%
54
74
151
30
67
5%
56
14
44
Dec
Deo
Nov
Deo
Nov
Dec
/Nov
Nov
Deo
Aug ,
Oct
Nov
Oct
Dec
Deo
Dec
Deo
Dec
1434 July
34
Mar
Mar 27%
Feb 120
Mar 2331
10
Mar
Oct14
Feb9
1
14
Feb
12
Mar
July
5
Feb 39
Feb 307
Aug
Deo
Dec
Nov
July
Jan
Nov
Dec
Nov
Aug
Oct
Nov
IIII
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Nov.30
Week
1935
High Shares Low
l'ar Low
1
14 20,700
Cue] Mexican Mining__ 50c
216
Darby Petroleum com___o
1,000
4
734 8
Davenport Hosiery MIMI.*
8
De Hav Mend Aircraft Co4
Am Pep Rcts ord reg £1
400
134
,
735 835
Detroit Gray Iron Fdy _ _ _5
134
200
154
31
Derby Oil & Ref Corp com•
Preferred
•
20
Diamond Shoe Coro
934
•
pictograph Products_ __ _2
1,400
635 7
154
1234 6,500 11
Distilled Liquors Corp__ 5 12
Diatillers Co Ltd400 174
Amer deposit rots -.El 2334 2435
600
3
Doehler Die Casting_ _. 2534 2534
Dominion Steel &Coal 1325
294
,
Dominion Tar & Chemical*
334
Dominion Textile Ltd corn.
__
Douglas (W L) Shoe Copreferred
100
12
Dow°
1,700 .2 3635
• 94
Chemical
0734
20 52
1)raper Corp
• 6635 6634
37
Driver Harris Co
10 35
SOO
934
7% preferred
100
48
35
1
Dubiller Condenser Corp _1
1.100
4
Duke Power Co
10 70
625 33
74
131 14
Durham Ho•lery class 11....•
100
54
Durham Duplex Razor100
74
16
$4 prior pref w w
• 16
Duvai Texas Sulphur
•
934 10
900
2
Eagle Fisher Lead New _10
1,000
754 8
34
East Gas & Fuel AssocCommon
•
335
335
1,600
235
53
634% prior preferred.100
1,2256 36
6% preferred
41
100 39
Eastern Malleable Iron _ __5
4
4
1,000
354
East States Pow coin B__•
1,400
%
134 I%
2234
1,500
4
56 preferred series B _ __• 21
400
$7 preferred series A _ _ _• 214 22
5
Easy Washing Mach "B"_•
635 735 2,100
235
Economy Grocery Stores_•
9 1534
Edison Bros Stores corn_ •
6
Eisler Electric Corp
•
2
235 3,000
34
Elea Bond & Share com
B
1435 1534 51,100
335
$5 Preferred
* 6334 64%
1,500 25
36 preferred
2,400 264
• 7335 7434
Elea Power Assoc corn_ _ _I
835 9
2,400
24
('lass A
1
74 735 7,200
235
Elea P & L 2d prat A.......-• 1354 15
475
254
13.4
Option warrants
134
200
35
Electric Shareholding44 5
Common
I
300
31
$6 cony pref w w
1,100 34
93
• 92
12
Eleo Shovel Coal 54 pref._*
150
11
1
ulectrographfc ors corn./
1231 1231
(
100
1
Elgin Nat Watch Co___15
64
1234
Empire District El 6% _100
Empire Gas & Fuel Go6% preferred
39
100 31
700
731
100 32
3534
634% preferred
75
8
7% preferred
100 323-4 4034
1,600
8
8% preferred
100 3534 42
1,400 11 834
Empire Power Part Stk. •
4
to 235
Ernsco Derrick & EQUIP- -5
Equity Corp corn
10c
1.35 235 9,500
1
Eureka Pipe Line
50
30
European Electric CorpOption warrants
1,100
31
35
.is
Evans Wallower Lead__ •
35
35 2,300
X
7% preferred
100
2
Ex-cell-0 Air & Tool
3 175-4 1834
3,800" 235
Fairchild Aviation
1
1,600
23.4
634 7%
Fajardo Sugar Co
100 143 143
25 59
Falstaff Brewing
1
4% 435
420
231
Fanny Farmer Candy ----I
1335 1335 2,000" 24
Fanstoel Metallurgical_ __• 16
1894
1.800
14
*
' D Corp stamped
II
Fedders Mfg Co corn__ __• 26
2635
200 1935
Fed Compress & Warehse_•
27
Ferro Enamel Corp corn....' 2435 28
3,300
734
Fiat Amer dep reels
1554
Fidelio Brewery
35 6,300
I
34
35
•
Inspection Mach_
Film
35
Fire Association (Phila.) 10 81
8131
90" 31
First National Storm7% 1st preferred____100 115 115
20 110
Fisk Rubber Corp
I
5% 64 5,600
434
56 preferred
100 50
51
,
200 3535
Filntokote Co ci A
• 38
394 2,200
34
Florida P & L 57 pref.....' 52% 5234
50
834
Ford Motor Co LtdAm dep rots Ord reg_LI
435
5,700
83.4
834
Ford Motor of Can al A __• 2434 2554 4,600
84
Class B
100 1434
• 27% 29
Ford Motor of FranceAmerican dep rots ..100
231
Froeritert Grain & Malt
Cony preferred
Ill
16
1,500 1431
1635
General Alloys Co
•
235 231
500
51
Gen Electric Co LtdAm dep rots or0 reg-E1
934
2,100
17% 18
(len Fireproofing oom---• 10
104
300
3
Gen Gas & Elea56 cony pref 11
• 13
13
50
631
Gen Investment oom
1
Isie 134 3,900
11
$6 cony pref °lase B •
3
Warrants
'16
312 2,000
%a
Gen Outdoor Adv 6%pt100 65
69
175 60
Den Pub Serif 56 pref.....' 68
GO 29
70
Gen Rayon Co A stock_ •
1
200
Si
134
General Telephone com_20 1335 1394
1554
3,200
• 4734 474
$3 convertible pref
200 4835
General Tire & itubber__25 6335 744 8,075 3434
100 93
0% Preferred A
50 5654
9554
250 35
Georgia Power $6 Pref__-• 8535 8635
15 preferred
50
•
Gilbert (A (D) corn
500
•
6
1
634
Preferred
22
•
• 164 1731 9,500 10
Glen Alden Coal
Glebe Underwriters Ino...2 15
154
200
54
New common
"
24 234 3,800 -• 22
Goochaux Sugars class A.
100• 10
22
Class II
800' 334
•
74 8
Goldfield Cense' Mines_10
35
35 2,200
4
1
7,
35 2.200
35
Gold Seal Electrical
334
331
Gorham Inc class A corn_•
300
135
1I34
•
$3 preferred
Gorham Mfg Co200 1035
V to agreement extended 174 1731
9
r935
300
44
Grand Rapids Varnish_ _ _•
600
8
pray Telep Pay Station....' 2234 2331
Great Atl & Pao Tea210 115
Non-vet coin stock____• 12834 13016
40 120
7% 1st preferred____100 127 12834
25 2234 233-1
500 1931
GI Northern Paper
1,500
704 835
•
334
Greenfield Tap & Die_
._4
916
400
35
Grocery MOM Prod v 1 c25
1
7
'6
35
Guardian Investors
900
35
0011 011 Corp of Penna...25 694 7331 15,800 63
For footnotes see page 3995.
Rance Since
Jan, 1 1935
Low
Dec
1
4
Oct
8
June
13
4
34
20
1034
234
11
Jan
May
Apr
Feb
Jan
July
Aug
21
Mar
1034 Mar
431 Oct
454 Jan
70
Dec
12
8034
52
13
914
31
37
.34
STOCKS
(Continued)
High
235 Ian
831 Dec
16
Jau
1534
11
2
20
18
834
16%
Apr
Aug
May
Feb
Nov
Nov
Apr
•
2455 Dec
274 Nov
534 Feb
7
Mar
70
Deo
Mar 18
Nov
Mar 10535 July
Nov
Oct 67
Apr 37
Deo
Mar 105
Oct
Feb
14 Apr
Jan
74
Dec
June
131 Deo
12
Aug
64 June
335 Mar
Dec
10
124 Feb
831 Nov
235
54
3635
34
%
4
5
3
184
2435
34
335
34
374
231
234
231
34
Mar
Oct
Oct
Nov
Jan
Mar
Apr
Jan
Aug
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Mar
5
664
6335
535
13.4
23
2334
731
20
3934
235
2054
69
78
935
8
20
235
Jan
July
Aug
Nov
Aug
Dec
Dec
Sept
Jan
Nov
Deo
Aug
Aug
Aug
Dec
Dec
Aug
Aug
31 Mar
40
Jan
1
Jan
6
Jan
23
July
14
Jan
734
9534
12
16
3134
40
Nov
Nov
Dec
Aug
Oct
Nov
731
8
8
831
9
12
134
334
39
36
4031
42
2235
14%
235
3
8
Dec
May
Dec
Dec
Nov
Dec
Sept
Feb
Mar
Mar
Mar
Mar
Apr
June
Jan
May
31
A
34
6
631
71
254
735
154
5
1935
27
1031
1854
34
31
67
Nov
"16 June
Apr
31 Nov
9
Nov
Aug
Feb 2034 Oct
Dec
9% Sept
Jan 15934 Nov
Jan
551 July
Mar 1314 Dec
18% Dec
Mar
Nov
Nov
5
Oct 2834 Dec
2874 Nov
Nov
Oct
Feb 29
Sept 26
Aug
14 Jan
Sept
34 Feb
Oct
Jan
SIX Dec
112
Jan 117
Aug
435 Oct 1134 Jan
4535 Oct 88
Jan
1131 Mar 40
Dec
61
Nov
1034 Ma
74 Mar
2394 June
2535 June
03.4 Jan
324 Jan
3934 Oct
Jan
435 May
1431 Apr
Si Apr
1735 Aug
111
234 Oct
1131 Mar
435 Jun
184 Deo
10% Oct
23.4
8
lie
15
'Is
80
24
4
1335
4734
3435
89
52
50
131
2434
1335
7
235
1634
64
A
35
135
1194
Oct 1635
Mar
14
Jan
40
Jan
'62
Nov 69
Mar 73
Oct
14
Dec 1535
Dec 4834
Oct 7431
Apr 99
Jan 89
Apr 72
May
734
Mar 40
May
24
Jac
1534
Dec
235
Apr28
Dec 1174
Jan
n
Aug
1
May
435
July
25
1231 Scar
535 Ma
84 Mar
121
12234
20
434
4
34
50%
Apr
Aug
Dec
Aug
Deo
Nov
Feb
Nov
Dec
Dec
Mar
Dec
Nov
Dec
Get
Jan
Dec
Dec
Ma)
May
Apr
Feb
Dec
Dec
217-4 Nov
11% Sept
28
Nov
Mar 140
Aug
Jan z130
July
May
26
Jan
Mar 1034 Nov
Feb
n Aug
Mar
34 Nov
Mar 7431 May
Week's Range Sales
for
of Mita
Week
3991
July I
1933 to
Nov.30
1935
Range Since
Jan. 1 1935
Low
High
Hick Shares Low
Par Low
Sept
55
Jan 87
50 40
Gulf States Utli 16 pref __• 8235 8235
Jan
631 Nov
631
7
Gypsum Lime & Alabast_•
331 Mar
•
5.4 634 1,500" 3
735 Oct
Hall Lamp Co
Handley Page Ltd331 Mar
735 Dec
14
200
734 735
,
Am der tete prof _8eh.
July
4834 5034 Jan 71
Hartford Electric Light-25
14 Nov
35
31 Apr
600
135 135
•
Hartman Tobacco Co
231 Oct 334 May
234
235 235 1,100
1
Harvard Brewing Co
Nov
June
13
234
11
7
600
• 11
Hazeltine CorP
6
Feb
4
934 1035 5,500
1234 Apr
25
Hecht Mining Co
235 Dec
•
235 24 4,600
4 Jan
sie
Helena Rubenstein
Nov
37
10 53
Jan 58
300 14
54
Hayden Chemical
2535 July
22
Nov
100 18
• 2234 224
Hires(CE)Co CIA
1154 Oct 204 Jan
835
Hollinger Consol 0 M___E 134 144 4,900
•
5
5%
200
6
Aug
2
Jan
134
Holophane Co corn
735 Aug
54 Feb
200
3
734 731
Holt (Henry) & Co el A_ _•
1654 July 18
• 16
Aug
Hormel (Geo A) & Co__ •
Feb
• 32
3235 Dec
750 154 20
3234
Horn & Hardart
20 834 10235 Jan 1084 Nov
100 1074 108
7% preferred
244 Dec
1134 Jan
734
Bud Bay Min & Smelt___' 2134 2234 15,900
Jan 64
May
• 5934 6134 15,000" 2254 64
Humble 011 & Ref
Huylera of Delaware Inc
134 Oct
% Mar
.
16
Common
600
I
9
16
ii
Nov
42
2034 Apr
3834 3,000 2034
7% met stamped _ _ _ _MO 37
Aug
Aug
26
26
20
7% pret unstamped _ _100
6
Dec
235 Mar
400
535 535
234
Hydro Electric Seauritles_•
335 Oct
134 Oct
235 1,500
f
235
,
154
HYgraCle Food Prod
Nov
26
Jan
125 17
40
Hygrade Sylvania Corp__• 3455 3535
4135 Nov
1331 Jan
850 10
• 3331 3431
Illinois P & L $4 pre/
40
Nov
Jar
14
10
100
6% Preferred
3454 3435 Jan 5335 Nov
Illuminating Shares el A.._'
Imperial Chem Industrlee
9% Jan
8
Oct
Amer deposit rata_ _fle
Imperial Oil (Dan) coup_..' 1934 2035 101500 1034 1554 Mar 224 May
800 1134 1534 Mar 224 May
• 203-5 204
Registered
12
Apr
600
1434 July
934
Imperial Tob of Canada_5 1334 1331
Impedes!Tobacco of Great
37
3734 Dec
3734 1,000 2335 314 Mar
Britain and Ireland___Ii
34
335 Mar
700
84 Nov
535
•535
10
Indiana Pipe Line
55
____
Jan 8834 Nov
48
Ind'polls P & L 635% P1100
Indian Ter Ilium 011
600
431 Apr
2% 3
I
14 Jan
Non-voting class A__.....•
431 Apr
135 Feb
300
•
3
135
334
Class B
Industrial Finance
134 Feb
1
V t o common
--35
% July
May
8
1
Aug
1
'75
100
635 6%
7% preferred
Dec
2,050 3434 52
Mar 77
77
Insurance Co of N Amer.10 75
May
3431 Nov
29
1854
International Cigar Mach•
135
500
134 Nov
1
ti
34 Aug
Internal Holding & Inv__'
Internal Hydro-Eleo335 Mar 134 Aug
1,000
50
835 934
34
Pref 53.50 series
1534 Jan
734
103-4 Aug
Internal Mining Corp _ _ _1 1234 12% 1,400
234
231 Nov64 Jan
334
331 2,800
Warrants
Mar 3931 May
28
3334 3534 14,300 1554
International petroleum..'
2954 Feb3754 Nov
____
23
Regiatsred
1
1,200
4
44 Aug
4
235 Jan
Internattonal Produets_ _•
300
14 Aug
31
4 July
134 1%
Internal! Safety Razor 11_•
Internat'l Utility
431 Aug
600
•
334 331
14
135 Jan
Class A
2,700
I
716
31
35
31 Jan
34 Aug
Class B
Apr
At r 313
35
35
17 prior pref
*
lie
lie 3,400
3.4 Aug
1,.
'14 Mar
Warrants
3235
22
1,400 13
June 3535 Dec
• 31
Interstate Hoe Mills
8
Jan
80
27
7
Apr
1835
Interstate Power 57 FraL• 18
1
200
21 May
4
June
1
135
135
Investors Royalty cona__25
35 Nov
35 June
34
Iron Cap Copper com___10
1,100
334
2934 Dec
1434 Apr
Iron Fireman Mfg v t c__10 2734 2034
Nov
1,400
1
1335 1435
17
34 Jan
294
Irving Air Chute
4,200
14 Aug
1
35
35 Mar
31
A____•
Italian Superpower
lie
35 8,500
%
', Dec
6
h Aug
.
Warrants
Jersey Central P & I.
125 42
Dec
43
Feb 275
74
100 72
54% preferred
30 80
80
Nov
60
May
6% preferred
100 7935 7935
_ 6034 6034 Apr 924 Nov
100.., .
7. preferred
100
135 Oct
4
31 Apr
Jonas & Naumburg -2.50
34
14
33
1,400 1534
Mar 3831 Nov
18
Jonas & Laughlin steel _100 28
Kansas City Pub Service
800
34
Dec
31 Dec
1
•
"is
n
V t a prat A
Nov
834 8335 Mar 110
Kansas0& E 7% pref_100
254 Jan
31
135
31 July
700
1
Kingsbury Breweries_...1
Kings County Lighting
Nov
Mar 95
75
--- 75
100
7% pref 13
May
600
i
24 2%
31
134 Ma
,
3
Kirby Petroleum
"us Jan
% Aug
%
Kirkland Lake 0 M Ltd 1
22
May
Jan
200
94 15
. 19
19
KIein(Entil)
Aug
1031 Nov
6
-5
Kleinert Rubber
10
14 Jan
105
535
634 Dec
1
535
i
Knott Corp corn
31 Nov
Ns OCT
'is
200
%
Koleter Brandeis Ltd__ _El
%
Koppers Gas & Cokeeo200,554
Sept
72
Mar x100
6% preferred
100 98
98
12% Mar
x1135 Apr
100 10
12
Kress (Sh) .f.:, Co pref _ _100 12
1535 Nov
44 Mar
1,100
1334 1374
434
Kreuger Brewing
1
May
59%
753,4 Feb 78
Lackawanna RR of N J 100
Mar
4554 Oct 56
5231. 3,500• 3234
Lake Shore Mines Ltd....
, 51
Dec
6
61 Mar
10,300
31
454 6
Lakey Foundry & Mach_,I
Jan
Jan 80
67
25
Lane Bryant 7% Wet 100
431 Dec
131 Oct
300
1
431
1
4
Lefoourt Realty corn
JAL1 2731 Dec
7
18
200
• 2235 2335
Preferred
84 Aug
Nov
5
0% 735 9,200
534
•
Lehigh Coal & Nay
Si May
NG
34 4,300
34 Apr
35
Leonard 011 Develop___25
Jan 7635 Deo
700 1035 40
7534
Lerner Stores common_ • 74
warr_10060
9135 Feb 10835 Nov
0% pref with
._
400' 3
8.31 Dec
335 Mar
754
Lion 011 Development ___• '
335 Dec
1
235 Dec
100
235
235
*
Lit Brothers
16
1735 Feb
19 July
Loblaw Groceterias cl A _.•
1435
---1631 Dec 1754 Feb
•
Class B
734 Dec
531 Nov
1
635 731 4,600'7 90c
Lockheed Air Corp
431
435 Mar 1074 Nov
94 94 3.400
Lone Star Gas Corp
•
Long Mani LW
Aug
6
Mar
2
2
331 435 7,000
•
Common
60 38
48
Jan 9254 Nov
100 784 884
7% preferred
Jan 8335 Nov
37
775 32
7834
Pref class B
100 06
Oct834 Oct
200' 235
7
7
7%
Loudon Packing new ___.
1134 Dec
435 Jan
134
931 10% 12,900
Louisiana Land & Explor_ I
235 Nov34 Apr
2
Lucky Tiger Comb GM 10
300' 15
2835 Mar 4135 July
5 3135 3514
Lynch Corp corn
1
535 June 1035 Nov
700
834 831
•
MangelStoresCorD
July 6535 Oct
12 47
634% vret w w
100
2154
2135 Oct 3335 Jan
•
Mapes Consol Mfg
Marconi Internet Marine834 Nov
June
8
700
635
835 835
American de p rem!pts _f1
Oct
19
Feb
•
4
4
Margay 011 Corp
835 Nov
135
135 Mar
100
Marion Steam Shovel__ _ _•
731
731
34 Dec
334 335
135 Jan
Maryland Casualty
1 300
.
1
1
Oct 7235 Nov
• 61
654
650
84 58
Masonite Corp corn
Aug
2
Feb
134
1
1%
1.200
1
Maas Util Assoc vto
1
74 Nov
3
•
5% 634 4,400
334 Mar
Massey-Harris 40m
Dec
41
Jan 60
200 88
58
• 58
Mayflower Aneoelates
May Hosiery MIMIMar
4035 Feb 44
22
14 pref w w
•
12
1235 Sept1534 Jan
McColl Frontenac 011 corn•
300
331 Apr
935 Nov
134
McCord Rad & Mfg B...•
731 8
53
2131 Jan 537-4 Nov
1,100• 1234
McWilliams Dredging__ _ ..• 31
1135 Nov
335 Feb
800
• 103.4 1134
Mead Corp com
334
Apr9035 Dec
8535
300 4434
• 82
55
Mead Johnson & Co
Nov
6
47-4
131 Ma
500
135
434
Memphis Nat Gas corn _ .13
935 July 274 Nov
831
600
Mercantile Stores oom_ • 2034 23
Oct
Jan 95
40
70
1110
7% preferred
IIII
New York Curb Exchange-Continued-Page 3
3992
STOCKS
(Continued)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Noo.30
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
Dec. 21 1935
Sales
for
Week
July I
1933 to
Nos.30
1935
Par Low
High Shares Low
Low
High
High Shares Low
Par Low
• 38
Merritt Chapman es Scott•
50 244
351 415
1,600
38
%
536 Nov render D Grocery A
54 Jan
Class B
Mar 4934 Nov
•
551
100
651% A preferred-- -100 40
8
40
53j
116
1,5 May
Mesabi Iron Co
54 Nov Peninsular Telep oom__ •
5
516 2,000
•
516
6615
Preferred
Metropolitan Edisonino
May Pa Cent Lt & Pow $2.80 Pf•
24
$6 preferred
Jan 96
•
4634 80
131 2
•
Mexico-Ohio 011
65
254 Nov
$5 preferred
400
•
51
51 Jan
Michigan On & 011
300
231
2
236
•
400
356 May Penn Max Fuel Co
734 731
134 Oct
1
131
Michigan Sugar CO
900' 51
351 17,400
151 June Pennroad Corp via
13.4
355
55 Mar
1
•
516
51 '
June Pa Gas & Elea class A ___ _•
Preferred
0
100
8
531 511
10
Feb
3
231
• 106 10731
Pa Pr & Lt 37 oref
110 7434
Middle States Petrol• 10051 10031
19 7234
$il Preferred
•
200
Cless A v I e
%
% Mar
231 3
334 Dec
175 4235
114
50 111
Class B•t e
35
51 Mar
1,300
"It Nov Penn Salt Mfg Co
•
54
35
Middle West EMI corn---•
700 4131
316 Aug Pa Water & Power Co__ • 8734 8834
1,
6
316 4,500
44
116 Jan
Rio 6014 634
200
3% Oct Pepperell Mfg co
260 5251
15
51 Apr
2% 231
$6 cony pref see A w w •
Co•
21
Certlficatee of dep._ •
351 Nov Perfect Circle
114 Apr
54
Philadelphia Co oom
900
4
Midland Royalty Corr,1231
: 12
21 90
• 1051 1131
300
4
1131 Dec Philo Elec Co 35 pre(
$2 cony pret
•
734 Nov
Midland Steel Prod
• 2034 2234 2,200
Mar 2234 Dec Phoenix Securities
6
431
Nov
Common
55
• 46
Midvale Co
Jan 48
46
434
35
50 183.
1
43-1 4,600
13,,
131‘ Mar
$3 cony pref eer A___10 3956 3955
Mining Corp of Canada._'
300 1651
I% Apr
Minnesota Mining & Mfg • 2234 24
355
400' 734
956 1055 4,400
12
Jan
2431 Dec Ple Bakeries Inc corn
•
NIinnesota P & L 7% pf 100
600 • 1
7
731
8834 Nov Pierce Governor corn
•
8834 8834 Nov
Miss River Fuel rights__
51 Feb Pines Winterfront Co_ __ _5
51
200
3
3
716 July
116
Nov Pioneer Gold Mines Ltd _ I
Miss River Pow 6% pfd 100
Feb 108
856
82
.
65
934 931 2,900
1815 Nov Pitney-Bowee Postage
Mock Judson VoehrInger_• 1534 1551
200
64 1051 Mar
255
Meter
Nov
Mob & Hud Pow let pref..* 7534 77
250 3034
731
•
3031 Mar 83
731 2,500
2(1 preferred
29
• 34
Mar 4431 Nov Pitts Bessemer & Le RR.50
9
75
9
35
Molybdenum Corp
2
1
1431 July Pittsburgh Forgings
5,700' 214
200
931 11
734 731
755 Jan
1
Montgomery Ward A
7231
1,200 51
Ja).) 14434 May Pittsburgh & Lake Er1e_50 70
• 14255 14354
127
250 9 56
•
Montreal Lt HS & Pow
3551 Nov Pittsburgh Plate Glass.._25 9131 97
1,700 3034
2631 2631 May
Moody's Invest Service • 37
Oct Pleasant Valley Wine Co_ 1
2
351 2,600
255
Jan X40
100 1634
23
3734
•
Moore Corp Ltd corn_
. 10
12
1834 Feb 2631 Dec Pond Creek Pocahontas. •
Preferred A
Dec Potrero Sugar oom
100
51
Jan 143
6
125
334 436 3,400
90
Columbia-Powdrell
& Alexander _ .• 24
200
715
Mtge Bk of
24
434 Apr Power Corp of Can com • 1031 1031
American Shares
634
50
I%
33.4 Dec
Mountain & Gulf 011
400 1534
35 Dec Pratt & Lambert Co
_• 35
31 Feb
3631
300
4
716 1,
55
1
531 Dec Premier (lold Mining_I
Mountain Producers_ __lb
134 1% 3,300
436 Jan
%
334
July Prentice-Hall Inc
555
Mountain Sts Pow corn_ •
1
51 Jan
•
55
534 534 1,700
Mountain Ste Tel & Te11.00 139 14055
106g Mar 14031 Nov Pressed Metals of Amer' 1831 19
60 loo
250
93-1
Mueller Brass Co cons_ __ _1 2631 2731 5,800
51
__
51 4,500
2631 Dee 2954 Dec Producers Royalty
51
I
Murphy ill CI Co
Jan 15434 Dec Properties Realisation
• 150 1543-4
400 3134
72
Voting trust 0151_33 1-3c 17
Dee 116
Apr
50 1231
100
17
110
105
8% preferred
Nachman-Sprinfilled Corp. 12
56
6
300' 454
Mar 1455 Nov Propper McCallum Rosy •
"16 2,600
1234
916
National Baking Co com _ I
Dec Prosperity Co Inc B com_
'A Sept2
N
1iN
•
234 Jan Providen.)e Gas Co '1Nati Belies Hess corn_ __I
151
1%
131 May
131 10,000
455
200
Nat Bond & Share Cori-. 4151 4211
2931 Feb4451 Nov Prudential Investors
955 935
500 2834
•
-36 preferred
• 9851 9851
50 59
National Container Corp
Nov Pub Serv of C.loCommon
•
10
1831 June 26
75
Mar
6% 1st preferred _ _ _100
35
July
30
$2 cony pref
•
29
.
Nov Pub Bert of Indian $7 prof • 31
8
3,000 114 1151 Mar 20
• 1851 1955
National Fuel Gas
33
120
,
• 12
244 Nov
National Investors cow_ _ I
40
5
$6 Preferred
12
1,600
13-', 2
51
51 Mar
Nov Public, Serv Nor III oom_ • 54
Mar 88
50
934
1
54
$5.60 preferred
55
35
595 9
Nov
Common
Warrants
1
.1
3
3.4
/
200
31
31 Feb
in 5331 5351
6% preferred
28
134 Jan
Nat Leather corn
1%
134
1,800
•
51 Mar
51
100
National P & I. $6 pref
38
.__ • 7951 8051
7% Preferred
550 32
4651 Feb 8436 Aug
100
National Refining com_ _25
55.1. Apr Public Service Okla
' 231
13
456 Dec
81
Nat Rubber Mach
955 Mar
431 Oct
7% Pr L pref
651 634 2,700
•
2
100
6% prior lien pref_ _100
54
.% Jan
Nat Service common
sit Nov
3,6
1
51
900
1,6
300
51 Jan Pub Util Secur $7 pt pf.•
51
Cony part preferred •
2
2
%
4
600
4
34 Apr
.
National Steel Car Ltd
1651 Aug Puget Sound P & L
•
1134 1434 Nov
755
National sugar RefInIng__. 2211 2411
• 45
425
Oct 35
Feb
$5 preferred
4555
21
1,200 21
911 May
VI preferred
Nat Tea Co 55-4% pt_ _10
Apr
9
430
5
1751
9
• 17
National Tranelt_ _ _12.50
4
934 934 1,400
est Feb 1034 July Pyle-National Co
654
5
Nat Union Radio Corp_ _1
May
1,500
151
53.4
534
11
131 Oct Pyrene Manufacturing-10
916
5.1
800• 11
Nebraska Pow 7% pref_100
9651 113
Nov 11315 Nov Quaker Oats corn
• 135 135
70 .105
100 14134 14151
May
6% preferred
Nehi Corp com
6
20 111
4
4
•
100
24 Mar
34
• 1635 1655
1st pref
•
5134 Aug Quebec Power Co
25 13
July
31
50
Nelsner Bros 7% pref_, 101)
Feb 11351 Nov Ity & Light Stour oom . 1711 1731
450
2031 90
434
Nelson(Herman)Corp-_5
831 Dec Rainbow Luminous Prod431 Apr
711 854
500
2
51
Neptune Meter elan A_ •
13
Oct
600
Class A
351
64 May
g
55
•
10013 1
Nestle-Le Mur Co cl A _ _ _•
316
•
Class B
316
534 Jan
251 255
600
't
23-4 Dec
Dec Raymond Concrete Pile
10
Nay Calif Erne corn _ _ _ _100
511 June
555
40
75-4 10
3%
Oct
Mar 60
Common
35
100
35
7% preferred
,,,
• ,.„.,
25 1034
New Bradford 011
$3 cori atIble preferred • 44
3% Aug
254 3
6
300
131
Feb
2
44
6 75
234 234
400'
New Eng Tel & Tel_ _100
June 111
Oct Raytheon Mfg•I c----500
55
102
55
Nov Red Bank (111 Co
New Jersey Zino
Apr 76
•
73
25 72
600 4734
49
41
New Met & Ariz Land _ i
234 Dec Reed Roller Bit Co
May
1% 2
7
600
1
51
•
2,200
New Haven Clock Co_ _• 10
•
434
11
Oct Reeves(D) cool
10
100
634 63.4
155
334 May
NOWIDOO1 Mining Corp_1(1 7054 7334
3,000
55
36
116
•
3451 Mar 7655 Dec Roller-Footer 011
1,500 34
• 1156 12
700
154
New Process com
500 1034
Jan
2655 Dec Reliable Stores com
2611
• 25
12
334 Aug Heybarn Co Ino
800
N Y Auction Co corn
131
3
3
•
100
131 Feb
35
4
10 '
1
134 8,300
1
34
13-4
2535 Jan 3534 Nov Reynolds Investing
•
N Y Merchandise
15
1
, . 54E
NY & Honduras Roaarlo16 33
• 1034 12
1,750 1755
33
Feb 6916 Apr Rice Stix Dry Goods
363-4
2
136
5
51
Dec Richfield °Beret
N Y Pr & Lit 7% prat ___100 10431 104
160 59
231 16,300
6156 Jan 107
43.4
$6 preferred
Dec Richmond Rad com
•
53.4 5,400
254
533.4
5351 Jan 96
1
65
Rochest ei &E 6% D pf 100
N 1( Shipbuilding CorpFounders shares
1351 Jan Rogers-MaJo9t1c class A._•
415
6
9
9
1
100
43 Mar
,
;
Aug Roosevelt Field, Inc
May
22
100
4
N Y Steam Corp oom
29.4 24
12
300 12
1651
• 16
6
11355 may 121
Mar Root Petroleum Co
55
N Y Telep 614% pref _100 11955 11911
415 431 3,100
1
125 113
14
NY Transit
1,600
Apr
3
451 Sept
31.20 cony pre(
1556
8
415 431 1,400
5
3
20
20
4615 Feb
35
N Y Wat Serv 6% Dfd_100
7734 Aug Route International
600
•
916
716
Royallte 011
Niagara Hud Pow2334
Co. 3811 39%
Common
1031 Nov Royal Typewriter
300
83.4
•
23-6
235 Mar
8
8.55 11,900
lb
8
855
5
200
Class A opt wan'
'le Nov Rusnelts Fifth Ave
231
44 Jan
5,6 4,900, 34
34
Nov Rustless Iron & Steel
900
51
33-1 4
Class B opt warrants __ _ _
2
51 Mar
I%
500
•
54
13.4
Share-RYantonso
55
211 1,000
Niagara
l
2
•
Petrol__
75 36
951 Nov Safety Car Heat & LIgheim 7434 7436
Class B common _ _ _ a
254
1,500
25-5 Mar
731
734
Oct St Anthony Gold Mines I
34
Class A preferred_ _ _100
916
g 2,900
Oct 82
7 34
82
NIlee-Bement-Pond
355 4
21,500
1
834 Mar 3411 Nov St Regis Paper coat
751
30
100
• 30
10
Apr
Niplssing Minot
100 59% 6755
3
250 1714
7% preferred
July
2
5,400 • 155
5
251
231
11,6
55
Noma Electric
1,300
534 Oct Salt Creek Como! 011_ ___ I
'1
451 411 4,200
1
if Jan
Si
Salt Creek Produoers_ _10
63-4
1,100
Nor Amer Lt & Pr7
5
134
Common
200
434 Aug Savoy 011
34
1%
•
251 3
1
% Mar
2,000'
56
• 3155 3211
400 13
451 Mar 4135 Nov Schiff Co corn
$6 preferred
• 3451 3551
500
3
Dec Schulte Real Estate oom •
North American M etch _ ..• 57
% 1,700
44
2416 Jan 68
'Is
2' 18
57
No Amer Utility Securities.
950 17
451 Aug Scoville Manufaeturing_26 3151 32
31
14 Jan
400
3
3
Nor Cent Texas 011 Co 6
Nov Scranton-Spring Brook
4
Jan
2
134
in Jan
,
7,6 Nov
27
Nor European Oil corn _1
Water Co $6 pref
•
um
% 2,800
ii
700
56
Feb 7814 Dec Securities Corp General_'
Nor Ind Pub Ser 6% pfd100
21
251
231
32
500 34
Deo Seeman Bros Inc
464
7% preferred
a 45
100
2034 3851 Mar 84
%
Segal Lock & Hardware..'
Northern NY Utilities
141
134 2,200
100 3 1
7% let preferred _ _ _ _100 102 102
Oct Selbeang Rubber oom
134
151
26 6534 453-4 Jan 103
•
Northern Pipe Line
31
• 31
50 1551
10
751
loo 434 534 Jan 8 Nov Selby Shoe Co
735
Nor Sts Pow corn class A100 1951 2111
6% Mar 2714 Nov Selected Industries Ino634
2,200
Northwest DEIgIneerlag__• 1634 1635
Nov
251
1
236 2.400
Common
51
535 Jan 20
400
3
050 38
Novadel-Agene Corp .• 37
$5.50 prior elook
1851 May 4071 Nov
383-4
500 51 1434
28 7844 8036
Ohio Braes Cool 13 corn,...- 29
1,300 3755
79
Sept
Allotment certificates_ _ _
8031
Jan 33
19
2935
325 33 10
Ohlo Edison $6 pref
Feb1035/ Nov Selfridge Prov Stores
• 10031 10116
100 4536 70
100
Ohio 0116% lad
E
136
Amer dee reo
Jan 10734 May
100 10351 103%
234 236
600 8111 89
Ohio Power 6% pref
700
%
36
45
100 11034 11044
8535 Jan 11134 Oct Sentry Safety Control
30 80
_1
33.4
01110 PS 7% 1st pret 100
800
734
Apr 10434 Nov Salon Leather corn
71
7
904
*
13.4
2,400
Oilstone Ltd corn
5
5 1234 1215 1,200
63.4 951 Feb 1234 Doc Shattuck Deno Mining_ _ _6 414 20
Outboard Motors B com_•
500 1434
255 Nov Shawinigan Wat & Power_• 1936
156
51 Mar
131
500
31
1,300
Class A cony pref
%
231 2%
Jan 1235 Nov Shenandoah Corp corn...!
1134
• 11
500" 55
4
Overseas Securities
i 4951 4934
400 12
Nov
$3 cony pref
6
131 Apr
5% 515
•
I%
200
Pacific Eastern Corp
2,050 '3234
1
551 Dec Sherwin-Williams oom_26 12034 12454
455 555 3,800
Mar
" 13-4
2
2951 Nov
260 • 9051
6% preferred A A
2035 Jan
Pacifica & E6% 1st pf _25 284 2934 1,800 18%
_100 107 10751
515% 1st pref
400 20
2751 Oct Sherwin-Williams of Can... 1551 163-1
18% Jan
26 26g 26g200 rs 1611
PaOlf10 Lag 36 pref
Dec Simmons Boardman Pub Co
Feb 107
• 10634 107
71
350 •• 6651
6
PacIllo P & L 7% pref _ _100
-_ _
Nov
Convertible preferred..•. -Oct 76
-70
70
120 112
Pacitle Tin spec est
4555 Nov Singer m fa co
Jan
• 4294 433-1
100 332 336
25
250 10
Pan Amer Airwaya___10 40
June 4415 Feb Singer Mfg Co Ltd36
4056
1,700 3134
2
4
500
Amer dep rec ord reg_El
Pantepec Oil of Yenes
4
1
3
13-4 Mar
31
31,500
4
436 Deo
____
40
Paramount Motor
Deo Sioux City 0& E 7% p1100
1
6
531 531
100
351
336 Mar
1534
-___
Parke, Davis ds Co
4731 July Smith (A 0)Corp oom
•
3251 Jan
• 433-6 4531 8,400 1951
Parker Pen Co
June 2755 Nov Smith (L CI & Corona
17
• 4
10
345
20
700
Nov
-Proof oom__• 7334 7555
Parker Rust
Sept 80
TYpewrIter v $ o com __ _• 19
39
1,800 39
"
1
2,700
2
1
234
Patchogue Plymouth Cp.
•
411
1254 Oct 1234 Oct Sonotone Corp
For footnotes see page 3995.
Range Since
Jan. 1 1935
Low
34
Feb
551 Dec
5,31 Mar
7911 Apr
24
Feb
Nov
65
514 July
151 Mar
955 Apr
8034 Jan
77
Jan
7634 Apr
5315 Jan
5231 Apr
31
Feb
4
Mar
11234 Nov
High
4031 Nov
Feb
7
1431 Nov
10755 Nov
4136 July
July
70
Jan
11
434 Nov
2031 Nov
10734 Oct
103
Oct
11634 Dec
8934 Nov
8934 Jan
43% Oct
1334 Aug
11334 Nov
134
2
731
811
2
%
834
Feb
Feb
Apr
Jan
Jan
Mar
431
48
12
855
434
1255
Nov
Aug
Aug
Nov
Oct
May
5
3355
255
51
4654
2
1814
51
734
654
23
134
31
911
3
.1
Mar
Mar
Jan
Feb
A or
Deo
Aug
Jan
Jan
May
July
Jan
July
June
Jan
855
37
8
7355
9931
351
2534
431
25
1131
3834
251
34
2031
'ts
Dec
Sept
Dec
Sept
Nov
Dec
Feb
Deo
'Deo
Nov
Dec
Apr
Nov
Dec
Jan
1251
%
8
104
431
83
Apr 1934
111
Mar
De
8
May
1234
Mar 1051
Jan 100
Dec
Feb
Dec
Sept
Dec
Sept
75
8
5
1734
16
7834
77
Mar 93
Jan 36
,an
15
Feb 54
Feb 6231
Apr 102
Jan 83
Dec
Nov
Nov
Dec
Nov
July
Feb
May
61
Nov
87
11 Feb
13
651
9
251
127
13255
13
651
97
92
4
Nov
Nov
Nov
Mar 4931 Nov
Mar 2114 Nov
Nov 1415 Dec
Jan
731 Sept
Jan 14155 Nov
Feb 147
July
Oct 1655 Deo
Mar 18
Nov
'it Jun(
'Is JUlie
"16 Nov
55 Nov
335
1031
51
51
40
451
312
43.4
2
%
9
31
234
85
6
134
134
8
Si
2351
1556
311
331
56
6035
Si
1
1734
'Is
5.14
%
2531
%
1936
Aug8
Oct25
Feb3
Feb4
Dcc 4351
Feb
8
Apr
55
Mar 1254
Apr
416
115
Apr
July 13
July
23-6
Aug
55-6
A pr 10351
934
Mar
Apr
3%
Aug
5
Aug
1514
Feb
51
Aug 2(534
May 4434
Apr
9
Nov
4
Mar
23.6
Mar 85
56
Aug
Mar
451
Mar 74
1
Sept
Mar
714
Jan
131
Mar
3334
June
Si
Mar 36
Deo
Jan
Oct
Nov
Oct
Oct
Deo
Deo
Deo
Jan
Deo
Dec
Dec
Nov
Jan
Dec
Dec
Doo
Apr
May
Nov
Oct
Nov
Deo
Nov
Jan
Deo
Doo
Jan
May
Nov
Jan
Dec
Oct
27
34
4354
%
I
28
Mar
38
Mar
331
Mar
50
Mar
14
Oct234
Jan
34
Dec
Aug
May
54 Mar
Mar
48
4615 Mar
Oct
Jan
Apr
231 Oct
Nov
86
8551 Nov
234
14
311
154
1434
54
1234
84
100
143.4
Sept
254 Jan
,
34 Nov
Jan
Mar
83-4 Dec
Deo
Jan
6
May 22% Nov
251 Dec
Apr
Mar 4914 Deo
Jan 12831 Nov
Aug 1134 Mar
Dec 1834 Dec
8
235
1051 Doo
Jan
Deo
Mar 336
234 Feb
7434 Oct
Jan
29
6
1
Feb
Apr
Dec
4
7955 Deo
May
72
244
351
Oct
Oct
Volume 141
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 4
July 1
Week's Range Sales 1933 to
Nov.30
of Prices
for
Week
1935
Range Si1Wd
Jan. 1 1935
Low
High Shares Low
Par Low
High
14
4% 434 5,500
3.4 Ape
54 Nov
I
So Amer()old & Plat
Sou Calif Edison17 28
284 Jan 3934 July
5% original preferred_25
600 15%
174 Jan 28% Oct
26 263.1 273.4
Preferred B
100' 1454
7
154 Jan 264 Oct
25 25% 254
54% prof series C _
Jan
400 •
4% Aug
%
3
1
3
Southn Colo Pow ci A_25
100
Nov
104
Jan 131
Southern N E Teton __100
44 44
10
1,500
334
Southern Pipe Line
5
334 Jan
Sept
Apr
Southern Union Gas com_•
1
4 Oct
' 4
1.100
Southland Royalty Co_ _.5
435
431 Jan
674 July
634
63-4
South Penn 011
25 3134 324 1,800 154
2134 Mar 3231 Dec
150 524 524
So'west Pa Pipe LIne
50 344
4434 Nov 56
Dec
Spanieh & Gen Corp34
14
100
4
4 June
Am den rcts ord bear_£1
!I Oct
900
Am dep rem ord reg £1
31
'is
'pi Apr
'
316 Sept
34
_1
Square D class B eom
May 44
.• 70c 17
Oct
• 30
Class A pref
304
950' 3
•
2
Oct
29
May 40
Stahl-Meyer Inc corn ____•
231 34
400
174 Apr
34 Oct
134
4
4
300
Si
Standard Brewing Co_ _ __•
Si Aug
% Dec
Standard Cap & Seal com _6 3334 30
2934 Mar
350 23
36
Dec
Standard Dredging Co•
Common
4
4
100
34 235 Aug 434 Nov
16
• 16
Cony preferred
200
1%
54 July
17
Oct
Stand Investing 15.50 of_' 31
104 Apr 35
32
350 103.4
Dec
Standard Oil(KY)
10 2131 214 1,800 13%
18
Jan
24
Nov
Standard 011(Neb)
26 1134 1134
12
300
May
74
74 Mar
Standard 011 (Ohio) mut 25 21% 224 1,120 1134 114 Mar 2331 Dec
100 94
6% preferred
400 784 89
94
Sept 9934 May
Standard P & L corn
•
24 34 1,400
I
1
Mar
5
Aug
•
Common class B
231 234
1,700
44 Aug
Si
54 Apr
• 27
100
Preferred
8
27
Oct 28
8
Dec
Standard Silver LeaCI__ _ _1
716
34 4,000
1916 June
316
34 Atm'
Starrett Corporation
1
2te
35
1,000
Si Oct
1
Apr
3.4
10
6% preferred
% Mar 34 .1pr
L000
Si
234 2%
Steel Co of Can Ltd
*
32
424 Mar 50% July
Stein (A)& Co corn
• 1231 13
5
934 Mar 144 July
200
100
80
64% Preferred
103
Jan 107
Feb
•
Sterchl Bros Stores
234
24 Nov
334 Dec
1
Sterling Brewers Inc
2 24
3
Apr
Oct
4
Stetson (.1 11) Co corn__ • 22
74 1034 June 2731 Dec
23
300
Stinnett (Hugo) Corp
1
b
1
134 2,200
Dec
2
1
Jau
Stroock(S)&Co
21
• 20
22
200
44
64 Jan
Nov
Sluts Motor Car
•
14 1% 2,300
Si
54 Sept
3
% Feb
Sullivan 51achlnery --- - .• 143.4 1734 2,000
1731 Dec
10
Mar
53.4
•
Sun Investing corn
214
234 Mar
631 Nov
•
$3 cony preferred
40
Nlar 4834 Nov
• 34
Sunray Oil.
1
24 234 8,000
4
74 Apr
234 Oct
Sunshine Mining Co__10c 19% 204 33,000 .) 2.10 104 Jan
25
June
• 53.4
Sutherland Paper Co_ _ _10
19
Sept
1831 Sept
SwanFinch 011 Corp__ 15
54 54
100
151
24 Mar
64 Dec
16 32
Swift Internacional
3234
1,000' 194 274 Sept 3634 Apr
Swiss Am Elm pref____100 54
5434
400 324 44
Oct 5831 Feb
1
Swiss 011 Corp
3% 3%
2
1,500
1
Feb
34 Dec
Syracuse 1.tg 8% oret__100
89
89
Apr 100
Aug
•
Taggart Corp corn
531 6
3,800
54
fi June
6
Dec
Tampa Electric Co coin..• 343.4 35
400 214 2234 Mar 384 Nov
1
Tastyeast Inc cl A
4
334 3% 7,300
31. July
3% Nov
Technicolor Inc cam
74 11% Jan 27
• 17
18
7.900
June
Tack-Hughes Mince
1
44 534 20,800
334 Jan
334
54 Dec
Tenn El I'ow 7% lst p1100
45
48
Feb
7534 July
Tenn I'roducts Corp corn'
4
%
200
2
Nis July
ti Jan
Texas Gulf Producing ___•
.
434 4% 16,700
2%
234 July
44 Dec
Texas P & L 7% pref _100
75
75
Feb 104
Oct
Taxon 011 & Land Co_ _ _ _•
.5% 5%
Ma
6% Jan
44
8
6
00
Thermold 7% pref
100 63
(15
2234 Ma) 694 Nov
150 20
Tobacco Allied Stocks_ _ -_• 72
72
50 374 60
Mar
7331 Dec
Tobacco Prod ExPorts---•
335 33.4
1.100
54
114 Feb414 Nov
Tobacco Securities Trust
Am dep rcts ord reg_ _£1
1931 Apr
184
34
Jan
Am deli rots Oct reg_ _£1
5
4% Dec7
Jan
Todd Shipyards Corlit----•
18
2334 Jan
34
Nov
Toledo Edison 6% pref 100
51
Nov
68
Jan 104
100 108 1083-4
7% Preferred A
Jan 109
90 584 83
Oct
Tonopah Belmont Devel_ 1
34 Apr
'is Dec
'iv
Tonopah Mining of Nev_ _1
131 Apr
4 Feb
4
Trans Lux Pict ScreenCommon
2
Apr
134
3,000
44 Nov
1
34 3.4
TrI-ContInental warrants_
24 Sept
2
A
4 Mar
500
17.4
Triplex Safety Glass CoAm dep rcts for ord reg
114
164 July
207.4 Dec
TrI-State Tel&Tel8% pf 10
11
9 7%
Aug
1034 Juno
•
Trona Pork Storey
84
631 Oct
9
Jan
3
Tublze ChatIllon Corp_ _1
5
3
63.4 6,i05
Apr
84 Oct
1 224 254
Clans A
700
1054 July
29
Nov
934
Tung-Sol Lamp Works_ _ _1 10
234
34 Apr
104 2,700
12
Nov
$3 cony pref
• 49
20
49
100 12
Jan 50
Dec
80c div pref new
* 1374 1434 2,000 1374 Dec 1434 Dec
Unexcellea Mfg Co
10
g
24 Dec
4
Sept
Union American Inv'g___•
16
1934 Mar 264 Deo
Union Gas of Can
•
734 814
4
5153
934 Nov
900
3
tin Oil of Calif rights
4 June
4 June
A
Union Tobacco corn
•
Si
3 6 1,600
,
'iv
34 Jan
31 Jan
Union Traction Co
50
4
June
n 34
5
Apr
United Aircraft Transport
Warrants
934
300
3
334 Mar 10
93-4
Oct
United Chemicals nom_ _ _•
24
8
Dec
234 Mar
•
$3 cum & part pref
13
214 Apr 40
Aug
Wilted corp warrante
1
13.4
5,200
134 Aug
St
Si Mar
United Dry Docks corn __•
%A 1
3,500
'ii Apr
9111
131 Dec
United Gas Corp com---1
2% 34 19,400
54
34 Mar
431 Sept
Pre non-voting
• 773.4 7911 3,000 15
35
Mar 84
Sept
Option warrants
4 Mar
14
4 2,400
716
0,
18 Aug
United CI & E 7% pret_100 88
88
20 46
64
Jan 88
Dec
United Lt & Pow corn A_'
215 24 9,200
4
4 Mar
34 Aug
Common class B
•
1
4
1
4
100
Feb
7
Sept
36 cony let pref
• 21
224 4,200
34
34 Mar 2551 Nov
United Milk Products- •
434 531
225
3
3
Jan
54 Dec
$3 preferred
• 40
40 20
40
29
Jan
404 Dec
United Molasses CoAni dep rots oil ref_ £1
5
5%
900
2%
434 Jan
531 Jan
United NJ lilt & Canal 100
194
251
(let 251
Oct
-Sharing_•
United Prat
1
1% 2,000
14 Mar
34
13.4 Apr
.
10
Preferred
6
74 Feb
9
Sept
United Shoe Mach oorn_25 844 86
950 • 47
70
Jan
883.4 Dec
25 38
3934
Preferred
460 804
36
Jan 404 Aug
II S Dairy Prod class A_ •
h
h Oct
.
I
Deo
Class B
•
34
35
34 July
35
600
134 Dec
US Flee POw with warr-I
Si 316 23,900
34 Jan
34
24 Aug
Warrants
Ig2 Jar,
'32
'la Jan
•
134
134
400
U S Finishing nom
54
54 Mar
2
Jan
100
5
Preferred
5
Oct63.1 Nov
, 1934 2031 3,100
534
till Foil Co class 13
1034 Mar 2134 Dec
•
134 2
700
4
U it Intl Securities
4 Mar
2
Aug
• 764 764
200 8931
let pref with warr
4134 Apr 8054 Nov
•
1
300
916
U S ',MCA pref
Si An
74
14 Nov
35
10 35
50's 164 304 Mar 3834 May
US Playing Card
B S Radiator Corp corn_ - -*
54 534
000
134
14 June
54 Nov
5256 5
154 30
334
10
7% preferred
July 39
Nov
4
U S Rubber Reclaiming- -•
4 Feb14 Aug
•
31
It%
700
31.
United Stores y t c
4 Mar
134 Jan
334
331 2,400
234
234 Oct
Un Verde Extension_ _ _80c
434 June
2•
331 44 14,700
114 Aug
1
United Wallpaper
44 Dec
100 •, 1.20
35.4 Jan
831 831
Universal Consul 011._ _ _10
834 Dec
8 1734 1715
250
54
Universal Insurance
7
Jan
19
Aug
I
2
Aug
Universal Pictures com _ I
8
Nov
400 • 44 13
• 223
2414
July
Universal Products
2734 Oct
5
31
1,700
%
% July
Utah Apex Mining Co
74
1% Jan
150 1331
47
16
Jan 52% Nov
Utah Pow & Lt $7 pref • 46
For footnotes see page 3995,
STOCKS
(Concluded)
Week's Range
of prices
Par Low
•
Utah Radio Products_
Utica GltA & Eiec 7% pf.100 93
Utility Eoultlei Corp___..'
33.4
• 79
Priority stock
•
Uldlity & Ina Corp
31
34
•
Cone preferred
1
1216
Util Pow & Lt corn
100 13
7% preferred
3
Venezuela Alex 011 Co_ _10
14
Venezuelan Petroleum_ _ _5
Va Pub Serv 7% pref 100 84
Virginian Ry
100
• 18
Vogt Manufacturing
•
534
Waco Aircraft Co
•
5
Wahl (The) Co cons
•
9
Walls & Bond al A
•
134
Class B
Welgreen Co warrant,____
34
Walker 'kilning Co
134
1
Walter(Hiram)-Gooderlrn.
• 304
& Worts Ltd oom
• 1734
Cumill preferred
1 194
Wayne Pump corn
Wendell Copper
'16
I
44
1
Western Air Express
Western Auto Supply A • 39
Western Cartridge Prof _100
Western Maryland Ry
7% let preferred____100
Western Power 7% pref 100
Western Tab & Rat vs o..• 1534
West Texas UtIl 26 Prer • 624
Weetvaoo Chlorine Prod100
7% preferred
4
West Va Coal & Coke _ _•
•
William(R C)&Co
Wilims 011-0-MatIc Heat _• 1234
%
Wil-lc.w Cafeterias Ino
1
• 10
Cony preferred
• 274
Wilson-Jones Co
Wisc Pow & 1.t 7% pref 100
1
531
Woodley Petroleum
Woolworth(F W)Ltd
Amer deposit rots- _ _5e 28
Wright-Hargreaves Ltd ' 735
134
5
Yukon Gold Co
BONDS-
3993
Sales
for
Week
July 1
1933 to
Nov.30
1935
Low
%
10 77
4
2,000
250
30
600'
h
1,600'
%
4,000'
31
150
3%
14
100
6,800
4
10 a 314
67
200
24
334
1,800
200
'4
800
34
800
4
4,800'
h
100
4
i6
High Shares
93
374
7934
31
33-4
135
14
3
134
84
18
6
515
9%
1%
4
13.4
44
40
4,900
900
7,500
2,200
200
1,000
164
634
200
50
434
3.4
1234
134
10%
29
534
Nov
Mar
Nov
224
164
124
114
2
39
98
Oct 343.4
Jan
1834
Aug 22
%,'
June
.lan
5%
Dec 604
Jan 102
Oct
Mar
July
35
65
635
22
4834 Mar 80
744 Mar 107
12
Feb
174
Jan 634
28
Dec
Nov
Sept
Dec
Jan 105
June
54
July
174
1331
Apr
Sept
114
June 114
Jan 29
Nov 624
Jan
84
June
Oct
Jan
Nov
Dec
Dec
Dec
Nov
Sept
60
4
7
300 6 24
1,600
4
1,700
24
700
9
2634
800
2
100
28
13,600
8
1% 4,900
High
Low
1
Aug
3
Oct
Apr 100
Aug
84
74 Mar
54 Nov
434 Jan
791 Dec
1% Aug
Si May
1 Mar 434 Aug
34 Feb
134 Aug
334 Mar 1731 Nov
4
Dec
14 Mar
24 Oct
9,
is Jan
84
Dec 88
Nov
Nov
67
Nov 76
8
Jan
18
Dec
334 Mar
734 Nov
2
Aug
6
Dec
11
Nov
4% Feb
Nov
2
/5 Mar
14 Feb
Dec
N
Jan
134 Sept
34
20%
1231
1231
It,
2
17
6234
2,200
32
174
204
Range Since
Jan. 1 1935
174
531
4
,
99
3
7
3
Si
24
18
624
33-4
24
Mar
64 Aug
34 Mar
mar
2
831 Nov
Mar
10
24 July
I
Jan 107
Oct
Abbott's Dairy 66 -1942 1054 1054 2,000 8634 102
Alabama Power Co
8831 Jan 10531 Nov
1946 1034 1044 43,000 83
let & ref 58
55,000 544 834 Jan 1014 July
1951 9931 100
let & ref be
July
8354 Jan 101
1956 97 97% 10,000 55
let & ref re
Jan 9554 July
1968 8831 9034 44,000 474 73
15t & ref be
1967 814 8234 86,000 4431 6634 Jan 90
July
let & ref 4340
%
17.000 924 1954 Jan 108
Sept
Aluminum Co,f deb 5, 52 1063 107
9734 Jan 104 Aug
Aluminium Ltd deb55 1941 103% 103% 8,000 59
14
14 July
2,000
535 Aug
3
3
Amer Com'ity Pow 5148 53
174 July
2,000
734
714 Afar
Am El Pow Corp deb 63'57 134 14
894 Jan 107
Oct
Amer 0 & El deb 58_2028 10631 10631 49,000 64
Dec
Jan 47
1351
18
Am Gas 5, Pow deb 6s_11134
121
4
1731 Jan 4134 Nov
1953
Secured deb be
Am Pow & Lt deb els_ _2016 914 93 158:500 3831 6034 Jan 964 Oct
Dec 106
Feb
Amer Radiator 45,Ø_1947 103 1033-1 12,000 9734 103
944 Apr 105
Dec
Am Roll MI11 deb S,_1948 103% 1033.4 63,000 62
Jan 10134 Dec
74
Amer Seating cony 6s_ 1936 1003 101% 31,000 41
%
Jan 10634 Dec
101
Appalachian El Pr 6s_1956 10534 105% 36,000 64
Mar
4,000 99
105% Feb 109
Appalachian Power 511.1941 108 108
____
58
8414 Jan 113% Dec
2024
Deb 6e
98
July
7334 Jan
9734 71,000 50
A rkansa• Pr & LS 58._1956 97
58 281,000 204 294 Feb 8431 Nov
Associated Elea 4 Sis_ _1953 53
Associated Gas & El Co
63.000 12
41
147.4 Mar 4614 Nov
1938 31
Cony deb 548
Nov
Feb 37
9% 13
3034 9,000
1943 25
Cony deb 414e O
Nov
11
Mar 37
931
117413 3434 314 330,000
Cony deb 414s
1234 Mar 3934 Nov
1930 264 34 258,000 11
Cony deb be
Nov
Mar 39
1968 264 33% 207,000 114 12
Deb fis
Nov
Mar 38
13
1,000
__
26
26
Registered
Nov
1434 Mar 44
384 26,000 11
1977 32
Cone deo 04s
Oct
Apr 77
764 14,000 8834 60
1960 75
assoc Rayon be
Dec
574 Jan 79
Assoc T & T deb 5 Sis ASS 773.4 784 29,000 34
Nov
33
1434 Jan
9
2814 30,000
Assoc Telep 17t115 48.1944 28
Nov
1434 Jan 33
8
284 284 2,000
Certificates of deposit_
7834 Dec
Jan
20
1933 7834 784 2,000 134
6e
Dec
Jan 78
134 20
.
_
Ctrs of deposit
Dec
Star 96
3:500 47
78
Atlas Plywood 5545.-1943 944 05
Baldwin Loco Works
Nov
27,000 324 324 Apr89
6s with warrants ___1938 7615 82
Os without warr____11138 72
764 156,000 3014 304 Apr 8134 Nov
Bell Teiep of Canada
10934 Mar 11534 Apr
let M be merles A ._ _ 1956 113% 1144 15,000 98
1114 Feb 1184 Apr
1st M 55 series B_ 1957 115% 11634 11,000 97
July
5,series C
5,000 974 11231 Jan 120
1980 11634 116%
July
12654 Jan 138
Bethlehem Steel 6s _ _ _1998 1334 1354 4.000 102
783-4 10254 Jan 10734 Oct
Binghamton L 11 & P be *48
6934 Jan 9114 Aug
Birmingham Floc 414s 1968 8934 9031 44,000 4634
Jan 8034 Aug
68
Birmingham Gas 58_1989 7494 7534 10,000 3834
Jan
May 109
1,000 10224 106
Boston Coneol Oas .56_1947 107% 10734
Jan 9135 Aug
70
8,000 29
Broad River Pow 58_1954 87
9074
Buff Gen Eleo Si ____1939--- 1024 1064 Aug 10994 Jan
Apr 110
Mar
105
1,000 102
Gen & ref 118
1956 105 105
July
Apr 103
97
Canada Northern Pr 5'54 10234 1024 21,000 71
Mar 1124 Jan
105
Canadian Pao Ry 68_ 1942 1104 1114 40.000 98
8834 Jan 10534 Nov
8,000 65
Capital Adminle 5s _ 1953 10434 105
835i Jan 1004 May
Carolina Pr & Lt (Se_ _195f 984 994 98,000 4634
Aug 11331 Aug
Cedar Rapids M & I;5s '53 111% 112
13,000 9454 109
Dec
Jan 106
89
Cent Aril Lt & Pow 5,1960 105% 10531 7,000 724
Mar 4415 June
39
33%
Cent German Power 8431934
Apr 10931 Mar
Cent III Light 1e____1943 10834 10834
106
1,000 99
Central Ill Pub Service
764 Jan 1018% Dec
be series E
1956 101
10134 19,000 50
Jan 944 Dec
1st & ref 44e eer F_1987 9334 944 90.000 4531
67
75
Jan 9931 Dec
5s series0
196? 9931 99% 34,000 49
44% series 11
6734 Jan 944 Nov
1981 9331 944 11,000 46
Oct
Jan 106
Cent Maine Pow as D_1956 10434 105
101
7,000 80
Dec
9534 Jan 104
!series E
44,
1957 10334 103% 3,000 72
Jan 9834 Dec
Cent Ohio 1,1 & Pow 581950 9731 9834 22,000 5534
72
91
Dec
Jan
Cent Power Ds set D 195? 87
8831 19,000 374 59
Cent Pow & Li let 56_1956 8134 8234 75,000 3734
5931 Jan 84% Aug
Nov
Cent States Elea be__ _1948 6131 63% 92,000 25
20
Mar 136
634' es-warr
2534 Mar 6734 Nov
1954 614 64 128,000 2534
7134 Aug
Cent States P & L 640.'53 6834 6814 91,000 29
4834 Jan
)
Chic Dist Elea Gen 43.4s'70 1044 105
9234 Jan 1054 Jul
59,000 62
Chia Jet Ry & Union Stk
Yards En
1053.4 Jan 11034 Mae
1940 10874 10874 3,000• 90
Cttle Pneu Tools 648_1942 103 103
8754 Jan 103
2,000 51 34
Aug
June
1927 69
Chic Rye be otfe
654 Jan 80
7034 71,000 43
Cincinnati St Ry 535s A '5' 87
Feb 8934 Aug
88
12,000 404 58
Aug
6s series 13
1955 92
664 Feb 93
9234 9,000 47
Cities Seryloebs
1966 68
89% 32,000 284 304 Ma . 8974 Dec
Cony deb 58
1950 6734 7034 1037000 2834
29% Feb7094 Dec
Cities Service Gas 5345 '42 95
9634 79,000 6334 834 Jan 964 Dec
Cities Service Gas Pip
1943 10334 10331 7,000 65
Line de
844 Jan 10331 Dec
Cities Sexy P & L 534 1952 6231 67 744,000 284
2634 Feb 67
,
Dec
64s
1949 63
6734 247,000 274 2731 Feb 6734 Nov
Commera k PrIvat 54s '37 36
3314 Aug
47
Fe,.
40
24,000 33
New York Curb Exchange-Continued-Page 5
3994
BONDS
(Continued)
Week's Range
of Prices
Sates
for
Week
Low
High
5
Commonwealth Edisonled' M as series A___1953 111
11115 5,000
let M 65 series B___1954 112 112
5,000
let 410 series G___1956 1114 1114 4,000
33,000
lat 410 serum D__1957 11134 112
let M 45 aeries F_ _1981 10534 106 136,000
1065 10335 10331 42,000
334s series II
Com'wealth Subsid 545'68 10335 10435 43,000
Community Pr & LI be 1967 63% 65
77,000
Connecticut Light & Power
1951 12615 12615 3,000
7e aeries A
1958
4 10 serial C
1962
5s serke D
Conn River Pow be A 1951' 106 106% 5,000
Coneol Oat (Saito City)be
1939
6,000
Gen mtge 430
1950 121 121
Consol Gas El Lt & P(Balt,
Bluer a 145
1981 10815 109
10.000
Consol Oat Utll Colet & coll 61 ser A_.19&3 8731 8835 11,000
Cony deb 6341w w .1943 294 304 29,000
Consol Pub 731s stnap_1939
Consumers Pow 448_1966 107 107% 12.000
1938 100 100
2,000
lat & ref be
ConielGas & El 5e_ _ .1958 8351 84 185,000
Crane Co 511.. _ _Aug 1 1140 10374 104
.
18,000
1960 1024 1024 21,000
Crucible Steel 58
Cuban Telephone 734.1941 8734 88
9,000
Cuban Tobacco 58_ _ _1944 6015 6135 6,000
Cumberld Co P& 1. 11305e 105% 10635 12,000
Dallas Pow & Lt 130 A-1949 10811 10634 20,000
1952 106 1064 5,000
5. aeries C
Delaware El Pow b34e__'59 1034 104
19,000
Denver Gm & Elea 58_1949 1074 103
9,000
Derby Gas & Elea 68_ 1948 98
987 38,000
%
DM City Gas as ger A-1947 10534 1054 16,000
1950 10131 102
Be lat series B
52,000
Detroit Internal Bridge-Aug. 11052
335 4
20,000
610
Certificates of del:Keit_
334 335 75,000
Aug 1 1962
Deb 78
35
35 11,000
1,000
h
h
Certificates of deposit_
Dixie Gulf Gas 83.4i..1937 101% 10134 4,000
Duke Power 415e
1967 104% 10434
1,
000
Eaatern HUI Inve5t 53_1954 22
32
34,000
Elec Power & Light 58_ 2030 68
6935 157,000
Elmira Wet.LI & RR 55'56 1024 10234
1,000
El Paao Elea be A-- - -1950 10334 10335 12,000
El Paao Nat Gaa 530-1943
1064 10614 1,000
With warrants
1938 105 105
Deb 830
1,000
Empire Dist El 5I__1953 97
9731 72,000
Empire Oil& Ref 5151 1942 7734 794 123,000
Ercole Marelli Elea Mfg1953
630 A es-wan
1967 10634 10635 1,000
Erie Lighting 54
European Elea Corp Ltd1905 7535 7535
630 x-warn
1,000
European Mtge Inv 71 C'67
Pa1rbanke Morse 51,1942 1024 103
13,000
Farmers Nat Mtge 75_1963
131 2
Federal Sugar Ref 6a..11)33
14,000
Federal Water dery 5155'54 7335 7535 34,000
Finland Residential Mtge
Banks 65-588111amPed1961 9935 9915 8,
000
Fireetone Cot Mille 54.'118 10335 10335 25,000
Firestone Tire & Rub 5a '42 104 1044 12,000
First Bohemian Glass 78'57 90
90
4,000
Fla Power Corp 510_1979 9835 99% 113,000
Florida Power & Lt be 1955 9215 9275 133,000
July 1
1933 to
Nov.30
1935
Range Since
Jan. 1 1935
8654
8634
8034
7935
6945
9831
54
3334
112
984
102
8715
10935 Jan 11344
109
Jan 11315
1054 Jan 1134
10411 Jan 113
9431 Jan 106
9831 Aug 104
85
Jan 105
5134 Mar 7314
11915 Jan 1264 Dec
July
Aug 110
108
May 10914 Jan
106
10334 Jan 10034 June
103
1104
1194 1144
Oct 113
Jan 122
May
July
112
July
89
314
100
10914
104
1
863
10415
103%
89
61h
107
11034
1074
104
110
9915
106
10274
Nov
Dec
Nov
Mar
Jan
Nov
Nov
Oct
Dec
Dec
Deo
Mar
Aug
Dec
July
Nov
Nov
Nov
8874
10034
Jan
33
435
70
58
1004
33
7735
8015
50
35
65
10034
94
85
924
684
76
6735
51
435
87
1064
100
42
102
9515
614
38
9535
106
10411
8634
1054
83
99
914
Jan
Jan
Mar
Sept
Dec
Jan
Jan
Apr
Mar
Aug
Jan
Sept
Feb
Jan
Jan
Jan
Jan
Jan
74 Apr
Jan
214
3
Apr
7
Jan
2
14
244 Apr
34 Jan
4
4 Mar
N
.
14 Apr
76
10134 Aug 1034 May
104% Dec 10855 mar
85
Dec
June 32
10
10
Nov
22
3315 Feb 76
854 Jan 10215 Dec
55
894 Jan 10434 Dec
64
5615
25
48
41
46
78
85
24
58
3831
115
15
91
904
67
54
40
100
Jan 10615 Deo
Dec
Jan 105
Jan 9715 Nov
794 Nov
Jan
Dec 09
Jan 10615
Jan
Oct
84 Mar 100
9
86
10234 June 10515
55
al)
A pr 1054
103
61
90
Dec 9234
48
Jan 9994
78
444 684 Jan 93
Jan 91
Oct 99/5
Apr 994
.
Apr 9855
Mar 99
Mar 100
Jan 81
Dec 874
Jan
2434
Jan 24
Jan 8475
Jan 100
Jan 83
May 5615
Sept 10531
Jan 93
Apr
Dec
Oct
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Nov
July
June
9334
1054
95
10811
10911
5215
03
107%
1053.4
10334
1114
10635
7735
51
Aug 4114
Jan 1014
Jan 10615
Jan 105
Mar 9955
Aug
Sept
Jan
Aug
Jan
Feb
Apr
Sept
Nov
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
107
10554
loci
55
114
108
64.4
63
109
8031
10731
1014
9834
9415
8915
963.4
9934
88
1074
95
1064
112
09
6854
10515
1063.4
44
International Power Sea830 eerie'0
1955
75 series E
1957
is settee F
1952
International Raft Ita _1951
International See 5s._1947
Interstate Irn & dti 410'48
Interstate Nat Gas 63_1936
Interatate Power be _ _1957
Debenture 63.
1952
Interstate Public Service5s series D
1956
445e series F
1958
Invest Coot Amer5e merles A w w
1947
without warrants
lowa-Neb L & P 5e___1957
be merles II
1961
Iowa Pow & LI 440_1958
Iowa Pub dery 54._ _1057
learnt Hydro Elec 71.1952
Laotta Franshini 7e_ _ _1942
Italian Superpower of Del
Deb 6. without war _1963
Jacktonville Gas 55_1942
Stamped.
Jamaica Wat Sup 630'56
Jersey Central Pow & Light
58 series B
1947
615e Bence C
1961
Jones & Laughlin St1 5a '39
Kansas Gas & Elea 65_2022
Kama. Power
_1917
Kansas Pow &511.- .- A'55
Lt 611
5fnerlea B
1937
Kent ucky Utilities Co
1st mime be ter H 1961
610 series D
1943
510 mate F
1965
51 aeries I
1969
Kimberly-Clark be_ _ _1943
Koppers0 & C deb 154 1947
Sink fund deb 5 48.1980
Laclede Gas Light 5301935
Lehigh Pow Scour as _2026
.
Lexington thin ties5e _1952
Libby MaN & Libby 56'42
Lone Star Gas 5s
1942
Long Island Ltg 65_ _1945
Los Angeles G& E 68 1939
155
1961
65
1942
510eerier( E
1947
5345 series F
1943
Louisiana Pow & Lt St 1957
Louisville G&E 4351110 1961
Manitoba Power 541_1951
Mansfield Min & Smelt
70 with warrants_ _1911
.
Maas Gas deb 6.
111,c
5151
1946
MeCord Radiator & Mtg15e with warrants
1943
Memphis P & L be A.1948
Apr Metropolitan Ed0E _1971
be series F
Mar
1962
Mar Middle States Pet 614e '45
Oct Middle Weal Utilities
Nov
6a Ws of deposit _1932
Dee
Matte of dep
1933
158 atta of bap
1934
Nov
Is after of deposit_ _ _1935
Midland Valley 5s____1943
Jan
Jar, MIlw Gas Light 445_1967
Jan
M1nneap Gas LS 410_1950
Minn P & L 415s
Nov
1978
55
Dec
1955
Aug Missfeetppi Pow bs__ _1955
Mine Pow & Lt 5e.... _ _1957
July
Dec Mississippi River Fuel
Ils ex warrants
Oct
1944
Dec MIall River pow its 54 1951
July
Mlaaouri Pow & II 5 Sie 55
Nov
mlasourl Pub Serv 65_1947
Mont-Dakota Pow 5545 '4
Jae
Montreal L 11 & P Con
Feb
let & revs. mer A ._1961
Sept
Munson S S 6 he ww_ _1937
Feb
Narragansett Elea 6s A '57
be series B
Jan
1957
Aug Naasau & Suffolk Ltir s.'an
AuX Nat Pow & IA fie A___2026
Deb 6. series B _ _2030
Oct
May Nat Pub Serv 58 Wm-1978
Aug Nebraska Power 448_1981
Jan
6teatiest.
2022
Nov Nelaner Bros Realty 6..an
Dec Nevada-Calif Elea be_ Mr
July New Amsterdam Ga 15841.
N E Gas & El Assn 51_1947
Feb
Cony deb tls
Apr
1948
Cony deb 65
Feb
1951
New Eng Pow Asen 5e_190
Feb
Debenture 54a _ _ _ _ 1954
New ON Pub Sera
July
58 stamped
Deo
1942
ele aeries A
Nov
1948
June N Y Central Elea 510 '50
NY Penn & Ohio 445 1950
Mar NY P&L Corp lat 410'117
Nov NY State()& E 441_1981
Dec
111541
1962
Jan N Y & We/tater Lig as 2004
1954
July
Debenture 54
Sept Niagara Falls Pow 68_1951
be series A
Jan
1959
Apr Nippon El Pow 830_1963
May No Amer Lt& Pow 58_1936
64e aeries A
Jan
1958
Aug Nor Coot 1:411610. _1948
Dec No Indiana 0 & E Ot_1952
Dec Northern Indiana PS
5s series C
Dec
1968
5seerleeD
Sept
1969
44e series E
1970
Nov No Ohio PA L 63.41_1951
Nov Nor Ohio Trio & LI 58 '56
Nov No States Pr ref 445_1961
Mar
1940
535% notee
Nov N'western Elect 63_1945
Sept N'weetern Poweraii A _1980
July
Certitleates of depoalt_
:
8818r9 Pub Serv 65 1957
Nov"
1940
Ogden Gas Se
Nov
Aug Ohio Edison let 6a
1960
Dec Ohio Power let 55 B_ _1952
let Alt? 44e ser D 111/56
Mar
Apr
Aug 98
65
344 Apr 5515 Jan
July
964 Jan 104
4514 Aug 5534 Jan
215 May
14 Feb
Nov
314 Jan 78
Gary Elea & Cat S. ext-'44 8794 8834 31,000 633-1
633.4
9134 204,000 7114
Gatineau Power let 511958 86
78
80
80,000 60
Deb gold be June 151941 7415 81
1941 73% 80% 138,000 5915 5935
Deb (is series 13
1940 964 9615 8,000 65
General Bronze 6a
8135
General Pub dery 51 __1953 100 100
5,000 64
74
Gen Pub Util 1530 A.1056 77
7834 49,000 234 6134
General Rayon 64 A._1948
38
40
2414 29,000
Gen Vending 69 an war '37 21
2
4
2134 24
Certificates of deposit__
22,000
2
4
Gen Wat wks & F151_1943 8235 84
33,000 384 6634
Georgia Power ref 65_1967 9
634 9834 230,000 544 8134
804
8015 8135 13,000 40
Georgia Pow & Lt 55_1978
Gestural 6.1-warrant. 1953
314
3
0
Gillette Safety Razor be '46
93
10131
894 122,000 53
Glen Alden Coal 4a___1965 88
8114
Gobel (A Clolt) 0341...1930
70
45,000 69
83
78
with warrants
Grand Trunk Ry 634.1936 100% 10015 2,000 tfa 31 10015
Grand 'I runt West 48_1960 9235 9235 11,000 63
8674
(It Nor Pow ba stnip_195b
1024 10234
Great western Pow 5.1946 10831 108% 7,000 9311 107
42
Guantanamo & West flit '58 42
5,000 10
174
Guardian Investors 59_1945 56
56
6,000 24
25
1947 10615 10635 28,000 97
GUI( 011 of Pa 55
105
Gulf States USII 51-1956 10434 1054 26,000 62
9415
430 series B
1961 103 103
4,000 55
874
Harkensack Water 6a _198b
9835 10855
1977 105 105
3,000 98
tie aeries A
1044
Hall Print ila atm p_ _ _ _1947 7335 7435 40,000 60
60
Hamburg Elec 7s__1935
37
37
Hamburg El Underirouno
1938
dr St Ry 534.
28
30
Hood Rubber 510-19341 100% 100% 3,000 55
84
1936 10435 105
6,000 65
71
87
Houston Gulf Gas els_ _1943 10315 104
23,000 40
93
98
610 with warrants_ 1943 97
0,000 2915 76
Hotutton Light & Power1953 10515 105% 22,000 9134 1034
let 55 ten A
1978
let 4155 ser D
79
10111
let 4358 rier E
1981 10615 10835 6,000 80
104
Hungarian-Ital 13k 734e '83
42
42
Hydraulic Pow 65_1950
100% 11 1 3
4
1951
Ref & impr 53
100
10615
Hygrade Food 65 A _ _ _1949 55% 5615 25,000 40% 47
56
12,000 42
1949 55
63 merles B
50
7,000 86
105
1947 10735 108
Idaho Power be
56,000 60
Illinois Central RR 131 1937 7235 74
60
III Northern L41155_1957 10535 10531
1,000 8215 10211
III PO* tt L let 68 ger A '53 994 101 133,000 48
7535
let & ref 550 ler B_1954 9734 9854 39,000 48
6955
Its & ref Steer C.._ _ 1956 9235 9334 99,00() 4231
665.4
ST deb 6%a __May 1957 85
8636 15,000 3231
57
Indiana Electric Corp11,000 543.4
1947 954 96
tle series A
64
1953
58
610!fades B
88
864 51,000 45
1961 85
5s series C
80
Indiana Gen Serv Ss__ 1948
93
1054
Indiana Hydro-Elea 58 '58 9135 92
9,
000 44
6134
1,000 70
Indiana & Mich Elite 611 '65 105 105
99
1957 1094 10911 1,000 884 10734
51
6515 41,000 2311 364
1950 64
indlans Service Se
let lien & ref 5..._..1963 6435 6515 21,000 22
354
. 30654 97
Indianapolis Gas Si A,195
7 000 88
,
80
Ind'oolls P & L be ear A '*1 105 10514 44,000 73
9744
14
In tercontInenta •Pr 65_1948
____
111
For footnotes see page 3195.
July
Nov
Nov
Nov
Dec
Dec
Oct
Aug
Week's Range
of Prices
High
Low
High
Low
Low
BONDS
(Continued)
Dec. 21 1935
61
55
54
10734
99
10234
10131
8135
694
53
57
58
1074
10011
104
10135
824
7035
July 1
Sales 1933 to
Nov.30
for
Week
1935
$
1013.4 :5,000
101
2,000
14,000
105
10414 37,000
10134 102
4515 49
32:000
8,000
394 44
149,000
4934 5035 29,000
106 1064 6,000
10435
1024
10615
115
10035
107
106%
1044
10315
106%
115
1004
10714
107
High
Low
Low
21,000 414 414 Oct
42,000 46
Oct
48
20,000 49
4735 Dec
1,000 834 10435 Apr
6835 Jan
75,000 43
A pr
24,000 5315 89
10131 Dec
3,000 103
73,000 87
57
Jan
Jan
36,000 264
38
834 8434 20,000
7914 8034 39,000
10034
101
10434
104
Range Since
Jan. 1 1935
41
42
67
67
56
5615
72
5735
39
55
35
48
9615
52
4734
Jan
Jan
7
774
854
8054
108
10031
1044
10534
8335
72
Jan
Feb
Feb
Apr
Dec
Dec
Jan
Aug
Aug
8734 Nov
8335 Nov
Jan 101
92
Oct
Jan 101
91
Nov
Jan 10535 Nov
88
Jan 105
86
Nov
10
0
July
Jan 106
8335 Jan 10234 Dec
39
Nov 8335 AN
June
55
Aug 95
35
Oct
May
48
10515 Apr
6635
Feb
57
108
June
Mar
10135
4,000 77
934
118,000 7044
15,000 1024 1064
5.000 614 90
7734
12,000 55
7,000 8035 105
100
12,000 70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
105
10734
1 154
10035
1084
107
Oct
July
July
Aug
Dec
Nov
July
6211
73
69
624
102
10115
103
564
914
75
9334
101
954
10555
10334
107
107
10414
8831
104
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Jar
Jar,
Jar
Jan
Jan
Feb
Jan
Dec
Jan
Jan
Jan
Jan
95
105
100
95
10415
105
10575
86
10034
10234
10475
105%
107
1084
10734
110
10914
10734
105
1083.4
Nov
July
Nov
Nov
Sept
Nov
June
Nov
Dec
Dec
Aug
Aug
Oct
Mar
Aug
Feb
Feb
May
Dec
Apr
59,000
2,000
46
55
50
453
82/1
72
70
50
54
544
67
8255
65
100
874
994
94
94
6115
79
75
43,000
224
60
37
37
89
91
0134 94
1,000
157,000
177,000
33
70
80
July 37
35
Aug
Oct96
June
82
874 Mar 10215 Jan
15,000
97
10135 37,000
10335 50,000
106% 9,000
9255 6,000
33
70
63
78
46
1934
754
103
104
9711
10131
8894
914
2035
78
10334
10415
9735
10175
9014
92
3A
5
335
44
335
44
44
34
624
53
1024
tel
9415
67
54
794
584 8814
1
3534 623
72
40
10334
10735
10615
5715
9115
10434 4,000
6,000
108
10,000
107
5874 28,000
924 12,000
92
934
102% 10315
9735 98%
9115 9315
1034 103%
10315 104
105% 1054
47,000
13,000
4,000
12.000
3,000
28,000
69,000
10834 109%
1024 10214
103% 104
10455 1044
10534 106
10515 10534
10531 10535
107 107
10731 10774
123,000
18,000
8,000
4,000
13,000
1,000
1,000
3,000
11,000
1044 105
107 107
71
964
101
1034
10635
92
136,000
11,000
63,000
31,000
38,000
24,000
32,000
50,000
106% 10694 8,000
6;,1 4,000
631
105 1054 33,000
1054 10515
1,000
10194 16,000
101
9934 1004 89,000
66,000
8735 89
1835 1935 751,000
6,000
110 110
117 11715 10,000
106 10735 15,000
8451 854 32,000
109 1094 14,000
7115 744 104,000
8,000
714 74
714 7435 61,000
8415 75,000
82
894 75.000
88
July
May
67
oom Jan
Jan
89
10015 Jan
Jan
66
75
Dec
Dec
98
1044 June
105
Oct
1074 Oct
934 Oct
244
Jan
Jan
2411
Jan
244
Jan 244
Jan 82
Oct10534
Jai 106
Jan
9731.
Jan 10174
Jan 03
9351
Jan
Nov
Nov
Nov
Nov
July
Jan
Aug
Dee
Dec
Nov
July
Mar 10451 Dec
8534 94
954 10634 Jan 10831 May
7035 1014 Jan 10731 Sept,
Nov
(12
414 Ma
33
4715 674 Jan 924 Dec
945.1
2
9134
9334
95
51
42
315
33
7051
35
54
85
34
333.4
334
4816
50
1044
2
10054
10214
11.104
714
814,
336
10711
10131
90
67
1004
4715
48
47
54'4
5714
Mar 1074
11
June
an 10615
Oct1054
Jan 111414
Jar 101
9015
Jan
194
Mar
Jan 11 1
Jan 1184
Jan 10734
Ap
87
Jan 10935
Mar 794
Mar
7034
Mar 7915
Mar
85.4
Mar 00%
Jan
Nov
Feb
Feb
May
Dec
Dec
Nov
May
Nov
Dec
Nov
Nov
Nov
Nov
Nov
Dec
Dec
60
Aug
724 7415 160.000 60
7434 Dec
304 Jan
744 Nov
3,000 26
6894 6915
Dec
Jan 103
6
102 10215 27.000 5
77
,
1
107 1074 29,000 10315 1034 Mar i073 Ma4
894 Jan 1054 Nov
10514 1054 88,000 73
Jan 10354 Oct
102 10231 91,000 5831 85
2,000 77
9915 Jan 1081.4 June
108 103
May
7,000 81
994 Jan 106
1034 10315
10451 Jan 1124 Oct
1,000 96
11251 112%
Mar
11,000 104
1064 Sept 110
10734 108
3,000 99% 1054 Apr 10915 Feb
10751 103
June
8215 Feb 90
894 894 1,1100 61
100% 100% 7,000 8134 1004 Jan 1(1234 June
68,000 2531
8831 89
4435 Mar 9034 Nov
29,000 1814
5115 53
5334 Nov
204 Mat
Nov
1,000 71
10655 10634
9954 Jan 107
10215
10294
90
10531
20,000
38,001
69.000
17.000
10515 106
10315 10314
1004 101
50
49
484 4935
9815 9835
10215 103
10531106%
10415 10534
105 10535
65,000
9,000
12,000
15,000
4,000
39,000
41,000
52,000
6,000
8,000
102
10131
98
10511
5134
524
494
69
65
71
89
97
834
831
47,,
734
6334
85
834
77
Jan 1034
7674 Jan 103
714 Jan 994
10155 Jan 108
100
Jan 108
9034 jar, 106
Jai 104
88
97
Sept 10311
Jan
50
2
8
4915
Jan
28
Jan 994
72
Jan 10634
06
974 Jan 10635
1044 Apr 10814
1014% Oct108 '.4
-
Dec
DEP
Nov
Oct
Sept
Dec
July
Oct
Dec
Dec
Dec
July
Oct
Jan
Msv
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Conlinued)
Week's Range
of Prices
July 1
Sales 1933 to
Nov.30
for
Week
1935
Low
High
$
Ohio Public Service Co2,000
1953 109 109
61 series C
1954 105 10535 10,000
as merles D
1,000
1981 10631 106%
534e series E
1950 1044 105% 66,000
Okla Gee & Elea 5s
15,000
1940 1034 104
68 series A
Okla Power & Water 53 '48 894 90% 13,000
8,000
1941 92% 93
Oswego Falls 68
Pacific Gebel Power 5s 1940 106 1064 10,000
Pacific Gas & El Co1941 1194 119% 14,000
let flatteries B
1.1k ref 43i e E____1957 108 108% 12,000
40,000
let & ref 44e F____1960 108% 109
Pay Invest Sc ser A ___1948 974 984 13,000
Pacific Ltg & Pow 519_1942
Pacific Pow & Ltg 5s1955 p8434 85% 107.000
1938 102% 102% 2,000
Palmer Corp Oa
Park & Tliford 6s. _1936
Penn Cent L & P 4451977 98% 9934 109,000
1979 104 104
1,000
Se
1971 95% 9634 1 8,000
Penn Electric 4s F
Penn Ohio Edison1950 104 105
12,000
C.merles A xw
1959 964 094 104.000
Deb 5 353 merles B
Peon-Ohio P & L 548 1954 104 104% 8,000
1956 106% 106% 2,000
Penn Power 58
Penn Pub Sere as C 1947
1954 106 10634
2,000
53 series D
Penn Telephone as C_1960
Penn Water Pow 55_1940 1124 112%
2,000
1968
43411 twice B
Peoples Gan L & Coke1981 86
86% 31,000
gs eerier' B
1967 1034 103% 79,000
lla series C
4
1979
4% 26,000
Peoples Lt & Pr 5s
Phila Electric Co 5e_1960 1114 111% 10,000
Ptilla Elec Pow 546_1972 1103.4 110% 29,000
5,000
Flilla Rapld Tranalt at 1962 87% 88
Phil Sub Co G & E 448'57 1074 1074 2,000
merlin's Hydro-El 6346 '66 45
49% 76,000
Piedmont & Nor 51___1954 10234 103
10,000
Pittsburgh Coal 68____1949 1064 1064 3,000
Pittsburgh Steel 81___1948 96% 9834 52,000
Ponieranian Elea 6.__1953
19311 101
Poor & Co 68
10434 24,000
Portland (las & Coke 5. 40 81
83% 19,000
Potomac Edleon 511-___1960 105% 106
23.000
1961 107 10735 9,000
434e series F
Potomac Elm,Pow 54_1936 102% 102% 3,000
1947 _
l'otrero Sugar 71
Stamped
66- 66
1,000
PowerCori(Can) 1148 B'59 88% 90% 31,000
Power Securities 6,.,_l948 9734 98
6,000
Pruselan Electric 6s.._1954
2,000
l'ub Her,of N H 441 B '57 1034 103%
132
34.000
Pub fiery of NJ 6%pet etre 131
Pub Seri of Nor Illinois,
1956 1084 10935 16,000
lit & ref 51
1966 1054 10534
as serie6 C
1,000
1978 102 10234 12,000
434e eerie. D
1980 102 1024 8,000
14s series E
1st & ref 4341 ger F_1981 101 10134 51,000
Pub Fiery of Oklahoma1961 104% 104% 12,0017
batteries C
1957 103% 104
farserlee I)
6,000
Pub Serv Subtild 546.1949 10035 101% 29,000
Puget Hound P & L 5411'69 854 86% 113,00Q
lit & ref 5,eerlee C-1950 81 82 31,000
lit & ref 634s ser D_1950 78 7934 47,000
Low
Range Since
Jan. 1 1935
Low
Nov
704 10534 Jan 111
60% 994 Jan 1054 Nov
63
1004 Jan 1074 Sept
884 99
Jan 1054 Sept
June
63
90% Jan 104
40
48
Jan 90% Dec
Nov
4534 854 Jan 96
645
904 Jan 10631 Dec
11134
101
10034
87
110
57%
102
024
84%
934
5134 7434
101
824
824
89
102
35
85
62
57
Jan
Jan
Jan
Mar
Jan
Jan
Jan
JAI)
Jan
Jan
Jan
1204
109%
109%
9934
117
87
1044
July
Dec
Dec
July
Apr
Nov
June
101
Oct
mg July
105% June
98
July
3931
35
74
9231
6634
60
86
103
89
Dec
664 Jan 105
81% Jan 9935 Dec
1034 Jan 10834 Mar
Apr 10835 Feb
105
100
Jan 108
July
95
Jan 106% Dec
103% Jan 107% July
110% Jan 1144 Sept
105% May 109
Sept
564
68
14
104%
100
4435
90
35%
69
89
79
25
80
6736
72
65
101
13
41
53
4134
29
8234
102
73
89
14
1104
107%
754
10634
3515
9335
1054
89
25
98%
6734
9931
934
102%
34
41
7854
76
294
103%
118
Jan
Jan
Mar
May
Apr
Jan
July
Nov
Jan
Jan
Apr
June
Apr
Feb
Jan
Jan
Nov
Jan
June
Mar
Feb
Aug
Dec
Jan
89
104
84
114%
1114
904
109
754
105
1084
984
35
105
8834
10734
1074
10534
71
703.4
90%
09
42
10834
1334
July
Oct
Allg
Mar
July
Sept
Mar
Jan
Nov
Feb
Nov
r sh
Oct
July
Dec
July
Jan
Oct
Nov
Dec
Nov
Feb
May
Sept
62
584
534
524
624
904
89
81
8035
80
Jan
Jan
Jan
Jan
Jan
109%
1054
104
103
10234
July
July
July
July
July
6034
55
40%
374
304
3334
9454
9331
7935
5534
5334
50%
Jan 1054 Nov
Jan 1044 Dec
Jan 102
Nov
Jan 8934 Nov
Jan 8534 Nov
Jan 8134 Nov
1968 - __Quebec Power 156
101
Apr 1054 July
85
Queens Born 0& E 443'58 10631 1136%
102
Jan 107
Oct
5,000 88
1952 1034 104% 29,000 6135 88
5%geodes A
Jan 105
Dec
Reliance Managemt as 1954
With warrants__ _____
Jan 101
Dec
554 82
Oct
Rochester Cent Pow -581953 75
3,000 2234 314 Mar 83
77%
Rochester Ry & Lt 5a_1954 112% 11234 6,000 100
11151 Oct 11334 Mar
Ruhr(la! Corp 649_1953 3234 3231 18,000 2831
3234 Dec 4334 k eb
Ruhr Housing 6 3.4e.....1958 28
250* Atut 3434 Feb
5,000 23
28
1054 May 10935 June
4,000 91
''
'
Safe Harbor W155 51 430 70 108 108
HI Louie Gas & Coke 6e '67 1334 14% 37,000
345 6 June 144 Aug
92% Jan 105
July
Sall Antonio PS 58 13- -'58 10134 1014 32,000
64
San Joaquin L & 1'6313'52
June
1074 Jan 126
88
1955 108 1084 18,000 101
Jan
Hands Fall. Si
108
Sept 111
Saxon Pub Wks61
1937 3234 33
3034 Aug 42% Feb
15,000 303.1
Schulte Real Estate65 with warrants_193.5
2134 Dec
17
Jan
7
11
2031 10,000
teen-warrant.
1935 1534 21
44 104 Feb
196,000
2134 Sept
Script)(E WI Co 548.1943 10234 10334 21.
Jan 1034 Nov
000 664 96
Seattle Lighting 5s1041, 6534 67
284 Tat, 07
Dec
16,000 17
Second Int'ISec as____1948 084 100
10,000 9
01 9634 Nov 10034 Dec
!fervid Inc 5.
1968 1074 10734 2,000 tit
101
Jan i 0735 Dec
Shawinigan W & P 434e '67 99% 10034 55,000 6334 90
Apr 101% Aug
1968 9934 994 16,000 63
434a merles II
90
Apr wog Aug
1970 100 100
lee 1Se eerie@ C
98
Apr 10834 July
1,000 73
181434seeries D_ __1970 9934 100% 10,000 6331 9134 Apr 101
Aug
Sheridan Wyo Coal 6.1967 58
47
58
1,000 38
Jan 63
Aug
Sou Carolina Pow 5e.1957 9734 9734 37,000 41
73
Jan 99
Nov
Southeast P & L fle2025
Without warrant.
loon 101% 199,000 374 6431 Jan 102% Nov
Southern Calif Edison CoRef M 3348 May 1 1960 99
9934 187,000 9634
9614 Oct 9931 Dec
Ref al 331s B July 1 1960 9834 9934 74,000 9634
9634 Oct 9931 Dec
Sou Calif Gallen 4 kin _1911I 1054 10534 6,000 1051
974 Jan 10634 July
Sou Counties Gas 634._'68 10334 1033-4 10,000 7535 96% Jan 105
Aug
Soy Indiana 0 & E 5%S'57 10734 10734
1,000 9831 10531 July 110
Jan
Sou Indiana By 48
1951 58
6,000 25
25
57
Mar
63
Aug
Sou Natural Gas 68._1944
Unstamped
81
10034 10131 44,000 53
Feb 10234 Nov
56
Stamped
804 Feb 101% Nov
S'western Ammo Tel 51 '61
63% Jan
933i 944 20:000 40
0434 Dec
Southwest(1 & ES!A_1957 )0335 10331 34,000 60
93
Jan 10434 Aug
1957 10334 1034 24,000 60
fai !erten 11
924 Jan 10431 Aug
S'aestern LI & Pr 51_1957 974 9834 31,000 45
7134 Jan 9835 Nov
S'western Nat Gal 61_1945 924 93
7,000 26
60
Jan 9531 Aug
So'Wtit Pow & Lt 55_2022 91
49
91
3,000 37
Jan 102% Nov
S'weet Pub Sera 68_ _ _1945 10134 10134 8,000 65
77
Jan 102% Oct
1962 104 104
3,000 83
Staley Mfg all
103
Jul
106
Mar
Stand Gas & Elee Ile _ _1935 6535 6835 138.000 3734
3731 Feb 69
Dec
Certificates of deposit. 6334 67
46,000 48
48
Oct 674 Dec
Cony en ____ _
1935 6534 6831 93,000 374 37% Feb 69
Dec
Certificates of deposit_ 64
6634 63,000 4734 4734 Oct 6834 Dec
1951 6331 6534 224,000 30
Debeneure ee
32
Feb 6734 Dec
Debenture 6s_Dee 1 1966 6331 6534 160,000 284 31
Mar 67
Dec
8,000 64
8234 Jan 98
Standard Investg 5348 1939 9631 98
Dec
1937 97
974 6,000 644 85
Jan
99
6a ex warrants
Dec
6434 352,000 2531 2534 Mar (36
Stand Pow & Lt6._1957 62
Dec
46
15,000 16
Standard Telep 5%.._1943 45
2334 Jan 4831 Oct
Mintier] (lingo) Corp1936
3031 434 Apr 63
Deb 75 en-wart
Nov
9,000 20
344 May 51
7-4% stamped _ .._1036 4531 48
Feb
1,000 29
36
Deb 7s ex-warr____1948 5734 5734
May 073.4 Dec
..AM
25
2935 May 534 Sept
7-4% stamped.
31,000 69
86
Jan 1054 Nov
Super Power of III 4%I'68 10434 105
1970 1044 105
8,000 56
8534 Jan 105
161 4 its
Nov
1954 107% 108
4,000 10334 106
Syracuse Ltg 543
June 10834 Feb
1957
97
10634 Apr 109% July
68 aeries It
814 Jan 10034 July
914 18,000 48
TenneeSee Elea Pow 581950 90
2.000 40
79
7531 Feb 854 July
Tenn Public Service 5.1970 79
Term Hydro Elea 614s 1983 47
48
9,000 3634 384 Nov 754 Feb
Texas Elec Set rice 56_1913,.
Thai Gas Litll 8s____1945
Tex." Power & LI IL 1956
2022
6a
Mermaid Co es 110_1937
Tide Water Power 5,1_1979
"iota (Leonard) 746_1946
1962
Toledo Edison as
Twin City Rao Tr 541'52
1949
Ulen Co cleb rie
1044
Cs 2r1 stamped
Stamped ctfs of deposit__
Union Amer Inv as A1948
Union Elec Lt & Power
1954
53 series A
1987
as series B
1957
434e
Sales
for
Week
Week's Range
of Prices
BONDS
(Concluded)
High
3995July 1
1933 to
Nov.30
1935
Low
High
$
Low
9934 100% 131,000 60
2934 31% 38,000 12
1044 1054 107,000 65
81
7,000 55
9434 95
9635 9731 46,000 49
25
63.000 79
107% 108
784 7934 261,000 19
7434 3,000 83
74
7,000 54
724 74
__
73% 7431 5,000
5,000 78
101
101
1949
Milted Elec NJ 4s
United El Serv 78 x-w_1958
United Industrial 634s 1941
1945
lot a f 68
United Lt & Pow as___1975
1976
634.
Apr 1 1959
54!
Un Lt & Rye (Del) 5346'52
United Lt & Rye(Me)
1952
68series A
_1973
es eerier( A __.
U S & Brit Internet 58 1948
3.1 S Rubber Co
64% serial notew__1937
Ott % serial notes___1938
64% serial notee___1939
a%% serial notes_1940
Utah Pow & LI as A _2022
1944
4%e
Mice Gas & Flee 58 D_1956
1952
58 Series E
1937
Valvollve 01158
Vamma Water Pow 8%I'57
Va Public Serv 541 A.1946
1950
let ref 5a ger B
1946
6/1
Waldorf-Astoria Corp
1954
7e with warrants
1937
Ward Baking 6a
1958
wash Gas Light 5s
Wash fly & Elect 43..1951
Wasn Water Power 51_1960
West Penn Elea 58._ _203n
53.'80
West Penn Traction West Texas UM 58 A_1957
West Newspaper Un as '44
3, eat United G & E 534o'55
Wheeling Elea Ca 58__1941
Wise Elec Pow be A---1954
Wise-Minn Lt & Pow 58'44
Wise Pow & Lt Sc E__1956
1958
65 series F
1952
Wiee Pub Serv 68 A
Yadkin Illv Pow 68_1941
1937
York Rye Co 51
105% 106%
6,000
1,000
114
4934 30,000
114
45
324
6834
72%
99%
774
324
70%
74
101
7934
5,000
173,000
55,000
16,000
63.000
Range Since
Jan. 11935
Low
8531 Jan
134 Jan
9434 Jan
834 Jan
67
Jan
7634 Jan
Feb
32
1054 Jan
4534 Jan
42% Apr
Aug
54
73% Dec
94% Jan
105% Nov 108% Feb
99
Apr 1084 Feb
92% 104
90% 1054 Sept 107% Mar
514
25
93%
1,000
103% 10334
104 101% 6,000
12,000
1054 106
9131 9234 31,000
9534 4,000
95
80
60
60
60
45
52%
02
91
107% 107%
2,000
26,000
95% 96
9134 9334 29,000
84% 8431 6,000
22
21
106 106
1054 106
10534
97
104
88
34
10534
105%
98
105
87%
35%
1054
10334 10334
105% 106%
1004 101
100% 101
106 10615
10334 104
July
Jan
July
"' h
Dec
Dec
Dec
Nov
984 1084 Jan 110
354 3534 Oct 75
324 324 Nov 42%
324
13
3335 Nov
Jan
70%
28
26
Mar 74
264 29
Jan 101
50
78
3934 Mar 84
31
16,000
24,000
18,000
104 105
70
69
98% 100
High
1014 Dec
Nov
32
1054 Dec
1034 Dec
Nov
100
us% July
40% Feb
108
Sept
81% Nov
Nov
78
7734 Nov
Dec
75
102
Oct
75
75
52
45
65
4%
92%
76
n 83
14,000 75
35,000 4836
21,000 60
80,000 41
27,000 21
14,000 64
100
1,000 97
8,000 61
18,000 52
8.000 51
6,000 7814
634
21,000 70
6,000
7,000
32,000
8234 Jan 1054 Dec
Feb 70
Dec
30
9334 Nov 1004 Dec
9934 Jan 103%
98% Jan 1034
Jan 106
98
98% Jan 106
Jan 92%
55
Jan 9534
62
May 10831
104
10434 Jan 10934
Sept
Nov
Nov
Nov
Dec
Dec
July
July
90% Mar 100
954 Jan 1034
Jan 99%
73
884 Jan 95
5634 Jar 8831
Oct
Jun(
duly
July
July
Mtvi 30
Feb 106%
Jan 1064
Jan 106
Jan 1064
Jan 9934
Jar 1054
8133.4
Jan
July 593
4
Jan 10.5%
Mar 108
Dec1061
4
Aar 10635
An 102
Jan 1024
Jan 10635
Jan 107
Jan 1044
Not
AR
Auc
Not
Om
Om
Not
Dei
Pet
Not
Mal
Ma
No,
No,
No,
Oc
Oc
germ
J.
AD
Ja
Ja
5
104%
1004
99
984
6334
89
63
21
914
1064
103%
94
764
75
964
954
9431
FOREIGN GOVERNMENT
AND MUNICIPALITIES
Agricultural Mtge Bk (Col)
_1934-194(,
20-year 7e
With couPoa
1947
-year 73
20
1951
Baden 7e
Buenos Aires (Province)1952
75 stamped
1947
734e stamped
1948
Cauca Valley 79
Cent Bk of German State a
1951
Prov Banks Cl B
1952
t!le aeries A
Danish 5%I
1955
1953
rut
Dansig Port & Waterways
1952
External 634s
German Cone MUnle 7a '47
Secured 6e
1947
Hanover (City) 75
1930
Hanover(Prov)643_1949
Lima (City) Peru 834s...'58
Certificates of deposit..
1958
Maranho 78
1958
78 coupon off
1951
Medellin 7s ear E
1951
Meath," 7%.
1951
4.8 stamped
Mtge Bk of Bogota 78_1947
Issue of May 1927
issue of Oct 1927
Mtge Bk of Chile 69_1931
Mtge Bk cf Denmark 58'72
Parana (State, 7e____1058
Coupon off
Rio de Janeiro 641_1959
Coupon off
Russian Govt 646_1919
6346 certifloatee____1910
E 4s
1921
534e eertifIcatem ____1921
Santa Fe781995
7a Stamped
1945
Santiago ?a
1949
75
1961
1,000
3,000
1534
21
Nov 30
Oct26
Nov 3634
214 Aug 34
554 564 58,000
5751 584 35,000
7% 735 15,000
2534
2734
7
66
0 or
5731 Dec
Nov
7
66
70
II
6,000
7,000
2,000
30
22
684
61
Dec
32
30
Aug
9234 May
AOl
86
10504
49
9544
9351
Ja
Fe
Ja
Ja
1,000
64
2834 26,000
2834 34,000
3234 11,000
2635 2,000
36%
23
2134
23
21
544
23
224
304
21
AU.. 72
Aug 3834
Aug37
Jan 39
Aug34
Fe
Fe
Fe
Fe
Fe
11,000
10
10
734 7% 10,000
1134 1151 4,000
1,000
1234 1234
2,000
9
9
44
34
1034
103-1
834
204
2334
634 Mar
54 Mar
1034 Sept
Jul
12
1034 Jul
174 Js
8% Nov
524 Jan
4434 Jan
Pe
13
764 Nc
6834 DI
13
13
74
6234
r
934
104
104
1
31
1
31
13
431
4
54
5%
13
13
10.34
824
934
91
4
104
1034
1
31
1
%
46
434
94
In
15
16
16
26% 264
3234
32
3234 3234
9634
96
64
28%
2834
3234
2634
39.000
GS
70
16
1534
104
9034
11
1,000
16
1,000
1534
15,000
11
1,000
9031
1,000
11
1234 124
131
1%
134
134
1,000
2% 172,000
2 420,000
24 126,000
2% 306,000
15
20
15%
lost Aug
16%
Oct 25
Oct2431
Dec 1.44
Oct94
1451
Nov
1431
Aug
Sept
104
14
Aug
Sep
44
431
SetS
5
Sept
434
Aug
60
jar
Oct 68
114
Mai
M., 1234
Jun
Jun
Ja
Ja
JE
Je
Js
.11
Pi
Fl
-15
Al
.18
Jf
Jf
„If
Nt
D
Al
10% 1034 3,000
Ju
1031 6,000
1054
• No par value. a Deferred delivery ea es not Included in years range. a Ond
the rule sales not Included in year's range. r Cash sales not included In yeat
range. z Ex-dividend.
51 Price adjusted for split-up.
55 Price adjusted for stock dividend.
s Deferred delivery sales not Included In weekly or yearly range are shown belo
No sales.
Abwrialsons Used Above -cod," certificates of deposit; "cone," consolidate cl;
"cum," cumulative; "cony," convertible; "m," mortgage; "n-v." non-voting sloe k.
"v t c." voting trust certificates; "w I," when Issued;"w w," with warrants, •*x w
without warrants.
The National Securitiee Exchanges on which low prices since Ally 1 1933 we re
made (designated by superior figures in tablero, are as follows:
55 Pittsburgh Stock
15 Cincinnati Stock
New York Stock
55 Richmond Stock
15 Cleveland Stock
New York Curb
15 Colorado Springs Stock 55 St. Louie Stock
New York Produce
55 Salt Lake City Stock
New York Real Estate 15 Denver Stock
55 San Francisco Stock
15 Detroit Stock
Baltimore Stock
"San Francisco Curb
Batton Stock
11 Los Angeles Stock
55 Ban Francisco Mining
15 Los Angeles Curb
Buffalo Stock
55 Seattle Stock
15 Minneapolis-St. Paul
California Stock
55 Spokane Stock
55 New Orleans Stock
Chicago Stock
51 WashIngton(D.C.)Ste ck
1 Chicago Board of Trade 51 Philadelphia Stock
Thicago Curb
1 ,
Financial Chronicle
3996
Dec. 21 1935
Other Stock Exchanges
Week's Range
of Prices
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Dec. 20
Unlisted Bonds
Bid
1941
Alden 6s
Berkshire (The)6s
1941
iirtertteld Apt Wag cOs____
Carnegie Plaza Apts
Bldg 68
1937
Dorset 68 errs_
1041
80 Broad St Bldg 650_1950
1..4R
9th Ave 29rh st r11,11,
Lincoln Hotel Props 6%s'41
Park Lane Corp 656s
1964
Pennsylvania Bldg 6s 1939
Ask
46
3
5
1712 21
36
33
1412 17
57
9
10
3
2212
--
Unlisted Bonds (Concluded)
79 Madison Ave Bldg 54 '48
2124-34 Bway Bldgs ctfs_
Ask
Bid
17
19
Unlisted Stocks
Beaux Arts Apts Inc units_
emuuroan num.*
Lincoln Bldg Corp v t c
Tudor City
2d Unit Inc units
4th Unit Inc units
5th Unit Inc units
18
35
22
6
8
6
10
12
8
Orders Executed on Baltimore Stock Exchange
STEIN BROS.64)BOYCE
Established 1353
6.5. Calvert St.
39 Broadway
BALTIMORE, MD.
NEW YORK
Louisville, Ky.
York, Pa.
Hagerstown, Md.
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
JULY 1
Sales 1933 to
for
Nov.30
1935
Week
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
High Shares Low
Low
mob
Mergenthaler Linotype--• 36
38
152 2034 2434 May
4112 Dec
New Eng Tel & Tel____100 119 119%
488 75
,
8834 Mar 12056 Dec
New River Co
Preferred
Jan 88
0 24% 55
Dec
85
100 85
NY N Hsven&Hartiord10(I
203
3% 4
24
84 Aug
234 Oct
North Butte
25c 35c 1,765
200 Apr
20c
*
350 Dec
Old Colony FtR
100 45
48
357 4634 42
Dec 72
June
Pacific Mills
64 12
Apr 21
12
100 1551 16
Jan
Pennsylvania RR
1754 Mar 3236 Dec
1754
50 29% 3094
1,221
Pond Creek Pocahontas.._• 203-4 22
395 10
July 27
19
Jan
Quincy Mining
650 75c 1,020
54 Jan
54
25
13-4 Oct
Reece Butt Hoe Nfach._10 1556 16
123
13% Mar 16% July
8
Reece Folding Mach Co_10
134 ipi Aug 2% June
250
1% 2
Shawmut Assn sr istfs___-• 10% 114
840
Dec
64
12
Feb
8
Stone & Webster
234 Mar
234
• 124 1331
607
144 Nov
Torrington Co
95
320 35
Jan
69
• 91
0536 Dec
United Gas Corp
131 June
1
54
4% Sept
15
3
3
L.1 Shoe Mach Corp ------25 844 8774
1,595 47
70
Jan 884 Dec
Preferred
39%
817 3034 35% Jan
100 39
4034 Sept
Utah Apex Mining
200
2 6 Dec
,
34
1% Jan
34
16
5
Utah Metal & Tunnel _ __ _ 1
48c 28c
280 600 31,931
Dec
24 Jan
Venezuela Mexican 011_10
10
1
Feb
Dec
1
4
356
354
Vermont & Mass fly.-100 125 125
10 96
120
Apr 128
Oct
Waldorf System Inc
55
451 Mar
33.4
9% Nov
8% 014
•
Warren Bros Co
•
160' 234
434 434
234 Sept
635 Jan
Roads
East Mass St Ry-
late
70
79
VV000
324
Baltimore Stock Exchange
4094
Jan
7634 Nov
Dec.. 14 to Dec. 20, both inclusive, compiled from official sales lists
Week's Range
of Prices
July I
Sales 1933 to
Nov.30
for
Week
1935
CHICAGO SECURITIES
Range Since
Jan. 1 1035
Listed and Unlisted
High
StocksPar Low
High Shares Low
Low
Arundel Corp
* 2056 2294
699 1194
15% Mar 23% Oct
Dec
Atlantic Cot Line (Conn)50 32% 34%
768 18
Mar 36
20
13alt Transit Co corn v t c_*
1% Nov
1
24
56 Aug
56
878
1st preferred v t c
154
*
514
3%, Sept
294
174
194 Nov
Dec
Black & Decker corn
1,948
* 2234 24
436
7% Jan 25
Preferred
25 3354 33%
285
7% 23% Feb 34
Aug
Mar
Ches &P T of Balt pref_100 118 119
54 111
Apr 120
111
372 4534 53
Aug
Consol Gas li L & Power _* 85% 8634
Jan 90
20 91
5% preferred
Sept
100 11354 11431
104% Jan 117
Davison Chemical Co _ __ _*
1216 134
9c
1,451
114 Dec
A Sept
Eastern Sugar Assoc com _1
934 1134
64 .Itily
2,713
1%
19% Sept
1
450
1794
July 26
Preferred
16
11
Sept
334
90
Fidelity & Deposit
4174 Feb 90
Sept
20 83
618 1534
Fid & Guar Fire Corp_..10 42
43%
8
370
22% Jan 4334 Dec
Finance Co of Am cl A _*
9% 10
Dec
10
50
6% Jan
3
100 15
1534 1,593
Houston 011 pref
4
1636 Nov
Feb
5
Humphrey Mfg CO COM--• 25
25
10
5
Mar 25
5
Aug
3356
Mach & Miners Tramp _* 32
60 21
Nov 3394 Dec
21
2456
Nlonon W PennPS7T pfd25 24
o
Nov
84 1234
1554 Jan 25
NitVer-Wdb Mills pref_100 4834 50
. 30 19% 39
Sept 5154 t Oct
New Amsterdam Cas____5 1134 12
1,016
5%
Mar 12% [Dec
6
Northern Central Ity___50 97
97
208 71
8894 Mar 9834 Aug
Penna Water & Pow coin.* 87
Nov
8894
100 41% 53
Jan 90
2 1354 14
U S Fidelity & Guar
1,314
2%
14
5% Jan
Dec
Western National Bank.20 33
3334
35 24
28
3354 Dec
May
Bonds
Baltimore City Bonds
4s Engine House_ 1957 114
48 Burnt District _ 1960 114
Bait Transit Co 4s flat 1975 14%
1975 83
B Is flat
1975 1554
A Si flat
Danville Traction 5s 1941 30
17.na 11rito A, Chem A t4,
1'4S 101
114
5100
114
300
17% 34,500
85
2,500
1954 14,700
30
1,000
101
3.000
114
0334 106
13
13
79
79
13% 13%
32
30
99
99
Dec 114
Jan 114
Nov 18%
Sept 85
Dec 19%
Dec 30
Aug 101
Dec
Dec
Aug
Dec
Dec
Dec
Nov
Boston Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
JULY 1
1933 to
Nov.30
1935
Range Since
Jan. 1 1935
High Shares Low
StocksPar Low
Low
Amer Pneumatic Serv Co
1,710
2%
Common
2
25
%
36 Mar
2
475
534
5
50
6% non-cum pref
2 June
50 23% 23%
124
let preferred
10
12% Jan
2,649 I 9834 9
Amer Tel & Tel
100 149% 15534
834 Mar
Boston & Albany
100 117% 1184
167 88
88
Mar
Boston Elevated
63
101
66
511 55
584 Apr
Boston & Maine
26 13
84 8%
100
Common stPd
84 Dec
Preferred stud
65
234 355
100
136
2
Feb
Prior preferred
Abu 22% 25%
567 13 -.
1494 Mar
94
8
100
748
CIA 1st pref stpd
334
34 Apr
144
8
8
3
CIA lot pref
100
3
Apr
104
9
243
Cl 13 let pref stpd
100
54
54 Apr
8
Class B lot pref
8
100
7
43-4 Nov
3
20
Cl C 1st pref stpd _ _ _100
83-1 834
431
434 June
00
9
9
4%
Class C 1st preferred _100
431 Apr
CI D 1st pref rand_ - _100 1094 11%
252
6
Slur
6
Boston & ProvIdence_100 14034 140%
6 111
125
Mar
95
Brown-Durrell Co com _ _ •
.
1%
5
4
1% July
153
Calumet & Elects,
59-4 6
25
234 Mar
294
3
Copper Range
44 54 3,395
26
5
Feb
East Gas & Fuel Assn
•
Common
230
394
334
2
Mar
2
100 38% 41
565 3734
a% "UM pref
Oct
36
60
142 53
5 54% prior preferred 100 59
54
Oct
Eastern Mass St fly
2
23
Common
56
2
100
54 May
95
1st preferred
100 3456 35
414
5
Jan
45
Adjustment
3% 4
100
76c
78c July
943
Eastern 88 Lines com____•
334
9
431
434 Apr
40 33
• 5294 5254
2(1 preferred
34
NI ar
Economy Grocery Stores_• 15
1594
186 1434
14% Apr
ifx, 153 1604
Edison Elec Blum
1,176 9734 974 Feb
56
34 47,007
Rights
716 Dec
Ernomyers urr,up
• 20
204
315
64
114 Au,
Georgian Inc(The)
100
CI A pref
1
1
20
54
54 Aug
100
Gilchrist Co
•
6
6
254
3
Apr
uniette daftly Razor
• 16% 1734
257
731
1234 Max
P.atbaway Bakerles•
Class B
2
2
25
54
54 July
Preferred
30
• 30
10 1034
17% May
70c 73c
Isle Royale Copper---25
78 400
5s Mar
Loew's Theatres
8% 8%
25
4
100
534 Jan
Maine Central
100
6% 7%
Common
205
4%
4% Jan
Preferred
100 1534 18
40
8
1151 Jan
N.... Tit Ilittala v f r
•
14
194
195
I
I
}eh
r.otroterl see page 3)99.
High
234
5%
25
16034
122
7134
Dec
Oct
Nov
Nov
Sept
Aug
84
3%
26%
94
851
12
8
11
0
IS
153
5
634
5%
Dec
Dec
Aug
Dec
Dec
July
Feb
Aug
Deo
Dec
Jan
Dec
Oct
Oct
44 Jan
634 Aug
684 July
231
38
594
9%
5254
204
171
15
8
22
Oct
Nov
Oct
Dec
Dec
Jan
Nov
Dec
Aug
Nov
2
634 Nov
1931 Aug
254 Nov
40
Oct
14 O't
834 Deg
9% Oct
23
Sept
294 AIM
Paul FI.Davis &Go.
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Week's Range
of Prices
StocksPar Low
High
Abbott Laboratories corn.' 100 101%
Adams (J I)) Mfg com___• 16
16
Advance Alum Castliags....5
43-4 5
Allied Products Coro cl A_• 2154 2251
Altorfer 13ros cony pref___• 41 4 41
Amer Pub &Tv Co pref_100 24
25
Armour & Co common_6
4% 5
Asbestos Mfg Co com____1
4% 434
Associates Invest Co
New common
• 314 3134
Auburn Auto Co rights-- 34
%
Automatic Products com.5
94 934
Bastian-Blessing Co corn _•
6
634
Bendlx Aviation corn
• 20
2234
Berghoff Brewing Co_
531 634
1
Milks Mfg Co A cony pref *
331 3%
Borg-Warner Coro oom_10 62
63
Brown Fence & Wire
Class A
• 2951 3094
Class B
33%
• 30
Bruce Co(E L) cony
• 12% 12%
Butler Brothers._ _ ____19
8% 831
Consol Constr Co cony pf.•
134
194
Castle& Co(A 54) com__10 42
4234
Cent Cold Stor Co com__20 17
1755
Cent III Pub Elerv pref ' 52
544
Cent III Scour common
131
134
1
central 8 P,
Common
134
I
13.4
Prior lien prof
• 394 4034
Preferred
• 16% 18
Central State Pow & Lt pf •
6
7
chain Belt Co COM
• 38
38
Cherry Burrell Corp coin.* 404 4034
enicaygo Corp common
44 44
•
Preferred
• 4434 4434
Chic Elec Nlfg A
• 2351 27
Chic Flexible attars com_t 32
34
Chicago Mall Order com..../
3135 3234
Chlo & No West Ry com100
234 24
Chic Rivet & Mach cap_ • 24
25
Chicago Rys pt ctfs "2" 100
51
%
CMG Yellow Cab Inc cap..*
1234 13
Cities 8ervice Co onm ....•
24 234
Coleman Lamp & St com..• 34
34
Conimonweann Aniann 100 9594 97
Congress Hotel Co com_100
754
754
Consumers Co
Common
%
%
6
Continental steel
Common
4056
• 39
Preferred
100 10851 111
Cord Corp cap stock
434 431
t
Crane co common
21 2534 2731
Preferred
101 118 120
Curtis Lighting Inc com....•
234 2%
Dayton Router Mfg soui_•
8% 951
Cumul cl A pre
35 1834 1934
Decker(Alf)& Cohn corn10
454
4
Deep Rock 011 cony pref__'
734
754
De Mets Inc preference_ _• 1934 1931
Econ-Cuntham Drug com * 1734 1754
Eddy Pap Corp(The) oom• 29
30
Else Household 1:411 eap-a
163-6 17
F.'gin Nati Watch Co.._ I it 30
31
FitzSims dr Con D&Dcom • 15
1534
Gardner Denver Co com__. 394 3034
Gen Candy Corp ci A _ _6 1134 1134
Gen Household 11111 oom.•
335 4
Godchaux Sugars Inc
Class A
• 2134 2434
Class B
•
734 8
Goldblatt Bros Inc oom.
• 2234 23
Great Lakes D & D oom_.
• 28
294
Ilan Printing Co com___10
54 634
Harnischfeger Corp com_10 10
10
Heileman Brew Cn(Iran I
794 8
Sales
for
Week
July 1
1933 to
Nov.30
1935
Shares Low
8%
530
5
5()
131
1,400
334
500
934
20
3
20
1,670
334
131
750
Range Since
Jan. 1 1035
Low
High
Nov
Jan 127
60
Mar 2214 May
12
554 Oct
134 Mar
Jan 3634 Oct
12
Dec
Jan 41
18
Nov
734 Jan 37
634 Jan
331 Apr
134 Mar
534 Nov
29
150 o836
320A
5
24
450
234
24
700
12
94
10,050
234
2,100
2
134
154
10
3,200 114 2834
Nov
Dec
Jan
July
Mar
Jan
Jan
Jan
3634 Oct
13.4 Dec
104 Oct
74 Oct
244 Oct
734 Nov
454 Nov
654 Oct
1434
4
5
514
56
174
1156
134
A
Jan
Jan
Apr
Aug
Apr
Jau
Apr
Jan
Jan
304
3334
174
934
3
46
1756
5934
134
Oct
Dec
Nov
Dec
Oct
Nov
Dec
Nov
Nov
4
124
334
134
2134
1831
1
29
12
1.534
1511
134
13
54
994
31
1734
41
634
Jan
Jan
Mar
Jan
Jan
Jan
AM
Jan
Oct
Jan
Mar
2
51
254
12
40
4034
436
464
27
3634
35
534
2754
54
14
354
35
101
134
Nov
Nov
Nov
Aug
Dec
Oct
Nov
Nov
Dec
Oct
Nov
Jan
Nov
Aug
Nov
Nov
Nov
Oct
Jan
600
2,650
100
3,350 •
30
200
120
330
100
2,650 a
110
180
60
50
10
13,500
200
50
200
950
600
200
30
550'
,9800
50
1,400
250
g5
glA
5
24
34
10
4%
104
34
au
2
2
134
14
5
1
2014
3
7
84
134
4%
931
31
531
3104
634
1,100
31
2,500
80
2,850
4,500
500
110
1,450
650
180
70
10
100
480
1,650
1,450
550
10
200
2,550
5
40
2
5
32
2
231
831
36
3
12
260
100
250
23,100
800
10
1000
10
394
84
1294
34
434
64
444
6
414
854
994
3
14
June
Mar
Aug
May
Apr
Apr
Jan
Nov
34 Feb
6
70
2
7
83
2
.44
834
1
3
184
17%
134
12
144
834
17
64
194
154 Sept
Feb 43
Jan 125
Mai
534
Mar 274
Jan 120
3
Jrn
1934
May
2134
May
434
Jan
9
May
Jail 203.1
1754
,
Dec
31
Jan
1874
API
Feb 32
1834
Jan
Feb 3094
Jan 134
73.4
Oct
Nov
Nov
Dec
Dec
Dec
Oct
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Nov
Oct
Oct
Dec
Oct
Jan
2834
1154
24
3034
731
1114
834
MaY
May
Oct
Dec
Oct
Nov
Nov
1551 Jan
954 Oct
1734 Jan
Mar
17
May
4
May
6
514 Oct
Week's Range
of Prices
Stocks (Concluded) Par Low
MU
Horders Inc corn
Hormel & Co ((leo) corn A* 184
Houdaille-Herriney Cl B_• 2934
934
Illinois Brick Co
25
III North Utll Co pre_ _100 100
Independent Tools to.- _• 67
• 27%
Iron Fireman Mfg vi e
34
45
3434
10
55
13%
37%
7.534
14
34
44
34
9
55
11%
3534
73
134
La Salle Ext Unly com 5
Lawbeck Corp6%cumpf100
Leath & Co
Common
Cumul preferred
Libby McNeil& Libby _ _11)
Lincoln Prtg Co
•
Common
50
7% preferred
Lion Oil Refining Co corn.*
Loudon Packing
New corn
Lynch Corp corn
5
24 334
30
30
July 1
1933 to
Nov.30
1935
Range Since
Jan. 1 1935
BALLINGER & CO.
184
15%
314
334
1734
3
6
22
74
Jan
Jan
Sept
Jan
Apr
Jan
Jan
Mar
July
8,020
40
4
21
34
25
Jan
Oct
3)4 Dec
46
Nov
420
%
110
3
1,000'234
6
5
34 July
Feb
Mar
444 Nov
30
Dec
10%; Nov
634 834
39
4774
7
731
8,710
800
400
34
1
3
1
Jan
534 Jan
34 Sept
Dec
47% Dec
84 Dec
734 774
3274 33%
450
150
o234
26
331
24%
8%
37
27%
58%
514
1
25%
11%
60
Nachman Springfield corn*
Natl Elea Pow
Class A corn
7% cum preferred_ __100
Nati Gypsum cl A nom_ _5
National Leather com _ _ _10
Nat'l Republic Invest Tr
Cum cony preferred_ •
National Standard com__.*
Nat'l Union Radio corn..1
NoblItt-tiparke Ind corn..'
North Amer Car corn
*
Northwest Bancorp com •
Northwest Eng Co com •
Northwest Util 7% pref 100
12
334
26
934
37%
2834
5974
52
234
25%
12%
6534
53' 534
2334 24
Oct
Mar
8% Oct
41% July
9
184
51
224
34
22
634
60
144
20
Mar
Jan
Mar
Jan
Apr
Oct
Mar
Dec
Jan
July
41
31
6034
53
4
33
1434
68%
6%
27
Nov
Nov
Aug
Oct
Nov
Jan
Nov
Nov
Oct
Nov
24
Oct
31 Aug
3
% Oct
34 Aug
234 Dec
134
34
2
34 23,050
2%
870
lie
34
34 Jan
Si Mar
Si
134
34
134
660
380
34
34
34 Jan
34 Apr
14
1.4
if
36
.34'
2% 334
3674 38
70
90
110
00
170
250
1%
7
34
34
34
34
1%
1634
934 94
1734 1734
150
50
2
5
674 Jan
14
July
124
400
4'%
3434
34
41
4234
134
134
1,630
80
3,250
1,500
36
494
3215
36
3134
334
10
164
8
534
32 .
5
21
3234
334
10%
1614
8
740
200
250
1,350
150
1,550
600
100
sn
274
114
20
17%
z393.,
3
234
234
10
2745
14
20
18
40
334
234
234
1,400
200
50
30
550
150
2,850
900
100
50
50
103
11234
544
54
10334
114
2,000
500
80
60
13474 1354
140% 14234
Rath Packing Co corn ___10
saytheon fgCommon v to
50c
6%preferredvtc
5
Reliance Mfg Co com__10
Rollins Hosiery M cony pf*
Sangamo Electric) Co corn •
Signode Steel strait Co
Common
•
Preferred
30
17
Sivyer Steel Cstgs corn ____*
Sweat Gas & El 7% pf 100
Southwestern Lt & Pow pr.
Standard Dredge
•
Common
Convertible preferred..'
Storkline Fur cony pref _25
15
Swift International
25
Swift & Co
18
Dec
Oct
May
Dec
Oct
Dec
Nov
Dec
Jan
7
26
134
14
14
35%
50
4034
10
60
134
4034
804
2%
% Apr
160
2
1,250
3%
100 2439
100 12%
1,650
36
10
2,450
1,400
3,100
80
750
Apr
Apr
Mar
Mar
June
Jan
2
234
134
134
4%
39
Aug
Aug
Nov
Dec
11
20
Oct
Jan
Dec
Aug
6
Mar
144 Nov
31
44
4
6
%
Aug
Feb
Mar
Mar
74 Aug
Aug
4234 Dec
13% Jan
17
%
10
136
23%
3
1
14
2674
34
13%
24
334
514
134
Feb
Mar
Apr
Feb
Mar
Jan
Jan
Jan
34
4%
11
4
534
8
31
%
1%
74
May
Jan
Jan
Feb
Mar
Feb
Jan
Sept
Jan
10
28
2
20
2034
44
43-4
43a
2%
914
9
28
38
154
16%
61 34
7334
Jan 564 Oct
Jan 564 Oct
Jan 105% Nov
_fan 115
July
830 106
80 111
28
33
Jan 141
Feb 148
20
17
Dec
30
Jan
54 Apr
4 Jan
eb
94 Apr
8
Jan
3
2
10
18
38
Oct
Oct
Oct
Nov
Dec
1,200
3
4
34
a
21
84
134
Dec
Nov
Dec
Dec
Nov
Oct
Nov
A pr
Nov
Nov
July
250
1,170
400
120
320
84 934
27
27
150
40
134
64
13
15
98% 102
56
56
390
310
50
334
39%
14
5
18% Oct
Ma
544 Jan 102
Nov
254 J"
50
Dec
3% 434
300
14% 15%
700
8
8
50
1,250
32% 33
2034 224 26,950
34
14
3
19%
11
34
34
334
274
144
(J R) corn_ 25
731 834
US Gypsum common.._20 83% 834
100 162 162
7% preferred
374 4
Utah Radio Product com •
•
1
34
UtlI & Ind Corp corn
334 3%
•
Convertible pref
Viking PumP CO-• 154 1774
Common
• 40
40
Preferred
Vortex Cup 00
1774 174
Common
3331 3374
Class A
5
Wahl Co corn
W'damn Co common... • 32%
4
Stock purchase warrants
Ward(Montgom)& Co cl A5 143
Wieboldt Stores inc com.• 21
Williarns-011-0-Matic corn* 104
4%
WisconsinBantehares com•
2
-Amer Mach It pf_•
Yates
Zenith Radio Corp corn..' 1334
vnr fnntnntnq see 1•1440 3999.
UNION TRUST BLDG.,
34
9
834
4
14
11%
Jan
Jan
Ma
Mar
Jai
Sep
May
12
Aug
373-4 Aug
44 Oct
1734 Oct
9
Nov
3a
Feb
224 Dec
47
4
900
514 Ma
834
200 344 40.% Ma
83%
70 110
162
Dec 162
%
1,250 I
Mar
634
44
400
34 Mar
31
114
45
74
434
34 Mar
25
10
30
674 4,350
2,05
33%
83
%
100
143
35
22%
1,30
12
5,45
4%
20
2
14% 10,60
Nov
Dec
Dec
Nov
Aug
Aug
14
214
4(36
344
Jan
Jan
Wire System-First Boston Corporation
Cincinnati Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
- Week's Range
of Prices
..,
15
31
Jet
Jan
2(1
Aug
354 June
1
34
154 264
4
34
127
.56
934
11
2%
234
2
114
3'
34
14
14
Apr
634 Dec
Jun
3334 Dec
Oct
134 Jan
Jay 1434 May
Feb 224 Dec
Mar
14
Nov
Jun
5
Nov
May
3% Nov
An
14% Nov
Juty I
Sales 1933 to
for
Nov.30
IWeek
1935
Range Since
Jan. 1 1935
Low
High I
StocksPar Low
High Shares Low
94 10
534 July
11
121
54
Sept
Aluminum Industries__ __5
20
382 2 104
1234 Mar 24
Oct
Amer Laundry Mach _ __ _20 20
*
24 234
55
1
2
Nov
334 Mar
American Products
4
Feb
Preferred
*
5
5
30
4
634 Jan
* 12
12
10
8
May 12
Dec
Part pref
8
4 Jan
*
5
5
247
1
6
Nov
Baldwin common
100 2334 2374
440 20
20
Sept 2736 Nov
Champ Coated
100 10434 10534
80 1013% 10034 Sept 10734 Nov
1st pref
234 Jan 144 Nov
* 13
1334
80
1
Churngold
134
25
17
%
24 Jan
134
Cinti Ball Crank pref....°
134 Aug
100 101 1014
403 62
7234 Jan 103
Nov
Cintl Gas & Elec
_
6
834 ,
2,346
84 Dec
Cincinnati Street Ry._ _ _50
234 Apr
23.4
Cincinnati Telephone_ __SO 8534 8734
277 6034 623% Jan 91
Aug
5
..50
Nov
64 Dec
195
5
Cinti Tobacco Ware..
554 634
2334
Feb 28
May
77 1634 21
Chill Union Stock Yard _ _. 23
* 45
100
45
534 25
Jan 45
Oct
Coca-Cola A
*
634 64
100
534
534 Nov
734 Nov
Crystal Tissue
*
7
285
54 July
9
Jan
2
754
Dow Drug
100 115 115
10 40
87
Aug 115
Dec
Preferred
20
74 734
193
334 Mar
84 Nov
Eagle-Picher Lead
334
* 22
23
55
8
934 Mar 23
Dec
Formica Insulation
158
Nov
* 29
30
Gibson Art
731
1694 Jan 31
12
50
7
/1 7 'Aug
9
Dec
831 874
Hatfield prior pref
100 50
.50
25 27
31
Feb 60
Dec
Part pref
5 43
434
390 2234 27
Feb 46
Nov
Hobart class A
* 23
23
25
4
10
Feb 23
Dec
Julian & Kokenge
100 94
94
10 50
65
Apr 94
Dec
Kahn 1st pref
Aug
• 26
290 1 19
2334 May 32
Kroger
2634
*
5
5
15
1
64 June
331 Nov
Leonard
50 102 102
2 75
100
Feb 105
Aug
Little Miami Guar
234 24
129
24 Nov
2.50
34
34 Jan
Magnavox Ltd
2
July
7
Nov
*
26
2
Meteor Motor
634 634
25 27
27
10 10
10
Jan 27
Dec
Nash Co
*
14 14
145 10
34
1
Apr
24 Aug
National Pumps
4334 Jan 5334 Jul3
* 45
4574
137 1 3334
Procter & Gamble
55
94 16
Dec 20
Mal
* 1634 164
Randall A
2%
4
Oct74 Ma)
201
B
•
534 535
234
*
50
234 Sept254 Sept
TJnited Milk Crate A
236
236
34 1434 2934 Jan 39
May
10 3534 3536
U S Playing Card
3
2
Jan
*
6
6
203
734 Mal
U S Printing
79
474
10
Jan 25 June
50 1936 204
Preferred
52 334
4
June
534 Sepl
•
534
534
Waco
5
20
5
Sept
634 De(
Wn,fern Think
,
*
63-6 634
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
GIIJLW00EDc&o.
Union Trust Building, Cleveland
A. T. & T. CLEV. 595
Telephone Chlerry 5050
Cleveland Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
JUly 1
1933 to
Nov.30
1935
Range Since
Jan, 1 1935
High
Low
Par Low
High Shares Low
StocksNov
84 Jan 55
* 54
5434
196
2
Allen Industries Inc
Oct 2474 May
12
5 1434 1434
8 12
City Ice & Fuel
914 9934 10934 Nov 11534 July
Cleveland-Cliffs Iron pref.* 5334 54
Nov
5
Apr 23
5 2034 2134
577
5
Cliffs Corp v t c
Sept
Apr 103
95 4434 91
IIalle Bros preferred _ _ _100 103 103
175 It 1
* 1034 1034
2034 Mar 3334 Nov
Jaeger Machine
15
634
11
Jan 2434 Oct
22
Kelley Island Lim & Tres _ 5 22
274 May
454 Nov
150
•
44 434
Lamson & Sessions
234
434 May 1334 Oct
20
3
10
Leland Electric
5 10
9
Jan
34 Dec
269
5
McKee (A G) class B _ _ _ _ 5 21% 2234
June
12
Jan 17
170
6
15
Medusa Portland Cements 15
Jan
634 June
750
134
2
Metropolitan Pay Brick _ _*
494 434
Nov
15
78
3
334 Feb
Miller Wholesale Drug._ _* 1074 11
534 Apr 134 Nov
13
100 1 3
1
13
National Acme
May
40
Sept 65
100 40
52
National Refining pref _100 52
834 Nov
134 Jan
923
1
National Tile
7
734
*
Sept
19
Jan 33
5 10
Ogio Brass B
5 2834 284
Mar 1054 Nov
111 48
96
100 105 105
6% cum pref
10
Dec
334
634 Jan
10
336
Packer Corp
• 10
Nov
19
Apr 28
25
20 1034
Patterson-Sargent
* 25
Sept
211 38
464 Apr 59
Sichman Bros
* 5734 584
3
Jar
*
134
134
1
June
Seiberling Rubber
78
1
Aug
9
Nov
100
35
2
3
8% cum pref
594 534
Jan 102
Sept
Trum-CI Fur cum pf 100 10134 102
120 60
95
v
111 IA
11 IA
915
1
9
Fah
11 IA 4
:nt
47m91.9. 9'nn1
Los Angeles Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
July
Week's Range
of Prices
174 Dec
41
Nov
24
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
574 Dec
37.
Aug
Nov
34% Nov
54 Oct
11
Dec
20% Nov
11% Nov
24 274
134
134
14
1434
16
16
34
38
Th0111PROU
Members Cincinnati Stock ExchanOe
Low
High
10
Nov
Sept 12
10
July 20
Nov
644 Mar 31% Dec
5
Sept 10% Dec
60
Jan 102
Dec
70
30
Feb
Dec
1334 Feb 30
Dec
9
200
400 14 7
450 19
1%
850
30 17
134
8,300
400
2,700
736
200
McCord Rad & Mfg A_
McGraw Electric com
5
McQuay-Norris Mfg corn'
McWilliams Dredg Co _ _ _*
Manhattan-Dearborn come
Mapes Cons Mfg cap..
Marshall Field common..*
•
Masonite Corp corn
Mer & Mfrs Sec cl A com.1
Prior preferred
klickelberry's Food Prod
Common
1
Middle West Utilities
•
Common
56 cony pref A
•
Midland United Co
Common
Cony preferred A
Midland 11til100
6% prior lien
100
7% prlor lien
100
6% preferred A
100
7% preferred A
Miller & Hart cony pref_•
•
Modine Mfg corn
Monroe ChemICAICommon
Muskegon Mot spec el A
Oshkosh Overall Co corn..'
Parker Pen (The) com 10
Peabody Coal Co 11 corn_ _*
6% preferred
100
Penn Gas & Elea corn__•
Perfect Circle (The) Co_ _ 5
Pines WInterfront com___5
Prima Co corn
•
Process Corp COM
Public Service or Nor 111
•
Common
Common
60
preferred.
100
6%
7% preferred
100
Quaker Oats Co
Common
Preferred
100
Sales
for
Week
High Shares Low
100 10
114
184
50 16
3134 14,000
2%
9%
150
336
102
60 4234
694 2,010
9
29%
34
700
Jefferson Electric Co com_ 5
Kalamazoo Stove corn...•
Katz Drug Co corn
1
Kellogg Switchboard com10
100
Preferred
Ken-Rad T & Lamp corn A•
Icy Util ir cum pref
50
Keystone Eitl & Wire corn.•
Kingsbury Brew Co cap_ _I
3997
Financial Chronicle
Volume 141
StocksPar Low
1
334
Bandird Petroleum
10
534
Bolos Chico Oil A
Broadway Dept St lstpf100 05
1
Sc
Buckeye Union 011
1
10c
Preferred
1
10c
Preferred v t c
Citizens Natl Tr & S Bk _20 2834
Claude Neon Elec Prod..* 14
Consolidated Oil Corp_ _ _* 1054
*
294
Consolidated Steel
1.25
Crystalite Products Corp*
r,
...1...
.1 fl,
95
712
1
Sales 1933 to
for
Nov.30
Week
1935
High Shares Low
34
1,300
2
54
900
14
96
198 42
5c
500
3c
10c
100
6c
10c 1,000
8c
29
150 18
1434
300
734
10 34
400
634
1,600
90c
234
1.25
100
25c
'71/
90
nl,
Range Since
Jan. 1 1935
Low
High
4
Apr
274 Sept
234 Oct
574 Nov
60
Jan 96
Dec
56 Oct
25c Feb
10c Sept
60c Feb
8c Oct 5734e Feb
1934 Apr 33
Aug
10
July 164 Nov
64 Mar 11
Dec
1.10 Feb
274 Nov
35c Jan
1.25 Dec
al
, 1919
94, 7%99
Financial Chronicle
3998
July 1
Week's Range Sales 193310
of Prices
Nov.30
for
Week 1935
p234
6c
3c
Sc
Unlisted
American Tel& TeL _ _ _100 151 153% 1 292
5
4% 434
Aviation Corp (Del)
200
Ones Service
2% 234 1,100
5
4% 434
Cord Corp
100
38% 38%
Montgomery Ward
200
Packard Motor Car Co_ • 6% 6%
400
Radio Corp of America- _• 11% 13% MOO
Tide Water Assoc OIL
* 13 • 133.4
200 66 7%
800 I • 2%
9% 9%
Warner Bros Pictures_ _„5
July 1
Week's Range Sales 193310
Nov.30
of Prices
for
Week 1935
Range Since
Jan. 1 1935
Low
High Shares Low
Stocks (Concluded) Par Low
Jan
7
200
234
Emsco Detrick & Equip-5 13% 14
10c Sept
1
10c
10cI 10c 1.600
Exeter Oil Co A
Mar
5.500 32 22% 27
General Motor
• 54% 55
4% Mar
4%
100
GladdIng McBsan & Co * 11% 11%
* 10% 10%
534 Apr
53 26 4
Golden State Co
200 I 15% 16% Mar
Goodyr T & R (Akron).--* 20% 20%
934 Jan
18%
6
200
• 18
Hancock 011A corn
20 Jan
lc
(So ,13c 57,100
1
Jade 011 Co
380 Jan
55c5734c 8,600 3 100
KInneriAirplat Mot Corp_l
9c Oct
90
10c, 12c 6,900
Lincoln Petroleum Corp _1
900 1.10 Jan
500
7,114 714
LockheediAircraft Corp 1
600 Feb
4.900
2%
Los Ang Industries 1n0_ 2
2
50c
Jan
L.A.Gas&Elec.6%pref_100 113/113% • 72 7334 81
Jan
300
5
Loa Ang Investment Co_10
260 Jan
19c
1
600] 60c • 100
Mascot„011 Co
234 Dec
234.13
MenascolMfg
• 2,700
400 Dec
225
40o 50c
Mills Alloys Inc B
50c
210 June
330 36c 4,970
21c
Mt Diablo 011 Min & Dev 1
60
70 June
5
17c 290 121,800
Nordon Corp
31027 18e
350 Jan
1 57%0 5730
Oceanic 011 Co
2% Jan
700
2%
Pacific Clay Products
*
6% 7
9% Jan
Pacific Finance Corp_ _ 10 18% 18% 1,300
6%
10% Jan
10 13% 13%
Preferred A
1300
9
Jan
9
10 113411134
t'" Preferred 13
1300
6%
1200 12% 13% Feb
Pacific Gas & Elec Co_.25 30 113 •
0
25 28% 295 2 MO 18% 20% Feb
IP 6% 1st preferred
834 Jan
.
400
7%
Pacific Indemnity Co _ -10 3834 18%
20% Mar
100' 19
Pacific Lighting Corp-- -* 50% 50%
Jan
• 106 '4106%
135 34 66% 72
•
Preferred
7% Jan
Pacific P S lot prat
I%
18% , 18% , 100
7% Jan
Pacify Western 011
• 10% 11
r,b,000 2 5
1% Aug
Republic Petroleum Co-10 .4 2% L3 111,000 11%
100 Dec
1 , lOcJ 100 15.800
180
Rice Ranch 011 Co
370 Aug
19
Samson Corp B corn
37c1 37c
Nov
2
10 7 2% 2%
1265 72
36c
•6% preferred
Jan
San J L P 7% or pref-100 113% 113% , 1 1 87% 88
Apr
33
Security-First Natl Bk-20 649% 50% 1.600 25
15% Mar
43 .1143% t2.309 13
Security Co units
534 Mar
Signal Oil dr Gas A com * 11• 11 • 200 V 1%
Sou Calif Edison Co___ -25 23% 24% 11.100' 1034 10% Mar
2
8% preferred
27111 2734 • 700 2 1534 1734 Jan
25 V 25% 28 I 600 14% 16% Jan
534% preferred
80
Jan
Sou Cos Gas Co 6% pref 100 (107% 107% 4 24 75
460' 12% 13% Mar
Southern Pacific Co - -.100 122% 22%
Square D Co A pref
46 '°2.40 27% Apr
30 * 30
Standard 01101 Calif
* 3634137%
800 2634 28% May
Jan
11
Taylor Milling Corp
100
8
* 1814 18%
434 Mar
4%
II% , 12% 25.100
Transamerica Corp
Jan
25 2136: 22% 1,300 11% 15
Union Oil of Calif
Jan
20027 1.20
2
Universal Cons 011 Co
10 , 8% - 8%
% Dec
Victor Oil Co
10 134
100
%
5
July
400
3%
5
Weber Showcse & Fix pref * 1 5
550 May
1
4% 12,200
Wellington Oil Co
50c
ningBlk Mammoth Cons M.10c
220 25c -8,000
Calumet Mines Co_ _ .10c 15301 73ic 713,600
Zenda Gold Mining Co I
4% 4% 1,000
Dec. 21 1935
6c Sept
3o July
4)40 Dec
99%
331
%
2%
22
334
434
8%
2%
Mar
Mar
Mar
June
Mar
Mar
Apr
Apr
Mar
Range Since
Jam. 1 1935
High
Low
Stocks (Concluded) Par Low
High
High Shares Low
Sept
15% Nov Stearns common
434
7% Mar 17
14% 17
1,230
140 Apr TImken-Detrolt com__-.10 103,4 11% 2,232
1% Mar 11% Nov
3
5% Dec
59% Nov Tivoli Brew common
1% Sept
1%
4% 534 39,934
I
9% Dec
2% July
13% Nov United Shirt Dist corn---*
8% 9% 1,150
34
2% Nov
1034 Dec Universal Cooler B
1
Apr
.55
2% 2% 11,659
•
Jan Universal Products com * 24% 25
9
Feb 27% Oct
26
434
225
Nov
22% May Walker & Co units
6% 13% June 24
22
100
• 22
%
1% Nov
14c Dec Warner Air Corp
34 July
3,450
1
34
1% May
% Oct
77340 Sept Wolv Brewing common 1
14
5-4
34 5,000
Aug
12
July 17
4
100
800 Feb Wolv Tube common
15
* 15
7% Oct Young (L A)S & Wire_ _ _* 44% 47
385 1034 18% Mar 51 'Des
234 Dec
114% Dec
734 Apr
Established 1874
650 Dec
3% Dec
134 Feb
360 Dec
29c Dec
Members
600 Apr
New York Stock Exchange
734 Nov
Philadelphia Stock Exchange
22
Aug
14
Aug
NEW YORK
PHILADELPHIA
1134 Aug
1415 Walnut Street
30 Broad Street
30% Nov
Nov
29%
19
Aug
Nov
55
106% Dec
20% Nov Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Aug
11
tJuiy1
3% Aug
Range Since
450 Jan
Week's Range Sales 1933 to
Jan. 1 1935
Nov.30
380 May
of Prices
for
Week 1935
3 June
Dec
117
High
Low
High Shares Low
StocksPar Low
50% Dec
Oct 42% Jan
Nov American Stores
46
559 3334 33
• 3434 35
Feb 23% Dec
July Bankers Securities pref_50 1834 2334
15
5% 11
508
141 109% 11434 Apr 124% Dec
26% Nov Bell Tel co of Pa pref-100 120 12434
9% Dec
334 Mar
3
949
*
28% Oct Budd (E G) Mfg Co
834 934
Mar 9834 Dec
23
26' 16
26% Oct
9634
Preferred
100 95
3% Nov
Oct
% Sept
%
535'
Rights
108
234 254
620' 2
234 Mar 1434 Nov
25% Dec Budd Wheel Co
• 1136 123.4
Nov
398 33% 4034 May 59
38% Oct Electric Storage Battery100 51% 53%
Feb 3234 Dec
50 1 1534 21
38% Nov Horn& Hardart(NY)corn* 3234 3234
4% Oct , 8% Aug
Sept Lehigh Coal& Navigation *
5
3,328
21
614 7
140' 5
534 Mar 1134 Jan
50
13% Nov Lehigh Valley
834 854
1% Nov
34 Ain
%
190
%
22% Dec Mitten Bank Sec Corp_ _25
34
234 Nov
54 Aug
34
9)1 Nov
Preferred
25
134 134 1,235
Dec
34
4% Nov
13,4 Mar
July Pennroad Corp v t c
*
334 35-4 7,404 2 1%
50 2934 3034 2.204' 1734 17% Mar 323.4 Dec
534 Dec Pennsylvania RR
4192 4234 70
Mar 117% Nov
Penna Salt Mfg
50 11234 115
1033.4 Jan 11534 Dec
234 90
Phila Elec of Pa $5 pref _* 11434 11534
26o Nov Phlla Elec Power pref _ _ _25 33
541 2934 3154 Mar 3454 Aug
3354
434 Nov
1% Mar
1%
350
2% 334
133.40 Jan Phila Rapid Transit_ _ _ _50
Nov
334 Mar 10
367 1 3
7% preferred
22o Aug
634 834
50
1% June
140' 131
Phila & Read Coal& Iron.*
434 Jan
234 23.4
9% Oct 2234 Jan
934
758
9% 1034
Philadelphia Traction_ _ _50
Dec
Jan 91
Nov Scott Paper
160
56' 3734 56
8934
* 87
____ 1 17% 1834 Apr 3034 Nov
Jan Tacony-Palmyra Bridge...* --Ilis may
'16 Feb
34
3% Nov Tonopah-Belmont Devel_ 1
Si 3.000
116
I% Apr
34 Feb
34
820 2
5)1 Dec Tonopah Mining
34 1116
1
636 Jan
33.4 Mar
334
40% Dec Union Traction
3% 45-4 2,753
50
Oct United Gall Impt com____* 1634 17% 3.259' 954
9% Feb 1854 Nov
Nov
153' 8234 8754 Feb 110
13% Dec
* 10734 108
Preferred
13% Dec
Bonds10% Dec
Jan
9
Nov 21
9
Elec & Peoples tr ctfs 46'45 1034 11 $41,000
Dec
5.000' 3036 31% Mar 36
38
2003 36
Lehigh Valley 411
9754 9714 10,000 10434 97% Dec 107% Aug
Annuity 6s
200 2104U 110% May 113% Feb
Phila Mar 1Pal 1 at Am 1050 112 112
Dellaven & Townsend
Philadelphia Stock Exchange
WATLING,LERCHEN & HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
DETROIT
Buhl Building
Telephone
Randolph 5530
Detroit Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Safes 193310
Jan. 1 1935
of Prices
Nov.30
for
Week 1935
Shares Low
13,878
1
2,475
6%
834
246
845 1034
1,700
4
723 2834
665
634
765
34
200
2%
4%
303
200
134
208 56
2,267
1
650
34
225
334
215 61%
162
650
3
38,498
3%
1,000 11%
943
3
925
1
234
3,027
3,208
1,407 10%
14,607
34
500
114
200
3
1,240
34
100
234
4.200
3
210
6%
331
,
1,085
2,855 21 234
3,781 a 1934
110 1 39
2,522 II 2
1,498
2
22.940
234
3,915
1
241 1734
179 16 2.40
High
Low
Jan
2
1
Sept
Dec
0% Mar 42
Nov
Feb 53
25
Apr 27% Nov
14
Dec
Feb 23
4
Mar 8834 Oct
31
12% Jan 25% Oct
2% Nov
% Mar
8% Nov
2% Mar
8% Feb 24% Dec
2% Nov
1% Mar
Dec
Mar 127
55
534 Nov
Feb
1
34 Mar
334 Nov
9%, Jan 30% Dec
10% Mar 1434 Aug
Oct
5% Feb 20
3% Mar 11% Nov
Dec
7
3% June
4% Oct
134 June
Oct
7
3% June
334 Feb 12% Dec
634 Mar 3134 Dec
8% Mar 1734 Oct
mar 27% Nov
20
1 Aug
,
1
6% Deo
4% Oct
I% June
Dec
Jan 34
3
34 Apr
134 May
7% July
2% Jan
614 Nov
3
Aug
7% Mar 1434 Oct
Mar 21% Nov
5
714 Oct
334 Apr
July
Jan 47
33
Nov
Sept 80
40
Dec
7% May 19
5% Dec
234 Feb
5% Dec
2% Feb
6% Nov
234 Jan
Nov
20% Jan 27
Jan 3651 Oct
21
M.SIMON & CO.
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
315 North Fourth St., St. Louis, Mo,
Telephone Central 3350
St. Louis Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales Hats
.174W 1
Range Since
Week's Range Sales 193310
Nov.30
Jan. 1 1935
for
of Prices
Week 1935
Par Low
StocksA. S. Aloe Co pref ___ -100 105
Brown Shoe common_ __.• 60
Burkart Mfg common_ _ _ _* 43
Preferred
• 33
Century Electric Co_ _ _100 35
Coca-Cola Bottling com _ _1 5134
Ely & Walker D G com_25 20
lot preferred
100 120
Falstaff Brewing corn_ _ _ _1
434
Globe-Democrat prof-100 116
6
Hussmann-Ligonler com_•
Preferred
•
934
3
Hydraulic Pr Brick pfd 100
Hyde Park Brew corn_ _10 17%
.
High Shares
25
105
30
60
103
45
75
33
15
35
5134
10
21
195
10
120
97
5
110
116
605
634
180
to%
100
3
105
18
Internat'l Shoe common...* 4834 4831
Key Boiler Equip corn _._*
834 834
634 634
Knapp Monarch com__•
Laclede Steel common-20 2534 2534
18
Landis Machine comm_ _25 18
Mo Portland Corn com _ _25 1034 10%
Nat Bearing Metals pfd 100 10134 10134
Nat Candy common
• 1034 1034
Rice-Stlx DO corn
* 1134 12
*
I
1
Scullin Steel pref
Securities Inv common _ _ ..• 3834 39
S'western Bell Tel pfd _ _100 124 12534
Stlx Baer & Fuller com....*
954 9%
33
Wagner Electric com-- _15 30
Bonds
t City & Sub PS 5s_ _1034
1934
tUnIted Rys 40
TTnItgad Ittya so fott riga',
203
50
25
5
130
134
12
102
250
85
125
40
265
316
2751 27% 31,000
2734 2756 2,000
2/11.4 2614 2.000
Low
High
95 June 105
Dec
53
Mar 62
Nov
6
Jan 45
Deo
22
Feb 33
Dec
20
Aug 35
Dec
25
Jan 5134 Dec
1754 Jan 2134 Dec
Jan 120
Dec
105
534 July
23.4 Jan
Dec
11334 May 116
2
July
636 Dec
334 June
934 Deo
Dec
3
134 Mar
Apr
15 Sept 20
WM
High
2
42
51%
2534
2234
86%
22
2%
634
2234
2%
127
4%
2%
29%
12
18
10%
7
3%
5%
12%
31%
16%
26
6%
2%
32
Si
5%
5%
13
19%
8%
45%
75
19
5
5%
6
28%
30%
I.
X.XX=
WI.WN00000000C.0
CO
Par Low
Stocks1
1%
Auto City Brew corn
• 3934
Baldwin Rubber A
• 5134
Briggs Mfg common
Burroughs Add Mach__ _* 25
* 22
Capital City Prod com
5 86%
Chrysler Corp corn
Consolidated Paper com _ 10 22
234
Continental Motors com-*
6%
Crowley Milner common.*
Diesel-Wemm-G11 com-10 22%
2%
Det& Clev Nav com--_10
Detroit Edison com--100 120
*
4%
Detroit Forging corn
1
21.4
Det Mich Stove corn
29%
Dot Paper Prod corn
5 12
Eureka Vacuum
3 18
Ex-Cell-0 Air corn
•
9%
Federal Mogul corn
5%
Goebel Brew corn
3
Graham-Paige Mot corn _ _1
5%
•
Hall Lamp common
Hoover Steel Ball com_10 12%
• 29%
Houdaille-Hershey B
15%
Hudson Motor Car
Kresge (S 81) common__ _10 2534
4%
Lakey Fdy & Mach com._1
231
McAleer Mfg corn
Mich Steel Tube corn_ _ _• 3134
14
Mich Sugar common
10
5%
Preferred
534
Midwest Abr
5 13
Motor Wheel corn
10 18%
Murray Corp corn
•
634
Packard Motors corn
• 43%
Parke-Davis & Co
75
Parker Rust-Proof corn
17%
Pfeiffer Brew corn
5
4%
Reo Motor Car corn
2
434
Rickel, H. W
•
5%
River Raisin Paper
10 26%
Scotten-Dillon corn
30%
Square D A
For footnote* see page 3930
ST. LOUIS MARKETS
__
4254
4%
5
15%
10
63.4
95
814
834
34
28
119
81.4
1254
Mar 4936 Nov
834 Dec
Aug
Sept
634 Deo
Nov
May 26
Mar 2134 Oct
Apr 1134 Nov
Jan 1013.4 Dec
Nov 1634 Feb
July 1234 Dec
Oct
234 Sept
Jan 3934 Aug
May 1253.4 Dec
May 1034 Jan
4
Dec
Jan
2534 Oct
2634 Oct
26
Nov
Feb
30
3234 Aug
2834 A or
Financial Chronicle
Volume 141
3999
.114111 1
Pittsburgh Stock Exchange
Week's Range
of Prices
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
1:133 to
Noo.30
1935
Par Low
StocksAllegheny Steel corn
* 294
34
Arkansas Nat Gas Corp _ _.
100
Preferred
6%
Armstrong Cork Co corn* 444
* 14%
Blew-Knox
1
24
Carnegie Metals
6
Central Ohio Steel Prod *
Clark (DL)Candy Co-*
6
Columbia Gas & Elec Co..* 13
Duquesne Brewing com--5 . 6%
Class A
5 ' 7%
10 16
Devonian Oil
Follansbee Bros pret__-100 15
Fort Pittsburgh Brew_ _ _ _1 1 IA
Ifarb-Walker Ref com_ _ _* 127%
Koppers G & Coke pref.100 y,984
Lone Star Gas Co
*
94
* 50c
McKinney Mfg Co
Mesta Machine Co
5 37%
Mountain Fuel Supply 44
High Shares Low
29%
10 1 13%
34
100 2
.54
74
148 2 14
44%
435 2 13
15%
387
6
4
9,455 90c
6
15
1%
6%
3
75
3
13%
605' 3%
6%
100 3 1
4%
7%
100
95
8
16
5
17
675
14 1,285
14
25' 12
27%
98%
385 54
94 3,913
4%
1
900
50c
174' 84
37%
4%
986
4%
Nat'l Fireproofing prof _100
1
Phoenix 011 Co pret
Pittsburgh Brew Co pref_•
Pittsburgh Forging Co_ -.1
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt_ _*
Plymouth Oil Co
5
Renner Co
1
Ruud Manufacturing Co.5
Shamrock Oil & Gas
*
Standard Steel Spring_ .*
United Eng & Fdy
Vanadium Alloy Steel_ ___*
Victor Brewing Co
1
Westinghse Air Brake
*
Westinghse Elec & kifg.50
1%
3c
15%
734
134
954
94
124
1
15%
2%
18
30
34%
60e
33%
93%
1
30
15%
7
1
9334
84
12
1
15%
2%
174
28%
34
55c
32%
92
Unlisted
Lone Star Gas6% pref.100 101
101
634% preferred
100 110 110
l'ennroad Corp v t c
•
3% 3%
Range Since
Jan. 1 1935
80c
20
15
2
1
304
434
634
1
7
75c
8
18%
154
34
15%
27%
Low
High
20% Jan 30 June
1
Feb
34 Dec
2
Mar
7% Dec
Mar 44% Dec
17
9% Mar 174 Nov
54 Oct
1% Jan
24 Jan
6
Dec
3
Mar
64 Dec
3% Mar 15% Oct
34 Jan
8
Apr
84 Apr
5% Jan
10% Jan 16% Dec
8
Apr 17
Dec
14 Dec
2% Jan
16% Mar 28
Nov
73
Mar 100
Sept
4% Mar 11
Nov
50c Dec
134 Feb
24% Jan 41% Nov
k 4% Nov
5% Nov
415
80c Nov
2
Jan
1 2c Nov
Sc May
15
Mar 25% Apr
74 Dec
., 24 Mar
1
Apr
1% Dec
147% Apr 1004 Nov
934 Dec
A 5% Mar
9
May 124 Nov
I 1
Oct
1% Apr
7
Feb 16
Nov
75c
Jan
3
July
9
Feb
18
Sepl
18% July 314 Dec
18
Jan 36
Nov
550 Dec
134 Jar
18% Mar 354 Nov
32% Mar 98
Nov
162 64
10 74%
922 134
Low
High
Stocks (Concluded) Par Low
High Shares Low
434 Jan 15
Nov
Paauhau Sugar
15 1354 13%
50
4
Pacific G & E corn
25 2934 304 2,249 1 12% 13% Feb 311% Nov
1,601 2 18% 20% Jan 29% Oct
25 28% 28%
6% 1st prof
18
469 16%
Jan 274 Oct
5%% pref
25 26% 26%
20% Mar 57% Nov
Pacific Lighting corn
* 50% 50%
143 1 19
Jan 10634 Dec
* 106 1064
" 6% prof
105 66% 71
45917 %
5
Nov
4% 4%
Pac Pub Ser(non-vot)com *
34 Feb
331
1%
7% Feb 2134 Nov
(Non-voting) pret
• 19% 194
100 6834 70% Jan 1224 Dec
Pacific Tel & Tel com_ _100 119% 1224
Dec
Jan 142
6% preferred
100 141 142
75 1 99% 111
36
Mar 80% Dec
• 78% 80%
1,731 21
Paraffine Co's com
24 Dec
*
24 24
Pig'n Whistle pre
Si Jan
Si
5
59
Mar 1014 Del
90
Jan 110
Del
1% Apr
434 Nov
1,070
600
575
200
150
472
2.258'
45'
200
20
1,975
290
1,550
160
1,600 2
236
127 1
44 44
sky Equip & fifty com _ _ _*
1934
• 19
Series 5
814
* 81
Series 6
* 33
33
Rainier Pulp & P Co
1 28
Roos Bros corn
28%
Safeway Inc
• 334 334
SJL &P 7% pr pref_100 115 115
4
A
Schlesinger & S(B F)com *
4
4
Preferred
100
• 14% 1534
Shell Union 011 corn
100 107 108
Preferred
Southern Pacific Co__ _ _100 22% 22%
3
3
So Pac Golden Gate A _ _ _ _*
*
134 1%
B
Standard Oil Co of Calif _ _* 36% 37%
100
MA
CI nnn
DEAN WITTER & CO.
Municipal and Corporation Bonds
PRIVATE LEASED NVIRES
San Francisco
Los Angeles
New York
Oakland
Portland
Seattle
Beverly Hills
Honolulu
Tacoma
Sacramento
Stockton
Fresno
RR
109 74
A nr
107
VolInco rharkrr rAh A
39
53
14%
1%
4
8%
294
314
14%
74
3
534
224
54
81%
634
1
34
8%
2
Ii
4%
2
334
13
74
5
954
21%
124
2
Jan 53
Dec 564
Mar 36
Mar
64
Mar 11%
Jan
17
Dec 29%
Jan 474
Jan 22%
May
113%
Jan
10
Mar 124
Apr 274
Oct71%
Jaim 114%
Jan
9%
Mar
2
Jan
234
Jan 17%
Jan
1434
Jul
14
Mar 21
Nov2
June
634
Feb 38%
Jan 12%
Mar 111%
Mar 1534
Mar 30
Jan 3
934
Anr 11
50
25
2554
120
214
ft
Nov
On
Nov
De(
Nov
Dec
Nov
Nov
De(
May
Nov
Del
0c,
Nov
133 MONTGOMERY STREET
SAN FRANCISCO
(Since 1880)
Members: New York Stock Exchange-San Francisco Stock
Exchange
-San Francisco Curb Exchange-Chicago
-New York Curb Exchange (Associate)
Board of Trade
Direct Private Wire
•1 Aug
Week's Range
of Prices
1 , Par Low
Stocks- I
Low
High Shares Low
High
14
270' 134
Alaska Juneau Gold _ _ _ _10 14% 14%
Oct
ii
Jan
7%
987
174
Anglo Cal Nat Bk of S F_20 17
12
Jan 17% Dec
4% 434 2,818
Assoc Insur Fund Inc_ _10
34
134 Jan )4% Nov
314 Jan 40
41 26
25 39
Associated 011Co
3934
Aug
461
1%
Atlas Imp Diesel flog A _ _5 164 17
8
Aug
184 Nov
185 120% 143
100 180 185
Bank of Calif N A
Jan 187
Aug
* 14% 15%
1,307
3%
Byron Jackson Co
74 Jan 17% Oct
499 15%
234
Calamba Sugar corn _ __ _20 23
19
Jan 26% Nov
7% preferred
20 21% 214
55 17% 21% Apr 22% Sept
Calaveras Cement corn_ _ _•
4
367
4
434
1
Aug
y, 534 Sept
% 1
10
1,500
California Conner
A Feb f 1
4
Nov
264 1,695
Calif Cotton Mills com_100 25
4
Nov
10% Jan 30
California Packing ..,orp._* 34% 3534
1,975 17
31
Aug 42% Feb
* 554 55%
(_ aterpiller Tractor
378 1 15
36% Jan 5934 Nov
• 86% 87%
Chrysler Corp
500 1 264 80
Oct 894 Nov
( st Cos G & E6% lstpt 100 103 103
10 564 77
Jan 105
Nov
5 15% 154
Con Aircraft
400 2 6
14% Nov .16% Dec
Cons Chem Indus A
• 29% 30
240 21% 2734 Jan IF 33
Nov
Crown Will prof
314
* 99 100%
99
Dec 100% Dec
Crown Zellerbach v t c
84 9
•
9
2,008 1 34
3% Apr
Dec
*
924 9334
11111(11T0(1 A
358 27
50% Mar 95
Nov
94
Preferred B
• 92
50% Mar 96
265 26
Nov
35
1)1 Giorgio Fruit $3 prof 100 34
100 16
224 Jan 38
jar
Emporium Capwell Corp..* 17
17
375
5
5% Jan 184 Nov
14
29017 24 124 July
Emsco Der & Equip Co_ _ _5 14
15% AuE
3314
Fireman's Fund Indent_ _10 32
180 17
264 Jan 3
534 A pi
Fireman's Fund Insur_ _ 45 100 102
171 44
71% Jan 102
Dec
27
First Nat Corp of Ptld__ _• 27
20 13% 214 Jan 27
Nov
Food Mach Corp com
* 764 771%
547 10% 20% Jan 77% Nov
Foster & Kleiser corn _ _10
.
550
3% 3%
1
%
Feb
.5
Sepl
115 31%
331 53
1,464
5
4
6,153
4
3,048
8
100
1,117
70 244
536 104
280
34
300
4
538
54
274 21
5,006 12 90c
65 75
6
545
1
215
78812 34
6
407
4,453
1
20'
4
150 1 3
10'
4
5' 2
2,23327 3
334
1,255
4
125
416
6%
50 13
5
998
14
1.647
Jan 424
Oct
3%
Mar 13%
Feb
104
Mar 13%
Feb 224
Jan 16%
9
Oct
Jan 305
Jan 28
Feb 2934
Dec
Dec
Dec
Aug
Nov
Oct
Nov
Nov
Nov
Dec
Dec
Dec
San Francisco Curb Exchange
San Francisco Stock Exchange
48% 4834
55
55
334 35
4
5%
10% 10%
16% 1834
28% 29%
464 47
20
204
6
9%
8
84
log 11%
261% 26%
64 7%
113 114
74 8%
2% 234
2% 2%
17
17%
12% 14
1
1
194 21
2
2
634 134
334 36%
11
11%
og 10%
14% 15
28% 29%
29
29%
114 12
3
Dec
5
1934
164 Dec
7934 Dec 85
30
Jan 364
Jan 29
9
324 Nov 35
88% Jan 121
A Jan
4
1% July
534
5% Mar 16%
6434 Mar 1084
13
Mar 2.534
1% Jan
434
3
34 Jan
Mar 38%
28
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Dec. 14 to'Dec. 20,1bothlinclusive, compiled from official sales lists
July I as,,,z
et Alt 441.1
Week's Range Sales 1933 to ,,.g Range Since
of Prices
for
Nov.30 miNjJan. 1 1935
Week
195
Galland Mere Laundry_ _*
*
General Motors
•
Gen Paint Corp A com
•
B common
•
Golden State Co Ltd
•
lisle Bros Stores Inc
Ilawallan Pineapple
•
Home IC & M Ins Co.__ .10
Honolulu Oil Corp Ltd_..•
*
Hunt Bros A com
Island Pine Co Ltd com_20
2
Langendort Utd 13ak A _ _ _'
•
Leslie-Calif Salt Co
•
Lockheed Air
.
I, A Gas & Elec pret _100
Lyons-Magnus Inc A ----•
*
13
234
Magnavox Co Ltd
(1) klagnin & Co com_ ___•
'Merchant Cal Mch com _10
100
Market St fly corn
100
Prior prof
100
2(1 pret
100
Preferred
Natl Automotive Fibres _ ..•
•
NIttOMINS CO
100
No Amer Inv corn
North Amer 011 Cons _ _ _ 10
Occidental Insur Co_ _ _ _10
•
Oliver Utd Filters A
*
0 _
4
134
2
15
5
314
67%
34
1
534
4534
12%
A
34
264
STRASSBURGER & CO.
Ann
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago
Stock
Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee t Sugar Ex.
Commodity Exchange, Inc.
Honolulu Stock Exchange
20
1,147
182
374
355
417 1
11
4,210
75
1,368 1
20
846'
590
1,100
1,620'
* 42
33
Telephone Inv Corp
4234
140 28
1%
40
134
Thomas-Allec Corn A--- -*
3
3
734
29 45
TIcle Water Assd Oil com_* 12% 134
130 43% 83%
100 101% 103
6% prof
4% 4%
* 114 12% 48,267
Transamerica Corp
1,258' 11% 14%
25 214 22%
Union 011 of Calif
4
5
200
Union Sugar Co com___ _25 10% 10%
38527 1.20
6%
84 83.4
*
Universal Cons Oil
231
50 179
Wells Fargo Bk & U Tr_100 300 305
264 1,424
734
104
Western Pipe & Steel Co_10 25
BondsT7111,111.1pah ilratolncr Ac 10/0
Range Since
Jan. 1 1935
Sales 1933 to
for
Nov.30
11 eek
,
1935
.Aur
Del
Nov
Au(
Dec
No'
Dec
No
,
No
,
Oc
Mat;
De
No'
Oc
De
Jut
Atli
Noy
Oc
No'
Jul:
De
Nc•
De
No
De
No
De
De
No
Ile
StocksAlaska-Treadwell
Amer Tel J.: Tel
Amer Toll Bridge
Angio-Natl Corp
Argonaut kilning
Aviation Corp
Bancamerica-Blair
pc.w.eri
PIA
Calif Art Tile B L
Par Low
High Shares Low
25
35c 35c
10c
250
100 150 154
302 1 9834
1
34c
31k
20c
2,100
* 15
399
3
154
5 14
144
410
14
40' 2%
3
44 43%
1
6
534
6% 1,500
* 2.25
" 124
AL
Cal-Ore Pow 6% pret..100 63
4
Cal-Pae Trading pref _*
234
*
Cities Service
1
65c
Claude Neon Lights
*
90c
Coen CO's A
50c
Columbia River Packers_ -*
* 10%
Constlidated 011
234
20c
Containers Secur
• 28
Dominguez Oil
20 48%
Ewa Plantation
• 17
General Metals L
Gladding-McBean
* 12
Great West Elec-Chem_* 62%
20 40
Hawaiian Sugar
25c
Hobbs Battery B
*
2.30
14
63
4
24
95c
1.00
51c
10%
20c
28
45%
174
12
62%
40
25c
220
1
640
15 22
3
500
54
2,128
5,6
5,0452
50e
200
300
1
WO 1 634
25c
100
20 17
10 404
1,960 144
175 17 4%
50 17
5 28
10c
200
Low
High
15c Oct
80c June
Mar 160
Nov
99
47c July
21c Mar
7% Jan 16
Dec
Jan
19
July
10
July
3
4% July'
7
Nov
534 Oct
2.25 Dec
2.00 Dec
Dec
4
July 14
Apr 63
Dec
34
4
Dec
3.60 June
4 Mar
334 Nov
32c Apr
134 Dec
1.10 June
750 Jan
1.75 Apr
50c Dec
10% Dec 10% Dec
55c May
20c Dec
224 Feb 30
Aug
404 Jan 51% Nov
14
Dec 1834 De(
Apr . 13% Nov
5
Nov
Aug 70
48
Oct
Jan 43
31
400 Oct
25c Dee
10C
450
3c
9
15
18c
2
30
4%
5
134
5
2.20
3c
11%
2054
18c
3
324
44
93.4
1%
7
4
1,361
360
100
534
35c
120
3.05
50
10 11
589 1 log
300 17 14%
488 2 15%
40 1494
125
16c
20 1 24
20
434
4
234
5%
90c
3.50
22
1054
16%
1734
17
17c
5
434
Mar
Dec
Aug
mar
Mar
Jan
Mar
Jan
Jan
Jan
Sept
Aug
Feb
3.05
13
180
1.40
550
2.40
Ilc
22
31
20c
7
45
634
144
4%
1034
3.10
13
24c
1.40
59c
2.75
13c
22
31
20c
7
45
6%
144
5
11
2,050
25'
2,515
2,427
800 2
1,350
6,600
40
100
3,200
100
5
40
25
734
200 2
*
Radio Corp
•
Richfield 011 prof
Riverside Cement
Schumacher W Br
*
Preferred
*
Shasta Water
*
South Calif Edison
25
534% prof
25
6% pref
25
South Pac G pref
100
United States Pete
1
Warner Bros Pictures _ _ _ _*
1234
234
9%
5
18
36
24
25%
27
364
25c
10
13
234
93-1
5
18
36
24%
26
2734
3634
25c
10
WAAL flonAt T.Ifo
1:2
12
5
Range Since
Jan. 1 1935
3.95 May
134 Nov
28c Pet
1.50 Nov
760 Sept
Oct
3.30 Dec
Dec
Mar
15c Nov
Nov
Apr 23
No
,
Jan 36
Oct33c Ma
Jan
,
7% No
Jan 46% De
Aug7% Oc
Jan 174 NO
Mar
534 No,
De
July
11
1
*
1
1
1
*
1
•
20
1
*
20
*
5
1
•
Idaho-Maryland
Intl Tel & Tel
stab° Petroleum
Preferred
z Khmer Airplane
Menasco Mfg L
MJ&M&M011
Marine Bancorp
Oahu Sugar
z Occidental Pete
O'Connor-MoUatt
Onomea Sugar
Packard Motors
Pao-Amer Fisheries
Pan-Eastern Corp
Pac-Western 011
1
Sales 1933 to
Nov.30
for
1935
IWeek
2.50
5%
50
47c
2.90
54
13c
66c
Nov
Mar
Jan
Jan
13
2%
10
63.4
2334
3731
27
26%
2834
37
27c
1034
14
De
De
De
Oc
No
Sep
No
Oc
Oc
No
Ma
De
De
• No par value. c Cash sale. a Ex-dlv dend v Ex-tights. z Listed. t In default.
I Flat. g Price adjusted because of stock dlv dends, spilt-ups, &o.
I' New stock. f Low price not Including cash or odd-lot sales.
The National Securitiee Exchanges on which low prices since July 1 1933 were
made (designated by superior flguree in tables) are as follows:
' Cincinnati Stock
3
Pittsburgh Stock
1 New York Stock
"
2 New York Curb
15 Cleveland Stock
22 Richmond Stock
1* Colorado Springs Stock 2* St. Louis Stock
9 New York Produce
4 New York Real Estate I* Denver Stock
25 Salt Lake City Stock
I* Detroit Stock
9 Baltimore Stock
25 San Francisco Stock
12 Los Angeles Stock
Boston Stock
. San Francisco Curb
7
(I Los Angeles Curb
2 Buffalo Stock
25 San Francisdo Mining
• California Stock
1* Minneapolis-St. Paul
is Seattle Stock
55 New Orleans Stock
9 Chicago Stock
55 Spokane Stock
I' Washington(D.C.)Stock
('Chicago Board of Trade 5, Philadelphia Stock
11 Chicago Curb
4000
Dec. 21 1935
Financial Chronicle
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
Jan
be
1 1948
Oct
1 1958
4.4a
PrOV of British Columbia
Feb 15 1936
4346
July 12 1949
St
Oct
41-41
1 1953
Province of Manitoba
Aug 1 1941
414t
June 15 1954
bs
Dec 2 1959
Se
Prov of New Brunswick
June 15 1936
434e
Apr lb 1980
434e
Apr 15 1961
435s
Province of Nova Scotia
Sept 15 1952
4340
Its _
_ Mar 11960
Toronto Stock Exchange
-Bid,
Asc
Ask Province of Ontario
3 1937 10412'105
941*
Jan
5145
Oct
as
1 1942 11014 11114
90
Sept 15 1943 114 115
65
100 10012
May 1 1959 11314 11414
Es
99 100
June I 1962 103 104
es
Jan 15 1985 107 10812
434s
96
9712
Province of Quebec
102 10312
Mar 2 1950 109 11012
43
-is
106 10712
1 1958 10612 108
Feb
de
4345
May 1 1961 10912 111
107 10812
Province of Saskatchewan
may 1 1936 10014 101
1003 1011*
4
43.4e
June 15 1943 10014 1011 1
55
106 1071*
Nov 15 1948 9914 101
535s
10612 10712
95
Oct
43is
1 1951 94
4
1063 1073
4
112 11312
J301
93
88
Canadian
Bonds
Wood,
Gundy
& Co., Inc.
14 Wall St.
New York
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Abitibi P & Pap cite Es 1953
Alberta Pacific) Grain Ss 1946
Asbestos Corp of Can be 1942
9eauharnols L H & P 534s'73
Beauharnois Pr Corp 5s 1973
Bell Tel Co of Can bet_ _195b
British-Amer 011 Co 56_1945
Brit Col Power 5145._ _1960
March 1 1960
bs
British Columbia Tel 55 1960
Burns & Co 53-55-3)5s _1948
Calgary Power Co be__ _ 1960
Canada Bread 6s
1941
Canada Cement Co 53.55 '47
Canadian Canners Ltd 6550
Canadian Con Rubb 6s_1948
Canadian Inter Paper 61 '49
Can North Power be_ _1953
Can LI & Pow Co bs _ _ _1949
Canadian Vickers Co 85 1947
Cedar Rapids M & P 55 1953
Council Pap Corp 5351_1981
Dominion Canners 611._1940
1940
Dominion Coal be
Dorn Gas Cleo 854e 1945
Dominion Tar tls
1949
Donnaconna Paper 5345 '48
,
Duke Price Power 68_ _ _1966
East Kootenay Power 75 '42
Eastern Dairies 6s
1949
Eaton (T) Realty 5e_.1949
Fain Play Can Corp 65_1948
Fraser Co 65 unstamped '50
68 stamped
1950
Gatineau Power Es_ _1966
General Steel wares 85_ _1952
Great Lakes Pap Co let 68'50
Smith H Pa Mills 53511-1953
&
Bid
Ask
f3934 4014
96
9712
9112 9212
8812 90
3112 3212
1133 11434
4
10412 10512
103 1033
4
102 103
105 1053
4
8112 8312
9814 99
106
10312 104
- -12
104
104
79
7912
10212 1023
4
100 1003
4
7912 8012
1113 11212
4
12714 28
109
1033
4
86
8612
10112 10212
55
59
10312 104
89%
843 85
4 - -34
s
993 1003
8
102 103
1793
4
78
75
90
903
4
9912 10014
13912 4014
104 105
eta .481
Int Pow At Pap of Nfld 55'68 1013i
Lake St John Pr Az Pap Co
Feb 1 1942 f3812 391*
63
-is
Feb 1 1947 f79
6355
77
75
MacLaren-Que Pow 535s '61
4
Manitoba Power 5)0_1951 743 7512
Maple Leaf Milling 53551949 14412
Maritime Tel & Tel 6s__1941 109
88
Massey-Harris Co bs___1947 87
McColl Frontenac Oil 6211949 10414 105
303
4
Minn & Ontario Paper 68'45 30
Montreal Coke Az M 5355'47 10112
-3Montreal Island Pow 5345'57 104 164 4
Montreal L It & ($50
1939 f4912 5014
par value) 3s
4
55
Oct 1 1951 10614 1063
Montreal Tramway 5s_1941 10112
88
New Brunswick Pow 58 1937 85
Northwestern Pow 6s._1960 493 5012
4
493 5012
4
Certificates of deposit.._
Nova Scotia L & P 58_1958 10212
Ottawa Lt Ht & Pr 58_ _1957 10514
97
Ottawa Traction 5)5s_ _1955 96
Ottawa Valley Power 535s'70 8312 85
90
Power Corp of Can 435s 1959 89
98
5s
Dec 1 1957 97
1943 8712 89
Price Bros As Co 6s
Certificates of deposit_ _ 8712 89
02
Provincial Paper Ltd 530'47 101
1968 10412 0512
Quebec Power 55
Shawinigan Wat & P 434567 9912 00
033
4
1949 103
Simpsons Ltd 6s
Southern Can Pow 5s 1955 10312 0412
12
Steel of Canada Ltd 6s_1940 111
United Grain Grow 5s _1948 97
United Secur'les Ltd 535s'52 7812 7912
West Kootenay Power 58 '56 10514 06
Winnipeg Elec Co 5s_ _ _1935 9712 100
55
Oct 2 1954 7512 7612
Rai way Bonds
Bid
Canadian Pacific Ryes perpetual debentures_ _
87
8s
Sept 15 1942 110
434s
Dec 15 1944 97
July 1 1944 112
5s
Ask
8712
1111 1
98
11212
Ask
Bid
Canadian Pacific Ry4
Sept 1 1946 1021 1 103,
4).58
Dee 1 1954 10512 106,4
Es
July 1 1960 100 101
43-55
Dominion Government Guaranteed Bonds
Rid
Ask
Ask
Bid
Canadian Northern RyCanadian Natlonal Ry-4
July 1 1946 12214 123
8351
Sept 1 1951 10918 1093
4355
June 15 1955 111 11112 Grand Trunk Pacific Ry434s
Jan
48
1 1962 105 107
45.5s
1 1956 1091s 1097
s
Feb
Jan
38
1 1982 9614 9714
43.5s
July 1 1957 107-, 10818
s
July 1 1969 11212 113 Grand Trunk Railway
Se
68
Sept 1 1936 10314 10334
Oct
bs
1 1969 11312 114
Feb
5s
1 1970 11312 1141 1
Toronto Stock Exchange
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last IVeek's Range for
I Week
of Prices
Sale
Par Price Low
High Shares
1.35 1.40
7
6
27%
26
28% 28%
10% 10%
1035
93
Preferred
93
100
Beauharnois Power
331
331
139% 142
100 140
Bell Telephone
26
Blue Ribbon 634% pref _50
2735
Abitibi
•
6% pref
100
Alta Pacific Grain pret_100
Amer Cyanamid B
10
Brant Cord lot pref
Brazilian
Brew & Dist
Brit Amer 011
Brit Col Pow A
25
•
•
•
•
1.35
7
935
1.30
16
30%
935
1.20
15%
2834
30%
10%
1.40
16)5
2834
Range Since Jan. 11932
Low
Hies
2.00
550 July
1,860
0%
Nov
1,290
4
124 15
Sept 29
200 18% Oct 29%
220
8% Oct 15
Mar 95
25 85
135
7
2% Apr
303 118% Apr 145
305 19% May 29
Jan
Jan
Jan
Dec
Jan
Aug
Feb
Dec
Feb
31
10%
1.65
1631
30
Mar
Nov
Nov
May
Jan
5
4,030
4,866
3,748
86
27%
715
50c
14%
21
Jan
Sept
Jan
Apr
July
Friday
Sales
Last Week's Range for
ofPrices
Sale
Week
Stocks (Concluded) Par Price Low
High Shares
Building Products A
•
Burt(PH)
25
Canada Bread
•
534
1st pref
100
Canada Cement
*
534
Preferred
100 59
Canada Packers
• 81
Preferred
100
Canada Steamships pref100
8
Canada Wire & Cable A_°
•
8
B
Canadian Bakeries prof _100
Canadian Canners
•
1st pref
100 86
Cony pref
63-5
*
Canadian Car
*
6%
Preferred
25 14
Canadian Dredge
* 43
Cndn Gen Electric
50
Cndn Ind Alcohol A
• 10%
B
Canadian Locomotive__.,"
Canadian 011
• 14%
Canadian Pacific Ry___-25 1134
Canadian Wineries
2%
•
Cockshutt Plow
•
Consolidated Bakeries_ _ _ _• 1634
Consolidated Smelters__ 25 206
Consumers Gas
100 189
Cosmos Imperial
*
Preferred
100 10635
Dora Steel & Coal B.._ _ _25
435
Preferred
25 1534
. 8
Dominion Stores
Eastern Steel Prod
• 10
Easy Washing corn
13-5
*
Fanny Farmer
• 1334
Ford A
• 2535
Frost Steel & Wire
•
1st pref
100
Goodyear Tire
*
Preferred
50
General Steel Wares corn.*
Gypsum
835
•
Harding Carpets
2%
*
Ham Utd Theatres pref 100
!Linde & Dauch
•
imperial Tobacco
5
lilt Milling pref
100 104%
lilt Nickel corn
* 4334
int Utilities A
•
*
Kelvinator
*
Preferred
100
Lake of the Woods
Preferred•
Laura Secord
•
Loblaw Groceterlas A_ __ _• 18%
B
• 1734
qaple Leaf Gardens pref 10
idaple Leaf Milling
• 1.50
435
Preferred
100
. 6
gassey-Harris corn
QcColl-Frontenac 011
* 1234
•
Preferred
Vionarch Knitting pret_100
1400re Corp corn
" 27%
A
100 146
gational Sewer Pipe A- •
)
,
Iational Grocers
•
63.4
Preferred
100 13034
)ntario Equitable
100
7
)range crush
*
'age-Hersey
• 79
'antepec 011
1
334
Thoto Engravers
•
'ono Rico pref
100
.
ressed Metals
•
•
3imPsons Ltd A
•
B
Preferred
100
Reel of Canada
• 56
Preferred
25 4835
iterling Coal
100
rip Top Tailors pref___100
rwin City
•
4.
Jnion GU
834
Jolted Steel corn
•
3%
Walkers (Hiram) com
• 303.4
Preferred
• 17%
Western Can Flour
615
•
Preferred
100 50
iVestons (Geo) corn
• 1434
Preferred
100 110
Ummerkult
•
Banks3anada
Jommerce
Jominion
.mperlal
1lontreal
Veva Scotia
loyal
roronto
50
100
100
100
100
100
100
100
Loan &Trust"anacia Perm9nent.._100
...ended Banking
100
roronto Gen Trusts_ 100
roronto Mortgage
50
635 7
106 106
1434 16
121 121
6434 65
1835 183,4
1735
17
4% 5
1.05 1.65
33.4 4%
5% 6%
123-4 12%
98
99
90
90
28
27
146 146
17
1734
635 6%
130 13034
7
7
15
15
81
79
3
4
25
2535
85
85
19
1934
14
14
9
9
76
7835
5235 5835
4834
47
234 3
99
99
834 10
734 834
3
33.4
3034 32
173-4 1734
63.4
634
50
50
1434 15
110 110
2% 234
136
53
8334
117
137
54
84
117
High
Low
31
147
30
315
3734 3834
781
535 6
130
37
38
5% 634
388
418
59
5935
82
81
350
11134 11134
1
8
10
8
2034 22
55
8
170
8
36
36
5
5
4
590
86
883.5
60
1,495
63.5 735
440
835 7
1334 1434
505
3,204
4134 4334
156 165
10
10% 11)4 3,725
934 9%
85
10
134 1%
730
133-4 14%
3,899
1034 1134
880
2% 3%
435
834
73-4
16
1635
580
202 210
806
188 190
162
415
1934 20
10635 107
15
43-4 4%
504
390
1535
15
1,515
8% 9
20
10
10
15
13.5
13.5
1334 1334 4,915
2,327
26
25
2
23.1
3
30
8634 8635
20
64
6434
71
55
54
55
43-4 4%
815
6% 6%
20
234 234
50
6
50
655
133-4 1334
434
1335 1434
104% 10536
20
413.4 4434 49,951
334
68
334
53
52
52
14635 150
150
18534 1823-4 18534
193 200
200
196 197
197
261 265
16314 1623-4 164
217 219
84
Range Since Jan. 1 1935
2535 Oct 3134 Dec
2834 Apr 393.5 Dec
635 Dec
2 June
Dec
Apr 38
17
Oct sg Jan
5
4934 Oct 643.4 Jan
May 8234 Nov
50
July
Sept 115
110
July
1134 Jan
6
Dec
22
1334 Nov
Dec
434 Aug
8
Dec
15
Aug 36
6% Jan
334 Sept
Jan
July 94
75
9% Jan
4% Sept
435 Oct
834 Jan
Jan
103.4 Oct 17
1934 Mar 4234 Dec
Dec
Sept 165
145
635 May 13% Nov
634 Oct 1134 Nov
1% Dee
33-1 Mar
Jan
Oct 15
11
83-4 Oct 1334 Jan
Mar
6
235 Oct
7
11% Nov
634 Mar
1735 Nov
1134 Jan
Dec
12534 Mar 228
Aug
Oct 193
184
1434 Apr 2034 Nov
May
10234 Jan 108
Jan
3% Apr
6
143-4 Sept 18% July
1234 Jan
63.4 July
Dec
5
Aug 10
1
Dec
33.4 Feb
7% Mar 13% Dec
2335 June 3234 Jan
Mar
2
43.4 Nov
Nov
Jan 89
68
Oct 7234 July
59
5134 Jan 5536 Dec
Aug i 534 Feb
3
7% Jan
434 Oct
335 Sept ' 334 Mar
4935 Oct 60
May
Oct 133-4 Dec
10
Oct 1434 Dec
12
Oct 10535 Dec
99
2234 Feb .47% .Dec
435 Aug
134 May
215
5
205
10
255
969
305
7
2,539
118
4,556
1,310
35
5
1,129
125
33
275
35
65
215
117
2,340
100
10
360
10
20
114
1,569
935
826
33
41
1,356
1,580
2,677
1,115
91
207
570
5
47
125
6
15
7535'
3
21
20
8
9
5
62
42
41
2
90
2
4
2
23
1634
2%
20
1334
108
234
Oct
Jan
MY
Apr
Oct
Oct
Oct
Oct
Oct
July
Mar
Oct
July
Jan
Jan
Jan
Oct
July
June
Dec
Dec
Sept
Dec
Oct
May
Mar
May
June
June
Mar
Apr
Aug
Jan
Mar
May
Aug
Oct
Jan
Apr
Apr
Sept
May
Dec
71
181
57
77
55
22
36
12
5134
122
141
157
153
245
13315
183
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
634
102
7
97%
59
17
16
3%
400
1
335
11%
,
J4
7134
17
11836
1434
434
13 118
27 53
7 80
4 105
11 4
8% ' Feb
Sept
Dec
Dec
Dec
July
Mar
Dec
Dec
Mar
Nov
Jan
Mar
Dec
gv% Dec
Nov
149
22 ' Jan
734 Nov
,
Nov
135
83-5 Feb
June
35
88 June
43.4 Dec
2535 Dec
91
Jail
20% Dec
15
Dec
11
Oct
Jan
90
583-4 Dee
Nov
49
Jan
4
Dec
99
123,4 Nov
10
Nov
5
Jan
3534 Nov
1835 Mar
635 Dec
52
Dec
Sept
17
115
AUK
53-4 Jan
107
/ 16
121
67
1934
1834
,5 4
• 1.65
11 5 i
7%
1534
100%
90 ,
6634
16915
20134
2083-4
203
305
173
230
Oct 150
Dec 75
Dee 125
May 121
May
Jan
Feb
Mar
Jan
Jail
Jan
May
Feb
May
Feb
June
Toronto Stock Exchange-Curb Section
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Sales
Friday
Last Week's Range for
Week
Sale
ofPrices
Stocks
-Par Price Low
High Shares
Beath(W D)& Son
Bruck Silk
• No par value. f Flat price.
2% 234
16% 16%
100
25
Range Since Jan. 11935
Low
2% Nov
Mar
15
High
Apr
3
ls!.6 Nov
4001
Financial Chronicle
Volume 141
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Mining Section
Toronto Stock Exchange-Curb Section
Jal€3
Friday
Last Week's Range for
Week
ofPrices
Sale
High Shares
Stocks (Concluded) Par Price Low
23%
*
Brewing Corp
* 14
Preferred
7
*
Canada Bud
* 33
Canada Malting
• 27
Canada Vinegars
1
Canadian Marconi
Canadian Wire Box A ____* 2134
614
•
Consolidated Press
Corrugated Box prof ___100
*
Crown Dominion Oil
%
• 313
Dominion Bridge
Dominion Fdy & Steel__ __ ______
43%
Dominion Tar & Chemical*
*
English Electric B
5
Hamilton Bridge
100
Preferred
*
honey Dew
*
Preferred
*
Imperial Oil
*
Int Metal Industries
100
Preferred
International Petroleum__•
*
Montreal Power
•
National Steel Car
Ogilvie Flour
*
Ontario Silknit
100
Preferred
*
Power Corp
*
Rogers Maieetic
Simpson (It) preferred_100
*
Shawinigan
•
Standard Paving
100
Preferred
•
Superteet Pote ord
'ramblyns (G) pref _ _100
•
Thayers
*
Toronto Elevators
100
Preferred
100
United Fuel prof
*
23%
133%
65
%
33
263%
13%
2034
63%
85
2
3134
30
414
1,556
731
840
1,390
91
'45
420
60
15
175
275
8
50
23%
14
7
34
27
13%
213%
634
85
2
323%
30
43%
105
43%
223%
8%
36
29
2
2134
7
90
23%
3444
30
73
Jan
7
July
534
July 33
Mar 60
8
Apr
Feb 223%
Oct
6
Nov 45
Mar 3934
May 363%
Oct 1834
July 200
Jan
18
Jan 105
June 123%
9
5
Nipissing
*
Noranda
*
North Can Mining
1
O'Brien Gold
*
Olga Oil & Gas
Paymaster Consolidated _1
1
Perron Gold
1
Peterson Cobalt
1
Pickle Crow
1
Pioneer Gold
1
Premier Gold
*
Prospectors Airways
1
Read-Authler
1
Reno Gold
.
Red Lake-Gold Shore
*
Roche-Long Lac
*
Royalite Oil
I
San Antonio
50c
Sheep Creek
1
Sherritt-Gordon
1
Siscoe Gold
*
South Tiblemont
*
Stadacona-RouYn
I
St Anthony Gold
•
Sudbury Basin
*
Sudbury-Contact
1
Sullivan Consolidated
1
Sylvanite Gold
May
May
May
Nov
May
Oct
Dec
Sept
July
Nov
Dec
Dec
Mar
Dec
Jan
Jan
Jan
June
Nov
Apt
Mat
NON
NON
Jar
Dec
NON
NON
NON
Oct
1
53%
29
24
1
15
5
30
13%
2434
2914
334
534
4,563
10 103
567 143%
150 70
9
30
235 213%
9 110
115
2
280 33
46 108
343 153%
634
6
110 110
193% 203%
203%
1.00 1.00
15
13
303% 31
112 112
2
2
36
363%
116 119
2414
23
23
n
2
9.i‘
High
Low
4
3
6
6
396
444
4
3
24
24
50 19
5 15
45
45
10
6
7
7
203% 6,970 153%
203% 20
2
344 434 2,890
434
883 25
32
30
30
34% 3434 363% 19,250 2814
1,088 27
313% 323%
3234
25 1244
1314 133%
2 140
200 200
8
25
15
15
5 75
97 100
45
634
11
103% 11
6
sakes
Friday
Last Week's Range for
Week
ofPrices
Sale
High Shares
Stocks (Concluded) Par Price Low
Range Since Jan. 1 1935
Oct
Apr
Sept
Apr
Apr
Dec
Jan
Jan
Mar
Nov
June
All
1.5c
62c
58c
4.40
950
19c
244c
Sc
43%c
360
34c
1.50
650
17c
5.3'
714c
3.98
1.14c
65c
Calgary & Edmonton_ _..*
1.10
5
Canadian Malartic
1
Cariboo Gold
1.15
1
Castle TrethoweY
• 2.67
Central Patricia
•
Chem.Reeearch
*
17c
Chibougamau Pros
Clericy Consolidated--* 234c
•
Commonwealth Pete
2.85
5
Conlagas Minos
• 1.94
Coniaurum Mines
* 44
Dome Mines
1.01
1
Eldorado
• 6.75
Falconbridge
I
2140
Federal-Kirkland
1 53%0
Frabklin Gold
1
Gabrielle Minos
• 1.20
God's Lake
•
140
Goldale
50c
Gold Belt
1
Goodrich Mining
1
Graharu-13otrquct
1 1834c
Granada Gold
• 544c
Grandoro
23c
1
Greene-Stabell
1
74c
Gunnar Gold
15c 1514c
67c
60c
10 1140
58c
58e
334e 33%c
4.25 4.50
950 97c
180 19140
244e 214c
6c
50
40 43%0
35c
38c
340 42c
1.45 1.60
650 7244c
170 1814c
5.35 5.65
70 744c
3.68 4.00
134c 214c
7c
6110
65c
1.00
1.16
1.10
2.52
850
150
2340
4340
2.85
1.76
413%
1.00
6.60
2140
Sc
210
1.19
13c
300
70
3c
180
50
210
740
9,500
23,000
21,500
5,600
700
1,344
4,200
4,305
2,500
17,400
10,700
17,775
7,700
1,700
37,687
13,425
6,648
2,600
15,860
5,600
2,700
70c 2,980
1.14 35,187
1.2' 1,850
1.20 26,912
2.72 76,700
850 2,412
17c 17,150
214c 28,850
414c 1,000
2.95
825
1.95 4,209
1,587
4434
1.26 35,960
7.20 20,235
234 18,500
63.4c53,200
21c 1,610
1,24 39,966
150 22,450
30c 1,500
100 9,800
30 1,850
210 10,849
60 9,000
2314c 18,967
810 34,310
1
500
2340 2340
Halcrow Swayzo
300
1
34c 6,400
Hard Rock
6c 8,100
5340 514c
1
Ilarker Gold
Ilc 2,000
110
•
IlighwoodSarceo 011
Hollinger ..,onsolidated __5 14.00 13.05 14.50 7,357
140 22,100
1 1214c 123.4c
Horneetead 011
1
74c 24,085
65c
65e
llowey Gold
1 253%0 230 2814c 165.460
J1t1 ,onsolidated
270 1.700
250
1
KIrkland-Iludson Bay
470
1 483.40
510 36,195
Kirkland Lake
1 5234 5234 5334
1,866
Lake Shore Mines
40 3.1ic 43%c 20,200
1
Lamaque Contact
9c 16,130
80
80
1
Lobel Oro
3c 12,500
214c 234c
1
Lee Gold Minos
0.00 6.30 17,100
• 6.15
Little Long Lac
500
•
60
60
Lowery Petroleums
1
Macassa Minos
•
Manitoba & Eastern
I
Maple Leaf Mines
5
McIntyre Porcupine
McKenzie-Red Lake ___ _1
1
McMillan Gold
1
McVittle Graham
*
McWatters Gold
•
Mining Corp
1
Moneta Porcupine
1
Morris-Klrkland
1
Minos
Murphy
Naluhne NI Iimi
.
3.10
40
50
393.4
1.29
634.3
180
1.59
1.25
534c
660 58140
34e
214c 23.(c
3.28
444c
5140
4134
1.30
634c
180
1.59
1.25
3.35
414c
634
4134
1.34
80
1914c
1.71
1.35
6c
68c
34c
214c
58,447
21,300
8,500
10,275
33,800
63,400
15,368
29,125
1,155
1,500
43,300
1,000
6.000
850
1.14
1.50
1.34
2.86
2.35
270
80
514e
3.60
2.60
4534
2.03
8.60
434e
400
45c
2.24
200
420
14e
7e
40c
12c
350
970
20 June 8140
30c Nov
490
40 June
10c
1014c Oct15c
11.65 Oct203%
4140 Oct140
5914c Oct
1.10
9140 Sept 2
834c
200 Nov
30c
33340 July
6$0
4634 Oct 58
134c Oct
80
7c Dec
18e
214c Jan
80
4.50 Aug
7.25
60 Oct 1314c
31e
5.00
1.35
1.15
1.60
99c
16c
3340
3c
7.90
440
270
4.75
1.30
1.13
20c
1.58
92c
150
334c
234c
7.70
430
240 23,650
5.05 22,667
1.35 2,400
1.30 1.250
21c 3,650
1.71 56,865
990 2,834
160 29,450
334c 22,500
3440 21,200
8.006,568
5014c 14,900
25c
3.70
550
1.00
120
80c
50e
7c
1440
244c
6.90
26c
67e API
Sept
5.30 Dec
Jan
1.41 Non
Feb
1.45 Jar
Aug
Oct 303.4c Jar
1.93 Dec
May
1.15 Dec
July
240 Mai
Jan
July 1034c Jar
7c Jar
Dec
9.90 Mai
Aug
850 Ma,
July
official sales lists
Dec. 14 to Dec. 20, both inclusive, compiled from
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
ofPrices
Sale
High
Low
High Shares
Par Price Low
Stocks70
Aldermac Mines
Brett Trethewey
Canadian Kirkland
Central Manitoba
Coast Copper
Cobalt Contact
Dalhousie 011
East Crest 011
Foothills 011
Home Oil
Iludson Bay Mining
Kirkland Townsite
Lake Maron
130 Dec
260 Mar
380 May 7714e Sept
14c Aug 25 0 Jan
4
350 Nov
58c Dec
23%c Jan She Mar
3.60 Oct
4.75 Dec
950 Dec
1.19 Sept
6140 Sept
32e Jan
2c Oct
Sc Mar
314c July
14c Jan
23%0 May 8140 Sept
130 Oct
940 Apr
14c Feb
1.06 Aug
1.25 Oct
2.16 Jan
31c Feb
76o Dec
160 Nov
38c Jan
4.30 July 12.50 Jan
July
23%c
240 Apr
2.35 Oct
4.07 Dec
140 Oct 334c Jan
4c Jan 814c Aug
500 June
540 Feb
95c July
56c Jan
1.12 Jan
700 Oct
80 Jan
2c Jan
3c Sept
2.15 Sept
1.35 July
35
Jan
1.00 Dec
3.25 Jan
2e Jan
30 Oct
90 Aug
1.17 Nov
lle May
20e Nov
40 June
20 July
180 July
50 Dec
15e Oct
480 Feb
970
2.65
30
20c
1714c
3.00
534c
79c
2.49
Toronto Stock Exchange-Mining Curb Section
Dec. 14 to Dec. 20, both inc usive, compiled from official sales lists
Friday
sates
Range Since Jan. 11035
Last Week's Range for
Week
ofPrices
Sale
par price Low
High Shares
Low
StocksHigh
•
1
1
"
*
*
1
1
1
1
1
•
•
*
1
1
*
500
1
•
•
1.21
95c
40c
434c
29
3.15
High
Low
2.95 Apr
2.05 Oct
2.70 2.84 7,410
Jan 473% Dec
4434 9,693 31
43
330 Dec
16c July
30c 2,500
27c
750 Mar
500 53c 3,200 303%0 May
644c May
Sc 143,600 214c Sept
3140
160 Feb 4614c Dec
400 42c 128,678
1.25 Dec
50c Sept
1.10 1.25 36,750
1140 Feb 9140 Apr
234c 314c 16,000
3.91 Dec
2.10 May
3.40 3.91 71,952
9.00 Jan 12.25 May
9.00 9.95 4,325
2.05 Apr
1.36 Aug
1.74 1.77 .5,500
3.35 Nov
1.25 Jan
2.85 1,700
2.70
1.48 Dec
55e Jan
1.20 1.32 28,400
1.67 Mar
73e Oct
910 1.02 15,725
430 Oct
25c Aug
38140 41c 41,200
444c 4%c 6,700 2340 Oct 10340 May
Mar 303% Dec
2945 2,409 18
2834
5.20 Mar
2.00 Oct
3.15 3.30 6,975
1.25 Apr
55c Jan
700 1,800
700
1.23 NON
450 Mar
940 1.00 28,869
3.28 Mar
2.40 Oct
2.61 2.68 15,695
150 Mar
2c Oct
3o 3140 22,900
32e Mar
18140 2334c 166,460 13440 Jan
49c Jar
200 17,230 1414c July
17440
4.10 Dec
1.25 Jan
2.96 3.20 14,670
110 Mar
30 Sept
6c 3,000
531c
910 Dec
38e Jan
850 42,750
79c
2.70 Mai
2.01 May
2.40 2.50 12,650
.
r.
Toronto Stock Exchange-Mining Section
Acme Gas & 011
Afton Gold
Alexandria Gold
Algold Minos
Algoma Mining
Anglo-Iluronlan
Arntfield
Ashley Gold
Astoria-Rouyn
Bagamac-Rouyn
Barry,Hollinger
Base Metals
Bear Exploration
Beattie Gold Mines
Big Missouri
Boicha Mince
13ralorne Mines
B R X Gold alines
Buffalo Ankerite
Buffalo Canadian
Bunker 11111
50c
434c
420
1.18
2140
3.85
9.00
1.75
1
Tashota Goldfields
•
Teck-Hughes Gold
5
Texas Canadian
1
Toburn Gold
1
Towagmac Explor
*
Ventures
*
Waite-Amulet
Wayside Consolidated _500
*
White Eagle
1
Wiltsey Cogblan
*
Wright-Harareaves
x,„(,. Van Iran 1:11.1
*
Oct
9
Jar
Apr 1103% Dec
May 23
Non
July
1.75 Jar
July
15
De(
Feb 32
Non
Oct 114
Seo
Dec
6
Jar
Oct 42
Jar
Mar 1293% Jai
May 29
Jun(
(1.9
2.70
44
Range Since Jan. 1 1935
Dec
Dec
Jar
Apr
De(
Jar
Mai
A pi
De(
Fel
Jar
Dec
AP
Doi
Fel
Atli
Ap
Jai
Jai
Jai
00
hre
Ma:
Jai
Jai
Ma;
Jai
Oc
Ja.II
Oc
Ma
De
Ja
De
Ja
ma
Ma
Ja
No
Arcr
Fe
Ma
1,)
3.38 OrIt
1.31 July
3c Feb
12c Ja
214c Sept 1334c Ja
34
Nov 46
Msir
96c Sept
1.45 Ja
60 Dec 4614c Jo.
10e June
40e Ja
45c Jan
2.15 Ms
900 Nov
1.53 Dccc
5e Oct
160 Ja
35o Oct
790 Set
14c Feb
1340 Ja
1%0 Jan
40 Al
•
1
1
1
5
1
Malroble Mines
Mandy Mines
Nordon Corp
011 Selections
Osisko Lake
Parkhill Gold
Pawnee Kirkland
Pend Oreille
Porcupine Crown
Preston East Dome
Robb Montbray
Sudbury Mines
Temiskaming Mining _
Wand Kirkland
TO
1
12c
•
5 1714c
5c
•
2340
9c
134c
*
1 1214c
*
1
1 1934c
ill
950
1
40
1
1
1 5340
334c
1
20
1
3340
1
70
1140
1340
8c
$3.50
5 30
1/
31c
614c
450
71c
$2114
1234c
2440
110 Apr
8c 10,100 434c June
30 Mar
1340 2,500 1340 Oct
lc June 334c Dec
3440 307,200
10c Dec
3c July
100 57,100
660 $1.50 Mar $5.30 Dec
$3.60
80 Apr
1340 Oct
114c 3.000
50c Dec
200 Aug
43c 10,395
12c Jan
June
5c
1,200
7c
90e Dec
24c May
45c 1,000
90c Dec
50c Apr
71c 1,110
2214 1,935 $11.50 Jan 52434 Dec
12c Nov 33440 Jan
14c 3,500
7c Apt
20 Oct
2140 4,500
%a lc 11,000
13c 6,895
12c
170 2744c 236,950
4140 5340 33,700
6440 6340 1,100
1844c 19 %c 5,100
234e 234c 1,000
940 $1.00 8,180
3340 434c 15,000
134 o 134c 1,000
50 534c 40,900
3e 4340 144,900
134c 2340 8,000
4c 5,000
3340
34e
60
334c
334o
3c
18e
lc
45o
30
lc
20
3e
lc
334c
30 Jan
Jan
14c Dec
Apr
Mar 2834c Dec
70 May
Jan
9c Pet
Oct
320 Pet
Aug
414c Apr
Feb
Mar $1.15 Dec
634e Aur
Jan
June 3340 Sept
Apr 934c Atli
Jan 914e NON
3140 NON
Jan
Oct714c AuE
CANADIAN SECURITIES
DRURY & THOMPSON
Members
Montreal Curb Market
Montreal Stock Exchange
Canaaian Commodity Exchange Inc.
360 ST. JAMES ST. W., MONTREAL
PHONE HARBOUR 1254
Montreal Stock Exchange
lists
Dec. 14 to Dec. 20, both inclusive, compiled from official sales
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
ofPrices
High
Low
High Shares
Par Price Low
Stocks
Agnew-Surpass Shoe
Alberta l'ac Grain A
Preferred
Assco Breweries
Preferred
Anglo-Can Tel pref
Bathurst P & P A
Bawlf (N) Grain
Bell Telephone
Brazilian T L & P
Brit Col Pow Corp A
B
Bruck Silk Mills
Building Products A
10
10
• 10
4
4
•
100
2614 27%
11% 11%
• 1114
108 109
100 108
52
52
*
• 10%
1014 11
1.50 214
• 1.50
100 13944 139% 14245
9% 10
•
914
28% 29
•
4% 4%
4%
•
• 1544 15% 16%
•
3014 31
•
Canada Cement
100
Preferred
•
Can Forgings class A
•
Can Nor Pow Corp
•
Canada Steamship
100
Preferred
Can Wire & Cable cl A.. __•
•
Class B
• No par value.
6%
22%
73.4
22
8
6% 6%
60
59
5
5
22
22%
1.50 1.50
714 8
22
21
8
8
714
75
2
170
75 15
834
65
20 104
20 52
414
2,720
500
840
457 119
3,403
734
405 21
215
234
420 1434
115 26
Jan 10
4
Aug
Sept 28
1334
Sept
Feb 110
Dec 52
Mar 11
3
July
Apr 14434
1034
Aug
July 3034
5
Apr
1834
Jan
Oct 3134
Aug
Dec
Jan
Jan
June
Dec
Dec
Jan
Dec
Jan
Jan
Jan
Sept
Nov
5
50
2
1234
1.00
534
16
5
Oct814
Oct6434
7
Apr
Mar 2414
2.75
July
1134
July
Nov 22
834
Nov
Jan
Jan
Feb
Nov
Jan
Jan
Dec
Dec
492
346
20
600
10
200
57
15
4002
Financial Chronicle
Dec. 21 1935
Canadian Markets-Listed and Unlisted
Montreal Stock Exchange
"may
Jams
Last Week's Range for
Sale
ofPrices
Week
Stocks (Concluded) Par Price Low
High Shares
Canadian Bronze
Preferred
Cndn Car & Fdry
Preferred
•
100
•
25
2931 30
111 116
6
7
631
14
1331 1431
Montreal Curb Market
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week
Stocks (Concluded) Par Price Low
High Shares
Range Since Jan. 1 1935
Low
High
May 32
620 26
Aug
30 110
Jan 117
Sept
4% Sept
072
834 Jan
1.850 1031 Oct 17
Jan
Dominion Stores Ltd-- _ -*
Dom Tar dr Chem Co Ltd_*
English Eleo Co of Can A.
6%
334
7%
4
234
44o
July
June
Feb
Oct
June
Oct
12%
734
12
7
8
900
Jan
Feb
Feb
Dec
Nov
Dec
20%
18
3
36%
11
4%
6
2
9
2,435
85
70
2,240
115
40
185
5
5
15%
17
2
2834
7
2%
335
1.50
634
Mar
Jan
June
Mar
Mar
Apr
Mar
Jan
Jan
22%
2034
434
3934
1434
7
734
2
9
Nov
Sept
Feb
Nov
Nov
Nov
Nov
Apr
July
81
6
2%
3
31%
1731
834
1.21
10
10
45
655
240
195
119
2,748
7534
2
1.00
2
2334
16%
1.50
75e
Aug
Oct
Feb
Oct
May
I Jan
Mar
LJan
87
6
234
434
35
1834
834
1.21
Juno
Dec
Oct
Jan
Nov
Apr
Sept
Dec
Public UtilltyBeauharnols PowerTCorp-*
4
334 4
C Nor Pow Corp Ltd pt 100 10934 109 10934
City Gas & Elec Corp Ltd *
1.75 2
1.75
309
13
230
3
Apr
734 Feb
Nov
9834IM aY 111
1.50 Jan
234 Apr
E Kootenay Pr cum pf_100
Inter Utilities Corp cl A_ •
Class 13
1
Pow Corp of Can cum pf100
South Can P Co Ltd pt.100
10
68
150
40
10
5
1.25
30o
80
80 I
Fraser Co,s Ltd
Home Oil Co Ltd
434
•
•
Apr 2631
May 21
Dec 32
Aug 30
Apr 8234
Jan
1334
Jan
12
Oct 1331
Mar
8%
Mar 220
Dec
Dec
Mar
Feb
Jan
Nov
Nov
Jan
Jan
Dec
Imperial Oil Ltd
Inter City Bak Co Ltd 100
Jut Paint )Can) Ltd A.-_*
Int Petroleum Co Ltd__ --*
Melehers Distillers Ltd A.*
Dominion Bridge
•
Dominion Coal pref____100
Dominion Glass
100
Dom Steel & Coal B_ __ _25
Dominion Textile
•
Preferred
100
Dryden Paper
•
Dlat Corp Seagrams
•
East Kootenay Power_ __ _•
Famous Players vat trust_•
Foundation Co of Can____•
1,519 2431
1,486 1431
25 90
1,123
534
142 60
146 135
145
3
1,120 1331
25
50o
25 14
565
934
Mar 3431
Aug
1831
Oct 120
Apr
6
Sept 8231
July 150
July
5%
May 39
Dec
2.50
June 17
Oct 14
Dec
July
Jan
Jan
Jan
Dec
Jan
Dec
Jan
Aug
Nov
Mitchell & Co Ltd Robt -*
Mtl Rebid & Stge vol tr. •
Preferred
•
20
18
3
3434
10%
4%
534
2
9
Page-Hersey Tubes Ltd_ *
Reliance Grain Co Ltd__ _*
Thrift Stores Ltd
•
Waikerville Brewery Ltd.•
Walker Gooder'm & Worts*
Preferred
Whittall Can Co Ltd
*
Cum preferred
100
81
6
1.50
2%
3034
17%
834
1.20
General Steel Wares
•
434
434 4%
145
3
July
534
Curd (Charles)
•
534 531
50 • 4
531
Oct
6%
Gypsum Lime & Alasbas•
431 July
760
631 631
631
731
Hamilton Bridge
•
431
4
55
3 June
531
Hollinger Gold
5 14.00 14.00 14.60 1,075 11.65 Oct 20.20
Howard Smith Paper__ ...•
214
1031 11
9
July
13
Preferred
100
105 110
60 84
May 115
Imperial Tobacco of Can_5 14
2.518 12
1331 14
Mar 1431
Intercolonial Coal
100
4
45
56 26
Feb 4534
531
Int Nickel of Canada
• 4334 41
4431 24,843 2231 Feb 4734
International Power
•
4
135
1.00 Apr
434
6
Preferred
100 57
57
5831
65 40
July 64
Jan
Jan
Jan
Jan
Mar
Feb
Nov
Aug
Dec
Dec
Jan
Jan
Jamaica Public Ser Ltd_ .._* 3334 3334 3334
Preferred
100 125
125 125
Lake of the Woods
• 16
1431 17
Preferred
100
120 125
Massey-Harris
•
534 634
634
McColl-Frontenao01E-* 1231
1234 1231
Mtl L H dr P Cons
• 3231 3131 3231
Montreel Telegraph- - -.40
5634 5631
Montrea;Tramways- _100 101
100 101
National Breweries
• 3931 3831 3931
Preferred
25 4234 4231 4231
National Steel Car Corp.•
1331 1431
Niagara Wire Weaving- •
35
36
Noranda Mines
• 44
4334 4434
1%581 22
10 115
2,865
7
60 80
980
331
2,075 12
6,278 2631
25 5434
225 80
1,370 31
145 38
310 1234
155 15
4,813 31
Apr 3334
Jan 126
June 17
Sept 125
Mar
731
Oct 1531
Apr 3631
Jan 5831
Jan 101
Jan 40
Mar 44
Sept 1831
Jan 36
Jan 4734
Dec
Nov
Dec
Nov
Nov
Jan
Nov
Dec
Dec
Nov
Nov
Jan
Dec
Dec
Ogilvie Flour Mills
• 200
195
Preferred
100
150
Ottawa L H & P pref __ -100
110
Ottawa Traction
100
1931
Penmans
•
4634
Power Corp of Canada...* 1031
1031
Quebec Power
• 1431 1334
Regent Knitting
•
531
534
Rolland Paper pref.- - _100
9534
200
151
110
1931
4834
1131
16
534
9534
45 140
Mar 204
20 130
Mar 152
25 100
Apr 111
50 14
Feb 22
10 41
Oct 6331
305
7
Apr 1231
1.157 13
Oct 1734
340
434 Sept
6%
18 83 , May 9535
Dec
Feb
Dec
Feb
Feb
Nov
Jan
Dec
Dec
1.60 1.80
8
834
35
35
19
20
1931 2031
1531 16
117 118
934 93.4
1231 1231
5434 5831
47
4834
1.615
1.90
600 July
1,065
3 June
9
17 30
Sept 393.4
1,200
834 July 20
2,006 15
Apr 2231
770 10
Sept 1731
50 100
Jan 118
2
Nov
8
14
75
934 May 1434
1.973 4231 Mar 5831
1,092 4131 Feb 49
Jan
Dec
Jan
Dec
Nov
Dec
Dec
May
Jan
Dec
Nov
St Lawrence Corp
*
A preferred
50
St Lawrence Flour MIlls100
St Lawrence Paper pref _100
Shawinigan W & Paper.--•
Sherwin-Williams of Can.
Preferred
100
Simon (H) Sc Sons
•
Southern Can Power
•
Steel Coot Canada
•
Preferred
25
Tuckett Tobacco pref_ _100
Viau Biscuit pref
100
Wabasso Cotton
•
Winnipeg Electric
*
Preferred
100
Woods Mfg pref
100
1.70
834
20
20
1514
934
5634
4831
27
45
3131
1531
110
494
71
150
434
3631
50c
16
13
150
16
26
234
14
45
150
16
27
3
1431
45
5234
133
150
Banks
Canada
CanacUenne
Commerce
50
100
100 150
52
133
147
Montreal
Nova Scotia
Royal
100 198
100
100 163
15 13331 Jan 150
1 12
Jan 2031
583 16
July 2731
1,360
1.00 May
334
50
Apr 1434
4
35 45
Nov 70
19431 198
263 263
161 163
101 52
38 125
73 120
Dec
Mar
Dec
Nov
Nov
Jan
Sept 66
May
Nov
Jan 135
Sept 16931 Feb
178 152
Oct 204
8 24631 Oct 304
331 13331 Sept 17331
Jan
Jan
Jan
HANSON' 13R.OS Canadian Government
INCOTIPORATED
ESTABLISHED 1883
255 St. James St., Montreal
56 Sparks St, Ottawa
330 Bay St, Tomato
Municipal
Public Utility and
Industrial Bonds
16%
334
16
80c
Canada Vinegars Ltd*
Can Dred Sc Dk Co Ltd_*
Canadian Wineries Ltd_
Catelli Macaroni Prods B..
Preferred A
30
Commercial Alcohols Ltd.•
Dominion Eng Wks Ltd_ •
4334
3
3
20
85e
16
17
334 3%
15% 16%
800 95c
27
4131
3
3
20
700
25%
27
4334
33(
3%
20
854
26%
2034
3
3434
11
2%
30%
834
1.21
45c
9534
6
6
334
334
40o 45c
95% 96
99
99
r
Mining
Base Metals MinCorp Ltd*
Big Missouri Mines Corp_l
Brazil Gold & Diamond...1
Bulolo Gold Dredg Ltd_ _..5
Cartier-Malartic G M Ltd 1
Caatle-Tret'y Mines Ltd _1
34e
654
300
35
Dome Mines Ltd
•
Falconbge Nickel M Ltd-•
Francoeur Gold
J
1
Cens
Lake Shore Mines Ltd_ _1
Lobel Oro Mines Ltd new_l
McIntyre-Porcupine Ltd_5
Mining Corp of Can Ltd- •
44% 4234 4434
250
6.80
6.60 7.15 4,995
170 254 366,250
24o
26c 23540 2834e 53,800
25
52% 53
8o 834c 2,900
834c
105
4135 40% 4134
1.18 1.18
2
36
3.25
.50
9340
46%
8o
3434
1.01
Parkhil'Gold Mines Ltd_ 1
Perron Gold
1
Pickle Crow
1
Pioneer Gold M of B C...1
Premier Gold Min Co Ltd 1
180
1.13
3.80
1934c 3,950
1.25 16,525
3.85 (1,400
1.00
50
1.78
200
180
56o
2.10
9.00
1.44
340 34c
600
16c
650 710 13,425
30o
300 34c 15,000
200
1,110 30
3434 35
3c 1,000
30
2c
1.12 1.12
100 6130
180
1.10
3.42
10.80
1.78
r Oct
14
Mar
434
Mar
850
Apr 99
May 100
Oct
Feb
Jan
Nov
Jan
Mar
Feb
Aug
Aug
Nov
Jan
930 APr
75:
3010 J ul pye
6 4 A
May
1.30 M ar
62 Apr
Feb 4434 Dec
Jan
8.70 Dec
May
250 Dec
Oct 28340 Dec
Oct 5734 Mar
Doc
160 Oct
Nov 4534 Mar
Sept
1.40 June
111,
July
320 Feb
Aug
1.25 Dec
May
3.85 Dec
Mar 12.01 May
.0
20
July
Apr
Quebec Gold Mining Corp 1 9234e
890 950 7,525 9340 Jan
980 Dec
Read-Authier Mine Ltd--1
1.20 1.28 5,400
1.20
600 Jan
1.48 Dec
Siscoe Gold Minos Ltd___1
2.60 2.66 2,180
2.64
2.40 Oct
3.29 Mar
Sullivan Cons
1 79%c 79%c 84c 14.290
380 Jan 9134o Dec
Teck-Hughes GM Ltd_ _1
4.79 .5.00
3.67 Jan
650
5.25 Dec
Towagmao Explor Co Ltd 1
20c 20o 1,000
150 July
25o Mar
-ram.
• 1.61
Ventures, Ltd
1.60 1.75 1,410
810 June
1.92 Dec
Wayside Con G M Ltd.50c
15c 15340 1,500
Sc Feb 24340 Mar
Wright Ilarg Mines Ltd..•
7.75 7.90
42
7.00 Aug
7.75
9.85 Mar
Unlisted MInesCentral Patricia G Nlines.1
Eldorado Gold Mines Ltd 1
Granada Gold Mines Ltd_l
Howey Gold Mines Ltd--1
Kirkland Lake G M Co_ _1
Sherritt-Gordon M Ltd_ _1
Stadacona Rouyn Mines_*
Sylvanite Gold Mines Ltd *
UnlistedAbltlbi Pow & Paper Co__1
Cum prof 6%
100
Ctf of dep 6% pref._ _100
Brewers&DIstillers of Van •
Brew'g Corp of Can Ltd__•
Preferred
Can dr Dom Sugar
Canada Malting Co Ltd..*
Canadian Canners Ltd-- •
Claude Neon Gen Ad Ltd.
Consol Bakeries of Can...*
Consol Paper Corp Ltd- •
2.65
1.07
2.53 2.70
20c
1.01
3,200
50
71c
100
710
1.15
1.06
lie
600
2.83 Dec
Feb
2.90 Apr
Dec
Mar 32340 Sept
1.09 Jan
Oct
500 3534c June
51c 510
580 Feb
950 1.00 3,250
97c
1.23 Nov
45c Mar
140 Jan 31%0 Mar
200 1934 23340 13,890
2.45 2.45
100
2.65 Mar
2.00 June
1.40
734
634
234
14%
33
40c
16%
1.85
1.25 1.40
635 7%
631 634
1.30 1.35
2% 234
1434
13
605
495
20
400
1,430
967
550
334
3
50c
1.05
7%
July
Sept
Apr
July
Oct
Oct
2
934
7
1.70
4340
22%
Jan
Jan
Nov
Nov
Jan
May
38% 60
3234 34
5
400 40c
1634 1634
1.80 2
65
198
20
300
150
2,270
55
29
4
200
11%
65o
Aug
Apr
May
Mar
Jan
July
6035
36
6%
50c
1734
Apr
Nov
Jan
Nov
Nov
Nov
Donnaconna Paper B _ •
Ford Mot Coot Can LtdA •
Gen Steel Warm pref _ _100
L Secord Cdy Shops Ltd--•
Loblaw Groc Co Ltd A- •
3
25%
51
65
2%
25
51
6414
1834
3
25%
52
65
18%
130
462
60
100
15
1.00
23%
35
6034
1734
Apr
June
Oct
Sept
Oct
3
3234
55
66
19%
Dec
Jan
Feb
Nov
July
Massey-Harris pfd. _ _100
McColl Frontenao pfd_100
Price Bros Co Ltd
100
Preferred
100
•
Royalite 011 Co Ltd
36
35%
78%
2%
2034
2834
36
9831
485
25
1,310
125
1.005
18%
9334
1.50
14
18
Apr 37
Apr 100
Juno
3%
Nov 34
Aug 3034
Nov
Mar
Feb
Jan
Dec
334
22
2834
22
2935
•No par value.
Montreal Curb Market
Dec. 14 to Dec. 20, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
ofPrices
Week
Stocks-Par Price Low
High Shares
Low
High
Asbestos Corp vot trusts_*
Bathurst Pow & Pap B___•
Brit Amer 011 Co Ltd.....
B C Packers Ltd
•
High
225
70
10
20
140
1,405
840 1831
530 18
10 24%
245 18
2,071 37
1,720
7
6
720
4,014
8%
510
6
1,154 126
3134
15
110
4%
431
70
70
148
494
3434 3434
500
500
16
13
1231
Low
6%
4% 4%
10% 10%
7
7
6% 7
650 78o
Cndn Celanese
• 26
2431 2631
Rights
• 2031 2034 21
Cndn Converters
100
2434 2431
Cndn Foreign Invest
•
26
26
Cndn Hydro-Elec pref_100 46
5134
44
Cndn Ind Alcohol
* 11
11
1131
Class B
*
9%
931 10
Canadian Pacific Ry _ __ _25 11
11
1131
Cockshutt Plow
•
735
731 831
Cons Mining & Smelting-25 206
202 209
3131
1531
Range Since Jan. 1 1935
1,605
88
564
1,800
6
1.00
1434
50o
Mar
Mar
Mar
Feb
18
4%
16%
1.75
Aug
Nov
Aug
Jan
20
1,126
280
70
390
950
200
24%
19%
3
1.50
9
45o
17
Oct
Mar
Mar
Jan
Jan
June
Apr
28%
43%
6
4%
23
950
2634
May
Dec
Feb
Nov
Nov
Nov
Dec
CURRENT
NOTICES
-Williams, Bailey & Benjamin announce tho removal of their New
York offices to 1 Wall Street. The firm also maintains offices in Rochester.
Bryan, Penington Sc Colket, 48 Wall St., New York, have prepared
ananalysls on Consolidated Gas Co.
Mercer Hicks and Charles C. Euless announce the formation of the
firm of Mercer Hicks Sc 00.00 specialize in general municipal bonds, with
offices at 39 Broadway, New York.
-Stanley S. Barton, Clifford Drake and Garrett Bunker, all formerly
with the firm of Hicks Sc Byrd, now dissolved, will be associated with the
new firm.
4003
Financial Chionicle
Volume 141
Receivership Railroad Bonds
Guaranteed & Minority
Over-the-Counter
-BOSTDS
STOCKS—&
-•
Railroad Stocks
HOIT,MSE&DOTER
Bought - Sold
Established 1914
Inquiries Invited
Whitehall 4-3700
74 Trinity PL, N. Y.
Members New York Security Dealers Association
States and Canada
• Open-end telephone wires to Baltimore. Boston. Newark and Pbiladelpnia. • Private wires to principal cities in United
•
Quotations on Over-the-Counter Securities—Friday Dec. 20
New York City Bonds
Bta Ask
94121 95
4
101 1013
101 11013
4
10012 101
1013 10113
4
4
1043 10514
1043 10514
4
4
1043 10514
10413 1045
8
10418 10454
4
1073 10814
4
1073 LOS,
4
1073 10514
10734 10514
3348 July 1 1975
0
d33is May 1 1954
a33.4 a Nov 1 1954
a3548 Mar 1 1960
a334s July 1 1975
548 May 1 1957
a48 Nov 1 1958
cas May 1 1959
ats May 1 19775413 Oct 1 1980
atlis Sept 1 1980
a434e Mar 11962
a434a Mar 1 1964
atIge April I 1966
Ask
Bta
10818 10S%
10818 108%
8
1085 10918
10854 10914
8
1085 10918
.
109 1091
110 110 4
3
11014 111
110121111A
111 1113
4
11112 11214
11212 11314
10012
10514 10512
44101 April 161972
atm June 1 1974
a434o Feb 15 1976
a43.4, Jan 1 1977
a434I Nov 15 1978
a434s March 1 1981
a4 As May 1 & Nov 1 1957
a4 Ks Mar 1 1963
a43.48 June 1 1965
scISSe July 1 1967
a43.4e Dec. 15 1971
at 145 Dec 1 1979
ads Jan 26 1938
site Jan 25 1937
New York State Bonds
Bid
BId
Ask
World War Bonus
434e April 1940 to 1949._
Highway Improvement—
Is Mar & Sept 1958 to '67
Canal Imp 4i3J &.1'60 to'67
Barge C T is Jan 1942 to '48
Barge C r 4145 Jan 1 1945._
Canal & Highway
58 Jan & Mar 19461 1971 r2.95
Highway Imp 434a Sept '63. 132
Canal Imp 4ige Jan 1964_ __ 132
Can & Imp High 434, 1965_ 125
Ask
r2.30
125
125
11312
11512
Port of New York Authority Bonds
Ask
Bid
Ueo Washington Bridge—
Port of New York
t,series B 1936-60___J&D
4
Gen & ref ts Mar 1 1975_ 1023 103
434, ear B 1939-53__M&N
10114
38 serie8 F March 11941..
Inland Terminal 414a eer D
Gen & ref 2nd ser 3348 '65
M&P
1936-60
Arthur Kin Bridgee 414e
Holland Tunnel Sq.series E
rd&S r.50%
serle• A 1936.46
IN&E,
1938-60
Bayonne Bridge dm series C
10214 103 4
,
1938-53
814
Ask
102'ss 1031^
110 11114
10414 10512
11012 112
United States insular Bonds
Bid
100
103
103
101
106
110
112
Philippine Government
4e 1946
43.46 Oct 1959
44s July 1952
fat April 1955
5s Feb 1953
fiKs Aug 1941
Hawaii 4 KsOct 1956
Ask
10112
105
105
103
10712
111
115
Bid Ask
Honolulu ba
r3.50 3.00
U 8 Panama 38 June 1 1961_ 117 120
Govt of Puerto Rico
112 115
414s July 1958
112 114
fis July 1948
1948 112 115
U S Conversion 3s
1947 112 115
Conversion 39
Bank and Insurance Stocks
Bought, Sold and Quoted
POTTER
MUNDS WINSLOW &York
New
40 Wall Street,
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks
Ask
Par Bid
33
Bank of Manhattan Co __10 31
Bank of Yorktown__ 66 2-3 40
Bensonhurst National__ 50 38
43
13.66 41
Chase
124 3712 3912
City (National)
Commends' National Bank
100 176 182
& Trust
100 1060 1110
Fifth Avenue
First National of N Y._100 2015 2055
100 20
30
Flatbush National
___
KIngsboro Nat Sant__ _100 60
Par 1-14
100 65
Merchants Bank
National Bronx Bank____50 23
14
Nat Safety Bank & Tr_1234
10
Penn Exchange
934
50 42
Peoples National
Public National Bank &
25 44
Trust
Sterling Nat Bank & Tr__25 23
1612
1212
Trade Bank
Yorkville (Nat Bank 011.100 30
Ask
Bid
4
953 99 43(s 1956 opt 1936___J&J
3,1955 optional 1945__ J&J
4
3s 1956 optional 1946___J&J 0812 983 434. 1907 out 19ai____J&J
4
31 t8'55 optional '45 __M&N 1003 101 434e 1057 opt 1937__M&N
8
10714 1075 43.js 1958 opt 1938„M&N
43 1946 optional 1944
8
43 1957 optional 1937..M&N 104 1043 410 1942 opt 1935___M&N
s
,
4.9 1958 optional 1938..M&N 1047 105 4 434• 8gM our 1935____J&J
bed 8:1
102 1023
s
8
1015 104
1033 104,
8
4
10618 1063
4
10112 1017
8
8
100 1003
JOINT STOCK LAND BANK BONDS & STOCKS
MUNICIPAL BONDS
New York Trust Companies
Pat
Baum Comm Habana-100
of New York & Tr-100
Bank
10
Bankers
20
Bank of Sicily
.7
Bronx County
100
Brooklyn
Bit Ask
105 115
510 518
69
67
12
10
1112
10
121 126
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
MUNICIPAL BOND DEALERS-COUNSELORS
Teletype CGO.437
State 0540
120 So. LaSalle St.,Chicago
Joint Stock Land Bank Bonds
fAncoin be
Louisville re
Maryland-Virginia 5.1
Mississippi-Tennessee be.
New York ba
North Carolina 155
Ohio-Pennsylvania 5.
Oregon-Washington be
Pacific Coast of Portland I.
Pacific Coast of Salt Lake be
Pacific Coast of San Fran.bs
Pennsylvania 53
Phoenix 412s
5s
Potomac) ba
St. Louis ba
San Antonio 58
Southweet ba
Southern Minnesota 513
Tenneeaee be
Union of Detroit 5e
Virginia-Carolina 51
Virginian tte
Bid Ad
9812 9912
100
100
100 161—
9912 10012
9914 10014
9914 100
98
99
100 101
100
100
100 1(1(1 4
310312
106 10712
100 101
148
bl
100 101
9212 94
131
33
100 101
0914 100
100 101
9914 100
Joint Stock Land Bank Stocks
Atlanta
Atlantic
Dallas
Denver
Des Moines
First Carolinas
Fremont
Par Bid
100 , 28
100 33
100 74
100 14
100 62
100 15
100 12
For 10000t811 see page 4005.
Ask
133
136
77
17
86
18
14
Lincoln
North Carolina
Pennsylvania
Potomac
San Antonio
Virginia
Virginia-Carolina
47
123
14
83
2200
We sp-.4.1,:c 1,1
Also in Public Utility Bonds and Insurance Stocks
JOHN
E. SLOANE & CO.
Members New York Sccursty Dealers Assuciation
HAnoyer 2-2455
41 Broad St., New York
Railroad Bonds
Bid
57452eat4on CWomiteriw,
9812 9912
First Carolinas 58
100 101
First of Fort Wayne 58
95
94
First of Montgomery M__
9812
97
First of New Orleans E.s
9912 10012
First Texas of Houston M
First Trust ot Chicago U.__ 100 10112
100
Fletcher 68
9712 9812
Fremont 56
100 101
Greenbrier 58
100 101
Greensboro fe
9712 9812
Illinois Midwest bs
99 100
Illinois of Monticello be_ _
100
I wa of Sioux City his
100
Kentucky of Lexington
9814 6914
-- L.Fayette
Ask
Par fini
10 2212 2312
100 z215 230
100 311 316
4
10 17, 1814
100 1690 1740
48
25 45
20 45
20 12312 1261 2 Manutacturere
Central Hanover
25 120
Chemical Bank & Trust__10 5412 5612 New York
65 Title Guarantee & Trunt__20 13
50 61
Clinton Trust
25 1312
_
Colonial Trust
100 73
4
4
10 183 201- Underwriters
Continental Bk & Tr
100 2150
66 United States
20 65
Corn Exch Bk & Tr
Bought—Sold—Quoted
Ask
Bid
093 10012
4
100 101
100 101
100 101
1'17,3 19
100 101
9412
93
46
2412
1812
40
Underlying Inactive Railroad Bonds
Federal Land Bank Bonds
Atlanta 58
Atlantic ba
Burlington 36
California 68
Chicago be
1)allas 541
1)enver bs
Ask
85
28
1512
1034
48
Par Bid Ask
100 17
19
100 24
26
100 23
27
100 20
23
100 60
64
4
3
5
1
100 27
29
Akron Canton & Youngstown 6)411, 1945
6e, 1945
Augusta Union Station lot 48, 1953
Birmingham Terminal 155 415, 1957
Boston & Albany 1st 434,, Apc11 1 1943
Boston & Maine 3s, 1950
Prior lien ts, 1942
Prior lien 43.4s. 1944
Convertible 58. 1940-45
Buffalo Creek 1st ref bs, 1961
Ctiateaugay Ore & Iron let ref 4B 1942
Choctaw & Memphis 1M 55. 1952
Cincinnati Indianapolis & Western 1st bs, 1965
Cleveland Terminal & Valley 1st ts, 1995
Georgia Southern & Florida 1st As, 1945
Goshen & Deckertown 1st 53.4, 1978
Hoboken Ferry 19t be, 1946
Kanawha & Wien Virginia 1st ba, 1955
Kansas Oklahoma dr Gulf 1st 5s, 1978
Little Rock & Hot Springs Western let is, 1939
Macon Terminal 1st ba. 1965
Maine Central 6s, 1935
Maryland & Pennsylvania 1st 45. 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St. Paul & Sault Ste. Marie 2d is, 1949
Montgomery & Erie 1st be. 1956
New York & Hoboken Ferry gen 5s, 1946
Portland RR 1st 334s, 1951
Consolidated ba, 1945
Rock Island-Frisco Termina 445, 1957
St. Clair Madison & St. Louis 180 48, 1951
Shreveport Bridge & Terminal 1st be, 1955
Somerset fly 1st ref 48, 1955
Southern Illinois & Missouri Bridge 155 is. 1951
Toledo Termtnal RR 414e, 1957
Toronto Hamilton & Buffalo 434s. 1966
Washington County By lat 3Ks. 1954
,T62
,r62
90
0512
9014
57
76
76
83
9915
78
155
9112
89
50
100
87
9714
99
35
9911
7012
57
75
57
90
77
,
06 2
8312
All
65
16-12
go "
- .
80
89
81
60
9312
90
52
66
9814
100
40
10012
8012
60
_
--68
85
79
90
53
74
106 2
,
89
56
57
77
92
5712
Chicago Bank Stocks
Pat]
Bid Ask
100
First National
American National Bank &
100 190 195 Harris Trust dr Savings..100
Trust
1001
Northern Trust Co
Continental III Bank &
3313 11212 11512
Trust
Aid Ask
212 217
300 315
565 575
4004
Financial Chronicle
Dec. 21 1935
Quotations on Over-the-Counter Securities-Friday Dec. 20-Continued
Guaranteed Railroad Stocks
Joseph Walker A Sons
Members New Tock Steck Ertl-Inge
Dula..in
61.WRANTEED
STOCKS
Since1855
120 Broadway
NEW YORK
2-6600
6.00
10.50
8.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
8.00
5.00
5.00
5.00
3.50
3.00
Bill
75
178
94
33
117
138
55
85
89
82
82
47
44
73
165
74
050
61
88
96
45
84
36
73
157
175
97
143
72
143
248
83
90
84
89
42
60
Asked
80
184
97
35
120
143
58
88
92
87
85
49
46
78
170
77
1050
63
91
98
47
68
38
'HZ
178
101
148
75
148
251
87
68
73
46
63
EQUIPMENT TRUST CERTIFICATES
-Appraisals Upon Request
Quotations
STROUD & COMPANY INC.
Private Wires to New York
Philadelphia, Pa.
Atlantic Coast Line 6
Cie
Baltimore & Ohio 4
Se
Boston & Maine 4145
be
Canadian National 634s.._
be
Canadian Pacific 4
Cent RR New Jer 434s..
Chesapeake & Ohio 5l4s__
6340
.50
2.00
2.00
98
98
92
92
76
76
8.00
6.00
8 00
2.75
2.75
2.75
2.75
175
175
1.50
225
2.25
100
1.50
5.50
Long Island 458s
r3.00
Si
7300
Louise es Naehv 43.
r225
58
72.00
r2.00
6345
Maine Coniral 5e
14.25
5.30
r4.25
Minn St P & AS M 4e-- r6.50
440
re 50
2.00
200
175
1 00
1.00
3.75
a 75
5.75
5.75
0.50
2 00
2 25
2 25
2 75
2 75
2 75
275
250
2.00
Ask
Missouri Pacific 11.14e
Si
51-ie
New Orl Tex & Mex 4
New York Central 4
65
N Y Chic & St L
5e
NYNH & Hartford 4.345.
58
Northern Pacific
Pennsylvania RR 434s____
be
45 series E
due Jan & July '38-'49
2 s series G
non-call Dec 11936-10
Pere Marquette cis
Reading Co 6.14s
Si
St Louie-San Fran AR
43.4s
1571
St Louis Southwestern be_
645
Southern Pacific Si is
5e
Southern Ry 434e
Si
5lie
Texas Pacific hi
lie
Se
Union Pacific 434s
Si
Virginian Ry atie
fin
Wabash RY Cis
5e
53.0
Se
Western Maryland 41ie...
5e
Western Pacific Si
6471
76.00
78.00
7'8.00
76 50
r3.50
r3.50
r4.00
r4.00
88
88
73.00
r2.00
72.10
5.25
5.25
5 25
5.50
2.75
2.75
3.25
3 25
93
93
2.00
1.25
1.40
r3.00
2.00
6.50
13 65
r3.00
r3 00
70
70
70
15.50
r5.50
72 75
r2 75
r4.50
14 50
r4 50
r3.50
r3.50
r3.50
r2.00
r2.00
r2 25
r2 25
92
93
93
96
r4.00
r4.00
r6.50
76.50
3%
3.00
2.50
2 50
75
75
75
4.75
4.75
2.00
2.00
4.00
4.00
4.00
2.50
2.50
2.50
1.00
1.00
1.50
1.50
06
97
97
99
3.00
3,00
5 75
5.75
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnotes see page 1005.
Ask
f30
125
583
4
853
4
9212
1 812 100
3
69
68
58
57
26
24
6. 364
8634
03,2
24
25
243 2514
4
2612 27
31
29
48
50
49
51
54
52
58
_
9612
95
10214 103
85
90
106 1063
8
92
93
71
7214
7312 7514
83
84
9914 9912
1083 1083
4
8
1053
4
10112 101
34
75
70
4012 4112
1027 10314
8
10312 104
1037 10418
8
10318 103 2
,
139
6712 69
85
10112 16i1;
98
9912
29
30
1057 10614
8
10014 1013
8
48
50
10631 _
Par
Los Angeles G & E 4s...1970
Monongahela W P Pub Serv
lot & gen 412s
1960
Mtn States Pow let 6s 1938
Nassau El RR 1st 55 1944._
Newport N & Ham Si 194C
New England Ci & E be 1962
New York Cent Elea be 1952
N Y & Queens Electric Light
& Power 334s
1965
Northern N Y Dill be 1955_
Northern States Pr bs 1964
Ohio Edison 1st & cons 4s'65
Oklahoma Nat Gas tie A1946
be aeries B
1948
Old Dom.Pow.5s May 1551
Pacific G & El 48. ser 0.1964
Parr Simais Power be 1952._
Pennsylvania Elea fie 1962 _ _
Penn Telep Corp lot 4s 1065
Peoples L & P 53.4s 1941____
Public Serv of Colo Ss 1961
Pub Serv of N It 3349 C 1960
Pub Serv of Nor Illinois-.
let dr ref 434s July 1 1960_
Public Utilities Cons S3
-4e 48
Rochester Ry let be 1930...
San Diego Cons
E 4s'65
Schenectady Ry Co 1st 58'46
Sioux City Gas & Mac 65'47
Sou Blvd RR let be 1945._
1960
Sou Calif Edison 4.3
Refunding 334s
1960
Sou Calif Gas let 4e____1965
Sou Cities Utilities 54 A 1968
S'western Bell Tel 334s B '64
Tel Bond & Share Si 1958._
Union Ry Co N Y Si 1942_
Un Trao Albany 4 Sis 2004
Utica Gas& Elea Co 63_1957
Virginia Fleck Pow 45_1955
Virginia Power 51 1942____.
Wash & Suburban 5We 1941
Westchester Eleo RR Si 1943
Western PS 534' 1960
Wisconsin Pub Seri" 51s3 '59
Yonkers RR Co gtd Si 1946.
Ski
102
Ask
1023
8
100 100,
4
95
96
102 104
_
10512
72
70
_
97
1023 1023
8
4
103
1073 10834
4
100% 101
983 9931
4
89
9012
6912 711 t
10518 10512
94
96
10312 10412
105 105,
4
f6012 62
105, 106,
4
4
102 10238
102 1021:
74
75
24
122
1087 10718
8
12
18
105 106
70
75
105 10514
99 993
8
101 10114
4912 5012
103, 103%
8
76
78
84
88
15
12012
1057 166';
8
10618
8312
70
75
90
01
105 10512
6212 65
PUBLIC UTILITY BONDS
Established 1921
Ask
r1.50
r2.75
r3.50
r3.50
13.75
r3.75
73.80
r360
r350
72.75
r2.00
r1.50
72.75
Se
r2.75
Chicago & Nor West 434s- 93
58
94
Chic Mllw & St Paul &lie_
8812
8813
Se
Chicago RI & Pao 4
70
Si
70
Denver & EQ West
76 75
16 75
Si
78.75
5345
k7Ie RR 5385
r3.10
73.50
55
r3.50
'34'
r3.50
5e
Great Northern 4.58e
r225
1225
Se
Hocking Valley Si
72 25
Illinois Central 43.4s
r325
73 25
Si
72 00
534e
r2.00
63.45
Internal Great Nor 4145._ /6.50
Par
Albany Ry Co con be 1930__
General be 1947
Amer States PS blis 1948
Amer Wat Wke & Elec be '75
Arizona Edison let be new'48
let 6e series A new 1945..
ArkMissouri Pow let fie '53
Associated Electric 5e 1961_
Assoc Gas & Elea Co 4sin 58
Associated Gas & Elea core
Income deb 33is____1978
Income deb 35ts__1978
Income deb de
1978
Income deb 434e.......1978
Cony debenture Ia 1973_
Cony debenture 43.4e 1973
Cony debenture Si 1973._
Cony debenture 534s 1973
Participating int 1940___
Bellows Falls Hydro El 54'58
13klyn C & Newt'n con 58 39
Blackstone Vy G &E 4s 1965
Cent Art Pub Serv be 1948
Central0& E 5lie 1946....
let lien coil tr Si 1948...Cent Ind. Pow let ea A 1947
Cent Maine Pow 4s ser G '60
Cleve Klee Illgen 3348_1985
Colorado Power be 1953._ _ _
Columbus Ry. Pr & Lt 4s'65
Con leld & Bklyn con la '48
Consol Elea & Gag 5-6e A '62
Consumers Pr let 330_1965
let 334e May 11965
Dayton Pr & Lt 31is___1960
Duke Price Pow (te 1966.....
Duquense Light 33.4s_1965
Edison Rico Iii(Dos)330'85
Federal Pub Serv let fis 1947
Federated Utll
1957.42d St Man & St Nick 5s'40
Green Mountain Pow be '48
Iowa So 0111 51451950
Ran City Pub fiery 3e 1951.
Ran Pow & Lt lot 4348 '65_
K systone Telephone 530165
Lehigh Vail Trans ref fie '60
Long Inland Lighting 5, 1955
R.F. Gladwin St Co.
Railroad Equ•pment Bonds
But
S. A. O'BRIEN & CO.
Public Utility Bonds
Guaranteed Railroad Stocks
Alabama & vicheours (Ill Cent)'
190
Albany & Suequehanna (Delaware & Hudson)_100
Allegheny & Western (Buff Roch & Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchtield &Ohio(L &N A CL)di% ___A00
Common 5% stamped
100
Chic Cleve Mc & 81 Louts prat(N Y Cent)
100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware(Pennsylvania)
25
Fort Wayne & Jackson pref(NY Central)____100
Georgia RR & Banking(L & N. A C L)
100
Lackawanna RR of NJ(Del Lack & Western)-100
Michigan Central(New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna & Western(DL & W).100
Northern Central (Pennsylvania)
50
r'oa Colony (N Y N H & Hartford)
100
60
0.wego & Syracuse (Del Lack & Weetern)
50
roteburgh Brae & Lake Erie(U S steel)
Preferred
50
Pittsburgh Fort Wayne & Chicago (Penn)_-__100
Preferred
100
Renuelaer & Saratoga (Delaware & fludeon)..100
St Louis Bridge let pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
100
unnea New Jersey RR & Canal(Penne)
Utica Chenango & Swesuebanna(D L & W)_100
Valley (Delaware Lackawanna & Western)._ _100
Vicksburg Shreveport & Perak)(Ill Cent)._ -100
Preferred
100
50
Warren RR of N .1 (Del Lack & Western)
50
West Jersey & Sea Shore(Penn)
Securities
Inquiries Solicited
Members New York Curb Exchange
150 Broadway, New York
75 Federal St., Boston
COrtlandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
Tel. RE ctor
(Guarantor In Parenthesis.)
Dividend
Par f• Dollars.
Associated Gas & Electric System
35 Nassau St.
Tel. Cortlandt 7-6952
New York City
A. T. T. Teletype
-NY 1-951
Public Utility Stocks
Asa
Par
Alabama Power 17
,
_-• 75 1 7714
Arkansas Pr & Lt $7 pref __• 0014 92
Assoc Gas & El wig prof __•
112 3
S6.50 preferred
4
•
3
$7 preferred
•
5
3
Atlantic City Elea $t) pret.• 106 108
Bangor Hydro-El 7% 01.100 110
Birmingham Elise $7 pref_-• 6214 64
Broad Itiv Pow 7% pt100 23
Burt Meg & East pr pret_25 233 2414
8
Carolina Pr & Lt 17 Prof9512
. 93
• 87
6% preferred
883
4
Cent Ark Pub Sere met _100 87
Cent Maine Pow 6% o7-106 65
68
$7 Preferred
74
• 100 71
Cent Pr & Lt 7% pref..100 41
42
Columbus Ry. Pr & LI1st $O preferred A _ _ _ _100 10312 105
66.50 preferred B
100 10112 103
Comm!Traction(N .1)--100 41
44
Consumers Pow $5 veil-.' 102 10212
6% Preferred
100 10414 10514
6.60% preferred
100 10514 10614
Continental Gas & El
7% Preferred
ino 86 88
Dallas Pow & Lt 7% Dyer 100 11212 114
Dayton Pr & Lt 6% pref100 110 2
,
Derby Gas & Elea $7 pref..• 58
60
Essex -Hudson G u
100 190 198
Foreign Lt & Pow units.... 95
Gas& El.° of Bergen-100 120
Hudson County Gas _ __JO() 190 198
• 100 102
Idaho Power $6 pref
7% Preferred
100 108 10912
Illinois Pr & Li let pre-* 333 343
8
3
Interstate Natural Gas--• 2112 23
Interstate Power $7 pref
17
183
4
Jamaica Water Supply 0_60 53
55
Jersey Cent P & L 7% pf100 8812 88
Kansas Gas & El 7% of 100 109
Kings Co Ltg 7% pref__100 95
97
Long Island Ltg 6% p1.190 6512 8712
7% 'weterred
100 78
80
Los Angeles0& E
Of 100 11312 11412
Memphis Pr & Lt $7 pref.-• 82
85
Metro Edison $7 pref B....* 106 108
6% preferred fur C___-• 103 2 10412
,
Mississippi P & L $6 pref_ • '9
603
.
Ml. RI, Pow oi07. nrof IllS 10612 10812
Par
%To Pub Serv
pref____109
Mountain States Pr corn...*
7% preferred
100
Nassau & Suffolk Ltg p1100
Nebraska Power 7% pref100
Newark Consol Gas
100
New Engl & E534% Pf-•
New Eng Pow Aeon 6% 0000
New England Pub Serv Co
$7 prior lien prof
•
New Jersey Pow & Li $6 pf •
New Oil Pub Sus
,
pf___•
Y & Queens E L P p1100
Northern States Pr $7 of 100
N Y Pow & Lt $6 cum pf__•
7% cum preferred____100
Ohio Edison $6 pret
•
$7 preferred
Ohio Power 6% pref_-__100
Ohio Pub dery 6% Pf.-100
7% preferred
100
Okla & E
pref____100
Pao Gas & Elea 6% pf___25
Pacific Pow & Lt 7% 01.100
Penn Pow & Light 17
Philadelphia Co $5 pref._.'
Pub ((cry of Colo 7% of _ .100
Puget Sound Pow st Lt-•
35 prior preferred
Queens Borough G&E
6% preferred
100
Roc% Ows & Eleo 7% B--100
10e
6% preferred C
Sioux City U & E $7 pt. .100
25
iou Calif Ed pre B
South Jersey Gas & Elen_100
Tenn Elec Pow 6% pret_too
7% preferred
101)
Texas Pow & Lt 7% p1. .100
Toledo Edison 7% pf A.100
United G & E (Conn) 7% Pf
United 0& E(N J) pref 100
Utah Pow & Lt S7 pret____•
Utica Gas & El 7% pref.100
Utll Power & Li 7% Pre1100
100
Virginia Railway
Washington RV & 11)1cu100
5% preferred
lee
18'8818rn P mow 57 new.
Ask
0
3
203 2234
4
47
45
11134 11234
120 125
21
20
553 5612
4
844
8
37
36
98 100
3712 3812
1031 2 105
83
80
9512 07
10312 105
103
109 (10
8
1103 1117
8
95
97
100 102
9712 100,2
2812 291 1
73
106 2 108
,
7212
70
101
4512 4712
7934
77
107 10912
103 10412
7912
78
2612 2712
190 198
114
63
72
71
101 103
107 10!)
88
88
62
2
4512 46193
89
15
13
94
10712 10912
10312
Realty, Surety and Mortgage Companies
ear 415,1 I ASS
earl 84' Ask
Bond & Mortgage Guar__20
20
Lawyers Mortgage
11l1 1 1 1 12
58
112 212
Empire Title & Guar..100
Lawyere Title & Guar 100
12
7
4005
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities—Friday Dec. 20—ontinued
Specialises in
OVER-THE-COUNTER SECURITIES
PRUDENCE BONDS
BOUGHT—SOLD—QUOTED
Statistical Information Furnished
Title Company Mortgages et Certificates
RYAN & McMANUS
Members New York Curb Exchange
PU LIS COU LBOU RN & CO.
New York City
39 Broadway
25 BROAD ST., NEW YORK
Dlgby 4-2290
A. T. & T. Teletype N. Y. 1-1152
Private Wire Connedions to Principal Cities
Tel.: HAnover 2-6286
Real Estate Securities
Specialists in —
WATER WORKS SECURITIES
Reports—Markets
Complete Statistical Information—Inquiries Invited
Public Utilities— Industrials—Railroads
SWART,BRENT& CO.
AMOTT, BAKER & CO.
INCORPORATED
INCORPORATED
25 BROAD STREET, NEW YORK
Teletype: New York 1-1073
Tel.: HAnover 2-0610
Alabama Water Seri 5e.'57
Alton Water Co 53, 1956_ _
Arkaneaw Water Co 58, 1956
Aelitabula Water Wks 58,68
Atlantic County Wat 5s,'58
Birmingham Water Works
5s. series C. 1957
55, series 13, 1954
5345, series A, 1954
Butler Water Co 5s, 1957
California Water Sera 55,'58
Chester Water Sera 433n,'58
Citizens Water Co (Wash)
58. 1951
5348, series A. 1951
City of New Castle Water
68. 1941
City W (Chat) 55 B____1954
1957
let 5s series C
Clinton W Wks Co 68, 1939
Commonwealth Water (NJ)
53. series C. 1957
53411, series A, 1947
Community Water Service
534s. series 13, 1946
65, series A. 1948
Connellsville Water 53_1939
Consolidated Water of Utica
4345, 1958
let intim 5s. 1958
Davenport Water Co fie. '61
E Si L & Interurb Water
58. series A. 1942
85, series B, 1942
5e. merles I). 1980
Greenwich Water & Gas
55, series A. 1952
55. series B, 1952
Hackensack Water Co 5s,'77
534s. series B, 1977
Huntington Water 56 13. '54
es, 1954
Se
1962
Illinois Water Sera 58 A,'52
Indianapolis Water 4345,'AO
let lien & ref 58. 1960___
letlien & ref As, 1970____
let lien & ref 5348. 1953
letlien & ref 6348, 1954__
Indianapolis W W Securities
5s, 1958
Interstate Water es, A, 1940
Jamaica Water Sup 545, 55
Joplin W W Co 58, 1957_
Kokomo W W Cobs, 1958
Lexington Wat Co 5345, '40
ASS
Long Island Wat 5)4e, 1955
Middlesex Wat Co 54s. '57
Monmouth Consol W 5s,'66
Monongahela Valley Water
534s. 1950
Slorgantown Water 58, 1965
Muncie Water Works 58, '65
10412 106
New Jersey Water 53, 1950_
102
10312 166 New Rochelle Wat 5s. B,'51
534s, 1951
10412 106
4
105, 10634 New York Wat Sera 58. 1951
10412 106 Newport Water Co 58. 1953_
Ohio Cities Water 534s, 1953
Ohio Valley Water 58, 1954_
102
Ohio Water Service fra, 1958
10312
Ore-Wash Wat Sera 5s. 1957
Penne State Water 533/3. '52
10212
Penne Water Co 5s. 1940
101
Peoria Water Worke Co
1(15
1st & ref 53, 1950
4
1013 104
let oonsol 43, 1948
let consol 5s, 1948
10514
Prior Imo 68, 1948
103 105
Phila Suburb Wat 45, 1965
6912 7112 Pinellas Water Co 534e 1959
7012 7212 Pittsburgh Sub Water 55.'58
Plainfield Union Wat 5s. '61
101
Richmond W W Co 68. 1957
97
Roanoke W W Se, 1950
95
9912 10112 loch & L Omit Wet 58. 1938
105 10612 St Joseph Water 5s, 1941
Scranton Gaa & Water 00434s, 1958
101 103
10412 106 Scranton Spring Brook
Water fiery 53, 1981_
102 104
let & ref Si. A. 1987
.
96 Sedalia Water Co 5345, 1947
94
South Bay Cons Writ 58.'50
9212
104 161 South Pittsburgh Wet 58.'55
5s, series A. 1980
109
1980
102
58 series B
Terre Haute Water 58. B.'58
10212
102
es, series A, 1949
100 102 Texarkana Wat let 56_ _1958
Union Water Sera 5345, 1951
10412
10412 166 Water Sera Cos, Inc, 5e,'42
.
10412 106
West Virginia Water 1513, '51
Western N Y Water Co—
104
rm, series B. 1950
104
1st mtge 53. 1951
let mtge. 534s. 1950
94
9612
102
Westmoreland Water 5s, '52
Wichita Water Co 58, B.'60
106
10412 10612
Se, series C. 1960
tlit. series A, 1949
10412 10612
W'msport Water 5e. 1952_
4
1013
102
107
98
104
109
100
Alden let es, Jan 1 1941____
Broadmoor. The, let ea, '41
B'way Barclay 1st 6s, 1941_
Certificates of deposit_..
10112
B'way & 41st Street
102
1st leasehold 83ier, 1944__
104
10113 101- B'way Motors Bldg es 1948_
Chanin Bldg Inc 48 19e5___ _
9012 92
Chesebrough Bldg let 88,'48
93
95
9812 10012 Chrysler Bldg 181 85. 1948.._
Court & Remsen St Off Bldg
10412
let es, Apr 28 1940
8412 16
Dorset, The. 1st Os, 1941___
107 109
9512 Eastern Ambassador Hotels
9312
let dr ref 534e. 1947
.
8512 871
9912 10112 Equitable Off Bldg deb 55'52
50 Bway Bldg 1st as. Inc '01
106
600 Fifth Avenue
4s. 1949 stamped
9812 10012
502 Park Avenue let es, 1941
98 100
52d & Madison on Bldg—
10012
es. Nov 1 1947
10312
105 166.1
; Film Center 1110g 1st es, '43
40 Wall Si Corp es. 1958
96
98
10212 10412 42 B'way 151 es, 1939
1400 Broadway Bldg—
107
let 6345 stamped, 1948___
10512
881 1 061- Fox Theatre & Off Bldg
- 4
1st 8128, Oct 1 1941
10012
Fuller Bldg deb es, 1944
101 16'6348 unstamped 1949
Graybar Bldg be, 1946
10212 104
Harriman Bldg let Cs, 1951_
Hearst Brisbane Prop 65 '42
90
92
Hotel Lexington let 85. 1943
90
92
10012 10212 Hotel St George 1st 5)-1e.'43
Certificates of deposit.,,...
7612 7812
Keith-Albee Bldg (New
103
Rochelle) let es. 1936____
103
Lefeourt Empire Bldg
10412
48,
1st 53 June 15 1941_
102 tof
Lefeourt Manhattan Bldg
103
1st 53is, stamped. 1941._
9912
1948_
9912 1617
: let 4-55 extended to Lewis Morris Apt Bldg
87
1st 8118. Apr 16 1937
10114 163
-14
Lincoln Bldg Inc Vie, 1983
Loew's Theatre Realty Corp
9712 100
let 85. 1947
9712 100
9912 10112 London Terrace Ants 85. '60
10012 10212 Ludwig Bauman
1st (18 (Bklyn). 1942
102
let 834s(L I), 1938
104
_
104
10212 104
Alt
Bid
109 111
115 117
138 140
121 123
88
85
43
37
55
40
7712 7912
9814 102
105
136 141
11812 12012
Par
New York Mutual Tel__100
Northw Bell Tel pt 634% 100
Pao & ALI Teleg U S 1%.21
Peninsular Telephone corn_ •
Preferred A
100
Roch Telep $8.50 let pf_100
So & All Teleg $1.25____22
Sou New Engl Telep__ 10)3
Tweeter's Bell Tel, pf__.100
Trl States Tel di Tel
Preferred
10
Wisconsin Telep 7% pref 100
Bid Ask
23
116 11812
10
17
1512 1712
10812 11012
11012
1912
13411 166;
.1
12212 121,2
s
103 1112
11412 11812
Miscellaneous Bonds
Bid
Ask
104
American Meter Sc
_
_
1961 109
Amer Tobacco 48
89
1937 186
Am Type Fdrs es
89
1939 186
Debenture es
Am Wire Fabrics 78 ._1942 94
Bear Nlountaln-lludson
1953 9312 95
River Bridge 78
24
ButterlokPubliehing8 41988 122
_
Chicago Stock Yde 55_ _1981 99
Cleve-Cliffs Iron 4,is_ _1950 t --UoneoliciatiOncOai4 442 1924 ,140 • 42
,
Cudahy Pack cony 4s1950 10314 103 8
1955 093 1001s
4
let 3.1411
1937 156
58
Deep Rock 0117s
Fed Fm Mtge 1 Mend BM 100.12 100 15
15
Ilaytian Corp 8e._ .. 1938 13
4
2
Internet Cement cony 4s '45 109, 110,
Pia
Ask
Journal of Comm 8 34s 1937 7012 75
Merchants Refrig es._ _1937 100
Home Owners' Loan Corp
Aug 15 1936 00.28 101
14s
Aug 15 1937 102.4 102.8
1 Yis
25
Aug 15 1938 102.14 102.13
4
1 1 s._
June 15 1939 100.13 100.16
Natl Radiator 56
4
1948 /393 413
4
N Y ShIpbidg 58
1946 96
No. Amer Refrao 8345_1944 188
92
Otis Steel 85 cgs
1941 98 101
Pierce Butler & P61.42.1942 112
15
Scoville mfg 54s
4
1945 1053 106 3
,
4t'd.Tex.Pro0.lste tas as.'42 114
1512
Struthers Wells Tito:36345'43 79
WUlye-Overland let 6 He '33 160
Witherbee Sherman 138_1944 115
17
Woodward Iron 53
1952 151
c Registered coupon (serial).
a Interchangeable.
• No par value.
WI When Issued.
s Ex-dividend.
r Basis price.
1 Flat price
0 Coupon.
y Now listed on New York Curb Exchange.
to the Investing companies under the heading of Investment
•• Transferred
Banking Corp.
O Now listed on New York Stock Exchange.
Quotat,one per 100 gold rouble bond equivalent 10 17.4234 grams of pure gold.
Bid
14512
14912
128
8
1287
A.T.& T. Tel.
NY 1-588
Ask
4812 Malestic Apts 15168. 1948__
5212 Metropolitan Playhouses Inc
s f deh 55 1945
30,2
Munson Bldg let (Ns. 1939
30
N Y Athletic Club
1st & ken 85, 1946
14012
N Y Eve Journal 630. 1937
4912 51
6512
NewYork Title & Mtge 005345 series BK
58
- 12
66
534s eerier, C-2
94
92
5345 series F-1
534s series Q
145
4812
19th & Walnut St (Phila)13012
1s1 es, July 7 1939
1712 834 Oliver Cromwell. The
1st es, Nov 15 1939
6112 64
1 Park Ave Os. Nov 8 1939
4
453 48
103 East 57th St let 85. 1941
,
165 Wares Bldg let 534e. '51
13812
PrudenceCo 5348 stmpd.I981
122
Prudence Bonds—
Series A to 18 Inclusive...
13312 3612
Prudence Co ct15—
49
,
Hotel Taft
701 78
Hotel Wellington
.
741
Fifth Avenue Hotel
360 Central Park Weet
14512
422 East 88th St
Realty Assoc Sec Corp—
11112 13
Se, Income, 1943
82
58
14612 4812 Rosy Theatre
181 fee & leasehold 63ie '40
67 6912
4512 Savoy Plata O&M-44
Realty ext let 534e. 194589
86
85. 1945
5712
155
1'5412 57 Sherry Netherland Hotel
48, May 15 1948
1st 53
155 .57
60 Park PI (Newark) ea. '37
816 Madison Ave lst 634e '38
79
el B'way Bldg 181 5345. 1950
General 78, 1945
14712 5112
Syracuse Hotel (Syracuse)—
let 612s. Oct 23 1941)
6612
4
87, 70 Textile Bldg 1st 65, 1958_
Trinity Eildge Cory-1st 5348, 1939
49
146
60 2 Park Ave Bldg let 48, 1941
58
Walbridge Bldg (Buffalo)
1st 812s, Oct 19 1938
9114 921 1
13812 4012 Westinghouse Bldg—
let fee & leasehold ell. '39
8112
8112
Specialists irt
Telephone and Telegraph Stocks
Par
0
Amer Diet Teleg(NJ)corn .
Preferred
100
Bell Telep of Canada.. 100
Bell Telep of Penn pref_100
Clocin & Sub Bell Telep__50
Cuban Telep 7% prat_ 100
Empire & Bay State Tel_100
Franklin Taloa $3.50
100
Bell Telco Allied Coro 56 Of
Int Ocean Teleg 6%
100
•
Lincoln Tel & Tel 7%
Mount States Tel & Tel_100
New England Tel & Te1.100
150 Broadway, N.Y.
Real Estate Bonds and Title Co. Mortgage Certificates
Water Bonds
Mal Ask
9412 9712
1051,
10412 166
1023
4
4
1013 104
BArclay 7
230
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin,Legg & Co.
Redwood & South Ste., Baltimore, Md.
BANKERS—Eat. 1899
Did
Ark
12912 3112
6412 6534
129
4
303
133
101
35
144
1331s
151
/4312
4
453
341s
5218
45
1301,
116
7612
65
47
169
19
79
6712
49
13-90
47
40
45
50
55
14914
51
136
3812
12112 2312
2312
122
j26
/5312
121
13812
9
28
23
.
401
13
150
14112 44
2
981.
56
58
1281
31
62
Members
New York Stock Exchange
Baltimore Stook Exchange
Washington Stock Exchange
Associate Member N.Y.Curb Exch.
Baltimore—Plaza 9230
New York—Andrews 3-6630
Philadelphia—Pennypacker 8300
A.T.& T.Teletype—Balt.288
Surety Guaranteed Mortgage Bonds and Debentures
Bid Ask
Nat'l Union Mtge Corp—
51
Series A 2 6s, 1954
__. ,
--67
Series B 2-5s, 1954
___
___ Potomac Bond Corp (all
-_..
68
issues) 2-5s, 1953
42
4312 Potomac Consol Deb Corp
3912 4112
2-6s, 1953
.__
67
42 Potomac Deb Corp 2-6s, '53 3912 4112
40
Potomac Franklin Deb Co
3912 4112
2-6s, 1953
52
(50
Potomac Maryland Deben53
Lure Corp 2-6s. 1953
75
Potomac Realty Atlantic
Debenture Corp 2-6s. 1953 3912 4112
12612 2812
Realty Bond & Mortgage
42
40
deb 2-6s, 1953
13012 321z
Union Mtge Co. 85, 1937-47 14012 4212
52
29 Union Mtge Co 54s dr Os '37 150
127
52
_ _ _ Universal Mtge Co 68'34-'39 150
69
3912 4112
Bid
Allied Mtge Cos, Inc.—
Ail series, 2-5s, 1953
Arundel Bond Corp 2-55.'53
Arundel Deb Corp 2-6s, 1953
Associated Mtge Cos, Inc—
Debenture 2-6s, 1953......
Cont'l Inv lid Corp 2-5s,'53
Cont'l Inv Deb Corp 2-6s'53
Home Mtge Co 5345 & Cs,
-43
1934
Mortgage Bond Co of Md.
Inc 2-55, 1953
Nat'l Bondholders part ars
(Central Funding series) _
Nat'l Bondholders part ctfs
(Mtge Guarantee serles)__
Nat'l Bondholders part ctfs
(Mtge Security series)- -_
Nat Consol Bd Corp 2-5s,'53
Nat Deben Coro 2-8s. 1953_
Ask
72
73
50
Sugar Stocks
Par
Cache La Powire Co_20
Eastern Sugar ALPIOC
Preferred
BILYWIEI Corp Amer..'
Par Aid
Ask
• 10312
4
203 21141 Savannah Sugar Ref
012 1012' 7% pref-rred
100 1113
4
4
1,
1612 1812; West Indies Sugar Corp.-1
1
14
Nil
134
4006
Financial Chronicle
Dec. 21 1935
a.
Quotations on Over-the-Counter Securities-Friday Dec. 20-Continued
German and Foreign Unlisted Dollar Bonds
ate
AnitaIt 71 to 1946
12712
Antioquia 8%. 1945
f26
Bank of Colombia. 7%.'67
1514
Bank of Colombia, 7%.'48 11514
Barranquilla 8s'35-40-46-48 1'1112
Bavaria 634.10 1945
131,
4
Bavarian Palatinate Cons.
Cit. 7% to 1945
f24
Bogota (Colombia) 63.4,'47 /12
Bolivia 6%, 1940
17
Brandenburg Elec. 6s, 1953 12714
Brasil funding 5%.
5914
Brazil funding scrip
159
British Hungarian Bank
754e. 1952
52
Brown Coal Ind. Corp.
Ha. 1953
/38
Buenos Aires scrip
f36
Burmeister Wain 6s_1940 /90
Call (Colombia) 7%. 1947 1714
Callao (Peru) 734%. 1944 18,
4
Ceara (Brazil) 8%, 1947_
/212
City Saving, Bank, Budapest. 7s, 1953
/43
Columbia scrip issue of '33 f61
Issue of 1934
138
Costa Rica funding 5%,'51 42
Costa Rica Par; RI 734s49 /1612
6s. 1949
38
Dortmund Mun VIII 6a,'48 /31
Duesseldorf 7s to 1945._ _ 12714
Duleburg 7% to 1945
/2712
East Prussian Pr. ele. 1953_ /2714
European Mortgage & Investment 74e. 1966
140
12812
Frankfurt 75 to 1945
'
,mob Govt. 5S42, 1937_ 155
French Nat. Mall dd. O&M 148
German All Cable 75, 1946 /32
German Building & Landbank 6SS %. 1948
/30
German defaulted coupons
July to Dec 1933
f58
Jan to June 1934
/40
July '34 to Oct '35
2714
/
German scrip
4
173
German called bonds _
/25-35
German Dawes Coupons
10-15-34 Stamped
18
April 15 1935___ ______ /16
German Young Couponr
12-1-34 Stamped
/1012
June 1 1935
/123
4
Guatemala tis 1948
/24
Haiti 6% 195
90
3
Hanover Harm Water Wks.
/2612
5%, 1957
Housing & Real Imp 75..413 /31 12
Hungarian 0e131 Mut 7,1.'37 112
au
ASS
29
Hungarian Discount & Ex28
change Bank 7e, 1963___ f39
1714 Hungariandefaulted coupe f30-55
1714 Hungarian hal Bk 734.,'32 /40
Jugoslavia 58, 1956
13
37
/43-54
3214
Coupons
130
Koholyt 13345. 1943
2512 Land M Bk, Warsaw 8.41 86
1312 Leipzig O'land Pr. 634..'48 133
10
Leipzig Trade Fair 78, 1953 132
2814 Luneberg Power, Light &
J31
60
Water 7%,1948
Mannheim & Palat 71. 1941 /32
/29
Munich 7e to 1945
55
Munle Bk, Hessen, 7e to '45 /271:
Municipal Gas & Elea Corp
42
Recklinghausen, 7s, 1947 130
Nassau Landbank 834..'38 /32
38
Natl. Bank Panama 654%
95
64
1945-1949
814
914 Nat Central Savings Bk of
412
Hungary 734e, 1962.... /51
National Hungarian & Incl.
46
/49
Mtge.7%,1948
61
Oberpfalz Elea. 7%. 1940
126
41
Oldenburg-Free State 7%
44
/2612
to 1945
164
18
Panama 5% scrip
/1212
42
Porto Alegre 7%, 1968_ _
34
Protestant Church (Ger/27
2814
many). 7s, 1945
2912 Prov Bk Weatphalla 85. '33 /39
2812 Prey Bk Weetphalla 8a, '36 133
Rhine Westph Elea 7%. 36 f35
'
43
Rio de Janeiro 5%. 1933._ /1312
30
. Rom Oath Church 810.'48 /27
R C Church Welfare 7s,'48 /27
153
Saarbruthken 38 Bk 6a,'47 25
f2012
35
Salvador 7%, 1957
Salvador 7% etf of dep '57 /2114
f22
33
Salvador 4% scrip
Santa Catharine (Brasil).
/13
8%. 1947
/60
Santa Fe scrip
2814 Santander (Colom) 7s. 1946
J8
814 Sao Paulo (Brazil) 05 1943 /13
.
Saxon State Mtge. 6s. 1947 J32
361.,
Serbian 514, 1956
/43-54
812 Serbian coupons
17
Stem & Halake deb 5a, 2930 f250
/35
78 1940
11
2812
Stettin Pub Util 7., 194/1
1314 Shrines 7s unstamped_1936 160
154
7s unstamped 1946
95
Tucuman City is, 11161.._. 192
Tucuman Prov. 7e, 1950.. 96
100
28
Tucuman Scrip
12912
3412 Vesten Elea fly 7s, 1947
/3114,
45
wur8emberg
to 1948
SHORT-TERM SECURITIES
A.sk
42
Railroads-Industrials-Public Utilities
Specialists in Called Bonds-New
Pell, Peake & Co.
33
90
-- 34
34
34
30
2814
24 BROAD ST., NEW YORK
Members N. Y. Stock Exchange
Tel. HAnover 2-4:00
Short Term Securities
34
34
65
54
52
28
2912
66
1312
2812
42
35
38
1412
29
2812
- 12
212214
24
15
--91z
14
35
38
Z66
45
2912
-- - -95
98
105
3112
3214
Bid
Appalachian Pr 7s 1936____
Armour dc Co 414s 1939__
Atlantic Refg Co 55 1937._
B &0 RR See 4 SO 1939....
Beech Creek RR 1st ts 1936Bethlehem Steel 5s 1936_ -Buffalo Roch & Pitts 5s 1937
Calif Gas & Else 5a 1937___
Caro Clinchf & Ohio 55 1938
Chei & Ohio RR 1st 58 1939_
Chic Gas Ltd, Coke 1st 5s'37
Columbus Power 1st 514 1938
Consum Gas(Min) 1st 5s'38
Crane Co 5s 1940
Crucible Steel(Am)5s 1940_
CurnbTcl Tel & Tel 1st 55 '37
Dayton Lighting Co 5s 1937
Duluth & Iron Range 55 '37
Edison El Ilium Co Beaton
53 April 15 1936
Erie& Pgh RR gen 334s 1940
Glidden Co 5145 1939
Or Trunk RI Can (gu)6s '38
Great Northern By 78 1936_
Houston Belt&Term fly 58'37
Illinois Steel 454s 1940
Jones & Laughlin SU 59 1939
Kansas Else Pow 1st Os 1937
Laclede Ga-s Light 53 1939
Lake Erie & West 55___1937
Long Leland Ltg 1s8 5s t938.
LongIsland RR Ea 1937._
Oen 4.3 June 1 1938
Louisville & Nash ut.if 4a'40
Midvale Steel & Ord 55 19341
Montana Cent Ry 6(1_1937
1st Is
1937
Chain Store Stocks
Par
Bohack (H C)cam
•
7% Preferred
100
Diamond Shoe pref
100
Erileon Bros Stores pref_100
Fiehman(MB)Stores._'
Preferred
100
Kress(S H)6% pref
10
Lerner Stores pref
100
Lord & Taylor
100
1st preferred 6%
100
and preferred 8%._ _100
Bid Ask
634 734
3312 40
100 101
112
1312 1512
95
1112 1212
10812 110
200
_
108
118
Par
Melville Shoe pref
100
Miller (I) & Sons pref. .100
MockJuds&V oehrger pf 100
Murphy (0 C)
pref_100
Reeves (Daniel) pref.. _100
Schiff Co preferred
100
United Cigar Storm 6% Prete% Meath!
U S Stores preferred_ _100
Rid Ask
11012 11212
26
23
9512
10712 11012
100
108
,
193 20 s
3
19
2014
2
4
For footnotes see page 3317.
For footnotes see page 4005.
CURRENT
NOTICE
-The opening of seasonal brokerage offices at 2809 Collins Ave., Miam
Beach, and in the Murray Building at Palm Beach is announced by Thomson & 'McKinnon. members of the New York Stock Exchange. These
offices are in addition to the seven year-round branches at Daytona Beach,
Jacksonville, Miami, Orlando. St. Petersburgh, Tampa and West Palm
Beach. R. L. Turpin will be Resident Partner and Manager at Miami
Beach, while 0.38. Gassoway will be Manager of the Palm Beach office
10114 10112
10512 10614
103 104
1033 10334
s
1023 103
4
1033 1043
4
4
103 109
10612 107
106 1063
4
1013 1013
8
4
102 10212
10012
99 100
10414 105
1073 1073
8
4
1003 100 8
8
,
103,2 104
4
1023 10314
Bid
HO
Ask
Par 018
Ask
108 111
Home Fire SeeurIty
10
714 8
573 593 Homestead Fire
4
10 27 4 2914
,
4
3412 3612 Importers & Exp. of N Y__6
614 812
Ins Coot North America.10 7512 7612
79
81
16
Knickerbocker
2712 29
6 14
3114 3414 Lincoln Fire
7
6
Maryland Casualty
14
16
3
1
314
45
15
25 43
1612 Mass Bonding & Ins
Merchae:a Fire Amur com 234 54
6414 66
58
12
31
3312 Merch & Mfrs Fire Newark _6 10
5312 5512 Nationa I Casualty
10 1712 1912
77
403 423 National Fire
4
10 75
4
814 914 National Liberty
1112
2 10
102 106
National Union Fire
20 147 150
698 708
New Amsterdam Cas
5 1112 1231
New Brunswick Fire
23
37
25
10 35
New England Fire
30
20
32
10 18
273 2914 New Hampshire Fire_ __ .10 4712 4812
4
New Jersey
4112 43
5212
20 50
2112 2414
2312 2512 New York Fire
418 5
Northern
12.50 109 113
North River
38
40
4
2.50 263 2814
1414 1614 Northwestern Natioval_ 26 z141 144
Pacific Fire
87
26 129 134
90
82
99
85 Phoenix
10 97
Preferred Accident
79
81
6 1712 1912
1212 1331 ProvIdence-Washing ton _10 403 423
4
4
3214 3414 Rochester American
10 22
1814 193 Roesht
4
1312 15
25
27 St Paul Fire & Marine__ 26 195 200
39
Seaboard Firs & Marine.
41
1112 1312
..A
21
1612 183 Seaboard Surt,t) .
,
10 19
4
41
4112 44 Security New Haven__ 10 40
63
27
87 Southern Fire
1e 26
2914 303 Springfield Fire &Marire_26 140 143
4
612 81 1
Stuyvesant
9
20
21 Sun Life Assurance
12
100 420 450
10
20 Travelers
100 619 629
383 4034
S Fidelity & Guar Co___2 1312 1412
4
4 5414 5614
2914 31 1 1 US Fire
90
82
84
10 z86
S Guarantee
74
39
Westchester Fire
2.56 37
76
3812 4012
Bid
Ask
10312 104
104 10412
1057 106 4
s
,
9334 94,
4
101 10112
10218 1023
s
1033 10412
4
107 10712
10812 109
11112 112
105 4 1053
,
8
1003 10114
4
1023 10314
4
1037 10414
8
1023s 1023
4
1043 1043
8
4
10412 105 4
,
107 10712
Morrie & 001st 44. 1939_
Nash Flo & &wird fly 5s '37
Y Chic & St List 45 1937.
New York Tel 1s6 4 tie 1939_
Nor American Lt & Power
59 April 1 1936
Nor RI of Calif 5a 1938....
Pacific Tel & Tel 58 I937
Penn-Mary Steel 55 1937...
Pennsylvania Co 334, 1937_
Pennsylvania RR 64111938Phila & Reading C & I 4s37
Potomar Eiec Power 5s 1936
Roth & L Ont Water 5. 1938
St Joseph fly L II & P 5s '37
St Paul Min & Man
Montana Ext 4s____1937
Scranton Electric .5.9 1937_ . _
1939
Skelly Oil Co 53
41
South & North Ala RR 53'38
Sou Pao Branch Ity 65 1937_
41039
TerminalRR(StLou)
Trumbull Steel 6s 1940
U S Rubber 6348 Mat 1 1937
630 March 1 1938
634s March 1 1939
634s March 1 1940
Virginia Midland fly 55 1936
Ward Baking Co 151 (Is 1937
Washington Wat l'ow 59 '39
Western Maas Co.45 1939
W N Y & Pa RR 1st fos 1937
-is
Western Union Tel65 1936
S. Jan. 1 1938
Willmar & Sioux Falls Ry1938
55
Ask
10414
104
8
1007
11034
1043
4
105
101,1
111 14
10012 10118
198 1083
4
10414 10458
,
1033 104 8
s
1025
8
10012
1023 10334
4
10214
101 1022
11033 103's
5
103 10312
1053 10612
4
10218 10212
5
1023 1027
s
4
106 1063
110, 11112
4
10314 10334
8
1021s 1025
103, 104
4
104 10412
10512 106
8
100, 1005
4
106 10612
110,2 111 12
103 103 4
,
104 10412
103, 10338
8
106 10614
1063 l07'
4
Federal Intermediate Credit Bank Debentures
Insurance Companies
Par
AetnaCasualty & Sure‘y _10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Equitable
5
America' Home
,
10
American of Newark____214
American Re-Insurance. 10
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer
234
Bankers & Shippers
25
Boston
WO
Camden Flre
6
Carolina
10
City of New York
__10
ConnecticutGeneral Llte_10
Continental Casualty
6
Eagle Fire
234
Employers Re-insurance.10
Excess
5
Federal
10
Fidelity & Deposit of Md_20
Fire Assn of Philadelphia_ 10
Firemen's of Newark
6
Franklin Fire
5
General Alliance
1
Georgia Home
10
Glens Falls Fire
5
Globe & Republic
5
Globe & Rutgers' Fire_._ 15
2nd preferred
Great American
5
Great Amer Indemeity
1
Halifax Fire
10
Hamilton Fire_
25
Hanover Fire
10
Harmonia
10
Hartford Fire
10
Hartford Steam Boiler...AO
Home
5
Issues
18
-
F IC 154s Jan. 15 1936_
F IC 134, Feb. 15 1936_
FIG 134, Mar. 16 1938_
F I C 11is Apr. 15 1938_
FIG 134s June 15 1936_
Bid
Ask
Ask
F IC 1 tie July 15 1936.. r.50%
F I C 134s Aug. 15 1936._ r.50%
FIG14.4s Sept. 15 1936 __ r.65%
F I C 1 tis Nov. 15 1936_ r.60%
FIG 1345 Dec. 15 1936_ r.69%
r.30%
r.35%
r.35%
r.40%
r.40%
Investing Companies
Par Bid Ask
Pat pia
Ask
• 14.87 16.14 Invest. Co. of Amer corn_ ill
Administered Fund
40
37
Affiliated Fund Inc corn...
7% preferred
• :17
1.72 1.89
Amerex Holding Corp.._.' 1118 123 Investors Fund C
86.26 88:55
8
Amer Businees Shares
1
1.11 1.21 Investment Trust of N Y_•
53
4
Amer & Continental Cori).1012 1112 Investm't Banking Corp's
Amer General Equities Inc_
8
Bancamerica Blair Corp.
1.03 1.14
53
8 67,
Amer Insurance Stock Corps
FirstBoston Corp
60544 5218
312 414
Assoc Standard Oil Shares _2
57
8 63 Major Shama Corp
•
212
4
Bancamerica-Blair Corp_ 1
Maryland Fund Incoom____ 17.38 18.70
Bancshares, Ltd part she 50c
.50 .75 Maas Inventors Trust
1 23.83 25.90
Bankers Natl Invest Corp...
418 43 Mutual Invest Trust
5
1.47 1.60
1
• -4.14
Basic Industry Shares
British Type Invest A1
.40
Nation Wide Securities
4.13 4.23
I
Bullock Fund Ltd
1
1.55 1.67
157 173
Voting trust certificates__
8
8
Canadian by Fund Ltd
1 3.70 4.10 N Y Bank Trust Share.....
35
8
Central Nat Corp class A_. 44
No Amer Bond Trust etre_
1
.50
803 81 2,
4
Claes B
•
No Amer Trust Shares, 1953 2.32
312 5
Century Trust Shares
27.63 29.71
Series 1955
3.00
Commercial Nati Corp
312 4
Series 1956
2.96
Corporate Trust Shares...
- 2.47
Series 1958
3.00
Series AA
2.34
Northern Securities
52
100 47
Accumulative sada
2.34
Pacific Southern Invest pf.• 42
4312
derlea AA mod
• 1114 13
2.86
Claes A
Series ACC r od
2.88
Clan II
1 14
•
134
Crum & Foster Ins oom__10 32
3412 Plymouth Fund Inc el A_Bla
.94 1.05
8% Preferred
Quarterly Inc Shares__ _250 • 1.47 1.61
100 1.13
Common II shares_ _ _ _10
Repreeentative Trust Shares 10.86 11.38
3912 42
7% Preferred
Republic Investors Fund 5 3.23 3.45
100 1.08
cumulative Trust Share,..' 5.05
Royalties Management....
.45 .55
:ao
Deposited Bank She Set A__
Deposited Insur Sias A.__
Diversified Trustee She BC
2.56 2.85
4.23 4.70
914
_
3.90 4.25
6.00 0.65
1.54 1.66
26.79 28.79
34
38
47.73 51.40
4.75
10.73
8.92
2.48 2.73
5.28 5.88
5.01
Dividend Shama _ _
_25e
Equit Invest Corp (Mass)5
Equity Corp av prat
1
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Shares A
•
•
Fundamental Inveatore Inc
Fundamental Tr Shares A.
Shame B
Group Securities
Agricultural shares
1.60 1.76
A uto mob le Shares
1.39 1.53
Building shares
1.67 1.84
Chemical shares
1.41 1.56
Food shares
1.12 1.24
Merchandise shares
1.23 1.35
Mining shares
1.37 1.51
Petroleum shares
1.14 1.26
RR Equipment shares_
.97 1.07
Steel shares
1.36 1.50
Tobacco shares
1.34 1.48
Guardian Invest Trust._.. 21
24
Common
114
13
4
Huron Holding Corp
.46 .62
Incorporated Investors- -• 20.11 21.62
Inveeton Fund of Amer....
.96 1.05
Selected Amer Shares Ina__
1.42 1.55
Selected American Shares__
3.14
Selected Cumulative She__
8.13
Selected Income Shares.... 4.28
Selected Man Trustees She_
Spencer Trask Fund
19:74
2
•
Standard Amer Trust Shares 3.45 3.70
Standard Utilities Inc
.78 .84
•
State Street Inv Corp
• 85.59 92.12
Super Corp of Am Tr She A
3.48
AA
2.44
3.68
BB
2.46
6.97
6.99
Supervised Shares
104. 1.55 1.70
Trust Fund Stares
4.05 4.25
Trustee Standard Invent
2.58
2.53
Trustee Standard 011 She A (1.49
5.(11
Trusteed Amer Bank She B. 1.09 1.21
Trusteed Industry Sham
1.33 1.47
Trusteed N Y Bank Shanxi_
1.62 1.82
United Gold Equities (Can)
Standard Shares
2.42 2.69
1
1712
U S Elea Lt & Pow Shares A
2.54 2.64
.99 1.07
Voting trust Ms
33
4
Un N Y Bank Trust C 3
412
fin N Y Tr Shs ser F
2
212
Wellington Fund
16.36 17.97
4007
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities—
Friday Dec. 20—Concluded
GARLOCK PACKING COMPANY
Quotations and Analysis
ROBINSON, MILLER & CO.
INC.
Telephone
HAnover 2-1282
52 William Street, N.Y.
Teletype
N. Y. 1-905
A COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
Bristol & Willett
Established 1920
Members New York Security Dealers' Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
Par SO Ask
Amer Air Lines Inc v t c_
4 754
63
• 25
American Arch $1
100 7312 76
American Book $4
24
American Hard Rubber__50 22
25 3218 3314
American Hardware
• 19
22
Amer Maize Products
17
American Manufacturing100 15
100 62
66
Preferred
414 438
American Republics com—•
49
AndIan National Corp.__ -• 47
12
Art Metal Construction__10 10
4
543
Beneficial Indust Loan Pf_• 53
Bowman-Biltmore Hotels..
100
4
let preferred
212 33
Brunswick IlaIke Collander
100 99 102
Co 7% pref
27
Canadian Celanese com___• 25
100 123 128
Preferred
carnation Co $7 prof _100 110 114
64
Carrier Corp 7% pref__ _100 61
Climax Molybdenum Co new 3712 39
Colts Patent Fire Arms _25
412 i
1/3
Columbia Baking corn_
1313 1512
$1.00 cum prof
4612
Columbia Broadcasting el A • 45
• 45
4612
Class B
• 42
4418
Crowell Pub Co com
lnn 1061
$7 nreferred
59
56
Dentist's Supply Co of N Y_
• 4512 4812
inetapnone CON
100 118
Preferred
100 52
56
Dixon (Jos) Crucible
• 9812 103
Doehler Die Cast prof
50 4912 5312
Preferred
20
Douglas Shoe preferred__100 17
66
• 64
Draper Corp
100 104 109
Driver-Harris Prof
••
10
First Boston Corp
8
13
Flour Mille of America__ __•
Da
412
Foundation Co—Foreign ohs
4
8 3
23
American shares
814 8
Gair (Robert) Co coin__(.)
4
Preferred
(*) 333 36
Gen Fireproofing $7 pf 100 92
10 471 i0Golden Cycle Corp
4
3
5
(Ireton & Knight com_•
3
100 30
33
Preferred
4
(treat Northern Paper— 25 223 2334
13
Herring-Hall-Mary Safe _100 10
re
Kildun Mining Corp
•
King Royalty coin
100
$8 preferred
Kinner Airplane & Motor _1
Lawrence Port Cement100
Macfadden Publica'ne corn 6
•
Preferred
*
Nfallison II R Inc corn
100
l'referred
1
Merck & Co Inc eom
100
6% preferred
•
National Casket
•
Preferred
Nat Paper & Type pret_100
New Haven Clock pref__100
North Amer Match Corp •
Northwestern Yeast____100
Norwich Pharmacal
•
Ohio Leather
Oldetyme Dlstillers
1
•
Pattie Film 7% prat
Publication Corp corn
100
$7 let preferred
•
Remington Arms corn
•
Rockwood & Co
100
Preferred
Soovill Mfg
25
Singer Manufacturing. _100
5
standard Cap & Seal
Standard Screw
100
•
Taylor Milling Corp
•
Taylor Wbar I & S com
•
Trico Products Corp
TubiseChatillon cum pf _101
Unexcelled MU Co
10
Un Piece Dye Wks pfd _..100
100
13 8 Finishing pref
Warren, Northam—
•
$3 cony pref
Welch Grape Juice pref__100
West Va Pulp & Pap oom.. •
100
Preferred
White (88)Dental Mfg._ 20
White Rock Mln Spring—
100
$7 let preferred
50
Wiloox-Gibbs corn
100
Worcester Salt
.100
Young (J 5) Co Corn.
100
7% preferred
hid Ask
218 212
17
20
97 102
4
3
12
18
20
23
4 34
,
3212 3412
34
14
43
8 5$4
37
39
11312 11512
___
52
109
15
211
86
45 , R
90
93
3514 37
20
22
8 6
53
98 100
37
38
101
3
,
3 4 14
23
27
80
85
313 3212
4
330 335
35
33
117
1812 20
9
8
4012 413
4
96
_
8 318
23
1012 11 12
6
4
43
16
99 8 1i ,
3
s
10112 10312
14% 15%
99
21
58
109
118
102
2312
11i
ISoviet Government Bonds
514
Bid I Ask
Act
Union of Soviet Soo Repub
Union of Soviet Hoe Repub
7% gold rouble_ ___19431 87.781 91.53 I 10% gold rouble_ _ _19421 87.781
_
For footnotes tee Page 1005.
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
31 Colonial Trust Co., par $25
133i
125 Southern Surety Co. (N. Y.), and 125 Southern Holding & Sec. Corp.
(Del.), no par
860 lot
260 Pittsburgh Terminal Warehouse & Transfer Co. of Pa., par $100
S')2 lot
30 Select Products, Inc.(N. Y.). prof., par $100, and 45 common, par Si.._$35 lot
315 Securities Investing Fund, Inc. (N. Y.) class A pref., no par
12Si
$8,300 Seawane Corp. (N. Y.) 7% delis. due 1929; 100 6% pref., par $100,
and 57 common, par $100
85 lot
54 The 55-57 East 05th St. Corp. and $146.90 in scrip certificates
81,000 lot
92 The Buckley-Newhall Co. (N. Y.), par 3100
$200 lot
15 Avenue II Holding Corp.(N. Y.), par $50
$7 lot
150 Cooper River Bridge Inc.(S. C.) panic. pref., par $50
$110 lot
100 Rudolph Karstadt, Inc. (Germany). temp. CH. stamped
510 lot
30 Gustave Kellner Associates Inc.(N. Y.) class B common, par $10
Si lot
155H Sayville Estates, Inc. (N. Y.), par $100
$100 lot
200 Interborough-Metropolitan Co.(N. Y.) common v. t. c., par $100
$5 lot
lloi Northfield Land Co
$38,343.84 lot
5200 lot
388 Bowman-Biltmore Hotels Corp. 2d pref
$900 lot
300 Bowman-Biltmore Hotels Corp. 151 pref
50lDleppe Corp. pref. (N. Y.), par $100
$1 lot
of Delaware v. t. c., no par; 290 Kelly Dry-Pure Juice Corp.
25 Isiatzka Corp.
(Del.) class A, no par;200 Kelly Dry-Pure Juice Corp.(Del.) class B, no par 530 lot
541 lot
55 Diplomat Products Inc.(N. J.) 2d pref., par $100
$15 lot
500 Investors Capital Corp.(N. Y.) pref. A, par $50
13
105 Northern Texas Utilities Co. (Del.) common, no par
52 lot
100 Serbilt Realty Corp.(N. Y.), par $100
385 The Beecher Falls Fern. Co., Inc. (Beecher Falls, Vt.) common, temp.
ctf., no par; 172 pref. It. F. C. receipt; $1,154.13 6% Income deb. bond. due
$35 lot
Dec. 31 1939, registered
$19,500 Duke Office Building (Duke Realty Corp.) 1st leasehold mtge. 6(4%
serial gold loan. March 1932 & sub. coup, attached; 53,000 (same) 6(4%
serial gold bond ctts. dated Sept. 1 1926, ctf. of dep.; and 33 La Lasine
$200 lot
International Inc. (Del.) common, no par
1)eed dated Dec. 13 1935, covering land and building formerly occupied by
Dougherty Specialty Glass Co., Trenton, N. J.; bill of sale dated Dec. 13
1935, covering personal property contained In above building: 750 Dough$50 lot
erty Specialty Glass Corp.(N. J.), no par
l'er Cent
Bonds—
S250 Capitol Club of Flatbush Holding Co. 6% deb. bond, dated Nov. 1
Sll lot
1928, due Jan. 1 1954
By B. L. Day & Co., Boston:
s per Share
stoats
Shares
42c.
70 Atlantic National Bank, Boston, par 510
30c.
100 Atlantic National Bank, Boston, par SIO
42e.
National Bank, Boston, par $10
100 Atlantic
so
5 Scranton Lackawanna Trust Co., Scranton, Pa., par $50
2(4
58 Berkshire Fine Spinning Associates, common
441
20 Nonquitt Mills, $5 paid in liquidation
18
2 Soule Mills, par S100
234
21 Nashawena Mills
3
10 Nashawena Mills
10
50 Boston & Maine RR. preferred D, par $100
$400 lot
preferred, par $100
400 Vose & Sons Piano Co.
5
105.6 Riverbank Court Securities Co
$17 lot
600 International Match Corp. partic. pref., par 535
42
53311 lotllot
726 Kreuger & Toll Co., par 100 kronens
20 Boston Metropolitan Building Inc., pref., and 8 common
200 Splitdorf Bethlehem Electrical Co
$I lot
40 International Match Corp. preferred, par $35
$5 lot
25 Detroit Harbor Terminals, Inc., common
$12 lot
50 Rainbow Luminous Products B
52 i t
$5,44 lot
GO International Match Corp. preferred. Par 835
18 Galveston & Houston Electric Co. 6s, preferred
1 Pacific Coast Co. 1st pref. ctf. dep.; 1 New Idria Quicksilver Mines Co., Inc.,
par $10; 2 National Fireproofing Corp. pref.. par 850; 1 Mohawk Mining Co.
stamped $36.50 paid in liquidation; 50 LaSalle Copper Co.stamped $1 paid
in liquidation. par 825; 40 Eagle & Bluebell MtninglCo., par SI
Electric Power $6 pref.,15 lot
30 Central Public Service Co. 7% pref.; 60 National El
09 lot
par $100: 50 International Match Corp. part, pref., par $35
6
22-10 B. B. & It. Knight pro!. V. t. c
11e. lot
3 Ewings Inc. pref., par $100, and 3 common
4
521 lot
200 Georgia Casualty Co., par $5
Si lot
100 Kreuger & Toll Co., par 100 kronens
121zt,
$3 i
100 International Match Corp. pref., par $35
50 units Thompsons Spa., Inc
$144 lot
45 Northern Texas Electric Co. common, par $100
50c. lot
50 Kreuger & Toll Co., par 100 kronens
10c. lot
2 Evrings, Inc., preferred, par $100, and 2 common
3 units Reed Prentice Co.: 1 Saco Lowell Shops, common, par $100; 2 W. L.
Douglas Shoe Co. preferred, par $100; 1 Oxford Paper Co. pref.; 22 Federal
Power & Light Co., par $50; 34 National Equipment Co. pref., par $50:
1 Springfield (Mo.) City Water common, par $100; 10 United Life &
Accident Insurance Co., par $25
$175
300 Kreuger & Toll Co., par 100 kronens; $5,000 Detroit Ry. Pe Itarbor Term. lot
$7 lot
Co. 7s, May.1 1935; coupon Nov. 1928 & sub. on
$6 lot
100 Soap Products Ltd. preferred, par $10
$6 lot
648 Kreuger & Toll Co., with assignment of claims, par 100 kronens
Cent
-Per
Bonds.
40 flat
March 1939 ctf. deposit
81,000 P. B. Yates Machine Co. 1st 6345,
6544 flat
$500 Kansas City Memphis & Birm. RR. 5s, 1934
28 flat
S3,000 New University Club ,Boston, 65, 1946, ctf. dep
231:t.
74H & ,
$300 Eastern,,Mass. Street Ky. Co. 5s, Jan. 1948
By Crockett & Co., Boston:
Stocks
Shares
102 Atlantic National Bank, Boston, par $10
5 Sanford Mills
5 Textile Finishing Machinery Co. common, par $100
10 Dewey & Almy Chemical Co. common A
70 Pierce Arrow Motor Car Co. old, par $5
160Commonwealth Associates
50 Thematomic Corp. preferred, par $1
40 Union Cigar Co.. par $10
25 Thomas G. Plant Corp. 1st pref., par $100
55 Kreuger & Toll Co. American certificates
10 Advance Bag & Paper Co. 8% priorslien, par $100
150 Guanajuato Reduction & Mines Co., par Si
20 Eastern Point Club. Inc., par $50
10 Somerset Hotel Trust, par $100
300 International Match Corp. partic. pref., par $35
2 Lamson & Hubbard:corp. common
550 Kreuger & Toll Co. American certificates
200 International Match Corp. panic. pref., par 535
2 Crescent Public Service common and 10 warrants
100 United States Rayon Corp. pref. and 100 common
Bonds
$5,000 Brewster Syndicate receipts
$1,000 Motor Mart Trust 6s, due Nfarchl1946
per Share
.
41p
35 4
75c.
19c.
$15 lot
2
50c.
344
55c. lot
3141
$5.50 lot
$10 lot
434
$7 lot
144
$4.50 lot
55 lot
51.10 lot
$4.50 lot
Pmer00Celotnt
By Barnes & Lofland, Philadelphia:
Stocks
Shares
300 Philadelphia Co. for Guar. Mtges., capital, par $20
2 Corn Exchange Nat. Bank & Trust Co., Philadelphia, Pa.. par $20
5 Liberty Title &$Trust Co..)par $50
1144 French Tavern, Inc., preferred
1144 French Tavern, Inc., common
700 Columbian Paper Co. common, par 550
100 Chicago Elevated Rys. coll, trust ctf. for pref. partic. shares
10 Phila. Publications Corp. class A pref., no par
50 Industrial Discount Co. of Amsterdam. Ilolland
50 Trinity 011 Corp. preferred
11 Trinity Oil Corp. common
126 New York State Rm. 5% cum. pref., par $100
2 Pennsylvania Salt Mfg. Co
60 Metalituirical Laboratories, Inc., of Pa., pref
50 Metallurgical Laboratories, Inc., of Pa., common
20 American Nat. Bank, Camden
Per Share
3 5fl3
:
43
9 lot
45
$1 lot
$1 lot
$9$01
lot
55 lot
$26 lot
$13 lot
$861 lotlot
112
$100 lot
$10 lot
By A. J. Wright & Co., Buffalo:
Per Cent
Bonds—
$2,000 Steel's Consol., Inc., and Steel's Consol., Ltd.. 1st mtge. ref. & impt.
$1 per $1,000
6s of 1931
CURRENT
NOTICES
—The Ulman family, prominent in Wall Street circles for more than
35 years, returns with the formation of the New York Stock Exchange
Partnership of Ulman Bros. & Baldwin, Fuller Building, 597 Madison
Ave. The partnership is composed of A. Barclay Ulman, until recently
associated with and director of the Amalgamated Leather Companies, Inc.;
Granville 0. B. Inman, formerly with H. L. Horton & Co., and Peter
Baldwin,_who recently_ purchased a Stock Exchange seal and was formerly
.
with Harriman & Keech. Both UITnans are thesons of the late J:Stevens
Ulman-and the nephews of the late JaeWS71.1Iman, each of whom was a
-1897:tC. 1933.
-Exchangposeph S7from
th73
membeir-Of- 7 New YorkStock
Joseph'S3U1rrair Was head of the firm of Ulman Bros., while 5. Stevens.
ge, was President of the
in addition to geing a member of ttiti-StMk'Exchan
Amalgamated Leather Companies, Inc., a Deputy Police Commissioner of
INF
New York and a leading figure in the leather trade.
—The Bondholders' Protective Committee for Roosevelt Irrigation
-has7oM pleted delivery of
Dikrict, Arizona, 6% bonds, announces that it
the bonds deposited with It...to the Reconstruction Finance Corporation
under the terms of the Plan for Liquidation and Settlement of these securctieradoptetd May 21 1935, and funds are now available to pay depositors.
.
Thedepositary,_the Bank of New York & Trust Co., 48 Wall St.. New
of
will pay depositors upon surtender their certificates ofItepaii7
—Weingarten & Co., members New York Stock Exchange, have_opened
a new branch office at 2123 Boardwalk:, Coney Island, under the management of Robert A. Larkin.
4008
Financial Chronicle
Dec. 21
I9i5
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-MISCELLANEOUS
__Steel company. The valuation
'-Adams Express Co.
-10
-Cent Common Dividend
--- that placed by the company of this item shown on the balance sheet is
The directors on Dec. 16 declared a dividend of 10 cents per share on the
no-par common
/stock, payable Jan. 10 to holders of record Dec. 27. This
will be the first distribution made since Sept. 30 1931 when a Quarterly
dividend of 25 cents was paid.
The directors stated that the current action is in line with the policy of
the board/to declare dividends when conditions warrant them without
resrd to/fixed periods.
Preftrred Stock Called for Redemption
'The company has called for payment on Feb
1936 at its par value of
$100 per share plus accumulated dividends, all of its 5% cumul. pref. stock
outstanding in the amount of $5,117,900. In connection with the retirement of the pref.stock the company has concluded arrangements with banks
for a $4,000,000 serial note issue represented by one, two, three, four and
five-year notes of $800,000 each, the balance being provided from treasury
cash. It was stated that the average intrerst payable on the notes is 2.98%.
which will effect a substantial reduction in charges senior to the common
stock.
Based on market values as of Dec. 13 1933, the common stock had a net
asset value of $12.38 per share which compares with $6.11 per share as of
Dec. 311934. The net assets of the company are at present $36,132.223,
which is in excess of 240% of the company's $14,888,900 of outstanding
senior securities consisting of $9,771.000 principal amount of coll. trust
4% bonds, due 1947 and 1948, and $5.117,900 of 5% cumul. pref. stock.
The equity represented bY the 1,714,747 snares of outstanding common
stock amounts to 321,243,323.-V. 141. p. 2726.
-Aetna Casualty & Surety Co.
-$1 Extra Dividend
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 50 cents per share on the capital stock.
Par $10, both payable Jan. 2 to holders of record Dec. 14. An extra div.
of 50 cents was paid on Jan. 2 1935;40 cents on Jan. 2 1934 and 20 cents on
Jan. 3 1933.-V. 140. p. 1471.
on its security when filing its cla m with the
liquidator of the Steel company. It may be necessary to revise this valuation at a later date.
No change has been made in the balance sheet with regard to the Algoma
Central By. securities held.
Attention should be called to the interest on the company's 5% cumulative stock and bonds, which, while not immediately payable,is nevertheless
a charge on the company's income and accumulating in priority to the shareholders' rights. The income debenture stock and (or) bonds of Algoma
Central & Hudson Bay By. pledged as security for this company's debenture stock and bonds bear a corresponding accumulation of interest. The
accrued rental due Algoma Central Terminals, Ltd., on the terminal
properties owned by Algoma Central Terminals, Ltd., but essential to the
operation of the Railway, amounting to $635,322, is, we are advised, a
charge in priority to the income charge of the income debenture stock and
(or) bonds held in part by this company. Algoma Central Terminals. Ltd.
is a subsidiary of the Railway company, and has a bond issue of $3,000,000.
on which payment of interest is in default for four years and is increasing
at the rate of over $180,000 per annum.
The Algoma Central Ry. debentures at the present time are quoted in
London at El to a per .C100, the last reported sale being at
The
prospect is obviously unpromising.
Company was formed under the "scheme of arrangement" ef 1931.
shares toeing issued in exchange for shares of Lake Superior Corp., now
valueless.
Directors are endeavoring to arrange with the debenturebelders a
reconstruction or liquidation of the company, shortly, on the best terms
possible.
Year Ended March 311935
1934
1933
Interest on investments
$9,880
$10,977
$13,925
Interest on savings bank account-.
533
Total income
$10,414
$10,977
313.925
General expenses
4,936
15,673
29.713
- Loss on sale of investments
6,175
530
Directors fee and salaries
The directors have declared an extra dividend of 20 bents per share in
6.042
addition to the regular quarterly dividend of 15 cents per share on the
Deficit
capital stock, par $10, both payable Jan. 2 to holders of record Dec. 14. An
$564
$10,871
$15.319
extra of 10 cents was paid on Jan. 2 1935.-V. 140, P. 1816.
Balance Sheet March 31
1934
1935
Air Associakeir, Inc.(& SUbs.)-Barnings-1935
1934
Assets
Liabilities5
$
$
Years Ended-Sept. 301934
1935
Stocks and bonds
5% cum. inc. deb.
Net profitfor year. after deducting cost ofsales and
of subsidiary &
stock & (or) bds. 3,092,550 2,092,550
oper. expenses, incl. allowance for deprec
$50,622
$35,874
associated cos_x 3,357,253 15,063,193 Preferred stock__ 1,917,390 1,916,180
Discount on purchases, profit on sale of securities,
Inv. in Govt. and
Common stook--11,692,391 11.087,796
terest, &c
4,421
7,530
municipal bonds 244,401
224,313 Accounts payable1,093
832
Accr. int. thereon..
4,422
4,539
Total profit
$58.151
$40,296
Balance due by
Experimental development costs
7,344
subsidiary cos..
416.667
Prov.for doubtful accts.. Fed, cap,stock taxes,&c.
1,981
2,355
Cash
25,212
4,705
Federal income tax,(estimated)
6,700
5,550
Deficit
13,092,527
63,550
Net profit
$42,127
$32,390
Total
16,703,425 16,697,357
Total
16,703,425 14,607,357
Previous surplus
141,446
111,396
x As follows: $4.123,400 Algoma Central & Hudson Bay Ry. 5% 1st
Excessive accrual for employees' bonuses at Sept.
mtge. income debenture stock and (or) bonds at $3,092.550; 8313,800 6%
30 1933
416
2nd mtge. bonds at $1; voting trust certificates for 142,585 shares common
Excessive accrual for Fed,tax at Sept. 30 1934-422
stock of $10 each at $1; 8,889 abs. of Northern Ontario Lands Corp., Ltd.
capital stock (no par) at $1; Algoma Steel Corp., Ltd. note receivable of
Total surplus
$144,203
$183,994
$416.666, less reserve of $151.966 balance $264,700. Secured by $529,406
Provision for contingencies
2,000
2,000
par value 1st and refunding mortgage bonds of Algoma Steel Corp., Ltd.
Glendale. Calif.. division organization expenses inwhich bonds are exchangeable under the plan of re-organization of Algoma
curred prior to Oct. 1 1933
758
I
Steel Corp., Ltd. (old company) for 2,647 shares of common stock of
Preferred dividend
2,057
Algoma Steel Corp., Ltd. (new company) of no par value. Algoma Steel
Adv. costs, deferred at Sept. 30 1934 written off__
2,393
Corp., Ltd.,stock (49.996 shares common stock par $100 and 33.333 shares
7% pref. stock par $100) at $3,819,653 and 383.48'7 shs. (no5
par) of Lake
Balance, Sept. 30 1934
3141,445
$177,545
Superior Corp. capital stock at $9,056,791, total $12,876,44 less reserve
Consolidated Balance Sheet Sept. 30
of $12,876.445.-V. 139, p. 2985.
1934
Assets
1935
Liabilities-.
1934
1935
Allied Kid Co.
Cash
$29,583 Accounts payable- $40,610
$22,120
-Shipments
$27.506
32,594 Divs. payable__
Accts. receivable 01.915
The company shipped 906.840 tanned kid skins in November 1935.
2,056
Inventories
132.592 Accr. Fed, capital
166,521
against 625,920 in November 1934. Shipments for November 1935, were
Adv. payment for
the largest in the firm's records.
stock, State &
-V.141, p. 2875.
merchandise - local taxes
600
1,862
h9,816{
a Deposit to cover
Fed. inc. tax(1934)
5,550 'American I. G. Chemical Corp.
-Dividends
-4d._
personal injury
(est'd)
The directors on Dec. 13 declared dividends of $1 per share on the no --'
award
5,500 Res, for conting._
5,500
2,000
4.000
par common A shares and 10 cents per share on the $1 par common B shares,
Mutual ins. dep
c$7 preferred stock 102,550
833
102,650
both payable Dec. 26 to holders of record Dec. 23. This dividend is out
Notes rec.-officer
d Common stock 5.527
5,527
of earnings for the current fiscal year ending March 31 1936. It is con579
& directors
1,550 Surplus
177,545 e141,445
templated that with the continuance of present conditions total dividends
Sundry deposits &
out of the earnings for such fiscal year, will be at the annual rate of $2 a
accts, receivable
1,028
share on the common A shares and 20 cents a share on the common B shares.
b Bidgs., machinIn April 1935 the company paid a special dividend of 50 cents in addition
ery, equipment,
to an annual dividend of $2 per share on the common A hares, and a special
furniture & fixdividend of 5 cents per share in addition to an annual dividend of20 cents
76.830
tures
76,583
on the class B stock.
Unamortized cataInitial dividends of $2 per share and 20 cents per share were paid on the
logue expenses
2,475
class A and B stocks respectively on Nov. 8 1934.-V. 140, p. 2853.
TJnamort. leasebd.
Improvements
2.162
4,683
Sundry def. charges
'American Machine & Metals, Inc.
-Bonds of Sub. Called
2,621
2.370
& prepaid exps
The directors have voted to redeem on Feb. 1 1936 at 103 and int. all of
the Troy Laundry Machinery Co.. Inc., 15
-year convertible sinking fund
$342,105 $286,442
Total
Total
$342,105 $286,442 6% gold debentures, due 1943, as shall not have been presented for conversion into capital stock of American Machine & Metals, Inc., under the
a The subsidiary company as defendant in a suit arising from injuries
provisions of the offer of exchange by Dec. 31 1935.
sustained in a parachute accident, was held liable for damages and costs
P. G. Mumford. President, states that $1.050.500 of the Troy 63.s had
aggreagting 35.500. Cash in that amount has been posted as security to
already been exchanged either for stock alone or for stock and convertible
an indemnity bond, pending appeal of the award. b After allowance for
4% debentures of American Machine & Metals, Inc., up to the close of
depreciation of $34,904 in 1935 and $28.962 in 1934. c Represented by
business on Dec. 17 1935, out of 31,548,000 in the hands of the public in
4,102 no par shares. d Represented by 15,402 no par shares, before
May 1934, when the first exchange offer was made. Only $492,500 of the
,
deducting 900 shares in treasury (donated). •After deduction of $19,918
debentures, he said, remained outstanding.
representing cost of 1,360 shares of preferred stock in treasury. f After
Holders who exchange their debentures before Dec. 31 this year, under
allowance for doubtful of $3,500 in 1935 and $2,945 in 1934. g Includes
the offer of exchange of American Machine & Metals, Inc., will receive full
counts.
notes. h Includes accrued
interest up to and including Dec. 311935. Redemption will be made at the
------office of the Marine Midland Trust Co. of New York. or at the office of the
Accumulated Dividend
New lc ork Trust Co.,
-V,141. P. 3371.
'The directors have declar a dividend of 75 cents per shareon account
of accumulations on the $7 cumulative preferred stock, no pare value,
payable Jan. 2 to holders of record Dec. 15. A similar payment was made " American Manufacturing Co.
-Preferred Dividend2-Le-(..,
on Oct. I last.
The directors have declared a dividend of $2.50 per share on account of
-V.141, p. 2266.
accumulations on the 5% cumulative preferred stock, par $100, payable
'Akron & Barberton Belt RR.
-Bonds Called
Dec. 31 to holders of record Dec. 16. A dividend of 50 cents was paid on
A total of $14,000 1st mtge. 4% bonds have been called for redemption
Oct. 1 and March 31 1935, prior to which regular quarterly dividends of
on Jan. 15 at 105 and interest. Payment will be made at the office of the
$1.25 per share were distributed. Arrearages after the payment of the
Treasurer of the Pennsylvania RR. Co., 380 Seventh Ave., N. Y. City.
current dividend will amount to $2.75 per share.
-V. 141, p. 1924/
-V.139. p. 3318.
_Aetna Life Insurance Co.
-Extra Dividend-de--
r
..L' ,---6
Algoma Consolidated Corp., Ltd.
-Annual Report
-
'American Republics Corp.
-10 Cent Dividende-1•-__
The directors have declared a dividend of 10 cents per share on the
E. Clarence Miller, President. says in part:
common stock, par $10. payable Dec. 30 to holders of record Dec. 10.
In the 1934 annual report you were informed that it was expected that
An initial dividend of like amount was paid on June 10 1935.-V. 140.
when a reorganization of Algoma Steel Corp.. Ltd., was effected its present
p. 3028.
shareholders would not participate as such. This expectation was completely realized. As a consequence the company's share-holdings in the
---American Smelting & Refining Co.
-Declares 40-Cent
Steel company have been written off.
Common Dividend
A further result of the elimination of the shareholders of the old Steel
company is the write-off of the company's holdings in Lake Supreior Corp.
The directors on Dec. 17 declared a dividend of 40 cents per share on
which was a guarantor of the old steel company's bonds and whose principal
the common stock, no par value, payable Feb.28 to holders of record Jan.31.
asset was its two-thirds of the Steel company's shares. This corporation is
This will be the first payment made on the common stock since Feb. 1
now being wound up and we see no possibility of its shareholders participat1932, when 12ji cents per share was distributed.
ing In its liquidation.
The company announced that present business prospects point to the
Some recoverytwillibe made of the indebtedness of the old Algoma Steel
continuance of earnings that would warrant quarterly addenda on the
Corp.,iLtd., to this company which was secured by 1st and ref. bonds of the
common stock.
Financial Chronicle
Volume 141
The regular meetings of directors in the future will be held on the first
Tuesday in March and in June and on the third Tuesday in September and
the first Tuesday in December of each year. There also will be a regular
meeting on the day after the adjournment of the annual stockholders'
meeting.—V. 141. p. 2428.
American Stores Co.—Sales—
1934
1935
1933
Period—
Five weeks ended Feb. 2
810.630.723 810.602.865 810.157,087
9,418,804
9.074,434 8,425,292
Four weeks ended Mar. 2
9.048.869
Four weeks ended Mar.30
9,234,926
8,446.763
9,256,393
Four weeks ended April 27
9.010,725
8,349.021
11.349,389 11.231.864 10.363.100
Five weeks ended June 1
9.072.179 8.848,731
8.615.951
Four weeks ended June 29
10,357,987 10,294,961
8,178.496
Five weeks ended Aug. 3
8,022,422
Four weeks ended Aug. 31
8,253,842 x9,900.972
8.362,032
Four weeks ended Sept.28
8.354.964
fi.299.376
10,883,017 10,735,860 10,683.643
Five weeks ended Nov. 2
8.899.733
Four weeks ended Nov.30
8,744,032
8.579,652
x Five weeks ended Sept. 1.—V. 141, p. 3216.
ri American Telephone
Distance Rates—
&
Telegraph Co.—Reduces Long-
The company and its 24 associated companies of the Bell System has filed
with the Federal Communications Commission new tariffs to take effect
Jan. 15 1936. These schedules provide for reduced Sunday rates on interState long-distance calls and also for reduced rates on inter-State longdistance person-to-person calls after 7 la• m.
isa There have been for a number of years discounts for long-distance calls
by number from 7 p.m. to 4.30 a. m. It is now proposed to make all of a
Sunday a discount period so that these reduced rates will be in effect continuously from 7 p. m., Saturady to 4.30 a. m., Monday. Hitherto, there
have been no discounts at any time on calls if made to a particular person.
Under the new schedule, with minor exceptions, in any case where there is
now a discount on number calls there will also be a discount on calls to a
particular person. In addition, this discount will apply to all-day Sunday.
Accounting System Attacked by Company—
The uniform system of accounts for telephone companies prescribed by
the Federal Communications Commission, to become effective Jan. 1 1936.
was attacked in the Federal Court in New York, Dec. 13, by the Bell
System as "arbitrary and capricious" and an attempt to "distort and falsify"
its accounts. The "just and reasonable" payments for properties permitted
in certain entries on the books by the Commission's accounting system
involve no "standard" to determine the justice and reasonableness of such
payments, it was contended, and the Commission's attempt to effect the
new system was, therefore, unconstitutional.
Edward L. Blackman, counsel for the telephone companies, told the
court that the now system of accounting would cost the New York Telephone Co. 8160.000 a year and the Bell System five times that sum a year.
In addition, he said,It would cost the New York company $400,000 and the
system five times that amount just to dig back into the records to get the
system started.
0,Senior Circuit Judge Martin T. Manton, Circuit Judge A. N. Hand
and Senior District Judge John Knox heard the arguments against the
validity of the accounting system.—V. 141, p. 3850.
S
-Lt
- --American Type Founders Co.—Reorganization Plow
-_
A plan of reorganization has been adopted and approved jointly by/three
protective committees, one headed by Albert Forsch, representing the
sinking fund gold bonds due May 11937.6% sinking fund gold bonds 6%
due
-year 6% sinking fund gold debentures, due Oct. 1 1940:
May 1 1939 and 15
another headed by Albert W. Finlay, representing the 7% cumulative
preferred stock and common stock of the company, and the third headed
by Alfred E. Seelig, representing Barnhart Bros. & Spindler 6% serial
gold notes.
The plan was proposed by the company pursuant to provisions of Section
77B of the Bankruptcy Act, and on Dec. 9 Judge Guy L. Fake of the U. S.
District Court for the District of New Jersey, having jurisdiction of the
proceedings, made an order in which, among other things, it was found that
the plan "is fair and equitable and does not discriminate unfairly in favor
of any class of creditors or stockholders and is feasible."
Deposits will still be accepted by the committee for the bonds and debentures, of which Bank of New York & Trust Co. is depositary, and Frederick
G. Brown, 20 Pine St., Secretary, and by the noteholders' committee, of
which Hudson County National Bank is depositary, and Donald L. Newborg, 25 Broad St., New York, is Secretary. The stockholders' committee
will not accept further deposits. Albert E. Fitzpatrick, 41 Broad St.,
New York. is Secretary of the stockholders' committee.
An introductory statement to the plan dated July 12 1935 follows in part:
Company was incorp. in 1892 in New Jersey. During the course of its
operations, it organized or acquired a number of subsidiary corporations,
and purchased stock interests in other companies engaged in allied activities.
On Oct. 4 1933 date on which company filed a petition in bankruptcy,
its subsidiary corporations and interests in other corporations were as
follows: It owned all of the outstanding capital stock of Barnhart Brothers
& Spindler. It owned all of the capital stock of American Type Founders
Sales Corp., which the debtor had organized in 1933 to handle its sales
throughout the United States. This latter company owned all of the stock
.of National Paper & Type Co. of Cuba, S. A., which carried on its Cuban
business, and all the capital stock of American Type Founders Co., Ltd.,
a Canadian corporation which handled its Canadian business. The debtor
owned all of the outstanding stock of Nonpareil Machine Co. (Del.)
and
-of Damon Type Founders Co.(N. Y.), and had substantial stock interests
in National Paper & Type Co. and Thomson National Press Co. (Del.).
During the progress of the bankruptcy and for the purposes of economy
and more efficient operation, the trustees have worked to consolidate
operations of the debtor and to liquidate those interests in affiliatedthe
or
subsidiary companies which it was thought could not be carried
on at a
profit warranting their continuance.
The trustees have caused American Type Founders Sales Corp. to
all of its stock interests in National Paper & Type Co. of Cuba, S. A., sell
have sold all of the debtor's stock interests in Thomson National Press and
Co.
and in National Paper & Type Co.(N. J.). except 378 shares of
preferred
stock of the latter company.
While the corporate existence of American Type Founders Co.,
Barnhart Bros. & Spindler, Nonpareil Machine Co. and Damon Ltd.,
Type'
Founders Co. has been continued, these companies have become inoperative and their activities have been transferred to the debtor or its
trustees
-or to American Type Founders Sales Corp. In Nov. 1934 the trustees
caused
American Type Founders Sales Corp. to acquire all of the outstanding
stock
•of Des Moines Printers Exchange (Iowa), Wanner Co. (Ill.) and Kansas
City Printers Exchange (Mo.), which companies had been active dealers
in products of the kind manufactured by the debtor.
While the corporate existence of these companies, too, has
tinued, the activities of some have been and of the others arebeen conto be transferred to American Type Founders Sales Corp. It is expected
contemplated that at the time of the effectuation of the plan the only active
porations involved will be the debtor and American Type Founders corSales
'Corp.
On Oct. 4 1933 the company filed a voluntary petition in bankruptcy in
the U. S. District Court for the District of New Jersey. Thomas R. Jones
and Frank C. Ferguson were appointed receivers, and shortly thereafter,
together with Charles L. Carrick, were elected trustees in
bankruptcy and
given authority to continue operations. In Dec. 1934 the present
for reorganization under Section 77B of the Bankruptcy Act, asproceeding
amended.
was initiated. The same trustees were appointed in the reorganization
proceeding and continued to operate the company's business.
Digest of Plan of Reorganization
Claims and Interests to Participate in the Reorgani:ation
All claims of whatever character against the debtor or its property which
are entitled under Section 77B of the Bankruptcy Act to participate in a
reorganization shall be entitled to participate in the reorganization under
this plan.
The preferred stock and the common stock of the debtor shall also be
entitled to participate in such reorganization.
None of the outstanding scrip (aggregating 819,883) shall be entitled to
participate in the reorganization unless on or before the date of confirmation of the plan the same shall have been duly tendered for conversion into
•shares of stock.
The claims entitled to participate in the reorganization are estimated
;to be as follows:
4009
6% sinking fund gold bonds due May 1 1937 in the aggregate
principal amount of
$423,200
Accrued int. at 6% p. a. from May 1 1933 to July 15 1935.
amounting to
56,074
543,100
6% sinking fund gold bonds due May 1 1939
Accrued int. at 6%0 p. a.from May 1 1933 to July 15 1935_ _ -71,961
15
-year 6% sinking fund gold debentures due Oct. 1 1940
2.794,000
Accrued int. at6% p. a.from April 1 1933 to July 15 1935---- 384.175
6% serial gold notes of Barnhart Brothers & Spindler due April 1
284,600
1934-1935 (assumed)
Accrued int. at6% p. a.from Oct. 1 1933 to July 15 1935
30,594
Debts due banking creditors
1.747.126
Accrued int, at rate of 6% p. a. from dates respective obligations became due to July 15 1935
194,104
Debts due miscellaneous creditors
73.219
Accrued int. at rate of 6% p. a. from dates respective obligations became due to July 15 1935
7.595
7% cumulative pref. stock (par $100)
39,874 shs.
Common stock (no par)
89.983 shs.
New Securities—The new company will have an authorized capital consisting of 750.000 shares of capital stock, of one class, and will authorize
an issue of 83.500,000 debentures. New debentures shall be dated as of
July 15 1935. Debenture shall be in denom. of $1,000, $500 and $100.
and shall be payable, according to their terms, on July 15 1950.
New company shall be obligated to pay as int. on the new debentures,
for each of the first six semi-annual periods from their date, on Jan. 15 1936
and on each July 15 and Jan. 15 thereafter up to and including July 15 1938,
such amount (in multiples of 1-10 of 1%)up to 2%% of the principal amount
thereof as shall not exceed the consolidated net earnings of the new company and of its wholly owned subsidiaries during the six months ending
Oct. 1 or April 1 (as the case may be) immediately preceding the interest
dates. The interest for each of said first six semi-annual periods shall be
non-cumulative. If any dividends are declared upon any stock of the new
company at any time prior to July 15 1938. the new company shall pay
interest on the new debentures at the fixed rate of 5% per annum for the
current and succeeding semi-annual periods, and such obligation shall be
unconditional and not contingent upon earnings. In any event, from and
after July 15 1938,said new debentures shall carry interest at the fixed rate
or 5% per annum, payable semi-annually on Jan. 15 and July 15 in each
year until the principal amount thereof shall be paid.
The new debentures shall be redeemable in whole or in part prior to
maturity on any int, payment date, the redemption price ranging from
105 and int. to 102% and int. Jan. 15 1950.
In the fourth year and in every year thereafter the new company shall
pay into a sinking fund for the redemption or purchase for retirement of
new debentures, an amount equal to 20% of its consolidated net earnings
for the fiscal year preceding the date of such payment. Sinking fund shall
be used for the purchase and retirement of new debentures at prices not
exceeding the current redemption price by purchase in the open market or
upon tenders.
Treatment of Creditors and Stockholders
(a) Each creditor shall receive new debentures and new stock at the
rate of $50 of new debentures and three shares of new stock for each $100 of
total claim, consisting of principal as allowed plus interest accrued thereon
to July 15 1935.
(b) Each holder of preferred stock shall receive 2% shares of new stock
in respect of each share of preferred stock held.
(c) Each holder of common stock shall receive % share of new stock in
respect of each share of common stock held.
(d) Certain creditors of Barnhart Brothers & Spindler have asserted by
petition an interest, claim or lien with respect to assets formerly of Barnhart Brothers & Spindler now in the possession of the trustees. Such interest, claim or lien, if any, so asserted, and any such interest, claim or lien
of any other creditors of Barnhart Brothers & Spindler. asserted by the
filing of a duly verified statement thereof with George R. Beach, the special
master, on or before the date of confirmation of this plan, shall not be
affected by this plan of reorganization, and all of the assets formerly of
Barnhart Brothers & Spindler in the possession of the trustees shall be
transferred to the new company,subject to all such Interests, claims or liens.
The special master shall, after confirmation of the plan, hear and consider the matter of validity and value of the interests, claims or liens of such
creditors. If such asserted interests, claims or liens shall be determined to
be valid, creditors shall receive from the new company in full settlement and
satisfaction thereof full payment in cash of the value thereof as so determined. With respect to the balance of the claims of such creditors for
principal and interest in excess of the value of such interests, claims or liens
so paid in cash, creditors shall receive new debentures and new stock.
allocable to the balance (as above). If asserted Interests,claims or liens shall
be determined to be invalid, such claimants shall receive new debentures
and new stock as provided in paragraph (a).
Any creditor of Barnhart Brothers & Spindler may, at his option, expressed in writing, filed with the special master on or before the date of
confirmation of the plan, receive from the new company in full satisfaction
of any such interest, claim or lien above described, whether or not asserted,
10% of the principal amount of his total claim in cash. With respect to the
balance of his claim for principal and interest, such creditor shall receive
.
new debentures and new stock pursuant to the provisions of paragraph(a)
This provision for the compromise of such interests, claims or liens. and the
payment of cash, shall not in any way be construed as a recognition of the
validity of any such interest, claim or lien, and shall be without prejudice
to the right of the new company to contest any and all such interests, claims
or liens so asserted before the special master by any other such creditors.
Table of Distribution
Subject to such changes as may result from reconciliation of variances,
filing of additional claims, recalculations of interest, calculation of claims
on basis of multiples of $10. possible objections to and final allowance or
disallowance of claims, cash payments, if any, which may be made to
creditors of Barnhart Brothers & Spindler or on account of certain small
claims, and reservation of securities against scrip, it is estimated that new
debentures and new stock will be distributed approximately as follows: x
New Debens, New Shares
14.378.22
To holders of 6% sinking fund gold bonds. 1937-_
$239,637
0
18,451.82
307,530
To holders of 6% sinking fund gold bonds, 1939--year6% sink,rd. gold debs., 1940 1,589,087
95,345.25
To holders of 15
To holders of 6% serial gold notes of Barnhart
Brothers & Spindler, due April 1 1934, 1935___
157,597
9,455.83
970,615
58,236.92
To holders of bank claims
2,342.76
To holders of miscellaneous claims
39,045
89.716.50
To holders of preferred stock
44.991.50
To holders of common stock
Total
Reserved for conversion of new debentures
Available for corporate purposes
$3.303,513 332,918.80
350,000.00
67,081.20
196,486
$3,500,000 750,000.00
Total amount of issue
x This table gives effect to the payment in cash of miscellaneous claims
of $100 or less aggregating $2,721.40
Pro Forma Balance Sheet as at May 31 1935 (Giving Effect to Plan)
Assets—
Liabilities—
$19,223
Cash in banks and on hand_ __ 542,073 Accounts payable
11,826
Accrued interest receivable_ _ _
500 Accr,salaries, wages de comm_
Inventories
22,503
827,285 Accrued taxes and insurance
Investm't In and adv. to subs_ 5,169,572 Accrued royalties
947
Other assets
792,659 Accrued receivers'and trustees'
38,737
Fixed assets
2,324,740
tees and expenses(est.)
Prepaid exp, and deed charges 170,058 New debentures
3,303,513
279,648
Reserve for contingencies
x Capital and surplus
5,650,486
Total
Total
$9,326,887
$9,326,887
x Represented by 332,918.80 shares of new capital stock (750,000 shares
are authorized).—V. 141, p. 3850.
Anheuser-Busch, Inc.—New Vice-President
-Homer F. Ziegler has been elected a Vice-President.—V. 141, P. 2428.
AmericanWater Works & Electric Co.—Weekly Output
Output of electric energy for the week ended Dec. 14 1935 totaled 44.254.000 kilowatt hours, an increase of 20.2% over the output of 36,799,400
kilowatt hours for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
4010
Week End.1935
Nov. 23--44,403,000
Nov. 30----42,434,000
Dec. 7._ -44,253,000
Dec. 14__..44,254,000
Financial Chronicle
1934
35,437,000
33.317.000
35,563,000
36,799,000
1933
33,231,000
30,030,000
32,793,000
33,240,000
1932
28,336,000
28.720.000
29,113.000
29,543,000
1931
28,313,000
29,454,000
31,238,000
31,289,000
November Output
The power output of the electric subsidiaries of the American Water
Works .S: Electric Co. for the month of November totaled 186,343,133
kwh., against 148,937,223 kwh. for the corresponding month of 1934,
an increase of 25%.
For the 11 months ended Nov. 30 power output totaled 1,875,098,061
kwh., as against 1,614.209,142 kwh. for the same period last year, an
increase of 16%.-V. 141, p.3850.
Anderson-Tully Co.
[Including Subsidiary Companies and Affiliated Common Law Trust]
Years Ended July 311934
1935
Cost of sales
$1,410,455 $1,731,084
Gross profit
602.921
455,193
Selling and administrative expenses
217.693
173,785
Net profit from operations (excl. of deprec. and
depletion)
Other income credits
$281,407
16,478
$385.228
32,057
Dec. 21 1935
Balance Sheet
AssetsNor 2'35 Oct. 27 '34
LiabilitiesNor.2'35 Oct. 27 '34
Cash
$104,944 $135,694 Accts. pay -trade $25,571
$22,094
Notes rec.-trade.
1,300
1,240Notes payable__ _ _ 200,000
Accts. receivable
427,958
18,418
190,674 Accrued payrolls__
13,888
Inventories
927,503
991,150 Aecr. taxes (State
Prepd.Ins., rentals,
and county)_--64,665
33,356
taxes & Interest_
13,174
26,388 Dividends payable
x Real est.& mach. 2,849,650 2,910,625
17,480
on pref. stock_
Organization exp.
10,121
20,148 Res. for Fed. and
13,500
State inc. tax_
Prepaid rents and
473
699
storage chargesFed. proc.tax accr. 117,370
58,265
Nitekraft claim account
2,000
Preferred stock.. 998,900
998,900
600,000
y Common stock
600,000
2,338,335 2,486,654
Surplus
Total
$4,334,652 $4,275,920
Total
$4,334,652 $4,275,920
x After reserve for depreciation of $2,414,656 in 1935 and $2,267,922
In 1934. y Represented by 30,000 no-par shares -V.141, P. 1761.
-- P. W. Paper Co., Inc.
--A.
-Assents to Plan-' 1. • •4 e / 41.4-7
/
.
Ledyard Cogswell Jr., President of the company, has addressed a letter
Gross income (excl. of depreciation, depletion
to the holders of the 1st mtge. & coll. trust 20
-year sinking fund bonds
$417,285
and extraordinary income)
$297,886
due April 1 1948, who have not yet assented to the plant consolidation
Other income charges
149,820
plan, in which he announces that the assented bonds, which carry war106,917
rants, have been registered under the Securities Act and that these assented
Prof. for year (excl. of deprec., depl., & extraorbonds are now listed on the New York Stock Exchange. An arrangement
$267,464
dinary income charges & credits)
$190.968
has been entered into with F. J. Young & Co., Inc., to solicit assents of
15,078
Net surplus charges
5,658
bondholders to the plan for consolidation of plants.
$185,310
$252.386
Net surplus for year
The letter states that it has been impossible for the officers of the company
Depreciation & depletion
214,330
196,142
to contact personally all of its bondholders. Unsatisfactory operating
results of the company for the first three months of the fiscal year emNet deficit
$10,832 sur$38,055
Dr59,519
Extraordinary charges & credits
phasize, in the opinion of the management, the necessity for prompt
-net
Cr11.091
completion of the plant consolidation plan in order to effect necessary
Net surplus for year
$259 def$21.464
savings.
530,920
Earned surplus beginning of year
509,455
Funds for the payment of coupon No. 15 on the unassented bonds were
$509,455
Earned surplus at end of year
$509,715
made available Nov. 29 1935. Interest due Oct. 1 1935 on the assented
bonds was available on that date.
-V. 141, p. 3683.
Consolidated Balance Sheet July 31
1934 ' Art Metal Construction Co.
1934
1935
AssetsLiabilities 1935
-Resumes Dividends
Cash on hand & in
Notes payable__ _ _ $226,000 8151,493
The directors have declared a dividend of 15 cents per snare on the
576,884 $172,983 Accounts payable_
65,669
banks
71,024
corrurnon stock, payable Jan. 2 to holders of record Dec. 23. This will be
x Notes & accts.
Due estate of C. J.
the first dividend paid since Jan. 2 1932. when a distribution of 10 cents per
receivable, net._ 286,073
Tully, deceased..
176,768
8,650
share was made.
-V. 140. p. 3379.
41,205
Advances to dmAccrued accounts
47.690
8,069 Unclaimed wages _
7,377
27
bermen, net _
162
Arundel Corp.
-Earnings
682,969 1st mtge.6% ser.
Inventories
802,015
11 Months Ended Nov. 301935
1934
16,200
1933
sk.fd.bds current
Equity in uncom67.980
Net income
$711,307
$718,710
$428,173
1st mtge.6% serial
pleted dike conShares of capital stock outstanding.-483,818
492,556
7,024 & sinking fund
486,851
struction contr.
Earnings per share
$1.47$0.88
176,762
bds. non-current
lot mtge.6% serial
71,864
Notes payable for
Current assets as of Nov. 30 1935, amounted to $2,89 1 345 and current
Sz sinking fund
$, 4
3 6
liabilities were $442,891, compared with $2,729.388 and $580.092. retreas. stock.--bonds (face val.
6,000
17,020 Res. for personal
In 1934 818,000)
spectively, on Nov. 30 1934.-V. 141. p. 2876.
2,384.776 2,491,353 injury
claims
y Property
Associated Dry Goods Corp.
53,470
3,977
-New Chairman
Other assets
59,339
(self-Insured)_
13,827
23,042 Cap.stk.(par $100) 2,400,000 2,400,000
Effective Feb. 1, Samuel W. Reyburn, President of the company, will
36,856
Deterred assets
Treasury stock. _ Dr156,700 1)7124,500
become Chairman of the Board. The latter office was created through
and amendment of the by-laws of the company at a directors' meeting
Earned surplus ___ 509,715
509,455
•
held on Dec. 18.
Arising from apOswald W. Knauth, who was recently elected a director, will succeed
preciation of Id.
Mr. Reyburn as President.
& timber as of
-V. 141, p. 2727.
March 1 1913.
Associated Gas & Electric Co.
364.912
unrealized porn 349,336
-Federal Government
Arising from acFiles Tax Liens, Aggregating $53,400,000 Against Cornpanyquisition of own
The Federal government on Dec. 16 filed a tax lien suit against the
27,500
37,773
stock
company for $48,551,845 in Federal Court at New York.
The suit, filed by James Hoey, Collector.of Internal Revenue, on orders
Total
$3,653,324 $3,632,702
53,653,324 $3,632,702
Total
from Washington, purports to cover corporation income taxes due the
xAfter reserve for doubtful notes and accounts receivable of $2,381 in
government for 1929 to 1933 inclusive, and excess profits taxes for 1933.
1935 and $13,101 in 1934. y After reserve for depreciation & depletion of
The action is said to be the largest Federal tax lien ever filed in the
$4,546,338 in 1935 and $4,423.027 in 1934.-V. 120, p.456.
Southern District of New York. Information on which the suit was based,
government sources said, was obtained by 15 picked Treasury Department
Anglo-American Corp. of South Africa, Ltd.
men working under Elmer Irey, Chief of the Treasury intelligence unit.
Following up the suit filed on Dec. 16, Collector of Internal Revenue
Results of Operations for the Month of November 1935
Hoey filed additional tax liens of more than $4,900.000 on Dec. 17 in Federal
'
(In South African Currency)
Court, as income assessment and interest against the Associated Gas &
Electric Co. and one of its affiliates, the Associated Securities Corp. .
Tons
Total
Milled
Revenue
Additional liens for $2,410,318 for the Years 1927 and 1928, with acProfit
Costs
a Companiescumulated interest were filed first against the parent company. Several
£108,118
Brakpan Mines. Ltd....132,000
£240,063
£131,945
hours later Mr. Hoey filed three more liens covering the years 1929, 1930
122,500
256,583
ontein Mines,Ltl
130,065
Da
i
126,518
and 1931 and totaling $2,497,927 against the Associated Securities Corp.
go
Mines, Ltd..-'.
114,200
115,251
265,316
150,065
This included a 6% interest and 5% penalty assessment.
106,000
113,127
35,532
West Springs, Ltd
77,595
It is understood that Mr. Hoey plans to file other liens for later years.
which is incorporated in the Union of South Africa.
x Each of
-Revenue has been calculated on the basis of £7. 1.0. per ounce fine.
Note
Acquires Third of the Common of Jersey Central Power cf.,
-V. 141, p. 3217.
Light
from Bank
-
-No Interest
Antilla Sugar Estates
-year 6% income debentures are notified that in
The holders of the 20
accordance with the provisions of the agreement under which the debentures
were issued, the directors have determined and declared that for the fiscal
year ended Sept. 30 1935, there are no "consolidated net earnings available
for interest" applicable to the payment of accumulated interest on Jan. 1
and July 1 1936 on the debentures. Accordingly, coupon number 9 duo
Jan. 1 1936 and coupon number 10, due July 1 1936,pertaining to the
debentures, are void.
Interest at the rate of 6% per annum on the debentures, however, has
been cumulative since July 1 1933, and such interest will become payable
on maturity of the debentures, or the first interest payment date or dates
prior thereto when the "consolidated net earnings available for interest"
on the debentures, as defined in said agreement, shall be sufficient for such
purpose.
The directors have also determined and declared that there are no "consolidated net earnings available for sinking fund" applicable to the payment of a sinking fund instalment with respect to the debentures on March 1
1936.-V. 139, P. 3635.
4
-e
-42 Preferrd
etv,..
7
Apex Electrical Manufacturing Co.
The directors on Dec. 17 declared a dividend of $2 per share on- the
7% cumulative prior preferred stock, par $100, payable Dec. 31, to holders
of record Dec. 20. Of this amount $1.75 is on account of current dividends
for the quarter ending Dec. 31 1935, and 25 cents on account of accruals.
After deduction of the 25 cents per share mentioned above, there remain
-V. 139, p. 1860; V.
accruals of $10.25 per share on the preferred stock.
138, p. 4289.
-Earnings
Appleton Co.
Earnings for the Year Ended Nov. 2 1935
Profits from operations of the mill at Anderson, S. C., before
reserve for depreciation
Profit from operations of the prGperty at Lowell, Mass., before
reserve for depreciation
$94,133
Total profit
Reserve for depreciation of property at Anderson, S. C
Reserve for depreciation of property at Lowell, Mass
$95,976
140,078
31.900
Loss for the year (after deprec. reserves of $171.978)
Surplus Account Nov. 2 1935
Balance Oct. 27 1934
Adjustment in reserve for Federal and State income taxes_
1,843
$76,002
$2,486,654
215
Total
$2.486,869
Dividends paid on preferred stock
69,923
Net loss transferred from profit and loss statement
76,002
LOBS on plant assets sold, destroyed or abandoned at Anerdson,
2,608
S. C
Balance Nov. 2 1935
$2,338,335
The Associated Gas & Electric System has acquired from the Central
Hanover Bank & Trust Co., through an exchange of securities, all of the
bank's holdings of common stock of the Jersey Central Power & Light Co.
The stock,representing about one-third of the common shares, was acquired
by the bank at auction pursuant to a default on a note held by the bank.
The remaining two-thirds of the Jersey Central Power & Light stock is
virtually the only asset remaining to holders of 619,923,000 of Natio sal
Public Service Corp.5% debentures. About two-thirds of these debentures
have been deposited with a committee which thus far has taken no action
to reduce the collateral to possession. The Associated Gas group is a large
holder of the debentures.
Ownership of the Jersey Central stock has been vested in the NY PA NJ
Corp., in which the Associated Gas & Electric System has
control
of all its operating properties in New York, New Jersey and placed
Pennsylvania.
Weekly Output
For the week ended Dec. 7, Associated Gas & Electric System reports
net electric output of 68,795,241 units (kwh.), which is an increase of
11.5%
above the corresponding week a year ago. Of the 26 operating properties
or groups in the System, including the newly acquired Virginia Public
Service Crted
wa8 repo o and Eastern Shore Public Service Co., only one minor decrease
.
It should be emphasized that record output does not mean record earnings.
Greatly increased operating expenses and taxes have more than offset the
moderate increase in gross revenues, with the result that net income in
many instances is still below last year.
Exchanges Under Plan Nay Be Made
-
A letter dated Dec.12 addressed to the holders offixed interest debentures
states:
By letter of Aug. 29 1935 we notified holders of Associated Gas & Electric
Co. debentures that registration of the company and its subsidiary holding
companies in compliance with the recently enacted Federal utility legislation
would make practically impossible the acceptance of debentures for exchange in accordance with the terms of the company's plan of rearrangement of debt capitalization after Dec. 1 1935.
The legislation in question received the earnest and continuous attention
of the directors and officers of the company who, up to the last minute,
hoped that the Securities and Exchange Commission (charged with the administration of the Act) would announce rules which would permit the company to register without jeopardizing the interests of its security holders
However, no such announcement was forthcoming and, as holders of
Associated securities were advised by the company's letter of Nov. 30 1935,
it was finally decided by the board of directors of Associated Gas & Electric
Co. and by the boards of directors of its holding company subsidiaries, that
they should resist enforcement of this legislation which, in the opinion of
the company's attorney's and many other eminent lawyers, is unconstitutional in its entirety.
In view of this situation, it has been determined to continue to accept
Associated Gas & Electric Co. debentures for exchange under the plan of
rearrangement of debt capitalization. although It is impossible to say for
how long we may be able to do so. Furthermore, this continuance of the
plan is subject to the tentative decision, also announced In our letter of
Aug:29,to limit to $50,000,000 principal amount additional exchanges under
Volume 141
Financial Chronicle
4011
come payable on maturity of the debentures or the first interest payment
date or dates prior thereto when the "consolidated net earnings available
for interest at the rate of 6% per annum," as defined in said Agreement
New Vice-Presidentshall be sufficient for such purpose.
The company announced on Dec. 17 the election of 0.E. Wasser as ViceThe "consolidated net' earnings" of the company for the fiscal year
President and the promotion of T. F. Rowe, division auditor for six years.
ended Sept. 30 1935, determined in accordance with the provisions of said
to the office of Comptroller formerly held by Mr. Wessel'. Tracy Clark
Agreement amounted to $228,930. which is an amount equivalent to intransferred to WIlmsucceeds Mr. Rowe. The Comptroller's office will be
terest at the rate of 835% per annum on the outstanding debentures.
b 41o
........_
ington, Del.. from Ithaca after Jan. 1, said the announcement. /
rwever, the "consolidated net earnings available for interest at the rate
of 6% per annum" are, under said agreement, determined after provision
Dividend-277%
Associated Insurance Fund-Initial
maintenance of"consolidated net current assets" of $1,000.000 and said
The directors have declared an initial dividend of 10 cents per share on
agreement provides that interest on the debentures, even if earned in whole
the common stock, payable Jan. 15 to holders of record Dec. 31.-V. 133.
or in part, shall be paid on any interest payment date only if and to the
p. 1456.
extent, that after the payment thereof the"consolidated net current assets"
of the company as at the Sept 30 next preceding such interest payment
-Cent Dividend
-41- '1
-20
Associated Oil Co.
date will at least be equal to $1,000.000. The "consolidated net current
The directors have declared a dividend of 20 cents per share on the
assets" of the company as at Sept. 30 1935 were $675,577.
to holders of record Dec. 28. This
common stock, par $25, payable Dec.31
On Sept. 3 1935, the company paid off the balance of $705.700 due on
compares with 45 cents Paid on June 25, last; 35 cents on March 30 1935;
its 3
-year 6% note, which maturedl on Sept. 1 1935. The company made
this payment by the use of 8455,700 of its own cash and the proceeds of a
50 cents on Dec. 20, and March 30 1934, and on Dec. 22 1933, and 25
cents per share paid on Dec. 31, Sept. 30, July 12, and April 15 1932.loan of $250,000, repayable on or before Dec. 31 1935, which loan has
V.141. p.3068.
been given priority over the debentures in accordance with the provisions
of said agreement.-V. 139. p. 3959.
Atlantic Northern Ry.-AbandonmentThe Interstate Commerce Commission on Dec. 6 issued a certificate ...--- Birmingham Electric Co.
-Accumulated Dividends‘L" c- -C----..........._
permitting the company to abandon,as to inter-State and foreign commerce,
The directors have declared a dividend of $1.75 per share on the $7
its entire railroad, which extends from Atlantic to Kimballton, 17.07
cum. pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock,
all in Cass, Shelby, and Audubon counties, Iowa.
miles,
no par, both payable Jan. 2 to holders of record Dec. 12. Similar distributions were made in each of the five preceding quarters and on Aug. 1
-Successor CompanyAtlas Pipe Line Co., Inc.
1934. Distributions of $3.50 per share on the $7 pref. stock and $3 per
See Atlas Pipe Line Corp. oelow.-V. 141,p. 1587.
.
share on the $6 pref. stock were made to golders of record May 1 1934.
Effective with the current payments, arrears on the $7 pref. stock will
'
-Extra Dividend-07
Automobile Banking Corp.
---amount to $3.50 per share and on the $6 pref. stock to $3 per share.
-V.141.
The directors have declared an extra dividend of 50 cents per share in
p. 3372.
addition to the regular semi-anual dividend of $1 per share on the common
,. , 4-"--- -/1
---Bond Electric Corp.
stock, no par value. both payable Jan. 2 to holders of record Dec. 31. .
-Reorganization P/an, --rt 77t-t-t-€,L..._
Similar payments were made on July 10 1935.-V. 141, p. 268.
/
,,
Another plan of reorganization has been mailed to the holders of the Yale
Electric Co.6Yi% debentures and creditors. It is stipulated that the plan
-20-Cent Extra Dividend'- \--must be approved before Jan. 10 1936. or it will be withdrawn.
- Automobile Insurance Co.
Debenture holders and creditors assenting to the plan should sign and
The directors have declared an extra dividend of 20 cents per share
return the form of assent 'promptly to the protective committee (Luigi
In addition to the regthar quarterly dividend of 25 cents per share on the
Criscuolo. C a man), 40 Wall St., New York.
capita% stock, both payable Jan. 2 to holders of record Dec. 14.-V. 140,
P. 1474.
Digest ofPlan of Reorganization Dated as of Dec. 9 1935
Baldwin Locomotive Works (& Subs.)
-BookingsIn April 1933, a proceeding was brought against the corporation in the
The dollar value of orders taken in November by the company and
Court of Chancery of New Jersey for the appointment of a receiver on the
ground that the corporation was insolvent. Receivers were appointed
subsidiary companies, including the Midvale Co., was announced on
consisting of L. Edward Herrmann and C. Bertram Plante. The receivers
Dec. 13 as $2.311,739 as compared with $2,783.109 for November 1934.
continued the operation of the business until July 2 1934, on which date the
Those bookings brought the total for the first 11 months in the year to
$16,444,965 as compared with $20,625,702 in the same period of last year.
U. S. District Court for the District of New Jersey appointed three trustees
Consolidated shipments including Midvale, in November aggregated
upon a petitilon for reorganization under Section 77B of the Bankruptcy Act.
81,228,098 as compared with $2,119,417 in November of last year. ConThe trustees were: L. Edward Herrmann, C.Bertram Plante and Abram H.
Cornish. (who resigned recently),
solidated shipments for the first 11 months of 1935 were $19,095,932 as
compared with $14,928,583 for the first 11 months of last year.
The capital structure of the corporation at date of receivership proceedOn Nov.30 last, consolidated unfilled orders,including Midvale.amounted
ings in 1933 was as follows:
to $6,739,683 as compared with $9.462,712 on Jan. 1 1935, and $10,008,527
preferred stock par $100)
5,740 shs.
on Nov. 30 1934.-V. 141, P. 3683.
Common stock (no par)
87,264 shs.
63i% sinking fund gold debs.,due April 1 1937
$581,000
21.000
4.337
-EarningsBaltimore Transit Co.
Accrued interest thereon to April 1 1933 at 63i%
1935 •
1934
Month of NovemberThere were general credit obligations and notes of Bond Electric
$880.359
Total revenue
$867,617
incurred prior to receivership amounting in the aggregate to approximatAy
Corp.
728,884
Total expenses
736,792
66,015.
f
$2A8 0
78,509
Taxes
83,095
Nov. 30 1935, there were outstanding trustees' obligations to Merchandise suppliers and other creditors of $177,981, and receivers' cerOperating income
$72,964
$47,730
tificates of $75,000, which are overdue.
2,755
Non-operating income
2.493
In February 1935, the committee joined with the Bond Electric CoOperative Creditors' committee in proposing a plan of reorganization based
Gross income
$75,720
$50,223
on assurances of that committee that the funds required for that plan would
Fixed charges (including interest on $931,000 series
be forthcoming. When those assurances did not materialize the plan was
B 5% debentures in November 1935)
10,273
8,115
abandoned. Subsequently, the trustees who have operated the business,
because of shortage in working capital, state that they will be unable to
Net income
•
$65,447
$42,108
operate the business after Dec. 31 1935.
Option A received after the date of the letter in question.NAn additioo. the
entire Plan is necessarily subject to termination without,notice,________
-----
,--6_
To Pay Interest on BondsCompany has announced that interest at the rate of ;.i of 1% on the
series A. 4% debentures and 56 of 1% on the series A 5% debentures will
,
be paid on Jan. 1 to holders of record Dec. 20. No interest has been
paid heretofore on these obligations, dated July 1 1935. which were issued
on reorganization of the United Rys. & El. Co. of Baltimore -V. 141.
.
p. 3683.
'
Bangor 8c Aroostook RR.
-New PresidentJohn Henry Hammond has been elected President, succeeding the late
Percy R. Todd.
-V. 141, p. 3528.
Black & Decker Mfg. Co.(& Subs.)
-EarningsYears Ended Sept. 30Net sales
Cost of goods sold
1935
1934
$3,622,501 $2.731,339
2,062,167
1,509,512
Gross profit
Selling and service costs
Administrative and general expense
$1,560,334 $1,221,826
714,922
533,591
231.907
155,615
Operating profit
Other deductions less other income
Federal income taxes-estimated
$613.504
51,859
75,561
$532,619
172,829
34,257
Net profit
Preferred dividends
$486,083
60.000
$325,533
Surplus
$426.083
Earns, per sh. on 298,354 shs. (no par) com. stk._
$1.36
Consolidated Balance Sheet Sept. 30
1934
Assets1935
LULU:Wes1935
Cash
5244,072 $495,647 8% cum. preferred
Notes. bills and sestock
61,000,000
counts reeelv'le. 555,025
379,199 Y Common stock
1,491,770
Vendors' debit bal.
1,125
Notes payable..,.,.
Mdse. inventories_ 1,421,038 1,229,471 Accounts payable_ 162,068
Cash surr, value of
Accrued accounts.
28.020
50,506
Me insurance...
40,175 Estimated Federal
income taxes__
by. In Australian
75,561
subsidiaries ____ 109,144
67,404 Res. for coming__
75,000
Real est, not used
minority interests_
180,000 Capital surplus... 1,408,901
In operations,.__ 180,000
29,195
42,830
Sundry accounts....
x Land, buildings,
mach.& equip... 1,610,564 1,669,851
1
1
Good-will
40,650
39,086
Deferred charges._
$325,533
$0.82
1934
$1,000,000
1,491,770
361.071
72,625
40,128
36,317
87,400
1,054,355
$4,241,320 $4,143,665
Total
Total
$4.241,320 $4,143,665
x After reserve for depreciation of $1,594,725 in 1935 and $1,470,170 in
1934. y Represented by 298,354 no par shares.
Listing ApprovedThe New York Curb Exchange has approved the listing of 298,354 out-V. 141, p. 3528.
standing shares of common capital stock, no par.
-No Interest, Earnings, Ec.Baragua Sugar Estates
-year participating income debentures, due July I 1947
Holders of 15
are being notified that in accordance with the provisions of the agreement
under winch the debentures were issued, the directors have determined
and declared that for the fiscal year ended Sept. 30 1935, there are no
"consolidated net earnings available for interest at the rate of 6% per
annum." applicable to the payment of interest on Jan. 1 and July 1 1936.
on the debentures. Accordingly, Coupon No. 7, due Jan. I 1936. and
coupon No. 8, due July 1 1936, are void.
Directors have also determined and declared that there are no consolldated net earnings available for additional interest on Jan. 1 and July 1
1936. or available for a sinking fund instalment on the debentures on
March 1 1936. Interest at the rate of 6% per annum on such debentures,
hdwever, has been cumulative since Jan. 1 1935. and such interest will be-
The Plan in General
All the assets of the debtor including the stock of subsidiary corporations
of Bond Electric Corp. will be acquired by new a corporation to be organized
by the persons advancing the cash required to carry out this plan. Without
hereby becoming entitled to any abatement whatsoever of the amount of
moneys to be paid by the corporation hereunder, the corporation shall not
be obliged to accept any assets which it may elect to exclude. Concurrently
with the acquisition of said assets of Bond Electric Corp.,the corporation
will execute a satisfaction of mortgage now held by Bond Electric Corp. on
real estate of Yale Electric Corp. in the amount of $566,385, and will deliver
the satisfaction of the mortgage together with the original bond and mortgage
to Yale Realty Corp., and will deliver all the shares of the capital stock of
to the voting trustees for the benefit of pre-receivership
Yale Realty
Corp'
creditors of Bond Electric Corp.
Simultaneously with the acquisition of the assets, the corporation will
pay to the trustees a sufficient amount of cash to pay in full all the receivers'
certificates and trustees' obligations outstanding as of Nov. 30 1935, with
changes therein incurred in the ordinary course of business, except the accrued taxes and the accrued reserve for legal and receivers'fees shown in the
balance sheet and except any other liabilities not appearing on the balance
sheet and not resulting from the ordinary course of lrasiness since Nov. 30
1935. In addition, the corporation at the time of the confirmation of the
plan of reorganization, will pay to the trustees of the debtor in cash an
amount equal to 15% of the principal amount of all pre-receivershop claims
against Bond Electric Corp. as proved and now allowed,including debenture
holders, merchandise creditors and note creditors, not exceeding the pm cipal amount of $900,000, to wit: an amount not exceeding $135,000. Any
balance of the amount exceeding an amount equivalent to 15% of all said
pre-receivership claims as ultimately proved and allowed will be refunded
to the corporation.
plates that the pre-receivership creditors will receive the
The
beneficial interest in the stock of Yale Realty Corp., which corporation owns
the building at 257 Cornelison Ave., Jersey City, N. J. At the present
time there is a 1st mtge. on the building held by the Trust Company of New
Jersey in the amount of $349,000, which mortgage is in default and in foreclosure. The plan contemplates that arrangements can be made with the
mortgagee for an extension of the mortgage. The only encumbrances
upon the building at the time of the confirmation of this plan will be accrued
taxes amounting to approximately $40,000, and the first mortgage.
The plan contemplates that the corporation will lease the entire building
and premises at a monthly rental of $3,500, payable monthly in advance,
plus all maintenance expenses (except real estate taxes, assessments and
interest on mortgage), for a term of four months from the date of the confirmation of the plan of reorganization.
Not less than 60 days prior to the expiration of the said term, the corporation will be entitled, upon notice in writing to 'Yale Realty Corp., as
option 1 to lease said premises for two additional months at $4,000 Per
month rental payable monthly in advance plus all maintenance expenses as
aforesaid; or as option 2 to lease said premises for a term of five years at a
rental of 87,500 per month during the first year of the said term, $8,500 per
month during the second year of said term, $9.500 per month during the
third year of said term. $10,500 per month during the fourth year of said
term. $11,500 per month during the fifth year of said term, plus all maintenance charges during said entire term,except interest, taxes and assessments,
said rental to be payable monthly in advance. Within 60 days after confirma
tion of the plan, and if the corporation shall make a new lease for a term of
five years as aforesaid, then during the first year of said term it shall have the
option to purchase the premises, 257 Cornelison Ave., Jersey City, N. J.,
subject only to a first mortgage of $349,000 for $135,000 to be paid in cash
at the time of the exercise of the option, or during the second year of said
term for $200,000, free and clear of all liens, except a first mortgage in the
amount of $349.000. Yale Realty Corp.shall not be obliged to make such a
new lease unless the lessees at the time of the making thereof shall be financially responsible.
Treatment of Pre-Receivership Creditors ens Security Holders
Debenture Holders. Merchandise and Other Pre-Receivership Creditors
A cash distribution shall be paid within 10 days after the confirmsA.(1)
Lion of the plan of reorganization in an amount of 15% of the principal
amount of pre-receivership claims proved and now allowed, less reserves
for the claim of Gold Seal Electric Corp.. and less such amount as may be
required to preserve the equity of pre-receivership creditors in the real estate
4012
Financial Chronicle
Dec. 21 1935
at 257 Cornelison Ave.. Jersey City. N.J.. the said amount to be specifically
Brooklyn-Manhattan Transit System-Earnings
approved by the Court. The trustees will pay the amount approved by the
[Including Brooklyn & Queens Transit System]
Court for the preservation of the equity in the real estate to Yale Electric
Period End. Nov. 30- 1935
1935-5 Mos.-1934 "i
-Month-1934
Corp. as soon as so approved by the Court. The amount of accrued taxes
Operating revenues
on the Jersey City plant at the time of confirmation will be approximately
$4.294.788 $4.241.774 $21.224,135 $21,007,585
Operating expenses
2,678.335
2,603,745 13.836,283 13,585.439
$40,000 and this will constitute the total arrears on the property.
1,701.256
Taxes on oper. prop
416.359
367,511
1,997,988
or (2) In addition, for each $1,000 principal amount of pre-receivership
..
claims proved and now allowed, the holders thereof will receive a voting
Operating Income,._
trust certificate evidencing a pro-rata interest in the shares of stock of Yale
$1,200,094 $1,270.518 $5.389,864 $5,720,890
306,459
60,212
Netnon-operatingincome
64,259
300,359
Realty Corp., which corporation will own the building at 257 Cornelison
Ave.,jersey City, N.J.,subject only to the first mortgage and taxes aforesaid.Gross
income
$1.260,306 $1.334.777 $5.690,223 $6,027,349
Income deductions
716.357
723.092 3.583.945 3,612.676
B. At the option of any pre-receivership creditor whose claim is proved
and now allowed such creditor, In lieu of receiving cash and voting trust
Curr.Inc. carr. to surp $543,949
certificate aforesaid, may receive one share of pref. stock of the corporation
$611.685 $2.106.278 $2,414,673
* Accruing to min. int.
for each $100 of the pre-receivership claim of such creditor, said stock to be
of B.& Q. T. Corp.. -225.936
-49,871---------.613.023
185,234
of $1 par value per share and to bear cumul. dividends at the rate of 90 cents
per share per annum,beginning after the end of the first year after confirma- -V.141. p. 3685.
----•
tion of the plan. Within the first six months after the confirmation of the
igi Fenc'e & Wire o.-Listing p. 30ovedvr:
i n.
r6
8
plan, the stock shall be callable at the option of the corporation at $15 per ----Brc
!sting of 99,064 outThe New York Curb Exchang has approved
share; and the call price shall be increased thereafter at the rate of $5 Per
stock, n
,an 139,882 outstanding
standin
share during each six-month period until a maximum call price of $50 has
ares of class A pref
shares of class B common stock, no
been reached. Only so many shares of pref. stock will be issued as may be
rechues pro sto
uord TIderclhturovision.
-Extra Dividendbe junior only to secured notes or other certificates ----Buffalo Insurance Co.
The directors have declared an extra dividend of $2 per share in a tion
of indebtedness to be given to persons furnishing the cash required by the
to the regular quarterly dividend of $3 per share on the capital stock, both
corporation, which notes or other certificates of indebtedness shall be paypayable Dec. 31 to holders of record Dec. 17. Previous extra distributions
able three years from the date of confirmation of the plan and bear interest
were as follows: $1 on Sept. 30; $2 on Dec. 31 1934; $1 on Sept. 29 1934;
at the rate of 5% per annum, payable quarter annually, the entire amount
$2 on Dec. 30 1933, and $1 per share on Dec. 31 1931.-V. 141, p. 1927.
of the loan or any part of the loan or loans being subject to pre-Payment
at the option of the corporation. The pref. stock will be non-voting stock.
The option to receive shares of pref.stock. In lieu of cash and voting trust -Building Products, Ltd.
-25
-Cent Extra Dividend
certificates representing the ownership of Yale Realty Corp..shall be deemed
es
The directors have declared an extra dividend of 25 cents per share ii--waived unless specifically,exercised in writing by pre-receivership creditors by
addition to the usual quarterly dividend of like amount on the no par class A
letter addressed to and received by the reorganization committee on or
and class B stocks, both payable Jan. 2 to holders of record Dec. 18. Similar
before the date of confirmation of this plan.
payments were made on Jan. 2 1935.-V. 140, p. 793.
The common stock of the corporation will consist of 100 shares of stock
of no par value having the exclusive right to vote and having such other -Extra Dividend-74
-Canadian Dredge & Dock Co., Ltd.
of the corporation will provide.
powers as the certificate of incorporation
The directors have declared an extra dividend of $1 per share in addition
The common stock will be issued to the persons furnishing or causing to be
to a regular quarterly dividend of like amount on the common stock, no
furnished the cash required to consummate the plan and creating the corpopar value both payable Feb. 1 to holders of record Jan. 15. Previous
ration and causing the corporation to carry out its plan, and as partial
dividend distributions were OA follows: $1 on Nov. 1 last;75 cents on Feb.1
consideration for such advances.
1935; 50 cents on Feb. 1 1934 and $1 on Feb. 1 1933, this latter payment
by the Court that
Stockholders
-The plan is Predicated upon a finding
being the first made since Nov. 2 1931, when a quarterly dividend of 75
Bond Electric Corp. is insolvent or that the stockholders of Bond Electric
cents per share was paid.
-V. 141, p. 3853.
Corp. have no interest in its assets,
stock of
-Upon confirmation of the plan. the shares of
Voting Trust
-Price of Cellophane
Canaaian Industries, Ltd.
Yale Realty Corp. shall be deposited in a voting trust for a period of five
The company has made a further reduction in price of cellophane effecyears. The voting trust agreement shall be executed by the voting trustees
tive Dec. 16. See also Du Pont Cellophane Co. 13elow.-V. 1, P. 3685.
41,
and Yale Realty Corp. The voting trust agreement may be earlier terminated by instruments in writing executed by the holders of more than 50%
Canadian National Rys.-Earningsof the issued and outstanding stock of Yale Realty Corp.
935
&Ifni/me(System for Secon11 Week ofDecember
Tentative Balance Sheet as at Nov. 30 1935
1934
Lialstlities and CapitalAssets$ ncre"
1. 19 360
5 ,a
Gross
$3,4 2,253 $2,882,893
$75,000
833,289 Receivers' certificates
Cash
N. 14L iigs
ea nii. 3853•
i
Accounts receivable-less res._ 182,713 Trade accts.& accepts. payable 157,863
20,118
409,015 Miscellaneous accruaLs
Inventories
Canadian Pacific Ry.-Earnings36,683
Investments in subsidiaries__ 143,100 Real estate taxes
Earnings of System for Second Week of December
39,250
Investments-other cos
3,348 Res,for legal & receivers'fees_
Increase
1935
2813,368 Claims against ree's estates._ 11871,353
Fixed assets
$286,000
87,264
Gross earnings
$2,683,000 $2,39 ,000
1 74
3
38,973 Common stock
Pa
Patents & trade marks
574,000
-V. 141, p 3853.
61,713 Preferred stock
Deferred & prepaid expenses__
176,010
Deficit
-Judicial
sle_
aCanadian Rail & Harbour Terminals, Ltd.
81,685,520
81,685,520 Total
Total
a Less reserve and mortgages. b As follows: general creditors. $229,644:
estate of Conrad Hubert, $36,370: debenture bond holders, $605,337.
-V. 141. P. 3372.
Sealed tenders for the sale of the properties of the company will be
received by the master of the Supreme Court of Ontario up to Jan. 26 next.
. .1c rkrn,15 Wellington St, West. Toronto,is receiver and manager.
. . Cia p 2 31
v.T
.
4 .
2
-Extra Dividend
'-Boston Herald-Traveler Corp.
The directors have declared an extra dividend of 25 cents per share in '" (Phillip) Carey Mfg. Co.
-Accumulated Dividend-' (
2-0-addition to a dividend of 50 cents per share on the common stock, no par
The directors have declared a dividend of $1 50 Per share on account
Similar payments
holders
value both payable Jan 2 to holds of record Dec 20 S
of accumulations on the 6% cumulative preferred stock, per $100, payable
were made on July 1 1935.
Dec. 27 to holders of record Dec. 20. Similar payments were made on
cents per share: 40
On Jan. 2 1935 the company paid a dividend of 60 c
Dec. 27 1934, and Dec. 28 1933, this latter being the first dividend paid
cents was paid on July 2 1934, and 50 cents on Jan. 24 1934, this latter
since Dec. 31 1932 when a regular quarterly dividend of $1.50 per share
being the Mat payment made since Jan. 2 1932 when a quarterly dividend
was Paid.
-V.141, p. 2271.
-V.140, p. 4227.
2
of 10 cents per share was paid.
4
-Extra Dividend-a.°C.-- "----:--_
" --(E. J.) Brach & Sons
.
The directors have declared an extra dividend of 25 cents per share on the
common stock, no par value, payable Dec. 30 to holders of record Dec. 24.
An extra of 60 cents was paid on Dec. 29 1934. The regular quarterly
dividend of 25 cents per share was paid on Dec. 1, last. See. also V. 141.
j_e_e .....___
i
P.739.
-$3 Extra Dividend
(C.) Brewer & Co., Ltd.
The directors have declared an extra dividend of $3 per share in addition
to three regular monthly dividends of $1 per share each on the common
stock, par $100. The extra dividend is payable Dec.24 to holders of record
Dec. 20. The monthly dividends will be paid on Jan. 25. Feb. 25. and
March 25 to holders of record Jan. 20, Feb.20, and March 20. respectively.
Extra dividends of $1 per share were paid on Nov. 25, Sept.25 and July 25
1935. Extra dividends of $4 per share were paid on Dec. 24 1934 and
Dec. 23 1933, while on Oct. 25 and July 25 1933 extras of $1 per share were
distributed.
-V.141, p. 2729.
-Earnings
Carreras, Ltd.
1935
£991.638
751
1934
£852,402
915
£992,389
Total income
49,382
Depreciation
Prov.for income tax---43,016
7,042
Staff superannu'n fund_
Amt.transf.to devel.fd_
.
Cost of termination of
coupon trading
Other expenses
1,000
£853,317
47,395
49,773
7,300
47,904
981
1.000
1,000
Net profit
x Dividends paid
y Profit and loss charges
£699,964
330,734
404,149
£803,589
290,734
402,501
£724,211
285,734
354,313
Years Ended Oct. 31-:
Trading profits for yearOther income..
£891,949
330,734
354,313
£8 93117
1 63
5,
12,064
3
£772,356
19 2
z93,728
£8 0 138
6 :081
48
£866,084
16,348
7,206
2305,316991
6,279
79.034
£84,164
-Accumulated Div.£206,902 alef34,919
£110,354
Brewing Corp. of Canada, Ltd.
alance, surplus
1,543,392 1,459,231
1,653,745
Previous surplus
1,618,824
The directors have declared a dividend of 37;4 cents per share on account
of accumulations on the $3 cumulative preferred stock, no par value,
£1,825,725 £1,618,824 £1,653,745 £1,543,392
payable Jan. 15 to holders of record Dec. 31. A similar payment was madeTotal surplus
on Oct. 15, July 15, April 15 and Jan. 15 last, as against 75 cents paid on
x Not incl. further div. paid after close of fiscal year and deducted from
Oct. 15 1934. This latter payment was the first made since stockholders
the surplus following year £354,313. y Incl. further dive of previous year.
voted to extinguish previous accruals on thisissue.zIncludes profit on sale of investments of £79,034.-V. 140, P. 4228.
Following the Jan. 15 payment arrears on the above issue will amount to
-New Director & Vice-Pres.Carrier Engineering Corp.
-V. 141, p. 3684.
$1.8734 per share.
Lemuel R.Boulware has been elected a director, Vice-President & General
-EarningsBritish American Tobacco Co.
Manager. Mr. Boulware will assume his new duties on Jan. 1 with head-V. 141, p. 910.
19331932
quarters in Newark, N. J.
1934
1935
Yerrs End. Sept. 30Net profit after all
-Earnings
Caterpillar Tractor Co.
x£5,452,981 £5,403,065 £5,438,252
£5,469,170
oft charges, &c
x After paying the final dividend amounting to £786,225 the carry forward
-Month-1934
1935-11 Mos.-1934
Period End. Nov.30- 1935
-V. 141, p. 107.
will be E2.209,642.
Sales
$3,252,151 $1.774,129 $33,513,739 $22,211,295
Net profit after deprec.,
-EarningsBritish Columbia Power Corp., Ltd.
472,410
259,674 5,186.488 3,459,064
taxes & other charges_
-Month-1934
1935-5 Mos.-1934
Earns, per sh. on 1,882,
Period End. Nov. 30- 1935
Nil
Nil
$1,190,048 $1,117,530 $5,647.776 $5,285,656
Gross earnings
240 shares outstanding
82.76
ed
787,166
733,656 3,859,860 3,570,369
Operating expenses
Current assets as of Nov. 30 1935, including $3,064,885 cash, amounted
to $23,973,743 and current liabilities were $2,354,561. This compares with
$383,874 $1,787,916 $1,715,287
Net income
$402,882
cash and marketable securities of $2,752,114, current assets of $20,970,669
and current liabilities of $1,338,054 on Nov.30 1934.-V. 141, p. 3374.
-V. 141, p. 3685.
-Usual Extra Dividend
Brooklyn Borough Gas Co.
--Earnings-entral American Plantations Corp.
The directors have declared an extra dividend of 6;.i cents per share in
1934
Years Ended Sept. 301935
addition to the regular quarterly dividend of 75 cents per share on the
$592,826
Total income from operations
$349,424
6% cum. and participating pref. stock, par $50, both payable Jan. 2 to
390,639
371,061
Operating expenses
18. An extra dividend of like amount has been
holders of record Dec.
23,092
24,707
General administration expenses
Paid each quarter since and including July 1927. In addition an extra
participating dividend of 50 cents per share was paid each April from 1932
$46,344prof$179,605094
Net loss
-V. 141, p. 1927.
to51935, inclusive.
Other income
,-. Brooklyn & Queens Transit System-Earnings
$46,344prof$179,745
Total loss
-Month-1934
1935-5 Mos.-1934
▪ Period End. Nov. 30- 1935
111,079
117,534
Interest paid
Operating revenues
$1,702,534 $1,684,504 $8,339,271 $8,348,198
31,089
30,190
Provision for depreciation of buildings and mach'y
Operating expenses
1.339.721
1.289.129 6,685,666 6,646,144
647,591
145,027
139,228
711,763
Taxes on oper. properties
Net loss for the yr. before provision for exch.loss $194,067 prof$37,577
143,344
Cr15,060
Provision for exchange loss on loan payable
$941,842 $1,054,40
Operating income _ _ $217.786
$256.147
80,365
Net_non-oper.income_
78,131
14,772
16.725
$105,767
$179,006
Net loss
mos.
410,021
515.789
Previous deficit
$272,872 $1,019,973 $1,134,828
$232,558
▪ Gross income
644,877
Income deductions
124,412
128,848
618,285
$515,789
4694,795
Deficit as at Sept. 30
x Of this amount. $567,649 represents difference in exchange, due to
$489,951
$144,024
$401,688
purr.inc. cam to sun) $108.146
-V 139, p. 4121.
the devaluation of the dollar.
-V.141. p. 3372.
___
-
4013
Financial Chronicle
-Earnings
(& Subs.)
Edison Co.
-Initial B Dividend
Centlivre Brewing Corp.
Commonwealth
1935-11 Mos.-1934
-Month--1934
Period End. Nov.30- 1935
36.989.977 36.606,548 $71,757,072 $68,999,029
Gross earnings
Net income after int.,
8,951.944
973,640 8,683,267
825,822
deprec., taxes, &c_ _ _
The directors have declared an initial dividend of 25 cents per share on
the class B common stock, payable Jan. 2 to holders of record Dec. 20.V. 141, p. 1590.
-Earnings
Central Maine Power Co.(& Subs.)
President Reinstated
1935-12 Mos.-1934
-Month-1934
Period End. Nov. 30- 1935
$509,642 $6.021,927 $5,938.104
Gross oper. revenues_ ..- 3543.118
176,561
2,088,892
195,882
2,126.400
Expenditures and deprec.
891.643
894.460
79,425
78,578
Taxes,incl. Fed.inc. tax
Net oper. income_ _ _ _
Non-oper income, net_
$268,658
3.538
$253,656 $3.001,067 $2,957,569
60.379
5.745
67,493
Gross income
Deductions
$272,196
147,561
$259,401
150.735
Edward J. Doyle was on Dec. 17 reinstated as President of the company
by the board of directors, filling the vacancy that has existed since his
resignation was announced on Feb. 21 1934. following his indictment with
a score of others in the wake of the collapse of Samuel Insult's "empire."
-V. 141. p. 3375.
Mr. Doyle has since been cleared of all charges.
-Bonds Called
`---Consoliated Gas Co. of N. Y.
$3,061,446 $3,025.062
1,914,163
1,762,170
-year 5% gold debenture bonds due July 15
A total of $10,000,000 25
1957 have been called for redemption on Jan. 15 at 103 and interest. Paybe made at the City Bank-Farmers Trust Co., trustee, 22 William
ment will
-V. 141, p. 3857.
St., N. Y. City.
5108,666 31,299.276 31,110,899
Net income
$124,635
108.099 1.297.182
1,298,033
108,099
Preferred div. required_
(Preferred dividends have been paid at one-half of the full rate, since
Oct. 1 1934.)-V. 141. p. 3854.
-Petitionsfor Reorganization
--Consolidated Textile Corp.
The company with plants in Virginia, Georgia, North Carolina, Kentucky
and Massachusetts, has filed a voluntary petition in the U. S. District
Court to reorganize under Section 77B of the Federal Bankruptcy Act.
The corporation, in its peitition, said only one of its factories, located in
North Adams, Mass., is operating at the present time. It said that it had
liabilities of 34,634.756 and assets of $7,714,811. On Sept. 28, according
to the petition, interest due and unpaid amounted to 31.192.111 on a bond
issue of $2,750,000, while the corporation owes $294,748 to L. Dommerich
& Co.on loans. Fixed charges exclusive of taxes were said to total $470,000
but the petition expressed the belief that under a reorganization, operations
might be made profitable.
The corporation has asked the Reconstruction Finance Corporation for
-V. 141, p. 1434.
a loan of $1.750,000 for additional working capital.
-Tenders
Central States Edison, Inc.
The company will until 12 noon Jan. 4, receive tenders for the sale to it
-year collateral trust bonds to exhaust the sum of $6,000,000.
of sufficient 15
-V. 141, p. 2880.
-Earnings
Central Vermont Public Service Corp.
-Month-1934
Period End. Nov. 30- 1935
1935-12 Mos.-1934
Gross oper. revenues.... $161.088
$159,710 $1,831,377 51,804,359
Expenses and deprec___
82,735
916,252
72,550
860,636
Taxes,incl. Fed.Inc. tax
18,056
221.167
18.337
209,063
Net oper. income_ _ _ _
Non-oper. inc., net_ __ _
360,297
def29
$68,823
43
$693,958
313
Net deficit
-V. 141. p. 3374.
347.205
$49.452
3767.950
$734.660
2359" Container Corp. of America-Recapitalization Plan
Voted
Gross income
$60,268
$68,866
$694,271
$736,760
Deductions
27,543
27,170
306,639
355,742
The stockholders at a meeting held Dec.16 approved a plan for the simplification of the company's capital structure under which a new $20 par
Net income
$33,098
$41,323
$387.632
$381,018
common stock will be issued in exchange for present outstanding preferred.
Pref.(Hy. requirements_
18.916
18.924
227.114
227.106
class A and class B common stocks on the following basis: Five shares of
-V. 141, p. 3069, 3374.
new common for each share of preferred: one share of common for each share
of class A and two-fifths share of common for each share of class B. (See
Central Vermont Ry., Inc.-Earningsalso V. 141, p. 3375.)
Period End. Nov. 30- 1935--Adonah-1934
1935--11 Mos.--1934
,
The stockholders also voted in favor of retiring 5,625 shares of class A
Ry. oper. revenues
8477,186
$386.833 $4.960,624 $4.575,641
stock and 14.639 shares of class B commons tock held by the company in its
Net rev,from ry. oper_ _
83,685
73,558
559,981
treasury. If all the present outstanding stock of each three classes is
371.114
52,040
241,836
Net ry. oper. Income_ _ _
47,257
turned in for exchange, there will be outstanding 653,750 shares of the new
96.071
-V. 141, p. 3858.
Inc. avail, for fix. chore_
54,093
48,784
329,261
117.024
$20 par common stock.
Fixed charges
101,298
1.097.210
98.237
1.084.590
-Special Dividend"'Continental Insurance Co.
The directors have declared a special year-end dividend of 25 cents per
share in addition to the regular semi-annual dividend of 60 cents per share
on the capital stock, both payable Jan. 10 to holders of record Dec. 31. A
special dividend of 15 cents per share was paid on Jan. 10 1935.-V. 141.
P. 590.
$967.566
----Chesapeake Corp.
-Bonds Canceled
The New York Stock Exchange has received notice from the Guaranty
-year convertible collateral
Trust Co. of New York as trustee for the 20
trust 57. gold bonds, due May 15 1947, that during the period from Nov.8
1935 to Dec.6 1935, both inclusive, bonds of said issue aggregating $1,118,000 par value were canceled and retired as a result of conversion in accordance with the terms of the indenture securing said bonds and as a result
ofsuch conversion, 25,426 shares of the Chesapeake & Ohio Ry.Co.common
stock were withdrawn from the collateral pledged with the trustee.
-V.141.
p. 3220.
-New-Directors-Listing--.Crown Drug Co.
Chesapeake & Ohio Ry.-EarningsNovemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141. p.3374.
1935
1934
1933
1932
$10.857,088 $9,102.821 $8.801,222 $8.753.213
5.479.599 4,137.383
4,019.730
3.743,352
4,522.135
3,155.219
3,371.060
2,872,375
104.745.832 101,287.130 98,301,283 90.615,520
46,540.974 45,008,949 44,475.496 30.241.000
36.502,417 34.131.'767 34,234.856 29,727 507
-Chicago Burlington
8c Quincy RR.
-$2 Dividend
The directors on Dec. 16 declared a dividend of $2 per share on the
capital stock, par $100, payable Dec. 28 to holders of record Dec. 19.
This compares with 81 paid on Dec. 26 1934; 32 on June 25 1934: $3 on
Dec. 26 1933, and on June 25 1932. Prior to this latter date $5 per share
was paid each six months up to and Including Dec. 26 1931.
Ralph Budd. President of the railroad, stated that indicated net income
of the road for 1935 was around 31,500,000.
The payment of the dividend by Burlington out of surplus still leaves
the cash position satisfactory, Mr. Budd stated. "Our budget for 1936
will amount to about $12,000,000,about one-half of which will be spent for
equipment and the other half for fixed property. We intend to lay 30,000
tons of rails. Traffic on the Burlington has been picking up lately."
-V. 141, p. 3686.
Chicago Indianapolis & Louisville Ry.-Trustees Ask
Ratification
Holman D. Pettibone and H. R. Kurrie have asked the Interestate
Commerce Commission to ratify their appointments as trustees. Mr.
Kurrie is President of the road and Mr.Pettibone is President of the Chicago
Title & Trust Co.
-V. 141. p. 3686
City Investing Co.
-Dividend Doubled
The directors have declared a dividend of $1 per share on the common
stock, par $100, payable Jan.7 to holders of record Dec.30. This compares
with 50 cents paid on July 20 last. $1 per share on Jan. 4 1935, Aug. 7
and Jan. 4 1934, and on July 1 1933: $1.50 on Jan. 16 1933, and $2.50
per share paid on July 11 and Jan. 4 1932.-V. 141, p.3221.
Cornelius Lombardi,C. N.Seidlitz Jr., and Byron T. Shutz were elected
directovucceeding Samuel Rubiner. B. Larsen and Frederic Wingersky.
The(directors have authorized the company to apply for ,listing the
commo and preferred stocks on she New York Curb Exchange -V. 141,
•
p. 3223.
-Earnings
Cumberland County Power & Light Co.
[Including itssubsidiary,Cumberland Securities Corp.1
1935-12 Mos.---1934
-Month-1934
-- 1935
Period End. Nov.30
5341.475 34.125.638 34.142.857
Gross operating revenue $370,332
2.110.143
2.186,193
173.473
193.832
Expenses & depreciation
490,484
44,314
494,494
35.107
Taxes. incl. Fed.Inc. tax
263.548
21,962
263,548
21,962
Rental ofleased property
Net oper. Income_ _ _ _
Non-operating income__
Gross income
uctions
Net income
Pref. div. requirements_
-V.141. P. 3071. 3375
.
$119.431
4.094
$101,726 $1,261.463
59.735
7,661
$123,525
69.802
$109,387
62.281
$53,723
19,997
$47.106
19,997
31,198,622
58.532
51.321,198 31.257.154
855.413
777.820
$543,378
239,964
$401.741
239,964
-Govt. Control
Denver & Rio Grande Western RR.
As a result of an opinion handed down by U. S. Circuit Judge C. B.
Faris at St. Louis, the government may gain control of the road.
The decision dissolved the voting trust agreement whereby the Missouri
Pacific and the Western Pacific each voted one-half of the 300,000 shares
of Denver & Rio Grande which gave them joint control.
The voting trustees had sought a 10-year extension from Feb. 1934
of the aereement but the court ruled that the agreement had not been legally
extended. The 150,000 shares each held by Missouri Pacific and Western
Pacific are pledged with the Reconstruction Finance Corporation and
Railroad Credit Corporation respectively as collateral for loans, which
therefore virtually gives control of the Rio Grande to the government
should it desire to exercise its rights.
The RFC for all practical purposes is now in control of the D.& R.G. W.,
since its nominee, Judge Willson McCarthy, was appointed trustee of the
road by the Federal Court. Judge McCarthy's appointment has not been
confirmed by the Interstate Commerce Commission as yet.
Trustees Ratified
The Interstate Commerce Commission on Dec. 12 ratified the appoint:
-V. 141.
ments as trustees of Wilson McCarthy and Henry Swan ratified.
P. 3688.
'Clark Controller Co.
-Resumes Dividend-" Denver & Salt Lake Ry.-Refunding Plan- -1- t t
A dividend of 25 cents per share was paid on the no-par common stock - company will use $1,000,000 of Its own cash (with borrowing from
The
on Dec. 14 to holders of record Dec. 12. This was the first payment made
since July 11931, when a dividend of 25 cents per share was paid; quarterly
distributions of 50 cents per share were made each three months previously.
-V. 134, p. 1030.
Claude Neon Lights, Inc.
-Earnings
6 Months Ended June 301935
Net loss after expenses, taxes & misc. deductions__
x$25,012
x After 311,845 loss on sale of securities.
-Y. 141, p. 1432.
1934
$8.344
-Cleveland Graphite Bronze Co.
-Special Dividend
-4
The dirctors have declared a special dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount of the new
common stock, par $1, both payable Jan. 2 to holders of record Dec. 24.
Similar payments were made on Oct. 1 and July 5 last.
-V.141. P. 3070.
Collins & Aikman Corp. (& Sub.)
-Earnings
Earnings for 9 Months Ended Sept.'30 1935
Net Inc. before deprec. & prov. for taxes based on Inc
$4,089,041
Interest paid, net
1.178
Depredation
369,484
Prov. for Fed., State & Canadian taxes based on income.-697,695
Net Income for 0 months ended Nov.30
83,020,683
Earned surplus March 2 1935
725,368
Excess of par value over cost of pref.stock purchased for retire3.675
Total surplus
$3.749.725
Dividends on preferred stock
328,569
Dividend on common stock
281.400
Additional provisions for conversion into American dollars of
net current assets of subsidiary
668
Balance at Nov.30 1935
Earn, per sh. on 562,800 shs. common stock (no par)
141, p. 2882.
33,139.087
• $4.78
the Reconstruction Finance Corporation) In connection with the refunding
operation which will convert $2.500,000 of first mortgage 6% bonds into
a similar amount of 4% bonds
In a letter to the Interstate Commerce Commission officials of the road
said that in addition to the 31,000.000 from its own funds, which the road
will use in redeeming on Jan 1 the 6% issue, the road has made arrangements to borrow from banks in the Denver area the balance necessary.
The road plans to hold in its treasury $1.000,000 of the new 4% issue.
The balance of the new issue or $1,500,000 in new 4% bonds will be Wiled of to the public to pay off the bank loans incurred in redeeming the
0 bonds. The refunding operation is being undertaken to reduce fixed
-V. 141, p. 3688.
es.
c
-Earnings
Detioit Edison Co.(& Subs.)
12 Months Ended Nov.30
Electricity revenue
Steam revenue
Gas revenue
Miscellaneous revenue
1934
1935
346,630.151 342.625.013
1,628.045
1,773,113
370.061
365,461
124.490
149.031
Total income
Operating & non-oper.expenses
$48,917,758 $44.747,610
33.520.787 31,309.116
Balance.income from operations
Other miscellaneous income
315.396.970 313.438,494
171.747
160.815
$15,568.718 $13.599,310
Gross corporate income
6,505,959
6,497,985
Interest on funded & unfunded debt
C 44.390
,44.280
C
,
Interest charged to construction
206,300
204.193
Amortization of debt discount & expense
Extraordinary appropriations to retirement reserve.
1.400,000
57.382
additional to current appropriations
Net income
-V. 141. P. 3 59
8 .
37,500.848 $6,884,028
•
4014
Financial Chronicle
----Denver Union Stock Yards Co.
-Extra Dividend.'
)
-
The directors have declared an extra dividend of 50 cents per .Share in
addition to the regular quarterly dividend of like amount on the common
stock, no par value, both payable Jan. 2 to holders of record Dec. 20. An
extra dividend of $1 was paid on Jan. 2 1935.-V. 140, p. 1308.
j
----(Joseph) Dixon Crucible Co.
-$1 Dividencl"- 4 --{- •
The directors have declared a dividend of $1 per share on the capital
stock, par $100, payable Dec. 31 to holders of record Dec. 16. Similar
distributions were made Dec. 31 and June 30 1934 and on Dec. 31 1931,
prior to which company paid quarterly dividends of $2 per share.
-V.141.
P. 917.
•--Dow Drug Co.
-15
-Cent Special Dividend-
The directors have declared a special dividend of 15 cents per share on
the common stock, payable Feb. 20 to holders of record Feb. 8. A similar
payment was made on Nov. 15 last, this latter being the first dividend paid
on the common stock since April 1 1931.-V.141. p. 1767.
Duke Power Co.
-Bonds Called
-
All of the outstanding 1st and ref. mtge. gold bonds, 43. % series, due
1967, have been called for redemption on Jan. 31 at 104 and interest.
Payment will be made at the Guaranty Trust Co. of N. Y., 140 Broadway,
N. Y. City.
-V. 141, p. 3859, 1932.
Du Pont Cellophane Co.
-Cellophane Prices
-
The company on Dec. 16 announced a further reduction in the price of
cellophane cellulose film, effective Dec. 16.
Officials of the company stated this was the 18th reduction since domestic
manufacture of cellophane was started in 1924. Every year there has been
an increase in the use of cellophane and every year a reduction has been
made in selling price as the added volume brought manufacturing economies.
The new price represents a reduction of approximately 86% from the 1924
figure. The reduction from the previous price of cellophane ranges from
5% to 15%.-V. 136, p.3914.
Duquesne Light Co.
-Earnings
12 Months Ended Oct. 31Operating revenues
Operating expenses, maint. & all taxes
1934
1935
$25,658,158 $25,299,036
10.315.49:
"
Net operating rev.
(before approp,for retire. res.)515,342.664 $14,690,115
Other income (net)
815.844
886,952
Net oper. rev. & other Inc. (before approp. for
retirement reserve)
$16,229,617 $15.505,959
Appropriation for retirement reserve_
„6
Gross income
Rents for lease of electric properties
Interest charges (net)
Amortization of debt discount and expense
Appropria...ons for special reserve
Other income deductions
•
Dec. 21 1935
Empire District Electric Co.(& Subs.)
-Earnings
Years Ended Sept. 30Gross operating revenues
Other income
1934
1935
$2,769,464 $2,659,803
4,677
3,546
Total income
$2.773,010 $2,664,481
Operating expenses
886.041
926,845
Maintenance
121,653
119,177
Taxes (excludes Federal income taxes)
286,073
277,522
Net earnings
$1.449,465 $1,370,713
Accrued interest on funded debt
641.395
639,309
Net earns, times accrued int. on funded debt
2.13
2.26
Depreciation not included in operating expenses
189.000
192,000
Consolidated Balance Sheet Sept. 30 1935
(Subject to year-end adjustments)
AssetsLiabilities
Property, plant, equip., &c__$27,473,982 6% cum. preferred stock _ _ $7,382,000
Miscellaneous investments-3,000,000
17,464 Common stock
Sinking fund assets
13,123,000
369,505 Funded debt
Injuries and damages fund__
51,365 Due to Cities Service Power &
Cash
83,117 Light Co. (parent co.)__ 1,642,636
Customers' accounts reedy59,000
Notes payable-banks
able, less reserve
302,173 Accounts payable
19,977
Mdse. accts. rec., incl. instalCurr.acct, with fiscal agent
3,915
ment contracts, less reserve
201.323 Acct, payable affiliated cos
58,984
Accts, receivable from WUAccr.int., taxes & other accts. 245,833
ated cos
39,659 Provision for Fed. income tax
30,448
Other accounts receivable
107,958
4,205 Customers' deposits
Special cash deposits
3,939 Other liabilities
12,846
Materials and supplies
226,409 Deprec. & retirement reserve 1,417,894
Prepaid insurance, taxes, &o_
15,537 Contributions for extensions_
51,365
Advances to personnel
635 Miscellaneous reserves
.
Notes and accounts receivable
Special surplus reserve
800,000
not current
13,318 Capital surplus
938,957
Deferred charges
1,083,029 Surplus
938,271
Total
$29,885,663 Total
$29,885,663
-V. 141. p. 748.
RR.
-Bank Loans Extended
-
Bank loans aggregating 52,575.000, which matured on Nov.30 have been
extended to May 311936, according to information furnished the Interstate
Commerce Commission.
The extension of the bank loans to that date means that a Reconstruction
Finance Corporation loan of $2.775.000 which also matured Nov. 30 has
oeen extended to the same date in 1936, as the CO,in a previ extension
of the RFC loans In its decision of Oct. 23, stipulated ttat thn2,775,000
RFC loan should not be extended to a maturity date later than the date
to which banks extended the $2,575,000 loans to the road.
-V.141. p. 3860.
514.176,964 $13.382,036
178,134
179.424
2,966,880 3,146,203
Equitable Casualty & Surety Co.
167,280
206,366
-Liquidating Dividend
300,000
Superintendent of Insurance Louis II. Pink is paying a second dividend
103,290
87,330
to Policyholders and general creditors of the company (in liquidation).
The dividend amounts to 5% of the allowance made to each claimant
Net income
and checks totaling $215,000 are being mailed to 13,000 creditors.
$10.421,003 $9,803,087
-V.141, p. 3859.
The company was taken over for liquidation by the Insurance Department on Dec. 31 1930 and a first dividend of 11% to policyholders and of
Ebasco Services Inc.
-Weekly Input
7% to general creditors was paid in August 1934. In all about $831,000
For the week ended Dec. 12 1935 the kilowatt-hour system input of the
has been distributed to claimants so far, and a further small dividend will
client operating companies which are subsidiaries of American Power &
be paid before the company's affairs are finally wound up.
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
The company began business in October 1924 as the Equitable Surety
as compared with the corresponding week during 1934, was as follows:
Co. with its principal office at 2 Lafayette St. In 1927 its name was
changed and its activities expanded to do a general casualty and surety
business. It issued a large number of ball bond policies and insured a
Client Operating Subs. of1935
1934
Amount P. Ct.
large share of the city's taxicabs. It operated in 33 States, and at the
American Power & Light Co--- 92,195,000 86,114,000 6,081.000 7.1
time it was taken over for liquidation it was defending 12,000 damage suits
Electric Power & Light Corp__ 42,669,000 36,698.000 5.971.000 16.3
arising out of the operation of taxicabs. All these have been settled or
National Power & Light Co--_ 69,138,000 76.512,000 x7,374,000 x9.6
adjudicated as a part of the liquidation proceedings.
-V.141, p. 3534.
-V. 139. p. 1491.
x Decrease.
-Cunningham Drug Stores, Inc.
Economical
-Earns.
Years End.Sept.30-1934
1935
1932
1933
Gross sales, less disets,
returns,&c
56.887.926 $6.228.539 $5,402.808 34.760.785
Cost of goods sold
4,558,160 4.105.517 3.672,869 3,136,958
Gross profit
52,329,766 $2.123.023 $1.729,939 $1,623,827
Other oper. revenues.-55,732
26.634
20.175
18.869
Total
$2,385.498 $2,149.657 51.750.114 51.642.696
Expenses (Incl. deprec.)- 1.848.730
1.741,584
1.467.915
1.412.498
Operating profit
Income deducs. (net).--
$536.768
45.836
$408.073
37,958
$282,199
51.735
$230,198
16,948
Profit before inc. tax_
Prov.forest. Fed.inc.tax
$490.933
69,000
$370,115
50.900
$230,464
36,750
$213,251
22,074
Net profit
Previous earned surplus_
3421.933
550.907
$319,215
342.757
3193,714
175,271
3191,177
Total surplus
Class A dividends
Class B dividends
Common dividends
Organ. exps. written off_
$972,840
24.891
11,328
181,346
$661,972
25.830
6,549
66,855
11,832
$3368,985
26.228
$191,177
15,906
Earned surplus
3175.271
$550.907
$755,275
$3342,757
-The Chicago Stock Exchange has approved the application of
Listing
the company to list 191.354 shares of common stock (no par), which are to
be admitted to trading upon notice of registration under the Securities
Exchange Act of 1934.
Balance Sheet Sept. 30 1935
Assets
LlabitittesCash on hand & on deposit__ __ $453,954 Notes & title-retaining conNotes & accounts receivable
$3,658
tracts payable
(lass allowance of $9,582)_
63,164 Accounts payable for purInventories
1,155.406 chases. expenses, payrolls,&o 432,462
Other assets
49,144
149.998 Dividends payable
Land. bldgs., furniture, fix22,010
Accrued expenses
tures & equipment
x873,908 Federal income tax
81.011
1 Long-term notes & title-retainGood-will
19,880
Prepaid & deferred expenses... 138,331 ing contracts payable
Due to sub,cos,for cap.stock.
6,000
7,326
Reserve for contingencies
Class A prior pref. stock (par
393,100
$100)
Class B pref. stock (par 5100).
98.5130
y477,262
Common stock
482,135
Capital surplus
Earned surplus (surplus Is restricted in the amount of
$83,99e representing the cost
of reacquired capital stook)_ 755,275
$2,834,765 To
Total
$2,834,765
After allowance for depreciation-of $43,928. y Repibçlted by 190.-V. 141. lo• 2 75.
905 no par shares.
2
Eisl,er Electric Corp. Till Added to List
upoir
-To Be
The ew York Curbl
-xchange
list 60,000 additio I shares of comotice of issuance.
mon ca tal stock, no par,
-V. 141, p,273.
-30
------Electric Auto-Lite Co.
,
-Cent Dividend-IdZ-4.--k-r The directors have declared a dividend of 30 cents per share on the
common stock, par $5. payable Jan. 2 to holders of record Dec. 26. A
similar payment was made on Oct. 1 last, this latter being the first dividend
paid since Jan. 2 1933, when a like payment was made. Dividends of
30 cents per share were also distributed on Oct. 1 and July 1 1932 as against
-V. 141, p. 3859.
$1 per share previously each quarter.
Family Loan Society, Inc.
-Extra Dividend--04-c--
The directors have declared an extra dividend of 37% cents per sha
on the $3.50 cum. and participating preferred stock, no par, in addition
to the regular quar. div. of 87% cents per share, both payable Jan. 2 to
holders of record Dec. 14. Similar payments were made in each of the
eight previous quarters.
-V. 141, p. 1932.
Federal Mining & Smelting Co.
-Earnings
Tons
- 9933555 1 193508eeptt.. t3 3
0.
111
:
Aug.
7,104
6.676
6,816
Produced-Quaters Ended
-July 31 1935-Oct. 31 1934-7,403
Aug. 1934
May 1935
5,418
6,280 Sept. 1934
June 1935
5,608
6,291
July 1935
Oct.1934
4,543
Total
Total
20,596
Total
19,974
15.569
Net Earnings (Before Depletion, Depreciation, Federal Income and Excess
Profits Taxes and Year End Adjustments) Quarters Ended
--Oct. 31 1935-- -July 31 1935-- -Oct. 31 1934Aug. Ms_ S54,583
May 1935___ $37,410 Aug. 1934-- - x$9,212
Sept. 1935- _ _ 49,485 June 1935--- 31,217
2,479
Sept. 1934--_
Oct. 1935___ 59,328 July 1935--37,922 Oct. 1934...._ x11,684
Total
$163,377
Total
Total
$106,549
$18,417
x Deficit.
Note
-The above statement of earnings for the quarters ended July 31
1935, and Oct. 31 1935 has been prepared from the books of account for
the periods cover and Is subject to adjustment at the end of the year when
covered
I
the accounts are audited by certified public accountants.
At of the Morning Mine production for the quarter ended Oct. 311935,
2,972 tons of lead are being held for future sale.
As of Oct. 31 1935, there were held for future sale 4,670 tons of lead.
2,659 tons of zinc, 4,586 tons of lead concentrates and 15,074 tons of zinc
concentrates.
Cash and governments as of Oct. 31 1935, totaled $314,704. There are
no outstanding loans.
-V. 141. p. 1932.
Federal Water Service Corp.(& Subs.)
-Earnings
12 Months Ended Sept. 301935
1934
Operating revenues
$15,151.033 $15.179,371
Operation expense
4,b31,670 4,547,627
General expense charged to construction
Cr138,323 Cr105,319
Reserved for uncollectible accounts
124,973
145,895
Amortization of rate case expenses & regulatory
commission expense
246,523
272,890
Special legal and other expenses of Federal Water
Service Corp
4,577
Maintenance
748,440
689,307
Reserved for retirements and replacements (in lieu
of depreciation)
928,212
993,281
General taxes
1,176.068
1.237,673
Reserved for contingencies
170,000
169,997
Net earningsfrom operation
37.169,563 $7,317.345
Other income
146,307
79,261
Gross corporate income
37.248.825 $7,463.653
Charges of Subsidiary Companies
Interest on funded debt
4.573,417 4,528,932
311,203
Amortization of debt discount, miscell. Int., &c.....
260,596
Provision for Federal income tax
265,775
262,075
347,105
Dividends on pref. stock, paid or accrued
342.069
Dividends on preferred stock, not declared
919.431
929,523
Charges of Federal Water Service Corp.
Interest on debentures
386,072
383,866
195,155
72,900
Miscellaneous interest and other charges
Net income
$509.977
$4424,376
Note-This is a consolidated statement ofincome of Federal Water Service
Corp. and subsidiaries. The net loss after interest charges of Federal Water
Service Corp. alone was, for the year ended Sept. 30 1935. 5221,915. and
for the year ended Sept. 30 1934. $372,801.
Volume 141
William Street-Exchange Place Corp. on Nov. 30 1934 and Ohio Water
Service Co. on May 3 1935 filed a petition in the Federal Court under
Section 77-B of the Acts of Congress relating to bankruptcy, and the results
of operations for these two companies for the 12 months ended Sept. 30
1935 have not been consolidated herein. For purposes of comparison the
heretofore published report of earnings for the 12 months ended Sept. 30
1934 have been adjusted to reflect the elimination of the operations of
William Street-Exchange Place Corp. and Ohio Water Service Co. in that
period.
-V. 141, p. 1436.
.1ssetsCash on hand and
In bank
Accts. receivable
Inventory
Marketsec.at cost
Life ins.,sum val.
x Lds., bldgs., eq.,
office furniture,
trucks & autos
Good-will
-Earnings
Federated Utilities, Inc.(& Subs.)
Years Ended June 30
Gross operating revenue
Operating expenses
Net operating revenues
Non-operating income
4015
Financial Chronicle
1935
$426,814
326,519
1934
$421,374
320,847
$100,295
726,256
$100,527
1.075.534
Consolidated Balance Sheet
Liabilities1934
1935
Accts. pay. & accr.
charges
$92,927
$22,798
.
181,188 Prov.for taxes_ _ _
197.592
247,491 Res. for minting._
248,146
170,508 7% cum. 1st pref.
194,966
stock
37,122
40,908
7% partic. cl. A
pref. stock
498.205 Common stock
507,146
836,400 Surplus
836,400
1935
1934
$29,880
10,000
20,000
$52,630
3,500
20,000
841.000
841,000
500,000
30,000
617.076
500,000
y30.000
616,712
$2,047,956 $2,063,842
Total
$2,047,956 $2,063,842
Total
x After depreciation of $497,168 in 1935 and $487,951 In 1934. y Repre-V. 141,9. 22764 /
sented by 30.000 no par shares.
-Initial Divid
--Food Machinery Corp.
Aon New Stock
The directors have declared an initial dividend of 25 EeInts per share on the
new $10 par common stock, payable Jan. 15 to holders of record Dec. 31.
The old no-par common stock, which was recently split twp-for-one received
-V. 141, p. 3860.
quarterly dividends of 25 cents per share.
.t
,
-6
Fundamental Investors, Inc. -Cent Dividend
3 : -4 5 312
$12.134
$. 40000
Net income
The directors have declared a dividend of 6 cents per share on the capital
Dividends on common stock
stock, par 25 cents, payable Jan. 2 to holders of record Dec. 19. This
compares with 2 cents paid on Oct. 1 last; 14i cents on April 1 1935; 1 cent
$12.134 defS94,688
Surplus
on Oct. 1 1934; 3 cents on April 2 and Jan. 2 1934, and on Oct. 1 1933. and
Consolidated Balance Sheet June 30
2 cents per share on July 11933. In addition stock dividends of 2% were
1935
1934
1934
1935
paid on July 11935.Jan. 21935, and July 2 1934.-V. 141,p. 2857.
Liabilities
$
$
$
Assets-Extra Dividend----e- e-&
--Garlock Packing Co.
Plant & franchises 2,672.247 2.674,851 y Pref. cap, stock
600
1,100
of subsidiaries_ _
Investments
20,574,105 20.761,309
The directors have declared an extra dividend of 25 cents per share in
100.000
.
100 000
23,136 x Common stock._
Special deposits.__
6,109
to a regular quarterly dividend of like amount on the common
addition
Cash
999,631
60,829
114,327 Earned surplus__ - 933,648
stock, no par value, both payable Dec. 31 to holders of record Dec. 21.
Capital surplus._ - 8,548,853 8,182,630
Acc'ts receivable,
An extra dividend of 10 cents was paid on July 2 1934 and an extra of
7,253,200 7,721,700
99,963
75,582 Funded debt
consumers
15 cents on April 2 1934. See also V. 140. p. 2006, for detailed dividend
3,822}
Notes payable__ _ _
Appeces on rental_
8,013
14.737
-V.141. p. 1095.
record.
878
26,200
242,770 Accounts payable_
Due from Mill. cos.
-Earnings
Gemmer Mfg. Co.
142,028
Accrued Interest- 136,890
Accrued int. rec... 240,758
38,640
Accr'd gen. taxes_
Other sects and
34,550
Earnings for the 4 Months Ended April 30 1935
1,448
2,252
notes receivable_
10,969 Other accr.
$67,649
Due to anti. cos. _ 6,134,031 6.184,685
Mdse., mat'ls and
Net prof. after exps.. deprec.,depl.,amort..in.& other charges
$0.25
r
r s3a61on class B shares outstanding
p. h8 e
supplies
51,289
59,094 Def'd IMbil.-Con692
17,257
16,
sumers' deposits
Prepayments-Ins.
-V. 141.
3,801
2,680 Def'd credit item.
26,880
proms., taxes.&c
l
-Plan /11.-s • -je-T..i...i..4-1 il ....._
Dep. in clamed bks.
545
526,897
Reserves
540,386--- General Household Utilities Co.
"
4,
,
outlin:to crecli"
Sundry def'd debit
A tentative plan of reorganization for the company
2,950
Items
2,554
tors at a meeting held Dec. 12. C. C. Johnson of the Iflidden C,o., C
,
committee, presented the plan. While no definite tt:', , •
man of the creditors'
23,721.490 23,967,271
Total
Total
23,721,490 23;367,271
action was taken thereon, some dissent to the proposal was voiced and the
committee offered to make the desired revisions and submit them to the
x Represented by 100,000 shares of $1 par value. y For acquisition of
company for approval.
-V. 141, p. 2736.
which cash has been deposited with trustee.
The plan provides for two classes of stock and a $600,000 Reconstruction
Finance Corporation loan. It was stated that the government agency has
-Balance Sheet
Fidelity & Guaranty Fire Corp.
repayment of
definitely agreed to advance the funds, contingent upon theplan.
Balance Sheet June 30 1935
the other indebtedness and acceptances of the reorganization to William C.
issuance of preferred stock
The plan provides also for the
Liabilities-.
A vets
Grunow, President, and directors of the company in repayment of the
Real estate, home office bldg. $355,000 Res. for unearned premiums-$2,652,536
$258,000 advances made to It. such parties to purchase in addition $225.000
Bonds (lc stocks, market values 3,659,398 Res. for outstanding losses... 176,078
$225.000
preferred stock, proceeds of which would be used to repay the would be
Cash on hand and in banks... 618,738 Res for taxes
45,225
Federal Reserve Bank of Chicago loan. Unsecured creditors RFC loan
Res. for deprec. on real estate_
Agents' balances not over three
21,310
in preferred stock. The
paid the entire amount of their claims
686,468 Res.for div. pay. July 11935.
months due
50,000
would be repayable in three annual instalments. seven directors, three to
22,180 Res. for all other liabilitiesReinsurance due on paid losses
44.228
Management of the company would consist of
24,906 Capital
Interest accrued on bonds_ _ _
1,000,000
one by
be elected by the preferred stockholders, three by the company, and
7.701 Surplus
Other assets
1.385,025
-V. 141, p.3378; V. 139,9. 2363.
the RFC.
Total
65,374.393
Total
85.3741393
-Buick Operations
General Motors Corp.
December,
-V. 141,9. 919.
The Buick Motor Co. produced 4.100 cars in the first week of 821 cars,
t
of 820 cars a day. In November, daily rate averaged
----Fidelity-Phenix Fire Insurance Co.
-Special Dividendr- an average
In October production ran at 746 cars a day.
while
oneBuick has manufactured 56,000 of its 1936 model cars or more than
The directors have declared a special year-end dividend of 25 omits
third of its projected model schedule of 150,000 cars.
Per share in addition to the regular semi-annual dividend of 60 cents per
Buick plants foe the past three months has been at the
Employment in
share on the capital stock, both payable Jan. 10 to holders of record Dec.31.
number
year's peak, Harlow H.Curtice, President, stated, with the payroll levels
A special dividend of 15 cents was paid on Jan. 10 1935.-V. 141, p. 594.
averaging 13,563 for the period. November totaled 14,280. Present
1936, Mr. Curtice said.
of employment will continue well into
-Firestone Tire & Rubber Co.
-Dividend Increased
past
Payrolls are the highest since 1929, totaling 56.371.727 for the1934.
period of
The directors on Dec. 16 declared a dividend of 30 cents per share on the
three months, as against 52.391,438 in the corresponding
the
common stock, par $10, payable Jan. 20 to holders of record Jan 3. This
Payrolls for the year will reach a total of approximately $21,000,000,
compares with 10 cents paid each three months from April 20 1933 to Oct. 21
highest since 1929 and will exceed the 1934 outlay by about $5,000,000.
incl.; 25 cents quarterly from Oct. 20 1930 to and incl. Jan. 20 1933,
1935
Number of Stockholders
and 40 cents per share paid on Jan. 20, April 21 and July 211930.-V. 141,
stockholders
The total number of General Motors common and preferred
11• 3690.
for the
for the fourth quarter of 1935 was 337,218, compared with 345,004
1934.
third quarter of 1935 and with 350,164 for the fourth quarter of of 19.718
Ford Motor Co. of Detroit-NovembEr Output
were 317,500 holders of common stock and the balance 325.430
There
Production of Ford V-8 cars, commercial cars and trucks in November
represents holders of preferred stock. These figures compare with 1935.
totaled 110,559 units. This was the largest November production of
common stockholders and 19,574 preferred for the third quarter of
8 cylinder cars and trucks in the history of the automotive industry.
The total included 104,233 units produced in the United States and
Pontiac Retail Sales
3.160
6,326 units built at Windsor, Ont., plant of the Ford Motor Co. of Canada,
During the first 10 days of December Pontiac dealers delivered
Ltd.
694 during the same period a year ago and a total for December
cars,against
Ford production is now In full swing at the Rouge plant at Detroit and
1934 f 1,704
pracat assembly branches In 15 citles.-V. 141, p. 3378.
Retail sales of Pontiac cars in the last three months this year willA. W.
to
tically equal those of the first three months of the year, according 3861.
Frick Co.
-Earnings
-V. 141, 14•
L. Gilpin. Vice-President and general sales manager.
Years Ended Oct. 311935
1934
-Accumulated DividendOIL*
Net sales
$3,500.616 82,626,536-General Tire 8z Rubber Co.
account of
$179,910
Net earnings after taxes
$452,381
The directors have declared a dividend of $1.50 per share on
31
Previous surplus
2,420,009
2,483,617
accumulations on the 6% cumul. pref. stock, par $100, payable Dec.30.
record Dec. 20. A similar payment was made on Sept.and
to holders of
Total surplus
paid on Dec.31 1934
$2.872,390 $2,663,527
June 29 and March 31 last, as against $3 per share
which no
Dividends paid
293,528
237,867
$1.50 per share in each of the four preceding quarters, prior to quarterly
dividends had been paid since March 31 1932, when a regular
will
Surplus
$2,578,861 $2,425,660
payment of $1.50 had been made. Accruals after the Dec. 31 payment
-V. 141, p. 2888.
Balance Sheet Oct. 31
amount to $7.50 per share.
1934
Assets1935
1935
Liabilities1934
Georgia & Florida RR.-EarningsInventory
$1.840,607 $1,583,617 Preferred btock- _$3,000,000 $3,000,000
-First Week of Dec.- --Jan. 1 to Dec. 1'Bills receivable... 1,791,035 1,587,143 Common stock... 1,200,000 1,200,000
1934
1935
1934
1935
449,724
604,132 Accounts payable_
Accts. receivable
25,484
Period13,918
$974.756
$17,550 $1,033,260
$19,550
764,775 Dealers'def. comm
Gross earnings
Bonds di stocks_ _ _ 876,149
18,000
15,040
814,999 Res, to complete
-V. 141, p. 3S61.
Cash and banks _ _ 735.005
19,446
40,667
contracts, &o.
Prepd. Maur., &c
81,054
39,863
-Increases Dividend
Gibson Art Co.
620,824 Res. for Fed. taxes
Plant-pers. prop. 567,539
73,545
27,476540.598
557,456 Treas. pref.stk- Dr110,150 Dr101,000
The directors have declared a dividend of 40 cents per share on the comReal est.& bldgs
46.692
47,342 Surplus
2,578,861 2.425,659
mon stock, no par value, payable Dec. 31 to holders of record Dec. 20.
Sundry real estate_
This compares with 30 cents paid in each of the three preceding quarters;
Total
$6,866.796 $6,620.959
20 cents on Jan. 2 1935, and on Oct. 1 1934. and 15 cents per share paid
Total
86.866.796 $6,620,959
each quarter from April 1 1933 to and including July 11934. In addition,
-V. 141. P. 275.
an extra dividend of 5 cents per share was paid on July 2 1934.-V. 140,
p. 2006.
.
Steel & Wire Co., Ltd (4k Subs.)
Total income
Provision for retirements
Interest and other income charges of subsidiaries
Int. & other income charges of Fed. Util., Inc-
Frost
Years Ended Oct. 31Net operating profit
Income from investments.rentals, Am
Profit from sundry investments realized
Former reserve, not now required
Total income
Provision for depreciation
Factory management & selling expense
Provision for taxes
Directors' fees
Executives salaries & legal expense
Life bum'premium,after adjust, to cash surr. val.
Net profit
Previous surplus
Profit and loss surplus
Preferred dividends
Surplus
$826.551 $1,176,061
31.539
25,915
10,794
13,315
794.039
769,563
-Earnings
1935
$92.10
8.375
1,644
1934
$29.857
6,530
11,219
3.150
5102.829
11,455
9,200
10,000
225
12,600
115
$50,757
10,465
3,500
345
5.59,234
616,712
932
535,513
581,199
8675.946
58,870
5616,712
$617,076
$616,712
-Earnings
Glidden Co.
-1935
Month of November
Net profit after deprec., Fed. taxes & all charges.- 5209,398
753,769
Shares common stock
$0.22
Earnings per share on common
-V. 141, p.3691.
1934
$121.086
650,000
$0.12
-To Retire Preferred Stock
--Gold Dust Corp.
-
Directors on Dec. 18 voted to call the 60,000 shares of $6 preferred stock
at $115 per share for payment on Feb. 29.-V. 141. p. 3073.
-Bonds Offered-First of Michigan
-Gordon Baking Co.
Corp. and Lawrence Stern & Co., Inc., are offering at 100
and mt. $1,000,000 5% 1st mtge. bonds, series B. A prospectus dated Dec. 17 affords the following:
Dated Dec. 1 1935; due serially, $150,000 each year on June 1 1945,
1946, 1947 and 1948, and 8200.000 each year on June 1 1949 and 1950.
Principal and int. (J. & D.) payable at Detroit Trust Co.. Detroit, Mich..
trustee. and Continental Illinois National Bank & Trust Co., Chicago.
4016
Financial Chronicle
Redeemable, together with bonds of series A, as a whole on any int. date
on 30 days' notice at 102. and redeemable in part by lot on any int, date on
or after Dec. 1 1942 on 30 days' notice at 102. Coupon bonds in denom.
of $1,000. registerable as to principal. James H. Luther, Detroit, Mich.,
co-trustee.
Business
-Company is engaged in the manufacture and sale of brean and
kindred products, its principal products being "Silvercup" and "Iloneycup"
bread. Company owns and operates two plants in Detroit. It also owns
and operates a plant in Chicago. It also owns and operates a plant in the
Borough of Queens. N. Y. City. Each of these plants is engaged in the
manufacture of bread which is sold and delivered at wholesale. The
bread is delivered to retailers by salesmen using automobile trucks operated
over so-called bread routes.
Until recently the plant in New York was owned and operated by Gordon
Baking Co., Inc., a wholly-owned subsidiary. This 'slant was acquired and
taken over by the company from its subsidiary as of Dec. 1 1935.
It also owns and operates a milk-condensing plant at La Grange, Ind..
Which is not covered by the trust mortgage.
Consolidated Income Account for Staled Periods
6 Mos. End.---Calenfitr3Year
June 311 '35
1934
1932
Gross sales,less disc.,&c. 85.467.31S $8,580,823 $5,467,449 35.269.261
Cost of sales
4,073,349
6,099,548 3
3,785,485
.970,288
Sell,, deliv. ss ad m.exps _ 1,090.359
1.355,071
1.881.83,1
1.498,781
Balance
Int.,cash disc. & oth.inc_
$303,609
22,621
$599,444
37.781
$142,089 def$15.004
34,177
42,501
Total income
Loss on sale of securities
(specific certificate)
Loss on disposal of property items
Miscell. deductions__ _
Int. & debt disc. & exp..
Prov. for Fed. inc. tax_.
$326,230
8637.225
$176,267
$27,497
1,718
2,763
83.287
87,727
2.787
8,047
93,103
19.636
654
8,505
100.259
7,500
Cr1,370
2.969
39.951
48,795
Net income
$228.384
$461.727
$52,691 loss$81,923
Funded Debt and Capitalization Outstanding
To Be Out
Title of IssueJune 30 '35
standing
Gordon-Pagel Co. of Del. 1st mtge. 6s, series A,
due serially
$1.200,500 $1,200.500
Gordon Baking Co. 1st mtge. 55, series B. due
serially
None
1.000,000
Preferred stock MOO Par)
308,300
308,300
Common stock (no par)
30,000 abs. 30,000 shs.
Purpose
-Net proceeds are to be used towards the payment of casts of
additions, improvements and betterments In its plants in Detroit, Chicago
and New York, required to take care of expansion in business and to improve operating efficiency.
Secunta-The 6% 1st mtge. gold bonds. series A, originally issued by
Gordon-Pagel Co. of Del. and assumed by Gordon Baking Co., are secured
by a first mortgage lien on the plants and properties of the company situated in Detroit and Chicago. Bonds of series A are also now secured by
the supplemental indenture dated as of Dec. 1 1935 by a first mortgage
lien on the plant and property of the company in New York. The 5% 1st
mtge. bonds, series B, will be secured equally and ratably with the series A
bonds.
Underwriters
-The underwriters and the amount of bonds which they
severally have agreed to purchase are as follows:
First of Michigan Corp., Detroit
8600,000
Lawrence Stern & Co.. Inc. Chicago
400,000
The entire amount of $1400,000 of bonds is contingently underwritten
by First of Michigan Corp.
-V. 141, P. 3691.
"'"otham ilk HosieryZo.-Rzaba.ble-ginancingThekrany it is repoyd has under consideration the sale of about
5o
$2,
ref
ding bonds
. 141, p. 598.
Greater New York-Suffolk Title & Guarantee Co.
Servicing of Mortgages
-
Dec. 21 1935
letter dated Dec. 15, addressed to W. P. Kenney, President
of the Great Northern Ry.:
Your letter of the 13th has been given due consideration by our directors,
and we feel that you will be paying entirely too much for the money under
the plan proposed, especially in view of prevailing interest rates.
I have repeatedly stated that I am as anxious as anyone to get the government out of the lending business, but I have also stated that it should not
get out too soon; by which I mean until money is available from private
sources, at fair interest rates and on fair terms.
In my recent address before the American Bankers' Association at New
Orleans. I stated that one way the government could assist railroads was
to help them get their money cheaper.
The Great Northern is one of our best systems, has never been in receivership, and as I recall, you told me the other day had never missed paying
dividends until 1931 or 1932.
You should not have to pay more than 4% for 10
-year money,and if you
wish to issue 10
-year bonds to meet your $100,01J0,000 maturity July 1
1936, convertible as provided in your letter, and offer the bonds to your
stockholders, to present holders of your 7% bonds, or the public, at par and
accrued interest, this Corporation will, subject to prior approval by the
Interstate Commerce Commission, take any that are not sold, on that basis,
July 1 1936. There will be no underwriting charge.
We should like to have you notify us by April 1,If convenient, the amount
of bonds that you would likely call upon us to take. We would want to
approve as reasonable and fair, any expense incident to distribution of the
bonds, that you may be put to. Also, if practicable, a sinking fund should
be provided that would amortize 15% to 20% of the issue at maturity.
We appreciate your efforts and those of your bankers to provide this
money without coming to the government, but feel that in offering to pay
such a high rate, you will be hurting all railroad financing,and unnecessarily
penalizing your own security holders. Four per cent is a fair yield, a good
rate in this market, and we think yau should not be required to pay more.
We have no desire to supplant your bankers, but would like to co-operate
with them and the railroads to the end that railroad financing can be done
at much less cost to the roads.
Chairman Jones made public the following statement
simultaneously with the above letter:
Mr. Kenney's letter stated that the bankers would underwrite the
$100,000,000 issue for an underwriting fee of 1% of the total principal
amount of the issue (approximately $1,000.000) plus an additional 1% on the
principal amount of such bonds as the underwriters might purchase: provided the bonds bore 5% interest, matured in 10 years, and was convertible
Into stock-one-half of each bond at $40 per share for the stock, and onehalf at $75 per share.
The bonds were to be offered in the first instance to the stockholders of
the company, and, subject to such offer, to the 7% general mortgage
bondholders of the company in exchange for their 7% bonds.
The best evidence that the 5% rate is entirely out of line is that, according to press reports, the bonds were quoted Monday in New York at 108 on a
when-issued basis.
Mr. Kenney is quoted as follows in connection with the offer of the RFC:
"The offer made by Jesse Jones, Chairman of the RFC,is a pretty nice
thing for the Great Northern. It would mean an annual saving in interest
charges of $3.000.000, or $30,000,000 for the 10-year period before the
proposed bond issue would mature, based on a 4% rate compared with the
'7% that the road has been paying on the bonds to be retired.
This financing was discussed with Mr. Jones about a year ago. At that
time the RFC suggested that the road exhaust every possible source of
private capital before applying to the Federal agency.
"Several months ago. after consulting several times with our financial
advisers, the First National Bank of New York, we had received private
financing offers at 5 to 5M % Interest rate. We had been shopping around
for the best deal and,of course, had kept the RFC informed of our progress.
"It was unfortunate for the Great Northern that the maturing bond
Issue was floated at a time of the high money rates. For 20 years it has paid
7% on those bonds. We are particularly fortunate in being able to make the
new offering at a time when money is abundant and rates cheap. The
expected saving to thc road will be an important factor In its financial
position."
Stockholders Approve Plan
-
The stockholders at a special meeting held Dec. 20 unanimously approved the plan to refund the existing 77 bonds due July 1 next.
The transfer books, which were closed °
Nov. 12 will reopen on Dce. 21
at 10 a. m.
-V. 141. p. 3691.
Effective Dec. 12, Bond & Mortgage Guarantee Corp. took over the
servicing of the mortgages guaranteed by the Greater New York-Suffolk
Title & Guarantee Co.. now in liquidation (other than certificated mortgages). The Jamaica branch of the Bond & Mortgage Guarantee Corp.
(H. L.) Green Co., Inc.
-Purchases Realty
is now located on the main floor of the Greater New York-Suffolk Title &
See Properties Realization Corp. below.
-V. 141, p. 3691.
Guarantee Co. building at 90-02 161 st St., Jamaica.
This follows upon an arrangement entered into between Superintendent""
-----,(B.) Greening Wire Co., Ltd.
-31.75 Prof. Dividendof Insurance Pink and Richard A. Brennan, President of Bond & Mortgage
The directors have declared a dividend of $1•
75 per share on account
Guarantee Corp. as the result of the Supreme Court's order dated Nov.
of accumulations on the 7% cumulative red. preferred stock, par $100.
1935 directing the Superintendent to liquidate the Greater New Yorkpayable Jan. 2 to holders of record Dec. 14. The dividend is payable in
Sujfolk Title & Guarantee Co., which he has been administering as reCanadian funds and in the case of non-residents subject to a 5% tax.
habilltator.-V. 141, p. 3536.
A similar payment was made in each of the four preceding quarters and on
Oct. 1 1934. This
issue since
was the first
----Great Lakes Paper Co., Ltd.
-Order to Be Asked for Oct. 1 1932 when a latter distributiondistribution ofmade on this was made.
regular quarterly
like amount
Accruals after the payment of the Jan. 2 dividend will remain at $12.25
Sale of Assets to Gefaellper share.
-V. 141, P. 2117
.
The New York "Times" on Dec. 1.5 had the following:
"The Supreme Court of Ontario in Toronto will be salted to issue an order
Grinnell Mfg. Corp.
-Balance Sheet Sept. 30approving the sale of the company's assets to John E. Gefaell and Lyon E.
Assets1934
1935
Ltabilities1934
Aldrich. Notice to this effect is being given by the National Trust Co.. as
1935
Real estate and
Capital stock
receiver and manager of the company, to meet the requirements of the
$1,500,000 $1,500,000
machinery
$1,491,516 $1,512,773 Bills payable
30.000
United States Securities Act of 1933 and amendments.
Mdse. Inventory__
67,795
107,255 Reserve for taxes__
37,719
"Under the terms of the proposal of a group of Mid-West publishing
22,887
Cash & accts. ree_.
29,303
52,402 Reserve for depree. 730.102
Interests in the United States, an important volume of newsprint tonnage
752,387
DIstrIb, to stockwas guaranteed to the Great Lakes Paper Co. and the present application,
holders
270,000
270,000
it is assumed, will be accompanied by such a guarantee.
Profit and loss..__ 439,206
332.644
t'The plan has been vigorously opposed by the Canadian newsprint
Industry, by certain of the bondholders and by the government of Ontario
Total
$2,297,821 $2,275.074
Total
as a menace to the general stability of the newsprint industry.
82,297,82 $2,275,074
-A majority vote in favor of the plan was recorded at a meeting of the
-V. 139, p. 3808.
bondholders in Toronto on Oct. 15. Approval of the Supreme Court of
Grocery Stores Products Co. (Del.)-Organized
Ontario is necessary before the plan can be made effective. It is indicated
that the Ontario Government will be represented at the Court hearing.
This company has been organized in Delaware and has acquired the
[Under a sub-heading it was erroneously stated in last week's "Chronicle"
properties and assets of Grocery Stores Products, Inc. (per reorganization
that company was to Day up accumulated dividends on the preferred stock.]
plan in V. 140, p. 146).
-V. 141, p. 3861: 2737.
Capitalization of the new company will consist of 81,224,350 collateral
lien 6% bonds due June 1 1935 and 126,300 shares (25 cents par) common
at Lakes Power Co., Ltd.
-To Pay Up Back Divs.
stock.
The pro forma balance sheet based on an independent audit of the predeThe directors have declared a dividend of $4.58 1-3 per share on account
cessor company and subsidiaries as at July 31 1935 reveals current assets of
of accumulations on the no-par value series A $7 cum, preference stock
$980,077, including cash of 3227.823. Current liabilities are shown as
payable Dec. 20 to holders of record Dec. 10. This payment will clear up
8263,750, of which $36,750 is interest due Dec. 1 on the new bonds, and
all arrearages to Sept. 30 1935.
Which is now available to holders of the old debentures exchangeable for
Directors also declared a regular quarterly dividend of $1.75 per share
the new bonds.
on the above stock payable Jan. 15 to holders ofrecord Dec.31. See V.141,
Good-will, which is carried at $619,552, represents the excess of the apIs• 1933 for detailed record of dividend payments.
praised total value of investments in subsidiary companies over the book
[This item erroneously appeared under Great Lakes Paper Co., Ltd., in
value of tangible assets.
last week's "Chronicle," page 3861J-V. 141, p. 3228.
James M.Hills is President of the new company. See also V. 141,P.3861.
----Great Lakes Steamship Co., Inc.
-May Reduce Value
of Stock
-
Gulf & Ship Island RR.
-Tenders
-
The New York Trust Co.. trustee, will until 2 p. m., Jan. 3, receive bids
for the sale to it of sufficient 1st mtge. ref. and terminal 5% gold bonds.
A special meeting of stockholders will be held on Dec. 23. to vote upon
due Feb. 11952, to exhaust the suns of $72.658. Bonds accepted must be
a proposal to reduce the declared value of the corporation's 120,000 no par
surrendered on or before Jan.7.-V. 141. p.3536.
shares from 875 to $50 each, thus cutting the declared value of the capital
stock to $6,000,000 from $9.000,000.
" "`Hamilton By-Products Coke Ovens, Ltd.
--Bonds Called
In a letter to stockholders, Horace S. Wilkinson, President, said:
All of the outstanding 1st mtge. 7% 20
"If a majority of the outstanding stock approves such reduction, the
-year s. f. gold bonds have been
called for redemption on Feb. 1, next, at 102 and interest. Payment will
remaining capital of $6,000,000 will approximate the value of the steambe made at the Chase National Bank, N.Y. City.
ships which are owned and operated by your corporation as same are carried
-V.141, p.3228.
upon its books, leaving a surplus of approximately $3,600,000. It is be"
lieved that the capital and surplus as so readjusted will be ample for the
Hamilton Cotton Co., Ltd.
-Accumulated Dividend
efficient and orderly opration of the corporation's properties and the
The directors have declared a dividend of 50 cents per share on account
continuance of reasonable dividends."
of accumulations on the $2 cum. cony, s. f, preference stock, par $30,
-V. 138, P. 2250.
payable Jan. 2 to holders of record Dec. 16. The dividend will be paid in
Great Northern Ry.-RFC Offers to Take $100,000,000 Canadian funds and is subject, in the case of non-residents, to a 5% tax.
A similar dividend
Oct. 1, July and April 2 last, this latter
Bond Issue at 4% Interest-Says Rate Offered by Bankers Is being the first to be was paid on issue since the1regular quarterly dividend of
paid on this
Too High-Jesse H. Jones, Chairman of the Reconstruction 50 cents per share was distributed on Oct. 1 1931.
tiens e
Finance Corporation, on Dec. 18 made public the following -V. Lup. j933sfter th Jan. 2 dividend will amount to $6.50 per share.
Accu
la
Volume 141
4017
Financial Chronicle
Hamilton Gas Co.
-Harper Committee Replies to Craigmyle
Committee-Reorganizations Proposed by Both Compared
The bondholders' protective committee (Clarence L. Harper. Chairman),
has issued a letter to the holders of 1st mtge.644% bonds in reply to a letter
sent by the Craigmyle committee stating that"misstatements contained in
the letter referred to make it necessary for us to reply to it." The Harper
letter states further that the delay in the reorganization of this company
is entirely due to litigation carried on by a group of common stockholders
and others co-operating with them, which include members of this Craigmyle committee.
"This litigation" says the letter, "has involved three appeals to Circuit
Courts of Appeals and two applications to the Supreme Court of the United
States. On Dec. 9 1935, the Supreme Court refused the aforesaid applications and the litigation is now ended favorably to this committee.
"Having failed in their litigation, the same group is now endeavoring to
defeat the Harper plan and substitute another, which, if accomplished,
would be a serious injury to the holders of 1st mtge. bonds.
"In said letter it was stated that the Craigmyle committee was submitting
to you a 'modified elan' under the authority of the U. S. District Court for
the Southern District of West Virginia, for your approval or disapproval,
and that the Court had directed that the approval of the plan should be
evidenced by the execution of an acceptance of the 'plan' on a certain form.
"These statements are not only misleading but contrary to fact. The
Court's attention was called to this letter and after hearing he rescinded his
previous orders, decreed that the Craigmyle committee's reference to their
plan, as a 'modified plan' was misleading, and restrained the members of
said conunittee, their attorneys and employees from endeavoring to secure
any additional consents to their so-called 'modified plan.' or making any use
of the consents received since the said orders were entered."
Harding
-Earnings
Carpets, Ltd.
Income Account, Years Ended Oct. 31
1932
1933
1934
1935
$35.835 losa$22,864
$97,472
$92,585
Profitfrom operations _ _
12.326
9,540
Int. on borrowed money_
Provision for deprec. of
26,027
46.806
47,004
buildings and plant_ _ Dominion and Provincial
7,111
7.100
income taxes
Net profit before depreciation of plant
x Before depreciation.
Assets
Cash
x Accts. receivable
Inventories
y Fixed assets
Deferred charges
1935
$1,478
69,161
235,337
598,500
2,640
$38,481
$43.554
Balanc,e Sheet Oct. 31
1934
Liabilities$1,574 Bank loan(secured)
101,600 Accts. and bills
payable & ac249,468
crued Ilabils____
643,098
2,212 Reserve for Dom.
& Prov.Inc.taxes
z Capital stock___
Earned surplus....
$267 idoss$35.190
1935
$14,000
1934
$129.000
30.101
44,069
7,100
774,330
81,584
7,000
774,330
43,554
$907,115 $997,954
Total
$907,115 $997,954
Total
x After reserve for bad and doubtful accounts of $7,700 in 1935 and $6,000
in 1934. y After reserve for depreciation of $243.240 in 1935 and$196,683
In 1934. z Represented by 170.000 shares of no par value, of which 163.727
have been issued and 6,273 are held for exchange for the old pref. and com.-V.140.P.4764
mon shares. (Authorized 300,000 shares of no par value.)
Two Plans Compared
The Harper plan on file in the U. S. District Court for the Southern Dis-Stock Lists--Walter E.) Heller & Co.
trict of West Virginia has already been approved in writing on behalfof more
i
ago Stock Exchangtas approved
The company announces that the4t
than 74% of the outstanding 1st mtge. laonds, and such consents have been
°
ulative stock ($25 ar). Of the
application to list its 77 preferred
duly filed in Court.
65,645 shares, 40,000 shares are subject to trading with warrants and
The plan proposed by the Craigmyle committee is not favorable to your
25,645 shares without warrants upon favorable action by the Securities and
Interests but to the interests of the common stockholders, who really have
Exchange Commission. The 40,000 shares with warrants were recently
no financial share in this property to-day, in view of the fact that its assets
-V. 141, p. 3862.
marketed by F. Eberstadt & Co. of New York.
are not equal to its liabilities,
A brief comparison between the proposal of the two plans makes this clear*
(a) Securities Received-Under the Harper plan you will be entitled to.."-Ftercules Powder Co.-Pref. Div. Rate Redecedreee ve for each $1,000, 644% 1st mtge. bond held, a new $1,000 1st mtge.
The stockholders at a special meeting held Dec. 16 approved the proposal
6M % income bond, series B of the new company (subject in lien to series A
to change the dividend on the preferred stock to 6% from 7% and to make
bonds) and in addition will receive pref. stock of the new company equal in
the stock non-callable prior to Nov. 15 1941.
par value to the accrued interest on said bond.
The present dividend rate of 7% on such preferred stock will continue
Under the Craigmyle plan it is proposed that you shall receive a 1st mtge.
until Nov. 15 1936. Thereafter the rate thereon will be 6%. See also
5% bond in the amount of only $750, instead of $1,000, thus reducing prinV. 141. p. 3862.
cipal investment from $1.000 to $750, and interest rate from 6 % to 5%.
-New President
The deficiency is supposed to be made up by pref. and common stock
(R.) Hoe & Co., Inc.
which you will receive, but as holders of said stock you will have no better
At a meeting of the Board of directors held on Dec. 9, H. M.Tillinghast
position than the present general creditors of the Hamilton Gas Co.and also
resigned as a director, and F. L. McCarty was elected in his place. Mr.
its existing pref. and common stockholders.
McCarty was also elected President of the company at this naeeting.-V.
(b) Working Capital of the New Company
-The letter sent by the Craig141, p. 3692.
/
/
myle committee attempts to convey the impression that no cash need be
••••?.,c*
raised in connection with the reorganization or for working capital.
-Extra Dividend-Honolulu Gas Co. Ltd.
As to this, it is perfectly clear that a considerable amount of cash will be
The directors have declared an extra dividend of 20 cents per share on the
needed to put this company safely on its feet. The 1st mtge. notes which are
common stock, payable Dec. 20 to holders of record Dec. 16. An extra
a lien on the property of the Lamer Gas Co. must be paid off at a cost,
dividend of 25 cents was paid on Dec. 20 1931, and an extra of 20 cents on
princi al and interest, of approximately $375,000. The expenses of reJan.20 1931. The regular monthly dividend of 15 cents was paid on Dec. 16
organ zation must, of course, e defray :these have been greatly increased
-V. 133. P. 3788.
last.
by the activities of the group of stockholders and other parties referred to
herein. The delay which has taken place in the reorganization of this -Hearing on Planklee'7•7
--,Hotel Waldorf-Astoria Corp.
company has held back its development. There is much work which must
or
Toe the U. S. District Court, made Dec. 11 heart*. --Igyi
pursuant So
be done almost immediately in the drilling of new wells and other such
....."
will be held1 c. 26 consider the plan of reorganization dated uly 1 1934
matters, which will require the outlay of cash.
ons.
. 141,-p. 2532_
.
and modifi
It would be the height of folly to start this company off on its new basis
without a substantial sum in its treasury for these necessary purposes. In
Gain
-Shipments Show Big GainHudson Motor Car Co.
order to provide for this the Harper plan proposes that series A
the first nine weeks after announceShipment of cars by the company
ing fixed interest rate of 6% (secured by the same mortgagebonds bearwhich will
ment of new models totaled 90,24cars as comapred with 14,372 in the
secure the new bonds you will receive, but prior in lien thereto), shall be
following the annoucement of 1935 models, a gain of 4,852
nine weeks
issued to such extent as may be nerwisaty to supplement the cash held by
November shipments alone which totaled 13,020 cars were the
v ber
trustees and receivers for the foregoing purposes. Never under any cirany November since 1925. November shipments exceeded all
largest
ears.
cumstances shall there be outstanding at any time more than $500.000 of
shipments of the past six Novembers added together. The company
this issue. Sinking fund provisions as set forth in the plan retire thewe
points out that November comparisons are affected by the earlier introducbonds but only as earnings permit.
m
.., n _of new models this year.
tio_..., .
The Craigmyle plan contemplates the issuance of $1,573,125 of bonds
"Retail sales are more than keeping pace with the increased volume of
with a fixed rate of interest. This creates a potential danger because, in
said
„„,,,,,,„ -pmests."ed Roy D. Chapin. President. "As a result we have
a period of depression, if the company were unable to meet these charges it
substantillly Increased our production schedules since announcement time.
might again be forced into receivership.
One of the very satisfactory indications is the _pronounced gain in the
The Harper plan, recognizing this as well as the fact that the only source
sale of cars listed above the lowest price class. 1ile sales of Terraplanes.
of income is that derived from the sale of the gas produced, provides for an
which are competitive in the lowest price zone have gained 139%. sales
Income bond which shall bear interest up to 6M 7 if earned and which inof the Hudson Six model have stepped up 232%."-V. 141. P. 3692.
terest is cumulative and must be paid before any dividends may accrue to
the stocks of the company; but because it is not a fixed charge it cannot ---ideal Cement Co.
-Extra Dividendilarger Regular Div dee-el-become a debt due and collectible in the event that earnings should not
The directors have declared an extra Christmas dividend of 50 cents per
provide the full amount, and thus create default.
addition to a quarterly dividend oflike amount on the common stock
It is obvious that if the earnings should be sufficient to meet the fixed
share in
of record
interest provided under the Craiginyle plan, such earnings would be equally
no par value. The extra dividend is payable Dec. 21 to holdersholders of
Dec. 15, while the regular dividend will be paid on Jan. 1 to
availalbe for payment on account of interest on the bonds issued under the
Previously the company distributed regular quarterly
Harper plan.
record Dec. 15.
dividends of 25 cents per share. In addition extra distributions were made
Treatment of Secured Claims
as follows: 25 cents on Oct. 1, July 1 and April I, last; 50 cents on Dec. 20
The letter gives the impression that the firm of Harper & Turner has
1934 and 25 cents on Oct. 1 1934.-V. 141, p. 2738.
endeavored to gain some advantage through the Harper plan. The statement is made that under the Harper plan a note for $25,000 held by said
-$3,000,000 PWA Loan
Illinois Central RR.
firm for advances "might" be paid in full, although the collateral, conThe Interstate Commerce Commission has approved a loan of $3,000.000
sisting of 1st mtge. bonds of company held by the Harper firm, might not
additional from the Public Works Administration to the road. Of the
be worth the amount of the note.
total, $996,620 is for repairs to 141 engines; $459.640 is for general repairs
The provision referred to was included in the Harper plan at the demand
for 56 passenger cars, including air conditioning of 52. and $1.543.740 is
of the Manufacturers Trust Co.,one of the group now co-operating with the
-V. 141. p. 3692.
for general repairs to 1,297 box cars.
Craigmyle committee and a holder of a note secured by bonds. This provision does not require that notes secured by bonds shall be paid in full.
Independent (Subway) System of New York City
It was stated in Court (Sept. 1934) by Mr. Harper that there is no in1935-3 Mos.-1934
-Month--1934
tention whatever of paying these notes in full unless, when the time comes to
Period End. Sept. 30- 1935
$759,822 52.476.184 52,194.156
$879.794
do it, the bonds held as collateral are of a value in excess of the amount of
Operating revenues _ _ _
1,613.510
1,888,376
530.654
619,161
the notes with interest. The effort to convey the opposite Impression is an
Operating expenses
effort to deceive.
5580.646
$229,168
$587,809
Management and Control
Inc.from operations_ - $260,633
1,522
1.495
533
527
Non-operating income__
The real objection of this group to the Harper plan is that it very properly
provides for control of the company for a period of at least 10 years by those
$582.168
$589.302
$229,701
$261.159
Net income
acting in your interests as distinguished from those representing the present
-V. 141. P. 3692.
common stockholders.
Company owns property of potential value and we believe if properly
-To Resume Dividends
--hiterbanc Investors, Inc.
C
managed will have a satisfactory future. The condition in which it found
The directors have declared a dividend of Scents per share on the common
itself in January of 1932 was due, in a large part, to reckless and extravastock, par $5, payable Dec. 31 to holders of record Dec. 20. This will be
gant.management on the part of those who were then in control of it.
the first dividend paid since Dec. 31 1932. when a regular quarterly payAmongithose who have delayed and are still attempting to delay the reorgan-V. 136, p. 2253.
ment of 5 cents was made.
ization of this company is W. A. Lamer,the former President, under whose
receivership became necessary, the Manufacturers Trust Co.
management a
-Interest Ordered
Interborough Rapid Transit Co.
of New York, which holds Mr. Larner's notes secured by a large amount of
common_stock, and the Craigmyle committee.
-V.141. P. 3861.
Paid-Noetholders Win Decision in Sinking Fund Case
Thomas E. Murray Jr., receiver for the company, was ordered Dec. 16
-Extra Dividend
*--- Hawaiian Electric Co., Ltd.
by Federal Judge Julian W. Mack to pay interest amounting to $5,581,650
which falls due Jan. 1 1936 on the outstanding 1st & ref. 5% gold bonds,
The directors have declared an extra dividend of 60 cents per share on the
amountingan face value to more than 5223,000.000.
common stock, Par $20. Payable Dec. 20 to holders of record Dec. 14.
monthly dividend of 20 cents per share which had been previously
At the same time the Court directed the receiver to pay over $1,116,330
The regular
for amortization purposes to the Guaranty Trust Co., as trustee under the
declared will also be paid on Dec. 20.-V. 138, P. 150.
bond issue. Guaranty Trust Co. holds 554.990.000 of the outstanding
bonds in a sinking fund.
-EarningsHaverhill Gas Light Co.
Judge Mack also denied the petition of the Guaranty Trust Co. to appeal
his decision on the overpayment of 510,000,000 of the I. R. T. bonds to
1935-12 Mos.-1934
-Month-1934
Period End. Nov. 30- 1935
the sinking fund. He directed that the bonds be returned to the treasury
$576,385
$564,733
$41,983
$46.241
Operating revenues - -of the company and that they cannot be sold without consent of the 1. R. T.
27 314
30 684
359 727
355 627
0 exation
-V. 141. p. 3537.
6% noteholders.
23,512
1.975
1,817
lvfalntenance
23,365
6.580
87.158
7,081
82.365 ---Intercolonial Coal Co., Ltd.
Taxes
-Extra Dividend
-d---a.-/
-e
91
2,916
2,916
Non-oper. income-net _
101
\35.000
The directors have declared an extra dividend of $2 per share in addition \_
206
227
Retirement res. accruals
35,833
serni-annual dividend of $2.50 per share on the common stock, par $100.
to a
$59,426
both payable Jan. 2 to holders of record Dec. 20. Previous semi-annual
$2,489
$4,214
$79,294
Gross Income
distributions were as follows: $1.50 on July 2 1935;$2 on Jan. 2 1935 and
2,736
3,300
Interest charges
July 2 1934; 50 cents on Jan. 2 1934,and July 3 1933;$1 on Jan. 3 1933 and
4 •4
50 cents on July 2 and Jan. 2 1932. In addition an extra dividend of $2
$75,994
$56.640
income
Net
per share was paid on Jan. 2 1935.-V. 141. p. 2118.
-V. 141. P. 3379.
Ian
4018
Financial AChronicle
Inter-Island Steam Navigation Co., Ltd.
-Extra Div.
-
The directors have declared an extra dividend of 20 cents per share
in
addition to a regular quarterly dividend of 30 cents per share on the capital
stock. Par $18, both payable Dec. 28 to holders of record Dec. 20.-v.
139. p. 3810.
`
---International ButZ
,e.„
-FIlle Sewing Machine Co.20-Cent Extra Dividend
The directors have declared an extra dividend of 20 cents
addition to the regular quarterly dividend of like amount onper share in
the capital
stock, par $10, both payable Dec.27 to holders ofrecord Dec. 16. Previous
extra distributions are as follows: 10 cents on July 1 1935, 20 cents on
Dec.27 1934, 10 cents on July 2 1934, 20 cents on April 2 1934,and 10 cents
per share on Dec. 27 and April I 1933.-V.
140, IL 3899.
International Power Securities Corp.
-Earnings
-
Years End.Sept. 30-Interest earned
Divs.received & declared
Net accret. of disct, on
Torn loans less financing exps. and disct. on
bonds sold
Miscellaneous
1935
$139,594
282,435
1934
$137.759
129,907
1933
$137,615
269.390
1932
$217,904
278,989
12,794
25,344
13,191
2,260
33,790
3,111
11.951
3,758
Total income
Gen. and admin. exps.._
Extraordinary deduct'ns
Prov. for Fed.inc. tax
$460.168
78,343
$283,117
61.574
$512,602
74,272
21,154
22,102
3443,906
66.020
48,232
Net income
26,355
$360,670
$199,441
$329,654
$411,974
Balance Sheet Sept. 30
Assets1935
1934
1933
Securities deposited with trustees as
collateral under trust indenture... _$20,721,935 $21,109,400 $21,457,569
Accrued interest thereon
361,035
369,587
377.559
Other securities
5,490,423
5,199,057
6,995,315
Accrued interest and di vs. receivable_
85,8.30
62.260
210,466
Cash
46,066
32,720
127,741
Sundry accounts receivable
6.766
Spec, fund for red, of pref. stock_ _ _ 226
'
226
226
Deferred charges-unamortized bond
discount and expense
1,496,711
1,624,452
1,745.787
Total
$28.208,991 328.397,701 $30,914,664
Liabilities
Sinking fund gold bonds
$22,367,000 $22.893,000 $23,383,000
Accrued interest thereon
361,035
369,587
377,559
Loans payable (secured, per contra)- 1,625,000
200,000
150,000
Accounts payable and accrued expo
22,404
12,464
7,284
Reserve for Federal taxes on income
173,893
157,445
136,197
Reserve for redemption of pref. stock_
226
226
226
Res,for decline in market value ofsecs
1,892,036
x Capital stock
3,043,080
3,202,263
3,356.508
Capital surplus
616.353
1,562,716
1,611.854
Total
$28,208,991 328.397.701 $30,914,663
x Represented by 57,453 shares (no par) $6 pref. stock and 162,200
shares (no par) common stock in 1935: 60,930 shares of pref. stock and
165,103 shares of common stock in 1934, and 64,165 shares of pref. stock
and 168,003 shares of common stock in 1933.-V. 141. p. 3693.
Dec. 21 1935
the properties of the corporation and certain of its
It is proposed to Issue and sell at this time bondssubsidiaries under which
to the amount of $40,000,000. The remainder of the bonds are to be available for
required for the possible future needs of the corporation. issuance, if
The proposed new mill heralds the long-anticipated entry of
Jones &
Laughlin into the production of strip and sheets.
in this branch of steel manufacture was arrived at,The decision to engage
according to the letter
to stockholders, after a comprehensive study made over an
of all the major steel products, and with the conclusionextended period
that
sheets best meet the need of the corporation's requirements for strip and
increased
consumer goods.
Included in the purposes of the new $40,000,000 financing, in addition to
$25,000,000 for the new strip and sheet mill, are provisions
capital required for reimbursement of expenditures alreadyfor working
made and
yet to be made for the $5,000,000 electrically driven 44
-inch blooming mill
In the Pittsburgh Works, already well under construction. Also,
$1,500,000 for additions and improvements to the four-hIgh cold reducing mill
in the Aliquippa Works, $3.000,000 for capital expenditures already made
and shortly to be made and for other working capital requirements.
At
the same time it is proposed to retire the present $5,248,000 of bonds outstanding from an issue of $30,000,000 authorized in 1909, but of which
only 825,000,000 were issued and sold.
The decision of the Jones & Laughlin Steel Corp. to launch this great
new venture at this time is regarded in industrial circles as marking the corporation's confidence In the future of Pittsburgh as a steel-producing center
and will be hailed generally in business circles throughout the country as a
signal that the fourth largest steel producer in the United States with an
annual ingot capacity of 3,660,000 tons continues its progressive advancement, having arrived at Its present position by the process of growth alone,
without bringing in any new interests and unaffected by
and mergers. Jones & Laughlin was founded in 1850 and,consolidations
as mentioned
in the letter to stockholders, has grown steadily to its present commanding
position "through all the vicissitudes of depressions, panics and wars.
-V. 141, p. 2739.
Kansas City Southern Ry.-Earnings--Period End. Nov.30
Railway oper. revenues..
Railway oper. expensesRailway tax accruals.
Uncoil. ry. revenues--Equipment rents
Joint facility rents
Net ry. oper. incomeV•
- 141. P. 3382.
1935
-Month-1934
1935-11 Mos.-1934
$915,054
$761,614 $9,075.055 $8,929,152
607,332
590,238 6,594,116
6,515,851
70,000
59.917
734,000
677,477
451
65
3,315
2,265
44,043
27,923
374,689
381,385
7.591
6,103
81,468
74,235
318.5,635
$77,365 $1,287,465 $1,277.937
Kinner Airplane 8c Motor Corp., Ltd.
-Earnings
-
9 Months Ended Sept. 301935
1934
Net loss after all charges
$145,342
$50,728
Sales for the 11 months ended Nov. 30
In same period of 1934.-V. 140. p. 3899.1935 $241,000, against $225,000
Lawyers Mortgage Co.
-Commission to Service Mortgages
The Mortgage Commission of New York
announced that it would,
on Jan. I, assume control of the servicinghas all certificated mortgages
of
Issued or guaranteed by the company.
-V. 141, p. 2119.
Libbey-Ownes-Ford Glass Co.
-Wage Contract
-
The company signed a new contract on Dec. 13 for one year with the
Federation of Flat Glass Workers, whereby approximately 6,000 are to
receive pay increases of five cents an hour, and geographical differences in
wage rates are to be eliminated. The 'plants affected are In Toledo, Ross
International Salt Co.
ford, Shreveport, La.: Charlestown, W. Va., and Ottawa, Ill. Glen W.
-New Vice-Presidents
McCabe, international president of the union conferred with officials of
The directors on Dec. 18 elected H. J. Osborn, New York, First Vicethe company for more than a week before the contract was signed.
President and Harry M. Griffiths, Scranton, Pa., Second VicerLiti
,a Mr.
st.
Mr. Osborn will retain the office of Secretary.
McCabe said the new contract will mean an Increase of $1,000.000
-V. 140, p. 228
nnually to the 6,000 workers, with the clause eliminating the geographical
Investment Foundation, Ltd.
-V. 141. P. 2591.
-Accumulated Dividend71- difference.
The directors have declared a dividend of 12 cents per share on
Co.
-30
-.e&
-Cent Common Dividend
-_...
of accumulations in addition to a payment of 38 cents per share on acconnt
the 6%
The directors have declared a dividend of
cum. cony, preferred stock, par $50 both payable Jan. 15 to holders of
share on the common stock, no par value, payable March 230 cents perof record Feb. 15.
record Dec. 30. Previous distributions were as follows: 13 and 37 cents on
to holders
This compares with 20 cents paid in each of the two preceding quarters;
Sept. 30; 12 and 38 cents on June 30; 38 and 37 cents on March 30 1935.
15 cents on June 1 and March 1 1935; 10 cents per share each quarter from
and 12 and 38 cents on Dec.30 1934.-V. 141, p. 1772.
June 1 1933 to Dec. 11934,inclusive; 20 cents paid each of the three preceding quarters, and 30 cents on June and March 1 1932. In addition,a special
Island Creek Coal Co.
-Coal Output
dividend of 50 cents per share was paid on Dec. 1 last.
-V. 141, p. 3075.
Month of1935
1934
1933
1932
1931
January
308,920 296,427 279,116 285,245
75,078 ---Lockhart Power Co.
-Bonds Called
February
315,007 302,235 292.116 274,145 285,901
All of the outstanding 1st mtge. sinking fund gold bonds 53i% series,
March
304,426 390,864 249,143 327,707 332,220
due Feb. 1 1950 have been called for redemption on Feb. 1 next, at 102 and
April
209,199 237,116 215,856 244,243 300,349
interest. Payment will be made at the Guaranty Trust Co., trustee,
May
240,111 333.721 315,919 246,172 336.362
N. Y. City.
-V. 141, p. 3863.
June
302.566 299,287 334.352 224,635 372,228
July
204.491 211.646 396.209 228.989 374,349 -Lone Star Gas Corp.
-Larger Dividend-----.
August
252,712 245,768 417,208 286,321 393,015
The directors have declared a dividend of 20 cents per share on the
September
262,091 277.867 376,352 319,195 419.101
common stock, no par value, payable Feb. 15 to holders of record Jan. 15.
October
486,126 338,842 362,803 427,664 461,061
This compares with 15 cents paid on Aug. 15 and Feb. 15 1935.
November
368,986 303,864 232,460 323,917 343,055
Quarterly distributions of 16 cents per share payable in 65' cum. cony.
Note
, -Above figures i net tons.
-V.141, p. 2891.
preference stock ($100 par) were made on the common stock from June 30
1932
---Jenkins Br s. To Pay Off Pref. Accruals-Resumes Com- of 15up to and Including March 31 1934, while on March 31 1932 a dividend
cents per share was paid in cash, prior to which quarterly cash divs.
mon Dividend
of 25 cents per share were distributed.
-V. 141. p. 2741.
The directors
ve declared a dividend of $15.75 per share on account "
tong Bell Lumber Corp.
-Reorganization Plani-L1-1
- -,
Z
of accruals on t
, payable
The final stop in the reorganization of the Long-Bell Lumber Co. was
28 to holders of record Dec. 16. glib; payment WI clear up all accruals
indicated Dec. 17 in the announcement of Halsey. Stuart & Co., Inc., as
on the preferred stock. The directors also declared the regular quarterly
reorganization manager, that the new securities of the reorganized company
dividend of $1.75 per share ordinarily due at this time on the preferred
are available for exchange at their Chicago office. Under the plan, for
stock, likewise payable Dec. 28 to holders of record Dec. 16. A record of
each $100 par value of first mortgage 6% bonds with all unpaid interest
preferred dividend payments is given in V. 141. p. 1935.
coupons attached, there will be issued 1 share of $100 par value preferred
The directors have also resumed dividend payments on the common stock.
stock and 3-10 share of $50 par value common stock, both evidenced by
and the founders shares with declarations of 123i cents and 50 cents per
certificates of beneficial interest issued by a control board of five members,
share respectively. These payments will be made on Dec. 28 to holders
with whom all stock of the reorganized company has been placed in trust.
of record Dec. 16. The last previous payment to be made on the common
The total amount of outstanding bonds, according to the announcement,
stock was the 25 cent dividend distributed on July 1 1931.-V. 141.1 1935.
3•
has been reduced from $20,206,500 to $17.800,400 par value through
purchases by the sinking fund agent since the company first defaulted In
Jewel Tea Co., Inc.
-Sales
-interest on Feb. 1 1932. The new plan provides a sinking fund for the
Four Weeks Ended1935
1934
purchase of preferred stock, which fund on Dec. 1 1935 amounted to
1933
Jan. 26
$1.395,225 $1,214,762 $1,095,550
$35,892. Tenders of preferred stock, it is stated, may be made by holders,
Feb. 23
if desired, to the sinking fund agent, Halsey, Stuart & Co., Inc. See also
1,450,684
1,276,473
1,061,141
Mar. 23
V. 141, p.3863.
1,439,369
1,236,855
1,052,821
Apr. 20
1,436,962
1,276,851
1,073,383
Long Island Lighting Co.
May 18
-Ordered to Reduce Rates
1,622.6001,265,773
1,034,399
The New York P. S. Commission on Dec. 18 ordered the company to
June 15
1,417,014
1,265,347
1.071,758
make reductions in its electric rates which, It Is said, will save consumers
July 13
1,407,424
1,311,074
1,015,898
about $1,225,000 a year as compared with the rates In effect in 1934. This
Aug. 10
1,429,522
1,275,078
1,021,086
Sept. 7
saving will exceed by 3675,000 those estimated involuntary reductions made
1,353,787
1,294.003
1,065,819
by the company, effective on Nov. 4.
Oct. 5
1,424.741
1,363,333
1,148,974
Milo R. Maltble, Chairman, whose 400
Nov. 2
1,466,986
-page opinion was the basis of
1,391,137
1,206,910
the order, scored the company for its general policy and practices. In
Nov.30
1,530,109
1,469,721
1,248,124
common with the joint legislative committee for investigation of public
i..
Total for 48 weeks
utilities, he denounced the high salaries paid to a long list of company
$17.174.424 $15,739,040 $13,097,171
-V. 141, p. 3693.
officials. He also criticized the large expenditures for outside legal expenses
and found fault with the relationship between the company and E. L.
Jones & Laughlin Steel Corp.
-Building Program to Phillips & Co., a concern controlled by E. L. Phillips, head of the Long
Island Likhting Co.
Be Financed Through Sale of $40,000,000 Bonds
The new order directs the company to make reduced rates effective Jan.1
$40,000,000 plan for new mills and other improvements and expansion
in the more densely populated territory in the western end of the Island.
of the works of the company, which will give employment to several thouThe company is ordered to divide its territory Into two zones at a Point
sand men,is revealed In a letter to stockholders. The plan Includes a $25.about In the middle of the Island. The rates set by the company itself in the
000,000 strip and sheet mill to be erected in the Pittsburgh Works, marking
eastern end will remain in force for the present, but will be cut in an order
the entry of company into this important line of consumer products.
to be issued later by the commission. Reductions will also be made in the
Additional employment will occur in the new mills and in the increased
wholesale rates.
production of materials for them in the existing plants of the corporation
The monthly rate for the western zone, effective Jan. 1. will be a $1
in the manufacture of coke, metal and steel ingots. as well as the employminimum charge for the first 12 kilowatt hours or less; 5.4 cents per kiloment of thousands of men In the construction of the mills.
watt hour for the next 30 kilowatt hours; 43.i cents for the next 58 kiloIn financial circles, the new Jones & Laughlin financing is regarded
watt hours; 3 cents for the next 100; and 2 cents for all excess use. It is
the first and most important new money to be applied to production as
estimated that consumers in this zone will save from $715,000 to $725.000
distribution of manufactured goods entered into by any interest in and
annually because of the rate cut, which is about 19%.-V. 141. P. 3695
the
.
country for some years.
In order to provide the funds necessary for the new financing and to
Loomis-Sayles Mutual Fund, Inc.
-$5 Extra Dividend
nish a medium for possible future requirements, the stockholders furThe directors have declared an extra dividend of $5 per share in addition
are
being asked to approve the creation of a $100,000,000 first mortgage upon
to the regular quarterly dividend of 50 cents per share on the common
Financial Chrcnicle
Volume 141
stock, both payable Jan. 2 to holders of record Dec. 7. An extra dividend
of 50 cents was paid on Jan. 2 1935.
Earnings for 9 Months to Sept. 30 1935
Income-Interest
$9.502
Dividends
31,387
Profit on sale ofsecurities
162,623
Total income
Management expense
Custodian expense
Taxes
Sundry expenses
$203,513
13,026
1,879
32,264
475
Income over expense
Plus taxes over-accrued (first six months 10
35)
$155,869
573
Total profit
Dividends paid
1156.442
34,375
Surplus
$122,066
Balance Sheet Sept. 30 1935
Assets
Liabilities
Cash
566,163 Reserve for taxes
$37.880
Securities at cost
1,542,563 Cap.stock equity--22.734 abs 1,577,467
Accrued interest & dividends_
6,621
Total
Outstand, Dec. 31 19i4..
Treasury stock sold to
Sept. 30 1935
$1,615,348
Total
$1,615,348
Capital S ock Equity
Shares Stated Value Cap.Surplus
Total
23,131
$578,275
$852,240 $1,430,515
396
9,900
23,527
793
$588.175
19,825
Outstand.Sept. 30 '35
22,734
Surplus
Surplus, nine months 1935
Taxes over accrued 1933 and 1934
$568,350
Total
Bought for treasury_ _ _ _
20,302
30.202
4019
taken at cost. This compares with total assets as of the close of the previous
quarter of $2,748.051.
Investments of the Fund taken at closing market quotations as of Nov.30.
had a value of $4.816,302, against $2,606,975 at the end of the preceding
quarter. The excess of market value of investments over cost was equivalent to $458,797.
Liquidating value of shares of capital stock of the Fund as of Nov. 30
1935 was $17.33 per share for the 280.206 shares outstanding, which included 9,405 shares issued as stock distribution during the year. This
compared with liquidating value of $15.33 per share on 13,059 shares outstanding as of Nov. 30 1934. The increase in the per share liquidating
value of the Fund, including stock distributions for the year, was equal to
23.5%. V. 141. p. 3386.
-
Middle West Corp.
-To Form Service ContpanyThe corporation has filed an application under the Public Utility Holding
Company Act of 1935, seeking the approval of the Securities and Exchange
Commission of a plan to form a corporation under the name of Middle
West service Co. and to acquire the securities of that company.
The Middle West Service Co. is to be formed to perform and carry
out the terms of management contracts acquired by the Middle West
Corp. from Middle West Utilities Co. on Nov. 27 1935. it is stated.
The application states that the Middle West Corp .is to acquire all the
outstanding stock of the new company. 100 shares of no par value capital
stock, at $10 a share, and will make a loan of $75.000 for working capital
to the new company at the rate of 4% per annum. In addition, it will
transfer all of the management contracts to it and lease it such equipment
and furniture as it may require.
The plan is being carried out, it is stated, in order to more effectively
segregate the Middle West Corp.'s supervision activities, which it has
engaged in since it acquired the contracts,from its functions and activities
as a holding company. The new company will take over these activities.
The Middle West Corp. is successor to Middle West Utilities Co. Per
plan outlined in V. 141, p. 3867.
Mid-West Rubber Reclaiming Co.
-.
-To Resume Divs.$872,543 $1,460,718
The directors have declared a dividend of $1 per share on account of
39,479
59,304
accumulations on the $4 cum. preference stock no par value, payable
Dec. 23 to holders of record Dec. 16. This will be the first payment made
$833,064 $1,401,414
Sept. 1 1931 when a regular quarterly dividend of $1 was paid.
-V. 140.
150.186
P. 149.
3 00
:8 6
122 06
Total
-V. 141, p. 1277.
Minneapolis & St. Louis RR.
-No Bids
$1,577,467
Loomis-Sayles Second Fund, Inc.
-Earnings-.
Earnings from Organization Dec. 1 1934 to Sept. 30 1935
Income-Dividends
Interest on bonds
When no bids were offered Dec. 13, Howard S. Abbott, special master
in chancery, set Feb. 14 as the next date when the road would be offered
for sale.
Committee Formed to Fight Proposed Sale
-
$fig6
1
Total income
Custodian & transfer agent fees & expenses
Management fee
Proportion of organization expenses amortized
Prov. for Federal capital stock & Massachusetts excise taxes_ _
Miscellaneous expenses
Opponents to the proposed sale and dismemberment of the road have
formed a central executive committee representing all interests in Minnesota.
South Dakota, Iowa and Illinois, the States served by the railroad. The
committee is delegated to raise a fund of $25,000 to finance the employment
of a general attorney and other expenses incident to the preparg of
evidence and attending of hearings before the Interstate Commerce Commission which are scheduled to start early next month.
-V.141, p. 3696.
$6.470
442
886
1,225‘"
Minnesota Mining & Manufacturing Co.
-To Pay
1,399 ---Extra and Larger Regular Dividends
2W
The directors have declared an extra dividend of 5 cents per share in
Excess of income from dividends and interest over expenses_ _
$2,306
addition to a quarterly dividend of 174 cents per share on the no-par
Net profit on securities sold
8.381
common stock, both payable Jan. 2 to holders of record Dec. 20. Tlhis
compares with 15 cents paid each three months from July 2 1934 to Oct.
Total profit
$10.687
1 1935, inclusive; 123i cents on April 2 and Jan. 3 1934 and on Oct. 2 1933;
Provisions for Federal income tax
650
7H cents on July 1 and April 1 1933. and 123i cents per share previously
Dividends paid
2.879
each three months. In addition extra dividends of 234 cents per share
were paid on Oct. 1. July 3 and Jan. 3 1935.-V. 141. 13• 1775.
Excess of inc. & realized prof. over exps. & divs, paid for
the period ended Sept. 30 1935
$7,127
-Kansas
-Texas RR.
Missouri
-Outlook Favorable
Balance Sheet Sept. 30 1935
December revenue of the Katy is running 24% ahead of last year.
Assets
S. Sloan, Chairman and President, told directors at their meeting
LiabilitiesMatthew
Securities at cost
$618,266 Prov. for Federal az State
Dec. 19. Mr. Sloan, who has just returned from an extensive rour of
Cash in bank
11,760the Katy system, said the average revenue per car is higher than it has
taxes, arc
51,133
Accrued interest di dividends_
3,516 Capitalstock equity (par $10)
been since October 1931. This, he said, is due to the fact that "we are
635,372
Organization expenses
2,963
having a heavier movement of high-class commodities than we have had
in years."
Total
$636,506
Total
Mr. Sloan said the Katy's operating revenue was 25% more in November
than for the same month of last year. "The same ratio of increase was
Shares Staled Value Cap.Surplus
$63T6'oTa61
evident during the first two weeks of December and it seems as if the
Balance outstanding
increase will be continued through the remainder of the year. and well
Sept.30 1935
23,570
$235,700
$392,545
$628,245
into 1936," he declared. "There is an unmistakable spirit of optimism
Surplus
-Excess of inc. & realized rirof. over exps. & divs. paid
all through the Southwest and leaders in all kinds of business and industry
for the period ended Sept. 30 1935
7,127
are basing their plans for the new year on a belief that the present upward
-V. 141, p. 3543.
trend in general conditions will continue."
Total capital stock equity as of Sept. 30 1935
$635,372
-V. 141, p. 3865.
Reorganization
Missouri Pacific RR.
-Hearing
Plar-A-tt
"
on
Ludlow Manufacturing Associates-Removed from UnHearinvi on the reorganization plan has been assigned for Feb. 4 1936
at the off ce of the Interstate Commerce Commission, Washington, D. C.,
listed radtng-e-P-u,„
before Director 0. E. Sweet.
Th New York C ttilitlxchan_i&tas removed from unlisted trading priN lieges t
pital stock, no par.
-'f. 140, p. 4405.
MacAndrews & Forbes Co.
-Extra Dividend-dc'.a,----..
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, par $10, both payable Jan. 15 to holders of record Dec.31. An extra
dividend of$1 was paid on Jan. 15 1935, and one of35 cents on Jan. 15 1934.
-V. 141, p. 2741.
-
Arthur G.) McKee & Co.
-Extra Dividend
The directors have declared an extra dividend of 25 cents per shaW3addition to the regular quarterly dividend of like amount on the no-par
class B stock, both payable Jan. 1 to holders of record Dec. 20. Similar
payments were made on Oct. 1, last. The company resumed dividend
payments on the class B stock on July 1 1935 with the regular 25
-cent
dividend. See also V. 140, p. 4072 for detailed dividend record.
-V. 141.
p. 1936.
Maine Central RR.
-Deposits
'Up to date holders of approximately 917 or $18,200,000 out of $20,000,000 of the 1st & ref. mtge, bonds d
1 1935, have assented to
the refunding plan, whereby 50%
first m tgage 4% sinking fund
bonds, due 1945, or cash, and
n new general
rtgage 4 Ms,due 1960,
are offered in exchange.
-V.,1 1, p. 3695.
-N..; Manitoba
owerieo., Ltd.-Interes4ttponed
Holders of the tat mtge. 5 % sinking fund gMli. nds, series A and
have been notified-that payment will not be made Jan. 1 1936 of the h
yearly interest at the rate of 5M % per annum falling due on that date.
The general plan of consolidation and readjustment of Winnipeg Electric
Co., Manitoba l'ower Co., Northwestern Power Co., the Winnipeg Selkirk
& Lake Winnipeg Ry. Co. and the Suburban Rapid Transit Co. has been
approved at meetings held for that purpose by the bondholders of all of the
said companies. The plan has also been approved by the preference shareholders of Winnipeg Electric Co. Meetings of the common shareholders
of the Manitoba Power Co. and Northwestern Power Co. and of the general
shareholders of Winnipeg Electric Co. will be held shortly.
Upon the plan.becoming operative, exchange of bonds as provided for
by the plan will take place and thereupon interest on the new bonds of
the consolidated company from and after Jan. 2 1936 will be paid, as provided for in such new bonds, a letter from the company states.
Stockholders Approve Merger with Winnipeg
-
At the hearing evidence will be received in support of and in opposition
to the plan of reorganization filed by the company, New Orleans Texas &
Mexico Ry. and International-Great Northern RR.. and any other plan
which May be presented.
Plans of reorganization may be filed at any time before, or with the consent of the Commission during, the hearing, by the trustees, or by or on
behalf of creditors being not less than 10% in amount of any class of
creditors, or by or on behalf of stockholders being not less than 10% in
amount of any such class, or with the consent of the Commission by any
party in interest.
Hearing on Protective Group
The Interstate Commerce Commission has ordered a hearing Dec. 27
on the application of Charles H. Thornton, James M. Kemper and A. J.
Sevin to serve as a protective committee for, or to represent the holders of
the 20
-year 53i% convertible gold bonds, series A. of 1949, the 5Ji
secured serial gold bonds, the convertible 5% cumulative preferred stock
and the common stock.
Federal Judge Decides Three Claims Against Road Shall Be
Grouped
United States Circuit Judge Faris on Dec. 19 changed the classification
of the claim of J. P. Morgan & Co. for $5,850,000 balance due on loans
made to the road from a separate creditor's classification to the same
classification in which are the claims of the Reconstruction Finance Corporation for $23,134,800 and of the Railroad Credit Corp. for $3,775,000.
The reclassification means that the government credit agencies have
more than the necessary two-thirds of the claims in the classification in
which the Morgan firm is placed and can control that classification's vote
on any reorganization plan.
Judge Faris gave the opinion on exceptions which the RFC and John W.
Stedham, representing a bondholders' protective committee, had made to
recommendations of Marion C. Early, Special Master, after a hearing denying objections which sought a reclassification.
Various creditors were classified provisionally in the railroad reorganization proceedings on Sept. 26 1934, and the objections of various interests
were referred to Mr. Early. He reported against a merger of the three
classifications.
-V. 141, p. 3868.
Montour RR.-Earnings.NovemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, p. 3386.
1935
$180,150
67,872
66,535
1934
$149.355
64,267
71,778
1933
$196,347
76,660
74,966
1932
$174,177
78.308
86,851
The common shareholders of the company and Northwestern Power
Co., Ltd. on Dec. 18 approved the plan of consolidation and readjustment
1,381.963
1,853,333
1,741,488
1,563,650
of Winnipeg Electric Co. and associated companies, and transfer of the
796.904
548,289
686.086
472.865
assets of these companies to Winnipeg Electric Co.
815,073
722,008
694,252
636.691
special general meeting of the shareholders of Winnipeg Electric
The
Co. called for Dec. 23 will conclude the series of meetings called to approve
Mountain 8c Gulf Oil Co. -Cent Dividend - -e
--V. 141. p. 3541.
1
-7
the plan.
The directors have declared a dividend of seven cents per share on the
-Assets Show Increase
Maryland Fund, Inc.
common stock, par $I, payable Dec. 27 to holders of record Dec. 20.
Maryland Fund, Inc., a group investment fund operating under the
This compares with 10 cents per share paid on Nov. 1 1934; 25 cents on
supervision of Administrative & Research Corp.(New York), reports total
Dec. 10 1933; one cent per share on April 15 1931; 13.6 cents on Jan. 15
assets of;4.719,710 for the fiscal year ended Nov.30 1935, with investments
1931.and two cents per share paid previously each quarter.
-V.140, p.4074.
t
4020
Financial Chronicle
-(Tom) Moore Distillery Co.
-Extra Dividend
The directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 12M cents per share on the
common stock, par $1, both payable Jan. 15 to holders of record Jan. 2.
Initial dividends of like amount were paid on Oct. 15 last.
-V.141, p. 2122.
M.& T. Securities Corp.
-To Resume Dividends
The directors have declared a dividend of 10 cents per share on the
capital stock, par $5, payable Dec. 31 to holders of record Dec,- 211. This
will be the, first distribution made by the company since March 31 1
when an initial dividend of 25 cents was paid.
-V. 136, p. 671.
"Thew York & Richmond Gas Co.
-Accumulated Div.
Mueller Brass Co.-Adl
itted to Listing and Registration
ew York Curb Exchange as admitted to listing and registration
n stock. $1 par.
Earnings for the 9 Months Ended Aug. 31 1935
Net profit after deprec., int., Federal income and excess profits,
taxes, &c
$287,456
Earnings per share on 215.849 shares common stock
$1.33
-V.141. p.3698.
(F. E.) Myers & Bro. Co.
-Earnings
1932
Years End. Oct.311934
1935
1933
Mfg. profit after deducting cost of sales. incl.
mat% labor & mfg.exp. $1,497,670 $1,258,555
$947,967
$933,371
Adm.,sell.& gen.exps__
611,917
649,600
549,821
496,688
The
the co
Operating profit
Other income
$848,070
14,475
$708,734
44,247
$436,682
52,485
$336,050
56,047
Total income
Depr. and other charges
Prey. for Federal taxes..
$862,545
90.685
112,000
$752,981
93.237
92,000
$489,167
197.890
48,500
$392.097
154,981
40,000
Net profit
Preferred dividends_ _ _ _
Common dividends
$659,860
7,500
340,000
$567,745
52,500
230,000
$242,776
75,000
100.000
$197.116
90,000
340,000
Balance, surplus
Earns,per sh.on 200.000
shs. coin. stk.(no par)
$312,360
$285,245
$67,776 def$232,884
$0.54
$3.26
$0.81
$2.58
Balance Sheet Oct. 31
1934
Liabilities1935
Assets1935
$45.043
z$715,161 $881,681 Accounts payable. $52,082
Cash
U. S. Got. and
R.for Fed. inc..
marketable secs. 404,405
State and local
416,500
125,408
Notes A,accts. rec_ 309,037
259,525
taxes dr conting_ 150,776
769,724
Mdse. inventory
749,656 61 cumul. pre500.000
YReal est., mactey
ferred stock
200,000
and equipment_ 1,078,787 1.152,571 x Common stock._ 1,000,000
430,930
17,418
IsAlscell. assets....
30,473 Capital surplus_
41,939
Deferred assets
26,349 Profit dr loss surp_ 2,133.612 2,215,323
Total
63,336,470 $3,516,704
Total
$3,336,470 $3,516,705
x Represented by 200,000 no roar shares. 3 Less allowance for depre,
ciation of $685,961 in 1935 and $608,493 in 1934. z Includes certificate of
deposit
-time,of $100,000.-V. 141. P. 1446.
."
"--(A.)Nash & Co.
-To Pay 50-Cent Dividend
The directors have declared a dividend of50 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 23. This will be the first
payment made since July 15 1931. when a quarterly dividend of$2 per share
was distributed.-V. 141, p. 1776.
National Bond 8c Share Corp.
-Asset Value
The net asset value as of Nov. 30 1935. was $51.69 per share on 180,000
shares of capital stock. This compares with net assets equal to $46.64
per share on 180,000 shares on Aug.31 1935,and $40.90 per share on 181.300
shares on Nov. 30 1934.-V. 141, p. 1938.
National Fabrics Corp., Paterson, N. J.
-Receivership--
Vice-Chancellor Vivian M. Lewis of New Jersey has made permanent his
recent temporary appointment of John B. Clegg as receiver. Insolvency
was charged against the company.
---National Realty Corp., Ltd.
-Reorganization Approved
The first mortgage bondholders at a meeting held Dec. 4 approved of
the extraordinary resolutions to sell the assets to a new company known
as Lombard Realty Co., Ltd.
The bonds representing the general mortgage were not sufficient to make
ge
a quorum and as a result the meeting was adjourned until Dec. 23. Montreal
Trust Co. has been acting as receiver an George S. Holmstead, trustee
in bankruptcy. See also V. 141, p. 3233.
-National Surety Co.
-RFC Loan Paid
Superintendent of Insurance Louis H. Pink on Dec. 16, announced that
the indebtedness of the company in liquidation to the Reconstruction Finance Corporation had been paid off by means of a loan obtained from the
Bank of New York & Trust Co. at a more favorable rate of interest. The
transaction will result in a savings estimated at $40,000 a year on interest
charges to the creditors of the National Surety Co.
The loan transaction was approved by Supreme Court Justice Julius
Miller.
When the National Surety Co. was taken over for rehabilitation, the
Indebtedness due the RFC was approximately $12,000,000, and during
the Superintendent's operation that indebtedness was reduced to approximately $2,000,000 by liquidation of collateral through the co-operation of
the local agency of the RFC and the Superintendent's office. The indebtedness was solely an obligation of the old National Surety Co.in liquidation and in no way involved the new National Surety Corp.
-V.140.)).2192.
Dec. 21 1935
Ciky Omnibus Corp. if the New York Rys. reorganization is consummated.
The 71% gain over the receipts of the trolleys in the like period of 1934
compares with a nearly 90% average gain shown by the Madison Avenue
Coach Co. since it succeeded trolley operation on Madison and Fourth
Aves. Feb. 1 19;35, Madison Avenue Coach, likewise a subsidiary of
New York Rys. and Fifth Avenue Coach, also will become a part of the
New York Omnibus Corp.
Receipts from the bus operation Nov. 12 to 30 were $69,835, while
In the like 1934 period the predecessor trolleys took in $40,926.-V. 141.
p.3546.
The directors have declared a dividend of $1.50 per share on account
of accumulations on the 67 cum. pref. stock. par $100, payable Jan. 2
to holders of record Dec. 16. A like payment was made on Oct. 1 and
Jan. 2 1935. Similar distributions were made in each of the four quarters
of 1934, the Oct. 1 1933 dividend being omitted.
Accumulations after the payment of the current dividend will amount
to $4.50 per share.
-V. 141, p. 3870.
New York Title & Mortgage Co.
-Distribution to Holders
of Series F CettificatesA distribution of $1.50 for each $100 certificate of mortgage series F.
guaranteed by the company, will be paid Dec. 23 to holders of record at
the close of business Dec. 16. A like payment was made on Aug. 15.
The trustees said all taxes had been paid and described the condition of
the 12 mortgages constituting the trust as follows:
Two have been foreclosed and the properties are in the ownership of the
trustees.
Four properties are managed by the trustees under assignments of rents
given by the owners.
Three properties are in possession of their owners, the mortgages neing
of in t at.ears or being reorganized for an extended term at a revised rate
witho4resrr
Two properties are in possession of their owners and reorganizations have
been worked out for the mortgages thereon and are pending completion.
tIoOnnelsr"pependrtinygi.s in possession of receiver in foreclosure and reorganiza-
Holders to Vote on Series B-K Trustee Control
Holders of certificates in series B-K aggregating over $13.000.000, covering 170 properties located in Manhattan, Brooklyn and the Bronx, will
shortly receive ballots to choose whether they wish the trustees under the
plan to be elected by certificate holders or appointed by the Court or whether
they wish to have the Mortgage Commission act as sole trustee. After the
result is announced and the trustees selected, the entire issue will be turned
over to the trustees, who will then administer the issue under the terms of
the plan.
Series B-K has been In the midst of almost all litigation over the guaranteed mortgage certificate situation. The plan of reorganization was promulgated by the State Mortgage Commission in June shortly after it took
over all certificated mortgage issues from the Superintendent of Insurance.
The hearing on the plan was held before Judge Frankenthaler on July 30.
On Oct. 22 the Court signed an interlocutory order approving the plan.
In less than six weeks after the order was sent to certificate holders, the
66 2-3% in consents required by the Schaclmo Act were received.
The final order putting the plan into effect has been submitted to the
Court for signature. The affadavit by the Mortgage Commission will show
that nearly 70% in consents to the plan have been received.
Th? ee Trustees Decided for Mortgage Series
Supreme Court Justice Alfred Frankenthaler acquiesed on Dec. 14 to the
application of owners of defaulted mortgage certificates In series Q-1, and
to the requests of the Mortgage Commission for the appointment of trustees
to administer the properties securing the issue. The Court will appoint
three trustees, with compensation equal to that of one trustee. Each will
receive approximately $2,200 a year.
Former Officials Acquitted of Fraud Charge Based on 1932
Financial Statement
A jury in General Sessions, after deliberating 3}4 hours, brought In a
verdict of not guilty on Dec. 14 in the case of Frederick J. Fuller, former
President of the New York Title & Mortgage Co.; Harry A. ICahler, who
was Chairman of the board of directors, and H. Pushae Williams, who was
Chairman of the loan committee. They were charged with violating the
State insurance law in an alleged false statement showing the company's
financial condition on Dec. 31 1932.
The State charged that a cash item of $8,823.574 was really $2.000,000
less than that amount as the company had borrowed the $2.000,000 from
two banks as "year-end" loans and that these loans were made for "window
dressing" the statement. The two loans were made Dec.31 1932, and were
Parable on Jan. 3 1933.
it was also charged that of the first mortgage and mortgage certificate.; of
$30,208,695shown in the statement,about $14,000,000 of these were pledged
with the RFC and banks, and therefore were not available. It was alleged
there were tax arrears of $278,302 on real estate secured by about $6,000,000
of the company's mortgages.
-V. 141, 13• 3388.
.
-New York Westchester & Boston Ry.-Appointment of
Trustees Delayed
-
The appointment of trustees for the company, a subsidiary of the New
Haven, was withheld by Federal Judge Carroll C. Hincks on Dec. 14
after opposition developed to naming the same trustees who now are
attempting reorganization of the parent company.
Himan S. Gans, New York, representing a committee of first mortgage
bondholders protective committee, proposed naming Theodore S. Watson.
New York, a vice-president of the Manhattan (Elevated) RR.
John Curtis, counsel for RFC,suggested George Murnane, former vicepresident of the New York Trust Co. The latter was indorsed by Morris
Hadley, New York, as representative for insurance companies holding a
large block of the railroad s bonds.
Chief counsel for the New Haven, W. W.Meyer, held out for the three
trustees operating the main system on grounds the "railroad should be
----Nation-Wide Securities Co.
-€--..--L----left in the hands of the debtor."
-Larger Dividend-1f
The directors have declared a auarterlv dividend of 2H cents per voting
'The com any, in a financial statement, has listed current liabilities of
share, par 25 cents, payable Jan. 1 to elders of record Dec. 15. This - ,.6741. payable by the first of the year, against $37,600 cash on hand.
$5v 16 07p.3 7 .
1
,
80
compares with dividends of 1% cents per share previously distributed each
three months.
-V. 140, p. 3558.
Newmont Mining Corp.
-Director Resigns
H. S. Munroe has resigned ass director.
-V. 141, p. 3234.
•---.New York, New Haven & Hartford RR.
-Trustees to
Pay Interest Due on Equipments
Federal Judge Carroll C. Hincks on Dec. 14 signed a petition of trustees
authorizing payment out of funds at hand of principal, interest, dividends
and rentals as they become due on equipment obligations of the road. He
also permitted the trustees to pay $128,003 to cover interest, scrip and
dividend checks.
-V. 141, p. 3699.
New York Rys. Corp.
-Case Referred to Judge Goddard
After a short hearing in chambers Dec. 17 Federal Judge Robert P.
Patterson referred the reorganization case of the company to Judge Henry
W. Goddard. The case had reached the point where Judge Patterson was
considering a plan of reorganization which had been approved by Van
Vechten Veeder, special master. Preferred stockholders have opposed
the plan.
Judge Patterson explained that for years he had a "safekeeping account"
with J. & W. Seligman & Co., one of the reorganization managers, and
that for that reason he hesitated to go ahead with the case as he would
&. W. Seligman & Co. would
eventually have to pass on the fee whieh
receive for their services. His decision to tranfer the case to Judge Goddard
was for purely personal, not legal, reasons.
Oral argument before Judge Goddard on the company's petition for
reorganization under Section 77-B of the Federal Bankruptcy Act was
scheduled for Dec. 20.
Bus Traffic 71% Above Trolleys
Receipts nearly 71% larger than those of the predecessor surface cars
have been reported to the Transit Commission by the Eighth Avenue
Coach Corp. for operation Nov. 12 to 30 on Eight hand Ninth Ayes.,
Manhattan. Bus operation began at noon Nov. 12,
Eighth Avenue Coach Corp. is a subsidiary of New York Railways
Corp. and Fifth AvenuejCoach Co. and will become a part of 6ew York
Norfolk & Western Ry.-Collateral Canceled
-
The New York Stock Exchange has been advised by the Bankers Trust
Co. as trustee under the 1st & cons. mtge. dated Oct. 22 1896,'that on
Dec. 5 1935, it delivered for cancellation, In order to effect satisfaction
of the respective indentures under which such securities wore issued, the following securities of Norfolk & Western RR. Co.:
$4,140,000 principal amount equipment trust 5% bonds, due June 11908;
$562,000 principal amount car trust certifcates, due July 1 1900,• $585,000
principal amount car trust certificates, due Jan. 11902; $762.524 principal
amount car trust warrants dated June 21 1892: $980,584 principal amount
car trust warrants dated April 15 1893; $4.385 principal amount car trust
warrants dated May 4 1892; $8,791 principal amount car trust warrants
dated Sept. 15 1892; $97.881 principal amount car trust warrants dated
April 27 1893; $22,762 principal amount car trust warrants dated Jan. 25
1894, and 109 shares Virginia & Tennessee RR., preferred stock.
The Bankers Trust Co. also advised that it had been advised by the
counsel of the Norfolk & Western RR. that the entire property formerly of
the Virginia & Tennessee RR. had become subject to the Norfolk & Western
Y. 1st & consol. mtge.-V. 141, p.3548.
"'Northern Ohio Ry.-Interest Payments-it'-l"-i. .r 0- IC
I
The New York Stock Exchange has received notice that the coupon due
April 1 1933 on the guaranteed 1st mtge. 5% gold bonds due 1945 (from
bonds dealt in under option (a),) is now being paid and that the coupon
due Oct. 1 1934 (from bonds dealt in under option (b).) is now being purchased from the company.
The Committee on Securities rules that the bonds be quoted ex-intereet
% on Dec. 20 1935; that the bohds will continue to be dealt in "flat"
and to be a delivery in settlement of transactions made beginning Dec. 20
1935 must carry the coupons as follows: (a) "with Oct. 1 1933 and subsequent coupons"; (b) "with April 1 1935 and subsequent coupons"; and
that bids and offers shall be considered as being for bonds "with April 1
h
edosf
option (b). unless otherwise specified at
the time
transaction.
Notice having been received that the above payments are also being
made on that part of the bonds represented by certificates of deposit, on
Volume 141
4021
Financial Chronicle
presentation of certificates for stamping, the Committee on Securities rules
that the certificates of deposit be quoted ex-interest 234% on Dec. 20 1935;
that the certificates of deposit will continue to be dealt in "flat" and to be a
delivery in settlement of transactions made beginning Dec. 20 1935 must
be stamped as follows:(a) "stamped as to payment of April 1 1933 interest";
(b) "stamped as to sale of April 1 1933 to Oct. 1 1934 coupons. inclusive":
and that bids and offers shall be considered as being for certificates of deposit "stamped as to sale of April 1 1933 to Oct. 1 1934 coupons, inclusive,"
option (b), unless otherwise specified at the time of transaction.
-V. 140
P. 3904.
-$2 Dividend
Northern Securities Co.
The directors have declared a dividend of$2 per share on the capital stock,
par $100, payable Jan. 15 to holders of record Dec. 30.
A similar distribution was made on Jan. 10 1935 and Aug. 1 1934 and
compares with $3 per share paid Jan. 30 last; $2 per share Nov. 1 1933;
$2.50 per share Jan. 9 1933; $3 per share on July 9 1932 and $4.50 per share
each six months from Jan. 10 1928 to and including Jan. 9 1932.-V. 140.
Ico• 324.
Northwestern Bell Telephone Co.
-Earnings
Period End. Nov.30- 1935
-Month-1934
1935-11 Mos.-1934
Operating revenues
$2,549,454 $2.419,378 $27,700,718 $26,412,721
oper. revenue__ _
8,026
15,631
104,459
118.058
Operating expenses
1,828,560
1,747.798 19,830,773 18,943,526
Operating taxes
239.099
203,241
2.650,104
2.437.438
-AC-I.--
Net operating income- $473.767
$452,708 $5,115,382 $4,913,699
-V. 141, p. 3389.
----Northwest States Utilities Co.
-Removed from Unlisted
Trading
The New York Curb Exchange has removed from unlisted trading privileges the common stock, no par.
-V. 138. p. 4134.
Norwich Pharmacal Co.
-Extra
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of35 cents per share on the common
stock, par $5, both payable Jan. 1 to holders of record Dec. 20.-V. 141,
p. 1603.
Nova Scotia Light & Power
Ltd.-Stock Offered
The shareholders were recently offered $465,700 6% Preference stock at
Co.,
par ($100), in the ratio of one new share for each 10 shares held. Rights
ired on
. .
eeds will be used by the company to cover capital expenditures which
have already been incurred.
-V. 140. p. 4076. 4244.
Old Joe Distilling Co.
-Initial Common Dividend
The directors have declared an intial dividend of 20 cents per share on the
common stock, payable Jan. 1 to holders ofrecord Dec.16.-V. 140. p.3054.
Y'roc
Ontario Paper Co., Ltd.
-To Build New Mill
The company will proceed Immediately with completion of its waterpower development on the Outarde River, Quebec Province, and will construct a modern groundwork and newsprint paper mill having a capacity of
320 tons, according to A. A. Schmon. President. The new plant will cost
$8,000,000, it is estimated.-V. 136. p. 3918.
1% Stock Dividend-Larger Cash Dividend
The directors on Dec. 17 declared a cash dividend of 55 cents per share
and a stock dividend of 1% on the common stock, no roar value. The cash
dividend is payable Jan. 2 to holders of record Dec. 23, and the stock dividend will be paid on Jan. 10 to holders of record Dec. 23. Previously the
company distributed regular quarterly dividends of 25 cents per share.
In addition, extra distributions were made as follows: 20 cents on Sept. 30.
June 29 and March 30 1935; 50 cents on Jan. 2 1935. and 10 cents per share
on Sept. 29, June 30 and Jan. 2 1934.-V. 141. 13• 3870.
-Earnings
Parkhill Gold Mines, Ltd.
Earnings for Year Ended Sept. 30 1935
Revenue-Bullion production
Non-operating revenue
Total revenue
Mining and development (including hoisting)
Milling. crushing and conveying
General and administrative expenses, general mine and executive offices
Workmen's compensation and Silicosis assessments
Insurance
Taxes, property
$326,649
240
$326,889
190,071
43,824
27,082
4.771
3,189
210
Net operating revenue
Provision for depreciation
Shaft sinking for period
Provision for interest on president's loans
Provision for dominion income tax
$57.738
14,795
10,403
6,841
2.312
Balance
Surplus as at Sept. 30 1934
Adjustment, Dominion income tax 1934
Province of Ontario corporation tax 1934
$23,386
5.632
Dr117
Dr387
Surplus at Sept. 30 1935
Balance Sheet
Assets
Cash on hand and in banks_ __ $43.230
15,099
Bullion on hand
Accounts and interest receiv
4,139
Inventory of supplies
18,444
19,294
Deferred assets
Mining claims and properties_ 1,008,266
Development prior to milling
operations
84.507
Plant, buildings and equipm't x187,033
$28,513
Sept. 30 935
Liabilities
Accounts payable and accrued
$25,742
wages
2,312
Accrued charges, Income taxes
133,458
Deferred liabilities
1,189.987
Capital stock
28,513
Surplus
Total
$1,380,015
Total
w After reserve for depreciation of $24,632.
Patterson-Sargent Co.
-Earnings
Years End. Oct.311935
1934
$262,429
$371,642
a Operating profit
Cr8,239
12.216
Other deductions (net)
40,000
52,392
Prov.for Federal taxes
$1,380,015
1933
$280.600
24.933
34,250
1932
8165.732
6,470
18,500
---Otter Tail Power Co. (Minn.)-Pref.
The directors have declared a dividend o' $2.16 per share on toe $6
$230,668
$307,034
$221,416
$140,763
Net profit
cumulative preferred stock, no par value, and a dividend of $1.98 per
2,693,303
Previous surplus
2,827,537
2,780,111
2.809,963
share on the $5.50 cumulative preferred stock, no par value, both payable
Adjust. prey. years FedJan. 2 to holders of record Dec. 15. This compares with dividends of 72
30,614
2.185
eral taxes
cents paid on the $6 and 66 cents paid on the $5.50 preferred stocks on Oct. 1,
July 1, April 1 and Jan. 2 last. On July 1 1934, dividends of $1.08 and
Total surplus
$3.088,819 $3,087,145 82,914,719 $2.952,911
99 cents per share respectively were distributed on the above issues. Dis34.608
34.608
Divs. on 2d pref. stock
34,389
34.608
tributions at the regular quarterly rates had been made on botlues up
e
100,000
225,000
150,000
225,000
Common dividends
to and including April 2 1934.-V. 141, p. 1940.
,-Pan American Life Insurance Co.
-Smaller Dividenr
\ A- Earns. per sh.on 200,000 $2,904,430 $2,827,537 $2,780.111 $2,693,303
- Balance, surplus
The directors have declared a semi-annual dividend of 20 cents per sligre
$0.53
$0.93
$0.98
$1.36
shs. com.stk.(no par)
on the common stock, par $10, payable Jan. 2 to holders of record Dec. 21.
This compares with 60 cents paid on July 1 1935.-V. 139, p. 2213.
a After deducting cost of sales, selling, administrative and general
expenses.
"" Parke, Davis & Co.
--Stock Offered-Chas. D. Barney &
Balance Sheet Oct. 31
1934
1935
Co., Dominick & Dominick and associates are offering at
1934
Liabilities1935
Assets$536,638 $513,818 Accounts payable_ $126,778 $141,084
Cash
$43 a share 80,000 shareL (no par) capital stock. The offer- U.S. Govt.securs. 1,032,133 1,128,043 Dividends payable 84,433 159.608
62,977
80,153
ing represents a block of stock purchased by the bankers from Customers'notes &
Accrued taxes_ _ _ 349,186
574,483
539,110 Res.for conting___ 349.186
accepts.
the executor of an estate and involves no new financing by Inventory payable 949,701 936,108 2d pref.stock
494.400
491,900
the company.
300,000
300.000
x Common stock
Sun.secure,owned.
Profit and loss sur& miscell. accts.
Listing
-The capital stock is traded in on an unlisted basis on the New
2,904.430 2,827,537
plus
receivable, &c.... 742,787
68,837
York Curb and on the Detroit Stock Exchange and application for listing
47,526
23,980
Dep.in closed bank
the shares on the New York Stock Exchange will be made at an early date.
Land, bldgs., maThe following is taken from a prospectus dated Dec. 16:
chinery. equip.,
Capitalization-Authorized 5,000,000 shares; issued. 4.875.134 shares,
1,107,484 1,114,698
&c
Including 32,480 shares held in the treasury. Company has no other class
Unexp. ins, prem.
of stock authorized and has no funded debt. Transfer Office: office of the
27,373
28,952
prepaid taxes,
company. Detroit, Mich. Regsitrar: Detroit Trust Co., Detroit, Mich.
$4,319,703 $4,351,967
History and Business
Total
-Company was incorporated in Michigan, Jan. 14
64,319,703 $44,351,967
T e
x l
1875, as successor of a business originated in 1866. Since inception compresented by 200,000 (no par shares. y Cash surrender value of
pany has devoted its resources to research and to the discovery, developinsurance only.
-V. 139. p. 3971.
life
ment and manufacture of pharmaceutical and biological products and their
distribution for the use of the medical profession. Company is one of the '---Bonds Offered-Brown
I'ennsylvania Glass Sand Corp.
largest manufacturers and distributors of pharmaceutical products in the
Harriman & Co., Inc., Edward B. Smith & Co., Ca,ssatt &
world. In 1931 surgical dressings were added to the line by acquisition of
Bay Co. of Bridgeport, Conn.
Co., Inc. and Riter & Co. are offering $4,600,000 1st mortApproximately 65% of the company's business is represented by sales in
gage 43% sinking fund bonds at 101 and interest. A prosthe United States and approximately 75% of the balance is done in the
Brithih Empire. Sales in the United States are for the most part made
pectus dated Dec. 16 affords the following:
direct to outlets in the pharmaceutical trade. Company employs about
Dated Dec. 1 1935: due Dec. 1 1960. Denom. of $1,000 and $500,
4,500 individuals.
registerable as to principal only. Prin. and int, payable in such coin or
The products of the company as described in its catalog include hundreds
currency of the United States as at the time of payment is legal tender
products well known to physicians. Branches are maintained in 21
of drug
for public and private debts, at office of Brown Brothers Harriman ez Co.,
cities of the United States and Canada.
fiscal agent, either in Philadelphia or New York. Interest payable J.& D.
Earnings and Dividends
-1n 1878 the company reported earnings of
without deduction for certain Pa., Maryland and Mass, taxes; such taxes
$26,007 and paid dividends of 84,257. equal to $1.25 per share on its 3,406
will be refunded, if paid by a holder of bonds, upon application. Red.
shares of capital stock then outstanding. Earnings and cash dividend
(other than through sinking fund or from proceeds of released property or
payments have continued without interruption in each of the 57 years
Insurance moneys) at company's option as a whole at any time, or in part
following 1878.
on any int. date upon 30 days' notice at par and int., together with a
The following table shows the result of operations of the company and
premium of 5% if red, on or before Nov.30 1950; of 434% if red. thereafter
dividends declared (a) in the fiscal years ended Dec. 31 1933 and 1934.
and on or before Nov. 30 1951; of 4% if red, thereafter and on or before
respectively,and (b)in the 10 months' periods ended Oct.31 1934 and 1935.
Nov. 30 1952; of 334% if red, thereafter and on or before Nov. 30 1953; of
respectively:
3% if red,thereafter and on or before Nov.30 1954; of 234% if red. thereafter
-Years Ended Dec.31- -10 Mos.Ended Oct. 31 and on or before Nov.30 1955;of 2% if red. thereafter and on or before Nov.
1933
1934
.
1934
1935
30 1956; of 134% if red. thereafter and on or before Nov.30 1957; of 1% if
c Profitsfrom operations $8.888,522 $10,553,645 $8,915,005 $9.532,457
red, thereafter and on or before Nov. 30 1958; of M % if red. thereafter and
6,865,538
a Net income
8.719.368
7,441,946
7,849,896
on or before Nov. 30 1959; and without premium if red, thereafter.
stock outstanding_ - 4,842,605 4,842,644
Shs.
4,842,644
4.482.654
Sinking Fund-Bonds are also red. on June 1 1936 and on each Dec. 1
Earned per share
$1.41
$1.80
$1.53
$1.62
and June 1 thereafter to and incl. June 1 1960 through operation of a sink1.10
1.70
b Divs. declared Per sh
0.95
1.35
ing fund into which the company will pay in cash and (or) in bonds ata Earnings in foreign countries have been determined on the basis of par
sinking fund redemption prices, as provided in the indenture the sum of
of exchange or the market rate if the latter was lower. b Dividends de$46.500 semi-ann., to and incl. April 20 1955. and $63,200 semi-ann. theredared in December payable in the following January are included in the
after to and incl. April 20 1960 in each case plus an amount equal to 24%
year in which declared. c Before depreciation, foreign exchange, other
of the aggregate principal amount of bonds theretofore retired or redeemed
income, and U. S. and foreign income taxes.
through the operation of sinking fund; the redemption price shall be a sum
of such prinequal to the principal amount thereof plus a premium of 2
Consolidated Balance Sheet Oct. 31 1935
cipal amount if the redemption date be on or before June 1 1950, 23-1%
Liabilities
-Assetsthereof if the redemption date be Dec. 1 1950 or June 1 1951, 2% thereof
$2,049,814 Accounts payable
Cash
$297,954
if the redemption date be Dec. 1 1951 or June 1 1952.
% thereof if the
Notes & accounts receivable_ 5,667,726 Accrued wages,taxes & royal.
redemption date be Dec. 1 1952 or June 1 1953,
% thereof if the redemp519,170
7,481.008 Reserve for Fed,& foreign inInventories
tion date be Dec. 1 1953 or June 1 1954, 1 31% thereof if redemption date be
Investments
6.620,677 come taxes
Dec. 1 1954 or June 1 1955, 131 thereof if redemption date be Dec. 1 1955 or
1,614,46,5
Capital stock
Reacquired stock at cost
June 1 1956, 34 of 1% thereof if redemption date be Dec. 1 1956 or June 1
24,387,495
796,360 Capital surplus
(32,480 shares)
1957. % of 1% thereof if redemption date be Dec. 1 1957 or June 1 1958,
203,500
closed banks
Earned surplus
Deposits in
ji of 1% thereof if redemption date be Dec. 1 1958 or June 1 1959,the bonds
13.031,467
85,913
(net)
being redeemable through the sinking fund without a premium if the redemp117,962
Deterred charges
tion date be Dec. 1 1959 or June 1 1960. in each case upon 30 days' pubProperty account, at cost less
lished notice.
6.734.593
depreciation
Bonds are redeemable out of proceeds from released property or insurance
10.500,000
Formulae, processes, em
oamoneys at the sinking fund redemption prices.
Underwriters-The names of the principal underwriters and the several
$40,054,052
Total
amounts underwritten by them, respectively, are:
Total
$40.054,052
4022
Financial Chronicle
Dec. 21 1935
Brown Harriman & Co., Philadelphia
$1.759,500
Of these cars, 6,000 will be constructed for the vendors under this equipEdward B.Smith & Co.,Philadelphia
1,789,500
ment trust in the shops of the company, subject to inspection by an indeCassatt & Co.,Inc.,Philadelphia
621,000
pendent engineer and his assistants
Biter & Co., Philadelphia
The bankers are advised by the company that. in the construction of
460,000
7,700 of the above-mentioned cars,certain parts in existing trucks,conformPurpose
-Net proceeds will be approximately $4,450,484 incl. $17,250
ing to the standards of the Association of American Railroads for new cars.
estimated accrued int. and after deducting $74,766 estimated expenses.
will be used,and that the aggregate value of the parts so used will be approxiCompany will apply approximately $4.172,700 of such net proceeds to the
mately $1,502,732 out of the total estimated cost of $24,560,000. The par
redemption in lawful money of the United States, or for the reimbursement
amount of the certificates is to be not more than 75% of the cost of the
of funds used therefor, of the first mortgage 6% sink, fund gold bonds, of
equipment subjected to this trust, as hereinafter stated.
-V. 141, 1:P• 3871.
which the company anticipates there will be $3,974,000 outstanding (after
deducting bonds called for redemption on or before Jan. 2 1936, out o
- Peoria (Ill.) Service Co.Bankr
moneys theretofore deposited in the sinking fund for that purpose).
The company, a $2,000,000 ice manufactlring corporation controled by
The balance, approximately $277,784, of the estimated net proceeds will
American Utilities Service Corp., recently tied a voluryry petition for
be uted to pay obligations incurred in connection with construction work
reorganization under Section 77-B of the B kruptcy Act)In U. S. District
undertaken in the latter part of 1935 or added to the general funds of the
Court at Peoria, Ill.
company.
No plan of reorganization has been prepared or promulgated and it
History-Company was created by letters patent issued by the Governor
seems probable that the company's petition under 77-B of the Bankruptcy
of Pennsylvania on July 13 1927, upon the filing of an agreement of merger
Act, as amended, will be dismissed upon the company's motion.
and consolidation between Pennsylvania Glass Sand Co. and Pennsylvania
Glass Sand Corp. dated July 6 1927.
Company is engaged in the business of mining, preparing, manufacturing
Philadelphia Co.(& Subs.)
-Earnings
and selling silica and silica sand,of a wide variety of classifications and for a
wide variety of uses. Company has five wholly-owned subsidiaries, one of [Not incl. Beaver Valley Traction Co. (in receivership) and its subsidiary]
12 Mos,Ended Oct. 311935
1934
which owns no property and Is inactive. These subsidiaries are: PennOperating revenues
$47,239.046 $46,971,005
sylvania Pulverising Co.a sales company; New York Feldspar Corp.,
Operating expenses, maintenance and all taxes.. _ _ _ 23,704,270 23,724,294
inactive; Feldspar Mines' Corp., Ltd., inactive and owns no property.
Hares Valley Water Co. owns certain water rights at Mapleton. Pa,. preNet oper. rev. (before approp, for retirement
viously used in connection with plants since dismantled. Mapleton & Rocky
and depletion reserve)
$23,534,776 $23,246,711
Ridge By., owns some minor rights-of
-way near Mapleton, Pa., company
Other income (net)
203,706
335,030
not in operation.
The company also owns 150 shares of the presently outstanding capital
Net oper. rev, and other income (before approstock of the Microporite Co., which, however, may hereafter issue addipriation for retirement and depletion reserve)$23,738,482 $23,581,741
tional capital stock to others than the company. The Microporite Co.
Appropriation for retirement & depletion reserve_ _ 6,938,176
7,211,309
conducts research work for the company in the development of new uses for
silica.
Grossincome
$16,800,306 $16,370,431
In addition to the above, the company owns 50% of the outstanding
Rents for lease of properties
1,533.099
1,652,848
capital stock of the Acilid Corp.. which has the exclusive right for certain
Interest charges (net)
6,309,840 6,526,827
territory in the United States and Canada to a patent relating to the treatAmortization of debt discount and expense
426,642
387,368
ment of silica which is not regarded as of present value to the company.
Guaranteed diva. on Consolidated Gas Co. of the
Company does not control Acilld Corp.
City of Pittsburgh preferred capital stock
69,192
69.150
Company owns or controls more than 7.000 acres on which are located its
Appropriations for special reserve
300,000
plants and developed and undeveloped silica deposits of the Oriskany vein.
Other income deductions
270,090
237.361
of which more than 4,500 acres are owned in fee (subject to possible current
tax and assessment liens, mortgage liens, leases, rights-of
-way, easements,
Netincome for diva,on pref.stocks and minority
covenants and other similar encumbrances) and substantially all of the
int.ofsubs.& on pref.& corn.stirs. of Plata.Co $7.891.441 $7,496,877
remainder are held under long-term mining leases. The acreage so owned
or controlled is located principally in Pennsylvania. Maryland and West
Larger Common Dividend
leases or other
Virginia; in addition the company has certain rights, by
The directors have declared a dividend of 25 cents per share on the
agreements, in sand deposits of a lower grade in New Jersey. The principal
common stock, no par value, payable Jan. 25 to holders of record Dec. 21.
plants of the company are located at Berkeley, W. Va.; Keystone, Pa.;
This compares with 15 cents paid on Oct. 25. last; 20 cents each three
Juniata, adjoining the Keystone plant; Hancock, Md.; Potomac. a part
monthsfrom April 25 1934 to July 251935,incl.; 1736 cents paid on Jan. 25.
,
of and adjoins the Hancock plant; Hatfield, near Vineyard, Pa.; Newport,
1934; 12% cents on Oct. 25 1933; 25 cents on July 25 and April 25 1933:
N. J.; Toms River, N. J.
35 cents per share each quarter from April 30 1932 to and including Jan.25
Capitalization as of Aug. 31 1935
1933 and 55 cents per share on Jan. 25 1932.-V. 141, p. 3871.
Outstanding
Authorized
let mtge. 67 sink, fund gold bonds
0
-Wage Increase
Philadelphia Rapid Transit Co.
144,052,000
maturing July 1 1952
145,000,000
The company on Dec. 11 announced it would raise the basic wage rate o
c27.245 shs.
$7 cumul. cony. pref. stock (no par)_ _
30,000 shs.
an hour to 70 cents, effective Jan. 1 1936. Other emtrainmen 5 cents
e298,346 shs.
Common stock (no par)
d450.000
ployees will receive a proportionate percentage increase, amounting to
a By Nov. 21 1935 funds had been provided for the retiiment of $78,000
of these bonds and they have been called for redemption. b $948,000 of
While the company did not reveal how much the increase would cost,
these bonds and 1,186 shares of the pref.stock have been canceled or retired
It is estimated the wage increase will amount to about $800,000 annually .
,
and are not reissuable. c Does not include 1,569 shares of pref. stock and
since on Sept. 1 1932, the company made a similar increase in wage and
company.
1,654 shares of common stock (v. t. c.) held in the treasury of the
at that time announced he advance would amount to $800,000 a year.
d Of the 450,000 shares of common stock authorized 144,070 shares are
More than 9.000 employees will be affected, the company's announcereserved for issuance upon the conversion of the pref. stock, which is conment said. Officers of the company will not receive the increase. "In so
vertible into common stock (or, during the existence of the voting trust
far as the taxicab companies are concerned, since they are about to be sold
agreement, into v. t. c.s representing such stock) at the holder's option
Philadelphia Rapid Transit cannot undertake to impose upon the purchaser
free of charge, at a rate which may vary but which, as of the date ofissuance
any payroll expenses above those existing when the bids were submitted."
of this prospectus is five shares of common stock for one share of pref. stock.
the company said, explaining that the taxicab company employees would
not receive the increase.
Earnings for Fiscal Years Ended Dec. 31
"The increase, which will become effective Jan. 1, was made to offset
Balance
Income After
the highest cost of living as measured by the Plilldelphia Rapid Transit
Before Divs.
Sales Less Deprec.. Deple. sInterest
market basket index," the company said. "Under the co-operative plan.
Discounts &Inc. Taxes
Charges & Cgs. to Surp
which since 1926 has regulated the wages of employees of the Philadelphia
1928
$392.660
$2,921,188
$340,106
$732,766
Rapid Transit rail and bus system, the rate of wage is determined by a
1929
506,106
2,908,297
841,245
335,139
market basket index. This index is the composite of the local market prices
1930
264.277
2,000,853
594,781
330,504
ofstandard articles representing the cost of living. The agreement provides
1931
120,640
1,578,973
451,304
330,664
that, if at the close of any year, the index shows a variation of five points
1932
234,470
319,131 loss84,661
1,110,678
of more, either up or down, the prevailing wage rates shall be adjusted
1933
114,207
1,302.399
309,992
424,199
accordingly."
-V. 141. D. 3871.
249,329
1934
1.563,769
546.064
296,735
215,224
1935(8 mos.)
1.215,892
413,894
198,670
Philippine Ry.-Earningsa Interest charges includes interest on bonds, amortization of debt discount and expenses, premium on bonds retired, interest on loans payable,
Period End. Sept. 30- 1935-M0;4th-1934
1935-12 Mos.-1934
and Federal and State taxes on bond interest.
Gross oper. revenue__ _ $615,605
$463,183
$27,982
$29,758
Oper. exps. and taxes_ __
394,541
410.196
30,306
15,634
Consolidated Balance Sheet as at Aug. 31 1935
341,960
Deductions
30.378
28,496
358.676
As
s
LiatetlitiesDemand deposits
$79,391
$226.164 Accounts payable (trade)____
Net deficit
$120,896
$305,690
$32,701
$14,372
75,112
Notes & accts. receivable_ __
213,983 Accrued liabilities
Income approp.for inv.In physical property
50,442
2,579
Inventories
146,133
138,462 Other current liabilities
Other current assets
4,052.000
41,609 Long-term debt
Deficit
$171,338
$308,269
Investments
a1,812,110
248,188 Capital stock
V• 141. P. 3236.
Fixed assets
6,663,603 12,371.670 Capital surplus
Deterred charges
666.676
35,899 Earned surplus
Phillips Petroleum Co.
-Wins Litigation Over Patents
Debt discount & expense__
212.368
The U. S. Circuit Court of Appeals at Philadelphia has ruled that the
Other assets
6,681
Kerotest Manufacturing Co. of Pittsburgh has infringed on two patents
owned by Phillips Petroleum Co.for devices controling the flow of oil from
Total
$13,495,024
313.495,024
Total
tapped wells, and ordered the Kerotest company to render an accounting of
a Represented by 27.245 shares of pref. stock and 298,346 shares of
damages and profits to the Phillips company. The amount will be ascercommon stock (after deducting 1,569 pref. and 1.654 common shares held
tained by a special master. The decision reverses the U. S. District Court
n treasury).
-V. 141, p. 3871.
of Pittsburgh, which dismissed suits by the Phillips company.
The Kerotest company, the Court says, has been
Pennsylvania Investing Co.
-Accumulated Dividend-'& roan infringement since 1931.-V. 141,P.3701. selling devices which
The directors have declared a dividend of $2 per share on account of
accumulations on the $4 cumulative preferred stock, no par value, payable
-Loses to Triplex
Pittsburgh Plate Glass Co.
Jan. 2 to holders of record Dec. 18.-V. 139. p. 3488.
The United States Circuit Court of Appeals at Philadelphia has reversed
,
RR.
-Equipment Trust Certificates Offered
- an accounting decree by the Federal District Court at Pittsburgh which
One of the largest railroad equipment trust issues to reach awarded Triplex Safety Glass Co. of North America damages of $414,120
against Pittsburgh Plate Glass Co. and ordered changes which are said to
the market in recent years was offered Dec. 17 in the form increase greatly the amount Triplex eventually will recover.
The "Wall Street Journal" in its report of the decision further states:
of $18,420,000 equipment trust, series G, 2 % equipment
4
3
"Two parts of the Pittsburgh Court's decree
Plate
trust certificates (non-callable) by a banking group com- Glass to deduct $1,696,401 in losses on defective allowed Pittsburgh
glass which was returned
to the company,
for use of 26
prising The First Boston Corp., Evans, Stillman & Co. and In manufacturingand 31.108.692 it was credited withruled infringedpatents
on
glass which the Philadelphia Court
14`. S. Moseley & Co. The certificates mature at the rate Triplex patent. The Philadelphia Court s changes order the accountthe
to
restated to include these two sums which total $2,805,094.
of $1,228,000 annually from Dec. 1 1936 to 1950 and are be"The
Court agrees with the Pittsburgh District Court that Pittsburgh
priced to yield from 0.50 to 3%.
Plate Glass was an 'innocent infringer' of a patent owned by Triplex for
laminated safety glass, because the company took the opinion of its counsel
The award of the issue was featured by especially close bidding. The
that its processes did not encroach on the patents of the Triplex company."
winning bid of 100.283 was closely followed by a bid of 100.267 submitted
-V. 141, p.3082.
by Halsey, Stuart & Co.. Inc.. and a bid of 100.177 by Brown Harriman
& Co., Inc., and associates, all for 23s.
Pond Creek Pocahontas Co.
-Coal Output
Principal and semi-annual dividends (J. & D. 1) payable at the office
of the trustee in Philadelphia, or at the option of the owner at its agency
Month of1934
1935
in New York.
January
116,771
144,484
Dividends payable without deduction for Pennsylvania taxes not in exFebruary
110,812
122,975
cess offive mills per annum on each dollar of principal. Trustee, FidelityMarch
141,264
118,586
Philadelphia Trust Co. These certificates are guaranteed unconditionally
Aprll
122,320
88,374
as to principal and dividends by the Pennsylvania RR. In the opinion of
May
149.099
104.331
counsel for the bankers, these certificates qualify as legal investment for
June
131,655
138.355
savings banks in New York.
July
109.743
120.547
The issuance of these certificates is subject to approval by the Interstate
August
120,674
138.916
Commerce Commission.
I September
132.74:4
102,720
These certificates are to be issued under an agreement dated Dec. 1 1935,
162,486
October
170,461
which provides for the issuance of $18,420,000 par amount of equipment
„
143,816
November
trust certificates secured by the following new equipment estimated to coat 3.
Note-Above figures in net tons.
-V. 141, p. 2902.
not less than $24,560,000, to wit: 700 class X-32-a steel automobile box cars;
-Initial Div
---Preferred Accident Insurance Co. of N. Y.
300class X-33-a steelautomobile bo c cars; 1.700class X-31-b(DD)steel auto-"
mobile box cars; 300 class X-31-c (DD) steel automobile boc cars: 4,700
The directors have declared an initial dividend of 15 cents per share
class X-31-a (SD) steel box cars; 300 class H-30 steel covered Hopper
on the common stock, par $5, payable Dec. 23 to holders of record Dec. 18
class 0-27 steel mill type gondola cars; total 10,000.
(cement) cars; 2000,
-V. 140. p. 2018.
i„
Volume 141
r
..
4023
Financial Chronicle
Pressed Steel Car Co.
-New Plan Offered/
" -Richfield Oil Co. of ,Calif.
--
eorganization Plan Being
The protective committee for bondholders has filed a revised plan of
Formulated in New York Los Angeles Court Hearing Adreorganization in Federal Discourt Court at Pittsburgh. It involves underlourned at Request of Kuh , Loeb & Co., Whose Clients Promise
writing of new issues of first mortgage bands and of income bonds by
Wertheim & Co.and Carl M.Loeb & Co.
to Submit New Proposal
The terms are approximately as follows: Holders of $100 debenture bonds
Announcing that a plan of reorganization is being formulated in New
would receive 1% shares of new common in lieu of back interest and $100
York, the reorganization committee, through its counsel, Alexander Mac..
in new 5% income bonds, convertible into 10 shares of new common.
Donald, on Dec. 16 petitioned Federal Judge Wm.P. James at Los Angeles
The 5s of 1943 would receive 1% shares of new common in lieu of back
for a continuance of the hearing to consider appraisals recently prepared
interest and par for par of new income bonds,
and filed with the court by Stone & Webster Engineering Corp. for the
Preferred stockholders would receive one share of new common for each
purpose of aiding Judge James in evaluating the properties in case the
share of preferred held, plus the right to subscribe to $15 in new first
court should determine to establish upset prices.
mortgage bonds, receiving 1% shares of additimal new common as a bonus,
Acknowledging that establishment of upset prices at this time may interCommon stockholders would receive 2-50 share of new common for each
fore with the promulgation of the reorganization plan. Judge James granted
share held and the right to subscribe to $1.50 in new first mortgage bonds,
the request for a continuance, setting Dec. 30 next, as the date when
receiving 15-100 shares of new common as a bonus.
hearing will be held upon this matter.
A total of about $2,500,000 in new money would be raised if all stockThe committee based its request for a continuance on a letter. dated
holders subscribed to new bonds under the plan.
-V. 141, p. 3872.
,,
2 Dec. 13 1935, received from Kuhn, Leob & Co., New York,requesting that
.....),_
stating that clients of
*-----Properties Realization Corp.
-Fifth Liquidating Div4 the committee endeavor to obtain an adjournment,reorganization for the
were in the process of preparing a plan of
The voting trustees have declared a liquidating dividend of lb cents per
R. chfield
d Pan-American properties which they expect to submit to
share on the voting trust certificates for common stock, payable Dec. 21
the committee on or before Dec. 26 1935.
to holders of record Dec. 20. Previous liquidating distributions were as
The letter from Kuhn, Loeb & Co., addressed to Richard W. Millar,
follows: $1.75 on Oct. 10, 65 cents on Aug. 12, last, 80 cents on Feb. 20
secretary of the Richfield reorganization committee, was read into the
1935 and $1 per share on Jan. 10 1935.
-V. 141,
court record as evidence supporting the plea for a continuance.
Sells Fee Properties to H. L. Green Co.
p. 3872.
Notice has been received by the New York Curb Exchange from the
-43 Div
voting trustees of the Properties Realization Corp. that the corporation has .. ----Riverside & Dan River Cotton Mills, Inc.
The directors have declared a dividend of $3 per share on account of
exercised its option to sell all of its fee properties, including improvements.
accumulations on the 6% cumulative preferred stock. par $100, payable
and all of its fixtures and all of the shares of stock of its two wholly owned
Jan. 2. A similar payment was made on July 1 1935 and on Nov. 2 1934.
subsidiaries to the H. L. Green Co., Inc., in consideration of 50,850 shares
this latter being the first distribution made on this issue since Jan. 1 1931.
of the present new common stock (par $1) of the H. L. Green Co., Inc.
when a regular semi-annual dividend of $3 was paid.
Upon completion of the above sale of assets, the common stock of the
Accumulations after the payment of the Jan. 2 dividend will amount
H. L. Green Co.. Inc.. received in that transaction will constitute sub-V.140. p. 4247.
to $18 per share.
stantially the entire assets of the Properties Realization Corp. No date
for the final distribution of net assets has been announced, pending the final
Riverside (Ont.) Brewing Corp.
-Out of Businessdetermination of taxes and other liabilities. V. 141, p. 2289.
Tha "Financial Post" of Canada, in a recent issue. had the following:
"Dumping of beer, ale and porter of the company into the Detroit River
Prudence Bonds Corp.
-Interest Payment
marks literal and financial liquidation of the bankrupt firm. Riverside is
The holders of certificates of participation in the consolidated mortgage
out of the brewing business. It had formerly been an important factor in
made by Jatison Construction Co., Inc., covering premises 888 Park Ave.,
price-cutting in the Windsor area.
N. Y. City, are notified that the owners of the certificates may present
"interests friendly to Brewing Corp. of Canada are understood to have
the same at the Bank of the Manhattan Co., 40 Wall St., New York, and
acquired Riverside Brewing Corp. It will be closed down. The Dominion
receive an amount equal to 3% of the principal amount thereof in cash, to
Bank was holder of $67,500 of Riverside first mortgage bonds, it is underbe credited on account of interest due thereon.
-V.141, p.3872.
stood. The bank was to liquidate some of Riverside's current assets.
The dumping of inventories in the Detroit River will allow rebate of malt
Public Service Co. of New Hampshire-Earnings
taxes from the Ontario Government.
[Including Manchester Street Ry.1
"Only a little over a year ago J. P. McNair & Co., Toronto, offered
Period End,Nov.30- 1935
1935-12 Mos.-1934
-month-1934
50,000 shares of Riverside Brewing Corp., stock at $3 a share. Only a
Gross oper. revenues-- $435,023
$431.752 $4,973,000 65,005,584
minor fraction of the block was sold. A financial statement was not issued
Expenses & depreciation
216,437
188.062
2,360.263
2,367,375
in the offering circular. The issue was made in face of the fact that the
Taxes,incl. Fed.inc. tax
74,363
70,137
770,803
843.826
predecessor company had gone into receivership less than two years before.
--V.137.
"Gustave J. Maertens, Detroit, was President of the company."
Net oper. income_.$144.223
$173,553 • $1,841,934 $1,794.383
p. 1427.
Non-oper. income-net..
1.547
4,053
39,074
42.058
Gross income
Deductions
Net income
Pref. div. requirements-V. 141. p. 3548.
$145.770
63,880
$81.890
45,360
Robert Treat Hotel Co -Earnin s--
$177.606 $1,881,008 $1,836,441
70.000
865..187
841,069
$107,606 $1,015,821
45,359
544.404
10 Months Ended Oct. 31
Net loss after interest, deprec. & other charges--Nr. 141, p. 2127.
1935
$61,844
1934
$87,236
$995.372
-$2 Accumulation Dividend
544,574 "" Rockwood & Co.
..-The directors have declared a dividend of $2 ter share on account of
i
t stock, r 110,
payab on , e13o
dele Deg . t
l ec. .
.
ois
opionsoi bhe 8a cuzffet.is
o
Public Service Corp. of New Jersey(& Subs.)
-Earns. hold
ar
tributions
Period Encl. Nov.30- 1935
-Month-1934
1935-12 Mos.-1934
July land Feb.20 1935. Oct. 20, April 20 and Feb. 20 1934,and on Nov.24.
Gross earnings
$10.244:036 $10.355,068$119,403.0783120.327,006
July 20 and May 20 1933 prior to which no dividends had been distributed
Oper. expenses, mint..
1
on this issue since April' 1932, when a regular quarterly dividend of $2
taxes & depreciation- 6,904,880
-V. 141, p. 2127.
per share was paid.
6,861,268 81.194,404 80,660,480
Net Inc. from oper
$3,339,156 $3.493.799 &38.2
0
Bal.for diva, and surp-- 2,239,552
2,259,684 24,175,483
-V. 141, p. 3548.
.666.525
. 5.073
Public Service Co. of Northern Illinois-Listing
provet
p-
Th New York Curb Exchanii has approved the listing of the following
securi : 100,000 shares of 6% referred stock, $100 par: 63.576 shares of
U referred stock. $100 par; 131.359 shares of common stock. $60 par;
.
4 99 shares of common stock. no par; $18,926,000 1st & ref. mtge. 5%
.
gold bonds, due Oct. 11 1956: $8,250.000 let lien & ref. mtge. 5% gold
bonds, series C. due May 1 1966; $11,284,000 1st lien & ref. mtge.
%
gold bonds, series D, due Nov. 1 1978; $15,000,000 1st lien & ref. mtge.
44% gold bonds, series E, due July 1 1980; $40,000,000 1st lien & ref.
mtge. 4), % gold bonds, series F, due April 1 1981, and $16,000,000 1st
lien & ref. mtge. •Iyi% bonds, series_ I.. due July 1 1960.
The Exchange will also list 4,646 additional-s iliTas of common stock.
no par, upon notice of isthance.-V. 141, p. 3701.
-Paid $5 Dividend
"
.. --Royal Weaving Co.
A dividend of $5 per share was paid on Dec. 14. This is the total digtribution for the year. No dividend was paid in 1934, but previous paygntss recent years have been as
3o in
follows' P
"
;1E2 SN4"
1
i.
1. "
6
9
-San Francisco Ry. Committee Recommnd
t, Louis
in Reorganizing Road-Outlines Increase in Cost
r,
he committee for consolidated mortgage bonds (Frederick H.
Chairman) in a letter to the bondholders urges that reorganization of the
road be delayed until the probable trend of earnings can be determined.
The letter, dated Dec. 12, says in part:
The earnings of the Frisco System for the period Jan. 1 to Oct. 311935.
and for the corresponding period of 1934, as reported by the trustees, were
as follows:
% Inc
.(+)
1934
or Dec.(-)
1935
10 Months Ended Oct. 31Total railway operating revenues_ _ -$35,159,851 $35,620,037 -1.3%
+5.4%
31,459,899 29,835.069
Railway operating expenses
s
Pic ServiceOubsidily Corp.
872,734
2,472,386 -64.7%
-Listing,A pprovedNet railway operating income
1,067,796
2.787.487 -61.7%
Balance available for interest
ThtNew York Curb Exchaneas approved the Bang of 65,182,000
5%Id debentures, series A„e Jan. 1 1949.-V. 130, p. 974.
%
It will be noted that in spite of smaller gross revenues, operating expenses
for the period increased $1,624,829 over 1934. There was credited to
Realty Foundation, Inc.
-Distribution-operating expenses in 1935 approximately $361,000 for reversal of accruals
Holders of the insured 6% participating trust certificates, series A, charged to expenses in 1934 (of which approximately 3221.000 was charged
dated April 1 1927 not heretofore deposited in partial payment of the
in the first ten months) for contributions under the Railroad Retirement
collateral sale bid, are being notified that funds in an amount sufficient
Act which has been held unconstitutional. Except for such charges and
to provide distribution at the rate of $446.20 per $1,000 bond and $223.10
credits,the increase in operating expenses would have been about $2,207,000.
per $500 bond are now available at the office of the Continental Batt&
Approximately $790,000 of the increase is in transportation expenses, and
Trust Co. of New York, successor trustee.
-V. 140, p. 3228.
approximately $1,127,000 lain maintenance expenditures, of which approxilevee district assessments pertaining to a nrior
ately 3139,000
-------Reece Button-Hole Machine Co.
-10-Cent Extra Dit"(' represents
i;:
---ti period and approximately $242,000 represents expenses resulting from flood
The directors have declared an extra dividend of 10 cents per share in
damages. Higher wages and increased prices accounted for a substantial
addition to the regular quarterly dividend of 20 cents per share on the
part of the increase.
capital stock, par $10, both payable Dec. 27 to holders of record Dec. 16.
Since the latter part of August, total railway operating revenues have
Similar extra dividends were paid on July 1 1935, Dec. 27 and July 2 1934,
materially exceeded those for the corresponding period of 1934, the increase
and on Dec. 27 1933.-V. 141, P. 1944.
for the months of September and October having been about 9.4%. Even
if this improvement continues, however, it seems certain that the balance
Remington Rand, Inc.
-Earnings
available for interest in 1935 will be less than in 1934. The reported balance
8 Months Ended Nov. 30available for interest was approximately 33,205,000 in 1933 and $2,552,000
1934
1935
Sales
in 1934, while annual interest charges are about 313.000.000.
$21,924.021 $24.002,997
Net income after all charges and taxes
In view of the small earnings available for interest and the increase in
1,453,454
Earns, per sh. on 1,378,684 shs. common stock_
operating expenses, which will be further increased by the Railroad Retire$0.44
-V. 141. p. 3392.
ment Act of 1935, by the Social Security Act, and by the Guffey Coal Act.
if such legislation is held constitutional, a reorganization of the Frisco at
Republic Steel Corp.-Truscon Offer Extended
the Present time is obviously impractical.
T. M. (Weiler, Chairman and President of this company, announced
Maintenance & Additions & Betterments-Daring the first ten months of
that the offer to holders of preferred and common stock of the Truscon
this year expenditures for maintenance of way and structures, maintenance
Steel Co. to exchange their shares for 6% prior preference and common
of equipment and depreciation of equipment aggregated $15,417.280. or
stocks of Republic had been extended to Feb. 1 1936.
43.85% of total railway operating revenues. During the first ten.months
The offer was to have expired on Dec. 15.-V. 141, p. 3872.
of 1934 such expenditures amounted to 314,289.970. or 40.11% of total
railway operating revenues.
Revere Copper & Brass, Inc.(& Subs.)
-Earnings
The program of additions and betterments for 1936, which has just been
submitted by the trustees to the Court, contemplates an expenditure of
1935
1934
9 Months Ended Sept. 301933
$1.875,513 for additions and betterments during the year, as compared
Net operating profit
$1.943.815 $2.574.896 31.611.462
with an estimated expenditure of $1,499,176 for 1935, and an actual exInterest earned, cash discounts on
penditure in 1934 of 63,061,862.60.
purchases and miscell. income
91.473
73,668
59,935
Cash on Hand-The trustees report cash on hand of 35,928,677 at the
own bonds purch. & retired..
Dr9.655
Profit on
Dr167
30.661
end of October 1935, as compared with 32,865.020 at the end of 1934.
Railroad Retirement Act & Social Security Act
-The Railroad Retirement
Total income
$2,025,632 $2,648,397 $1,702.058
Act becomes effective March 1 1936, and provides for the payment of an
190,196
189,024
Cash discounts on sales & misc. chgs197,950
excise tax by railroads amounting to 3% on wages and salaries of emExps. of non-oper. properties
25,134
27.679
29,957
ployees up to $300 per month. If constitutional, the Act will materially
377,955
Interest on bonds
387,595
395,940
increase annual operating expenses.
Depreciation
922.059
891,982
897.569
The Social Security Act, also enacted by the last Congress. if constitu74,000
Provision for Federal income tax
162,300
tional, will also effect a substantial increase in annual operating expenses
of the Frisco System. Tne Act provides for an excise tax to be paid by
$436.288
$989,818
Net profit for period
$180,642
employers for the establishment of a fund in the nature of unemployment
$9,200,000 Bonds Registered with SEC
insurance. The rate of the tax is 1% of payrolls for 1936. 2% for 1937.
and 3% thereafter. The Chief Accounting Officer of the bankruptcy
The company has registered with the Securities and Exchange COMIlliStrustees estimates that the increase in operating expenses of the Frisco
sion $9,200,000 4 % 1st mtge. bonds of 1956. Proceeds of the offering
System resulting from the enforcement of the Railroad Retirement Act
will redeem the company's outstanding $8,399,000 6s in February at 107M
-V. 141, p. 3701.
and the Social Security Act will be approximately as follows:
and interest.
Financial Chronicle
4024
Railroad Retirement Act
Social Security Act
1936
$600,000
248,000
1937
$720,000
496,000
1938 and
Thereafter
$720,000
744,000
Total
$848,000 51,216.000 51,464,000
Effects of Guffey Ad-It has been conservatively estimated that the
Bituminous Coal Conservation Act, commonly referred to as the GuffeY
Act, if constitutional, will effect an increase in the price of bituminous
coal used by the railroads of the country of about 20 cents ner ton. On
the basis of that estimate and of the coal consumed by the Frisco System
in the year 1934, the effect of the Act,if valid, will be to increase its annual
operating expenses by approximately $150,000.
-There has been filed with the Interstate Commerce
Reorganization Plans
Commission by the protective committee for the Chicago Rock Island &
Pacific Ry. preferred stock, in tne Rock Island reorganization proceedings,
a plan of reorganization and consolidation which proposes a consolidation
of the Rock Island, Frisco and Chicago & Eastern Illinois systems. A
tentative plan of reorganization of the Frisco has been proposed by Jack
Louis Kraus II. counsel for certain bondholders. Botn of these plans have
been considered by the committee and are believed by the committee to be
impracticable and not in the interest of holders of consolidated bonds. The
ICC, on Dec.6 1935, found the plan filed by the Rock Island stockholders'
committee to be "prima facie impracticable."
It has been recently announced that the Reconstruction Finance Corporation, in a report on Missouri Pacific RR., has recommended the consolidation of the Frisco witn the Missouri Pacific and Missouri-Kansas-Texas RR.
The committee is not yet in a position to express an opinion as to the
soundness of this proposal.
As above indicated, it is the view of the committee that a reorganization
of the Frisco which will be fair to the security holders is impossible under
prevailing conditions, and that reorganization should be delayed until there
is a substantial increase in earnings of the property or until it is clear that
no such increase can be expected.
-V. 141, p. 3702.
St. Louis Southwestern Ry.-Earnings-Gross earnings
-V.141, p.3873.
-Second Week of Dec.- -Jan.1 to Dec.141934
1935
1934
1935
$231,844 $14,933,870 513.597.783
$316,400
A
Salt Creek Consolidated Oil Co.
-17
-Cent Common Div
The directors have declared a dividend of 17 cents per share on this
common stock, par $1, payable Dec. 27 to holders of record Dec. 20. This
compares with 10 cents paid on Dec. 20 1934,• 7 cents on April 1 1931, and
10 cents per share each three months from April 1 1929 to and including
Jan. 2 1931.--V. 140. p. 4080.
San Diego
Consolidated
-Earnings
Gas & Electric Co.
Period End. Oct. 31-Month-1934
1935-12 Mos.-1934
1935
Operating revenues
$598,779
3539,497 37,418.149 $6.796.443
Net oper. rev. (before
2,961.313
approp.for retire. res.)
232,455
226.839 3.407,587
10,222
Other income
694
1.024
9,795
1,176.000
Appropriation for retirement reserve
1.205,000
Dec. 21 1935
Capitalization-Stock authorized and now outstanding is as follows:
--Number ofShares
Authorized Outstanding
3% cumul. pref. stock (par $100)
xNone
200,000
Common stock (par 55)
1,050,000
1.500,000
x 150,000 shares presently to be issued and outstanding.
Use of Proceeds
-The net proceeds (estimated, $14,320,850) are to be
used for the following snecific purposes:
(a) To pay off the following bank indebtedness of Schenley Products
Co.(N. J.), together with the balance of commitment commission and such
amount (not in excess of 3100,000) as may be required for the termination
fee referred to in the bank credit contract, as amended:
BankAmount
Bankers Trust Co
34,000,000
Bank of the Manhattan Co
1,500,000
Commercial National Bank Sr Trust Co. of New York
1,000,000
National City Bank of New York
1,000,000
Pennsylvania Co.for Insurances on Lives & Granting Annuities..
500,000
Mellon National Bank
500,000
First National Bank. Chicago
500,000
National City Bank, Cleveland
500.000
Citizens Union National Bank
250.000
Fifth Third Union Trust Co
250,000
Total
$10,000,000
On which as of Dec. 11 1935 interest amounted to
79,361
Balance of commitment commission & such amount (not in
excess of $100.000) as may be required for the termination
fee referred to in bank credit contract, as amended
175,000
$10,254,361
(b) Any balance remaining for other general corporate purposes.
Underwriter-Lehman Brothers has agreed to purchase the 150,00e eiares
of5%% cumulative preferred stock at $100 per share plus accrued disliends
(if any) from Jan. 1 1936, less a commission, for its services and commitment. of 54 per share.
Lehman Brothers has formed a group of subunderwriters who have agreed,
to purchase from Lehman Brothers, up to certain maximum amounts
specified in each case, preferred stock not sold by Lehman Brothers to
selling group members or at retail in the proportion that the maximum
amounts which each such subunderwriter has agreed to purchase bears to
150.000 shares. The price payable by such subunderwriters for all the
stock which they may be required to purchase is to be the public offering
price plus accrued dividends (if any) less the selling group discount of
31.62% per share. As compensation for their agreements, Lehman
Brothers will pay to them upon final termination of the selling group an
amount equal to 51-25 per share on the maximum number of shares of
preferred stock which they agree to purchase (less expenses up to 25c, per
share on such MAXIMUM number of shares) but no compensation will be
payable if for any reason Lehman Brothers does not consummate the
-purvc.hr4eLopf. 3873..red stock from the issuer on or before Dec. 31 1935.
Seaboard Finance Corp.
-Stocks Offered-Initial public
financing in the form of new issues of 30,000 shares of$2cumulative preferred stock, with warrants, and 22,500 shares of
common stock was announced Dec. 16 by Leach Bros. Inc.,
Grossincome
32.212.382 31.795.536
-V.141, p.3550.
and James M. Johnston & Co., Washington. The stock is
'
being
•----Schenley Distillers Corp.
- share offered, by means of a prospectus, at $28.50 per
-Preferred Stock Offered
for the preferred and $7.50 per share for the common.
Lehman Brothers offered on Dec. 17 150,000 shares of 54%
The 30,000 shares of preferred stock are now owned by and are offered
sale for the account
cumulative preferred stock at $100 per share. The net for public and the 22.500sharesof Seaboard Small Loan Corp., an affiliated
company,
of
proceeds of the sale of stock will be applied to pay off the sale for the account of Seaboard common.stock are being offered for public
Finance Corp.
The preferred stock is redeemable in whole or in part, on any dividend
bank indebtedness of the company's subsidiary, Schenley date, at
$30 a share, and dividends. Cumulative dividends at annual rate
Products Co., amounting in principal amount to $10,000,000 of $2 a share, cumulative from Jan. 1 1936, as to purchases made through
and the balance used for general corporate purposes. A this offering, payable quarterly. Preferred as to dividends and as to assets
to the extent of $30 a share in liquidation, either voluntary or involuntary,
prospectus dated Dec. 17 affords the following:
in each case with accrued dividends.
Dividends, cumulative from Jan. 1 1936. payable each Q.
-J. On or
before June 30 1939, and on or before June 30 of each year thereafter, the
issuer is to apply an amount equal to at least 64i% of the consolidated net
earnings, as defined, for the previews year after deducting dividends paid
on the preferred stock, to the acquisition by redemption or purchase, in
the manner provided, of preferred stock for retirement. Redeemable in
whole or in part at any time upon 20 days' notice at $107.50 per share on
or prior to Dec. 31 1944, and at $105 per share thereafter. plus diva. in
each case. Entitled in the event of any liquidation. dissolution or winding
up of the affairs of the corporation, if voluntary, to $107.50 per share if
on or prior to Dec.31 1944.and if thereafter to $105 per share;ifinvoluntary,
to $100 per share: in each case with accrued dividends.
Listing-Company has agreed to make application in due course for the
listing of this preferred stock on the New York Stock Exchange and for its
registration under the Securities Exchange Act of 1934.
Corporation-Incorp. in Delaware July 11 1933. Is a holding company
whose subsidiaries are engaged principally in the business of distilling,
blending, rectifying, bottling, purchasing and warehousing rye and bourbon
whiskies and other distilled spirits and the sale and distribution of these
products. One of the subsidiaries is engaged in the importation from
foreign countries of wines, beers, liquors and other spirits, and the distribution and sale thereof in the United States. Others are engaged in incidental
and related activities.
The company has been engaged in this business since its organization on
July 11 1933. Its subsidiary, Schenley Products Co. (N. J.), and its
subsidiaries were, prior to the effectiveness of repeal and since the date of
its incorporation on Aug. 23 1920, engaged principally in the business of
distilling, bottling, purchasing and warehousing medicinal rye and bourbon
whiskies and other medicinal distilled spirits and the sale and distribution
of these products.
Among the better known of the brands produced and marketed by certain
of the subsidiaries are the following brands of whiskey: "Golden Wedding,"
"Old Quaker," "Cream of Kentucky," "Schenley's American Cream."
"Old Schenley." and "Gibson's"; and the following brand of gin: "Old
Quaker." Among the other well-known brands produced and marketed
by certain of the subsidiaries are "Mayflower" and "Jas. E. Pepper"
whiskies, and "Silver Wedding" and "Coronet" gins,
The principal plants of the subsidiaries and certain information in respect
thereto as at Dec. 1 1935 are as follows:
Estimated
Estimated
Present Daily
Present
Distilling
Capacity in
Capacity an Floor Area No. of
Barrels of
Bushels of of Buildings Bonded Such Bonded
Grain Mash (SQ. Ft.) Warehouses Warehouses
Name of SubsidiaryJoseph S. Finch & Co..
Schenley, Pa
5,525
249,700
10
299,553
Old Quaker Co.. Lawrenceburg. Ind
217.560
6,395
7
240,000
Geo, T. Stagg Co ,Frankfort,156,410
3,602
Ky
6
186,511
Jas. E. Pepper & Co.,Lexington, Ky
1,660
44,310
2
57,700
New England Distilllng
Co., Covington, Ky
101,600
a4.936
2
8,550
a Gallons of molasses(and not bushels of grain mash) used for the producion of rum.
Sales and Profits-Consolidated statement of profit and loss of corporation
nd subsidiary companies:
Period from
Year
9 Mos.
July 11- • Ending
Ending
Dec. 31 '33 Dec. 31 '34 Sept. 30 '35
ales, less returns, allowances, discounts, provision for Penna. floor
tax on mdse.sold & delivered. Stc_310.913.150 $40.275,470 $38,184,924
Profit for period, carried to earned
surplus account
3.522,307
6,970.960
4,755,872
The above amounts of profit are after deduction of interest, Federal
Income, capital stock, and excess profits taxes. The annual dividend
requirement on the preferred stock hereby offered is $825.000.
Warrants
-Holders of certificates for $2 cumulative preferred stock having
warrants attached are entitled to purchase 1 share of common stock for
each share of preferred stock evidenced by such certificates, during the
following periods and at the following prices: From effective date of registration to Dec. 31 1936 incl.. $7 a share' Jan. 1 1937 to Dec. 31 1938, incl.,
$8.50 a share; Jan. 1 1939 to Dec. 31 1940 incl.. $1.0 a share.
Business--Corporation is engaged in the personal finance business,
operating a system of nine offices in principal cities of Virginia and
Tennessee, which are licensed, regulated and supervised under the small
loan laws of those States. Its assets include 31.151,923 of notes representing
small loans made to upwards of 13,000 borrowers; their average loan balance
is about $70, subject to repayment in monthly installments.
History-Business was founded and financed by Scott B. Appleby.
With the exception of one office which was started in 1928, all offices in
the system were founded in the years 1903,1904,1905, 1911, 1915 and 1920.
In 1924, six offices were combined into a group, composing Seaboard Small
Loan Corp. and three offices added later, bringing the system up to nine
offices. To enable this "family owned" company to pass into public
ownership to perpetuate its existence, Seaboard Finance Corp. was incorp.
in Delaware Oct. 10 1935 and the above mentioned $1,151,923 of small loan
notes and certain other assets purchased from Seaboard Small Loan Corp.
coottrnlinigo ppleby, founder of the system, continues as president of the new
Scra l An.
ai
Av ge net profit available for dividends for the seven full
years, 1928 to 1934 inclusive. was $128,185, or about 2.14 times present
preferred stock dividend requirements. For 1935 (estimating the full
year on the basis of the first nine months) net profit available for dividends
is estimated at $156,294, or about 2.6 times present preferred stock dividend
requirements. After payment of expenses, taxes and all charges, and after
deducting the present preferred stock dividend requirements, the estimate
of net profit for 1935 represents approximately $1 a share on the maximum
number of shares of common stock to be outstanding upon completing the
distribution of the present offering.
Capitalization-Capitalization as of Dec. 14 1935 is as follows: menay
Authorized Outstanding to Be Issued
$2 cum.
stock (no par) with
warrants
50,000 shs. 30,000 abs.
Common stock ($1 par)
x200,000 shs. 72,500 she. 22,500 shs.
x Of the 105,000 unissued shares of common stock. 60,000 shares are
reserved against the exercise of warrants, 30,000 of which are attached to
the outstanding preferred stock and 30,000 to be accepted by the underwriteis as part of their compensation for services in connection with the
present offering.
Purpose of Issue-The 30,000 shares of preferred stock are being offered
for the account of Seaboard Small Loan Corp.: the 22,500 shares of common
stock now being offered for public sale are offered for the account of Seaboard Fiance Corp. The former corporation will realize $750,000 upon
completion of the sale of the preferred stock and the latter will realize
$143,550 upon completion of the sale of the common stock. Seaboard
Finance Corp. will also realize additional amounts if and when the 30,000
warrants attached to the preferred stock and the 30.000 negotiable warrants
are exercised at the prices indicated above.
The purpose of the issue of common stock is to provide Seaboard Finance
Corp. with additional working capital with which to carry on and expand
the volume of business transacted by the corporation. The amount to be
used for any specific purpose is not now determinable.
The purpose of the offering of preferred stock is to provide Seaboard
Small Loan Corp. with cash for part of the assets which it sold to Seaboard Finance Corp. The purpose of the issue of this preferred stock by
Seaboard Finance Corp. was to acquire and pay for small-loan notes and
other assets purchased from Seaboard Small Loan Corp.
Options-In addition to the warrants attached to the preferred stock,
there are outstanding negotiable warrants to purchase 30.000 shares of
common stock at $6.38 a share, which may be exercised at any time on or
before Dec. 311940. These warrants were issued to Seaboard Small Loan
Corp., together with preferred and common stock of the issuer corporation
as one of the considerations of the assets acquired from the Seaboard Small
Loan Corp. and, except as to the price at which they may be exercised,
they contain the same provisions as are in the warrants attached to preferred stock certificates. It is provided in the underwriting agreement
Volume 141
Financial Chronicle
4025
on April 1 1933, and 50 cents per share paid each three months from April 1
with the vendor of the preferred stock that the underwriters are to receive
these negotiable warrants as part of the consideration for their services in
1932 to and including Jan. 2 1933.-V. 141, p. 1947.
the sale of the preferred stock, one warrant for each share of preferred stock
-Earnings
Southern Bell Telephone & Telegraph Co.
sold. Other than these warrants and the warrants attached to preferred
1935-11 Mos.-1934
stock certificates, the corporation has given no rights or options with
-Month-1934
Period End. Nov.30- 1935
respect to the purchase of any of its commonx8
preferred stock
$4,497,172 $4,276,701 548,157.280 845.686,928
Operating revenues
181.208
,1,44,..
213.314
15,657
20,597
Seeman Brothers, Inc.
-Extra
trout-nod- ' "---- Uncoil. oper. revenue._ _ 3,024.765 2,780,822 32.126.194 30.929,384
Operating expenses
-41 4.5.541,660
The directors have declared an extra dividend of 50 cents
5,923.164
ts
share in
556.677
571.252
Operating taxes
addition to a regular quarterly dividend of 62A cents per share on the
common stock, no par value, both payable Feb. 1 to holders of record
$923,545 59.894,608 $9,034,676
Net operating income- $880,558
Jan. 15. Similar extras were paid on May 1 and Feb. 1 1935. An extra
Tendersof $1 was paid on May 1 1934.-V. 141, p. 2750.
The Bankers Trust Co. will until Jan. 2 receive bids for the sale to it of
-Shawinigan Water & Power Co.
-Shawinigan
-Increases Corn. Div.-year 1st mtge. s. 1. gold bonds due Jan. 1 1941 to exhaust
30
The directors have declared a dividend of 15 cents per share on the
the sum of $500,000 at prices not exceeding par and int.-V. 141, p. 3703.
common stock, no par value, payable Feb. 15 to holders of record Jan. 20.
Southern Ble chery ,& Print Works, Inc.-AccumuThis action places the stock on a 60
-cent annual basis. This stock had
previously been on a 50-cent annual basis, the company paying quarterly
.
lated Dividends
dividends alternating between 12 and 13 cents per share from Nov. 1932
div
The directors have declared a .....-7end of $1.75 per share on account of
to and including Nov. 1935.-V. 141. p. 2597.
accumulations on the 7% cumulative preferred stock, par $100, payable
Jan, 2. A similar payment was made on Oct. 1, July 1 and March 2 1935.
Shawmut Bank Investment Trust
-Earnings-V.
Accruals after the Jan. 2 payment will amount to $14 per share.
9 Mos. End. Nov 301935
1934
1933
1932
141, p. 2128.
Int.& dive. received_ _ _ _ $141,377
$155,632
$150.065
$189.029
Administration expenses
Southern Canada Power Co., Ltd.-Earninqs
16,101
16.043
16,839
20,749
1935-2 Mos.-1934
Federal cap, stock tax _ _
1,886
1,471
2,000
Period End, Nov. 30- 1935-mouth--1934
$369.041
$368.665
x Int. paid and accrued_
$189,983
$185,838
181.593
182,885
192,065
Gross earnings
204,390
145.911
• 9
72,715
71,649
Operating expenses
Net loss
_y$58.203
y$50,334
$55,272
$36,110
30
x Includes interest on Junior notes (payment deferred). y Excludes
$223.026
$
8114,189 - -$117,268
Net earnings _
___
$243,038 (1934. $14.423) net loss on securities sold.
_-V. 141, p. 3874.
Listin
Balance Sheet Nov. 30
,,orp. Removedfrom
hern NaturaLGas
So
--Assets
1935
1934
Liabilities1935
1934
stoek, New York Curb richang has removed from listing the common
The
Cash in abank and
Senior deb. 4)4%31,902.000 $1,915,000
ar.-V. 141. p. 3703
on call
$160,526 $263,173 Senior debs. 5%__ 1,962,000 1,987,000
Accrued interest &
Jr. note 6%.ser. A 960,000
960,000 ---Southern Ry.-Reconstruction Loans Extended
accts. receivable
54,501
28,373 Accounts payable_
53,087
The Interstate Commerce Commission on Dec. 16 found the company
y Pardo.in cred.to
Accr'd int. payable 290.723
233,581
not to be in need of financial reorganization in the public interest at this
foreign concerns
98.812 Res. for Federal
1,200time and approved the extension of the time of payment, to specified
x Secure.(at cost). 4,660,086 4,568,461
capital stock tax
831
dates, of loans by the Reconstruction Finance Corporation to the company
Deficit
293,897
137,593
In the aggregate amount of 814,493,540. maturing in 1935 and 1936.
The conclusions of the Commission follow:
Total
$4,875,113 $4,958,819
Total
$4,875,113 $4,958.819
(1) That the applicant is not in need of financial reorganization in the
x Market value, $4,541,400 in 1935 and $3,563,000 in 1934. y Estipublic interest at this time.
mated face value, $29,600 in 1934 ($74,284 in 1933).-V. 141. p. 2291.
(2) That of the aggregate of $14,493,540 of loans to the applicant by the
RFC, matured and to mature $3,125,140 on Sept. 14 1935, $842,655 on
Sherwin-Williams Co. of Canada, Ltd.
-New Directors
Oct. 26 1935. $3,271.745 on Dec. 20 1935. and $7,254,000 on March 1
John C. Newman and Paul F. Sise have been elected directors.
1936, we should approve the extension through renewal, substitution of
-V.141.
P. 3874.
new obligations, or otherwise, of the time of payment of $2,000,000 thereof
to not later than Sept. 1 1937, and of $12,493,540 thereof to not later
61 Broadway Building (Broadway-Exchange Corp.)
than Sept. 11938.
(3) That the collateral pledged for all said loans, extension of which is
Committee for First Mortgage Bonds
herein approved,constitutes full and adequate secuity.
At a meeting of large institutional holders of the first mortgage 53%
-First Week of Dec.- -Jan. 1 to Dec. 71935
1934
bonds, held at the offices of the Girard Trust Co., Philadelphia, at which
1935
1934
Periodmeeting more than $2,000,000 principal amount of the bonds were repre_
$2,136,461 $1,833,993$100.982.093 $95.238.973
earnings
Gross
. e following were unanimously selected as the first mortgage
-V. 141. 15. 3875.
bondholders reorganization committee: Jonathan M. Steere. Vice
.,
Girard Trust Co., Philadelphia (Chairman) Gordon L.Parker, investm;
vidend
-Extra Dividend
Southland Royalty Co.
----Present .
officer, Rhode Island Hospital Trust Co.. Providence, R. I.; Stanley W.
The directors have declared an extra dividend of 5 cents per share in
Cousley, Vice-Pros., Fidelity-Philadelphia Trust Co.,Philadelphia; Barnard
regular quarterly dividend of like amount on the common
addition to the
Flaxman, statistician, Hartford Fire Insurance Co., Hartford, Conn.
stock, par $5, both payable Jan. 15 to holders of record Dec. 31. Similar
The conunittee plans to add to its membership one or more substantial
payments were made on Jan. 10 1935.-V. 141. p. 1286.
bondholders residing in New York City. Bondholders are invited to communicate with the secretary of the committee Herbert R Williams
-$20,500,000 Bonds
-1 s -Southwestern Gas & Electric Co.
care of Girard Trust Co. Broad and Chestnut St; Philadelphia
e Oct. 1 1935 on the bonds is in default.and thecorporation on Offered-Brown Harriman & Co., Inc., Bonbright & Co.,
Oct. 3 1935 filed a petition for reorganization pursuant to Section 77B
Inc., and Field, Glore & Co. headed a banking group which
of the Bankruptcy Act in the Federal Court in New York City.
The committee has conferred with August Heckscher, principal
offered on Dec. 20 $20,500,000 bonds of the company. Of
stockholder of the corporation, and is engaged in
terms of a fair
the total offered, $16,000,000 are 4% 1st mtge. bonds, series
and sound plan of reorganization to protect working out the the
the interests of
first mortD, due Nov. 1 1960, and are priced at 99 and int., while
gage bondholders.
The committee in the interests of economy does not at this
$4,500,000 are 4% serial debs., series A, due Nov. 1 1936time deem it
necessary to ask for the deposit of bonds but has prepared a form of
letter
45. and range in price from 101.85 for the 1936-1940 maturiof authorization under which it will undertake to represent
bondholders.
The members of the committee are serving without compensation.
ties to 92.20 for the 1945 maturity. Associated in the offerThere are outstanding 88.511,000 first mortgage bonds
ing are the First Boston Corp., Blyth & Co., Inc., Lee Higsecond mortgage bonds. The above mentioned committee and 82,222,000
represents
the first mortgage bonds and has been assured of the co-operation of only
ginson Corp. W. C. Langley & Co. A. G. Becker & Co.,
holders
of substantial amounts of these bonds.
-V.141, p. 3550.
'
Stone & Webster and Blodget, Inc., H. M. Byllesby & Co.,
Inc., Tucker, Anthony & Co. and Granbery, Safford & Co.
Skelly Oil Co.
-To Reduce Par Value
The 4tockholders at a special meeting to
Listing-Company has agreed to make application to list the series D
Jan. 3
reducing the par value of the common stockbe held onto $15 awill vote on
bonds on the New York Stock Exchange.
from $25
difference of $10 a share would be used to eliminate a deficit inshare. The
Underwriters
-The name of each underwriter, and the respective amounts
the surplus
account and for the setting-up of a surplus. The number of shares
severally underwritten, are as follows:
xSeries A
outFirst Mtge.
standing would be unchanged.
Debentures
Bonds
The company says that the directors have considered the
Name8900,000
possibility of
$3,200,000
refunding the outstanding debentures and reducing interest
Brown Harriman & Co., New York
900.000
charges. It
3,200,000
adds that, with the continuance of improvement in
Bonbright et Co., New York
earnings, favorable
900,000
3,200,000
consideration can be given soon to the resumption of dividends
Field, Glore & Co., Chicago
330.000
on the
1,170,000
preferred stock.
-V. 141. p. 2905.
First Boston Corp., New York
1,170,000
New York
Blyth & Co., Inc.,
780.000
Smith Agricultural Chemical Co.
Lee Higginson Corp., Chicago
-Earnings
220.000
780,000
ow
W.C. Langley &o. New IL ork. N.Y
Years Ended Oct.31780,000
220,000
1935
1934
Profit before depreciation and taxes
A. G. Becker & Co., Chicago
170,000
580,000
$286,467
$163,850
Stone & Webster and Blodget, Inc.. New York
Depreciation
110.000
390,000
39.884
31,422
H. M. Byllesby & Co., Inc., Chicago
FederalIncome tax
110,000
35,892
390.000
18,013
Tucker. Anthony & Co., New York
50.000
200,000
Net profit
Granbery Safford & Co., New York
40.000
160,000
8114,414
Central R'epublic Co., Chicago, Ill
Earnings per share on 45,740 common she, after $210,692
pref. diva.)
of each maturity, i.e. Nov. 1
x In equal aggregate principal amounts
$4.18
$2.06
1936 to Nov.1 1945 incl.
Balance Sheet Oct. 31
-All of the net proceeds from the sale of the issue of 516,000,000
Purpose
Assets-.
1935
bonds series D. and from the sale of $4,500,000 series A debentures, in
1934
Liabilities1935
1934
Cash
estimated expenses
$279,203 3289.132 Accounts payable_
the estimated amount of $20,014,959 (after deductingunderwriters on ac$3,697 $21,797
of deposit_ _
50,326
$103.730 incl. approximately $7,500 to be paid to the
Accrued taxes_ _ __
40.171
22,612
Market. securities
3,050
112,428 'Unpaid dividendscount of their expenses) will be applied by the company, together with
10,593
10,610
Notes & accts. rec.
treasury funds in the company's control of $332,195 (estimated). to the
6% cum. pref. stk. 325,000
326,200
(lees reserves)_ _ 384.109
following purposes:
251,654 Common stock.. _ _ 457.400 x457,401)
Estimated Amt.
Inventory
237,740
219.827 Surplus
618,932
541,145
Stock owned-otb.
(1) Redemption of $11,939,200 1st mtge. 5s series A, on or$12,340,489
corp. cat Cost), _
3.500
3,500
about Jan. 27 1936, at 103 and int
Cash surr. val. of
(2) Redemption of 55,437,400 1st mtge. 58 series B, on or 5.665,468
life insurance_ _
4,169
3.749
about an. 27 1936, at 103 and interest
Misc.notes& accts
(3) Redemption on or about Jan. 27 1936, of 81,602,000 1st 1.705.329
receivable
7,359
7.523
mtge. 6s series C. at 105 and interest
Dep. in build, and
(4) Redemption on or before April 2 1936 of 6,234 shares of
635,858
loan co. & closed
8% preferred stock, at par ($100) and dividends
banks
795
999
Business
-Company was incorp. in Delaware, June 29 1912. Company
Land contr. ree
330
generating, purchasing,transmitting
is engaged principally in the business of
Invest. In real est _
1,559
1,576
distributing and selling electric energy for light, power and other purposes.
Permanent assets _ 458,806
selling
468,956
It is also engaged in purchasing, transmitting, distributing and and in
Deferred assets _
25,175
20,086
natural gas: in pumping, storing distributing and selling water,
---manufacturing and selling ice. In addition, it is engaged in the merTotal
51,455,794 $1,379,765
Total
$1,455,794 $1,379,765
chandising of appliances and accessories to promote the use of its services.
x Represented by 45.740 no par shares.
and also maintains small cold storage facilities in conjunction with its ice
-V.140, p. 326.
(L. C.)Smith & Corona Typ writers, Inc. Initial Div. business. 31 1935 the company supplied electric service to 60,178 customers
At July
in 146 cities, towns and communities in northwestern Louisiana. northon New Preferred Stock
-a.
eastern Texas and southwestern and northwestern Arkansas, including
The directors have declared an initial quarterly dividend of $1.50 per
Shreveport. Louisiana and Texarkana, Texas-Arkansas. At the same
share on the new $6 cumulative preferred stock, no par value, payable
data the company supplied natural gas to 3.717 customers in six comDec. 31 to holders of record Dec. 27.-V. 141. p. 3874.
munities along the Coast in Mississippi, water service to 1,036 customers
in the City of Rogers. Ark., and water at wholesale to the City of Nashville.
Smythe Mfg. Co.
-Dividend Increased Again
Ark. Company also sells ice in 25 communities from its own plants and
The directors have declared a dividend of $2 per share on the common
storage vaults.
stock, par 825, payable Jan. 2 to holders of record Dec. 20. This comThe territory served with electricity by the company has a population
pares with 75 cents paid on Oct. 1 last; 50 cents on July 1 and April 1
estimated by the company to be in excess of 290,000.
1935; $2 on Jan. 2 1935; 50 cents on Oct. 1 and July 2 1934; 40 cents per
For the calendar year 1934, 87.66% of the gross revenue of the company
share,quarterly from July 1 1933 to and including April 2 1934; 25 cents
was derived from the sale of electricity.
al8:008
4026
Financial Chronicle
Dec. 21 1935
It has been decided to defer any further action on the plan pending a
Capitalization Outstanding upon Completion of Present Financing
decision on the AAA by the United States Supreme Court, which is expected
First mortgage 4% bonds, series D,due Nov. 1 1960
$16 000 000
early in January.
-V. 140, p. 649.
4.500.000
4% serial debentures, series A
8,834,600 s. --Standard
7% Pref. stock (par $100)
Wholpsale Phosphate & Acid Works, Inc.
3,000,000 Common stock (no par)
Smaller Dividend-r4e .'
Earningsfor Stated Periods
The directors have declared a dividend of 20 cents per share on the corn7 Mos.End.
Year Ended Dec. 31
Year
mon stock, par $20, payable Jan. 15 to holders of record Dec. 20. This
July 31 '35
1934
1933
compares with 30 cents paid on Oct. 15 and July 15. last; 20 cents on
$3.326,515
Gross earnings
$5,651.868 35.428.404 55,696.094
April 1 1935; 60 cents on June 30 1934. and regular quarterly dividends of
1,122,602
Torsi operation
1.875,276
1,992.527
2,023,215
30 cents per share paid up to and including Oct. 15 1933. In addition a
193,258
Maintenance
234,263
247,626
20,156
stock dividend of 5% was paid on Dec. 1 1934.-V. 141. p.1455.
Prov. for retirement res.
371,378
491,504
626,263
600,289
Taxes
312,618•- Stanley Works, New Britain, Conn.
-State, local. &c
413,702
509,355
459,928
-Extra Dividend-4e,,
Inc. taxes
-Fed.& State
93.906
123,102
176,535
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
Net earns.from opeens $2,489,183 $2,049,400 $2,261.036 $1,22302:875561
stock, par $25, both payable Dec. 30. Regular quarterly dividends of
Total other income
67,242
40,636
Dr7,119
25 cents have been paid since July 1 1932.-V. 140. p. 1322.
Total net earnings__ _ _ $2,556.425 $2.090.036 $2.253,916 31,253.607 -- (Frederick) Stearns & Co.
-Accumulated Dividend--e-e-i
The annual interest requirements on 316.000,000 series D bonds, and
The directors have declared a dividend of $3.50 per share on account of '- -.
$4,500,000 series A debentires to be outstanding. will be $640.000 and
accumulations on the 7% cum. pref. stock, par $100. payable Dec. 31 to
$180,000 respectively.
holders of record Dec. 20. This compares with $3.25 paid on Sept. 30 and
-Dated Nov. 1 1935; due Nov. 1 1960. Interest
Description of Bonds
June 29, last; $3.50 on March 30 1935, and $1.75 per share on June 30
payable M.& N., at office or agency of the company In Chicago, or at the
and March 31 1934. The last regular quarterly dividend was paid on
option of holder, at office or agency of company in New York. Coupon
March 31 1932.-V. 141. p. 2129.
bonds in denom. of $1,000. registerable as to prin. only, and fully reg. bon
in denom. of $LOW. $5,000 and $10.000. Coupon bonds and register '
7
Co. of Canada Ltd.
-Equalization Dividend=41(C,c
bonds will be interchangeable. Red. all or part at any time at option of
The usual dividends of 43)1 cents a share were declared on the preferred
company upon 30 days notice and if red, on or before Oct. 31 1955. a
and common stocks of the company at a meeting of directors held on Dec.18.
premium equal to a percentage of the principal amount as follows: 5% if
The dividends are for the quarter ended Dec. 31 and payable Feb. 1 to
redeemed on or before Oct. 31 1939: 4 o if redeemed thereafter but on or
holders of record Jan. 7.
before Oct. 31 1943; 3% if red, thereafter but on or before Oct. 31 1947;
Also declared was an additional dividend payable at the same time
2% ifredeemed thereafter but on or before Oct.31 1951,and 1% if redeemed
of $1.423 a share on the no par common stock toward equalizing the divithereafter but on or before Oct. 31 1955. No provision is to be made for
dends heretofore paid in common and preferred shares. The common
any amortization or sinking fund for the series D bonds,
shares have received $1.1.42)i less dividends a share than the preferred.
Description of Serial Debentures
-Dated Nov. 1 1935, due serially in
This will be reduced to $10 by the equalization payment now declared.
equal annual instalments of ;450,000 on Nov. 1 of each year from Nov. 1
-V. 141. p. 449.
1936, to Nov. 1 1945. Both principal and in (M. & N.) payable at
" office of Continental Illinois National Bank & Trust Co., Chicago, and
(John B.) Stetson Co.
-Accumulated Dividend-at office or agency of the company in New York. Denom. $1,000.
The directors have declared a dividend of $3 per share on account of
coupon, registerable as to prin. only. Debentures maturing on or prior to
accumulations on the 8% cumulative preferred stock, par $25, payable
Nov. 11940, will not be redeemable prior to maturity. Debentures maturJan. 15 to holders of record Jan. 1. A dividend of $1 was paid on July 15,
ing Nov, 1 1941, and subsequently, will be redeemable prior to maturity as
last, and one of $2 per share on Jan. 15 1935, this latter being the first pays whole or in part at any time at option of company. upon 30 days' notice,
ment made since Jan. 15 1932 when a regular semi-annual dividend of $1
as follows: 3% in case of debentures maturing on Nov. 11941; 2% in case
was paid.
ofdebenture; maturing on Nov.1 1942;1 % in case ofdebentures maturing
Accumulations after the payment of the current dividend will amount to
on Nov. 1 1943; 1% in case of debentures maturing on Nov. 1 1944; and
$2 per share.
-V.140, p. 4250.
35% in case of debentures maturing on Nov. 1 1945.
Control
-The Middle West Corp.(successor to Middle West Utilities Co.)
'
Stouffer Corp.
-Accumulated Class A Dividend--<4(
----c-e-..
owns beneficially 53.2138% of the common stock of Central & South West
The directors have declared a dividend of S1.123i per share on account
Utilities Co. This stock normally has exclusive voting rights. Central &
of accumulations on the $2.25 cum. class A stock, no par value, payable
S. W. Util. Co. in turn owns 100% of voting stock of Southwestern Gas
Dec.30 to holders of record Dec. 23. A like payment was made on Oct. 31.
& Electric Co. However, holders of prior lien preferred stock and prelast. Dividends of 56 H cents per share were paid on Aug. 31, June 29 and
ferred stock of Central & South West Utilities Co. have acquired voting
March 30 1935. and on Dec. 29 1934, this latter being the first payment
rights by default in the payment of dividends thereon. As a result of this
to be made on this issue since Nov. 1 1932 when a regular quarterly dividend
default, the voting power of Middle West Corp. as of Dec. 1 1935. was
of like amount was paid.
-V.141, p. 2598.
51.084% of the total number of shares of capital stock of all classes of
Central & South West Utilities Co. outstanding and having voting power.
'"Supervised Shares, Inc.
-1.6 Cents Dividend--.-4--e--e--50.924% was represented by the ownership 13y Middle Vest Corp. of
'''' The directors have declared a dividend of 1.6 cents per share on the
shares of capital stock of Central & South West Utilities Co. and 0.16%
capital stock, payable Jan. 15 to holders of record Dec. 31. This cornwas represented through its ownership of all the outstanding shares of
pares with 1.3 cents paid on Oct. 15. last: 1.2 cents on July 15, last; 1.4
capital stock of Allied Service Co., which latter company was dissolved by
cents on April 15 and Jan. 15 1935; 1.2 cents per share paid on Oct. 15 and
consent of stockholders on or about Dec. 6 1935.-V. 141, p. 3703.
July 16 1934; 1 cent per share paid on April 16 and 1.3 cents on Jan. 15
1934:1.5 cents per share on Oct. 15 1933. 1.6 cents per share on July 15 1933
Spartan Refining Co.
-Successor Companyand 1.75 cents per share on April 15 1933.-V. 141, p. 2906.
See Atlas Pipe Line Corp. above.
-V.141. p. 1608.
‘"----- Standard Cap & Seal Corp.
-d -0.-------- Susquehanna Silk Mills-Hearing January 32
-Special Dividend
Another hearing on the reorganization plan will be held Jan. 3, in New
The directors have declared a special dividend of 40 cents per share
York. The case has been referred to special master Peter B. Olney Jr.,
on the common stock, no par value, payable Dec. 30 to holders of record
to determine the feasibility and fairness of the plan and the relative solvency
Dec. 23. Similar special dividends were paid on Dec. 29 1934 and Dec.
or insolvency of the company.
29 1933. In December of 1932. 1931 and 1930 special dividends of 50
-V. 141, p. 1783.
-V. 141, p. 2750.
cents were paid.
'..-- " wift & Cos„-- 24, 4
"-S
*
-' 0-Ital RePOri
Standard Gas & Electric Co.
-Weekly OutputEarnings of the annpany for the fiscal year ended Oct. 26 1935. were
Electric output for the week ended Dec. 14 1935 totaled 96.015,643
1.92 cents per dollar o...les. compared with 1.85 cents per dollar of sales
kilowatt-hours, an increase of 10.1% compared with the correspcxling week
in 1934.
last year.
-V. 141, p. 3876.
The report says in part:
e..1_--...._
---- •--"As a matter of fact, the profits of the company-or of the meat industry
Standard National Corp.
-50
-Cent Common Dividend
as a whole-during the past 40 years have not been large enough in any
The directors have declared a special dividend of 50 cents per sh e
year to have an appreciable effect either upon the price of livestock or upon
on the common stock, payable Jan. 27 to holders of record Dec. 26. This
the price of meat.
will be the first payment to be made on the common stock since January
In his annual report, G. F. Swift, President, says:
1930.-V. 141, P. 1608.
"I am glad to report that in spite of the great decrease in meat production
our sales for the year amounted to $767,000,000, and our volume was only
Standard Oil Co. of Nebraska-Meeting Date Changed3.9% less than in the record year 1934. The increase in our dollar
Stockholders are being advised that hereafter the annual meeting will
was due largely to the rise in livestock and meat prices, but It was duesale
alsti------be held on the second Monday in April, each year, instead of the second
to our effort to maintain volume.
Monday in Jam.ary as heretofore. This change of date is necessary in order
"Owing to the higher level of livestock and meat prices which necessarily
to conform to the rules of the Federal Securities and Excnange Commission
prevailed under these conditions of short supply, the year was one of imwhich require that all companies whose stock is listed on a stock exchange
provement to those producers who were able to carry their animals through
shall have their financial report for the preceding year in the hands of their
the 1934 drought.
stockholders prior to their annual meeting.
"The meat supply in 1936 is not expected to be very different from what
The company's stock is listed on the New York Curb Exchange and its
it was during the past year. After 1936 a larger yearly supply should _befiscal year ends on Dec. 31.-V. 141, p. 609.
come available."
The report further says:
Standard Oil Co. (N. J.)
-Plan for Pensions Augments
"Taking all forms of meat together-beef, veal, lamb, and pork
-the
quantity produced commercially during the year was about 18% less than
Social Security Actthe amount produced in 1934.
The company has formulated a new pension plan designed to supplement
"The shortage of livestock supplies during 1935 is strikingly shown in the
provisions of the Social Security Act passed by the last Congress.
official figures of livestock ; ;illation. At the beginning of 1934 there were
;
About 37,000 of the company's employees are expected to participate
68,290,000 cattle, 57.177.
hogs, and 52,212,000 sheep on farms. A
in the new "Thrift Plan" which permits workers who so desire to deposit
year later, the cattle population had been reduced to 60,667,000, the hog
from 3 to 13% of their current earnings. On the first 3% the company will
population to 37,007,000, and the sheep population to 49,766.000.
match employee contributions dollar for dollar, and on amounts up to the
"Because of the shortage of feed and water, the drought of 1934 forced
next 10% will deposit 50 cents for every dollar subscribed,
many stock raisers to market their animals before they were properly
The fund built up will be put to a variety of purpose, depending on the
finished. It will be remembered also that at the height of the drought the
individual desire of each employee. For the purchase of an annuity a certain
government inaugurated, as a drought-relief measure, a program of cattle
minimum is required to be allocated. Beyond that employees may utilize
and sheep buying In the stricken areas. Some of the animals so purchased
their credits to obtain additional group annuities on retirement, single
were unfit for meat purposes and were immediately destroyed: others were
premium life or endowment Insurance, Standard Oil Co.(N. J.) stock, or
transported to sections where feed was available; and still others were sent
payment of dues in approval mutual hospital or medical aasociations,
to packing plants to be converted into canned meats for distribution to the
The new plan will be inaugurated in January. Whereas for 17 years the
needy. Altogether 8,279,750 cattle and 3.609.576 ewes were purchased by
company has managed its own reserves for annuities, responsibility for the
the government under this program, and the commercial supply was reduced
payment of annuities will be placed with insurance companies. It is estiaccordingly,
mated that premiums paid to insurance companies under the plan for the
"Under these conditions of reduced supply, the rise in livestock and meat
Purchase of group annuities will amount to at least $2,500,000.-V. 141.
prices which began in 1934 continued throughout the greater part of the
P. 3394.
year just closed. While some of the rise in meat prices may be attributed
to slightly improved business conditions and the increased purchasing power
'Standard Textile Products Co.
-Action on Reorganizathat is always associated with better business, the principal explanation is
ed
er
tion Plan Deferred to Await Decision on AAAto be found in the extraordinary reduction in the quantity and weight of
James T. Broadbent, President, in a letter Dec. 7 sent to bondholders
livestock marketed, particularly in the reduction of hog receipts. The short
and stockholders, announces that there are now on deposit in support
supply of pork not only caused a material rise in pork prices but it affected
of the plan of reorganization dated Dec. 10 1934 (V. 140. p. 649) with
also the prices of beef, veal, and lamb, all of which are in constant cornCity Bank Farmers Trust Co., New York. as depositary. L3,767.200 1st
petition with one another for the consumer's dollar. By the end of October
mtge. sinking fund 20
1935, wholesale beef prices were about 40% higher than in October 1934.
-year gold bonds. or 72% of the total outstanding
in the hands of the public; 33.967 shares of class A $7 preferred stock.
Dressed lamb prices were 30% higher; fresh pork was 65% higher; and cured
or 68% of the number of shares outstanding with the public: 25,798 shares
Pork was higher by 40%.
of class B $5 preferred stock,or 64% of the number ofshares outstanding
"In suite of the higher meat prices that now prevail, meat is still a lowerin the hands of the public, and 119,370 shares of common stock, or 64%
Priced food than it was in 1929.
of the number of shares outstanding in the hands of the public.
"It is a well-established principle that the price of a meat animal in any
The plan was duly confirmed on April 24 1935 by Judge Julian W.
competitive market is dependent primarily upon the value of the meat and
Mack. consents having been received from the necessary percentage of
by-Products the animal contains. In accordance with this principle, the
each class of creditors, and the United States Government having accepted
rise in meat and by-product prices during 1935, ass result of the conditions
the treatment afforded its claims by such plan,
of short supply, was accompanied by a material else in livestock prices in
For a number of reasons, particularly the uncertainty as to the conall markets. As a matter of fact, the percentage rise in livestock prices far
stitutionality of the cotton processing tax, it was thought advisable, howexceeded the percentage rise In meat prices. At the end of the fiscal year,
ever, to delay consummation of the plan awaiting further developments.
cattle prices were about 55% higher; lambs, 40% hgiher; and hogs, 95%
The U. S. government has asserted a claim against the company for cotton
higher than in October 1934. On October 15 1935 beef cattle, hogs, and
processing and floor taxes under the Agricultural Adjustment Act and
lambs on the farm would buy about the same quantity of the products of
hasfalso asserted a claim for similar taxes against Mobile Cotton Mills,
industry as in the years immediately preceding the war.
aesubsidiary. If these taxes are unconstitutional and the company is
"According to the U. S. Department of Agriculture, the meat supply o
not Vcalled upon to privde for them the reorganization plan will have to
1936 will not be materially different in quantity from the supply of the past
be changed in respect to the provisions for taking care of such taxes.
year, but it is expected that the quality will be much better owing to the
Financial Chronicle
Volume 141
abundance of corn and other feeds which normally go to market in the form
of meat animals."
Consolidated Income Account (Incl. all WhoIly-Owned Subs.
YearsEndedOct.26'35 Oct. 27'34
Oct. 28'33
Sales
$767,227,313$619,392,534$520.909,152
Cost of goods sold
732,308,689 590,313,370 501,919,270
Depreciation and depletion
6,565.344
7,078,751
5,369.053
Taxes(0th. than inc.& processing)
3,414,538
2,754,849
1,969,020
Contribution to pension trust
2,585,213
2,742,842
1,642,997
Prov.for doubtful accounts
899,216
859,733
1,215,587
Operating income
Other income
..a
4027
-Telluride (Colo.) Power Co.
-Accumulated Dividend
$21,454,311 $15,642,988 $8,793,222
1,186.759
1,557,826
4,524,480
Total income
Interest charges
Miscell. income deductions
Provision for income tax
Special deductions
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 77 cum. pref. stock, par $100, payable Jan. 2 to
holders of record Dec. 15. Arrearages after the payment of the current
dividend will amount to $12.25 per share.
-V. 138. P. 2593.
Tennessee Products Corp.
-Transfer Agent
The New York transfer agent for the common stock has been discontinued and all transfers of the stock are now being made at the company's
office, 14 Cummins Station, Nashville, Tenn.
-V. 136, p. 4287.
Texas & Pacific Ry.-EarnihgsPeriod End. Nov.30- 1935-Menth-1934
1935-11 2%Ios.-1934
Gross earnings
$2,121,030 $1,900.880 $21,371,550 $20,501.179
379.224
Net operating income_ _ _
537,454
4,491,072
4,342.573
Surplus after charges..
233,148
107,090
1,135.004
939,360
-V. 141, p. 3394.
-$22,641,070 $17,200,814 $13,317,702
2,479,977
2,620,430
2.722,792
216,647
265,833
2,509,641
3,058,326
1,200,880
"'4'-hompson Products Inc.
-To Recapitalize
2,884,150
A letter is being sent to stockholders proposing a financing program for
the company to increase working capital, retire bank loans of $600.000 and
Net income
$14.767,302 $11,305,411 $9,128,197
reimburse company's treasury for expense in acquisition of Toledo Steel
Approp. for inventory price decline
6,000,000
6,500,000 4.267,000
Equity in undistributed earnings for
Products Co.
year of certain subs,not consoldated
It is proposed to create an issue of 10,000 shares of 5% prior preference
Cr90.712
stock (no par) to be exchanged for the outstar.ding 7% preferred at the
Balance to surplus
rate of 1.1 shares of new for each share of present preferred. Preferred
$8.767,302 $4.896.123 $4.861.197
stockholders not accepting the exchange offer will be allowed to redeem
Dividends paid
x7,372,163
2,948,605
their abates at $110 and dividends.
Surplus
The new prior preference stock will be convertible into common stock
$1,395,139 $1,947,518 $4,861,197
Shares capital stock (par $25)
at $100 a share for the prior preference stock and not less than $30 a share
5,897.730
5,897,730
5,895,527
Earnings per share
for the common and will be redeemable at $105 and dividends.
$1.48
$0.83
$0.98
The stockholders also are being asked to authorize an increase in the
x Includes special 25
-cent dividend paid Nov. 15 1935 of $1,474.432 and
common stock from 300,000 to 500,000 no par shares, waiving their prea quarterly of 25 cents payable Jan. 1 1936 of $1,474,432.
emptive rights to purchase or have offered to them any additional common
Comparative Consolidated Balance Sheet
shares in order that the shares may be held for conversion by prior preference holders.
Oct.26 '35 Oct. 27 '34 Oct. 28'33
of the new prior preference stock not accepted by holders
That
T at
Assets$
$
$
of pi esent preferred will be sold to underwriters, one of which will be
x Real estate improvements, incl.
Mitchell, Herrick & Co., at not less than $96 a share plus accrued dividends.
branches
98,360,568 101,369,081 103,691,611
Marketable securities
The underwriters also will be paid not more than $2 for each share of prior
6,406,241
1,781,904
4,572.862
preference stock issued in exchange for the outstanding preferred.
U. S. Govt. securities
11,950,425 11,530,488 18.866,155
A special meeting of stockholders will be held on Jaa. 15 for the purpose
Invest. In foreign subs. & affil. cos-- _ 30,185,826 29,181,046 35,767,476
of voting on the proposed changes.
-V. 141, p. 3704.
Treasury stock
' 804,895
834,737
804,895
Cash
27,920,979 17,357,253 26.196,819
Thrift Stores Ltd.(& Subs.)
-Earnings
Accts. & notes receivable_ _. _
40,743,278 39.700.379 32,236,419
Deferred charges
1,727,998
1,760,317
Oct. 12 '35 Oct. 13 '35
1,835,315
28 Weeks EndedInventories
- 97,983,420 100,506,172 72,981,625
$2,269,985 $2,532,487
Net sales
Sundry assets
5,023,125 6,361,006
15,892
19,910
Net loss after depreciation and other charges- _
Accts. with foreign subs. & affil. cos_
591,381
4.786,976
-V. 141, p. 288.
Due from empl. on sale of co's stock
15,673
39,315
238,755
Due from subs.
-50
-Cent Extra
-not consul.-current
Inc.
230,133
The directors have declared an extra dividend of 50 cents per share In
Total
321,352,561 310.983,237 302,008,753
addition to the regular quarterly dividend of 75 cents per share on the noLiabilities
par common stock, both payable Jan. 2 to holders of record Dec. 20.
Capital stock
150.000,000 150,000,000 150,000,000
Similar extra dividends were paid on Oct. 1, July 1, April 1 and Jan. 2 1935,
1st mtge. sink. fund 53j% bonds_.
42,000,000
while extras of 25 cents were paid on Jan. 30. April 30, July 2 and Oct. 1
1st mtge.5% bonds
19,578,500 20,589,500
1934. The regular quarterly dividend was increased from 50 cents to 75
10
-year 5% gold notes
23,703,500 25,398,500
-V. 141, p. 3704.
cents with the July 1 1935 payment.
Purchase money mtges
195.706
288,810
329,794
Sub. cos. 1st mtge. bonds
2,240,000
2,281,000 s----Towers Hotel (Clark & Willow Street Corp.), BrookAccounts payable_
13,995,969 12,131,173 11,211,360
-Asks for Reorganization
lyn, N. Y.
Foreign drafts & acceptances
40,752
66,984
79,726
The Clark & Willow Street Corp., owners of the Towers Hotel, Brooklyn
Accrued liabilities
3,949.567
3,754,031
4,249,061
filed a petition Dec. 11 for permission to reorganize under Section 77-11
Prov.for income taxes
5,596,205
5.363,687
3,288.737
Due to officers & directors
of the Federal Bankruptcy Act. The petition was filed in the Federal Court
19,658
Sinking fund payment 1st mtge. bonds 1,000,000
In Brooklyn, and was signed by Frederick G. Curry, President.
667.500
Dividends payable
The Clark & Willow Street Corp. leases the hotel to the Towers Manage2,948,865
Bonds ofsubs. called for redemption
ment Corp., a wholly owned subsidiary, which operates the hotel.
1,794.400
Current accts. with affil. cos
The consolidated balance sheet shows a deficit of $236,177 The balance
192,990
431,227
465,355
Reserve for inventory price declines
sheet of the Clark & Willow Street Corp. states its total assets are $2,450,16.767.000 10.767,000
4,267,000
Reserve for foreign exchange decline....
186,186
340.444
540, inclusive of the hotel and its furniture and fittings, the book value of
Deferred credits
which is given as $2,379,601. A mortgage of $1,067,000 bearing 6%
99,958
155,932
General reserves
interest is held on the hotel by the Title Guarantee & Trust Co. The peti12,555,768 12,555,768 12,671,595
Surplus
tion state;that interest on the mortgage has not been paid since Sept. 11933.
70,129,154 68,994,654 67,001,533
Total
321,352,561 310.983.237 302,008,753
x After reserve for depreciation of $88,782,372 in 1935 and $85,923,827
I, 934.
5
-Cent Special Dividend_24.t.ara-directors have declared a special dividend of 25 cents per share on
the common stock par $25, payable Feb. 15 to holders of record Jan. 27.
Similar special dividends were paid on Nov. 15 and on Feb. 15 1935. The
regular quarterly dividend of 25 cents per share which had been previously
declared is payable Jan. 1 to holders of record Dec. 2. See also V. 141.
p. 2599.-V. 141, p. 2599.
Swiss Oil Corp., Inc. -Cent Extra Dividend
-5
The directors have declared an extra dividend of 5 cents per share in
addition to a regular quarterly dividend of like amount on the capital stock,
both payable Dec. 24 to holders of record Dec. 19.-V. 141. p. 2292
Sylvania Central Rv.-Control of Road
The Interstate Commerce Commission on Nov. 30 approved the acquisition by the Sylvania Ry. of control, by lease, of the railroad property of the
Sylvania Central Ry.
Authority was also granted the Sylvania Ry. to issue $1,200 capital
stock (par $100) to be sold at par and the proceeds used for general corporate
PuWe report of the Commission says in part:
see
.
H. D. Pollard, receiver of the properties of the Central of Georgia Ry.,
the Sylvania Central Ry., and the Sylvania Ry., on July 5 1935, filed their
joint application in which authority is requested to lease the property of
the Sylvania Central to the Sylvania Ry. By application filed July 10
1935, Sylvania Railway seeks authority to issue $1,200 capital stock
(par $100), the proceeds from the sale to be used for general corporate
purposes.
The Sylvania Central is controlled by the Central of Georgia through
ownership of the entire capital stock, except directors' qualifying shares.
The railroad owned and operated by the Sylvania Central, extends northeasterly from a connection with the main line of the Central of Georgia at
Rocky Ford, to a connection with the Savannah and Atlanta Railway at.
Sylvania, a distance of 14.71 miles, all in Screven County, Ga.
The Sylvania Central has been in financial difficulties for a number of
years.' Prior to the receivership of the Central of Georgia, the latter advanced the Sylvania Central various amounts, at different times, totaling
$62,500. Since then, the receiver has advanced certain amounts totaling
826,300. None of the advances have been refunded by the Sylvania Central.
The deficits from operation have caused the receiver to become cautious
of making any further advances to meet such deficits and the matter of
abandonment of the railroad was seriously considered. Before reaching a
final conclusion, however, the receiver discussed the situation with certain
influential business men who are said to be in a position to offer much
additional traffic to the railroad. Among these men are bankers, lawyers,
owners of various industries, and farmers. After several conferences with
the receiver, they organized a new company, called the Sylvania Railway,
which was incorp. in Georgia, April 29 1935,for the purpose of operating the
property of the Sylvania Central under the terms of a leasehold agreement
authorized by the court having jurisdiction over the receivership. The
capital stock of the new company has been subscribed and paid for at par
by the 10 incorporators.
Although the results of actual experience in the operation of the railroad
of the Sylvania Central in the past may afford some doubt that there will
be any material increase of earnings in the future, the Sylvania Railway
should be given the benefit of that doubt in its endeavor to keep the railroad in operation and avoid possible abandonment. The fact that the
business Interests of Sylvania are making strenuous efforts to support the
-V. 137. p. 2804.
railroad offers much hope for its success in the future.
Symington Co.
-Hearing Adjourned
The hearing on the reorganization plan of the company and Gould
Coupler Co., scheduled for Dec. 18, has been adjourned until Jan. 7.-V.
141, p. 3876.
-Earnings
Trinity Bldgs. Corp. of N. Y.
Earnings for 9 Months Ended Sept. 30 1935
Net loss after depreciation and other charges
-V. 140, P. 487.
$53.967
-Offer Extended
Truscon Steel Co.
-V. 141, p. 3240.
See Republic Steel Corp. above.
-Accumulated Dividend
----Tung-Sol Lamp Works,Inc.
The directors have declared a dividend of $2.14 per share on the old $3
cumulative preference stock, no par value. In payment of all arears and the
dividend for the current quarter up to the close of business Dec. 17. The
dividend is payable to holders of record Dec. 17 within five days after surrender of their certificates in exchange for the new no par value preference
stock, bearing cumulative dividends of80 cents per share. Under an amendment to the corporation's certificate of incorporation approved by stockholders Oct. 14, holders of the old preference stock receive for each share
three shares of the new preference stock and three-quarter share of new
common.
-V. 141. 13• 3394•
-Earnings
Twin State Gas & Electric Co.
[Including Berwick & Salmon Falls Electric Co.]
1935-12 Mos.-1934
-Month-1934
Period End. Nov.30- 1935
$205,545 $2,295,706 $2,323,046
Gross oper. revenues_..$205,184
1,381,980
1,354,885
Expenses & depreciation
115.028
134,457
257,147
275.486
23,860
Taxes,incl. Fed.inc. tax
22,276
Net oper. income__-Non-oper. income-net..
$48,451
11
$66,657
27
$638.240
2,972
$710.744
1,532
Gross income
Deductions
$48,462
24,489
$66,684
27,329
$641,212
299,048
$712,276
328,437
Net income
Pref. div. requirements_
-V.141, p. 3394.
$23,973
20,790
$39,355
20,790
$342,164
249,475
$.383,839
249,470
-le
-Accumulated Dividends
Union Buffalo Mills Co.
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, par $100. payable
Jan. 2. Similar payments were made on Dec. 31, Oct. 31, July 2, and
Feb. 15 1934, prior to which no dividends were paid on this issue since
Feb. 15 1930 when a regular semi-annual dividend of $3.50 per share was
distributed.
-V. 140, p. 651.
Union Pacific RR.
-To Consolidate Several Units
Effective Jan. 1, the company will consolidate the several units of the
system, according to Carl R. Gray, President. These units are Oregon
Short Line, Oregon, Washington ER. & Navigation Co., Los Angeles &
Salt Lake RR.,and St. Joseph & Grand Island Ry. All of these properties
on that date will lose their individual identities and come under the corporate name of Union Pacific RR., with headquarters In Omaha.
Beginning Jan. 1, the consolidated properties will be operated with
district organizations. Lines east of Ogden, Utah, will be known as the
Eastern District. Lines north of Salt Lake City, north of Granger. Wyo.,
and east of Huntington, Ore.• will be known as the Northwestern District,
and lines south of Salt Lake City will be known as the Southwestern District.
The four districts will be headed by four general managers, who hitherto
have been general managers of the several units comprising the Union
Pacific System.
-V. 141, P. 3705.
United Fruit Co.
-Mail Contract Cancellation Explained
Francis It. Hart, President. has issued the following'statement
"There appears to have been so much discussion as to the significance of
the recent cancellation by mutual consent of one of the mail contracts of
the company that a few words of explanation are needed.
"The company has been working under three contracts with the government. Two of these, one from New York, and one on the Pacific coast,
are operated with new fast ships, built in the United States under the pro-
4028
visions of the Jones-White Act; and in respect of which the company is paid
substantial sums annually intended to meet the differentials of construction
and operating costs. These two contracts are not affected by the recent
arrangement affecting Route No. 41, which is a line operating from New
Orleans with older vessels not built for this particular mail route.
"The contract required the construction of new,larger and faster vessels,
built in this country, at a cost to the company probably of $7,000,000, plus
additional costs of operation. The government was bound to pay, over a
period of years, mail pay estimated at $4,000.000, which would have been
available to offset the differential both in cost of construction in American
yards and operation under the American flag.
"Since the contract was made many changes in conditions have occurred
affecting the route, and the government and the company have agreed that
the sensible and economical course for both was to cancel the arrengement,
-V.141,
saving heavy costs both to the company and to the government."
P. 3705.
Union American Investing Corp.
-Earnings
Earningsfor Six Months Ended Nov. 30 1935
Dividends on stocks
Interest on bonds
$43,053
19,214
P.
$62,267
35,075
1,227
4,238
10,227
Total income
Interest on debentures
Amortization of discount on debentures
State franchise, capital stock and sundry taxes
Other expenses
$11,498
Net income
Surplus Account for Six Months Ended Nov. 30 1935
Capital surplus
$1,840,966
Balance as at May 31 1935
Reduction of capital resulting from the cancellation of 9,159
shares of common stock reacquired from the public, the cost
45,795
thereof having been charged previously to capital surplus$1,886,761
Total
2,212
Cost of 100 shares of common stock repurchased for cancellation
Balance as at Nov.30 1935
$1,884,548
Realized net losses on securities sold
Balance as at May 31 1935
Net profit realized on securities sold during the six months ended
Nov.30 1935
Less proportion of N. Y. State franchise and Federal income
taxes attributable thereto
Balance as at Nov. 30 1935
Undistributed income account
Balance as at May 31 1935
Net income for the six months ended Nov.30 1935
349.964
74,139
9.000
$284,824
397,754
11,498
$409,253
Balance Sheet
AssetsNov. 30 '35 May 31 '35 Liabilities-- Nov. 30 '35 May 31 35
5% g. debs., ser A$1,403.000 $1,403,000
Securities owned at
cost
c$3,390,788 $2,807,003 Accts. pay., acerd.
8,597
34,301
Cash
320,755
815,966 expenses, &e__
389,000
Int. accrued, diva.
b Common stock_ 323,205
receivable, &c_ ..
28,880
12,005 Capital surplus- - 1,884,549 1,840,968
Purn. & fixtures_ 392
461 Realized net losses
Unamort. disct. on
on secur.sold__ _Dr284,824 Dr349,964
debentures
31,919 Undistrib. income
30,691
397,754
409,253
account
Balance as at Nov. 30 1935
Total
$3.789,484 $3.887,354
83,769,484 $3,667,354 Total
b Represented by 64,541 no-par shares in Nov. 30 1935 and 64,641 in
May 31 1935. c The aggregate market value of securities owned was
$81.351 in excess of the cost thereof as at Nov.301935.-V. 141. p. 128.
.""'"United Dairies, Ltd.
.
-Pays Accumulated Dividend
The company paid a dividend of$1 per share on account of accumulations
on the 63i% cum. 1st pref. stock. Par $100, on Dec. 2 to holders of record
Nov. 15. Accumulations now amount to $18.25 per share.
-V. 141,
P. 1951.
United Gas Improvement Co.
-Weekly Output
Week EndedDec.14'35 Dec. 7 '35 Dec.15'34
Electric output of system (kwh.)---- 84,782,837 84,518,993 76,894,258
-V.141, p. 3876.
United States Guarantee Co.
-Extra Dividend
The directors have declared an extra dividend of 40 cents per share in
addition to the regular quarterly dividend of like amount on the capital
stock, par $10, both payable Dec. 30 to holders of record Dec. 21. An
extra dividend of 10 cents was paid on Dec. 31 1934.-V. 141, p. 938.
United States Lines Co.
-Awards Contract for New
Ship to Cost $11,900,000
Fulfilling the terms of the Leviathan layup agreement, the United
States Lines on Dec. 16 signed a contract with Newport News Shipbuilding
& Dry Dock Co. for construction of a new cabin liner to run with the
Washington and Manhattan in its trans-Atlantic service.
The contract was signed by John M. Franklin, Vice-President of the
United States Lines, and Capt. Roger Williams, Vice-President of the
Shipbuilding company.
The agreement, it is said, calls for the construction of a duplicate of the
Washington at a base price said to be $11,900,000. The Shipbuilding
company had submitted a bid of $11,600,000 subject to adjustment of any
extra costs due to variations from plans, and the base price, which does
not include furnishings and increased labor costs, was arrived at following
negotiations between the owner and the builder.
Under terms of the Leviathan agreement, the government is to grant the
United States Lines a construction loan up to three-fourths of the vessel's
cost, with the company to pay 25% of the cost.
10. Consummation of the builder's contract rests upon the ultimate approval
,
by Secretary of Commerce Roper of the construction loan up to 75% of
the vessel's cost allowed under the Jones-White Act of 1928.-V. 140,
P. 4084.
United Verde Extension Mining Co.
-Output
1932
Copper (pounds)1935
1934
1933
January
2,690,000 3,014,232 3,043.930
1,790.046
February
1,701.020 2,826.578 2,720,000 3,031,450
March2,021,016 2.803,708 3,013,188 3,049,970
April
x432.760 2,755,874 2.977,420 3.019,076
May
2,182,090 1,206,538 3,006,300 3,020,102
June
2,222,200 2,441.058 2,673,788 3.007,700
July
2,289.138 2,574.468 2,745,556 3,038.902
August
x835,942 2.640,900 2,610,580 3.038,992
September
x206.724 2,499.782 2,682,440 2,969.628
October
1.989.458 1.016,620- 2,536,902 2,909,002
November
743,060 2,586,920 2,913,888
2,409,334
December
2.055.428 2,736,448 2.908.326
z This sharp decrease in output resulted from the temporary closing of
the company's smelter.
-V. 141. p. 3877.
----- U. S. Smel1Zt R fining & Mining Co.
-Larger Com-
mon Dividend
The directors have declared a dividend of $5 per share on the common
stock. par $50. payable Jan. 15 to holders of record Dec. 30. This compares with $2 paid on Oct. 15 and July 15, last; $1 on April 15, last; $3 on
Jan. 15 1935; $2 per share on Oct. 1 and July 14 1934, and 25 cents paid
each three months from July 15 1930 to and including April 14 1934. In
addition the company paid extra dividends of $1 per share on April 14 1934,
$3.50 on Jan. 15 1934 and 50 cents on Oct. 14 1933.
An official statement says:
"With December earnings and miscellaneous anual adjustments estimated, it is expected that earnings per share on the common stock outstanding for_the year 1935 will somewhat exceed $10 per share. Dividends
Dec. 21 1935
Financial Chronicle
on the common stock previously declared during the year 1935 amount
In the aggregate to $5. Adding to this amount the present declaration of
$5, the total dividend declarations on the common stock for 1935 amount
to $10 per share.
"The present declaration and other declarations which have been made
during the year have been in view of current earnings, and are not to be
considered as establishing any regular dividend rate."
1932
1933
1934
11 Mom.End.Nov. 301935
Gross earnings
$9,242,742 48,105,581 $7,107,984 $4,120,973
Reserves
2,592,844 2,393,835 2,661,138 2,323.042
Net earnings
$6,649,898 $5,711,746 $4,446,846 $1,797,931
1,522,163
1,501.333
Pref.'div. requirements_ 1,501,333
1,501.i333
$275,768
Balance
$5,148,565 $4,210,413 $2,945,513
Avge. no. of shs. of com.
538,000
528.765
stock outstanding_ _ _ _
528,765
528.765
$0.51
Earn. per sh. of com.stk.
$5.57
$7.96
$9.73
silver.
x Includes $712,581 quotational gain on gold and domestic
V. 141, D. 2131.
United States Steel Corp.
-New Chairman of Finance
Committee
Edward R. Stettinius Jr., Vice-Chairman of the Finance Committee,
will become Chairman of the committee on Jan. 1, succeeding William J.
Filbert, who will retire under the corporation's pension plan, it was announced on Dec. 17 after a special meeting of the board of directors.
Mr. Stettinius also will become a member of the board of directors.
Percival Roberts Jr. a member of the original board of directors of the
corporation, which was organized in 1901 and since 1911 a member of the
'
finance committee, has resigned.
Number of Stockholders on Dec. 1
There were 185,409 holders of U. S. Steel Corp.common stock on Dec. 1,
last,compared with 188.277 on Sept. 1,a decrease of 2,868 common holders.
As of June 1 last, they totaled 190,880, and on Dec. 1 1934, they numbered
191.797.
The 50
-cent dividend paid on the preferred stock in November went to
63,049 individuals, compared with 63.469 in August, and 63,269 in November of 1934.
Following table shows the number of Steel common stockholders, each
quarter, since organization:
September
June
March
December
Year
190,926
190,880
185,409
188,277
1935
187,019
190,359
191,797
191,773
1934
189.569
192,334
186,394
187,120
1933
190.024
186,981
190,284
1932
190.169
156,239
149,122
166,788
174,507
1931
124,069
129,626
141,907
135,504
1930
105,612
103,571
117,956
110,166
1929
104,203
98,236
97,443
100,764
1928
87,128
90,269
97.000
96,297
1927
90,517
85.859
93,671
86,034
1926
94.198
93.446
92,191
90.576
1925
98,712
99,189
96,517
96.317
1924
94,198
93,139
97,075
99,779
1923
106,811
99,512
96,307
1922
93,789
104,876
105,310
106,723
1921
107,439
87,229
83.583
90,952
95.776
1920
24,435
22,033
28,910
1910
28,850
21,321
19,640
17.723
24,636
1902
- 13,318
1901
15,887
MarchlfiguieTE
The high record was 192.898 on March 18 1933. The- -V.141, p. 3877.
the above table is as of the first of that month.
-Earnings
Utah-Apex Mining Co.
Years Ended Aug.31Income from sales of ore
after smelter charges
and expenses_.
-----Profit on liquidation of
securities
Unrefined gold produced
Int. discount & miscell.
receipts
Total income
Mining & milling exps
Marketing
Mines general
Exploration
Maint. of properties..
Insurance
General expenses
Taxes
Depreciation
Investigation & negotiations regarding other
properties
1935
1934
$234,441
1932
$193.013
194,100
1933
222,176
$5,896
$8,524
4,387
24,890
11,770
24.487
$432,928
332,310
11,479
9,974
80,232
$440,079
265,124
19,135
817.667
$33,011
102,065
34,562
Sees
26,792
x11,473
24,678
See x
31,116
x12,290
54,034
See x
25,025
x8.250
34.886
51,150
14.173
See x
47,956
x10,328
31,856
21.927
$356 loss$79,838 loss$188,419
Net prof. before deplet loss$69,230
x Includes insurance.
Comparative Balance Sheet Aug. 31
1934
Liabilities1935
Assets1934
1935
$2,841,000 $2,641,000
($2,443,577 Capital stock
Properties
Accts. payable and
Exp'diture on de29,244
90,168
accruals
velopment,con- $2,381,625
Accts. pay. In susstruet.& equip24,039
pense
ment (net)
533,231
l 9,628
Divs. unclaimed
Investment & adGeneral reserve500,000
vances to mining
160.510
229,740
68,898 Surplus
70.623
companies
Cash
98.070
44,470
41,066
Securities
40,425
Condit. pur. contracts, options &
agreements in escrow
54,348
54,348
Install, pay, on
condit. pur. con44,292
tracts
59,688
71,472
Development
81,007
Unrefined gold__ 58,293
Sundry deposits._
5,450
3,950
Int.receivable_
1.328
Due from smelters
35,992
19,696
Accounts and notes
3,449
receivable
3,505
Materials and supplies at mine_
45.418
58,740
Prepaid insurance_
1,281
1,087
Total
$2,854,794 $3,470,536
-V.139, p. 3819.
Total
$2,854,794 $3,470,536
-To Recapitalize and Pay Off
Valley Mould & Iron Corp.
Accruals
President William H. Ramage has issued the following statement regard-
ng the company's financial reorganization:
"The directors of Valley Mould & Iron Corp. are submitting at a special
meeting ofstockholders Jan.30 1936.a plan for refunding preferred accumulations and for rearranging capital structure. It is proposed to issue a prior
preference no par $5.50 stock to be exchanged for the present 7% preferred
in the ratio of 1.3 shares of new stock for one of the old and to pay a dividend of $3.85 per share of new stock as of March 1 1936, at which time
accumulations on the old would be $35 per share.
"By giving this new stock a stated value of $50, though callable at $110,
and by changing the common stock to a $1 par value, the corporation will
have a substantial capital surplus from which dividends on the new prior
preference stock may be declared. It is proposed also to call all outstanding bonds, amounting to $268,5C0 at the next interest date, May 1 1936.
Volume 141
4029
Financial Chronicle
and to make application to list both the new prior preference stock and
common stock on the New York Curb and Cleveland stock exchanges.
"When the program is completed and all present preferred exchanged for
the new preference stock, the corporation will have no outstanding bonds
or bank loans and no arrearage of dividends and if business remains on as
favorable a basis as it has been in 1935, the corporation will be able to
continue paying dividends on the new prior preference issue indefinitely."
-V.132, p. 4432.
Valve Bag Co.
-Preferred Dividend
The directors have declared a dividend of $1.50 per share on the 6%
cumulative preferred stock, par $100, payable Jan. 2 to holders of record
Dec. 20. Similar distributions have been made quarterly since and including April 1 1933, this latter payment being the first to be made on this
issue since April 1 1932 when a regular quarterly payment of $1.50 per share
was made.
Accruals after the payment of the Jan. 2 dividend will amount to $4.50
per share.
-V.141,p. 1786.
Dusen Harrington Co., Inc.
-Preferred bun: end The directors have declared a dividend of $1.75 per share on accofiht
of accumulations on the 7% cum. cony, preferred stock, par $100, payable
Jan. 2 to holders of record Dec. 20. .A similar payment was made on
Oct. 1 and July 1, last. A dividend of $3.50 per share was distributed on
April 1 1935. Accumulations after the payment of the Jan. 2 dividend will
remain at $3.50 per share.
-V. 141. p. 1952.
'" VIchek Tool Co.
--To Resume Common Dividends
The directors have declared a dividend of 10 cents per share on the
common stock, payable Dec.31 to holders of record Dec. 26. This payment
will mark the resumption of dividends on this issue as no distributions have
been made since Dec. 31 1930 when a dividend of 12% cents per share was
paid.
The company recently cleared up all accumulations on its preferred
stock. See also V. 141,p.3396.
Virginia Electric & Power Co.
(& Subs.)
-Earnings
-
-Votes $2 Div.'"Western Union Telegraph Co., Inc.
The directors on Dec. 17 declared a dividend of $2 per share on the
common stock, par $100, payable Jan. 15 to holders of record Dec. 27.
This will be the first dividend paid by the company since April 1932 when
a distribution of $1 per share was made. For detailed record of dividend
payments see Oct. 31 1935 issue of the Public Utility Compendium, page 12.
President R. B. White in commenting on the above dividend which is
payable out of surplus, said: "The surplus on Oct. 31 was $99,348,277.
and, in addition, the depreciation and development reserves totaled $41,148,806 as of that date. In the current year charges to operating expenses
for depreciation have been on the same basis as for the years 1932. 1933
-for landline plant an amount
and 1934, as stated in the annual reports
sufficient to meet the charges against the landllne reserve for property
ocean cables, as the cable reserve is considered
displaced and no charges for
-V.141, p. 3877.
more than adequate."
-Balance Sheet
Weston Electrical Instrument Corp.
Sept. 30!Including domestic subsidiary company]
1935
1934
1934
Assets1935
b Capital stock _ _ _$2,500,000 82,500.000
Land, buildings,
a
57.017
84.561
mach., fist., &c.$1,421,319 $1,465,446 Accounts payable.
20.970
32,445
2 Accrued accounts_
2
Patents & good-will
Fed.inc. tax addit.
208,916
196,270
Cash
for prior years &
Ctrs. of dep. and
4,000
8,294
accrued interest
275,250
accrued interest
14,384
27,530
Res. for Fed. tax_
Notes, tr. accepts.
129,898
127,504
257,973 Res. for contIng_
& accts. receiv_ 336.706
1,003,456 1.034,164 Res, for unrealized
Inventories
Inter-Co. prof. in
County &
Inventory of un326.835
17,552
securities
16,120
consol. Eng. sub
Inv. & accts. rec.,
744,090
166,266 Earned surplus__ 779,709
W.E.I. Co., Ltd 174,561
accts.
Sundry dep.
23,272
22,521
rec., invest., &c.
34,164
81,845
Deferred charges_
$3,576,163 $3,470,360
Total
$3.576.163 $3,470.360
Total
Period End. Oct. 311935-Mordh-1934
1935-12 Mos.-1934
a After depreciation. b Represented by 34,376 no par shares of class A
Gross earnings
$1,303,883 $1,285.099 $15,251,007 $15,053.815
in 1935 (34,800 in 1934) and 160,583 no par shares of common stock.
0 eration
585 205
504 592
5 000,540
5 964,
.
Earnings for the nine months ended Sept. JO were publishedV.
.
aintenance
87,786
81.136
996,526
1,6,714
00
.
Taxes a
77,612
161,542
1,819,590
1.731,762 ,...-__ 3553'
9
'
Inc. from other sources..
151,052
159.116
-Accumulated Dividend-- e_,.....
952 ----' Whittall Can Co., Ltd.
A dividend of 154% on account of accumulations has been derlara:d on
Balance
$402,227
$378,711 $6,479,464 $6,351,549
the 63i% cumul. pref.stock, par $100, payable in Canadian funds on Jan.2
Interest and amortization
1.859,063
1,899,144
to holders of record Dec. 16. Similar distributions have been made on this
Appropriations for retirement reserve
1.800,000
1.800.000
Issue quarterly since July! 1933. Following the Jan. 2 payment, arrearPreferred dividend requirements
1,171.632
1.171,592
-V. 141. .2132.
agtA on the pref. stock will amount to 11j%.
Balance for common dividends and surplus_ _ _ _ $1,648,768 $1.480,812
.nitial Pref.d11 /
Wieboldt Stores Inc.-Extra Common Divs
a The redemption of series A and series B bonds, which have been called
•
'
T e directors have declared an extra dividend of 25 cents per share in
h
for payment on Dec. 1 1935, will greatly reduce, if not eliminate, Federal
OW v
-6.
addition to the regular quarterly dividend of like amount on the common
Income taxes for the taxable year 1935. During the last three months of
par value, both payable Dec. 30 to holders of record Dec. 26.
stock, no
the year the company is reversing accruals of $200,000, of which $50,000
A dividend of $1 per share was paid on Dec. 22 1934, prior to which no '
has been applied to October.
-V. 141, p. 3552.
disbursements were made since Aug. 1 1930. when a regular quarterly
dividend of 40 cents per share was paid.
--VVabasso Cotton Co., Ltd.
-To Sell Bonds
The directors also declared an initial dividend 75 cents per share on
The company, it is announced, plans to offer a new issue of $3.000,000
the new 6% cumul. pref. stock, par $100, payable Jan. 1 to holders of
bonds, proceeds to be used to refund all present outstanding debt.
record Dec. 26. This dividend is subject to anticipated consumation of a
The initial offering of the new bonds will be made to present bondholders.
plan of reorganization before Dec. 26.
Unsubscribed bonds will later be offered to the public.
-V.139, p. 1256.
Sales for 3 and 9 Months Ended Oct. 26
1935-9 Mos.-1934
1935-3 Mos.-1934
Wehle Brewing Co.
-Stock Dividend
$4.674,061 $4,688,025 $13,791,690 $13,530,967
Net sales
The directors have declared a dividend of 25 cents per s are, TE1511Fin
-V. 141, p. 3878.
class B stock, on the $10 par common class A and B shares, on Jan. 2 to
holders of record Dec. 18. Scrip certificates for fractional shares will be
-Earnings
Williams Oil-O-Matic Heating Corp.
Issued. A cash dividend of 25 cents was paid on Jan. 1 1935, and 50 cents
1932
1933
1935
1934
Years End. Oct. 31was distributed on Nov. 1 1933, this latter payment being the initial cash
$2,059,734 $1,634.741 $1.554,267 $1,691,230
x Sales
distribution on the common stocks. A 5% stock dividend payable in class B
See x
See x
See x
Return,sales, allow.. &c. See x
stock was paid in 1934, and a stock dividend of 11% was paid on Aug. 22
1,068,619
930,302
1,237,759
1.001,962
Cost of sales
1933.-V. 141, p. 1953.
552,022
588.510
578,830
586.272
Selling expenses
West Indies Sugar Corp.(& Subs.)
-Earnings
Years Ended Sept. 30Raw sugar produced
Molasses produced
Interest received
Profit on stores & other miscellaneous income
Totalincome
Expenses of producing, maunfacturing, &c
Operating profit
Miscellaneous interest other than bond interest_ _ - _
Provision for depreciation,
Int. accr. on 1st mtge. (collateral) gold bonds 6%
cony, series, due 1947
Prov.for U. S. Govt.income tax
1935
1934
$5,747,621 $5,337,776
986,133
453,390
11,761
21,318
222,147
176,787
$6.967,662 $5,989,272
6,177,313
4,892,455
$790.350 $1,096,817
2,779
2,259
657,159
656,814
360.000
24,000
360,000
Net operating loss
$253.588 Prof$77,743
Consolidated Balance Sheet Sept. 30
1935
1934
1935
1934
Assets
Ltabt/tftesCash
855.149
446,086 Gen. accts. pay__ 187,069
254,784
U.S.Treas. notes
315,000 Ree've for accrued
Accts. receivable
wages,rents, &c. 124,594
133.592
(less reserve)._ - 120,090
105,273 Res. for 1st mtge.
Margin deposit on
bond interest_ _
131,000
360,000
future sales
25,000 Res.for U.S. Gov.
Sugar on band & in
& Cuba prof.tax.
49,000
liquioation
1,077,480 1.104,216 1st mtge.(coll.) 6s,
Molasses on hand_ 343,640
55,472
1947
6,000.000 6.000,000
Mat., suppl., &c
Res. for int, on 1st
In stores
831,672
829,801
mtge.6%
544,000
315,000
Accts. rec. from
Res. for Barahona
Colonos
99,365
147,132
Sug.Gorp.pt.div. 373.669
373.669
Admin. cane
3.214,951 3.233,585 lies, for coining
17,718
Investments
30,080
97,327 Res,for ship. expe.
x Prop., plant. &
on Corp. Exp.
equipment, 810_21,112,999 21.619.260
Nan de Ammar
Dep. in trust with
Sugars&for contrustee
47,920
123,718
tingencies
72.013
Deferred charges._ 575.833
577.404 Pref. stock Barsbona Sug.Corp. 4,000,000 4,000,000
Con. stk. (par $1) 822,944
822,944
Capital surplus,....16,971.877 16,971,877
Operating deficit
912.690
624,600
Total
28,309,181 28,679,279
Total.
28,309,181 28,679,279
x After reserve for depreciation of $9,412,330 in 1935 and $8.767,009
in 1934.-V. 139, p. 4139.
West Point Manufacturing Co.
-To Resume Corn. Div.-
The directors declared a dividend of $1 per share on the common stock.
payable Jan. 2 to holders of record Dec. 17. Similar payments were made
each three months from October 1933 to and including July 1 1935. the
Oct. 1 1935 dividend being omitted. In addition an extra dividend of
50 cents was paid on April 1 1935. and extra dividends of $1 per share were
distributed in each of the six preceding quarters.
-V. 141, p. 2132.
Western Grocers, Ltd.
-Special Meeting
Preferred and common shareholders have been notified that a special
general meeting has been called for Jan. 8 for the purpose of voting upon a
proposal submitted by the directors whereby the company will have the
right to purchase preferred stock of the company in the open mzrket at
a price not exceeding 110, and will also have the right to call the stock for
redemption in whole or in part at 110 and dividends on 30 days' notice.
All stock so acquired is to be canceled.
President W. P. Riley in a letter states that "it Is not anticipated that
the preference shares, or any of them, will be called for redemption forthwith."
-V. 141. P. 940.
Operating profit
Other income
$235,703
35,580
$53,949
23,604
$71,943
14,754
$34,101
27.309
Total income
Fed. inc. taxes accrued_
Other expenses
$271,283
22,051
35,288
$77,553
$86.697
2,873
37.111
$61,410
22,007
41.801
$19.609
$46,712
$55,546
Net profit
$213.943
x After returned sales, discounts and allowances.
Oct. 31
Comparative Balance Sheet
1934
1935
Ltabflffier1934
1935
Assets
Capital stock-$2,150.000 $2,150,000
y Permanent assets $725,363 $685,194
40,378
58,625
1
1 Accounts payablePatents
3.280
4,009
391,615 Dealers' deposits_
603.457
Cash
22,051
20,000 Fed. income taxes
125.000
Collateral loans
Payroll checks outCustomers accts.&
7,385
standing
notes receivable
17,035
17,528
167,352 Accruals
217,408
(less reserve)
10.000
772,308
767,535 Replace, exp. res.
Inventories
36,682
37.704
626,004 Other reserves _ _ _
356,796
Other assets
348.137
147,290
Earned surplus
Prepzid expense &
400,000
292,740
214.278 Paid-in surplus.- 400,000
supplies
55.512
59,436
Appraisal surplus_
83.093.073 82.871,979
Total
Total
$3,093.073 $2,871,979
x Represented by 430,000 shares of no par value at declared value of $5
per share. y After reserve for depreciation of $513,501 in 1935 and $513,641
In 1934.-V. 141. p. 3242.
-Stockholder Urges SEC Inguit y
Willys-Overland Co.
Protesting the proposed reorganization for the company, whereby the
common stock would practically be eliminated, Dr.Emanuel M.Josephson,
a common stockholder, has brought the question to the attention of the
Securities and Exchange Commission. According to Dr. Josephson. no
protective committee exists for the junior shareholders and he asserts that
the certificates of deposit issued in lieu of common stock when deposited
are "issued in the name of a non-existent committee."
Dr. Josephson asserts that the common stockholders are spread throughout the country in such a manner that it is extremely difficult for them
to be organized in sufficient numbers to warrant a protective committee.
Further, he said it was the understanding at the time the plan was issued
that the protective committee for the preferred stockholders would represent
all holders, including the common.
The preferred stockholders committee consists of W. B. Stratton, H. L.
Leonard, J. E. Parsons, C. 0. Miniger and Ward M. Canaday. The
common stockholders deposited their holdings with the understanding that
these men would act in their interests, Dr. Josephson said.
Dr. Josephson stated that he had written to each member of the committee and to the counsel for the group, asking if they represented the
common stockholders
In reply, he was told that the members of the
preferred stock committee had not heard of a committee for the Junior
-V. 141
stock-and that they did not represent the common stockholders.
p. 3878.
*----Windsor Hotel, Ltd.
-Protective Committeis--c'''''A-t-e.
Protective committees have been organized for the(holders of the'lst
llows:
mtge. bonds and of the 2d (refunding) mtge. bonds
First Mortgage Bondholders' Protective Co
: Chairman, Jacob
Nicol. K.C.: William Copeland Finley: Dr. C. W. Colby; J. E. Fortin.
Sec.-Treas. Dominion Mortgage & my. Assn.; Rene Morin; counsel, Hon.
J. L. Ralston. K.C.; Secretary, F. K. Doody.
Second Mortgage Bondholders' Protective Committee: Chairman, A. S.
McNichols; J. E. Fortin; J. E. McConnell: J. Albert Blondeau; Frank C.
Baker; counsel, W. H. Howard, K.C.; Secretary, Oswald Brand.
Members of these committees hold or represent substantial amounts of
bonds of these two issues, respectively. Interest payable on July 1 1935,
on the 1st mtge. bonds and also that payable on June 1 1935, and on Dec. 1
1935, on the 2d mtge. bonds has not been paid and it seems probable that
the company will not be in a position to pay the interest on the 1st mtge.
-V. 141. p. 129, 454.
bonds which falls due on Jan. 1 next.
Financial Chronicle
4030
Dec. 21 1935
L
The Commercial Markets and Lite
crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
PETROLEUM-RUBBER-HIDES METALS DRY GOODS
COMMERCIAL EPITOME
Friday Night, Dec. 20 1935.
Coffee-On the 14th inst. futures closed 1 to 3 points
lower for Rio contracts, while Santos contracts were unchanged. Sales were only 20 lots of both contracts. There
were no notices against December and no sales. Rio term
prices were steadier and 75 reis higher. At 17.95 milreis to
the dollar, the open dollar rate was unchanged.
On the 16th inst. Santos futures closed 5 to 6 points higher,
with sales of 6,500 bags. Rio contracts closed 4 to 10
points higher, with sales of 5,000 bags. Rio de Janeiro
futures were 50 to 100 reis higher and the official spot price
of No. 7 Rio was advanced 200 reis. The open market
exchange rate was unchanged at 17.95 milreis to the dollar.
On the 17th inst. futures closed with Santos contracts
1 lower to 3 higher, with sales of 2,750 bags. Rio contracts
closed 1 higher to 1 lower, with transactions of 4,000 bags.
An advance of 125 reis in Rio de Janeiro futures was partially
offset by a drop of 70 reis in the open market exchange rate,
which moved to 18.02 milreis to the dollar, the lowest since
Nov. 13.
On the 18th inst. futures were more active, but eased off
and (closed 2 to 7 lower for Santos contracts and 2 to 4 lower
for Rio contracts. Transactions in both totaled 23,250 bags.
Rio de Janeiro futures were 25 to 100 reis lower, and the
open-market exchange rate moved off 80 reis to 18.1 milreis
to the dollar. Cost and freight offers from Brazil were
unchanged to 5 points lower. An issuance of five Santos and
one Rio transferable notices against December resulted in
further liquidation and switching from this motnh in the
local market. On the 19th inst. futures closed 5 to 7 higher,
with December the outstanding exception, this month closing
14 higher. Sales were 16,000 bags. This refers to Santos
contracts. Rio contracts closed 1 lower to 3 higher, with
transactions of 12,500 bags. Rio de Janeiro futures were 75
to 150 reis lower, but the open-market exchange rate was
80 reis improved at 18.02 milreis to the dollar. Cost and
freight offers from Th•azil were unchanged to 5 higher, with
Santos Bourbon 4s at from 7.85 to 8.00c. To-day futures
closed 4 to 7 points lower for Rios and 1 to 2lower for Santos
contracts. Five Rio and one Santos notices were issued
and were immediately stopped. Rio de Janeiro futures were
unchanged at 25 reis higher, while the open-market exchange
rate remained at 18.02.
Rio coffee prices closed as follows:
March
May
July
4.70 September
4.84 December
4.96
5.02
4.59
Santos coffee prices closed as follows:
March
May
July
7.90 September
7.94 December
7.98
8.0.3
7 76
Cocoa-On the 14th inst. futures closed 1 point up
throughout the list, with sales of 43 lots or 576 tons. A
substantial portion of the buying came from manufacturing
interests, and with offerings light, the comparatively moderate buying gave the market a decidedly firm undertone.
Closing: Jan., 4.87; Mar., 4.96; May, 5.04; July, 5.13;
Sept., 5.21; Oct., 5.25; Nov., 5.32.
On the 16th inst. futures closed unchanged to 1 noint
higher. Wall Street buying was again in evidence. Mpnufacturers were also buyers but not enough to make a marked
impression on prices. Transactions amounted to 98 lots,
or 1,313 tons. Closing: Jan., 4.88; Mar., 4.97; May, 5.05;
Oct., 5.26.
On the 17th inst. futures declined 3 to 7 points with
transactions totalling 65 lots, or 871 tons. This sliding off
of prices was rather a surprise in view of the fact that actual
or spot coffee is holding firm, especially the African Gold
Coast, which has touched new high levels. The main
contributing cause of to-day's decline was said to be liquidation of a long account by a large house. The futures market
still rules far below the price for actual cocoa. Closing:
Dec., 4.83; Mar., 4.90; May,4.98; July, 5.06; Sept., 5.15.
On the 18th inst. futures closed 3 points lower. The
report was current that Germany had purchased more than
60,000 bags of Brazilian cocoa on the barter basis, which
consists of payments in "frozen" marks, that must be spent
for German products. The price was said to be 5.25 cents a
pound, which is considerably above New York prices. The
news had no effect on the local market, which was comparatively quiet with a turnover of only 38 lots, or 509 tons.
Closing; Jan., 4.78; Mar., 4.87; May, 4.95; July, 5.03;
Sept., 5.12. On the 19th inst. futures closed 2 to 3 points
up, with transactions of 31 lots, or 415 tons. There was
no feature to the trading or news. Closing; Jan., 4.80;
Mar., 4.90, and May, 4.98. To-day prices closed 2 points
off, with trading very quiet. Warehouse stocks decreased
1,500 bags. Closing, Jan., 4.78; Mar., 4.88, and July, 50.4.
Sugar
-On the 14th inst. futures closed 2 to 3 points
lower with sales of 104 lots, or 5,200 tons. As in other
commodity markets, nervousness prevails over the pending
Supreme Court decision on Agricultural Adjustment Act.
On the 16th inst. futures opened 1 to 2 points lower
and closed 1 lower, with sales of 2,400 tons. There
was no special feature to the news or the trading. Seven
transferable notices were issued against December. In the
raw market 2,000 tons of Louisiana were reported sold at
American and Godchauz at 3.05 cents, unchanged. On
the 17th inst. futures closed unchanged to 2 points lower,
with sales of 3,550 tons. Transferable notices were again
issued against December spot, to the amount of five, bringing the total so far to 50. No sales of raw sugars were
reported. There was nothing noteworthy in the news or
trading. As in other commodity markets, there's a disposition on the part of the trade to await the pending decision
by the Supreme Court on the AAA.
On the 18th inst. futures closed unchanged, after one of
the dullest sessions in some time. Transactions totaled 450
tons. The unusual quiet of the market reflected the raw
market and the many uncertainties that are hanging over
the commodity markets to-day, especially the Supreme
Court's decision on the AAA. The decision is expected
Jan. 6, and until then nothing unusual is looked for in the
way of trading. On the 19th inst. futures closed 1 to 2
points higher, except for spot Dec., which was nominally
unchanged at 2.14c. Transactions were 1,350 tons. The
London market was unchanged to Me. higher. Raws were
higher with offers at 5s. 1Md., or about .96e. f.o.b. Cuba.
Refined was marked up 1Md., and offers of raws for Jan.
shipment were said to range from 5s. 230. to 21
4d. To-day
futures closed virtually unchanged with the exception of
Dec., which was up 11 points. Trading was quiet. The
raw sugar market remained deadlocked. The London sugar
market continued to advance, gaining
Raws
to
were unchanged at 0.95 of a cent f.o.b. Cuba.
Prices were as follows:
December
July
March
2.25 September
2.15 January
2.08 May
2.20
2.08
2.12
Lard-On the 14th inst.futures closed 2 to 10 points lower.
It only took a moderate amount of selling on the part of
warehouse interests to bring about this decline. There
was nothing in the news to induce substantial support.
Cash trade for both lard and meats has slackened sharply
the past week, and stocks of lard are accumulating as a result
of heavier hog receipts during the past month. Hog prices
at Chicago closed most 10e. lower, the top price was $9.65,
and the bulk of sales ranged from $9.50 to $9.60. On the
16th inst. futures showed further weakness and closed at
12 to 22 points decline, with distant July off 7 points. Lard
stocks at Chicago showed an increase of 3,519,910 pounds.
Total hog receipts at the principal markets were 85,000
against 90,000 for the same day last year. On the 17th
inst. futures closed 10 to 22 points lower on nearby months
and only 3 points lower on distant July. There was further
liquidation prompted by weakness in hogs. The slow cash
demand for both lard and meats, and the constant accumulation of stocks of lard following the increased marketing of
hogs, are factors playing no little part in the sustained weakness of lard. Closing hog prices were mostly 15 to 200.
lower at Chicago, the top price registering $9.20 to $9.45.
Total receipts for the principal Western markets were
74,000 against 108,400 the same day last year.
On the 18th inst. futures closed unchanged to 2 Points
higher, with the exception of May, which was up 10 points.
The first deliveries of Dec. lard had a depressing effect on
prices and influenced considerable liquidation. There was
considerable switching from this month to the deferred
deliveries. Later in the day on rather favorable news concerning the grain and hog markets, prices improved. Hog
prices closed Sc. to 15e. higher at Chicago, owing to the
lighter hog receipts at Western markets than had been
expected. The top price was at $9.60, and most of the
sales ranged from $9.30 to $9.50. Total receipts for the
Western run were 60,000, against 92,500 for the same day
last year. On the 19th inst. futures closed unchanged for
Dec. and 7 to 10 points higher on the deferred months.
Liquidation in Dec. was a feature, with considerable switching to the distant deliveries. The strength in hogs had a
favorable influence. Hog prices advanced Sc. to 15e. at
Chicago, due to much lighter receipts at Western markets
than expected. The top price was $9.70, and the bulk
of sales ranged from $9.40 to $9.65. Total receipts for the
Volum* 141
Financial Chronicle
Western run were 50,000, against 85,000 for the same day
last year. To-day futures closed 5 points higher on Dec.,
but 4 points off on other months.
DAILY CLOSING PRICES OF LARD FUTURES IN
Wed.
Man. Tues.
Sat.
11.80
12.02 11.80
12.25
11.75 11.77
11.95
12.15
11.85
11.75
11.90
12.05
11.87
11.97 12.02 11.87
December
January
May
July
CHICAGO
Thurs. Fri.
11.80 11.85
11.80
11.85
11.90
11.95
11.97 11.92
4031
11.39; Mar., 11.60; June, 12.00; Sept., 12.34; Dec. (1936),
12.64.
On the 18th inst. futures closed 3 to 11 points lower.
Transactions totaled 160,000 pounds. Light native cows
in domestic spot markets sold at 113, cents, reflecting a decline of %-cent against the last sales. Total sales of various
grades of cow and steer hides aggregated 45,950 hides.
Heavy native steers sold at 15 cents in the New York market. In the Argentine market 1,250 frigorifieo light steers
sold at 113/2 cents. Closing: Dec., 11.35; Mar., 11.59; June,
11.91; Sept., 12.23; Dec. (1936), 12.53. On the 19th inst.
futures closed 3 to 4 points higher, with transactions of 280,
000 pounds. In the domestic spot markets 27,200 hides
were reported sold at unchanged prices. In Argentine
15,000 hides sold at a fractional advance for frigorifico
steers. Closing: Dec., 11.38; Mar., 11.63; June, 11.95;
Sept., 12.31; Dec. (1936), 12.57. To-day futures closed
9 to 11 points up, with sales of 36 contracts. Deliveries on
December contracts totaled 80,000 pounds, making the total
so far this month 7,280,000 pounds. Closing: June, 12.06;
Mar., 11.72.
Ocean Freights were a little more active.
Pork easier; mess, $37.37 per barrel; family, $37.37,
nominal, per barrel; fat backs, $30.37 to $38.37 per barrel.
Beef firm; mess, nominal; packer, nominal;family, $23.50 to
$24.50 per barrel, nominal; extra India mess, nominal.
Cut meats steadier; pickled hams, picnics, loose, c.a.f., 4 to
6 lbs., 173O.; 6 to 8 lbs., 16%c.; 8 to 10 lbs., 16c; skinned
loose, c.a.f., 14 to 16 lbs., 228 ;18 to 20 lbs., 20e.; 22 to 24
%
lbs. 17%c.; bellies, clear, f.o.b. New York (dry cured), 6 to
243c.;8 to 10 lb., 24c.; 10 to 12 lbs., 24e.; bellies,
'
8 lbs.,
clear, dry salted, boxed, N. Y., 14 to 20 lbs., 203'2e.; 20 to
30 lbs., 20%c. Butter, creamery,firsts to higher than extra
and premium marks, 323/i to 353. Cheese, State, whole
milk, held, 1934 specials, 22 to 230.; held, 1935, fancy, 20 to
Eggs, mixed colors, checks to special packs,20 to 30c.
20
Charters included-Grain booked 44 loads, Philadelphia and Baltimore
Oils-Linseed was firmer but demand does not improve
-Jan.,to Antwerp.RotterDec.
much if any. Generally 9.4c. was asked but this price could to Rotterdam.9c.:Antwerp at 10c.: Albany,at 9c. Trips-fix two to four
dam. 2s.; 20 loads to Antwerp-Rotterdam
months' period, prompt, 75c.; Coal-Jan., Baltimore loading to Buenos
be shaded it was intimated on a firm bid. Quotations:
United Kingdom
Aires
China wood, tanks, Dec., 143o.; Jan., 14c.; Feb., 1354c.; 14s. about 10s. Scrap iron-North Atlantic range to
Mar., forward, 12.7c.; drums, spot, 153'c.; Cocoanut,
-The approach of the year end has reduced demand
Coal
Manila tanks, Jan.
2
-June, 41/ coast, Dec., 4%c.; Corn,
0.;
household trade has slackened
crude, tanks, Western mills, 10%c.; Olive, denatured, spot, from large consumers, and
minings over 1934 has
Spanish, 78 to 80c.; shipment, 75c. Soya bean, tanks, materially. The gain of bituminous tons,.
been increased to almost 7,000,000
Western, Nov.
-Dec.,8 to 8lic.; C. L. drums,9.6c.; L. C. L.,
Copper showed no marked features the past week, al10e. Edible, 76 degrees, 10%c. Lard, prime, 143/20.; extra
strained winter, 13%e. Cod, Newfoundland, nominal; though sales in the domestic market keep up with conNorwegian yellow, 38%c. Turpentine, 48 to 52e. Rosins, siderable steadiness. The total placed for the month to date
was a little over 28,836 tons. American production of cop$5.25 to $6.95c.
over a year ago. Current
Oil sales, including switches, 60 contracts. per has increased considerably
Cottonseed
production in Arizona is about 32,000,000 pounds per
S. E., 93c. Prices closed as follows:
Crude,
month, or double the production of last year at this time.
December
10.65 10.70 April
10.51110.55
Angcondas mines in Montana are turning out at the rate of
May
January
10.51
10.52
10.48 10.60 June
February
10.5316:86
50% of capacity. The market for futures showed a sagging
March
10.52
July
10.52
tendency most of the week, though experiencing no marked
Petroleum-The summary and tables of prices formerly declines.
appearing here regarding petroleum will be found on an
Tin the past week has been generally inactive, with prices
earlier page in our department of "Business Indications,"
very irregular and fluctuating within a narrow range. Tin
in the article entitled "Petroleum and Its Products."
afloat in the United States is 7,490 tons. Tin arrivals so
Rubber
-On the 14th inst. futures closed 7 to 12 points far this month have been: Atlantic ports, 3,001 tons; Pacific
higher on sales of 660 tons. Spot ribbed smoked sheets in ports, 45 tons.
New York advanced to 13.13 as against 13.00 on Friday.
Lead-The price situation is very firm at 4.50c. to 4.55c.
London rubber market closed steady with prices showing
East St. Louis.
gains of 1-16 to %id. Singapore closed quiet with prices per pound, New York,and 4.35c. per pound, January metal
the needs of
unchanged. Closing: Mar., 13.40; May, 13.54; July, 13.66; It is figured that about 60% ofthough sales would not show
are under contract. It looks as
Aug., 13.72; Sept., 13.80; Oct., 13.87; Nov., 13.94.
tons placed
On the 16th inst. futures closed 5 to 8 points lower, with very much falling off from the total of 8,000
sales of 860 tons. Spot ribbed smoked sheets in New York last week.
declined to 13.06 as against 13.13 on Saturday. During the
-Very little change appears in the zinc situation.
Zinc
day 10 tons were tendered for delivery against December The decline in prices on the London Metal Exchange, and
contract. London and Singapore closed about steady, with the possibility that further declines would bring prices below
the former showing declines of 1-16 to WI., while the latter our parity, made the trade here a little apprehensive in that
was up slightly. Closing: Dec., 13.09; Jan. 13.15; Mar., the price situation might encourage shipments of foreign
13.29; May, 13.46; July, 13.60; Sept., 13.74; Oct., 13.80.
'
zinc, particularly Canadian. There is very little in the
On the 17th inst. futures closed 3 to 7 points higher, with situation generally to warrant the expectation of an advance
sales of 900 tons. Spot ribbed smoked sheets in New York in the price of zinc.
advanced to 13.12 as against 13.06 on Monday. During
-There was virtually little change in steel production
Steel
the day 10 tons were tendered against December contracts.
the past week. Operations receded % point to 553/2% of
London and Singapore closed dull with prices a shade below
56% the previous week. This slight
previous close. Closing: Jan., 13.18; Mar., 13.37; May, capacity, as against
change is regarded seasonal. Another decline is looked for
13.50, and July, 13.66.
high
year-end adjustments. But.
On the 18th inst. futures closed 6 to 9 points higher, the coming week, due to
promise is held for the early new year. With the highly
with sales of 1,810 tons. Spot ribbed smoked sheets in New
industry, the broadening
York advanced to 13.18 as against 13.12 on Tuesday.During active state of the automobile private shipping interests,
demand from railroad sources and
the day 10 tons were tendered for delivery against December
increasing demand from general construccontracts. London and Singapore closed steady and dull together with thewould seem that the demand for iron and
tion projects-it
respectively with prices showing little change. Closing:
way after the turn of
Dec., 13.20; Jan., 13.26; Mar., 14.43; May, 13.59; July, steel is bound to broaden in a large that the railroads will
the year. Indications are stronger
13.73; Sept., 13.87. On the 19th inst. futures closed unof steel on an increasing scale.
changed to 2 points higher with sales of 2,270 tons. Spot very likely be heavy buyers Pacific Coast is said to be the
The demand for steel on the
ribbed smoked sheets in New York advanced to 13.25 as
news is further added
against 13.18 on Wednesday. London and Singapore closed largest on record, and this encouraging tons for a passenger
to by the report of an inquiry for 8,000
steady and dull respectively, with the former ranging untons for an automobile
changed to 1-16d. higher, while the latter remained prac- station at Los Angeles and 4,000
assembly plant in the same city. Over 100,000 tons of steel
tically unchanged. Closing: Jan., 13.27; Mar., 13.45; May.
freight cars which will be
13.60; July, 13.74; Sept., 13.87. To-day futures closed will be required for the 10,000 New inquiries for fabricated
built for the Pennsylvania RR.
2 to 6 points lower in a quiet market. Sales were 95 conaccumulated during the past
tracts. London and Singapore were quiet and unchanged. structural steel which have
for steel plates have
Stocks in the United Kingdom were reported to have in- week, involve 17,000 tons. Prospects few weeks. The
the past
creased 1,250 tons. December closed at 13.160.; Jan. at especially improved during & Drydock Co. will soon be
13.22e.; Mar. at 13.41c.• May at 13.580.; July at 13.71c.; Newport News Shipbuilding
buying 15,000 tons of steel, mostly plates,for the construction
'
Sept. at 13.83c., and Oct. at 13.92o.
of the new ship for the United States Lines.
-On the 14th inst. futures closed 3 points lower to
Hides
Pig Iron-Foundry operations in the East range from
unchanged, after a very quiet session. There was nothing
the news, foreign or domestic. Closing: 40 to 45% of capacity, but are expected to expand soon after
of importance in
active for
Dec., 11.37; Mar., 11.67; June, 11.97; Sept. 12.29; Dec. the turn of the year. Cast iron pipe is unusually
which
(1936), 12.59. On the 16th inst. futures dosed 1 point this time of year, largely because of PWA activities,
lower to 3 points higher. Sales totaled 1,080,000 pounds. affords a good outlet for pig iron.
-New business in wool goods has slackened off
Wool
Closing: Dec., 11.36; Mar., 11.66; June, 12.00; Sept., 12.32,
and Dec.(1936), 12.62. On the 17th inst. futures closed un- somewhat as inventory taking is near at hand and the
changed to 2 points higher, with transactions totaling usual lull in demand for late December has made itself
1,360,000 pounds. Trading was quiet and without feature. felt, according to the New York Wool Top Exchange
No sales of spot hides were reported either in the domestic Service. Scattering new orders for spring lines have apmarket or the Argentine during the day. Closing: Dec., peared, as well as some duplicate orders on goods still coming
Financial Chronicle
4032
off the looms, but the total of these has been small. Unfilled
orders on the books remain of record-breaking proportions,
merchants estimating the amount to be at 45,000,000 linear
yards. The approach of the end of the year is revealing
a strong position for the mills as to stocks as well as unfilled
orders. Mill activity continues at a high pace with no sign
of a let-up at present either in weaving or spinning mills.
Manufacturers continue to express confidence that business
will be sustained.
Silk
-On the 16th inst. futures closed 1 to 3 points lower.
Sales were comparatively heavy, totaling 2,360 bales.
Cracked doubled extra declined 6. to $1.94. Closing: Dec,
1.87; Jan., 1.86; Feb., 1.85; April, 1.843'; May, 1.843/2;
June, 1.843'; July, 1.843/2. On the 17th inst. futures
closed lc. lower to lo. higher. The market was quite active
with sales totaling 2,530 bales. Crack double extra in the
spot market remained unchanged at $1.94. Closing: Dec.,
1.88; Jan., 1.86; Feb., 1.86; Mar., 1.85; April, 1.84; May
1.833/2; June, 1.833/2; July, 1.833/2.
On the 18th inst. prices closed unchanged to 3 cents lower,
with zansactions of 1,190 bales. Crack doubled extra in
the spot market declined % cent to 1.933/2. Closing:
Dec., 1.88; Jan., 1.83; Feb., 1.83; Mar., 1.83; April, 1.823/2;
May, 1.83; June, 1.823/2; July, 1.82. On the 19th inst.
futures closed 2 to 23/i cents higher, with the exception of
Dec., which was a cent lower. Sales totaled 1,020 bales.
Crack double extra in the spot market declined 2 cents to
Closing: Dec., 1.873'; Jan., 1.85; Feb., 1.85;
$1.91
Mar., 1.85; April, 1.85; May, 1.85; June, 1.85; July, 1.84.
To-day futures closed % to 23/s up. Transactions were
approximately 190 bales. The New York spot market advanced 13/i cents for crack double extra silk to $1.93.
Prices on the Yokohama Bourse advanced 10 to 16 points,
while grade D in the outside market was quoted at 855 yen,
up 123/2. Closing: Dec., 1.893'; Feb., 1.873/2; April,
;
1.8632 May, 1.853/2; June, 1.863.; July, 1.863/2.
COTTON
Friday Night, Dec. 20 1935.
The Movement of the Crop, as indicated by our telegrams from the South to-night,is given below. For the week
ending this evening the total receipts have reached 188,143
bales, against 177,455 bales last week and 258,950 bales the
previous week, making the total receipts since Aug. 1 1935,
5,087,812 bales, against 3,103,271 bales for the same period
of 1934, showing an increase since Aug. 1 1935 of 1,984,541
bales.
Receipts at-
Sat.
Mon.
Tues,
Wed. Thurs.
Galveston
12,291 20,581 9,996
Texas City
Houston
8.023 9,209 15.165
Corpus Christi
45
316
111
New Orleans_ _ _ _ 7,345 2,794 11,295
Mobile
549 1.495 2,219
Pensacola
Savannah
241
710
539
Charleston
177
204
340
Lake Charles_ _ _ _
____
------_
Wilmington
107
4
126
Norfolk
174
424
175
Baltimore
3,385
6.529
5,578 4,269
585
102
3,745 26,765
3,433
691
351
19
-___
90
98
286
388
-___
16
217
Fri.
Total
5,892 58,674
1.455 1,455
13.380 55,624
44 1,203
2,219 54,163
316 8,703
50
691 2,818
1,314 2,442
353
353
22
365
227 1,315
978
978
The exports for the week ending this evening reach a total
of 287,130 bales, of which 78,999 were to Great Britain,
41,513 to France, 41,060 to Germany, 17,466 to Italy,
67,791 to Japan, 1,850 to China and 38,451 to other destinations. In the corresponding week last year total exports
were 146,525 bales. For the season to date aggregate exports have been 3,151,529 bales, against 2,296,576 bales in
the same period of the previous season. Below are the exports for the week:
Week Ending
Dec. 20 1935
Exports from-
1935
Receipts to
Dec. 20
1934
Stock
This Since Aug I This Since Aug
Week
1 1935
Week
1 1934
Galveston
58,674 1,202,324 26,562 699,302
Texas City
1,455
42.628
695
57,762
Houston
55,624 1.271.172 18,023 880.139
Corpus Christi-- - 1,203 254,031
570 263,729
Beaumont
31,162
48
4,467
New Orleans-__ - 54,163 1,262,081 41,655 693,264
Gulfport
Mobile
8,703 316,198 4,239 105,211
Pensacola
50 125,715 2,344
82,557
Jacksonville
3.531
86
6,157
Savannah
2,818 278.127 1,777
98,568
Brunswick
459
2.442 190.325 4,810 110,344
Charleston
Lake Charles_ _ _ _
353
54,760
728
52,743
Wilmington
365
16,288
850
12,454
27,600 1,525
Norfolk
1,315
38,062
N'port News, &c.
New York
Boston
Baltimore
11,870 1,117
978
18,053
--- _
Philadelphia
---Totals
1935
1934
816,373 621,715
18,407
31.715
707,282 1,045,742
57,394
79,288
24,890
2,729
643,239 748,228
159,183
21,606
4,347
201,177
105,662
16,111
4,283
125,849
46,819
27,975
22.239
34,025
67,193
38,653
24,962
29,159
4.845
157
1.625
40,182
5,680
2,585
188,143 5,087,812 105,029 3.103.271 2.791.583 2.989.736
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1935
1934
1933
1932
1931
1930
Galveston.....
Houston
New Orleans.
Mobile
Savannah - __ _
Brunswick_
Charleston.. _ _
Wilmington_ _
Norfolk
NewportNews
All others--_
58,674
55,624
54,163
8,703
2,818
26.562
18,023
41,655
4,239
1,777
65,694
55,359
23.071
6,510
1,807
67,557
45.020
44,845
12,151
5,008
30,707
54,327
42,021
11.663
12,118
2,442
365
1,315
4,810
850
1,525
1,338
572
814
40,311
48,128
49.141
8,718
2,881
293
2,090
1,528
1,385
1,147
1,192
1,294
1,746
590
2,679
4,039
5,588
10,635
7,695
13,423
5,532
Total this wk_
188,143
105,029
165,800
162,170
191,637
Receipts at-
161,383
Moro Auct, 1_ _ 5(017.312 3.103.271 5.236.002 5.568.605 5.962.029 R RRR mei
Exported to
Great
GerBritain France many
Italy
Japan China
Other
Total
Galveston
24,925 9,887 8,884 7,034 35,709 1,850 9,138 97,427
-___ 6,794 34,927
Houston
200 10,385 2,597 14,951
Corpus Christi
6,360 --------488 ------------6,848
Texas City
____ 1,737 --------2,207
470
New Orleans
____ 5,688 8,310
____ 9,807 69,023
25,742 19,476
Lake Charles-- _
618 ------------933 2,270
---719
Mobile
455
____ 5,848 39,732
15,617 11,231 4,922 1,659
31
Jacksonville..
Savannah
4,760 ------------100 4,860
Charleston
___ 9,690 ------------5,106 21,025
6,229
____
____ 781
Norfolk
____
____
781
Los Angeles_ _ _ _
-___
725 7,999
95
____
550
____ 6,629
78,999 41,513 41,060 17,466 67,791
1,850 38,451 287,130
Total 1934_
26,120 12,728 7,612 12,172 63,106
Total 1933._ 28.568 14.560 25.347 18.579 44.614
5,100 19,687 146,525
9.266 21.281 162,215
Total
From
Aug. 1 1935 to
Dec. 20 1935 Great
Get
Exportsfrom
- Britain France' many
Exported to
Italy
Japan
Galveston
81,467 80,001 80,843
Houston
131,902 83,629 106,860
Corpus Christi_ 52,283 50,393 26,883
Texas City
470
Beaumont ___ s;i55 686
New Orleans_ _ 136,056 168,137 90;847
Lake Charles
3,600 7,389 4,911
Mobile
74,559 18,944 31,209
Jacksonville
308
1,368
Pensacola, &c_ 61,605 1,408 29,056
Savannah
31,66
80,448
22,266
Charleston_
131,046
2,102
Wilmington_ _ _
Norfolk
"itia 773 3,243
Gulfport
430
731
New York_
13
79
492
Boston
.55
758
Philadelphia
49
Los Angeles
.
6,463 2 53 5,7
San Francisco..
80
130
Seattle
38,740
59,282
16,315
745
150
53,697
2,782
14,963
206,737 3,996 121,012 612,796
232,701 8,043 161,712 784,129
400 42,086 247,445
59,085
2,952
1,737
314 7.040
140,914 6,175 121,822 717,648
11,716 30,398
29,322 __- 16,944 185,941
1,726
50
1,291 111,384
16;oii
5,668 127,927
8,800
6,694 160,006
2,102
562 6,049
1,161
1,658 4,547
1,872 3,405
1,215
875
2,355 115,876
98,13152
1,045 27,732
26,477
50
50
730
Total
2;6'0E0
1,351
---688
f.iio
214
China
Other I Total
769,630414,330 437,715193.117 820,399 18,614 497,724 3151,529
Total 1934..358,976210,392 218,124 211,730 889,239 552,015 356,100 2296,576
Total 1933._ 697 422497 323 769 976368 684 945,258 125,067 513,109 3916,839
NOTE-Exports to Canada--1t has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtua y
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we vvIll
say that for the month of October the exports to the Dominion the present season
have been 20,103 bales. In the corresponding month of the preceding season the
exports were 18,602 bales. For the three months ended Oct. 31 1935 there were
44,400 bales exported, as against 47,753 bales for the three months of 1934.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Dec. 20 at
-
Great
Britain France
Totals this week_ 29.414 34.991 40,250 17.284 39.313 26.891 188,143
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
Dec. 21 1935
Galveston
Houston
New Orleans
Savannah
Charleston __ _
Mobile
Norfolk
Other ports_ _ _
8,900 13,300
9,121 9.959
1,556 18,391
1,000
.
046O
-486
GerOther Coastmany Foreign wise
7.600 43.000
8.278 51,578
4,546 17.277
-
248O
-
Total 1935- 24,043 42,136 20,424 114,113
Total 1934
5,975 8,570 5,850 68.064
Total 1933
29,186 11.171 12.608109.384
Leaving
Stock
Total
2,500 75,300
617 79.553
41,770
1,000
94
--ei
6,210
741,073
627.729
601,469
200,177
46,725
152,973
34,025
183,485
3,211 203,9272,587,656
1,134 89.5932,900,143
5.400 167,749 3,873,446
Speculation in cotton for future delivery was very light,
and no real activity here or abroad is looked for until the
political and legislative uncertainties are cleared up.
On the 14th inst. prices closed with a net loss of 13 to 16
points, which proved to be the low of the day. The action
of the market was disappointing in view of the previous day's
marked strength following heavy and sustained liquidation,
which left the market strong from a technical standpoint.
However, there appeared no disposition on the part,of traders
to follow up the substantial gains of Friday, and when real
pressure came in the way of selling from the South and local
professionals, prices eased off rapidly and closed at the low
levels of the day. Spot cotton eased off 10 points further.
Uncertainty and fear regarding the government's policy,
especially as concerns its spot holdings-and the decision
the Supreme Court will hand down shortly on matters vital
to cotton-are factors causing traders generally to be extremely cautious in their commitment. On the 16th inst.
prices closed 18 to 21 points net lower. The list at one time
showed an extreme decline of 22 to 25 points. Spot cotton
here fell 25 pooints to 11.65c., and in the South it dropped 21
points to 11.40c. There was heavy liquidation at the opening following weak Liverpool cables, which showed prices
there 8 to 15 points lower than due. This pressure was increased by fresh selling from the South, spot houses and
Liverpool. Many stop loss orders were uncovered, and this
accelerated the decline. There was good buying on the scale
down, but not in sufficient quantity to bring about a worthwhile rally, prices closing near the extremes of the day.
Many reasons were given for this fresh wave of selling. The
Financial Chronicle
Volume 141
highly disturbed state of the silver markets, the attitude of
the government regarding its extensive holdings of cotton
which are an ever-present threat to the markets-and the
Supreme Court decision, which could have a very drastic
effect on cotton. On the 17th inst. futures had a sharp
rally, advancing 6 to 17 points on comparatively moderate
buying. At one time the list showed a gain of 13 to 17 points.
Spots rose 15 points here,and 11 points in the South. Speculative sentiment was reported favorable to the market in
view of the apparent strong technical position following
recent heavy liquidation. But traders and professionals
generally are not inclined to commit themselves heavily in
view of the prevailing uncertainties. The recent heavy
exports continue to attract attention. The total reported
for the day was 86,613 bales against 21,937 bales last year,
and brought the seaon's total to 3,139,644 bales against
2,272,986 a year ago. This should speak volumes for the
expanding demand. Domestic mills have consumed cotton
at a high rate so far this year, and it is believed that as soon
as the atmosphere is cleared of government uncertainties,
the present rate of consumption will be more than sustained.
On the 18th inst. prices closed 6 points lower to 1 point
higher, after a very dull session. Liverpool cables reflected
dulness abroad, with prices very little changed. No real
activity here or abroad is expected until the political and
legislative uncertainties are cleared up. The export situation continues to improve, with shipments running considerably ahead of a year ago. Average price of middling in
the South was 11.46 as against 11.51 the previous day.
On the 19th inst. prices closed 1 point lower to 7 points
higher. Trading was moderate and mostly of a professional
character. The waiting attitude of traders generally is still
In evidence. This cautious feeling is prompted by the unusual political situation abroad, where things of a most
drastic nature could happen over night. Also, the approaching Supreme Court decisions which will decide the fate of
the Agricultural Adjustment Act and the Bankhead Act
these being most vital to the cotton situation. Some believe
that an adverse decision is pretty well discounted, and the
technical position of the market is such that a moderate
amount of buying would cause a substantial rise. However,
the lowering of foreign crop estimates had little or no effect
on local trade sentiment.
To-day prices closed strong, with the list up 5 to 10 points.
The strength displayed was on a comparatively moderate
amount of trading, and indicates clearly the responsiveness
of prices. However, regardless of this fact, traders do not
seem inclined to commit themselves apparently until the
Supreme Court decisions are out of the way. The approach
of the holidays is also having its effect on trading. The
Census Bureau's ginning figures were slightly under the
expectations of the trade and had very little effect on prices.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 14 to Dec. 20Middling upland
Sat. Mon. Tues.
Wed.Thurs. Fri.
11.90 11.65 11.80 11.75 11.80 11.90
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday Thursday
Dec. 18
Dec. 19
Friday
Dec. 20
Dec(1935)
Range-- 11.47-11.58 11.23-11.37 11.36-11.45 11.39-11.51 11.39-11.46 11.49-11.60
11.45Closing_ 11.4711.2911.3911.4611.58-11.58
Jan.(1936)
Range_ 11.43-11.54 11.18-11.32 11.35-11.42 11.36-11.49 11.39-11.46 11.48-11.54
11.4211.25Closing- 11.4311.3611.4211.49Feb.ki Range_
Closing- 11.33n
11.14n
11.29n
11.23n
11.28n
11.34n
March
Range.. 11.23-11.34 11.01-1135 11.09-11.19 11.10-11.24 11.11-11.20 11.18-11.28
Closing. 11.23-11.25 11.03-11.04 11.15-11.16 11.10-11.11 11.14-11.15 11.19-11.22
APrtlRange_
11.06n
Closing- 11.17n
10.97n
11.04n
11.07n
11.12n
May
Range_ 11.11-11.21 10.88-11.01 10.94-11.05 10.96-11.07 10.97-11.04 11.05-11.14
Closing. 11.1110.90-10.91 10.9710.9811.0011.06-11.08
June
Range-10.92n
Closing- 11.06n
10.86n
10.93n
10.93n
10.99n
July
Range.. 11.01-11.12 10.79-10.91 10.82-10.94 10.87-10.95 10.83-10.92 10.87-10.91
Closing_ 11.01-11.02 10.8110.8710.8710.8610.92 -Aug.Range--- Closing_ 10.91n
10.79n
10.71n
10.77n
10.76n
10.83n
Sept.Rama-.
10.80-10.80
-- -10.72n
Closing. 10.81n
10.61n
10.68n
10.66n
10.74n
OctoberRange- 10.72-10.87 10.50-10.62 10.59-10.67 10.57-10.70 10.54-10.63 10.60-10.71
10.51Closing. 10.7210.63-10.65 10.57-10.58 10.5610.84-10.61
Nor.
Range .
(linalnEr_
n Nominal.
Range for future prices at New York for week ending
Dec. 20 1935 and since trading began on each option:
OPUOIS
for-.
Dec. 1935.. 11.23
Jan. 1936.. 11.18
Feb. 1936
Mar. 1936 11.01
Apr. 1938
May 1936 10.88
June 1938
July 1936.. 10.79
Aug. 1936..
Sept.1936.. 10.80
Oct. 1936 10.50
Range for Week
Range Since Beginning of Option
Dec. 16 11.60 Dec. 20 10.05
Dec. 16 11.54 Dec. 14 10.35
10.10
Dec. 16 11.34 Dec. 14 10.16
10.51
Dec. 16 11.21 Dec. 14 10.33
10.58
Dec. 16 11.12 Deo. 14 10.41
10.61
Dec. 18 10.80 Dec. 18 10.42
Dec. 16 10.87 Dec. 14 10.50
Mar. 18 1935 12.71
Mar. 19 1935 11.97
Mar. 18 1935 12.70
Mar. 18 1935 12.70
Sept.30 1935 11.34
Aug. 24 1935 12.07
Sept.30 1935 11.38
Sept. 3 1935 11.97
Sept. 30 1935 11.55
Sept. 3 1935 11.40
Dec. 18 1935 11.45
Jan. 2 1935
Nov.21 1935
Jan. 9 1935
Feb. 18 1935
Oct. 8 1935
May 17 1935
Oct. 8 1935
May 25 1935
Nov.25 1935
July 26 1935
Dec. 3 1935
4033
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
1935
bales- 553,000
75,000
Dec. 20-
Stock at Liverpool
Stock at Manchester
1934
839,000
63,000
1933
812,000
88.000
1932
729,000
113,000
628,000
188,000
121,000
16,000
46,000
74.000
10,000
3,000
902.000
327.000
160.000
29,000
77.000
43,000
15,000
8,000
900,000
572.000
289,000
29,000
84,000
124.000
12,000
9.000
842,000
518,000
261,000
19,000
65,000
86,000
458.000
659,000 1.119.000
949,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
Total European stocks
1 086,000 1,561.000 2.019,000 1.791.000
India cotton afloat for Europe--- 84,000
70.000
66.000
71.000
American cotton afloat for Europe 533,000 262,000 449.000 452,000
Egypt,Braz11,&c.,antfor Europe 164,000 166.000 126.000
89.000
Stock in Alexandria, Egypt
325,000 323.000 445.000 568,000
Stock in Bombay. India
426,600 495,000 624,000 517,000
Stock in U. S. ports
2,791,583 2.989.736 4,041,195 4.800.745
2,371,801 1.915.166 2,195.903 2.231.716
Stock in U. S. interior towns32,565
U. S. exports to-day
32.697
30.107
14.411
Total visible supply
7,813,949 7,814,599 10001.205 10519,872
Of the above, totals of American and °their descriptions are as follows:
American1935
1934
1933
1932
Liverpool stockbales- 290.000 230.000 433.000 387,000
Manchester stock
55.000
40,000
49,000
66,000
Bremen stock
139,000 272.000
106,000 137,000
Havre stock
96,000
Other Continental stock
96,000 1,034,000 897.001)
American afloat for Europe
533.000 262,000 449,000 452.000
2,791,583 2.989.736 4.041.195 4,800,745
U. S. ports stock
2,371.801 1.915.166 2,195,903 2,231,716
U.S.interior stock
32,565
U. S. exports to-day
32,697
30.107
14.411
Total American_
6,414,949 5,974,599 8.232,205 8.848.872
East Indian, Brazil, &c.Liverpool stock
263.000 609.000 379,000 342.000
Manchester stock
20,000
23,000
39.000
47.000
49,000
Bremen stock
55,000
15,000
23,000
Havre stock
53.000
Other Continental stock
76.000
85.000
52.000
84,000
Indian afloat for Europe
70,000
71,000
66.000
164,000 166.000 126,000
Egypt Brazil. &c.. afloat
89,000
325,000 323,000 445,000 568.000
Stock in Alexandria. Egypt
426,000 495.000 624,000 517,000
Stock in Bombay.India
1,399,000 1,840,000 1,769.000 1,681,000
Total East India, Stc
6,414,949 5.974.599 8,232,205 8.848.872
Total American_
7,813,949 7.814.599 10001,205 10529.872
Total visible supply
6.384.
Middling uplands, Liverpool _ _ _
7.15d.
5.254.
5.07d.
11.90o.
Middling uplands, New York
12.754.
10.254.
5.954.
9.78d.
9.604.
Egypt, good Sake!. Liverpool
7.966.
8.166.
5.81d.
Broach,fine, LiverP001
5.86-1.
4.084.
4.804.
Tinnevelly, good, Liverpool........ 6.284.
6.694.
4.77d.
4.934.
Continental imports for past week have been 187,000 bales.
The above figures for 1935 show a decrease from last
week of 40,398 bales, a loss of 650 bales from 1934, a
decrease of 2,187,256 bales from 1933, and a decrease of
2,715,923 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Dec. 20 1935
Towns
Ala.,Birmlng'm
Eufaula
Montgomery.
Selma
Ark.. Blythville
Forest City._
Helena
Hope
Jonesboro...
Little Rock-
Receipts
418
52
132
556
4,51
969
887
925
569
8,563
1,841
2.327
3,184
106
675
4,843
1,743
900
199
390
755
1.941
64
1.583
429
64
696
108
7,785
15
56,947
14,674
77,42
83,346
97,660
24,358
34.4
28,271
8,249
127,209
23,263
97,488
26,127
23,965
64.982
189,910
150,149
22.539
46,993
13,736
70.203
104,164
38,542
156,880
51,201
8.642
27,757
37,307
87,557
Ship- 1 Stocks
merits Dec.
Week
20
495 39,003
121 12,022
2.063 72.361
1,947 73,545
6.573 107.708
503 24,818
2,021 23,540
2,428 21,953
531 2,092
4.706110,863
1,498 21,830
2,908 73,976
1,604 21,635
67 18,637
345 70,694
6,850 165.849
3,635 152,039
750 22,050
427 44.986
150 25,649
1,466 34.161
2,679 40,721
186 26,974
3.815 66,090
2,025 32,724
48
5,316
1,34 13,774
728 27,076
7.785
163
73 3,027
Movement to Dec. 21 1934
Receipts
Week
Season
417
18.061
122
7,079
91
22,246
398 42,411
2,022 107,131
311
26,642
832 41,728
27.589
156
29 27.885
67,358
68
47
16.522
1,39
67,955
42
23,788
4,476
1
9
12,530
54,753
79
1,558
78,688
800 16,600
21
11,458
16.203
72
55,705
40
106.853
1,64
19,115
50
117,759;
1.52
22,820
21
3,346;
10
16,423
82
14
28.006
8,348 90.133
1.309'
22
Shipments
Week
Stocks
Dec.
21
1,017 8,258
572 6,567
260 25,491
1,570 48,375
1,045 98,856
1,285 26,412
3,413 30,389
143 24,032
98 26,152
852 52,093
1,497 15,679
2,895 44,498
1,256 14,265
39 8,439
470 48,178
3,762 130,441
1,522 139,853
13,811
410 27.402
200 20,463
1,872 32,030
4,085 66.010
450 19,710
4,811 77,250
383 23,166
144 5,645
97 11,330
44 26,719
6,34
1,720
17.737
Newport.Pine Bluff...
Walnut
Ga., Albany...
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.Clarksdal
Columbus.
Greenwood.Jackson
Natchez
VicksburgYazoo City
Mo.. St. Louis.
N.C..Gr'nsboro
3,000
Oklahoma
15 towns
28.2551 280.188 15.611170,550 8,78
202,3261 5,027125,494
S.C., Greenvill
4.0461 88,444 4.079 62,214 3,64
66,133 3,801 77.698
Tenn..Memphis 58.0621,239,71 55,236 715,560 32,47 907,882 36.360533.269
Texas. Abilene_ 2.711
43,28
2.85
2,847
179 7,003
390 20,715
Austin
25 17,192
771 3,248
347 6,059
191
19,395
Brenham
46 10,905
793 4,567
195
275 5,551
13.958
Dallas
2,853 39,696 2.329 13,458 1.665
38,954 1,121 13,281
Paris
1.139 30,478
996 16,175
495 32,378
729 15,495
Robstown_
11
10,489
56 1.801
43 1.704
6,671
San Antonio.
169
4,481
20
871
213
14,257
535 3,321
Texarkana -446 21,582
356 13,777
368
464 20,270
25,047
959 75,140 1,033 12.467 1,481
Waco
50,347
891 15,050
Total, 56 tovrns145.9593.638.627 143,33 2371801 72,74512,550,631 92.3421915166
* Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
increased during the week 2,621 bales and are to-night
456,635 bales more than at the same period last year. The
receipts at all the towns have been 73,210 bales more than
the same week last year.
Financial Chronicle
4034
New York Quotations for 32 Years
1935
1934
1933
1932
1931
1930
1929
1928
11.90c. 1927
12.75c. 1926
10.05c. 1925
6.10c. 1924
6.40c. 1923
9.85c. 1922
17.00c. 1921
20.50c. 1920
9.65c.
15.15c.
15.20c.
9.25c.
11.80c.
10.45c.
12.30c.
7.70c.
39.25c. 1911
31.00c. 1910
31.10c. 1909
17.15c. 1908
12.10c. 1907
7.50c. 1906
12.60c. 1905
13.10c. 1904
19.70c. 1919
12.70c. 1918
19.40c. 1917
23.95c. 1916
35.85c. 1915
26.05c. 1914
18.80c. 1913
15.50c. 1912
Market and Sales at New York
Spot Market
Closed
Futures
Market
Closed
SALES
Ccmtr'ct Total
Spot
Saturday._ _ Quiet,10 pts. dec.-- Barely steady-Monday __ _ Quiet,25 pts. dec.-- Steady
Tuesday _ Steady, 15 pts. adv.. Steady
Wednesday.. Steady, 5 pts. dec.... Barely steady_ _
Thursday _ _ Steady,5 pts. adv.._ Steady
Friday
Steady. 10 pts. adv. Barely steady
"r730
200
100
200
100
1,030
35.171
Total week_
Since Aug. 1
730
1,030
39.871
4:fOO
Overland Movement for the Week and Since Aug. 1
Dec. 20ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
289
4,582
22,825
7,766
82,065
276,547
476.537
36,408
516,812
11,928
4,159
107,781
1.117
363
2,905
18,053
6,223
125,607
37,158
Total gross overland
Deduct Shipments
978
Overland.to N. Y., Boston. &c..
183
Between interior towns
3,493
Inland, &c.,from South
Total to be deducted
Leaving total net overland *
1934
Since
Aug. 1
100.111
50,323
-1935-Since
Week Aug. 1
87,627
7,785
39.699
1,280
195
6,835
680
82,292
4.414
22,999 259,889
Week
6,348
2,364
4,654
123,868
4,385
149,883
32,504
352.669
32,023
366,929
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 32,504 bales, against 32,023 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an decrease from a year ago
of 14,260 bales.
Dec. 21 1935
D. Wilson Fly Elected to Membership in New York
Cotton Exchange-At a meeting of the Board of Managers
held Dec. 20, D. Wilson Fly was elected to membership in
the New York Cotton Exchange. Mr. Fly is a partner in
the firm of Fly & McFall, Memphis, Tenn., who are engaged
in the general brokerage business.
Government Estimates Place Indian Cotton Acreage
and Crop Above Previous Two Years-Acreage planted to
cotton in India to Dec. 1 is estimated by the Indian Government at 24,130,000 acres, compared with 22,600,000 planted
to the same date last year, and 22,714,000 two years ago,
according to a cable from Bombay to the New York Cotton
Exchange Service. The total acreage in India last year was
23,830,000 acres, as compared with 24,136,000 two years
ago. Under date of Dec. 18 the Exchange also announced:
The Indian cotton crop for the 1935-36 season is estimated by the Indian
Government at 5.352.000 bales of400 pounds each. In December last year.
the Indian Government estimated the 1934-35 crop at 4.555,000 bales,
and two years ago the 1933-34 crop was estimated at 4,619,000. The
government's final estimate for last season was 4,807,000 bales, and two
seasons ago it was 5,068,000.
North Brazil 1935 Cotton Crop Estimated Lower by
-The Brazilian Government, in its
Brazilian Government
second estimate of the 1935 cotton crop in North Brazil,
which is being harvested at the present time, places production in that section of Brazil at 182,000 metric tons, or the
-pound net weight bales, according
equivalent of 839,000 478
to a cable from Brazil to the New York Cotton Exchange
Service. In noting this, an announcement by the Service
Dec. 19 added:
The Brazilian Government's present report shows a sharp reduction from
its first estimate, issued in June, of 228,500 metric tons, or the equivalent
of 1.054,000 748-pound bales.
The final government estimate of cotton production in North Brazil
last year was 162,000 metric tons, or the equivalent of 747,000 478
-pound
bales.
Weather Reports by Telegraph-Reports to us by
telegraph this evening indicate that some sections report that
an unusual amount of winter plowing is being done. There is
no complaint of hard top soil in any section. In some areas
fields will be in better condition because of terracing and
other work now being accomplished under the direction of
experts in the employ of the Federal government.
1934
1935
Since
Since
InSight and Spinners'
Thermometer
Rain Rainfall
Aug. 1
Week
Week
Aug. 1
Takings
Texas-Cialveston
1 day 0.09 in. high 72 low 44 mean 58
188,143 5,087,812 105,029 3,103,271
Receipts at ports to Dec 20
Amarillo
dry
high 64 low 26 mean 45
366,929
32,504352,669 32,023
Net overland to Dec.20
Austin
1 day 0.01 in. high 68 low 34 mean 51
Southern consumption to Dec. 20-100,000 2,005.000 90,000 1,790.000
Abilene
dry
high 68 low 28 mean 48
Brownsville
2 days 0.07 in. high 76 low 48 mean 62
227,052 5,260,200
320,647 7,445,481
Total marketed
Corpus Christi
762,429
1 day 0.22 in. high 74 low 46 mean 60
2,621 1,247.463 *19,049
Interior stocks in excess
Dallas. Tex
dry
high 62 low 34 mean 48
Excess of Southern mill takings
Del Rio
1 day 0.02 in. high 64 low 36 mean 50
123.257
548,893
over consumption to Dec.1-- - ------El Paso
1 day 0.22 in. high 68 low 30 mean 49
Houston
dry
high 70 low 38 mean 54
208,003
Came into sight during week..-323,268
Palestine, Texdry
high 64 low 36 mean 50
6.145,886
9.241,837
Total in sight Dec.20
San Antonio
1 day 0.10 in. high 70 low 40 mean 55
Oklahoma-Oklahoma City
dry
495.538
high 62 low 22 mean 42
540,897 12,865
North.spinn's'takings to Dec.20- 46,298
Arkansas
-Fort Smith
dry
high 62 low 22 mean 42
Little Rock
dry
high 56 low 24 mean 40
* Decrease.
Louisiana-New Orleans_ dry
high 66 low 42 mean 54
' Movement into sight in previous years:
Shreveport
dry
high 67 low 36 mean 52
Mississippi-Meridian
dry
high 62 low 28 mean 45
Bales
Bales
Since Aug.1Weekdry
high 62 low 30 mean 46
Vicksburg
8.829,413
296,011 1933
-Dec.22
1933
1 day 0.07 in. high 66 low 35 mean 50
Alabama
-Mobile
8,924,467
246,473 1932
-Dec. 23
1932
dry
high 56 low 26 mean 41
Birmingham
9,938,139
294,305 1931
1931
-Dec.25
dry
high 60 low 30 mean 45
Montgomery
dry
high 66 low 38 mean 52
Florida-Jacksonville
Quotations for Middling Cotton at Other Markets
dry
high 74 low 52 mean 63
Miami
1 day 0.01 in. high 64 low 36 mean 50
Pensacola
Closing Quotations for Middling Cotton on
1 day 0.01 in. high 66 low 42 mean 54
Tampa
2 days 0.26 in. high 63 low 33 mean 48
Georgia-Savannah
Week Ended
Saturday Monday Tuesday Wed'day Thursday Friday
56 low 26 mean 41
Dec. 20
Atlanta
dry
high 60 low 48 mean 44
Augusta
11.59
11.54
11.52
11.60
11.48
11.68
1 day 0.02 in. high 60 low 28 mean 44
Galveston
Macon
11.64
11.58
11.54
11.58
dry
11.47
South Carolina-Charlestonhigh 66 low 33 mean 50
New Orleans_ - _ 11.68
11.44
11.39
11.35
11.40
11.28
North Carolina-Asheville...-1 day 0.02 in. high 50 low 18 mean 34
11.48
Mobile
11.71
11.65
11.61
11.65
1 day 0.04 in. high 56 low 24 mean 40
11.54
11.73
Savannah
Charlotte
11.80
11.75
11.70
11.75
11.65
1 day 0.72 in. high 56 low 26 mean 41
11.85
Raleigh
Norfolk
11.35
11.30
11.25
11.30
1 day 0.26 in. high 66 low 30 mean 48
11.20
Montgomery....- 11.40
Wilmington
11.80
11.74
11.70
dry
11.75
11.63
Tennessee-Memphis
high 57 low 30 mean 42
11.84
Augusta
11.451
11.40
11.35
11.40
dry
11.30
high 52 low 24 mean 38
11.50
Memphis
Chattanooga
11.65
11.60
11.62
11.60
dry
11.50
high 52 low 20 mean 36
11.75
Houston
Nashville
11.36
11.29
11.26
11.30
11.19
11.38
Little Rock-11.20
11.14
11.10
11.15
11.03
11.24
Dallas
-The following table
Receipts from the Plantations
11.20
11.14
11.10
11.15
11.03
11.24
Fort Worth_
New Orleans Contract Market
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday Thursday
Dec. 19
Dec. 18
PI
DaC. 20
11.51
11.4711.35 BM.11501152a 11.40Deo.(1935) 11.5911.33 Bid. 11.39 Bid. 11.4'
11.3911.22Jan.(1936) 11.48February
11.2
11.1311.0911.1411.23-11.24 11.01April
11.01 11.06
10.9910.9511.11-11.12 10.88-10.89 10.97May
June
10.81
10.8510.8810.8410.7611.00July
'August
September
10.5310.54 Bid. 10.6i
10.6410.48October _ 10.69Tone
Quiet.
Steady.
Quiet.
St. ady
Quiet.
Steady.
Spot
Steady. Barely stdy Steady. Barely sty
Options_ Barely stdy Steady.
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. in. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Dec. 20 1935
Feet
3.0
13.0
12.2
14.8
12.9
Dec. 21 1934
Feet
3.3
6.7
9.1
5.9
13.5
Census Report on Cotton Consumed and on Hand,
&c., in November.
Domestic Cotton Stocks Nov.30 Below Previous Three
Years According to New York Cotton Exchange.
These reports in full will be found in our Department
"IndicationE of Business Activities."
.
'
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Ende
Receipts at Ports
1935
1934
1933
Stocks at Interior Towne
1935
1934
1933
ReceiptsfromPlantatiotu
1935
1934
1933
Sept.
13_ 215,01 191,728 276,296 1,274,081 1,226,568 1,152,214 310,219 265,481 309,710
20-265,021230,0 328,746 1,414,604 1,339,178 1,231,502 405,544342,679 408,033
27_ 338,897237.206406.64 1,610,222 322,464 1,446,194 532,51 344,223 541,732
Oct.
4_ 326,252244,448401,837 1,784,489 1,547,572 1,502,765500,519345,826 538,013
11_ 387,060240,603376,794 1,990.723 1,640,0921,644,128 593,294337,159 M1,616
18_ 372.945208,96 376,85 2,132,345 1,735,609 1,785,278514,566300,444 504.550
25._ 405.164232,059348,4642,220,751 1,829.198 1,881,910 493.570325.648445,096
Nov.
1_ 372,149t201,932313,111 2,253,100 1,882,223 1.986,737 404,498 254,987417,938
S.363,68 148,501 275,6582.287,554 1,922,2842,081,239 398,140 188,532370,160
15_ 330.485134,427257,1262,316,783 1,963,2932,151,371 359,714 175.466327,258
22_271,993133.52 285,75 2,321,538 1,983,17 2,186,558 276,748 153.406250.572
29_ 222,4321119,7 266,0622.350.42. 1,973,9632,198,290251,319 110,549277,798
Dec.6--258.9501 104,014218,33212,358,2791,960,5562,207,130 266,804 90,602 227,181
13...177.455109,94 177,89 2.369,180 1.934,21. 2,203,417 188,356 83,604174.177
20._ 188,141 105,029 165,800 2,371,801 1,915.1662,195,903 190.764 85.950158.286
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1935 are 6,314,243 bales;
in 1934 were 3,859,087 bales and in 1933 were 6,161,052
bales. (2) That, although the receipts at the outports the
past week were 188,143 bales, the actual movement from
plantations was 190,764 bales, stock at interior towns
having increased 2,621 bales during the week.
World's Supply and Takings of Cotton—The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season
1934
1935
Week
Season
Season
Week
7.805,743
Visible supply Dec. 13
7.854,347
6.879,719
4,295.259
Visible supply Aug. 1_
American in sight to Dec.2O.
208.003 6.145,886
323,268 9.241.837
59.000
Bombayreceipts to Dec. 19._
512.000
429,000
68.000
215,000
15,000
Other India ship'ts to Dec. 19
7,000
207.000
Alexandria receipts to Dec. 18
68.000
854,200
74,000 1,085.600
15,000
225,000
Other supply to Dec. 18 * b.. _
16,000
184.000
Total supply
Deduct—
Visible supply Dec. 20
8,342,615 15,525.696 8,170.746 14,748,805
7,813,949 7,813.949 7.814.599 7,814,599
Total takings to Dec. 20 a356,147 6.934,206
528,666 7,711.747
Of which American
230,147 4,866,006
411.666 5,614,147
Of which other
126.000 2.068,200
117,000 2,097.600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills 2,005,000 bales in 1935 and 1.790,000 bales in 1934—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 5,706,747 bales in 1935 and 5,144,206 bales in 1934, of
which 3,609,147 bales and 3,076,006 bales American.
b Estimated.
India Cotton Movement from All Ports—The receipts
of Indian cotton at Bombay and the shipmentsfrom all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934
1935
Dec. 19
Receipts—
Week
Since
Aug. 1
68,000
Bombay
512,000 59,000
Week
1933
Since
Aug. 1
Since
Aug. 1
Week
429,000 65,0001 374,000
For the Week
Exports
From
-
Since Aug. 1
Great Conti Jap'n&
Britain ment China Total
Great
Britain
Conti- Japan ek
runt
China
Total
Bombay
1935
3,000 5,000 24,000 32,000
1,000 23.000 24,000
1934
1933
12,000 5.000 17,000
Other India1.000 6,000
7.000
1935
1934
5,000 10,000
15.000
1933
1,000 20,000
21.000
78,000 129.0001
46,000 169,000,
55.000 153,000
Total all
1935
1934
1933
92,000 228 000 277.000 597,000
60.000 271,000 305.000 636.000
71.000 295,000 99.000 465,000
4,000 11,000 24,000 39.000
5,000 11,000 23,000 39.000
1,000 32,000 5,000 38,000
14,000 99,000/ 277.000 390,000
14,000 102,000 305,000 421,000
16,000 142.000 99,000 257,000
207.000
215,000
208,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
9,000 bales. Exports from all India ports since Aug. 1 show
a decrease of 39,000 bales.
Alexandria Receipts and Shipments—We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria. Egypt,
Dec. 18
1935
1933
340.000
4,273,161
340.000
4,777.738
This Since
Week Aug. 1
Exports(BOW—
1934
370.000
5,472,123
Receipts (cantars)—
Thle week
Since Aug. 1
This Since
Week Aug. 1
This Since
Week Aug. 1
To Liverpool
9,000 108.820 7,000 62,746 21,000 144,097
To Manchester,&c
66,000
_-- - 55,999 7.000 78,461
To Continent & India—. 18,000 326,427 16,000 310,339 21.000 248,694
To America
1,000 14.990
--__ 14,102 2,000 28,989
Total exports
28,000 516,237 23,000 443.186 51.000 500,241
Note
--A canter is 99 lbs. Egypt an bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Dec. 18 were
370,000 cantars and the foreign sh pments 28.000 bales.
Manchester Market—Our report received by cable tonight from Manchester states that the market in yarns is
flat and in cloths is weak. Spinners are considered to hold
large stocks of cotton. We give prices to-day below and
leave those for previous weeks of this and last year for comparison.
1935
32s Cop
Twist
d.
4035
Financial Chronicle
Volume 141
1934
itH Lbs. Shirt- Cotton
trigs, Common Middle
to Finest
Pprds
a. d.
Sept.92
13---- 934011
92
20- - -_ 934011
93
27_-__ 934(411
0a.4....... 91401134 95
11— 10 01134 95
18....- 10 01134 95
25..--- 10 44)1134 9 6
Nov.—
i____ 10 01134 96
8_-__ 10 (41134 10 0
15____ 1034481114 10 0
22---- 1034(812 10 1
29.-- 1034012 10 3
Deo.6.--- 1034012 10 3
13-..... 103401134 102
20---- 103401134 100
s. d.
d.
32. Cop
Twist
d.
Sh Lbs. Shirt- Cotton
Ow, Common Slide,
to Finest
uppds
a. d.
s. d.
d.
094
@ 94
@ 95
6.17 103401134 9 4 0 g 6
6.53 1034481134 9 2 0 9 4
6.40 103401114 9 1 0 9 3
7.10
7.05
6.91
0 97
0 97
0 97
010 0
6.59
6.50
6.40
6.47
103401134
103401134
103401134
103401134
90
90
91
91
0 92
0 92
(4 93
093
cgs
688
6.97
6.92
@100
@102
(410 2
48102
010 5
6.45
6.47
8.77
6.77
6.59
10 01134
10 01111
103401134
1034(41134
103401134
91
92
92
94
94
093
0 94
48 9 4
096
096
6.79
681
6.88
6.91
6.96
010 5
@104
@102
6.67 1034011)4 9 4 0 9 8
6.50 103401134 94 0 96
6.38 103401134 94
96
7.02
7.08
7,16
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 287,130 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Japan—Dec. 12—Kurania Mani, 10.815; Fernbrook, 2,044; Eglantine. 8.104; Asosan Marti, 9.856; Eids35,709
void, 4,890
To China—Dec. 12—Kurania Maru, 1,350___Dec. 14—Eglan1,850
tine. 100, Asosau Maru, 400
798
To Copenhagen Dec. 12—Sydland, 798
To Oslo—Dec. 12—Sydland, 200
1,216
2®
To Gothenburg—Dec. 12—Sydland, 1.216
..Dee. 15—
To Puerto Colombia—Dec. 12—Tillie Lykes, 156.
998
Commercial Alabaman, 842
To Liverpool—Dec. 14—West Cohas. 7,290_ _ _Dec. 16—Teles- 16.085
fora de Larrinaga, 8,795
To Manchester—Dec. 14—West Cohas, 686; Dec. 16—Teles2.275
fora de Larrinaga, 1,589
540
To Ghent—Dec. 14—West Camak, 540
202
To Antwerp—Dec. 14—West Camak, 202
2.631
14—West Camak, 2,631
To Havre—Dec.
106
To Dunkirk—Dec. 14—West Camak. 106
To Bremen—Dec. 14—Nemaha, 8,884--_Dec. 16—Heddern13,254
beim, 4,370
1.148
To Rotterdam—Dec. 14—West Camak, 1,148
To Genoa—Dec. 14—Aquarius, 918_--Dee. 16—Montello,
2.664
1,746
1.199
To Barcelona—Dec. 14—Aquarius, 1,199
HOUSTON—To Bremen—Dec. 14—Heddernheim, 5,445.—Dec.
9,904
18—Nemaha, 4,459
To Liverpool—Dec. 18—Patrician, 3,150
3°415
3181
:4
5
To Hamburg—Dec. 14-11eddernheim, 481
To Manchester—Dec. 18—Patrician, 3,415
14.951
To Japan—Dee. 14—Imperial Valley, 14,951
997
To Ghent—Dec. 18—Louisiane, 997
To Genoa—Dec. 13—Montello, 710_ __Dec. 18—Aquarius,
2
,597
1,887
3,381
To Havre—Dec. 18—Louisiane,3,381
To Copenhagen—Dec. 16—Sydland, 204—Dee. 18—Trolle1,730
5
holm, 541---Dec. 19—Delaware. 985
To Antwerp—Dec. 18—Louisiane, 5
..Dec. 18—Trolleholm,
To Gdynia—Dec. 16—Sydland, 2,490.
4,682
1.342—Dec. 19—Delaware, 850
2.602
To Dunkirk—Dec. 18--Louisiane, 2,602
To Gothenburg—Dec. 16—Sydiand, 444..-Dec. 18—Trolle1,433
holm,989
1,216007
To Bordeaux—Dec. 18—Louisiane, 1.167
To Marseilles—Dee. 18—Aquarius, 200
269
To Oslo—Dec. 18—Trolleholm, 269
490
To Barcelona—Dec. 18—Aquarius, 490
25
To Reval—Dec. 18—Nemaha,25
872
TEXAS CITY—To Kobe—Dec. 14—Asosan Maru,872
865
6. To Osaka—Dec. 14—Asosan Maru, 865
470
To Bremen—Dec. 17—Lubeck,470
LAKE CHARLES—
618
To Bremen—Dec. 15—Lubeck.618
564
To Gdynia—Dec. 15—Lubeck, 564
200
To Gothenburg—Dec. 15—Lubeck, 200
50
To Ghent—Dec. 15—Syros,50
719
To Havre—Dee. 15—Syros,719
119
To Rotterdam—Dec. 15—Syros, 119
2,063
NEW ORLEANS—To Venice—Dec.9—Maria,2,063
100
To Trieste—Dec.9—Maria,100
700
To Fiume—Dec 9—Maria,700
2.825
To Genoa—Dec. 13—Carlton. 2,825
2,253
To Barcelona—Dec. 13—Carlton, 2,253
To Liverpool—Dec. 12—Loch Ranza. 22.128--_Dec. 16—
24.501
Dakarian, 2.373
1,673
To Antwerp—Dec.14—Winnipeg-1,673
200
To Copenhagen—Dec.13—Vasaholm.200
8.315
To Havre—Flee. 14—Winnipeg.8,315
To Dunkirk—Dec. 14—Winnipeg,7,185
7.18
150
5
To Oslo—Dec. 13—Vasaholm, 150
3.976
To Bremen—Dec.17—City of Joliet. 3.976
To Gdynia—Dec. 13—Vasaholm. 1,549—Dec.14—Delaware,
4,631
313- -.Dec. 17—City of Joliet, 2,769
900
To Gothenburg—Dec. 13—Vasaholin,900
To Japan—Dec. 13—Rio de Janeiro, 1,100; Meden, 1.962_
8.310
Dec. 11—Alyn Bank,5,248
1.241
To Manchester—Dec. 16—Dakarian, 1,241
MOBILE—To Liverpool—Nov. 25—Tapatopa,3,175_ _ _Nov. 29—
West Madaket, 3,805—Dec. 1—Wacosta, 1.395...Dee. 2
9,784
Derelian, 1.409
400
To Ghent—Nov.30—Point Salinas. 400
To Antwerp—Nov. 30—Point Salinas, 480.. .Doc. 6—Louisi502
ane, 22
To 2 a2 e—Nov. 27—Hastings. 7,109--_Dec. 6—Louisiane,
H vr
.6 7
9,736
To Bremen—Nov .29—Saschet 914..-Nov.30—Point Salinas,
4.418
3,504
To i
Hamburg—Nov. 30—Point Salinas, 75—Dec.26—Chem504
1.659
To Genoa—Nov. 27—Nicol Odero, 1.659
To Gdynia—Nov. 29—Saschen. 4,000._ _Nov. 30—Point Sa4.407
linas. 307_ -Dec. 26—Cheminitz. 100
455
To Japan—Dec. 2—Imperial Valley, 455
To Manchester—Dec. 1—Wacosta, 5,081— -Dec. 2—Derelian,
5.833
752
1.495
To Dunkirk—Dec. 6—Loutsiane, 1,495
389
To Rotterdam—Nov. 30—Point Salinas, 389
150
To Oporto—Nov. 29—Saschen, 150
NORFOLK—To Hamburg—Dec. 17—Munden. 666.--Dec. 19—
781
City of Newport News, 115
100
SAVANNAH—To Rotterdam—Dec. 16—Arabistan, 100
4.620
To Bremen—Dec. 19—Seje 4.620
140
To Hamburg—Dec. 19—Seje, 140
CORPUS CHRISTI—To Liverpool—Dec. 13—Patrician. 4.522—
5.792
...
Dec. 16—Harbury. 1,270
__ To burnc l05
May ester—Dec. 13—Patrician, 463.--Dec. 16—Har.h
568
488
To Venice—Dec. 18—Maria,488
487
CHARLESTON—To Hamburg—Dec.18—Sale,487
9,203
To Bremen—Dec.18—Sale,9,203
6,205
To Liverpool—Dec. 14 —Ullipool. 6,205
24
To Manchester—Dec. 14—Ullipool, 24
4.606
To Antwerp—Dec. 14—Arabistan,4,606
500
To Rotterdam—Dec,14—Arabistan 500
LOS ANGELES—To Bombay—Dec. 11—Bintang, 300..-Dec. 16
725
—President Monroe,425
To Japan—Dec. 11—Taiyo Maru, 2,329._ _Dec. 14--Sanyon
6.629
•
Maru, 1,400---Dec. 16—President Monroe, 2,900
95
To Liverpool—Dec. 16—Pacific Exporter. 95
T- To Bremen—Dec. 14—Vancouver,550
550
31
JACKSONVILLE—To Liverpool—Dec. 18—Sacarappa.31
r
287.130
Total
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Forwarded
Total stocks
Of whicn American
Total imports
Of which American- ---,
Amount afloat
Of which American
Nov. 29
59.000
442.000
183,000
12,000
4,000
292,000
191,000
Dec. 20
Dec. 6
Dec. 13
52,000
62.000
50,000
493,000 499.000 553.000
229,000 238,000 290.000
84,000
51.000
80.000
4,000
3.000
3.000
264,000 271,000 373,000
178.000 159,000 155.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
4036
Spot
Financial Chronicle
Saturday
Market,
12:15
Moderate
P.M. I demand,
Mid.Upl'ds
6.53d.
Monday
Tuesday
Wednesday Thursday
Friday
Moderate
demand.
Quiet.
Quiet. Moderate
emand.
Quiet
6.40d.
6.39d.
6.41d.
6.40d.
6.38d.
Market
opened
Quiet, on- Quiet but Steady,
Steady, Steady,un- Quiet but
changed to stdy., 5 to 1 to 3 pie. 1 to 2 pts, changed to st'y,unchd.
1 pt. dec. 7 pts. dec. advance. decline. 1 pt. dec. t02 pt.adv.
Market.
4
P.M.
Quiet but
Quiet,
Steady, Quiet, on- Quiet but Quiet but
stdy., 3 to 13 to 14 pts 4 to 5 pts. changed to stdy., 1 Pt. BO', unch•
4 pts. dec. decline. advance. 2 pts. dec. dec.to 1 pt to 1 pt. adv
advance.
FlaU763.1
Prices of futures at Liverpool for each day are given below:
Dec. 14
to
Dec. 20
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
1
d.
d,
6.31 __ __
6.30 6.19
6.28 6.17
6.23 6.13
6.19 6.09
6.00 5.90
5.95 __ __
5.95 __ __
5.94 __ 5.92 __ __
5.90 __ __
d.
6.17
6.16
6.15
6.10
6.06
5.87
5.82
5.82
5.81
5.79
5.77
d.
__ __
6.18
6.17
6.12
6.08
5.89
__ __
__ __
__ __
__ __
__ __
d.
d.
6.22 __ 6.21 6.20
6.20 6.18
6.15 6.14
6.10 6.09
5.91 5.90
5.86- __
5.86 __ 5.85 __ __
5.83 -- -5.81 __ _-
005WMm.vcou,m.
.N...00WWW0c00
Vtigitd.006,0.6,0,4.4no
New Contract
December (1935)
January (1936)March
May
July
October
December
January (1937)
March
May
July
d.
-_ -6.19
6.18
6.14
6.10
5.92
-- --_
- __
d.
6.19
6.19
6.18
6.14
6.09
5.91
5.86
5.86
5.85
d.
___
6.20
6.20
6.16
6.12
5.93
____
____
____
d.
6.18
6.19
6.19
0.15
6.10
5.92
5.87
5.87
5.86
-- -- 5.81 ____ 5.82
BREADSTUFFS
Friday Night, Dec. 20 1935.
Flour continued in the doldrums. Bakers continued to
buy from hand-to-mouth. Prices remained steady.
Wheat
-On the 14th inst. prices failed to continue the
vigorous upward movement of the previous day, when an
advance of approximately 5c. was scored as a result of the
sudden overnight action of the Argentine Government in
raising the minimum price on its exportable surplus. Traders
showed no marked disposition to follow up the substantial
gains registered on Friday,and on the appearance of moderate
selling, prices sagged and at the close showed a net decline
of % to DA cents, with Dec. at 1.013.; May, 983/s, and
July at 903c. There was some heavy profit taking noted
in the distant deliveries. On the 16th inst. futures closed
with net losses of % to 1% cents. There was a moderate
amount of trading, with the selling coming largely from
speculative interests on the long side. The forthcoming
government grain reports are expected shortly, and no real
activity is expected until they are out of the way.
On the 17th inst. prices closed M to 13i up, with July
unchanged. Trading was light and without feature. The
Liverpool and Winnipeg markets were firm, especially the
%
former, which advanced % to 21 cents, Decemter showing
most of the strength. The Canadian Wheat Board appears
to be holding Winnipeg prices in check. Advices from
Canada indicated further export business approximating
1,000,000 bushels during the day.
On the 18th inst. prices were firm but fluctuated within a
very narrow range, finally closing unchanged to %c. up.
Speculative interest was virtually nil. Foreign wheat markets were higher, but this was reflected to a small extent
here. The figures of the Crop Reporting Board had little or
no effect, apparently being about what was expected in view
of the previous government estimate a short time ago.
On the 19th inst. prices closed with net gains of % to %c.
Trading was light and without feature. There are so many
disturbing conditions surrounding the commodity markets
generally that traders are disinclined to commit themselves,
preferring to watch for further developments. The situation
abroad is so fraught with grave possibilities that changes of
a most violent character could take place over night.
4c.
To-day prices closed irregular, 4c. lower to y higher.
There was considerable strength shown in the early trading,
and prices advanced but failed to hold the improvement.
Liverpool prices were lower, and no demand is expected there
until after the holidays. Wheat futures purchased yesterday
totaled 14,987,000 bushels; corn, 2,692,000 bushels. Open
Interest in wheat was 116,547,000 bushels, and corn 24,744,000
bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
115% 113% 114% 114% 114% 115
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
December
10134 100% 101% mil 1014 1024
99
9734 98
98
May
99% 99
90% 89% 89% 895 90% 90%
July
Season's Low and When Made
Season's High and When Made I
September __ ._1024 Apr. 16 1934ISeptember
7834 July 6 1935
81
July 6 1935
December
9734 July 31 1935IDecember
May
8874 Aug. 19 1935
984 Aug. 1 19351May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
86
84% 85% 8534 86
December
85%
89% 884 88% 88% 8934 89
May
90% 88% 884 89% 89% 89%
July
•
Corn-On the 14th inst. prices failed to maintain the gains
of the previous day's session, and in sympathy with wheat,
sagged off and closed 13 to %e.lower. There was nothing
%
spectacular in the news, and traders generally seem to be
in a waiting attitude. From the continued light receipts,
it would seem that farmers are not a7t all attracted by the
present prive level for spot corn. On the 16th inst. futures
to 1M cents. An increase of 414,000
closed with losses of
bushels in the United States' visible supply was reported.
Receipts of corn at primary markets showed an increase,
Dec. 21 1935
the amount now 1,289,000 bushels against 970,000 bushels
same time a week ago, and 677,000 bushels a year ago.
Offerings from the country continue comparatively light.
2
On the 17th inst. futures closed 3.4 to 3/-cent lower. An
easier spot market was reported in corn, and this together
with increased receipts from the country, gave little encouragement to take the buying side.
/
On the 18th inst. prices closed unchanged to (14e. higher.
Trading was quiet. There doesn't seem to be any attempt to
sell the market on the apparently bearish statistics. There's
an easier tone to the spot markets, and receipts of corn from
the country are slightly freer. On the 19th inst. prices closed
unchanged to %c. higher, with trading very quiet. The demand for spot corn continues light, and spot markets eased
2c.
despite light receipts. To-day prices closed %c. off to y
up, with very little feature to the trading.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues, Wed. Thurs. Fri.
No. 2 yellow
81% 80% 8034 80% 80% 81%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed, Thurs. Fri.
December
5834 57% 57% 57% 57% 58
May
60% 59% 5934 59% 59% 59%
July
61% 61
60% 60% 61
60%
Season's High and When Made
Season's Low and When Made
September ____ 84% Jan. 5 1935 September _ _ 67% Mar.25 1935
June 6 1935 December
December
65
6034 June 1 1935
May
68% July 29 1935 May
• 56
Aug. 13 1935
Oats
-On the 14th inst. prices closed % to 1 cent lower.
3
This decline was largely in sympathy with wheat and corn.
There was no feature to the news or trading. On the 16th
inst. futures closed 3 to % cents lower, in sympathy with
A
wheat and corn. Trading was quiet. On the 17th inst.
prices closed unchanged to 3i
-cent higher.
On the 18th inst. prices closed lc. lower to %c. higher.
Trading was quiet. On the 19th inst. prices closed unchanged
to %c. higher, with nothing of interest developing. To-day
prices closed % to %c. up, with trading very quiet.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
40% 38% 39
39% 39% 40%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
27
December
26
25
25
26%
May
,
1
27
27
27
2734 271 28
28%
July
28% 28
28
27
27
Season's High and When Made
Season's Law and When Made
September ____ 4434 Jan. 7 1935 September ____ 314 June 13 1935
33% June 13 1935
December
3534 June 4 1935 December
2934 Aug. 17 1935
May
37
Aug 1 1935 May
ITAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
December
2934 2834 29
2934 2934 29%
May
31% 3134 31% 31%
314 31
Rye-On the 14th inst. prices closed 13% to 2 cents lower.
These declines were more marked than those in corn and
oats. This sharp decline seemed to be entirely in sympathy
with wheat, as there was nothing in the news that could
have had a special influence on rye. On the 16th inst. futures
closed 38 lower to unchanged, with trading quiet. Prices
seemed influenced by the action of the other grain markets.
cent lower
On the 17th inst. prices closed unchanged to
On the 18th inst. prices closed % to %c. higher, with trad4
ing quiet. On the 19th inst. prices closed unchanged to I/ c.
lower. Trading was quiet and without feature. To-day
prices closed %c. higher, in sympathy with other grains.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
50
49% 5034 501 50%
December
50
May
52%
52% 51% 51% 52% 52
52
52%
July
52% 52
4334 52
Season's Low and When Matte
Season's High and When Made
June 13 1935
September _--- 76
Jan. 5 1935 September ____ 45
4834 June 13 1935
December
5334 June 3 1935 December
May
46% Aug. 19 1935
5234 Aug. 1 1935 May
"BAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
4234 4134 41% 4254 42% 42%
December
May
4534 44% 44% 4534 4534 45%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
45
45
45
December
45
45
45
May
4534 4334 4334 4334 4534 4334
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
3434 3334 3434 34% 35% 35%
December
May
3734 3634 37% 3734 38
3834
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New York
No. 2 white
No.2 red, c.i.f.. domestic_ _ _115
40g
Rye. No. 2,f.o.b. bond N.Y..- 59%
Manitoba No. 1,f.o.b. N.Y. 97
Barley, New York
Corn, New York
4734 lb.. malting
54%
814
No.2 yellow,all rail
Chicago. cash
46-80
FLOUR
Spring pats.,high protein $8.10 8.40 Rye flour patentsS5.601580
(
Spring patents
7.80@.805 Seminole, bbl.. Nos. 1-3- 8.708.9O
7.20(7.5O Oats, good
Clears,first spring
5.
Soft wilter straights..___ 6.10 6.90 Corn flour
2.10
Hard wiAter straights__ 7.55(7.8O Barley goods
Hard winter patents-- 7.7O@7.95
Coarse
2.85
6.75 7.00
Hard winter clears
Fancy pearl,Nos.2,43t7 4.00©4.75
For other tables usually given here see page 3964.
Weather Report for the Week Ended Dec. 18
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 18,follows:
For the eastern half of the country the weather of the week was largely
dominated by the passing of two depressions, one from the Southwest and
the other from the Northwest. On the morning of the 11th a "low" was
centered over the western Gulf of Mexico, moving thence northeastward
to the south Atlantic coast during the following two days. It was attended
by substantial to heavy rains in Gulf districts and south Atlantic sections.
On the 12th a second depression moved into the northwestern Great Plains,
passed to southern Kansas, and then northeastward over the Lake region.
it was attended by rather general precipitation from tee northern Plains
States eastward, with some snow in more northern districts, but the Precipitation, in general, was light. Much cloudy weather prevailed during the
week over the eastern half of the country, but temperature changes were
not marked. The latter part of the period a "high" moved slowly inland
from the north Pacific area, attended by colder weather, with subzero
temperatures in some northern Rocky Mountain sections.
Chart I shows that the week averaged colder than normal south of the
Ohio and middle Mississippi valleys, with subnormal departures reaching
4 to 6 degrees in western Tennessee, Alabama, Mississippi and parts of eastern Arkansas. The weekly means were slightly below normal also in some
Rocky Mountain sections, but most districts west of the Rockies had about
normal warmth. Temperatures averaged above normal over the northern
half of the country east of the Rockies, with the greatest plus departures
in the Northeast and from Oklahoma and northwestern Texas northward
and northeastward.
The chart shows also the southern limit of freezing weather and subzero temperatures. In the East the freezing line extended to southern
South Carolina, and to south-central portions of Georgia. Alabama and
Mississippi, while below zero temperatures occurred in eastern Montana
and parts of Wyoming. In the Ohio Valley the lowest reported for the
week ranged from about 20 to 26 degrees, and in the Mississippi Valley from
32 degrees at Vicksburg to 8 degrees at Minneapolis, Mimi. The lowest
reported for the week was 6 degrees below zero at Lander, Wyo., on the
17th.
Chart II shows that precipitation was substantial to heavy in Gulf
sections and throughout most of the Atlantic area. The heaviest falls
occurred in southeastern North Carolina, extreme northwestern Florida.
southern Louisiana and southeastern Texas, where more than 2 inches
of rain were reported for the week. It was heavy also from northern
California northward, but a largo southwestern area had a practically
rainless week. In other sections of the country the amounts were generally
light to moderate.
In the east Gulf and south Atlantic areas where moisture has been
deficient, generous rains during the week were favorable, but at the same
time temperatures were rather too low for good growth; there was some
additional seeding in sections that have been too dry, especially in central
and southern Georgia. In addition, some parts of the northwestern
United States had favorable precipitation, especially Washington, southeastern Montana and considerable portions of Wyoming. In the wheat
belt of Washington the rains were the best that have occurred since last
April, while snowfall in southeastern Montana was the heaviest in two
years.
In Wyoming the range-water shortage was relieved considerably, which
permits more extensive grazing, while parts of the range in Utah have
become accessible through additional rains. In the southern Plains
States there is mostly sufficient moisture for present needs and the outlook
is favorable. However,some droughty areas are still unrelieved, especially
eastern Colorado, where dust storms occurred, and portions of the northern Great Plat11/1. It also remains too dry in central and southern California.
While rainfall was light over most of the eastern half of the country.
there was much cloudy, damp weather, which kept fields muddy in many
places and retarded seasonal farm operations. For many weeks there has
been an unusual amount of cloudiness in the interior States and much of
the East. Only minor damage occurred from low temperatures during the
week, being confined to local harm to vegetables in some Gulf sections.
Cotton picking made very good progress in Oklahoma, with mostly
favorable weather for outdoor work; cotton is being mostly snapped, but
it is about all out in the southern third of the State. Conditions for picking were also better than recently in Arkansas, except that it was rather
cold for field work; considerable cotton is still out in some lowlands of this
State.
Small Grains-Small-grain crops were benefited by precipitation during the week in the South Atlantic and East Gulf States and also in central Rocky Mountain sections and the north Pacific area. The additional
moisture was especially favorable in much of the wheat belt of Washington,
where substantial amounts occurred and were beneficial for germination
of late-seeded grain; but that damaged by earlier freezes shows little improvement. It is expected that much spring reseeding will have to be
done in this State. In Rocky Mountain States, especially west of the
divide, many grain fields had substantial snow which will be beneficial.
In the principal wheat-producing sections of the Great Plains, and also
in the central and eastern wheat belt, conditions continue generally favorable. In Kansas wheat covers the ground in the east and shows in drill
rows in the west, except locally in the extreme west. In Oklahoma.
wheat fields are affording considerable pasturage. but in most central
valley sections they continue too muddy for grazing.
The weather continued mostly unfavorable for husking corn, but from
the eastern Ohio Valley eastward the crop has been largely gathered.
Considerable corn is still out in southern Illinois, and the week was again
unfavorable for husking in Iowa, with poor progress and continued complaints of heating in cribs. In eastern Kansas there has been considerable
damage to roughage because of continued wet weather.
Foreign Crop Prospects
-The latest available information pertaining to cereal crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
at Washington, and given out on Dec. 18, is as follows:
Wheat
-Present estimates of the 1935-36 wheat production indicate a
world crop exclusive of Russia and China of about 3,485,000.000 bushels
compared with 3,470,000.000 bushels last year and 3,764,000,000 during
the years 1930-31 to 1934-35. The apparent disappearance of wheat during
the past 5 years averaged 3.822.000.000 bushels, or 337.000.000 bushels
more than the present estimate of the current crop. No official estimate of
the 1935 Russian crop is available but information from various sources
indicates a good crop. The European production, excluding Russia, is
above 1934 and ranks second to the record crop harvested in 1933. In the
Southern Hemisphere the Australian crop is estimated to be about 6.500.000 bushels greater than last year but a decrease of about 90,000,000 is
expected in Argentina.
Rye
-The rye production in 26 European countries is reported at
882.714,000 bushels compared with 895,017.000 bushels in 1934 and
1,005,126,000 bushels in 1933.
WHEAT AND RYE
-PRODUCTION 1932-1933 TO 1935-1936
Country
WheatNorth America-United States
Canada
Mexico
Total (3)
Europe (30)
Africa (7)
Asia (4)
Total 44 countries
Argentina
Australia
Union of South Africa
1932-33.
1933-34.
1934-35.
1935-36,
1,000 Bu. 1,000 Bu. 1,000 Bu. 1,000 Bu.
745,788
528,975
496,929
603,199
281,892
443,061
275.849
273,971
12,122
9,658
10,950
10,279
1,198.507
822.989
783,728
887,449
1,492,075 1.749,348 1,535,056 1,546,413
127,657
110,779
135,228
110,433
445.785
501,921
508,094
513,874
3,264.024 3,185,037 2,962,106 3,058,169
240,889
213,927
10,627
286,120
177,338
11,762
240,669 a147,000
133,489
140,000
15,343
17,870
3.729,467 3,660,257 3,351,607 3,383,039
Total 47 countries
Estimated world total excl. Russia
• 3.854,000 3,788,000 3.470,000 3,485,000
and China
Rye
United states
Canada
Europe (26)
Algeria
Turkey
Total 30 countries
a Unofficial.
4037
Financial Chronicle
Volume 111
40,639
21,150
8,470
4,177
931,696 1,005,126
28
29
7,800
13,430
16,045
5.423
895,017
45
9,590
57.936
10,610
882,714
25
11,055
988,631 1,043.912
926.120
962,340
FEED GRAINS
I3arley-The 1935 production of barley in 35 foreign Northern Hemisis nearly 4% below the 1934 outturn in these
phere countries reported
countries, when they accounted for over 75% of the Northern Hemisphere
total, exclusive of Russia and China. Decreases compared with last year of
3, 4, and 32% respectively, occurred in the reporting Asiatic. European
and North African countries, while the Canadian crop was nearly doubled.
-The 1935 production of oats in 28 foreign Northern Hemisphere
Oats
countries reported is 3% greater than the harvest in these countries in 1934,
when it was about 74% of the Northern Hemisphere total, exclusive of
Russia and China. Production increased nearly 30% in Canada and 62%
in Turkey but decreased 28% in the North African and 3% in the European
countries.
Corn-The 1935 production of corn in 14 foreign Northern Hemisphere
countries reported is nearly 17% below the harvest last year, when it was
There is
only 28% of the Northern Hemisphere total, exclusive of Russia.
a decrease of more than 21% in the European countries reported.
-PRODUCTION IN SPECIFIED COUNTRIES, 1932-1935
FEED GRAINS
Croy and Countries Reported in 1935
Barley
United States
Canada
Europe, 25 countries
North Africa, 6 countries
Asia, 3 countries
Total, 36 countries
1932
1933
1934
1935
1,000 Bu. 1,000 Bu. 1,000 Bu. 1,000 Bu.
292,249
118,348
155,825
302,042
94,650
63,742
63,359
80,773
635,893
662,478
724,018
724,631
90,715
132,392
105,260
109,004
191,033
196,414
183,288
174,824
1,391,274 1,231,750 1,173,374 1,304.440
Estimated Northern Hemisphere, ex1,612,000 1,443,000 1,401,000
cluding Russia and China
Oats
United States
Canada
Europe, 24 countries
North Africa, 2 countries
Turkey
Total, 29 countries
525,889 1,195,435
731,500
1,246.548
442,392
341,190
326,695
416,034
1,707,368 1,803,747 1,561,650 1,617,116
9,983
13,783
11,586
9,974
17,699
10,939
14,353
8,729
3,388,653 2,887,881 2,453,451 3,182.625
Estimated Northern Hemisphere, ex3,550,000 3,041,000 2,600,000
cluding Russia and China
Corn
United States
Canada
Europe, 8 countries
North Africa, 3 countries
Asia, 2 countries
Total, 15 countries
2,906,873 2,351,658 1,377,126 2.202,852
7,765
6,798
5,054
5,057
501,697
637,982
535,031
683,149
5.460
10,316
6,150
5.399
89,362
70,563
91,567
74,235
3,674.713 2,989.460 2,102,785 2,807,136
Estimated Northern Hemisphere, ex4,108,000 3,396,000 2.550,000
cluding Russia and China
Agricultural Department's Report on the 1935 Production of Grain and Other Crops-The Crop Reporting
Board of the United States Department of Agriculture made
public on Dec. 18 its report of crop acreage, production and
farm value of crops as of Dec. 1. This report makes the
farm value of all crops for 1935 $5,118,444,000, as compared
with $4,779,335,000, the farm value of the crops in 1934.
The production of wheat (spring and winter combined) is
now placed at 603,199,000 bushels. Corn production is
placed at 2,202,852,000 bushels. The report follows:
-DEC. 1 1935
GENERAL OROP REVISIONS
A bird's eye view of the nation's crops shows about average yields on a
rather light acreage according to the Crop Reporting Board's December
summary. Prices received for this season's crops are about 13% below
those received for the short crops of last year, but with heavier production
the aggregate value of the crops produced of 65,118,444,000 exceeds the
value of last year's crops by $339,000,000 or 7%. On an income basis the
showing is even more favorable, for the Income derived from the crop production of 1935 is expected to total about 63,400.000,000. an increase
of nearly 12% over returns from the 1934 crops, and the income from
livestock and livestock products is expected to be close to $4,230,000,000
an increase of 16.6%. The benefit payments received by farmers in 1935
were less than in 1934 but the income of farmers from production and
benefit payments combined is expected to total $8,110,000,000 an increase
over last year of nearly 12%.
The harvested area of 44 of the principal crops is estimated at 327,661.000
acres. This is an increase of about 41,000,000 acres or more than 14% over
the greatly reduced acreage harvested last season but shows a decrease of
28.000.000 acres or 8% from the average acreage harvested during the
1928 to 1932 period.
The total acreage of 44 principal crops was below the usual average chiefly
in the Great Plains region, where the great drought was not broken till late
in the spring, and in the central and western corn belt where continued wet
weather in May and early June greatly interfered with work In the fields.
Due in part to the control programs, the total area of corn, wheat and
cotton harvested was about 30,000,000 acres below the 1928 to 1932 average.
The acreage of oats and barley, the important feed grains other than
corn, was just about average. On the other hand,the acreage in sorghums
and soybeans, both of which have been favored during recent dry years,
was about 7,000,000 acres above the five-year average. Lespedeza is also
increasing very rapidly and the very high price of timothy seed last spring
resulted in farmers cutting for seed an area more than five times the greatly
reduced acreage of timothy harvested for seed in 1934.
Crop yields per acre harvested were 25% above yields secured last year
but were only 1.7% above the usual average. The low yield of spring
wheat that was due to rust and the slightly below average yields of corn,
sorghums and potatoes were more than offset by the heavy yield of hay
resulting from the cool wet spring and the slightly above average yields
of cotton, annual legumes, rice and tobacco.
A comparison of the values of the principal crops with those for the
crops of 1934 shows that practically all of the increase occurred in the area
that Was severally affected by the drought last year. Most of the increase
was in the value of the grain crops although potatoes and various other
crops show increases. The value of the hay crop shows a material decrease
in spite of the greatly increased production.
The Department of Agriculture's fall surveys of the acreages and production of crops on large numbers of individual farms show crop production
to have been about as has been estimated previously. The estimate of corn
production for all purposes is now 2,202,852,000 bushels compared with the
exceedingly short crop of 1,377,126,000 bushels last year and an average
of 2,562,147,000 bushels during the five years 1928-1932. Farmers in the
western corn belt have, however, had unusual difficulty in getting this
year's corn crop dry enough to crib without spoiling and the final feeding
value of the crop may not be quite proportional to the number of bushels
produced. The wheat crop was also far below average in volume and in
,
quality. Production, estimated at 603,199,000 bushels was about 20%
above last year's greatly reduced production but 30% below the five-year
average. Rye, on the other hand, was ostensively planted for fall pasture
in the drought area and a high percentage of the acreage was retained for
grain, so that a large crop of nearly 58,000.000 bushels was harvested.
4038
Financial Chronicle
Oats and barley were each double last year's production but only about
equal to the five-year average. Cotton, at 10,734.000 bales, was about
11% above last year but 27% below average. Hay at 87,620,000 tons
from 64,488,000 acres represents the heaviest total crop since 1927 from
the smallest acreage cut for some years. The hay seed crops were quite
uneven. Timothy seed production was nearly twice average and more
than 10 times last year's greatly reduced crop, but the crops of clover seed
and sweet clover seed were each less than those of last year and only twothirds of average. Alfalfa seed production was about average and a fairly
large crop of lespedeza seed was secured.
Beans, soybeans, cowpeas, peanuts and velvet beans were all large crops.
Bean production almost equaled the record crop of 1930,soybeans were more
than double last year's record production, and the peanuts harvested exceeded previous high records by about 15%.
Potato production was redaced by early frosts and Is now placed at
356,406.000 bushels compared with 385,421,000 bushels last year and the
five-year average of 363,367,000. Sweet potatoes on the other hand total
about 9% more than average. Tobacco was planted on the third smallest
acreage in 15 years but the yield was by far the largest secured in recent
years and the resulting production was only about 10% below average.
Production of fruits, which in recent years has been keeping pace with
the growth of population, was during 1935 147 above the 1934 production
and 5% larger than the five-year (1928-1932) average production. All
Important tree fruits except peaches and pears exceeded the five-year
- (1928-1932) average production. Apple production was slightly above
average and was well distributed among all producing areas but was 40%
larger than the light crop of 1934, when production in the Eastern States
was drastically curtailed by freeze and drought damage. Total plum and
prune production, on a fresh basis, was 15% larger than the five-year average production and was the largest crop since 1930. Production of citrus
fruits from the 1935 bloom is expected to be 14% less than the large crop
of 1934 but to be 16% above the 1928-1932 average. This would still
leave the production of citrus fruit below the trend of recent years. Considering the supply of apples on hand and citrus fruit still to be picked
the current estimates indicate about an average supply of fresh and dried
fruit still to be marketed from the 1935 crops. Cranberries are moderately
below average, raisings rather light and prunes proportionately heavy.
Walnuts and pecans, like peanuts, are bumper crops, making this the
banner year for nuts.
The estimated value of total vegetable production for the United States
In 1935 is $223,889,000, which is approximately 30.000,000 dollars above the
value of these crops last year. Production of vegetable crops, both for fresh
market and canning purposes, was greater in 1935 than for any recent year
except 1930. Record or near-record production was established this season
for several vegetable crops for canning or manufacturi..g purposes, notable
green peas, sweet cern, and tomatoes. Likewise, supplies of vegetables
for fresh market utilization were considerably larger than usual throughout
the summer and fall months. While the storage supplies of late onions and
cabbage are probably slightly below average, the commercial producing
vegetable areas in the Southern States report favorable growing conditions
with the promise of an adequate supply of winter-grown vegetables for the
northern markets.
In connection with the estimates of the Crop Reporting Board released at
this time, it is pointed out that the estimates for years prior to 1935 have
not been revised as is customary at this season. As soon as practicable
after the records of the 1935 census are published for all States the estimates
for 1935 and for recent years will be revised, using not only the census
records but also such information on shipments, sales, warehouse receipts,
and seed verification as has become available. Pending this revision the
estimates shown for 1935 are in the main comparable with those shown for
1934. but where production in 1934 was abnormally low as In the drought
area, the estimates may best be compared with those for other recent years.
The results of the 1935 census of agriculture so far available indicate
that with a few exceptions no large changes will be made In the estimates
of the principal crops for the United States as a whole, although many
changes will be needed in the estimates for individual States. The current
estimates of crop production do not indicate any material change in the
livestock feed situation. The production of feed grain and hay appears
fairly liberal when compared with the reduced numbers of livestock on the
farms but when allowance is made for the very small reserves of feed and
forage carried over from last season, and the poor quality of much of this
year s production, there appears to be no more than the usual supply of
wain and roughage per unit of livestock to be fed. Ranges and pastures
have made substantial recovery from the effects of the 1934 drought and
the fall weather in the range country has been unusually favorable. So feed
supplies have been conserved and range livestock is going into the winter in
better than average condition. Prices being received for livestock are much
higher than at this time last year. The whole situation seems to favor
some expansion of meat animal production in 1936 but there is no excessive
supply of cheap grain on the farms to unduly stimulate such expansion.
I. The number of hens and pullets on the farms is slightly above the number
a Year ago, but below average. Farmers are, however,feeding their poultry
flocks liberally due to favorable prices and daily egg production on Dec. 1
was about 7% above the five-year average for that date. Milk production
declined very rapidly towards the close of the pasture season and is expected
to continue rather low through the winter months. Recently the price of
butter has been high enough to cause farmers to feed their cows more
liberally than at this season in either of the past two years, but the amount
of grain fed is lower than in earlier years when more nearly normal conditions prevailed. On Dec. 1 milk production per cow was reported slightly
above the very low production reported last year, but, with fewer cows on
the farms, total milk production appears to have been about 1% lower than
on the same date last year.
Corn-The 1935 corn crop is estimated at 2.202,852,000 bushels. This
is 60% larger than the short crop of 1,377,126.000 bushels produced under
the wide-spread drought conditions in 1934, and 14% smaller than the fiveyear (1928-1932) average of 2,562,147.000 bushels. These estimates include. in addition to the production for grain, the equivalent production.
expressed as bushels of train. on the acreage harvested for silage, fed as
green corn cut as fodder and hogged or grazed.
The total acreage of corn used for all purposes in 1935 was increased about
5.6% over that of 1934 and is estimated to have been 92,727,000 acres
compared with 87,795,000 acres in 1934 and the five-year average of 102,768,000 acres.
The yield per acre of corn for all purposes in 1935 was 23.8 bushels compared with 15.7 bushels in 1934 and the 10-year (1923-1932) average of
25.7 bushels. October frosts and earlier drought conditions resulted in
reduced yields in most of the important corn-producing States west of the
Mississippi River, especially in Kansas, Nebraska and South Dakota. The
yield in Minnesota is above and in Iowa only slightly below the average.
Corn yields in important corn-producing States east of the Mississippi
River are above the average. Frosts caught considerable late corn before
maturity In the northern corn belt States resulting in varying quality and
chaffy corn. Wet fall conditions have delayed drying out and husking.
The moisture content is high and difficulty is being experienced to prevent
loss and lowered quality in storage on farms.
Wheat
-The 1935 production of all wheat of 603,199,000 bushels is 21%
above last year's very short crop of 496.929,000 bushels, but is 30% below
the five-year (1928-1932) average production of 860.570.000 bushels. The
total wheat acreage harvested in 1935 of 49,826,000 acres compares with
42,249,000 acres harvested last year, and the five-year (1928-1932) average
of 59.88.5,000 acres.
Winter wheat production for 1935, estimated at 433,447.000 bushels, is
slightly higher than the 1934 crop of 405.552.000 bushels and is 30%
below the five-year average crop of 618.186.000 bushels. A decrease of
1.968.000 acres is shown in the winter wheat acreage harvested this year,
which is estimated at 31.000.000 acres compared with 32.968.000 acres in
1934 and the five-year average of 39,454.000 acres. Planting and growing
conditions were unfavorable again this year in most areas west of the
Mississippi River. Below average moisture supplies existed in many
Western areas at seeding time and continued shortage of moisture throughout the winter resulted in heavy abanconment and low yield at harvest
time in those areas. The winter wheat yield for 1935 is estimated at 14.0
bushels per acre,compared with 12.3 bushels in 1934 and the 10-year average
(1923-1932) of 15.2 bushels.
The production of all spring wheat in 1935 is estimated at 169,752.000
bushels compared with the 1934 crop of 91,377.000 bushels and the fiveyear average crop of 242,384,000 bushels. The acreage harvested in 1935
amounts to 18,826,000 acres which was more than double the 9,281.000
acres harvested in 1934. and Is compared with the five-year average (19281932) of 20.431.000 acres. In the main spring wheat belt, the crop was
seeded later than usual, then made rank growth during the cool moist
weather of June. but was later severely damaged by rust and the hot weather
in July and the first part of August. This combination of factors resulted
In a final outturn considerably below average. The average yield per
Dec. 21 1935
harvested acre was 9.0 bushels compared with 9.8 in 1934 and the 10-year
average of 12.4 bushels.
Durum wheat produced in the States of Minnesota, North Dakota, South
Dakota, and Montana is estimated at 26,777,000 bushels for 1935, compared with 7.086,000 bushels in 1934 and the 5
-year average of 53.909,000
bushels.
Production of hard red winter wheat in 1935 was 198,110,000 bushels
compared with 201,813,000 bushels in 1934; of soft red winter wheat 184,449.600 bushels in 1935. compared with 168,241,000 in 1934; of hard red
spring wheat 109.948,000 bushels in 1935 compared with 53,729,000 bushels
in 1934: of durum wheat (with allowance for States of minor production)
28,049,000 bushels In 1935, compared with only 7.561,000 in 1934: of white
wheat, including both winter and spring varieties, 82,593,000 bushels In
1935, compared with 65,585.000 bushels in 1934.
Oats
-The production of oats in 1935 of 1.195,435,000 bushels is more
than double the extremely light production of 525.889,000 bushels in 1934,
but is about 2% below the 1928-1932 average of 1,217.646,000 bushels. All
Important oats producing States show a large increase in production over
that of 1934. Production in the West North Central States is over threeand-one-half times as large as was harvested in these States under the
drought conditions of last year.
The larger crop in 1935 was produced on a harvested acreage of 39,714.000 acres. This represents an increase of nearly 32% over the 30.172,000 acres harvested in 1934, and compares with 36.701,000 acres In
1933. This year's Increase of 7,590,000 acres in the West North Central
States over the harvested acreage in 1934 accounts for the greater part of
the increased acreage for the entire country.
The yield per acre of oats in 1935 is 30.1 bushels. This is two-tenths of
a bushel below the 1923-1932 average and compares with 17.4 bushels in
1934 and 19.9 bushels in 1933.
Barley
-The estimated production of 292,249,000 bushels of barley in
1935 is almost two-and-one-half times as large as the crop of 118.348,000
bushels in 1934, but is only slightly larger than the 5
-year (1928-1932)
average of 282.841.000 bushels. The area harvested this year was 12.858,000 acres compared with 7,095,000 acres in 1934, when adverse weather
conditions resulted. In a heavy loss of planted acreage in many States. The
larger part of the increase in acreage harvested in 1935 occurred in Minnesota and the Dakotas, although increases were shown in several less
important States. Due to more favorable weather conditions in 1935,
most States show an apnreciably larger yield per acre than that obtained
In 1934, this being partizularly noticeable in the North Central States,
where the bulk of the barley is produced. The average yield for 1935 is
22.7 bushels per acre compared with 16.7 bushels in 1934 and is practically
the same as the 10
-year (1923-1932) average of 22.6 bushels per acre.
Rye
-The production of rye in 1935 of 57,936,000 bushels is the largest
crop produced in this country since 1924. The 1935 crop is about 42,000.000
bushels above the extremely small crop of 16,045,000 bushels in 1934. The
harvested acreage in 1935 was 4,063,000 acres compared with 1,942.000
acres in 1934. The area harvested this season was Increased in all of the
North Central States. In the leading rye States of Minnesota, the Dakotas
and Nebraska, the harvested acreage was three times as large as the greatly
reduced acreages remaining for harvest in these States In 1934. The 1935
yields per acre are above average in all the main rye producing States. The
1935 average yield per acre for Has entire country is 14.3 bushels compared
with 8.3 bushels in 1934 and the 10
-year average (1923-1932) of 12.2 bushels.
Buckwheat
-The production of 8,234,000 bushels of buckwheat in 1935
Is 9% less than the 9,042,000 bushels produced in 1934, but is practically
the same as the 5
-year (1928-1932) average, which was 8,277.000 bushels.
The area harvested In 1935 was 496.000 acres, compared with 478.000 acres
In 1934 which was an increase of about 3.8%. This increase in acreage was
more than offset by a decrease in the average yield from 18.9 bushels per
acre in 1934 to 16.6 bushels in 1935 which resulted in a smaller production
In 1935. In the Important producing States, New York and Pennsylvania,
the former showed about a 5% decrease in acreage, while the Pennsylvania
acreage was increased about 6%. In both of these States, the yield per acre
was substantially lower than in 1934.
Grain Sorghum-Owing to the great need for feed in the dry lands of
the Central and Southern Plains, grain sorghums, which substitute for corn
In that area, were planted on an estimated total of 10,470,000 acres of land
in 1935. and produced feed equivalent to an estimated total of 103,494.000
bushels of grain. The 1935 acreage exceeded that of 1934 by almost 40%
and exceeded the five year average by over 50%. It was by far the largest
acreage of sorghum ever grown In this country. The 1935 estimated total
equivalent production of grain was equal to about three times that of the
drought-blasted crop of 1934. It was about 17% greater than the sorghum
crop of 1933. but a few percent less than the large crops produced in 1931
and 1932. Growing conditions in the Far West during 1935 continued below
normal, and the yield of 9.9 bushels of sorghum grain per acre was considerably lower than the 5
-year average yield of 14.2 bushels per acre,
although more than double the yield o14.6 bushels in 1934. About 53%
of the total acreage of grain sorghum was utilized this year for forage
compared with about 60% of the acreage in 1934. and 41% during the
5
-years, 1928-1932. The 1935 yield of forage per acre averaged 1.35 tons,
producing a total of 7.545,000 tons, compared with a yield of .77 ton per
acre and a total production of 3,527.000 tons of forage In 1934. Sorghums
were harvested for grain on 4,878,000 acres in 1935 compared witn 2,998,000 acres in 1934. A total of 57,045.000 bushels of grain sorghum was
harvested this year compared with 18,558.000 bushels in 1934.
Flaxseed-The estimat'ed7iOdliction fO 14,931,000 Isushels==laxseed in 1935 is nearly three times as large as the short crop of 5,213,000
bushels produced in 1934, but is 6.57 less than the 5
-year (1928-1932)
average of 15,961.000 bushels. The 2,071,000 acres harvested this year are
more than twice the 969,000 acres harvested in 1934, when drought and
high temperatures resulted in an extremely heavy loss of planted acreage.
Most of the increase in acreage in 1935 occurred in the Dakotas although
Minnesota showed a substantially larger acreage. With weather conditions
much more favorable than last year, the yield for 1935 averages 7.2 bushels
per acre compared with 5.4 bushels in 1934, while the 10
-year (1923-1932)
average is 6.9 bushels per acre.
Rice
-The 1935 production of r co is eatimated T38,452,000 bushels.
Last year production was 38.296,000 bushels, while the 5
-year (1928-1932)
average is 43,017,000 bushels. The three States of Arkansas. Louisiana.
and Texas produced 31,788,000 bushels, compared with 30,631,000 bushels
In 1934, while California harvested 6,664,000 bushels in comparison with
7,665.000 last year. The average yield per acre this season for the United
States was 49.0 bushels. which was the same as in 1934. and compares with
with the 10
-year (1923-1932) average of 43.3 bushels. In toe Southern
States heavy rains during the fall months hindered the cutting and threshing
of rice. With the exception of one year (1934), the total acreage of rice
harvested in 1935 in the four principal rice-producing States is the smallest
of any year since 1914.
Hay
-The United States hay crop in 1935 was 87.620,000 tons
-the
largest crop but one in 10 years: it is 9% more than the five-year (1928-1932)
average of 80.384,000 tons, and .54% more than the exceedingly small 1934
crop of 57.028,000 tons. The 1935 crop was produced on only 64,488.000
acres
-next to the smallest acreage In 17 years. In 1934. 60,740,000 were
harvested and the five-year average is 67.091,000 acres. The harvested
acreages of both wild and tame hay increased from the low figures of 1934,
with decreases In the acreages of clover and timothy, sweet clover, grain,
hay and annual legumes more than offset by increases in the acreage of
alfalfa and lespedeza.
The principal factor in the large production of hay in 1935 was the high
yield per acre of some of the important kinds. The 1935 yield per acre of all
tame hay was 1.45 tons
-the highest in the 69 years of record with two
exceptions of 1.46 tons per Sere in 1916 and 1.47 per acre In 1927. The
10
-year average (1923-1932) yield per acre of tame hay was 1.31 tons and in
1934 it was only 1.01 tons.
Broomcorn-The 1935 broomcorn crop is estimated at 60,500 tons,
which is nearly twice as much as the short 1934 crop of 31.500 tons, and
about 307 greater than the average production during the period 19281932. Under the stimulus of prospective high prices, because of short crops
in 1933 and 1934, acreages this season were greatly increased In nearly all
commercial areas. In Texas this year's acreage is 75,000 acres, compared
with only 16.000 in 1934: in Oklahoma the acreage is 211.000. compared
with 130,000 last year; and in Illinois the acreage Is 70,000, compared
with 53.000 a year ago. Average yield per acre this year is estimated at
247.3 lbs. This compares with 208.6 pounds last year, but Is about 20%
less than the average yield per acre during the 10
-year period. 1923-1932.
I. Tobacco
-The production of all types of tobacco In 1935 Is estimated at
1,283.742,000 pounds, compared with 1.045.660,000 pounds In 1934
and 1.432.845,000 pounds, the five-year (1928-1932) average production. The Increase for all type over last year of 23% in production
results from an increase of 15% in acreage and 7% In yield per acre, and is
Volume 141
accounted for mainly by an increase of about 230,000,000 pounds, or
about 41% in the production offlue-cured tobacco.
The production of flue-cured tobacco is estimated at 785.993.000 pounds,
compared with 556,930,000 pounds in 1934 and 679.274,00 pounds, the
five-year (1928,932) average production. The acreage of this class of
tobacco in 1.,935 was about 28% greater than in 1934, and the yield per acre,
the highest on record, is estimated at 895 pounds or 10% greater than the
previous record yield of810 pounds per acre in 1934. More than 80% of this
class of tobacco had been marketed previous to Dec. 1 this year.
The 1935 crop of fire-cured tobacco is estimated at 120,887,000 pounds,
compared with 126,477,000 pounds in 1934. and 160,703,000 pounds. the
five-year (1928-1932) average production. Both the acreage and yield per
acre offire-cured tobacco in 1935 show a slight decrease compared with 1934.
The production of Burley tobacco in 1935 was about equal to the sales
from the 1934 crop, but about 7% less than the actual production last year
when about 18,000,000 pounds was rendered unmarketable by growers
signing AAA contracts. The production in 1935 is estimated at 234,361,000
pounds. compared with 251.827.000 pounds in 1934 and 342.542,000
pounds the five-year (1928-1932) average production. The acreage of this
class of tobacco in 1935 was about 57 less than in 1934.
The Maryland tobacco crop in 1935 is now estimated at 26.350,000
pounds, compared with 23,418,000 pounds in 1934 and 24,018.000 pounds
,
the five-year (1928-1932) average production.
The production of dark air-cured tobacco in 1935 is estimated at 33.871,000 pounds or about 9% less than the sales from the 1934 crop. Both the
acreage and yield per acre of this class of tobacco show a decrease in 1935
compared with 1934
The production of all classes of cigar tobacco in 1935 is estimated at
82,105,000 pounds,or 22% greater than the 1934 crop of 67,733.000 pounds,
compared with the five-year (1928-1932) average production of 169.232,000
pounds. The increase in production of these classes of tobacco in 1935
over 1934 resulted from an increase of about 27% in acreage.
-The production of soybeans harvested for the beans is
Soybeans
estimated at 39,637,000 bushels; which is more than double the previous
record production of 18.627,000 bushels harvested in 1934. Production
more than doubled in Ohio. Indiana. Illinois. Michigan. Iowa and Kansas.
In the North Central States the 1935 crop of harvested beans is more than
twice that in 1934, and four times the five-year (1928-1932) average production. Moderate increases in the crop of harvested beans were reported
for the Southern States, where the 1935 crop is 116% of that in 1934, and
111% of the five-year average.
The tremendous increase in quantity of soybeans harvested resulted
partly from marked increases in acreage. There was also an increase in
percentage of total acreage which was harvested for beans, particularly in
the North Central States, where yields per acre were this year unusually
good.
The acreage of soybeans grown alone is estimated at 5,211,000 in 1935
compared with 4,253,000 in 1934, and the five-year (1928-1932) average of
2,635,000 acres. The estimates of acreage grown with corn and other crops
are 758,000 in 1935.686,000 in 1934 and the five-year average 868,000 acres.
The yield on acreage harvested for beans is estimated at 16.7 bushels per
acre compared with 15.3 bushels in 1934 and the nine-year (1924-1932)
average of 13.2 btshale.
Colton Lint and Seed-The United States cotton crop was estimated at
10,734,000 bales of 500 pounds gross wejght, in the Department's cotton
report of Dec. 9. While the crop as estimated is 1,098,000 bales greater
than the small crop of 1934, it is 3,932,000 bales, or 26.8%, below average
production in the five-year period, 1928-1932. The acreage harvested was
27,331,000 acres, which is about 1.3% greater than that harvested in 1934,
and about 32.6% less than the average harvested acreage in the five years,
1928-1932. Allowing for estimated abandonment of 1.9%, the cotton
acreage in cultivation on July us indicated to have been 27,872,000 acres.
The United States average yield of lint cotton per acre in 1935 was 188.0
pounds per acre, compared with 170.9 pounds in 1934, and an average
-year period, 1923-1932. Yields per acre were
yield of 169.9 for the 10
better than average in all major States except Texas and Oklahoma.
Cottonseed production in 1935 is estimated at 4.775.000 tons, compared
with 4,282,000 tons in 1934.
-The combined tonnage production of nine
Fruit and Nut Summary
deciduous fruits and three citrus fruits for the 1935-36 marketing season
exceeds the production of 1934-1935 by 139' and is 5% larger than the
five-year (1928-1932) average production. The 1935 production of nine
deciduous fruits (apples, peaches, pears, grapes, cherries, plums, prunes,
apricots and figs) totaled 9.414,000 tons, fresh basis, which exceeds the
1934 production of 7,515,000 tons by 259' and is nearly 3% larger than the
five-year average of 9,149,000 tons. Production of oranges, grapefruit, and
lemons, based upon condition of the crops on Dec. 1, is expected to reach
2,996,000 tons, which is 13 less than the total of 3,432,000 tons produced
from the bloom of 1934, buds 12% above the five-year (1928-1932) average
production of 2,679,000 tons.
The combined production of the four outcrops (walnuts, pecans,almonds,
and filberts, totaled 112.000 tons in 1935 compared with 77.000 tons in
1934 and with the five-year (1928-1932) average of 77,000 tons.
-The production of potatoes in the United States is estimated
Potatoes
at 356,406,000 bushels which is approximately 29.000,000 bushels less than
the large crop harvested last year. Wide areas in the northern tier of
States suffered from freezing weather in October and the first week in
November, with resulting losses of a considerable portion of the undug
potato crop, and the impairment in the quality of many of the potatoes
which were harvested during this period.
The 1935 potato production in the 18 late surplus States is estimated
to be 243,602.000 bushels, compared with 272,274,000 bushels in 1934. and
the flve-year (1928-1932) average production of 251,873,000 bushels.
Production in the 12 other late States is estimated to be 3.535.000 bushels,
which is approximately 360,000 bushels below the 1934 crop harvested in
these States.
Sweetpotatoes-The Nation's sweetpotato crop is estimated at 69,853,000 bushels compared with 67.400.000 in 1934 and the five-year (19281932) average production of 63,841.000 bushels. The increased production
this year over 1934 was chiefly the result of an increase of 2% in harvested
acreage, as the average yield per acre was only slightly above last year.
Sugar Beets-The preliminary estimate of sugar beets harvested in
1935 is 7,984,000 tons which is about 500,000 tons more than the crop of
1934, and approximately 3,000.000 tons less than the record crop of 1933.
.The five-year (1928-1932) average of production is 8.118.000 tons. This
year's yield per acre of 10.4 tons is about average, notwithstanding the low
yields reported from the mid-western States, where tne beets were injured
by blight and drought during the latter part of the growing season. The
sugar content of the 1935 crop is reported to be about 109' better than
average. Production of beet sugar is estimated at 1,170.00 tons.
In
1934, the production was 1,154.000 tons; in 1933, 1.642,000 tons; and in
1932, 1,357.000 tons.
Louisiana Sugar Cane-In Louisiana the total production of sugar
cane is estimated at 4.486.000 tons, which is about 750,000 tons above the
1934 production, and nearly 1,500,000 tons more than the five-year (19281932) average. The portion of the crop which is used for sugar is averaging
around 155 pounds of sugar per ton of cane, which indicates a total production this season of about 291,000 tons of sugar. This compares with
234,000 tons in 1934, and is the largest crop of Louisiana cane sugar produced in the past 12 years. The total acreage harvested for all purposes
(sugar, sirup and seed) is estimated at 258,000 acres, compared with
249,000 acres in 1934. Average yield per acre is 17.4 tons of cane. Total
production of molasses is estimated at 21.034,000 gallons, and cane sirup
in this State at 6.598,000 gallons, compared with 7,001,000 gallons in 1934.
Hops-Total production of hops is estimated at 47.080,000 pounds,
which includes 11,513.000 pounds that were allowed to go unpicked because
of market conditions,labor shortage, and poor quality. The production this
year exceeded that of 1934 by 5,885,000 pounds, and is approximately
19,000,000 pounds above the five-year (1928-1932) average of production.
The acreage and production of the 1935 crop is the largest in the last 19
years. The quality of the Washington-Oregon crop was "variable," but the
California crop was better than average in quality, excepting in some yards
where the hops were allowed to over-ripen.
UNITED STATES GENERAL CROP REPORT, DEC. 1 1935
The Crop Reporting Board of the United States Department of Agriculture makes the following report of crop acreage, production, and farm value
from reports and data furnished by crop correspondents, field statisticians,
and co-operating State agencies. Since complete Federal census data are
not yet available, the estimates for 1934 have not been revised. Revisions
will be made when complete census data become available, and will be
published prior to July 1 1936. Prices are weighted average prices recieved
by farmers for the crop marketing season for 1934. Prices for 1935 are preliminary estimates for the 1935 crop marketing season.
4039
Financial Chronicle
Production
(In Thousands)
Acreage Harvested
(In Thousands)
Crop
Avg.,.
1928-32 1934
1935
Unit
Average
1928-32
1934
1935
102,763 87,795 92,727 Bush. 2,562,147 1,377,126 2,202,852
Corn, all
860,570 496,929 603,199
59,8.85 42,249 49,826 "
Wheat, all
618,186 405,552 433,447
39,454 32,968 31,000 "
Winter
91.377 169.752
242,384
20,431 9,281 18,826 .
All spring
26,777
7.086
53,909
990 2,644 4,805
Durum
84,291 142,975
188,476
Other spring.-- 15,626 8,291 16,182 39,887 30,172 39,714 " 1,217,646 525,889 1,195,435
Oats
282,841 118,348 292,249
12,739 7,095 12,858 .
Barley
16,045 57,936
38,655
3,296 1,942 4,063 "
Rye
8,234
9,042
8.277
496 "
478
568
Buckwheat
14,931
5,213
15,961
969 2,071 .
2,757
Flaxseed
38,452
38,296
43,017
784 "
781
924
Rice
34,542 103,494
93,764
6,855 7,569 10,470 "
Grain sorghums_a
10,734
9,636
14,666
40,554 26,987 27,331 Bales
Cotton, lint
4,775
4.282
6,520
------------Tons
Cottonseed
87,620
57,028
80,384
67,901 60,740 64,488 Hay. all
75,619
52,269
69,591
53,725 51,828 52,026 "
Hay, all tame
12,001
4,759
10,793
13,366 8,912 12,462 "
Hay, wlld
5.536
3,253
3,437
2,139 3,557 3,867 "
Sweetsorghums_b
2,849
262
1,560
410
126
662 Bush.
Timothy seed
Clover seed (red and
1,015
1,099
1,563
964
1,070
754 "
alsike)
559
626
891
155 "
189
236
Sweetciover seed_ _ _
1,736
1,913
d921
250 247
d123
Lespedeza seed_c
823
821
823
341
360 392
Alfalfa seed
13,799
10,369
11,858
Beans, dry edible.__ 1,760 1,399 1,843 Bags e
39,637
18,627
11,658
793 1,216 2,379 Bush.
Soybeans_f
5,816
5,296
4,773
638 654
579
Cowpeas_f
938,880 1,063,035 1,284,455
1,346 1,571 1,642 Lbs.
Peanuts_f
714
659
537
1,595 1,557 Tons
Velvet beans-a-- 1,285
3,243 3,312 3,271 Bush. 363,367 385,421 356,406
Potatoes
69,853
67,400
63,841
778 "
762
729
Sweet Potatoes
1,874 1,271 1,458 Lbs. 1,432,845 1,045,660 1,283,742
Tobacco
13,788 12,438
12,348
228
197
213 Gale.
Sorg° sirup
4,486
3,735
3,006
249
186
258 Tons
Sugar cane, La
24,699
22,290
17,149
145 Gals.
139
105
Cane sirup
7,984
7,481
8,118
771 Tens
766
717
Sugar beets
1,704
1,271
1,838
212,728 212,158 212,496 Lbs.
Maple %Mar
3,377
2,395
2,682
212,728 212,158 212.496 Gale.
Maple sirup
60
32
47
320
302
489 Tons
Broomcorn
28,011 1)41,19 h47.080
23
37
39 Lbs.
Hors
- Busk. 1)161,333 120,670 168,461
Apples, total
91,701
73,534
97,895
52,380
h56,451 h45,665
"
Peaches, total
21,255
1)23,146 h23.490
"
Pears, total
1)2,327
1.93
112,200
----Tone
------Grapes, total-1- _ -117
114
____
____
h108
---Cherries(12 Statee).
Plums and prunes
____ "
104
137
____
1)140
---fresh (5 States).____ "
280
200
____
1)226
---Prunes, dried (3 St.)
55,85.1
64,241
48,816
---. Boxes
----Oranges (7 States).____ "
17,981
21,357
14,730
____
---Grapefruit(4 States)
8,000
10,450
7,251
443
581
48(
28
27 BBle.
27
Cranberries
95,341
40,375
59,983
Lbs.
Pecans
Truck
Commercial
Crops
1,011
1,060
873
7.8
8.4
9.0 Boxes
Artichokes
97.6 112.9 109.8
Asparagus, total
4.621
5,388
4.427
68.0
57.0
59.4 Crates
For market
57.(
48.5
58.1
44.9
40.6
50.4 Tons
For manufacture_
36.6
37.0
d3.5.8
Beans, lima, total
601
601
580
12.4
9.2
10.0 Bush.
For market
17.4
15.1
24.6
d12.6
26.6 Tons
For manufacture_ d25.6
161.9 192.2 193.0
Beans, snap, total
1)9,447 1)13,612 h11,824
107.2 147.1 144.4 Bush,
For market
80.1
66.1
45.1
73.1
54.7
48.6 Tone
For manufacture_
18.5
19.0
d16.4
Beets, total
2,326 1)1,681
1)1,770
10.5 Bush.
12.2
9.6
For market_
40.1
46.1
d35.9
6.8
d6.3
8.0 Tons
For manufacture_
,
926.
1,230.4
1,010.4
176.7 138.3 "
143.7
Cabbage, total
1)844.7 1)1,014.7 1)790.1
123.5 151.0 121.5 "
For market
136.:
215.7
165.7
16.8 "
25.7
20.2
For kraut
12,087 613,32:
96.5 112.7 Crates 1)16,763
122.9
Cantaloupes
13,005 1)13,361
36.8 Bush. h10,127
35.9
27.6
Carrots
6,621 1)7.154
27.4
28.5
28.7 Crates 1)6,658
Cauliflower
8.321
8.642
1)11.168
342 "
223
32.6
c....i.,...,
a All purposes. b For hay and forage, but not Inc tided in tame bay. c Bushels
of 25 pounds. d Average 1929-32. e Bags of 100 pounds. f Covets only mature
crop gathered for beans, peas, or peanuts. g Trees tapped. h Includes some
quantities not harvested. I Production is the total for fresh fruit, juice, and
ra18108.
UNITED STATES GENERAL CROP REPORT: DECEMBER 1935
Yield Per Acre
Crop
Avge.
Unit
1923- 1934 1935
1932
Price for Crop of
1934
1935
Farm Value
1934
1935
1,000
1.000
Dollars
Dollars Dollars Dollars
.577 1,124,321 1,271,089
.816
25.7 15.7 23.8 Bushels
Corn, all
.838 420,808 505,394
.847
14.4 11.8 12.1 Bushels
Wheat. all
.816 341,916 353,688
.843
15.2 12.3 14.0 Bushels
Winter
78,892 151,706
.894
.863
12.4 9.8 9.0 Bushels
All spring
20,109
7,211
.751
11.7 7.2 10.1 Bushels 1.018
Durum
71,681 131,597
.920
.850
Other spring__ 12.6 10.2 8.8 Bushels
.279 252,157 333,960
.479
30.3 17.4 30.1 Bushels
Oats
80,781 111,271
.381
.683
22.6 16.7 22.7 Bushels
Barley
22,248
11,445
.384
.713
12.2 8.3 14.3 Bushels
Rye
5,296
.535
.586
4.404
15.7 18.9 16.6 Bushels
Buckwheat
21,983
8,858
6.9 5.4 7.2 Bushels 1.699 1.472
Flaxseed
30,332
.624
43.3 49.0 49.0 Bushels
24.011
.792
Rice
52,674
33,766
.509
.978
Grain sorghums_a_ 14.2 4.6 9.9 Bushels
169.9 170.9 188.0 Pounds .1236 bill() 595,602 593,677
Cotton, lint
c34.79 c31.60 148,986 150,87'2
......
Cottonseed
7.28 784,795 637,478
13.76
1.21 .94 1.36 Tone
Hay, all
7.70 729,665 582,480
1.31 1.01 1.45 Tolle
13 96
Hay, all tame
54,998
55.130
4.58
.82 .53 .96 Tons
11.58
Hay, wild
32,267
34,008
5.83
10.45
Sweet sorghums_d_ 1.68 .91 1.43 TOM
6.54
3,332
1,714
1.17
Timothy seed
e3.78 2.07 4.30Bushels
NO
Clover seed (red and
el.40 1.14 1.35 Bushels 11.01
12.096
8.54
8,668
alslke)
1.533
2.575
2.74
Sweet clover seed e3.92 3.32 3.60 Bushels
4.11
____ 7.74 6.95 Bushels
3,054
1.36
Lespedeza seed_ f
1.60
2,365
8.13
Alfalfa seed
6,694
e2.90 2.09 2.29 Bushels 10.27
8.430
670 741 749 Pounds 23.57 22.92
36,988
Beans, dry edible
40.267
29,121
e13.2 15.3 16.7 Bushels 1.022
19,034
.
.735
Soybeans h
Cowpeas_ h
e7.3 8.1 9.1 Bushels 1.475 1.340
7,809
7.791
Peanuts_ h
707 677 770 Pounds
35,143
.032
.033
39,771
. e802 826 917 Pounds c12.51 c11.22
8,244
Velvet beans_a_
8,010
112.8 116.4 109.0 Bushels
.586 180.761 208,712
.469
Potatoes
89.0 88.5 89.8 Bushels
53,843
.694
.799
48,511
Sweet potatoes
771 823 880 Pounds
.185 223,709 237,471
.214
Tobacco
62.2 60.5 58.4 Gallons
7,043
.549
.511
Sorgo sirup
6,821
2.50
9,326
3.32
Sugar cane, La_
13.3 15.0 17.4 Tons
14,871
154.2 160.4 170.3 Gallons
.412
.455
10,134
Cane sirup
10,16E
el1.0 9.8 10.4 Tons
5.16
38,577
5.15
Sugar beets
41,100
x1.99 x1.68 x2.30 Pounds
314
.266
.247
Maple sugar
454
x1.99 x1.68 x2.30 Gallons 1.333 1.425
3,192
4.811
Maple sirup
309 209 247 Pounds c167.65 c79.34
5,821
Broomcorn
4.800
o5 nil
o5 R142
141
145
1.274 1.119 1.201 Pounds
MITA
a All purposes. b Average pros for crop marketing season to Dec. 1. c Per ton.
d For bay and forage, but not included in tame hay. e Average 1924-32. f Bushels
Per bag of 100 pounds. h Covers only mature crop gathered for
of 25 pounds.
4040
Financial Chrcnicle
the beans, peas or peanuts. x Total equivalent sugar per tree. y Total production
Includes some quantities not harvested. Value and price are for portion harvested.
Production
(in thousands)
Acreage Harvested
(in thousands)
Crop
Avge.
1928-32 1934
Corn, sweet, total
For market (N. J. only)
For manufacture
Cucumbers, total
For market
' For pickles
Eggplant
Hale (Virginia only)
Lettuce
Onions
Peas, total
For market
For manufacttue
Peppers
Pimientos for manufacture
Spinach, total
For market
For manufacture
Tomatoes, total
For market
For manufacture
Watermelons
336.0
22.0
314.0
126.0
46.8
79.2
3.5
1.9
155.3
84.4
303.5
80.0
223.5
16.6
8.5
58.9
47.8
11.1
466.5
150.7
315.8
225.1
312.1
24.5
287.6
121.9
42.2
79.7
3.7
1.5
154.4
84.8
351.0
101.1
249.9
15.2
9.5
69.9
54.6
15.3
525.9
162.6
363.3
192.3
1935
Unit 1928-32 1934
1935
423.8
24.5 Ears
102,610 129,850 117,600
399.3 Tons
628.0 498.0 854.6
133.2
43.8 Bushels z4,607 3,493 z4,301
89.4 Bushels 4,972 4,404 5,032
707
746
3.4 Bushels
772
285
225
1.5 Bushels
766
153.9 Crates z19,163 z19,294 19,580
99.0 Sacks z13,247 z13,007 z14,140
424.8
112.2 Bushels z6.088 7,667 z8,371
312.6 Tons
182.1 165.4 265.1
17.3 Bushels 3,829 3,499 3,217
20.8
15.8
15.0
13.6 Tons
72.7
56.5 Bushels z12,580 10,946 9.839
52.6
41.3
16.2 Tons
52.7
624.9
169.8 Bushels z16,891 z18,319 18,903
129.3 1,407.5 1,673.4
455.1 Tons
204.4 Melons z70,053 z48,176 z57,254
Total above truck crops 2,452.0 2,581.6 2,890.1
For market (21 crops) 1,358.9 1,429.2 1,453.5
For manufacture (11
crops)
1,093.1 1,152.4 1,436.6
Potatoes, early
318.2 307.8 272.1 Bushels 42,127 42,799 z38,094
Strawberries
181.6 197.7 163.3 Crates xI2,127 z13,152 al1,681
Total, 44 crops
286,513 327.661
Includes some quantities not harvested.
Yield Per Acre
cow
Average
1923-32 1934
Price for
Crop of-
Farm Value
Unit
1935
1934
1935
1934
1935
1.000 1,000
Dollars Dollars Dollars
.718 106,454 120,936
.714 64,068 65,462
.841 a35,035 44,026
.634 a16,195 13,485
13.68 37,255 a31,506
74.04 6,781 8,694
Dollars
Apples, total_ -- ---.882
--._
--__ Bush.
Apples, com'l ___
____
____
.871
____
Peaches, total
____
____ "
.806
Pears, total
.701
Grapes, total__ -____
19.29
____ Tons
--------------59,54
Cherries(12States)
Plums and prunes
II fresh (5 States)
____
____
____ "
25.04 31.54 3,432 3,294
Prunes, dried (3
1. States)
80.65 59.43 16,110 16,647
"
Oranges(7 States)
____
____
____ Boxes
1.680 1.922 107,943 107,338
Grapert(4 States)
.868 1.168 18,530 21,018
---------- "
Lemons maw
2.40 21,109 19,200
2.02
---- -- - "
-21.2
Cranberries
16.2
17.8 Ebbs.
10.70 11.78 4,743 5,732
Pecans
.062 5,013 5,889
.124
---- Lbe.
Commercial Tru Ct Crop s
bill
Artichokes
127
1.70 1,060 1,729
113 Boxes:
1.00
____
____
____
Asparagus, total_
___ 10.034 10,882
82
For market_
79
78 Crates
1.42 6,808 6,572
1.2i
1.44
1.08
For manuf'ture
1.13 Tons
66.50 75.65 3,226 4,310
Beans, lima, total
1,670 1,762
For market_ - _
io Bush. - .12 I:ai 648 815
1c.50
947
.71
For manuf'ture
.57 Tons
58.57 62.18 1,022
13.404 15,541
Beans,snap, total
oi
For market_
ii
82 Bush.
Ioi alO,679 a12,095
-- 65
.
1.58
1.47
For manuf'ture
1.65 Tons
41.23 42.97 2,725 3,446
1,426 1,393
Beets, total
a911
For market_
.54 1,006
183
.43
190
160 Bush.
482
For manuf'ture c6.00
420
5.88
5.82 Tons
10.47 10.41
7.70
8.59 13.26 9,590 12,106
Cabbage, total
6.96
6.70 "
.
7.48
6.72
For market..- 6.50 "
9.13 14.69 a8,221 al1,406
9.48
700
8.39
For kraut
8.11 "
6.35
5.14 1,369
142
125
Cantaloupes
118 Crates
1.10
.92 13.351 al1,927
341
Carrots
362
.56 6,503 a7,503
363 Bush.
.50
232
247
Cauliflower
249 Crates
.60
.72 3,944 a5,023
281
268
243 "
1.80 10,492 14,973
1.21
Celery
____
-___
____
Corn,sweet, total
---- 5,471 9,019
---For market
d9.70 d9.00 1,260 1,058
(N. J. only)- b4,720 5,300 4,800 Ears
For manuf'ture
1.73
9.32 4,211 7,961
2.14 Tons
2.13
8.46
Cucumbers,total, 5,790
5 090
120
.86
For market_
83
.78 3,000 a3,182
98 Bush.
57
For pickles
55
56 "
.47
.52 2,090 2,608
258
446
Eggplant
201
206 "
445
.63
.60
150
190 "
e412
100
.40
Kale (Va. only)„
90
.35
152
1.36
Lettuce
125
1.44 125,778 28,213
127 Crates
3nions
153
1.30 114,538 118,077
143 Sacks
158
1.13
total--- 18,809 23,182
Peas,
76
-1.57
For market_ _ _
1.14 10,521 19,443
75 Bush.
76
For manuf'ture
.66
.85 Tons
.88
50.09 51.83 8,288 13,739
?elvers
186 Bush.
260
230
.78
.70 2,746 2,260
?imientoeFor manuflure el.75
1.65
1.53 Tons
647
29.68 31.17
468
ipinach, total_ --___
____
-___
------- 4 835 6,140
,
For market.- _
174 Bush.
310
.40
201
.66 4,345 5,480
For manufture
4.48
2.70
3.25 Tons
11.86 12.55
490
660
_
Tomatoes, total_
_
38,942 41,854
_
iii
For market__ iii
iii Bush. Yin Ili 122,040 22,351
4.21
For manor ture
3.87
3.68 Tons
12.12 11.65 16,902 19,503
Vatermelons_
313
250
280 Melons g108.00 g97.00 15,194 15,322
Total above truck
crops
--__ 193,880223,889
---For market (21
--------------------------152,689 168,886
crops)
For manu'iture
(11 crops)
41,211 55,003
123
'otatoes, early__
139
140 Bush.
.51 23,779 119,451
.56
trawberries ____
69.3
66.5
71.5 Crates
1.94
2.35 123,684 127,308
Lai
ii
Total. 64 mite
- 4779335 5118444
INCOME FIGURES SHOWN FOR COMPARATIVE PURPOSES
Farm Value
1934
1935
Gross income from 79 crops
$3,043,000,000 63,400,000,000
Grose Income from livestock and livestock products.. 3,629,000,000 4,230,000,000
Gross Income from crops, livestock and livestock
products plus benefit payments
7,266,000,000 8,110,000,000
a Total production includes some quantities not harvested. Value and price are
for portion harvested. b Average 1928-32. c Average 1929-32. d Per 1,000.
e Average 1928-32. 1 Total production Includes some quantities not harvested.
Value and price are for portion harvested. g Per 1,000.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 20 1935.
With holiday buying at its peak and weather conditions
predominantly favorable, retail trade made a good showing
Dec. 21 1935
during the past week. While activity centered in gift items,
sales of heavy apparel, apparel accessories and home furnishings also reached impressive figures. In the local area,
comparisons with last year made a particularly good showing, in view of the drop in sales then, following the introduction of the city sales tax. For the first half of December,
on the other hand, sales of department stores in the metropolitan area, according to figures issued by the Federal
Reserve Bank of New York, showed a decline of 2.8%, thus
reflecting the spurt in sales last year just prior to the imposition of the levy. Wired reports to the National Retail Dry
Goods Association from stores throughout the country indicated gains in the dollar volume for the first half of December
over last year averaging 9.5%,with increases in New England
placed at 7%, in the Middle Atlantic States at 8%, in the
Middle West at 10%,in the South at 9%,and on the PAcific
Coast at 7%.
Trading in the wholesale dry goods markets was seasonally quiet although quite a few rush orders for gift items were
received from retailers, testifying to the far from ample
merchandise inventories generally held by merchants this
season. An appreciable number of orders for post-holiday
promotions also made its appearance, serving to enliven an
otherwise dull period in the wholesale field. Prices cbntinued
steady with Government orders tending to support values
in several divisions. Business in silk goods expanded moderately. Interest centered mainly on spot or nearby deliveries of staple Fall fabrics, with prices showing few changes,
although it was expected that the raise in dyeing charges will
result in price advances from 2 cents to 5 cents on Spring
fabrics. Trading in rayon yarns continued active. On
Dec. 18 one of the leading producers announced price advances of 3 cents to 5 cents a pound on certain viscose weaving yarns, and this move was followed by similar steps on
the part of other makers.
Domestic Cotton Goods-Trading in gray cloths remained dull, with seasonal influences and the uncertainty
over the coming decisions of the Supreme Court on the
processing tax and the crop control legislation forming the
chief deterrent factors. Prices at first held quite firm; later
in the week, however, moderate second-hand offerings
caused a slight shading of quotations for a few constructions.
While the statistical position of the mills generally is still
considered to be characterized by important elements of
strength, such as the absence of distress stocks and a sizable
backlog of unfilled orders, and although the flow of finished
goods in distributive channels is steadily growing more
satisfactory, no real broadening in buying activities is anticipated until the Court decisions are out of the way, and a
definite basis for future price calculations is established.
Drills mored in good volume at stiffening prices and sateens
continued strong. Business in fine goods quieted down considerably but prices held firm, reflecting the well-balanced
statistical position in this field. Interest in carded piques
expanded slightly and a fair-sized demand existed for pigmented taffetas. Closing prices in print cloths were as follows: 39-inch 80's, 8%c.; 39-inch 72-76's, 8%c.; 39-inch
68-72's, 75% to 73.c.; 38%-inch 64-60's, 63 to 6%43.; 383 %
inch 60-48's, 53'c.
Woolen Goods
-Trading in men's wear fabrics continued
seasonally dull, but with their large backlog of unfilled
orders mills have no difficulty in maintaining operations at
full capacity. While no revival in new business can be looked
for until after the turn of the year, an appreciable number of
repeat orders is coming into the market, and scattered
moderate mark-ups on Spring goods were said to encounter
little resistance on the part of buyers. Reports from retail
clothing centers made a satisfactory showing considering the
fact that apparel sales at this time are usually somewhat
eclipsed by the demand for gift merchandise. Business in
women's fabrics was moderately stimulated by the end of
the designers' walkout, and by the continued satisfactory
movement of goods in retail channels.
Foreign Dry Goods-Notwithstanding adverse seasonal
influences, business in linens remained fairly active. Lastminute orders for holiday merchandise and the continued
activity in dress fabrics and suitings used in the cruise and
resort wear trade, were sustaining factors. With trading in
burlap at a virtual standstill, prices suffered further slight
recessions although the Calcutta market cabled fairly steady
quotations reflecting the sound statistical position at that
primary center. Domestically light-weights were quoted at
4.30c., heavies at 5.700.
Financial Chronicle
Volume 141
4041
State and City Department
MUNICIPAL BONDS
Specialists in
Dealer Markets
Illinois & Missouri Bonds
WM. J. MERICKA & CO.
INCORPORATED
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WISE
•
314 N. Broadway
ST. LOUIS
RECONSTRUCTION FINANCE CORPORATION
$12,614,300 of Municipal Bonds Awarded to Highest Bidders
-The following is the text of a statement issued by
Jesse H. Jones, Chairman of the above Corporation, relative
to the sale of $12,614,300 municipal securities out of a total
of $13,037,100 offered for sale on Dec. 17-V. 141, P. 3718:
Fifty-eight issues of bonds purchased by the Reconstruction Finance Corporation from Public Works Administration
and offered by the Corporation at public sale to-day have
been awarded to the highest bidders. The face amount of
the bonds sold was $12,614,300 and the sale price $13,180,492.86, a net premium of $566,192.86, representing an
average price of 1044.
The following bids were received:
$343.000Sity of Birmingham,Ma.,4% drainage bonds-Five bids ranging
from $1,001.30 per $1,000 to $1,023.41 per $1,000. The highest
..•
'
bid wassubmitted by Eli T. Watson & Co.,Inc.,New York,N.Y.
27,500 City of Colton, Calif.. 4% sewer bonds
-One bid of $1.001.30
rat,000 submitted by William R. Stoats Co., Los Angeles,
58,000 City of Ontario. Calif., 4% sewer bonds,series No.12
-Five bids
ranging from $1,019.06 per $1,000 to $1,045 per $1,000. The
highest bid was submitted by Schwabacher & Co., New York.
N.Y.
1,223.000 Cook County, Ill., 4% Cook County Hospital Nurses' Dormitory bonds-Four bids ranging from $992.60 per 31000 to $1,000
per $1,000. The highest bid was submitted by the Illinois Co. of
Chicago, Chicago, Ili.
500,000 East Side Levee and Sanitary District, St. Clair and Madison
counties, Ill., 4% diversion channel bonds-Four bids ranging
from $1,009.39 per $1.000 to $1,024 per $1,000. The highest
bid was submitted by R. W.Pressprich & Co., New York, N. Y.
172,000 University of Louisville, Louisville, Ky., 4% first mortgage
serial bonds
-One bid of $1,017.70 per $1,000 submitted by
Stein Bros. & Boyce, Baltimore, Md., and associates.
97,000 City of Allegan, Mich., 4% lighting bonds
-One bid of $976.70
per $1,000 submitted by Foster Petroleum Corp., Westerly, R.
69,000 City of Alma, Mich., 4% sewage disposal system revenue bonds
-One bid of $1,002.70 per $1,000 was submitted by Foster
Petroleum Corp. Westerly, R. I.
5,500 Village of Cologne, Minn., 4% water main certificates of in-Three bids ranging from $970 per $1,000 to 31.026
debtedness
per $1,000. The highest bid was submitted by Allison-Williams
Co., Minneapolis, Minn.
4.000 City of Montevideo, Chippewa County, Minn.. 4% sewage
-Two bids ranging from $1,000.10 per
disposal plant bonds
$1.000 to $1,102.80 per $1,000. The higher bid was submitted
by Allison-Williams Co., Minneapolis, Minn.
153.000 State Board of Examiners of the State of Montana 4% Montana
State Tuberculosis Sanitarium revenue bonds
-One bid of
$952.831 per $1,000 was submitted by Brown, Schlessman. Owen
& Co.. Denver, Colo. (Bid not accepted.)
24,500 School District No. 1 of McCone County, Mont., 4% school
bonds
-Two bids ranging from $972.713 per 81,000 to U.001.50
per $1,000. The higher 131d was submitted by Foster Petroleum
Corp., Westerly, It. I.
600,000 City of Bayonne, Hudson County, N. J. 4% school bonds
Four bids ranging from $1,002.89 per $1,000 to $1,032 Per $1000.
The highest bid was submitted by A. C. Allyn & Co.. Inc.,
New York, N. Y., and Associates.
21,000 Township of Little Falls, Passaic County, N. J.. 4% street im-Two bids ranging from $980 Per $1.000 to
provement bonds
$1.018.10 per $1,000. The higher bid was submitted by Out
water & Wells, Jersey City. N. J.
174,000 Union Free School District No. 1 of the Town of Eastchester.
Westchester County, N. Y., 4% school building bonds-Five
bids ranging from $1,024 per $1.000 to $1,062.80 per 31.000.
The highest bid was submitted by J. & W. Seligman & Co..
New York, N. Y.
138,000 Union Free School District No. 1 of the Town of Moreau, Saratoga County, N. Y., 47,, school building bonds-Four bids
ranging from $1,012 per $1,
to $1,056.20 per $1000. The
Inc.,0
highest bid was submitted by A. C. Allyn & Co.,
New
York. N. Y. and Associates.
12,000 Town of Ossining, N. Y. 4% street improvement bonds, series
-Four bids ranging from $1,006 per $1,000 to
of Oct. 1 1934
$1,036.25 per $1,000. The highest Didwas submitted by Dobbs
Ferry Bank Dobbs Ferry, N. Y.
90,000 Board of Education of Central School District No. 1 of the
Towns of Putnam Valley and Phillipstown, Putnam County,
and Fishldll, Dutchess County, N. Y., 4% school construction
-Six bids ranging from $1.000 Per 81.000 to $1,
bonds
045.50 per
$1.000. The highest bid was submitted by J. & W. Seligman &
Co., New York, N. Y.
159,000 Village of Suffern, N. Y.. 4% sewer bonds
-Eight bids ranging
from $1,033 per 81,000 to $1,094.80 per $1,000. The highest bid
was submitted by J. & W. Seligman & Co., New York, N. Y.,
and Associate.
94,000 City of White Plains, N. Y., 4% sewer improvement bonds
Four bids ranging from $1,010.40 per $1,000 to $1.028 per 31,000.
The highest bid was submitted by A.0. Allyn & Co., Inc., New
York, N. Y., and Associates.
94,000 City of White Plains, N. Y., 4% street Improvement bonds
Four bids ranging from $1,009 Per 81,000 to $1.028 Per $1,000.
The highest bid was submitted by A. CD. Allyn & Co.. Inc New
York, N. Y., and Associates.
130,000 City of White Plains, N. Y., 4% sewer extension bonds
-Four
bids ranging from $1,009.60 per $1,000 to $1,028 per $1,000.
The highest bid was submitted by A. C. Allyn & Co., Inc., New
York, N. Y., and Associates.
18,000 Village of Blanchester, Clinton County, Ohio,4% first mortgage
waterworks revenue bonds-One bid of $900 per $1,000 submitted by Suer, Carpenter & Roose, Toledo, Ohio. (Bid not
accepted.)
27,000 Village of Camden, Preble County, Ohio, 4% first mortgage
waterworks revenue bonds
-One bid of $950 per 81,000 submitted by Slier. Carpenter & Roose, Toledo, Ohio. (Bid not
accepted.)
Union Trust Bldg.
CLEVELAND
1
J
DIRECT
WIRE
r
I,
One Wall Street
NEW YORK
1,475,000 City of Cleveland, Ohio,4% sewage disposal bonds,fourth series
-Four bids ranging from $1,033.85 per $1,000 to $1,043.79 per
$1,000. The highest bid was submitted by Halsey, Stuart & Co.,
Inc., New York, N. Y., and Associates.
23,500 Board of Education of the College Gambier Village School District, Knox County, Ohio, 4% fireproof school building bonds
Five bids ranging from $980 per $1,000 to $1,030.77 per $1.000.
The highest bid was submitted by Cool, Stiver & Co., Cleveland, Ohio.
14.100 Village of Grafton, Ohio,4% first mortgage waterworks revenue
bonds
-One bid of $960 per $1,000 submitted by Slier, Carpenter
& Rase, Toledo, Ohio. (Bid not accepted.)
15,500 Village of Leesburg, Highland County, Ohio, 4% first mortgage
waterworks revenue bonds
-One bid of$950 per $1,000 submitted
by Slier, Carpenter & Roose, Toledo, Ohio. (Bid not accepted.)
22,800 Board of Education of the Plains Rural School District, Athens
County, Ohio, 4% school building construction bonds
-Six bids
ranging from $960 per $1,000 to $1,021.33 per $1,000. The
highest bid wassubmitted by Cool,Stiver & Co., Cleveland,Ohio.
9.000 City of Warwick. R. I., 4% serial school bonds, series of 1934
Five bids ranging from $1.045 per $1,000 to 81,135.779 per $1,000.
The highest bid was submitted by Philip S. Chase & Co., Providence, R. I.
60,060 Town of Fort Mill, S. C., 4% sewer revenue bonds
-One bid of
$1,007.70 per $1,000 submitted by McAlister, Smith & Pate.
Inc., Greenville, S. C., and Associate.
242.000 Parker Water and Sewer Sub-District. Greenville, S. C.. 4%
water and sewer bonds
-Two bids ranging from $1,001.30 Per
$1,000 to $1.002.70 per $1,000. The higher bid was submitted
by McAlister, Smith & Pate, Inc., Greenville, S. 0.,, and Associates.
20,000 City of Greenwood. S. C.,4% sewer revenue bonds
-Three bids
ranging from $981.70 per $1,000 to $1,023.16 per $1.000. The
highest bid was submitted by Johnson, Lance, Space & Co., Inc.,
Augusta, Ga.
46,000 County of Edmunds, S. Dale., 4% court house bonds
bids ranging from $1,012.57 per $1,000 to $1,020.20 Per-Three
The highest bid was submitted by Allison-Williams Co.. $1.000.
Minneapolis. Minn., and Associate.
23,000 County of Faulk, S. Dak.,4% county jail construction bonds
Three bids ranging from $1,002.70 per $1,000 to $1,011.90 per
$1,000. The highest bid was submitted by the First National
Bank & Trust Co. in Sioux Falls, Sioux Falls, S. Dak.
16,500 City of Madirion. S. Dak., 4% water bonds-Three bids ranging
from $995 per $1,000 to $1,005.50 per $1,000. The highest bid
was submitted by First National Bank of Saint Paul, St. Paul,
Minn., and Associate.
77.000 City of Sioux Falls, S. Dak.,4% city hall bonds, 1934
-Six bids
ranging from $1,037.11 per $1,000 to $1,067.10 per $1.000. The
highest bid was submitted by Northwestern National Bank &
Trust Co., Minneapolis, Minn.
73,000 County of Galveston. Tex., 4% permanent improvement fund
warrants (Texas City Seawall and Breakwater Protection)
Three bids rangingfrom $1,008.60 per $1,000 to $1,023 per $1.000.
The highest bid was submitted by J. L. Most° & Co., Galveston,
Tex.
115,000 County of Jefferson, Tex., 4% county office building and Jail
bonds of Jefferson County,Tex.
-Four bids ranging from $987.50
per $1.000 to $1.010.70 per $1,000. The highest bid was submitted by George V. Rotan Co., Houston, Tex., and Associate.
200,000 Board of Regents of the University of Texas 4% library notes
Nine bids ranging from $1,006 per $1,000 to $1,027.90 per
$1,000. The highest bid was submitted by Walker, Austin &
Waggener. Dallas, Tex.
22,060 Murray City, County of Salt Lake. Utah, 4% electric
t
revenue bonds, series of 1934
-One bid of $983.261 Per $1.8;
11'
submitted by Brown, Schlessman, Owen & Co., Denver, Colo.
6.154.000 City of New York, N. Y., 4% bonds (all or none)
-Four bids
ranging from $1,054.25 per $1,000 to 81,063.699 per $1.000.
The highest bid on an "all or none" basks was submitted by
Chase National Bank, New York, N. Y., and Associates.
News Items
Connecticut
-Changes in List of Legal Investments
The following bulletin on changes made in the list of legal
investments for savings banks in Connecticut, was made
public by the State Bank Commissioner on Dec. 17:
Additions
Los Angeles Gas & Electric Corp. 1st & general
Metropolitan Edison Co.-lst mtge.,series D
1st mtge.,series E
lstmtge..seriesO
Southwestern Bell Telephone Co
-tat & ref
Deductions
Connecticut Ry.& Lighting Co-lst
Connecticut Lighting & Power Co.-lst
48
43s
4s
48
330
1970
1968
1971
1965
1964
4;is
64
1951
1939
Coral Gables, Fla.
-Federal Court Upholds Validity of
-An Associated Press dispatch from Miami on Dec. 12
Bonds
had the following to say regarding an approving opinion
by a Federal Court on outstanding bonds of the above city:
Rejecting the city's plea the bonds were Issued by "collusion and conspiracy" of former city commissioners, Federal Judge Halsted L. Ritter
to-day upheld the validity of$7,000,000 in Coral Gables municipal securities.
The city, demurring to a suit by bondholders to recover 83,000,000.
tended the securities were issued, without election, by commissioners conwho
at the same time were officers of the Coral Gables Corp., developer of the
area that later became the city.
The city alleged the bonds were void, claiming they were issued to raise
funds to enable the firm to comply with promises of extensive improvements
to lot purchasers.
Judge Ritter found the question of the bonds' validity had not been raised
during the 10 years following their issuance, during which period succeeding city commissions had recognized the debt.
Florida, State of-Digest of Supreme Court Decision on
Scholl District Refunding Bonds
-A recent decision of the
Florida Supreme Court in regard to Dade County School
District refunding bonds is said to have caused considerable
apprehension among municipal bond dealers as to the status
4042
Financial Chronicle •
of refunding bonds issued in Florida subsequent to Nov. 6
1934. A digest of this decision has been prepared by A. B.
Morrison & Co., Inc., of Miami, which reads as follows:
A recent decision of the Florida Supreme Court in a case involving Dade
County and Dade County School District refunding bonds exchanged for
original bonds subsequent to Nov. 6 1934, (when the amendment to the
Florida Constitution exempting homesteads up to $5,000 in value went
into effect) held that homesteads are not subject to a tax to pay said
refunding bonds.
Apparently this decision is in direct contradiction to the one rendered in
the case of refunding bonds of Marion County, Florida, where the court
held that homesteads ale liable for debt service on said bonds. A study of
the decision, however, makes clear the reasons for the ruling of the Court
In the Dade County case.
In the Marion County case the resolution authorizing the execution and
sale of the refunding bonds and providing for their payment specifically
stated that the tax to pay interest and principal should be levied on all
property excepting such as would be exempted from taxation at the time
the original bonds were issued. A similar provision was also incorporated
in and made a part of each of the Marion County refunding bonds.
In the case of Dade County and Dade County School District refunding bonds, the resolution authorizing the bonds and the bonds themselves
recited only that there should be levied and collected a direct annual tax
upon all taxable property sufficient to pay principal and interest. The
Court held that (1) since the issuance of these refunding bonds was not
completed until delivery was made in exchange for original bonds; and (2)
since it was not provided and made a part of the obligation of these refunding bonds by resolution of the taxing authorities and by the bonds themselves that the tax for debt service should be on all property taxable at the time
of the issuance of the original bonds: that there could be levied and assessed
a tax only on such property as was taxable at the time of the delivery of such
refunding bonds, even though they were exchanged for original bonds
carrying a wider taxing power.
The decision apparently in no way contradicts the previous decision of
the Supreme Court that taxing units may issue refunding bonds bearing
all the security of the original issues. It does make clear, however, that all
the proceedings and the bonds themselves must specifically state that all
property pledged under the original bonds is liable for the payment of the
refunding bonds. For the payment of refunding bonds issued without such
specific authorizations, a tax cannot be levied on property now exempted by
constitutional amendment.
Supreme Court Rules Homesteads to Pay Tax for Debt Service
An Associated Press dispatch from Tallahassee on Dec. 11
reported as follows on a Supreme Court decision clarifying
a recent opinion to the effect that exempt homesteads are
obligated to bear their share of bond debts unless otherwise
adequate provision is made:
Municipal officials were placed on notice to-day by a Superme Court
decision that the burden of debt service is not to be shifted to property
left subject to taxation after the Homestead Tax Exemption Amendment
was placed in the Constitution.
The decision was in explanation of a recent opinion in which the Court
said exempt homesteads must bear their share of bond debts unless "some
other adequate fund" is provided for that purpose. The later opinion
explained what was meant by an adequate fund.
Only moneys actually on hand and appropriated come into that class,
said the Court.
"Before the homestead lands can be exempt from such tax for debt
service," it said, "the holders of the bonds affected thereby may require
that funds sufficient from other sources of revenue be actually collected
and appropriated adequate to render the ad valorem tax for such purpose on
homestead land unnecessary."
A constitutional prohibition against levying taxes greater than needed
will serve as a stop on any attempt to build up a fund in advance from taxes
other than ad valorem for bond service.
The case, which brought the opinion, was filed by the Woodmen of
the World, as a bondholder, against John M. Boring, Lee County tax
assessor, to require levy of taxes on homesteads sufficient to pay the bonded
debt which was made prior to adoption of the amendment.
Illinois—Realty Tax Levy Again Waived by State Board—
For the third successive year on Dec. 19 the State waived
its former tax on real estate and personal property, according
to an Associated Press dispatch from Springfield on the 19th.
Expenditures formerly met through the levy are now being
financed by the sales tax and from liquor licenses and imposts.
The action was taken by the State Tax Levy Board,
which first removed the property tax at its meeting two years
ago on the motion of Governor Harry Horner.
Montana—Governor Frank Cooney Dies—Governor Frank
H. Cooney died of heart disease in a hospital at Great Falls,
Mont. on Dec. 15, according to the Associated Press. The
Governor, who was 62 years old, was stricken while returning from a national meeting of highway officials at Miami,
Florida.
W. Elmer Holt, of Miles City, president pro tern of the
Montana Senate, will automatically succeed Mr. Cooney as
Governor and will serve until the elections next November.
Mr. Cooney, a Democrat, was elected Leiutenant Governor
in 1932 and automatically became Governor on March 13
1933, upon the resignation of Governor John E. Erickson,
who was appointed as United States Senator from Montana
to fill the vacancy caused by the death of Thomas J. Walsh.
North Dakota—Fomer Governor Langer and Three Associates Freed of Perjury Charge—Federal Judge A. Lee
Wyman on Dec. 6 directed the Jury to bring in a verdict
acquitting former Governor William Langer and three
associates of perjury charges, according to an Associated
Press dispatch from Bismarck. On trial with Langer were
R. A. Kinzer, former relief secretary; Oscar Erickson,
publisher of "The Leader," a political weekly, and Frank
Vogel, former State Highway Commissioner.
The defendants, excepting Erickson, were convicted in
June 1934, on Federal conspiracy charges, but were granted
a new trial. Before the second trial, last month, they filed
an affidavit of prejudice against Judge Andrew Miller, who
had presided at the first trial. The perjury charges were
based on governmental allegations that the affidavit contained false statements.
Vermont—Portion of State Tax Law Voided by U. S.
Supreme Court—In an opinion handed down on Dec. 16, the
United States Supreme Court held sections of an income and
franchise tax Act enacted by the State Legislature to be
invalid, reversing a ruling of the State Supreme Court, on
the ground that the sections in question were contrary to the
provision in the Fourteenth Amendment relating to the rights
of citizens of the United States. An Associated Press dis-
Dec. 21 1935
patch from Washington on the 16th reported as follows on the
high court ruling:
On the ground that they violated the "rights of national citizenship,"
sections of the Vermont Income and Francise Tax Act of 1931 that impose a
larger tax on income from investments outside the State than on that
derived from investments within the State, were held invalid to-day by the
Supreme Court.
Justice Sutherland delivered the 6
-to-3 opinion. Justices Stone, Brandeis
and Cardozo dissented. The Vermont Supereme Court had upheld the tax.
Justice Sutherland said the section violated the Constitutional provision
that no State should abridge the rights of citizens of the United Statee.
"The Fourteenth Amendmeat makes citizenship of the United States
paramount and dominant over State citizenship."
"The right freely to pass from one State to another has been upheld,"
Justice Sutherland said.
Discrimination Charged
James C. Colgate of Bennington, Vt., brought the test case after paying
$7,176 taxes in 1931. He contended he was not allowed certain exemptions
because his income of more than $150,000 came principally from outside
Vermont. He paid a 4% tax on $130,000 income from stock in corporations
which were outside the State. He said 2% of this would have been exempted
if from Vermont corporations. This. Mr. Colgate contended, was discriminatory. He said that if all States followed this plan, inter-State commerce would be blocked.
Lawyers for Vermont had replied that State corporations paid a 2%
tax, and to tax stockholders again would be' double taxation." They also
said the supreme Court had ruled that contracts, notes and similar"intangibles" taxed under Vermont laws were not"inter-State commerce."
United States—Revised Bulletin of_Comparative Municipal
Debt Statements Issued—Webster, Kennedy & Co., Inc.,
New York, have just issued the December edition of their
semi-annual "Bulletin of Comparative Debt Statements,"
which includes the debt of all cities in the United States with
a population of over 30,000, a restricted selection of smaller
municipalities and leading counties throughout the country,
the Philippine Islands, Hawaii, Puerto Rico and all the
States.
OFFERINGS WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. & CO.
ESTABLISHED 1877
Inoestatent Securities
Fourth and Oily. Streets
ST.LOUIS
Bond Proposals and Negotiations
ALABAMA
Municipal Bonds
EQUITABLE
Securities
New York
Birmingham
Chattanooga
Corporation
Nashville
Knoxville
Memphis
ALABAMA
BIRMINGHAM, Ala.—BOND PAYMENT NOTICE—It is stated by
C. E. Armstrong, City Comptroller, that, immediately upon presentation
to the city's fiscal agent, the Central Hanover Bank & Trust Co., New
mit, the city will pay the principal of various drainage, fire department,
refunding, park and public improvement bonds totaling $371,000, together
with the face amount of the interest coupon,regardless of the maturity date.
BIRMINGHAM, Ala.—BONDS OFFERED FOR INVESTMENT—A
group comprised of Eli T. Watson & Co., Inc., Burr & Co., Inc., Seasongood & Mayer, of Cincinnati, Watkins, Morrow & Co., Inc., of Birmingham, Piper, Jaffrey & Hopwood, and the Allison-Wiiiiams Co., both of
Minneapolis, offered on Dec. 18 an issue of $343,000 4% drainage bonds.
dated April 10 1930, and due from April 1 19M to 1955. The bonds are
offered to yield 3.70% and are, in the opinion of the bankers, legal Investment for savings banks in New York.
MONTGOMERY,Ala.—BONDS VOTED—It is reported that at a specia
election held on Dec. 9, the voters approved the issuance of $1,296,000 in
not to exceed 5% funding bonds.
The Montgomery "Advertiser" of Dec. 14 reported on the above bonds as
follows:
"While the $400,000 of 5% city refunding bonds were being delivered
Yesterday to the First National Bank of Birmingham, Mayor Gunter and
other officials and employees at the City Hall were getting their first
thorough scrutiny of the plans for the new building to be erected at Monroe
and North Perry.
"The bonds, validated Thursday by order of Judge Walter B. Jones. of
Circuit Court, have already been sold to the Morrow, Watkins Co. of
Birmingham. Accompanied by two city detectivee, B. A. Kilgrow, city
auditor, took the bonds to the Magic City shortly before noon yesterday.
As a result of this rather swift maneuvering the City Commission will be
able to inform the Public Works Administration to-day that its portion of
tbe funds for erecting the City Hall building is on the barrel head. As is
required by the PWA,a special account for the project will be opened at a
bank holding membership in the Federal Deposit Insurance Corporation.
The Alabama National has been selected to handle the City Hall funds, it
is understood."
ARIZONA
"• ROOSEVELT IRRIGATION DISTRICT (P. 0. Buckeye) Aria:
BOND DELIVERY COMPLETED—The Bondholders' Protective Committee for the 6% bonds of the above district announces that it has completed delivery of the bonds deposited with it, to the Reconstruction
Finance Corporation, under the terms of the plan for liquidation and
settlement of these securities adopted May 21 1935, and funds are now
available to pay depositors. The depositary, the Bank of New York &
Trust Co., 48 all Street N Y C., will pay depositors upon surrender 3f
. .
their certificates ot deposit.
ARKANSAS
CONWAY SCHOOL DISTRICT (P. 0. Conway), Ark.—BOND
OFFERING—Sealed bids will be received until 10 a. m. on Jan. 4, by the
Clerk of the Board of Education, for the purchase of a $54,000 issue of 4%
semi-ann, school bonds. Dated Dec. 1 1935. Due on Dec. 1 as follows:
$1,000, 1941 to 1944: $2,000, 1945; $4,000. 1946 to 1950; $5.000, 1951 to
1955, and $3,000 in 1956.
CRAIGHEAD COUNTY (P. 0. Jonesboro), Ark.—BOND SALE—
A $23.000 issue of 4% serni-ann. refunding bonds is reported to have been
purchased recently at par by the Mercantile Bank of jonesboro.
Financial Chronicle
Volume 141
ARKANSAS BONDS
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
ARKANSAS
State •Sk Municipal Bonds
WALTON, SULLIVAN St CO.
LITTLE ROCK, ARK.
ST. LOUIS, MO.
ARKANSAS
NORTH LITTLE ROCK SPECIAL SCHOOL DISTRICT(P.O. North
-REPORT ON BOND REFUNDING PLAN
Little Rock), Ark.
-In a
statement issued on Dec. 9, it is reported by the National Securities Co. of
Little Rock, who are acting as refunding agents for the District, that due
to a substantial decrease in property value and because of the inability of
residents to bear a sufficiently large tax burden, the District has not been
able since March 1 1933, to meet the required prin. and int. payments that
have come due on its outstanding bonds, amounting to $1,045.500. The
said company proposed a refunding plan on the debt, which is said to have
been agreed to by holders of $825.000 bonds. Under the terms of the
refunding proposal, the new bonds will be dated Oct. 1 1935. and will mature
on Oct. 1 1965. They will bear 4% int. for the first 10 years, and 5%
thereafter until maturity.
It is also stated that all past
-due int. will be paid on the basis of a 75%
cam payment in full settlement, as of Oct. 1 1935 Int. and prin. will be
payable at the Commercial National Bank of Little)Rock. Legal approval
furnished by Wallace Townsend of L ttle Rock.
-The Pulaski County Court has ordered that an elecBOND ELECTION
Von be held on Dec. 20 to vote on the question of levying a seven mills tax
for the purpose of meet ng the payment of prin. and int. on a proposed
refunding bond Issue of $1,045,500
PRAIRIE COUNTY (P. 0. De Valls Bluff) Ark.
-SUPREME COURT
-An Associated Press dispatch from Little
VOIDS PRIMARY ELECTION
Rock on Dec. 16 had the following to say regarding a Supreme Court
decision invalidating a premary election in the above-named county:
"The Arkansas Supreme Court to-day found what it described as 'a new
and unique method of holding a primary election,' ousted a county Judge
from office, and charged Prairie County election officials with fraud,
'which destroys the integrity of the ballot.'
"Removal from office was ordered for County Judge J. J. Holmes, of
Prairie, who had fought for 14 months to retain the position to which he
was declared elected by a margin of 12 votes in 1934. Reversing lower
courts, the Supreme Court Justices declared the office vacant and canceled
the results of the Democratic primary which J. F. Sims, who was declared
defeated, contested.
"The enumerated irregularities included:
"Husbands voting for their wives.
"Ballots counted for electors who did not visit the polls.
"Ballots taken to persons who did not visit the polls, and cast by Proxy.
"Double voting by persons who testified they did not vote at all.
"Voting by persons 17 and 18 years of age.
"Participation in the Prairie election by residents of several neighboring
counties."
CALIFORNIA
-BOND SALE
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-The
$61,000 issue of San Leandro School District bonds offered for sale on
Dec. 12-V. 141, p. 3890-was awarded to the First National Bank of San
Leandro, as 2;5s, paying a premium of $313, equal to 100.51, a basis of
about 2.43%. Dated Dec. 15 1935. Due from Dec. 15 1937 to 1949.
ANTIOCH, Calif.
-BONDS VOTED-At a recent elect on the voters
approved the issuance of $88,000 water system repairs bonds.
-BONDS DEFEATED-The voters of the city at a
BURBANK, Calif.
recent election rejected a proposal to issue $212,000 bonds for the purpose
of retiring outstanding street bonds in default.
BUTTE COUNTY SCHOOL DISTRICTS (P. 0. Oroville), Calif.
-The $40,000 Chico High School District bonds and the $48,BOND SALE
000 Chico Elementary School Distrcit bonds offered on Dec. 9-V. 141.
-were awarded to the Bankamerica Co. of San Francisco. The
p. 3563
larger Issue was sold at 1%% int. for a premium of $76 and the smaller at
1
13 % for a $6 premium. Dated D.,c. 1 1935.
,
-BANKS ASK STATEMENT OF POLICY
CALIFORNIA (State of)
ON WARRANT RETIREMENT-roup of leading California bankers on
Dec. 10 asked Governor Merriam to give them some definite assurance when
more than $40.000,000 worth of registered warrants reposing in California
banks will be redeemed by the State of California.
The financial group did not propose to the Governor any plan for leading
the State out of its financial wilderness, nor did they propose a special
session of the Legislature to balance the budget. They simply asked the
Governor to give them sone definite indication of where the State's policy
of registering warrants will ultimately lead.
Financial houses declined to bid on the purchase of registered warrants
when a new block was offered for sale last week by State Comptroller
Ray L. Rhey.
"I explained to them that the tax problems of the State will be taken
.
up at a conference I propose to hold in January,and to which approximately
150 civil and finance leaders will be invited, Governor Merriam said.
"They questioned the legality of warrants issued after March 1. I
replied that I have not taken the matter up with the Attorney-General, but
I believe the legality Is unquestionable.
"I also stated that I oppose a special session of the Legislature unless
It Is absolutely necessary.
Riley announced that he thinks a special session is Inevitable before
melt fall.
IMPERIAL COUNTY (P. 0. El Centro), Calif.
-BONDED DEBT
SURVEY
-The following survey of the bonded indebtedness of the above
county was made recently by Sidney B. Franklin, of the Gatzert Co. of
Los Angeles, who have forwarded this information:
Bonded Debt Bonded Debt Amt.of This, And,of This.
Outstand.
Outstand. Paid During Due During
June 30 '34 June 30 '35
Year
Year
Imperial County High$1,285,000 $1,248,000
way bonds
$17.000
$50.000
Imperial County court
220500
217,500
3.000
house bonds
729:100
687,100
42,000
Elem. Sch. Dist bonds70.700
.
5°°
508.500
484.000
24,500
High Sch. Dist. bonds46.000
Road Inapt. Dist. No. 5
23.104
22.104
1,000
bonds
1.842
Road Impt. Dist. No.9
558.856
563.856
5.000
bonds
30,992
Westmoreland Sanitary
12,200
11.200
1,000
District bonds
1.600
$3.322,260 53.228.760
393,500
Total
$208.634
that there were 5208,634 of bonds due during
You will notefrom the above
the year from June 30 1934 to June 30 1935, whereas only $93.500 of bonds
were retired during the period.
4043
GUSTINE UNION HIGH SCHOOL DISTRICT (P. 0. Merced),
-In connection with the sale of the $55,Calif.
-BOND SALE DETAILS
000 school bonds to R. H. Moulton & Co. of Los Angeles, as *is and 33.0,
-V. 141, p. 3721
at a prica of 100.102, as reported in these columns recently
-it is stated by the County Clerk that the bonds were awarded as follows:
,
$20,000 as 436s, maturing $2,000 from 1936 to 1945, and $35,000 as 3Mss
due as follows: $2,000. 1946 to 1950: $3,000, 1951 to 1955, and $2,000.
1956 to 1960.
-BOND SALE
-The
KERN COUNTY (P. 0. Bakersfield) Calif.
$8,800 issue of 5% coupon Agua Caliente School District bonds offered for
sale on Dec. 9-V. 141, p. 3410-was awarded to the Bank of Tehachapi,
paying a premium of $702, equal to 107.977, a basis of about 3.27%•
Dated Nov. 11 1935. Due ELM from 1936 to 1943, and $800 in 1944.
Interest payable M. & N.
LOS ANGELES COUNTY SCHOOL DISTRICT (P.O. Los Angeles),
-L E.Lampton, County Clerk, will receive
-BOND OFFERING
Calif.
bids until 2 p. m. Dec. 30 for the purchase of $22,000 5% bonds of Saugus
School District. Dated Jan. 1 1936. Due Jan. 1 1958. Cartified check
for 3% required.
LOS ANGELES COUNTY SCHOOL DISTRICT, (P. 0. Los
-RESULT OF BOND SALE
-Of the four issues of school
Angeles), Calif.
district bonds, aggregating $196,650, offered on Dec. 16-V. 141. p.3891
two issues amounting to 5170,350 were awarded as follows:
3163,360 Alhambra School District bonds to the Union Bank & Trust
Co. and the William R. Staats Co.. both of Los Angeles, as 3 qs.
for a premium of$1,471, equal to 101.111, a basis of about 3.12%.
Denom.51,000, one for $350. Due on Jan. 1 as follows: $8,350 in
1937: $9,000. 1938 to 1940, and $8,000, 1941 to 1956.
7,000 Claremont City School District bonds to Dean, Witter & Co. of
San Francisco. as 234s, for a premium of $6.85, equal to 100.095,
a basis of about 2.37%. Denom.$1,000. Due on Jan. 1 as follows:
$1,000, 1937 to 1939, and 32,000, 1940 and 1941.
Bids received for the other two issues, listed below, were rejected:
$20.000 Montebello School District bonds. Denom. $1,000. Due $1,000
from Jan. 1 1937 to 1956, incl.
6,000 San Dumas School District bonds. Denom. $1,000. Due $2,000
from Jan. 1 1937 to 1939,incl.
All issues are dated Jan. 1 1936.
-REPORT ON
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-The following
DISTRICT BOND ISSUES IN DEFAULT AS OF OCT.3I
statement was sent to us by Smauel B. Franklin, Manager of the Municipal
Department of the Gatzert Co. investment dealers of Los Angeles:
'I am attaching hereto a report on Los Angels County, Calif., District
bond issues in default as of Oct. 31 1935. This survey shows a marked
increase in the number of districts in default since our last report as of
May 31 1935. Only 28 of the 68 acquisition and improvement districts
were in default at that time-the number in default now is 46. In the case
of the road improvement districts the number of districts in default increased
from 18 to 30. Only one drainage district bond issue was in default as of
May 31. As of Oct. 31, 3 of the 8 drainage districts were in default.
'With the exception of one elementary school district all Los Angeles
County school and high school district bond issues, totaling about $100.000,000, were up to date ii payment of both principal and interest as of Oct.
31. All sanitation and water works district bond issues in Los Angeles
County were up to date in payments as of that date.
Statement of Los Angeles County District Bond Issues in Default as of
Oct. 31 1935
Of the 68 acquisition and improvement districts in Los Angeles County,
the following 46 are in default of principal and (or) interest:
Balance
No.of Principal
Interest
Interest
Balance
No.of Principal
Dist. in Default in Default in Fund Dist. in Default in Default in Fund
$13.22 124
$2.000.00
$872.37
$5,000.00 $1,227.50
$57.27
10
30,500.00 10,281.02
3,500.00 1.473.89 o.d.70.91 136
14.67
17
989.70 137
2,520.00
971.95
1,000.00
20
175.30 139
400.00
51,200.00 24,232.79
206.20
24
47.92 144
6,000.00
71.95 5,094.53
132.05
300.00
25
416.78 145
2,170.00
29.99
15,000.00 12,834.05
30
12.18 146
3,000.00 3.616.68
984.36
9,700.00 1,511.30
32
295.00 152
346.50
9,900.00 1,291.93
3.10
40
90.00 163
1.100.00
84.28
234.51
19,000.00 15,626.17
44
500.00
1.33
92.29 167
96.70
190.43
100.00
51
601.42 183
70.00
84
9.55
6,700.00 4,974.43
47.59 184
3,000.00 1,774.90
133.56
900.00
438.48
56
42.39 186
500.00
382.53
100.00
60
384.85 202
3,939.35
13.11
10,000.00 8,375.24
64
2,500.00
436.03
100.63 203
103.80
16,000.00 6,707.20
67
1,000.00
941.50 207
712.06
350.00
102.27
3,000.00
70
4,500.00 3,890.71
84.99 217
2,299.08
0.11
75
11,000.00 28,071.94
814.20 218
309.41
49.60
79
1,100.00
3,500.00 1,054.26
961.43 223
9.23
1,000.00
83
1,500.00
836.94
45.99
60.24 230
508.98
100.00
92
1,500.0017.50
81.26 237
155.85
1,500.00
583.22
97
388.32 238
1,000.00
360.94
308.02
15,000.00 5,147.70
112
7,000.00 13,951.59
826.58 240
22.35
6,000.00
375.68
115
Of the 52 road improvement districts in Los Angeles County,the following
principal and (or) interest:
30 are in default of
Interest
Balance No.of Principal Interest
Balance
No.of Principal
Dist. in Default in Default in Fund
Dist. in Default in Default in Fund
$323.87 271
$1,000.00
$207.90 $475.44
$500.00
82
244.14 274
451.17
553.50
108.74
275.46
96
72.18
320.71 275
2.81
382.00
124
421.85 280
13,352.90 3,760.95
864.63
5,986.51
281.76
181
1,000.00
365.25
76.44 281
642.98
3,000.00
223
611.15 287
1,000.00
147.12
1,000.00
6.68
755.60
226
41.33 2,737.13 289
4,000.00
532.68
44.60
4,000.00
227
1,000.00
48.74
15.00
315.55 290
136.22
229
828.58
1,000.00
30.00
6.95 294
137.11
102.06
237
1,000.00 1,154.88
290.07
1,000.00
152.96 300
255
586.68
1,890.34
15.67
51.391306
75.88
257
1,000.00
465.39 208
59.26
259
18,000.00
180.00
1,000.00
729.33 209
1.24
1,000.00
148.17
261
4,047.76 1,374.50
158.73
1.59
56.86 315
262
1,705.80
1,000.00
968.50 316
36.64
270
the 8 drainage improvement districts in Los Angeles County,the followOf
ng 3 are in default of principal and (or) interest:
Interest
Balance
Interest
Balance No.of Principal
No. of Principal
Dist. in Default in Default in Fund
Dist. in Default in Default in Fund
8
$4000.00 $11,469.31 $2,272.67 26
$10,980.00
$13.31
1,000.00
132.00
870.71
17
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0. Los
-The $12.096,000 issue of
Angeles), Calif.
-BONDS SOLD TO RFC
Colorado River water works bonds offered for sale on Dec. 13-V. 141.
p. 3564
-was purchased by the Reconstruction Finance Corporation, as 58
at par. according to the Secretary of the Board of Directors. No other bid
WBS received for the bonds. Dated Dec. 1 1935. Due from Dec. 1 1950
to 1985 incl.
MONTEBELLO SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
BONDS DEFEATED-At an election held on Dec. 6 the voters are said to
have rejected the proposed issuance of $378,000 in school bonds.
SACRAMENTO COUNTY SCHOOL DISTRICTS (P. 0.=
mento), Calif.
-RESULTS OF BOND SALE
-Of the four Issues of school
district bonds offered on Dec. 16-V. 141, p. 3891-the two issues listed
below were awarded to Dean, Witter & Co. of San Francisco:
$32,000 Walnut Grove School District bonds for a premium of $32,equal to
100.10. Denom. $1,000. Due on Dec. 1 as follows: $1,000. 1936
to 1953, and $2,000. 1954 to 1960, all incl.
16,000 Elk Grove Union Grammar School District bonds for a premium of
$16. equal to 100.10. Denom. $1.000. Due on Dec. 1 as follows:
$1,000, 1936 to 1938, and $2,000, 1939 to 1945, incl., with the
exception of 51.000 maturing on Dec. 1 1942.
No bids were received for the following two issues offered at the same time:
315.000 Del Paso Heights School District bonds. Denom. $500. Due
51.000 from Dec. 1 1936 to 1949, and $1,500 in 1950.
46,000 Elk Grove Union High School District bonds. Denom. $1,000.
Due on Dec. 1 as follows: $1,000, 1937 and 1938, and $2,000. 1939
to 1960, incl.
SACRAMENTO COUNTY SCHOOL DISTRICT (P.O.Sacramento),
-BOND OFFERING-The Board of Supervisors is calling for bids
Calif.
Financial Chronicle
4044
to be received Dec. 30 on $9,000 bonds of Orangevale School District for
the construction of a new elementary school.
-In connection with the above sales,
FINANCIAL STATEMENTS
we give the following financial data:
Elk Grove Union High School District, of Sacramento County, has
been acting as a high school district under the laws of the State of California continuously since Jan. 8 1923. The assessed valuation of taxable
property in said district for the year 1935 is six million seven hundred
forty-seven thousand five hundred forty-five dollars ($6,747,545.00).
and the amount of bonds previously issued and now outstanding is fiftyfive thousand dollars ($55,000.06). The said district includes an area
of approximately 271 square miles and the estimated population of said
district is 3,000.
Walnut Grove School District of Sacramento County has been acting
as a school district under the laws of the State of California continuously
since Jan. 8 1923.
The assessed valuation of taxable property in said school district for the
Year 1935 is two million forty-seven thousand two hundred dollars ($2.047.200.00), and the amount of bonds previously issued and now outstanding is thirty thousand dollars ($30,000.00). The said school district includes an area approximately 15 square miles, and the estimated population of said school district Is 1,000.
Elk Grove Union Grammar School District of Sacramento County has
been acting as a school district under the laws of the State of California
continuously since Jan. 8 1923. The assessed valuation of taxable property in said district for the year 1935 is four hundred eighty-one thousand
eight hundred and seventy dollars ($481,870.00), and the amount of
bonds previously issued and now outstanding is twenty-two thousand
dollars ($22.000.00). The said district includes an area of approximately
244 square miles and the estimated population of said district is 2,500.
Del Paso Heights School District of Sacramento County has been acting
as a school district under the laws of the State of California continuously
since Jan. 8 1923.
The assessed valuation of the taxable property in said school district
for the year 1935 is three hundred eighty-one thousand one hundred eighty
dollars ($381,180.00), and the amount of bonds previously issued and now
outstanding is three thousand five hundred dollars ($3.500.00). The
said school district includes an area of approximately 2.8 square miles and
the estimated population of said school district is 1,000.
SAN DIEGO COUNTY SCHOOL DISTRICTS (P. 0. San Diego),
-BONDS DEFEATED-It is stated by the Deputy County Clerk
Calif.
that at the election held on Dec. 10, the voters defeated the proposed issuance of $1,575,000 in bonds, divided as follows: $1,400,000 San Diego High
School District,and $175,000 Sweetwater Union High School District bonds.
-It is reported that
-BOND OFFERING
SAN FRANCISCO, Calif.
J. S. Diumligan. Clerk of the Board of Supervisors, will receive sealed bids
until Dec. 23, for the purchase of a $391,000 issue of 4 yi% semi-ann.
sewer bonds. Due from Dec. 1 1939 to 1955.
-BOND OFFERING
TULARE COUNTY (P. 0. Woodlake), Calif.
Sealed bids will be received until 10 a. m. on Dec. 23, by Gladys Stewart.
County Clerk, for the purchase of a $17,000 issue of 4% school bonds.
Bids for a lesser rate of interest than 4% are invited. .Denom. $1,000.
Due $1,000 from Dec. 2 1937 to 1953 incl. Prin. and int. J. & D. payable
at the office of the County Treasurer. A certified check for 5% of the
amount bid for, payable to the Chairman of the Board of Supervisors, is
required. These bonds are obligations of the Woodlake School District.
-BOND SALE
-The $50,000 issue of 4% semiWATSONVILLE, Calif.
ann, water works bonds offered for sale on Dec. 12-V. 141. p. 3891-was
purchased by Schwabacher & Co.of San Francisco,according to report.
.-BOND ELECTION CANCELED-It is stated by
WHITTIER, Calif
the City Clerk that the election scheduled for Nov. 28, in order to vote on
-V. 141, p. 3411
the issuance of $370,000 in municipal light plant bonds
was canceled.
YOLO COUNTY SCHOOL DISTRICT (P. 0. Woodland), Calif.
-The issue of $19,000 4% Davis Joint School District bonds
BOND SALE
offered on Dec. 12-V. 141, p. 3891-was awarded to Donnellan & Co. of
San Francisco for a premium of $961, equal to 105.058. Due from 1936 to
1950.
COLORADO
-WARRANT CALL
ADAMS COUNTY (P. 0. Brighton) Colo.
It is reported that various school and county warrants are being called for
payment at the County Treasurer's office, interest ceasing on Dec. 18 and
on Dec. 28.
-BOND SALE
-The $750,000 issue
DENVER (City and County) Colo.
of general obligation, public works bonds offered for sale on Dec. 17-V.
141. p. 3891-was awarded to Boettcher & Co., of Denver,as 23s,paying a
price of 100.86. a basis of about 2.415%. Dated Jan. 1 1936. Due $75.000
from Jan. 1 1946 to 1955 incl. The second highest bid was an offer of
100.537 on 234s,submitted by the Harris Trust & Savings Bank,of Chicago;
next best was 100.33 for 254s, tendered by Halsey, Stuart & Co., Inc.,
while a group headed by the Bankers Trust Co. of New York, offered
100.31 for 234% bonds.
-The purchaser re-offeerd the
BONDS OFFERED FOR INVESTMENT
above bonds for general public subscripition at prices to yield from 2.20
0
to 2.357 for the 1946 to 1953 maturities, and at 10134 to yield approximately 2.40% for the 1954-55 maturities. They are said to be exempt
from all Federal income taxes.
-BONDS AUTHORIZED-It is reported that
FOUNTAIN, Colo.
ordinances have been passed providing for the issuance of $93,500 in refunding bonds.
-WARRANT
GARFIELD COUNTY (P.O.Glenwood Springs),Colo.
-It is reported that various school and county warrants were called
SALE
for payment at the County Treasurer's office, interest ceasing on Dec. 4.
-The $50,000 issue of
GREELEY, COLO.-BOND SALE DETAILS
% sewage disposal plant bonds that was sold on Dec. 3 at a price of
-V. 141, p. 3721-is more fully described
99.032, as reported at that time
as follows: Coupon bonds dated Dec. 1 1935. Denom. $1,000. Due on
Dec. 1 1950. optional on Dec. 1 1936. Int. payable J. & D. These bonds
were purchased by a group composed of Boettcher & Co., Gray B. Gray,
Inc., and the International Trust Co., all of Denver.
CONNECTICUT
-Louis Theurer, City TreasDANBURY Conn.-BOND OFFERING
urer. will receive sealed bids until 8 p.m. on Dec. 30 for the purchase of
or registered, series B,sewer and refunding bonds. Dated
$95,000 coupon
Jan, 1 1936. Due $5,000 on Jan. 1 from 1938 to 1956, incl. Bidder to
name one rate of interest, in a multiple of X of 1%. Principal and interest
payable at the Chase National Bank of New York. A certified check for
$1,000, payable to the order of the city, must accompany each proposal.
The approving opinion of Ropes. Gray. Boyden & Perkins of Boston will
be furnished the successful bidder. The bonds are payable from unlimited
ad valorem taxes on all taxable property of the city.
-BOND OFFERING-George H. Gabb, City
HARTFORD, Conn.
Treasurer, will receive bids until noon, Dec.30 for the purchase of $350,000
1% coupon refunding bonds. Denom. $1,000. Dated Jan. 1 1936.
Prin. and semi-ann. int. J. 1 and J. 1 payable at the City Treasurer's office.
Due $70,000 yearly on Jan. 1 from 1937 to 1941. Certified check for 2%
of amount of bonds bid for, payable to the City Treasurer, required.
Legal opinion of Storey. ThorndlIce. Palmer & Dodge, of Boston will be
furnished to the purchaser.
-The $255,000 sewer bonds offered
-BOND SALE
MILFORD, Conn.
on Dec. 18-V. 141, p. 3891-were awarded to the Bancamerica-Blair
at a price of 100.623. a basis of about 2.16%•
Corp. of New York as
Dated Dec. 1 1935 and due $17.000 on Dec. 1 from 1936 to 1950, incl.
Bids for the $44.000 building issue offered at the same time were not opened.
as the town has not received formal notice of a Public Works Administration grant toward the cost of the project. The following is a record of the
other tenders submitted for the sewer loan:
Premium
Int. Rate
Bidder$1.361.70
Putnam & Co
765.00
234 V
Day, Stoddard & Williams
2
229.50
R. L. Day & Co
26
Rutter & Co
2
F. S. Moseley & Co
4
2
1,237.00
Halsey, Stuart & Co
Dec. 21 1935
-BOND OFFERING-Sealed bids addressed
NEW BRITAIN, Conn.
to W. H. Judd, President of the Board of Finance and Taxation, c-o New
Britain National Bank, New Britain, will be received until 11:30 a. m. on
Dec. 26 for the purchase of $80,000 2% coupon bonds, divided as follows:
$45.000 funding sewer bonds, first series. Due $5.000 on July I from 1936
to 1944. Incl.
35,000 sewer fund bonds, 14th series, fifth issue. Due $5,000 on July I
from 1936 to 1942,inclusive.
All of the bonds will be dated Jan. 1 1936. Denom. $1,000. Principal
,
and interest (J. & J.) payable at the First National Bank of Boston or at
the New Britain National Bank. New Britain, at holder's option. The
bonds will be engraved under the supervision of and authenticated as to
genuineness by the First National Bank of Boston and will be approved as
to legality by Storey, Thorndike, Palmer & Dodge of Boston. They will be
delivered to the successful bidder on or about Jan.2 1936 at the 17 Court St.
office of the First National Bank of Boston.
Debt Statement, Dec. 15 1935
$118,949,329.00
Assessed valuation (last completed grand list)
5,947,466.45
Bonded debt limit (5%)
6,449,000.00
Total bonded debt, not including these issues
1,225,000.00
Water bonds, included in total debt
435,000.00
Subway bonds included in total debt
483,908.33
Sinking fund, not incl.water to subway sinking funds
68,128
Population, census 1930
1933 tax levy, $3,381,503.00; uncollected as of Dec. 1 1935, $225.631.00.
1934 tax levy,$2,655,370.00; uncollected as of Dec. 11935,$296,825.00
1935 tax levy, $2.644,595.00; uncollected as of Dec. 1 1935,$476,056.00
Taxes due May 15; delinquent June 16.
Note
-Subway bonds, issued for construction of underground wire conduits, are general obligations of the City of New Britain and are payable,
both as to principal and interest, from the revenues of the subway department. By authority of special Act of Legislature they are deductible in
figuring net bonded debt. The proceeds from the $45,000.00 funding
sewer bonds will be added to the sinking fund from which on Jan. 1 1936,
$375,000.00 maturing bonds will be paid and canceled.
-An issue of$400.000 tax anticipa-NOTESALE
NEW HAVEN,Conn.
tion notes offered on Dec. 19 was awarded to the First National Bank of
Boston on a 0.15% interest basis. Notes are dated Dec. 27 1935 and will
mature Feb. 4 1936. The Chase National Bank of New York bid 0.24%
interest.
-CERTIFICATE ISSUE SOLD-The Town
TORRINGTON, Conn.
Treasurer informs us that an issue or S55,000 1X% certificates of indebtedness was sold privately some time ago. Proceeds will be used to purchase
school and city hall real estate. The certificates mature $11000 annually
and are callable on.any interest payment date on 30 days' notice. Interest
payable J. & D. It was previously reported that the financing comprised
a sale of $55,000 bonds.
-BOND SAL -An issue of$110,000 37.sewage
WEST HAVEN,Conn.
disposal plant bonds has been sold to Lincoln R. Young & Co. of Hartford
at a price of 100.001.
-BOND SALE
WEST SHORE FIRE DISTRICT, West Haven, Conn.
% bonds at a price of 100.31.
-The District has sold an issue of $25,000
Due $1,000 on Oct. 1 from 1937 to 1961 incl.
FLORIDA BONDS_
PIERCE-BIESE CORPORATION
JACKSONVILLE
Tampa
Orlando
Miami
FLORIDA
-REPORT ISSUED ON PROGRESS OP BOND
BRADENTON, Fla.
REFUNDING PROGRAM-The following letter was sent out on Dec. 6
to all Bradenton creditors who have approved the refunding plan outlined
in a brochure dated Oct. 26 1934 by Geirge W. Simons Jr. & Co. of Jacksonville, refunding agents for the above city:
"On July 27 1935 we were pleased to advise you that the City of Bradenton
had transmitted funds to the Guaranty Trust Co., New York, to pay
interest claims up to July 1 1935 in accord with the provisions of the refunding program to which you had earlier given your assent. We trust
you made your collections promptly, but if not, suggest you do so now.
"To keep you informed, we are now reporting developments since our
last communication. On Sept. 26 the Florida Supreme Court handed
down an opinion favorable to the taxation of homesteads to meet debt
service requirements on refunding bonds, which opinion did much to
clarify a much-clouded issue. It was of such a nature that attorneys now
feel more inclined to expedite proceedings incident to the validation of
refunding bonds. So accordingly the City Attorney of Bradenton has
completed and submitted to Chapman & Cutler, Chicago approving counsel,
for review the necessary refunding resolution preparatory to validation.
"The new tax year started Nov. 1 and we are advised by the City Clerk
that collections are currently coming in at a rate comparable to last year.
"Unfortunately the city and the creditors lost a faithful worker and
friend late in September in the sudden death of L. L. Hine, City Clerk.
Mr. Hine had been Clerk at Bradenton for more than 25 years. during
which period he had demonstrated his ability and faith. He had rendered
invaluable service during all the deliberations incident to the adoption of
the refunding plan and since. Obviously when a valuable cog is taken
from a mechanism the movements are retarded for a while. Mr. Hine's
place has been taken by H. C. Johnson, who will continue the policies
of his predecessor.
"Every effort is being made to issue new refunding bonds as speedily
as possible and actual exchanges will be authorized as soon as the new
bonds are ready. The necessary machinery is in motion and we trust
that before long the task can be satisfactorily completed. The next
Interest payment will be made when the now bonds are ready for exchange,
which we expect will be some time shortly after the first of the year.
"In case you have made any changes in your portfolio of Bradenton
bonds we should be pleased if you would advise us accordingly."
PALM BEACH COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-BONDS VOTED
-At an election
NO.16 (P.0. West Palm Beach), Fla.
held on Dec. 2 the voters approved the issuance of $41,250 in bridge construction bonds by a wide margin.
-It is stated by the
-BOND SALE DETAILS
PENSACOLA, Fla.
City Clerk-Comptroller that the $100,000 5% funding bonds purchased
on Dec. 3 by F. M. Blount, Inc., of Penscaola at a price of 101.011, as
-V. 141, p. 3891-are dated Dec. 1 1928. Denom.
reported recently
$1.000. Due serially to 1953. Interest payable J. & D.
-The following report
-BONDED DEBT REDUCED
SANFORD, Fla.
s ak
D t en
! ec i1: from a Sanford dispatch to the Jacksonville "Times'
-Union" of
"Bonded debt of the City of Sanford, set at $6,833.371 as of Sept. 30, is
at its lowest level since 1927, it was revealed in the annual audit as released
-day.
to the City Commission to
"While this sum represents a $262.035 increase over that of last year,
it does not include two $240,000 items to be deducted soon, which represent
past due interest canceled by the bondholdbrs protective committee under
agreement with the City Commission.
"Tax collections for the past year reached 44.18% of the assessment roll,
a high mark since 1931. Total revenues during the year reached $219,931.
including $129,193.66 in tax collections. $44,460.29 as water department
revenue, and 116.277 as miscellaneous revenue, the latter figure at its
highest mark in seven years.
"Actual revenues for 1934-35 exceeded budgeted estimates by nearly
$30.000 the audit reveals. The $6.833,371 figure includes $1.332,000 in
bonds past due, $494,000 in bonds reduced to judgment, $507,966 in bond
Interest past due. $152,417 in bond interest in judgments, $88,406 as
interest on judgments.$77,581 as accrued interest on bonds,and $4.181,000
in bonds not yet due."
Financial Chronicle
Volume 141
UNION COUNTY (P. 0. Lake Butler), Fla.
-FISCAL AGENTS
APPOINTED-It was announced recently by R. E. Crummer & Co., Inc.,
and John Nuveen & Co., that they have been appointed fiscal agents for
the above county. It is stated that these two firms have worked out a
bond refunding program and are desirous of contacting all bondholders,
who are being urged to communicate with them at the First National
Bank Building, Chicago. Ill.
GEORGIA
COLUMBUS, Ga.-MATURITIES-It is stated by the City Manager
that the three issues of 3X% bonds aggregating $268,000, approved by the
voters on Dec. 7, as reported-V.141, p. 3891-are due as follows:
$138,000 Industrial High School bonds. Due as follows: $5,000 annually
for 18 years, and $4,000 annually for 12 years.
65,000 street improvement bonds. Due as follows: $3,000 annually for
five years, and $2,000 annually for 25 years.
65,000 sewer bonds. Due as follows: $3,000 annually for five years, and
$2.000 annually for 25 years.
It is said that these bonds will be offered for sale probably during the
latter part of January.
-At a recent election the voters
DECATUR, Ga.-BONDS VOTED
approved, by a decided majority, a proposal to issue $80.000 school, sewer
and waterworks impt. bonds.
GAINESVILLE, Ga.-BOND SALE DETAILS
-In connection with
the sale of the $60,000 4% coupon water bonds and the $40,000 school
bonds to a group headed by Courts & Co. of Atlanta, at a price of 112.30,
as reported in these columns recently
-V.141, p. 3891-it is stated by the
City Secretary that the water bonds mature $2,000 from Nov. 1 1936 to
1965 incl., and the 4% school bonds mature on Nov. 1 as follows: $2,500,
1951 to 1964, and $5,000 in 1965. giving a basis of about 3.10%.
IDAHO
ALAMEDA (P. 0. Pocatello) Ida.
-BOND CALL
-It is stated by
D. T. Barkley, Village Clerk, that the following bonds are being called for
payment at the First Security Bank of Pocatello, on Jan. 1, on which date
interest shall cease:
Water works bonds of Jan. 11925. numbers 8 to 30.
Park bonds of Jan. 1 1925, numbers 1 to 7.
BLACKFOOT INDEPENDENT SCHOOL DISTRICT NO. 8, Idaho
-BOND OFFERING-Leon J. Chapman, Clerk of the Board of School
Trustees, will receive bids until 7.30 p. m. Dec. 23 for the purchase of
$30,000 4% coupon refunding bonds. Tflenom. $500. Dated Jan. 1 1936.
Prin. and semi-ann. int. (J. & J. 1) payable at the office of the District
Treasurer or at the Idaho Bank & Trust Co., in Blackfoot. Due yearly
on Jan. I as follows: $3,000. 1937 to 1940',$3.500. 1941 to 1944. and $4,000.
1945. Certified check for $1,500, payable to the District, required.
-The issue of $115,000 coupon reBOISE CITY, Ida.
-BOND SALE
-was awarded to
funding bonds offered on Dec. 16-V. 141, p. 3722
Sudler, Wegener & Co. of Boise, and associates, as 3hs, for a premium of
$3.300, equal to 102.869, a basis of about 3.11%. The First Security
Trust Co. of Salt Lake City offered a premium of $747.50 for 3hs. Due
In 20 years; optional in ten.
BOISE INDEPENDENT SCHOOL DISTRICT (P.O. Boise), Idaho-.
BOND OFFERING-It is stated by C. E. Potter, Clerk of the Board of
Trustees, that he will offer for sale at 8 p. m. on Dec. 30 a $250.000 issue
of coupon building and impt. bonds. Int. rate is not to exceed 4%,payable
J. & J. Dated Jan, 1 1936. Due in 20 years, optional at any time after
10 years. The purchaser shall provide the necessary blank bonds for
execution, as shall be required. Prin. and int. payable in lawful money.
Bids for less than par and accrued int.will not be entertained. A certified
check, drawn on a cashier's check issued by an Idaho bank, irrevocable,
for $12.500. as evidence of good faith, payable to the District, must accompany the bid.
-BOND SALE
LEMHI COUNTY (P. 0. Salmon), Ida.
-A block of
$10,000 4(% Road and Bridge bonds No. 3 has been sold to Childs &
Montandon of Boise for a premium of $102.44. equal to 101.0244.
MACON, Ga.-PURCHASER-We are informed by the City Clerk
that the $24,000 issue of 4X% coupon or registered semi-ann. incinerator
bonds offered for sale and purchased on Dec. 10 for a premium of $4,265,60,
equal to 117.61, a basis of about 2.20%, as reported recently
-V.
Co.,141.
Inc., of Savannah.
p. 3892
-was sold to Johnson, Lane, Space &
Due from Jan. 1 1939 to 1953. A group headed by the Trust Co.of Georgia,
of Atlanta, offered a premium of $3,607.20, the second best bid.
ILLINOIS
-BOND FINANCING
ST. CLAIR COUNTY (P. 0. Belleville), III.
-The St. Louis "Globe-Democrat" recently
PROPOSAL RECEIVED
carried the following report on the proposed financing of a $5,000,000
bridge across the Mississippi to connect St. Louis and National City:
The St. Clair County Board of Supervisors last night approved the
Chicago brokerage house, to finance a
offer of H. C. Spear & Sons
Co..
bond issue up to $5,000,000 with which to construct a Mississippi River
bridge linking National City and St. Louis in the event a Public Works
Administration application on the project is rejected.
"The PWA application, asking a loan of $2,200.000 and a grant of
$1,800,000, has been pending for some time. According to County Highway superintendent B. C. McCurdy of St. Clair County, the application
is still alive.
"The Spear company had previously offered to underwrite the bonds
necessary to secure the proposed PWA loan of $2,200.000. If the PWA
application should be approved, last night's offer and acceptance will be
withdrawn.
"Plans call for a four-lane vehicular bridge connecting National City
with Broadway, between Mullanphy and Florida Sts. in St. Louis, with
a toll charge 0(10 cents for automobiles and 15 cents for trucks. Authority
to construct the bridge has been granted by Congress. the War Department
and the Illinois Legislature.
"Only a St. Louis City ordinance is lacking. McCurdy said St. Louis
City officials are favorably disposed toward the project. The Spear company's offer holds good for 90 days,by which time the Board of Supervisors
should know definitely as to the PWA application.
-C. W. McNear & Co. of Chicago
-BOND SALE
CENTRALIA, III.
have contracted to purchase $32,000 4 X% refunding waterworks improvement bonds. Dated Jan. 1 1936. Denom. $1,000. Due $8.000 on July 1
from 1936 to 1939 incl. Principal and interest (J. & J.) payable at the
First National Bank of Chicago. The bonds were refunded by the city in
order to effect a saving in interest charges, the obligations having been
issued originally bearing a coupon rate of 5%.
CLAY SCHOOL TOWNSHIP(P.O.South Bend),Ind.
-BOND SALE
-The $22,000 coupon school building bonds offered on Dec. 16-V. 141,
p. 3566
-were awarded to the City Securities Corp. of Indianapolis as 33s.
at par Plus a premium of $58, equal to 100.263, a basis of about 3.46%•
Dated Dec. 16 1935 and due Dec. 16 as follows: $1,000 in 1936 and $1,500
from 1937 to 1950 incl. Other bids were as follows:
Int. Rate
BidderPremium
Harrison & Austin and McGann Securities Co.,joIntly 3X%
$25.00
3X %
Warrender Investment Securities
229.00
3X%
Cumberworth, Harris & Co
115.00
4%
Gross Investment Co
Par
-PAYMENT OF 1935 BOND
(P. 0. Chicago), III.
COOK COUNTY
-It 113 announced that funds are now available to pay all
INTEREST
coupons which became due during the year 1935 and which have not been
previously paid.
-The $145.000 sanitary sewer
-BOND ISSUE DETAILS
DIXON, III.
disposal plant bonds sold to Paine, Webber & Co. of Chicago, as previously
reported in these columns,.bear 4% int., are direct obligations and mature
serially on Dec. 20 from 1936 to 1955 incl. The bankers paid par plus a
premium of $2,187 for the issue and, in addition, agreed to pay the cost of
the legal opinion and printing of the bodds. Denom.$1,000. Int. payable
annually on Dec. 20.
-City Clerk R.E. Henderson informs
-BOND SALE
EFFI NGHAM,I11.
us that an issue of $40.000 Works Progress Administration storm sewer
been disposed of to local banks.
bonds has
4045
FRANKFORT SCHOOL CITY, Ind.
-BOND SALE-Tne $75,000
% school building bonds offered on Dec. 17-V. 141, 10. 3412-were
awarded to A. S. Huyck & Co. of Chicago, for a premium of $6,850, equal
to 100,133, a basis of about 3.48%. Robinson & Co. of Chicago, second
high bidders, offered a premium of $6.515. Dated Nov. 15 1935. Due
$15,000 yearly on Jan. 1 from 1943 to 1947, incl.
HENDERSON COUNTY (P. 0. Oquawka), 111.
-BOND ELECTION
-The Board of County Supervisors recently adopted a resolution calling
a special election for Feb. 11 at which a proposal to issue $164,000 road
bonds will be submitted to the voters.
HIGHLAND, 111.
-BONDS AUTHORITED-The City Council recently
passed an ordinance authorizing the issuance of $127,000 water revenue
refunding bonds.
JACKSONVILLE, Ill.
-BOND SALE
-An issue of $6,500 4% refunding bonds has been sold to the H. C. Speer & Sons Co. of Chicago at par
plus a premium of $50, equal to 100.76, a basis of about 3.83%. Dated
Dec. 1 1935 and due Dec. 1 1940. Legality approved by Benjamin H.
Charles of St. Louis.
LEXINGTON, 111.
-BOND SALE-Stokes. Woolf SL Co. of Chicago
have purchased and are now offering to investors an issue of $38,000 334%
coupon registerable road bonds. Denom, $1,000. Dated Jan. 1 1936.
Principal and semi-annual interest (Jan. 1 and July 1) payable at the
Peoples Bank. in Lexington. Due yearly on Jan. 1 as follows: $3,000.
1937 to 1940; $4,000, 1941 to 1944, and 85,000, 1945 and 1946.
MACOUPIN COUNTY (P. 0. Carlinville), III.
-BOND OFFERING
Peter J. Caveny, County Celrk, will receive sealed bids Intl( 1 p. m. on
Dec. 20 for the purchase of $87,750
% funding bonds, due serially from
1937 to 1946 incl.
SALINE COUNTY (P. 0. Harrisburg), Ill.
-BOND SALE
-J. E.
Rose, County Clerk, informs us that the Mercantile Commerce Bank &
Trust Co. of St. Louis purchased on Oct. 4 an issue of $105,000
%
coupon funding bonds at a price of par. Dated Oct. 1 1935. Denom.
$1,000. Due serailly on Jan. 1 from 1937 to 1951 incl. Interest payable
J. & J.
SPARTA TOWNSHIP HIGH SCHOOL DISTRICT NO. 111 (P. 0.
Sparta), Ill.
-BOND SALE
-The Mississippi Valley Trust Co. of St.
Louis has purchased an issue of $30,000 334% bonds at a price of 101.55, a
basis of about 3.23%. Dated Nov. 1. 1935. Due $3,000 on Nov. 1 from
1937 to 1946 incl. Interest payable M. & N. Legality approved by
Benjamin H. Charles of St. Louis.
TAYLORVILLE TOWNSHIP SCHOOL DISTRICT NO. 301 (P. 0.
Taylorville), III.
-BOND SALE-Halsey. Stuart & Co. Inc. of Chicago
were awarded recently an issue of $165,000 4% school building bonds at a
'
price of 107.32.
TERRE HAUTE TOWNSHIP (P. 0. Terre Haute), III.
-BOND
-An issue of 826.000 3X% road graveling bonds has been sold at par
SALE
to Vieth, Duncan, Worley & Wood of Davenport. Denom. $1,000.
INDIANA
ANDERSON SCHOOL TOWNSHIP (P. 0. Anderson), Ind.
-BOND
-The issue of $44,000 school building bonds offered on Dec. 14SALE
-was awarded to Jack A. Stull of Evanston at 3% interest
V. 141, p. 3412
for a premium of $600, equal to 101.363, a basis of about 2.80%. The City
Security Corp. of Indianapolis offered a $267 premium for 3345. Dated
Dec. 1 1935. Due 83.000 Jan. 11938; $1,500 each six months from July 1
1938 to Jan. 1 1947; and $2,000 each six months from July 1 1947 to July 1
1950.
BROWN TOWNSHIP (P. 0. Waveland), Ind.
-BOND OFFERING
The township trustees will receive bids until 10 a. m.,Jan. 2for the purchase,
of 810.000 bonds
-BIDS REJECTED
BUTLER SCHOOL TOWN (P.O. Butler), Ind.
The bids submitted for the $22,000 4% school building bonds offered on
-were rejected. Due semi-annually from 1938
Dec. 6-V. 141, p. 3257
to 1949 incl.
-BOND OFFERCARR SCHOOL TOWNSHIP (P. 0. Medora), Ind.
ING-Richard W. Phillips, trustee, will receive sealed bids until 3 p. m.
(Central Standard Time) on Jan. 3 for the purchase of $27,500 not to
exceed 5% hit, school building bonds. Dated Dec. 1 1935. Denom.
$500. Due $500 Jan. 1 and $1.500 July 1 1937; $1,000 Jan. 1 and July 1
from 1938 to 1949 incl.; $1,000 Jan. 1 and $500 July 1 1950. Bidder to
name the rate of int. in a multiple of X of 1%. No conditional bids will
be received. Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnished the successful bidder.
This issue was originally offered on Dec. 12.
CLARKSVILLE CIVIL TOWN (P. 0. Jeffersonville), Ind.
-BOND
SALE
-The $25,000 5% sewer construction bonds offered on Dec. 7V. 141, p. 3723
-were awarded to Robinson & Co., Inc., of Chicago at
par plus a premium of $1,166, equal to 104.664, a basis of about 4.17%.
Dated Dec.7 1935 and due $1,000 July 1 1936 and $1,000 Jan. land July 1
from 1937 to 1948 inclusive.
CLAY SCHOOL TOWNSHIP (P. 0. Amo), Ind.
-BOND SALE
-The
$33,000 coupon school building bonds offered on Dec. 12-V.141, p.3566
were awarded to the City Securities Corp. of Indianapolis as330, for a
premium of $132, equal to 100.40, a basis of about 3.44%. Dated Dec. 2
1935 and due as follows: $2,500 Jan. 1 and $1,000 July 1 1938; $1,500
Jan. 1 and $1,000 July 1 from 1939 to 1949 incl. and $1,500 Jan. land $500
July 1 1950. Other bids were as follows:
Bidder
Premium
Int. Rate
Danville State Bank
3, %
$132.00
Magnus & Co
4
110.00
A. S. Huyck & Co
4
340.00
Cumberworth, Harris & Co
3
Bartlett, Knight Az Co
315..00
170 00
Marcus R. Warrender
Robinson & Co
3 1..00
50 00
1
0. W.McNear & Co
256.00
JEFFERSON SCHOOL TOWNSHIP, Whitley County, Ind.
BOND SALE
-The 833,092 3X% school building bonds offered on Dec. 13
-V. 141, p. 3566
-were awarded to the Citizens State Bank of Columbia
City for a premium of $1,681.95, equal to 105.026, a basis of about 2.46%.
Due $1,272.76 June 15 and Dec. 15 in each of the years from 1937 to 1949
incl.
LAPORTE SCHOOL CITY, Ind.
-BOND OFFERING-The Board of
School Trustees will receive bids until 11 a. m. Jan. 4 for the purchase at
not less than par of $21,000 coupon 33(% school building improvement
bonds. Denom.$1,000. Dated Dec.30 1935. Principal and semi-annual
interest (June 30 and Dec. 30) at the First National Bank & Trust Co. of
Laporte. Due $1,000 each six months from June 30 1937 to June 30 1946,
and $2,000 Dec.30 1946. Certified check for 3% of amount of bid, payable
to the Board of Trustees, required.
LUCE SCHOOL TOWNSHIP (P. 0. Hatfield), Ind.
-BOND OFFERING-Claude Middleton, Trustee, will receive sealed bids until 2 p. m.
on Jan.4for the purchase of $13.000 not to exceed 434% int.school building
bonds. Dated Jan. 4 1936. Denom. $500. Due $500 July 1 1937;
$500 Jan. 1 and July 1 from 1938 to 1949 ind. and $500 Jan. 1 1950.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE
-The
$67,700 refunding bonds offered on Dec.16-V.141, p.3723
-were awarded
to the Harris Trust & Savings Bank of Chicago as 1. S, for a premium of
3
4
$121, equal to 100.07. Dated Jan. 1 1936 and due June 1 as follows:
$13,000 from 1937 to 1940 incl. and $14,700 in 1941. Other bids were as
follows:
Int. Rate
Premium
Fletcher Trust Co
2
$77.78
Marcus It. Warrender
30
107.20
City Securities Corn
104.00
2 4%
Union Trust Co. and Indianapolis Bond & Share
Corp
278.00
234%
MUNCIE, Ind.
-BOND OFFERING
-Hubert L. Parkinson, City Controller, will receive sealed bids until 10 a. m. on Jan. 3 for the purchase of
three issues of not to exceed 434% ins. refunding bonds, divided as follows:
$17,266.68 series B bonds. dated Feb. 1 1936.
2,500.00 series A bonds, dated Jan. 1 1936.
1.500.00 series C bonds, dated April 1 1936.
4046
Financial Chronicle
All of the bonds mature July 1 1940. Denom. as rewested by the
purchaser. All of the bonds of each series must bear the same int. rate,
expressed in a multiple of 3.( of 1%. Int. payable J. & J. A certified
/
check for $500, payable to the order of the city, must accompany each
proposal. The approving opinion of Matson, Ross, McCord dz Clifford
of Indianapolis will be furnished the successful bidder. The bonds to be
refunded mature in 1936.
NEWBURY SCHOOL TOWNSHIP (P. 0. Shipshewana), Ind.
BOND SALE
-The $43,230 school building bonds offered on Dec. 17V. 141, p. 3566
-were awarded to the Shipshewanna as 330, at par plus a
premium of $262.50, equal to 100.607, a basis of about 3.04%. Dated
Dec. 15 1935 and due $1.441 June 15 and Dec. 15 from 1937 to 1951 incl.
PERRY SCHOOL TOWNSHIP (P. 0. Fort Wayne, R. R. No. 2),
Ind.
-BOND SALE
-The $8,000 coupon school building bonds offered
on Dec. 12-V. 141, p. 3566
-were awarded to Wefel & Maxfield of Fort
Wayne as 330, at a price of par. Dated Dec. 15 1935 and due $4,000 on
July 15 in 1938 and 1939. Other bids were as follows:
Premium
n mo
BidderInt. Rate
$
Central Security Co., Fort Wayne
16.00
City Securities Corp.. Fort Wayne
331%0
ROCK CREEK SCHOOL TOWNSHIP (P. 0. Rock Creek Center),
Ind.
-BOND OFFERING--Orva L. Sparks, Trustee, will receive sealed
bids until 1:30 p. m. on Jan. 11 for the purchase of $19,250 4% school
building bonds. Dated Jan. 15 1936. One bond for $250, others $500 each.
Due Jan. 1 as follows: $1,250 in 1937 and $1,500 fro.0 1938 to 1949 incl.
Principal and interest (J. & J.) payable at the First State Bank, Huntington. A certified check for $750, payable to the order of the Trustee, must
accompany each proposal.
UNION SCHOOL TOWNSHIP (P. 0. Rays Crossing), Shelby
County, Ind.
-BOND SALE-The $29,000 436% school building bonds
offered on Dec. 12-V. 141, P. 3723
-were awarded to the Shelby Ilational
Bank of Shelbyville for a premium of $3,132.35, equal to 110.801. Due
serially from Dec. 30 1937 to Dec. 30 1949.
-The two
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE
issues of bonds listed below, which were offered on Dec. 14-V. 141, p•
3566
-were awarded to Stranahan, Harris & Co. of Toledo and Marcus L.
Warrender of Indianapolis. at 4% interest, for a premium of $2,592.50,
equal to 101.10, a basis of about 3.90%:
$200,000 county asylum construction bonds. Due as follows: $10,000.
May 15 and $5,000, Nov. 15 in 1937 and 1938 and $5,000. May
and Nov. 15 from 1939 to 1955, incl.
35,500 Glenn Home dormitory construction bonds. One bond for $500,
others $1,000 each. Due as follows: $1,500, May 15 and 82.000.
Nov. 15 1937: $2,000, May 15 and Nov. 15 from 1938 to 1940
incl. and $1,000. May 15 and Nov. 15 from 1941 to 1950, incl.
Each issue is dated Nov. 15 1935. Principal and interest payable at the
County Treasurer's office.
Magnus & Co. and Walter, Woody & Heimerdinger were second in the
bidding with an offer of a premium of $1,865 for 4s.
Dec. 21 1935
WASHINGTON,Iowa-BOND OFFERING
-W.H.Fulton, City Clerk,
will receive bids until 7:30 p.m. Jan. 6 for the purchase of the following
bonds:
$8,000 23
4% city improvement bonds. Due serially from 1938 to 1941.
Legal opinion by Chapman & Cutler. of Chicago.
7,500 5% street improvement bonds. Due $2,500 on May 1 in each of
the years 1936. 1937 and 1938.
KANSAS
CLAY COUNTY (P. 0. Clay Center), Kan.
-BOND OFFERING
A. F. Hoffman, County Clerk, will receive bids until 2 p. m., Dec. 23 for
the purchase of $57.000 2% coupon bridge bonds. Denom.$1,000. Dated
Dec. 1 1935. Prin. and semi-ann. int. F. and A. 1 payable at the office
of the State Treasurer,in Topeka. Due yearly on Aug. 1 as follows: $11,000
1936; $12,000 1937 and 1938; and $11,000 1939 and 1940. Certified check
for 2% of amount of bid, payable to the Chairman of the Board of County
Commissioners, required.
COLUMBUS, Kan.
-BOND SAFThe City Council has sold $18,260
Waterworks improvement bonds to Small, Milburn & Co. or Wichita.
HUTCHINSON, Kan.
-BOND SALE
-An issue of $51,000 of sandhill
diversion ditch bonds, due serially in 10 years, has been sold for par plus
$719.61 premium to the Columbian Securities Corp. of Topeka.
MANKATO, Kan.
-BOND ELECTION CANCELED-It is stated by
the City Clerk that the election scheduled for Dec. 10, to vote on the issuance of the $61,000 in electric light and power plant bonds
-V. 141, p.
3893
-was canceled.
SHAWNEE COUNTY (P. 0. Topeka), Kan.
-BOND OFFERING
Sealed bids will be received by Ernest L. Newman, County Clerk, on
Dec. 27 at 10 a. m. for the sale of $24,500 of public works relief bonds
to be dated Dec. 1 1935, and to become due serially $2,500 Feb. 1 1937.
$3,000 each of the years 1938 to 1943, inclusive, and $2,000 in each year
1944 to 1945. inclusive. Bids will be received on bonds bearing interest at
the rate of 234%, payable semi-annually on Feb. 1 and Aug. 1, the first
coupon becoming due on Feb. 1 1937. Bids shall be accompanied by
certified check or cashier's check for 2%•
SEDGWICK COUNTY SCHOOL DISTRICT NO. 1 (P,0. Wichita),
Kan.
-BOND SALE
-The issue of $110,000 refunding bonds offered on
Dec. 16-V. 141, p. 3724
-was awarded to the Wheeler Kelly Hagny Trust
Co.and the Rittenoure Investment Co., both of Wichita, at 23i% interest.
for a premium of $165, equal to 100.15, a basis of about 2.48%. A group
-Milburn Co., the Dunne-Israel Investment Co.
composed of the Small
and the Brown-Crummer Investment Co., all of Wichita, submitted the
second high bid, offering par for 534,000 230,and a premium of $22.80 for
$76,000 230. Dated Dec. 2 1935. Due yearly on July 1 as follows:
$8,000, 1940 and 1941;59,000. 1942 and 1943; 310,000. 1944. 1945 and 1946:
811,000, 1947 and 1948. and 812,000, 1949 and 1950.
WYANDOTTE COUNTY (P.O. Kansas City), Kan.
-BOND SALE
The Board of County Commissioners has sold $111,000 bonds to Stern
Bros. & Co. of Kansas City, Mo,
IOWA
ARGYLE CONSOLIDATED SCHOOL DISTRICT (P. 0. Argyle),
Iowa
-BOND SALE DETAILS
-It is reported by the Secretary of the
Board of Directors that the $7,000 school bonds purchased by the Carleton
D.Bell Co.of Des Moines,as 230. as reported recently
-V. 141. p. 3892
were sold at par, and mature on Nov. 1 as follows: $1,000. 1937, and $2,000.
1938 to 1940.
BUSSEY, Iowa
-MATURITY
-It is stated by the Town Clerk that
the $11,600 water bonds purchased by the Carleton D. Beh Co. of Des
Moines as 331s, at a price of 100.02, as reported in these columns recently
-are due on Dec. 1 as follows: $600, 1938; $500, 1939 to
V. 141. p. 3893
1842; $1,000. 1943: $500. 1944 and 1945; 81,000, 1946; $500, 1947; $1,009,
1948;8500, 1949,and $1.000, 1950 to 1953, giving a basis of about 3.745%.
CASTANA CONSOLIDATED SCHOOL DISTRICT (P.O. Castana),
Iowa
-MATURITY
-It is reported by the District Secretary that the
$45,000 school bonds purchased by Vieth, Duncan, Worley & Wood of
Des Moines as 330. at a price of 100.177, as reported-V. 141, p. 3893
are due on Dec. 1 as follows: $1,000, 1937 to 1939; $2,000, 1940 to 1945,
and $3,000, 1946 to 1955, giving a basis of about 3.48%.
CLARION INDEPgNDENT SCHOOL DISTRICT (P. 0. Clarion),
Iowa-MATURITY
--It is stated by the Secretary of the Board of Education that the $80,000 school bonds purchased by the Carleton D. Beh Co.
Des Moines, as 3s, at a price of 101.41, as reported in these columns recently
-V. 141, p 3893
-are due as follows: $3.000. 1936; $4.000, 1937 to
1942;$5,000, 1943 to 1948;$6,000, 1949 to 1951, and $5,000 in 1952, giving
a basis of about 2.83%.
CRESCO SCHOOL DISTRICT, Iowa-BOND OFFERING
-H. H.
Webber, Secretary of the Board of Education, will receive bids until 10
a.m. Dec. 20 for the purchase of $69,000 4% school building bonds.
DALLAS COUNTY (P. 0. Adel), Iowa-CERTIFICATE OFFERING
-B.F. Pringer County Auditor, will receive bids until 1:30 p.m. Dec. 23
for the purchase of $23,000 secondary road district certificates of indebtedness, which will mature $17,000. Dec.31 1936. and $6,000, Dec. 31 1937.
DRESCO SCHOOL DISTRICT, Iowa-BOND SALE
-An issue of
$69,000 school building bonds offered on Dec. 20 was awarded to the
Cresco Union Savings Bank at 3% interest, for a premium of $190, equal
to 100.275. Wheelock & Co. of Des Moines offered a $580 premium for 3s.
ELDORA INDEPENDENT SCHOOL DISTRICT,Iowa
-BONDSALE
-On Dec. 16 the $50,000 school building refunding bonds offered on that
date
-V.141,
-were awarded to the White-Phillips Corp.of Davenport as 230 for a premium of $625. equal to 101.25. The Carleton D.Bela
Co. of Des Moines bid $50,626 for 2. 5.
3
4
FERRY INDEPENDENT SCHOOL DISTRICT, Iowa.
-BOND OFFERING-L. A. French,Secretary of the Board of School Directors, will
receive bids until 2 p.m. Dec.30 for the purchase of $65.000 school building
bonds.
HUMBOLDT, Iowa
-BOND SALE
-A $21.000 issue of sewer bonds is
reported to have been purchased on Dec. 9 by the Polk-Peterson Corp. of
Des Moines, as 230, paying a premium of $41, equal to 100.19.
KEYSTONE, Iowa-PRICE
-The Keystone Savings Bank paid a premium of $72 for 3% bonds in purchase of the $4,000 waterworks issue
taken by it recently
-V. 141. p. 3893.
MONTEZUMA, Iowa
-BOND SALE
-A $9,000 issue of 5% semi-ann.
water revenue bonds is reported to have been purchased recently by Shaw,
McDermott & Sparks. of Des Moines, at par.
OSKALOOSA, Iowa-BOND SALE
-The $6,100 funding bonds offered
for sale on Dec. 14-V. 141, 13. 3724
-were purchased by the Carleton
D. Beh Co. of Des Moines, as 130, paying a premium of $10, equal
to 100.16. Coupon bonds dated Dec. 1 1935. Denom. $500, one for
$100. Due $2,000 on Nov. 1 1937 and 1938, and $2,100 in 1939. Int.
payable M. & N.
PELLA INDEPENDENT SCHOOL DISTRICT, Ia.-BOND OFFERING-Peter Van Sittert, District Secretary, will receive bids until 7:30 P. m•
Dec. 23 for the purchase of $32,000 high school reconstruction bonds.
ROCKWELL CITY INDEPENDENT SCHOOL DISTRICT, Iowa
BOND OFFERING
-R. E. Conley, District Secretary, will receive bids
until 2 p.m. Dec. 23 for the purchase of $75,000 school building bonds.
RODMAN INDEPENDENT SCHOOL DISTRICT (P. 0. Rodman),
Iowa
-BOND SALE
-The $30,500 issue of school bonds offered for sale
on Dec. 13-V. 141, p. 3893
-was purchased by Shaw, McDermott &
Sparks of Des Moines, as 230, paying a premium of $40, equal to 100.013,
a bais of about 2.24%. Due from Dec. 1 1937 to 1940.
SCHALLER SCHOOL DISTRICT (P. 0. Schaller), Iowa-BOND
-The $43,500 Issue of coupon school bonds offered for sale on Dec.
SALE
-was awarded to the White-Phillips Corp. of Daven17-V. 141 p. 3724
port. as 3ds, paying a premium of $110. equal to 100.25, a basis of about
3.22%. Dated Dec. 1 1935. Due from Dec. 1 1937 to 1955; optional on
Dec. 1 1945.
STORM LAKE, Iowa-BOND OFFERING
-G. S. Robinson. City
Clerk will receive bids until Jan. 13 for the purchase of $15,000 waterworks
Improvement revenue bonds.
p.3893
KENTUCKY
Municipal Bonds
EQUITABLE
Securities
Corporation
New York
Nashville
Birmingham
Chattanooga
Knoxville
Memphis
KENTUCKY
COVINGTON SCHOOL DISTRICT (P. 0. Covington),Ky.-BOND
OFFERING DETAILS
-In connection with the offering scheduled for
Dec. 23, of the $380,000 issue of not to exceed 4% school bonds, report on
which appeared recently
-V. 141. P. 3893-it is stated that the bonds are
to be dated Dec. 1 1935. Denom.$1,000. Interest rate to be in multiples
of g of 1%. No split rate bids will be considered. Principal and interest
(J• & J.) payable in lawful money at the depositary of the Board of Education in Covington. The approving opinion of Chapman & Cutler of
Chicago, will be furnished. These bonds were approved by the voters
on Nov. 5. A certified check for 2% of the bonds bid for, payable to the
Board of Education, is required.
ERLANGER, Ky.-BOND SALE
-The 3140.000 issue of sanitary sewer
bonds offered for sale on Dec. 12-V. 141. P. 3894-was purchased by Fox,
Einhorn & Co and Charles A. Hinsch & Co., both of Cincinnati, jointly ,
as 4s, paying a premium of $460, payable to 101.15, a basis of about 3.92%.
Dated Dec. 11935. Due on Dec. 1 1955.
Principal and interest(J.& D. 15) payable at the Fifth-Third Union Trust
Co. in Cincinnati. These bonds are to be validated by the Circuit Court
of Kenton County, and the legality is to be approved by Peck, Shafer &
Williams of Cincinnati.
•1
FAYETTE COUNTY (P. 0. Lexington), Ky.-BOND SALE
-A
$65.000 issue of 4% semi-ann. school bonds is reported to have been purchased recently by the Security Trust Co. of Lexington, for a premium of
$802, equal to 101.23. (The Public Works Administration approved a loan
of $65,000 on this project.)
SPENCER COUNTY (P. 0. Taylorsville), Ky.-BOND VALIDITY
UPHELD
-The validity of a $20,000 refunding bond issue proposed by
the County Fiscal Court for the liquidation of its floating indebtedness was
upheld on Dec. 13 by the Court of Appeals in a test suit brought by a local
taxpayer, in the Spencer Circuit Court. The lower court had also upheld
the bond issue.
WINCHESTER, Ky.-BOND VALIDITY UPHELD
-The validity of
a $60,000 bond issue to finance accrued indebtedness was upheld on Dec. 13
by the Court of Appeals, affirming the Clark County Circuit Court's ruling
in a friendly suit brought by the Bankers Bond Co. of Louisville, which
purchased the bonds on Aug. 26, as reported at that time.
Immediate Firm Bids on
LOUISIANA MUNICIPALS
Scharff&Jones
INCORPORATED
A. T. T.TEL. N.0. 180
TELEPHONE RAYMOND 1189
New Orleans
LOUISIANA
FOURTH JEFFERSON DRAINAGE DISTRICT (P. 0. Gretna)
La.
-BOND REFUNDING HEARING SCHEDULED
-A hearing on the
proposal of the Sub-Drainage District No. 3 of the above district, for
refunding of its $2,394,000 bonded indebtedness, was set recently by
United States Judge Wayne G. Borah for Jan. 15, according to New
Orleans news dispatches.
Petitioners are said to have asked Judge Borah to approve the proposed
refunding, provided under Federal statutes. They are said to have set
forth that 98% of the outstanding bondholders have agreed already to
the plan. Authority also is reported to have been received from State
officials for the proposed bond maturity extension date, fulfilling State law
requirements.
LEESVILLE, La.
-BONDS AUTHORIZED-The Board of Aldermen
of the town has passed an ordinance authorizing the issuance of $120.000
street improvement bonds.
Financial Chronicle
Volume 141
-Horace P.
NEW ORLEANS, La.
-BOND REDEMPTION NOTICE
Phillips, Secretary of the Board of Liquidation, city debt, in a statement
issued on Dec. 6, asserted that "all bonds of the city of New Orleans, payable through Board of Liquidation, city debt, maturing Dec. 1935, and
maturing and (or) called Jan. 1936, will, as usual, be promptly paid at
their respective maturities." A detailed list of the amount of bonds to be
retired and interest that will be paid follows:
Serial gold bonds, series 1930, coupons due Dec. 15 1935---- $99,360.00
Serial gold bonds,series 1930, bonds maturing Dec. 15 1935-31,000.00
Constitutional bonds, coupons due Jan. 1 1936
110,000.00
Constitutional bonds, called Jan. 1 1936
500,000.00
Public improvement bonds, coupons due Jan. 1 1936
240,000.00
New public improvement bonds, coupons due Jan. 1 1936
79,500.00
New public improvement bonds, called Jan. 1 1936
675,000.00
Court house bonds, coupons due Jan 1 1936
13,475.00
Court house bonds, called Jan. 1 1936
15,000.00
Audubon Park bonds, coupons due Jan. 1 1936
1,812.50
Audubon Park bonds, maturing Jan. 1 1936
2,500.00
Serial gold bonds, series 1917, coupons due Jan. 1 1936
172,462.50
Serial gold bonds, series 1917, maturing Jan. 1 1936
115,000.00
Total
$2.055,110.00
ORLEANS LEVEE DISTRICT (P. 0. New Orleans), La.
-ADDITIONAL INFORMATION
-In connection with the report given in these
columns recently to the effect that the sale of the S3,555,000 issue of not to
exceed 5% semi-annual refunding bonds, scheduled for Dec. 11, was postponed-V. 141, p. 3894
-we are informed by Charles J. Donner, Secretary
of the Board of Commissioners, that arrangements for the bonds have been
made locally.
We Are Specialists in
MAINE---NEW HAMPSHIRE--VERMONT
Municipal Issues
E. H. Rollins & Sons
Incorporated
200 Devonshire St., Boston, Mass.
MAINE
WELLS, Me.
-BOND OFFERING
-J. P. Littlefied, Town Treasurer,
will receive bids until 6 p. m.on Dec.23 for the purchase at not less than par
of $49,500 coupon high school bonds, to bear interest at rate named in the
successful bid, in a multiple of 5.1;%. Denom. $1,000 except one for $500.
Dated Dec. 1 1935. Principal and semi-annual interest (J. 1 & D. 1) payable at the National Shawmut Bank of Boston. Due $2,000 yearly on
Dec. 1 from 1936 to 1959, and $1,500 Dec. 1 1960.
These bonds will be engraved under the supervision of and authenticated
as to genuineness by the National Shawmut Bank of Boston; their legality
will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion
will be furnished the purchaser. All legal papers incident to this issue will
be filed with the said bank where they may be inspected.
Bonds will be delivered to the purchaser at the National Shawmut Bank
of Boston, 40 Water St., Boston.
Financial Statement, Dec. 13 1935
Assessed valuation 1935
$2.741,605
Total bonded debt, not including this issue
74,348
Tax levy 1935
$149,988.84 I Uncollected 1935
$16,572.75
Tax levy 1934
135,413.51 I Uncollected 1934
6,457.60
Tax levy 1933
133,808.90 I Uncollected 1933
2,713.20
MARYLAND
CUMBERLAND, Md.-BOND OFFERING-Harry Irvine, Commissioner of Finance and Revenue, will receive bids until 9.30 a. m. Dec. 23
for the purchase of $50,000 4% coupon city hall annex improvement bonds.
Denom. $1,000. Dated Jan. 1 1936. Int. payable Jan. 1 and July 1.
Due Jan. 1 1956. Certified check for 2X% of amount of bonds bid for.
required.
MASSACHUSETTS
ARLINGTON, Mass.
-NOTE SALE
-The $100.000 temporary loan
notes, dated Dec. 20 1935, and maturing $50,000 on May 8 and May 22
1935, which were offered on Dec. 16-V. 141. p. 3894
-were awarded to
the Second National Bank of Boston on a .175% discount basis. The New
E land Trust Co. bid .219% discount.
ther bids were as follows.
BidderDiscount
Merchants National Bank (Plus $2)
0.22
Leavitt & Co.(plus $2)
0.22
Jackson & Curtis
0.22
Knowles
Whiting, Weeks &
0.23
Newton, Aobe & Co
0.23
Washburn & Co
0.235%
Faxon,(lade & Co
0.24%
United States Trust Co
0.26%
BROOKLINE, Mass.
-TEMPORARY LOAN
-The $500.000 revenue
anticipation notes offered on Dec. 16-V. 141,p. 3894
-were awarded to
the Brookline Trust Co. at 0.125% discount. Dated Dec. 16 1935 and due
Oct. 22 1936. The Merchants National Bank of Boston, second high
bidder, named a rate of 0.14%.
Other bids were reported as follows:
Bidder
Discount
Rutter & Co. (plus $3)
0.14
Whiting. Weeks & Knowles
0.15
Boston Safe Deposit & Trust Co.(plug $7)
0.17
Second National Bank of Boston (plus $8)
0.20
Leavitt & Co.(plus $7)
0.21
Faxon,(lade & Co
0 21 0
Newton, Abbe & Co
0.22
National Shawmut Bank
0.24%
Bankers Trust Co
0.24%
CANTON, Mass.
-BOND SALE
-The $15,000 municipal relief bonds
offered on Dec. 18 were awarded to Rutter & Co. as 1 Xs, at a price of
100.15, a basis of about 1.20%. Dated Dec. 1 1935 and due $3,000 on
Dec. 1 from 1936 to 1940 incl. Other bids were as follows:
Int. Rate
Rate Bid
Whiting, Weeks & Knowles
IX
100.333
Webster, Kennedy & Co
134
100.267
Tyler, Buttrick & Co
1
100.14
R. L. Day & Co
1
100.09
Newton, Abbe & Co
100.021
j6
Ballou, Adams & Whittemore.
100.53
CHESTER, Mass.
-TEMPORARY LOAN
-Award was made on Dec. 13
of a $30,000 issue of revenue anticipation notes to the First National Bank
of Boston at 0.58% discount. Due $10,000 on Aug. 15. Oct. 15 and Nov. 15
1936.
EAST BRIDGEWATER, Mass.
-BOND OFFERING
-John L. Keith.
Town Treasurer, will receive sealed bide until 7 p. m. on Dec. 27 for the
purchase of $67,000 coupon high school bonds. Dated Dec. 1 1935.
Due Dec. 1 as follows: $4,000 from 1936 to 1942 incl.,
Denom. $1.000.
and $3,000 from 1943 to 1955 incl. Bidder to name the rate of interest
in a multiple of X of 1%. Principal and interest payable at the Merchants
National Bank of Boston. This institution will supervise the preparation
of the bonds and certify as to their genuineness. Legal opinion of Storey.
Thorndike, Palmer & Dodge of Boston will be furnished the successful
bidder.
ESSEX COUNTY (P. 0. Salem), Mass.
-OTHER BIDS
-The issue of
$27,000 1% bridge notes awarded to the Cape Ann National Bank of
Gloucester at a price of 100.76, as previously noted in these columns, was
also bid for as follows:
BidderBeverly National Bank, Beverly, Mass
Whiting, Weeks & Knowles, Boston
Merchants National Bank, Salem, Mass
Manchester Trust Co. Manchester, Mass
Merchants National Bank, Boston, Mass
Tyler, Bittrick & Co., Boston
Second National Bank of Boston
4047
Rate Bid
100.72
100.71
100.55
100.53
100.70
100.51
100.671
LAWRENCE, Mass.
-BOND OFFERING-William A. Kelleher, City
Treasurer, will receive bide until noon Dec. 23 for the purchase at not less
than par of the following three issues of coupon bonds, which will bear
interest at a uniform rate, in a multiple of %. but not to exceed 3X%.
as named in the successful bids:
$22,000 Spicket River bridges loan bonds. Due yearly on Dec. 1 as follows:
$2,000, 1936 and 1937: and 31.000. 1938 to 1955.
67.000 City home dormitory building loan bonds. Due yearly on Dec. 1
as follows: $4.000, 1936 to 1942; and $3,000. 1943 to 1955.
36,000 South Broadway fire engine house loan bonds. Due yearly on
Dec. 1 as follows: $2,000, 1936 to 1951; and $1,000. 1952 to 1955.
Denom. $1,000. Dated Dec. 1 1935. Prin. and semi-ann. hit.(J. land
D.1)payable at the Second National Bank of Boston, or at the City Treasurer s office, at holder's option.
Bonds will be engraved under the supervision of and certified as to genuineness by the Second National Bank of Boston; their legality will be approved by Ropes, Gray, Boyden & Perkins, whose opinion will be furnished
the purchaser. All legal papers incident to this issue will be filed with said
bank where they may be inspected.
These bonds will be delivered to the purchaser at the Second National
Bank of Boston, Ill Franklin St., Boston, Mass., on or about ec 31.
Financial Information Dec. 15 1935
Assessed Vat. Tax Rate Tax Lery Uncoil. Taxes
Year$98,788,725 $37.60 13.736.059
$831,090
1935
98,412,750
39.60 3.968,109
64.428
1934
99,758,900
35.60
3.624.006
4.732
1933
Tax titles held, $186.346; tax title loans (net). $50,844.
Total bonded debt
$3,211,500
Present issues
125.000
Less water debt
Net debt
Population 1935, 86.785.
13.336.500
172,000
$3.164.500
LEXINGTON, Mass.
-NOTE SALE
-An issue of $100,000 revenue
anticipation notes offered on Dec. 17 was awarded to the New England
Trust Co. of Boston on a .164% discount basis, plus $7 premium. Notes
are dated Dec. 18 1935 and mature July 17 1936.
Other bids were as follows:
Discount
Bidder
Lexington Trust Co
0.18%
Whiting, Weeks & Knowles
0.19%
Second National Bank of Boston_
0.245%
-TEMPORARY LOAN
MALDEN, Mass.
-The $500.000 revenue anticipation notes offered on Dec. 18 were awarded to the First National Bank of
Maide at 0.34% discount. Dated Dec. 18 1935 and due 3100,000 Aug. 12
and $200.000 each on Sept. 15 and Oct. 15 1936.
Other bids were as follows:
Discount
BidderNational Shawmut Bank
x0.34
Whiting, Weeks & Knowles
0.36
0.37
Malden Trust Co
0.35
Malden Savings Bank
0.41
Faxon, Gade & Co
x Loan sold to Malden institution on 0.34% basis by mutual agreement.
-BOND OFFERING-Charles F. Hurley.
MASSACUSETTS (State of)
Treasurer and Receiver-General, will receive bids until noon Dec. 30 for
the purchase of the following bonds:
32.000.000 coupon registerable emergency public works loan bonds. Interest payable June 1 and Dec. 1. Due $200.000 yearly on Dec. 1
from 1936 to 1945, incl.
1,650,000 registered Metropolitan Sewerage Loan, North System. bonds.
Interest payable March 1 and Sept. 1. Due $83,000 yearly on
Sept. 1 from 1936 to 1945, incl., and $82,000 yearly on Sept. 1
from 1946 to 1955. incl.
Bidders will name rate of interest bonds will bear, in a multiple of %.
Separate bids must be submitted on each laon. Cert. check for 2% of
amount of bonds bid for payable to the Treasurer and Receiver-General.
required.
Statement of Public Debt, Sinking Funds and Taxable Property
Total Public Debt
$151.880.962.00
Total bonded indebtedness Nov.30 1935
69,472.532.30
Sinking funds
Total net debt Nov.30 1935
The debt is divided as follows;
Direct Debt
Gross direct debt Nov. 30 1935
Sinking funds
Net direct debt Nov. 30 1935
Contingent Debt
Gross contingent debt Nov. 30 1935
Sinking funds
382,408.429.70
S35.823.883.39
9.237.942.18
$26,585.941.21
3116,057.078.61
*60,234,590.12
155,822,488.49
Net contingent debt Nov.30 1935
* Includes cash and Massachusetts city and town notes in the gum of
320.508.000 under chapters 49, 307 and 341. Acts of 1933.
Water Debt (included in above Contingent Debt)
$60,844,000.00
Gross water debt Nov. 30 1935
22.358.741.19
Sinking funds
138,485,258.81
Net water debt Nov. 30 1935
Taxable Property
The amounts of taxable property and taxable income of the Commonwealth of Massachusetts, as furnished by the Commissioner of Corporations
and Taxation, for the year ended Nov. 30 1935. follow:
Local Taxation
35.817.759.498
Value of assessed real estate
*891.130.249
Value of assessed personal estate
State Taxation
service
S72,886,564
Value of corporate excess, public
415.103
Value of corporate excess, street railways
*1.000,000,000
Value of corporate excess, business corporations_ _ _ _
*90,000.000
Amount of taxable income, business corporations
373,735.300
Taxable deposits in savings banks
27.191.923
Taxable deposits in trust company savings departments_ 3,935,305
Taxable deposits in Massachusetts Hospital Life Ins. Co
*411,548,429
Taxable income; individuals, &c
10,540,676
Taxable income; Nztional Banks and Trust Companies_ _ _ _
*991.736.400
Insurance companies, value of taxable premiums and res_ _ _
225.881.352
Value of property, taxable inheritances and estate
* Estimated.
-The issue of$20,000 coupon drainage
MEDFORD,Mass.
-BOND SALE
bonds offered on Dec. 13 was awarded to Frederick M.Swan & Co. of Portland as 3s, at a price of 100.75, a basis of about 2.93%. Dated Sept. 1 1934
and due $2,000 on Sept. 1 from 1945 to 1954 incl. Other bids (all for 3s)
were as follows:
Rate Bidl BidderRate Bid
Bidder100.69 R. L. Day & Co
100.13
ITomblower & Weeks
100.385
Tyler, Buttrick & Co
-TEMPORARY LOAN
-A temporary loan of
MERRIMAC, Mass.
$100,000, issued in anticipation of revenue, to mature Sept. 17 1936. was
awarded on Dec. 13 to the First Natioanl Bank of Boston on a .57% discount
basis. The Merchants National Bank of Boston submitted a bid of .67%.
Financial Chronicle
4048
NEW BEDFORD, Mass.
-John Morris, City Treasurer,
-BOND SALE
Informs us that Brown Harriman & Co. of Boston have purchased, at par,
$36,000 pier construction and $12,000 bridge bonds. Each issue bears 236%
nterest, dated Dec. 1 1935 and due serially on Dec. 1 from 1936 to 1945
incl. Interest payable J. & D. Denom. $1,000.
ROCKPORT, Mass.
-TEMPORARY LOAN
-The First Boston Corp.
was awarded an issue of $25,000 notes,due July 23 1936, at 0.23% discount.
Other bids were as follows:
Discount
BidderDiscount
BidderGloucester Nat.Bank
0.33%
0.26% E. H. Rollins & Sons
New England Trust Co
0.355%
0.265% Second National Bank
Newton, Abbe & Co
0.33% R. L. Day & Co
0.47%
SALEM, Mass.
-LOAN OFFERING-Charles G. F. Coker, City Treasurer, will receive bids until 11 a. m. Dec. 27 for the purchase of an interest
to-follow basis of an issue of$130,000 notes issued in anticipation of revenue.
Notes will be in denominations to suit purchaser, will be dated Dec. 27
1935 and will be payable Oct. 17 1936 at the National Shawmut Bank of
Boston, where delivery will be made on or about Dec. 27. Notes will be
authenticated as to genuineness and validity by the National Shawmut
Bank of Boston, under advice of Storey, Thorndike, Palmer & Dodge, and
all le al papers incident to this issue will be filed with said bank, where
they may be inspected.
Financial Statement as of Dec. 19 1935
1933
1934
1935
$58,234,630 $58,084,910 $57,946,090
Assessed valuation
1,863.100
1,999,140
Tax levy
1.945,800
3,868
590.752
75.501
Uncollected taxes
1,542,500
Gross debt as of Dec. 5 1935
1.068,500
Net debt as of Dec. 5 1935
None
Sinking funds
700,000
Notes outstanding for year 1935
142,069
Tax titles held
None
Borrowed against tax titles
106,000
Cash on hand
Dec. 21 1935
has never defaulted in principal or interest payments. The 1935 assessed
valuation was $2,212,752, and the total bonded debt, including this 18811e,
is $168,500. The 1930 population is 2,103, and the overlapping per capita
debt is estimated at $118.12. This issue of bonds, authorized for the purpose ofimproving the present electric light plant, constitutes a direct obligation of the entire village, payable from unlimited ad valorem taxes. Legality is to be approved by Miller, Canfield, Paddock & Stone, Detroit.
CALEDONIA TOWNSHIP SCHOOL DISTRICT (P. 0. Caledonia),
Mich.
-BONDS SOLD TO P WA-The issue of $60,000 general obligation
bonds offered on Dec. 7-V. 141. p. 3726
-was sold as 45, at a price of
Par, to the Public Works Administration, Dated Dec. 1 1935 and due
serially on Feb. 1 from 1937 to 1956 incl.
DELTON AGRICULTURAL SCHOOL DISTRICT Mich.
-BOND OFFERING
-H. W.Aldrich,Secretary of the Board of Education, will receive
sealed bids until noon on Dec. 28 for the purchase of $40,000 49' coupon
school bonds. Due as follows: $1,500, 1937 to 1940 incl.; $2,000,1941 to 1949
incl.; $2,500 from 1950 to 1953 incl., and $3,000 in 1954 and 1955. Int. Payable J. & J. A certified check for $500, payable to the order of the District,
must accompany each proposal. This issue as previously reported sold
to the Public Works Administration.
GLADSTONE SCHOOL DISTRICT, Mich.
-The
-BOND SALE
516.000 school remodeling bonds offered on Dec. 16 were awarded to the
First National Bank and the State Savings Bank, both of Gladstone.
jointly, at par plus a premium of $320, equal to 102.
GRAND HAVEN, Mich.
-BOND OFFERING-J. Nyhof Peel, City
Clerk, will receive sealed bids until 7:30 p. m. on Dec. 26 for the purchase
of $138,000 not to exceed 4% interest coupon self-liquidating sewage
revenue bonds. Dated Nov. 15 1935. Denom. $1,000. Due Nov. 15 as
follows: $5,000, 1937 to 1940 incl.: $6,000, 1941 to 1943 incl.; $7,000, 1944
to 1946 incl.; $8,000, 1947 to 1949 incl.; $6,000, 1950 to 1954 incl. and $10,000 in 1965. The bonds are registerable as to principal only. Bonds and
Interest M. & N. payable at the City Treasurer's office or at the Detroit
Trust Co., Detroit. A certified check for 2% of the bonds bid for must
accompany each proposal. The approving opinion of Miller, Canfield,
Paddock & Stone of Detroit will be furnished the successful bidder.
ISHPEMING, Mich.
-OTHER BIDS
-Pursuant to the recent report
in these columns of the award of 3100.000 water distribution system bonds
toBidllmin & Main, Inc., of Chicago as 3s for a premium of $170, we give
B
ader
the following list of the unsuccessful bids:
Premium
Int. Rate
Bancamerica-Blair Corp
334%
John Nuvn & Co
5 5 0ee
4
$ 61:05
,04 2
0
0. W. McNear & Co
4,892.00
4
O. W. McNear & Co
1,213.00
O. W. McNear & Co
3 R
:749.00
Barcus, Kindred & Co
4 o
3,110.00
Dams, Kindred & Co
3 %
1,010.00
Baliman & Main, Inc. (alternate bid)
4a
6,065.00
William E. Stuart & Co. and First National Bank
of Negaunee
334%4
31:389570..0000
Harris, Hall & Co
Miners First National Bank, Ishpeming
4
1,000.00
Brown Harriman & Co
4
3,369.90
Brown Harriman & Co
1,353.00
3 %
Peninsula Bank, Ishpeming
2,082.00
4
a Stranahan, Harris & Co
1,290.00
4
Grand Rapids Trust Co
1,027.00
334%
Cray, McFawn & Co.; Guy C. Wedthoff & Co..
and Shannon, Kenower & Co
508.00
Charles A. Parcels& Co
570.00
x Discount. a Alternate bid of par and a premium of $140 for 1937 to
1945 bonds as 4s and balance as 330.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BONDS DEFEATED
-The proposal to issue $129,000 county building bonds was defeated at the
recent election.
SOUTH ESSEX SEWERAGE DISTRICT (P. 0. Salem), Mass.
-An issue of $33.000 bonds has been awarded to Jackson &
BOND SALE
Curtis of Boston as 28, at a price of 100.55. Dated Nov. 15 1935 and due
serially from 1936 to 1947 incl. Other bids were as follows:
Int. Rote Rate Bid
Bidder2
101.099
Tyler, Buttrick & Co
2
100.54
Naumkeag Trust Co
Merchants National Bank of Salem
100.45
100.295
234 V
Hornblower & Weeks
234
It. L. Day & Co
100.09
-BOND SALE
-The $280,000 coupon or
SPRINGFIELD, Mass.
-were
registered sewer loan bonds offered on Dec. 17-V. 141, p. 3894
awarded to Tyler, Buttrick & Co. of Boston as 230 for a price of 101.299,
a basis of about 2.41%. Next best bid was submitted by Halsey, Stuart &
Co., who offered 101.128 for 230, Dated Nov. 1 1935. Due yearly on
Nov. 1 as follows ;$10.060, 1936 to 1945,and $9,000, 1946 to 1965.
Other bids were as follows:
Int. Rate Rate Bid
Bidder
100.569
R.L. Day & Co., Boston
2V
Hornblower & Weeks and Newton Abbe & Co100.30
The First Boston Corp. and Esta rook & Co
2
1
100.18
Spencer Trask & Co.and H. C. Wainwright & Co--- 2
100.11
2.4, a
102.0599
F.S. Moseley & Co. and Brown Harriman & Co
-TEMPORARY LOAN
-The $7,500 municipal
STOUGHTON, Mass.
relief issue was awarded to the Norfolk County Trust Co. at a price of
100.61 for 1% notes. Dated Dec. 24 1935 and due Dec. 24 1936. The
Merchants National Bank of Boston offered par for 0.50% notes.
-BOND SALE
-An Issue of $12,700 234% high
UXBRIDGE, Mass.
school building bonds has been sold to the Merchants National Bank of
Boston. Denom.$100. Due in 20 years.
-The issue of $300.000 revenue
WALTHAM, Mass.
-NOTE SALE
anticipation notes offered on Dec. 18 was awarded to the Merchants
ADA, Minn.
National Bank of Boston on a .42% discount basis. Notes are dated Dec.
-BONDS SOLD
-It is stated by the City Clerk that the
18 1935 and will mature $50,000 Aug. 3 and Aug. 17 1936 and $100,000
342.000 street paving bonds approved by the voters on Oct. 7-V. 141.
p. 2616
Sept. 1 and Oct. 1 1936. Whiting, Weeks & Knowles, of Boston, bid .44%
-have been purchased by the State of Minnesota, as 3s at par.
Due from 1940 to 1955.
disco
Other bids were as follows:
unt*
GRANT COUNTY INDEPENDENT CONSOLIDATED SCHOOL
Discount
BidderDISTRICT NO.3 cr. 0. Herman), Minn.
-BOND ELECTION
-An elecFirst National Bank
0.465%
tion will be held on Dec. 23 to vote on the question of issuing $30.000 school
Faxon, Gade & Co
0.48%
building bonds.
-BOND OFFERING-Harry W. Brigham,
WATERTOWN, Mass.
MINNESOTA, State of
-CERTIFICATE PURCHASE AUTHORIZED
Town Treasurer, will receive bids until noon Dec. 20, for the purchase at
-In connection with the report given in these columns recently, that the
not less than par of the following coupon bonds:
State Executive Council had authorized the issuance of $1,500.000 in 3%
$110.000 school bonds. Denom. $1,000. Due yearly on Dec. 1 as follows:
certificates of indebtedness to finance relief
-V.141,30. 3895
-it is reported
$8,000, 1936 to 1945, and $6,000, 1946 to 1950.
by the State Treasurer that the State Investment Board has ordered the
55.700 police station bonds. Denom. $1,000, except one for $700. Due
purchase of all of these certificates of indebtedness, using the funds in the
yearly on Dec. 1 as follows: $7.700. 1936; $7,000, 1937 to 1939;
various trust accounts of the State. This means that none of the said
$5,000, 1940 to 1944, and $2,000, 1945.
certificates will be offered for purchase in the open market.
Dated Dec. 1 1935. Principal and interest payable at the National
MORA SCHOOL DISTRICT (P. 0. Mora), Minn.
-BONDS SOLD
Shawmut Bank of Boston. Bidders are to name rate of interest at which
It is stated by the District Clerk that the $311.1,000 issue of school bonds
they will take the bonds, in a multiple of 31%. and are engraved under the
authorized by the voters on Sept. 19-V. 141, p. 1808-has been sold.
supervision of and authenticated as to genuineness by The National Shawthe State of Minnesota paying par for the bonds.
mut Bank of Boston; their legality will be approved by Storey, Thorndike,
Palmer & Dodge, whose opinion will be filed with said bank where they
RED LAKE FALLS, Minn.
-BOND SALE
-The 315,000 issue of city
may be inspected.
hall and auditorium bonds offered for sale on Dec. 13-V. 141, p. 3726
Bonds will be delivered to the purchaser at The National Shawmut
was sold at par to local investors, as 4s, according to the City Clerk, Due
Bank of Boston, 40 Water St., Boston.
from Sept. 15 1939 to 1953. optional before maturity.
Financial Statement, Dec. 13 1935
ST. JAMES, Minn.
-BOND SALEThe Allison-Williams Co. and
$55,878,179 l
Assessed valuation 1932
elow, Webb & Co., both of Minneapolis, offering a price of 101.053 for
54,620,957
Ass
Assessed valuation 1933
3 s, were awarded the following two issues of bonds,amounting to $54,700,
54.599,771
Assessed valuation 1934
essed
of ered on Dec. 13-V. 141, p. 3726:
5.5,032,969
years' average
$39,400 sewage disposal plant bonds.
1,312.000
Total gross debt not including these issues
15.300 water works system bonds.
8,000
Outside debt (water)
Due serially over a period of not to exceed 30 years.
602,000
Other outside debt
There were no other bidders for the bonds.
-LOAN OFFERING-Sealed bids will be received
WELLESLEY, Mass.
by the Town Treasurer until noon on Dec. 23,for the purchase of $150,000
notes, dated Dec. 23 1935 and due $50,000 March 1 and 5100,000 April 1
1936.
-The National
-TEMPORARY LOAN
WEST SPRINGFIELD, Mass.
Municipal Bonds
Shawmut Bank of Boston was awarded an issue of $10,000 tax anticipation
notes at 0.15% discount. Dated Dec. 17 1935 and due Feb. 28 1936.
RH
MINNESOTA
MISSISSIPPI
EQUITABLE
We Buy for Our Own Account
MICHIGAN MUNICIPALS
Securities
Corporation
New York
Nashville
Chattanooga
Knoxville
Birmingham
Memphis
Cray,McFawn & Company
MISSISSIPPI
DETROIT
-BONDS
CANTON SCHOOL DISTRICT (P. 0. Canton) Miss.
VOTED
-At an election held on Dec. 10 the voters are said to have approved
the issuance of 380,000 in school building bonds.
-BONDS SOLD-The Federal Securities Co. of
CLARKSDALE, Miss.
Memphis is reported to have purchased $44,000 refunding bonds as 334s.
It is also said that $25,000 bridge bonds were purchased jointly by the
Whitney National Bank of New Orleans, and the First National Bank of
Vicksburg, as 334s.
COLUMBUS, Miss.
-BOND SALE
-The issue of 379.000 refunding
bonds offered on Dec. 17-V. 141, p. 3895
-was awarded to the Whitney
National Bank of New Orleans and J. G. Hickman, Inc., of Vicksburg,
at 334% interest, for a premium of $250, equal to 100.316.
MERIDIAN SCHOOL DISTRICT, Miss.
-BONDS VOTED-On
Dec. 6 the voters of Meridian gave their approval to a proposition to
Issue $364,000 school improvement bonds. The vote on the question was
2,099 "for" to 424 "against."
JACKSON, Miss.
-BOND OFFERING-Bids for the purchase of
$553,000 municipal school bonds, issued for the purpose or constructing
and repairing schools, will be received by the city until 10 a. m.Jan.7.
Telephone CHerry 6828
A. T.T. Tel. DET347
MICHIGAN
-The City Commission on
-BONDS AUTHORIZED
ALMA, Mich.
Dec. 3 voted in favor of the issuance of 1100,000 gas plant construction
bonds.
-BONDS VOTED
BATTLE CREEK SCHOOL DISTRICT, Mich.
On Dec. 9 the voters of the district approved a proposal to issue $124,000
school building bonds. The vote was 680 "for" to 303 "against."
-BOND SALE
-The $21,000 4% electric light
BLISSFIELD, Mich.
-were awarded to Crouse
plant bonds offered on Dec. 16-V. 141, p. 3895
& Co. of Detroit at par plus a premium of $906.10, equal to 104.314. Due
serially from 1937 to 1944 incl.
Public re-offering of the bonds is being made at prices to yield from
e village, the bankers report,
2.25% to 3%. according to maturity.
4049
Financial Chronicle
Volume 141
-BOND SALE
LE FLORE COUNTY (P. 0. Greenwood), Miss.
A $60,000 issue of 3,1% semi-ann. funding bonds is reported to have been
purchased at par by the National Bank of Commerce of Memphis and the
Bank of Greenwood, jointly.
-It is reported that a $364,000 issue
MERIDIAN, Miss.
-BOND SALE
of 4% semi-ann. school bonds was purchased recently at par by George
T. Carter, Inc., of Meridian.
-The issue of $1,000.000
-BOND SALE
MISSISSIPPI (State of)
-was awarded to a syndicate
bonds offered on Dec. 18-V. 141, P. 3896
composed of the First National Bank, the Union Planters National Bank &
Trust Co., Saunders Sc Anderson, the Federal Securities Co. and Leftwich
& Ross, all of Memphis, at 2%% interest, for a premium of $3,000, equal
to 100.30. A group headed by the Leland Speed Co.of Jackson were second
high bidders.
It was reported later by the Assistant Attorney-General that the bonds
mature as follows: $100,000, 1937 to 1939; 8200,000, 1940 to 1942, and
3100,000 in 1943, giving a basis of about 2.67%.
MONTANA
-BOND SALE
BOZEMAN, Mont.
-The $10,000 issue of 6% semi-ann.
Special Improvement Sanitary Sewer District No. 21 bonds offered for
sale on Dec. 13-V. 141, p. 3896
-was awarded to the Cemetery Permanent Care Fund, at a price of 101.00, according to the Clerk of the
Commission.
BUTTE SCHOOL DISTRICT NO. 1, Mont.
-BONDS AUTHORIZED
-The School Trustees have adopted a resolution providing for the issuance
of $440,000 high school building bonds.
MISSOURI
FAYETTE SPECIAL ROAD DISTRICT (P. 0. Fayette), Mo.-An issue of $55,000 3%% road bonds has been sold to the
BOND SALE
Baum, Bernheimer Co. of Kansas City, for a premium of $349.25, equal
to 100.635. The buyers will pay for the cost of printing the bonds and
the expense of legal opinions. Dated Dec. 1 1935. Due serially beginning
March 1 1938.
GLENDALE, Mo.-MATURITY-It is stated by the City Clerk that
the $80,000 sewer bonds purchased by the Metropolitan St. Louis Co. of
St. Louis as 3%s,at a price of 100.67, as noted recently
-V. 141. p.3726
are due as follows: $2,000, 1938; $3,000 1939 and 1940; $4,000, 1941 to
1945; 25,000, 1946 to 1953, and $6,000 in 1954 and 1955, giving a basis
of about 3.43%.
HOWELL COUNTY (P. 0. West Plains), Mo.-BOND OFFERING
It is reported that A. S. Morris, County Treasurer, will receive sealed bids
until Jan. 13 for the purchase ofa $50,000 issue of court house and jail bonds.
JASPER COUNTY (P. 0. Carthage), Mo.-BOND SALE
-The
$187,000 issue of coupon judgment funding bonds offered for sale on Dec. 18
was awarded to the Prescott, Wright, Snider Co. of Kansas City, according
to the County Clerk. Dated Jan.2 1936. Due $19,000 from Feb. 1 1937 to
1945, and $16,000 on Jan. 1 1946.
JEFFERSON CITY SCHOOL DISTRICT (P. 0. Jefferson City),
Mo.-BOND ISSUANCE STILL PENDING-In connection with the report
given in these columns late in September, to the effect that the $300,000
school bonds approved by the voters on Aug. 20, would not be issued until
a Federal grant had been authorized on the project
-V. 141, p. 2146
-it is
stated by the Secretary of the Board of Education that no further action
toward issuance has been taken as yet and none will be taken until such
approval is forthcoming.
NEWTON COUNTY (P. 0. Neosho), Mo.-BOND OFFERING-It is
stated by John W. Franks, County Treasurer, that he will receive sealed
bids until 10 a. m. on Jan. 6 for the purchase of an issue of $110,000 court
house and Jail bonds.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Mo.-BOND
OFFERING-Sealed bids will be received until 11 a. m.on Dec. 24 by T.E.
Dale, District Secretary, for the purchase of a $95,000 issue of coupon
refunding bonds. Bidders to name a single rate of interest which all the
bonds are to bear, expressed in a multiple of % of 1%. Denom. $1,000.
Dated Feb. 1 1936. Due 20 years after date. Prin. and int. (F. & A.)
payable in lawful money at the Guaranty Trust Co. in New York City.
No bid will be accepted for less than the entire amount or at less than the
par value of the bonds. They are issued to provide funds for refunding of
previously voted bonds of like amount. The issue is authorized under
.Article 4, Chapter 15, and Article 16, Chapter 57, R. S. Missouri, 1929.
Bonds, before delivery, will be certified by the State Auditor and their
validity attested by a decree of the Circuit Court of Buchanan County.
Amount of bid to be deposited with the Guaranty Trust Co. of New York,
where this issue will be delivered and funded issue will be taken up. A
certified check for $2,500, payable to the district, must accompany the bid.
SAVANNAH, Mo.-BONDS SOLD-It is stated by the City Clerk that
the $62,000 sewer bonds approved by the voters last August. as ()ported
at that time
-V. 141, p. 1307-have been purchased by the Commerce
Trust Co. of Kansas City.
by the voters in October have been purchased by the First Trust Co. of
Lincoln.
CRETE, Neb.-BOND OFFERING-Thomas J. Aron, City Clerk, will
receive bids until 8 p. m. Dec. 23, for the purchase of $33.137.15 3%
refunding bonds. Dated Jan. 2 1936. Interest payable semi-annually.
Due Jan. 2 1946; optional any time after five years from date of issue.
Certified check for $500 required. Purchaser is to furnish blank bonds and
pay cost of printing.
DESHLER, Neb.-BONDS SOLD-The $37,600 4% refunding bonds,
-have been
authorized by the Village Trustees on Sept. 9-V. 141, p. 2930
purchased by the First Trust Co.of Lincoln, according to the Village Clerk.
-An election is to be held on
EMERSON, Neb.-BOND ELECTION
Jan. 9 for the purpose of voting on the question of issuing $48,000 viaduct
bonds.
LOOMIS, Neb.-BONDS SOLD-It is stated by the Village Clerk that
the $10.000 4% semi-annual water works bonds authorized at the election
held on Sept. 21 have been sold. Due in 20 years, optional in five years.
-The district
NAPONEE SCHOOL DISTRICT, Neb.-BOND SALE
has sold a block of $30,200 4% school bonds to the State Board of Educational Lands & Funds at a price to cost the district about 3.15% annually.
-It is reported by the Village
STELLA, Neb.-BOND SALE DETAILS
Clerk that the $16.900 water works bonds purchased by Wachob, Bender
-bear interest at 4%, mature In
& Co. of Omaha at par-V. 141, p. 3896
20 years and are optional after 5 years.
WAUNETA, Neb.-BONDS SOLD-The $9,500 refunding bonds that
-V. 141, p. 1809
-are
were mentioned in these columns last September
said to have been sold.
NEW HAMPSHIRE
•
-BONDS AUTHORIZED--The Board of Aldermen
CONCORD, N. H.
recently approved a $50,000 bond issue for Works Progress Administration
projects.
-An issue of $300,000
MANCHESTER, N. H.
-TEMPORARY LOAN
temporary loan notes, dated Dec. 19 1935 and maturing July 8 1936, which
was offered for sale on Dec. 18, was awarded to the First National Bank of
Boston on a .58% discount basis. Whiting, Weeks & Knowles of Boston,
bidding .61% discount, were second high.
ROLLINSFORD SCHOOL DISTRICT(P.O. Salmon Falls), N. H.
BOND OFFERING-Everett F. Tinier, Chairman of the School Board,
will receive sealed bids until 4:30 p.m.on Dec.27for the purchase of $40,1:100
% coupon school bonds. Dated Nov. 1 1935. Denom. $1,000. Due
$2,000 on Nov. 1 from 1936 to 1955,incl. Principal and interest(M.& N.)
payable at the First National Bank of Boston. The bonds will be engraved
under the supervision of and authenticated as to genuineness by the First
National Bank of Boston. Legal opinion of Ely, Bradford, Thompson &
Brown of Boston will be furnished the successful bidder.
Financial Statement(Nov. 15 1935)
51.213.178.00
1N0ne
78 00
.
Last assessed valuation
Total bonded debt (not including above issue)
1,246,878:00
Last assessed valuation of town
7,342.62
Total debt of the town
H. L. ALLEN & COMPANY
Mumlpal Bonds
New Jersey
TelephotS*
r 2-7333
N.Y. 1-528
New York
100 Broadway
NEW JERSEY MUNICIPALS
Bought - Sold - Quoted
LOBDELL 6k CO.
123 S. Broad St., Phila.
48 Wall St., New York
Kingsley 1030
HAnover 2-1720
A. T. & T.: NY 1-735
MUNICIPAL BONDS
MONTANA
New Jersey and General Market Issues
BIG HORN COUNTY (P. 0. Hardin), Mont.
-BOND SALE NOT
-It is stated by Harry B. Cox, County Clerk and
CONSUMMATED
Recorder, that the sale of the $100,000 refunding bonds as 4s, to a syndicate
headed by the Wells-Dickey Co. of Minneapolis, as noted in these columns
last September
-V. 141, p. 1628
-has not been consummated.
CASCADE COUNTY SCHOOL DISTRICT NO. 82 (P. 0. Great
Falls), Mont.
-BOND OFFERING-William M. Love, Chairman of the
Board of Trustees, will receive bids until 8 p. m. Feb. 2 for the purchase of
$11,500 school building bonds, to bear no more than 4% interest. Dated
Jan. 1 1936. Interest payable Jan. 1 and July 1. Certified check for $200
required.
CHOUTEAU COUNTY SCHOOL DISTRICT No. 1 (P. 0. Fort
Benton), Mont.
-PRICE PAID
-In connection with the sale of the
$52,000 school bonds to the State Board of Land Commissioners, noted in
these columns recently, it is stated by the District Clerk that the bonds
were sold as 4s at par.
HILL COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Gildford),
Mont.
-CONDITIONAL BOND SALE
-The $23,000 issue of school building bonds offered for sale on Dec. 13-V. 141, p. 3416
-was awarded to
the State Board of Land Commissioners, as 4s at par, on the condition
that a Public Works Administration grant is made for the balance of the
project, according to the District Clerk.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 64 (P. 0.
Melstone), Mont.
-BOND SALE
-The $7,700 school bonds offered on
-were awarded to the State Land Board as
Dec. 10-1. 141, p. 3264
4% 20-year bonds.
SHERIDAN COUNTY (P.O. Plentywood), Mont.
-BOND REFUND-It is stated by the Bondholders' Protective
ING PLAN COMPLETED
Committee for the above county, that the refunding plan, set up by the
said committee, has been completed and all bonds deposited with the committee have been fully exchanged. It is announced that the committee
terminate its activities on Dec. 23.
WHITEFISH HIGH SCHOOL DISTRICT (P. 0. Whitefish), Mont.
-The $40,000 school bonds that were purchased
-BOND SALE DETAILS
by the State Land Board, as 4s at par, as reported recently
-V. 141.
-are in the denomination of $5.000 each, are due in 20 years, and
p. 3726
become optional after five years, according to the District Clerk.
WIBAUX COUNTY (P. 0. Wibaux), Mont.
-BOND SALE
-The
$33,000 issue of county high school bonds offered for sale on Dec. 16V. 141, Io• 357 0 was Purchased by the State of Montana, as 4s at par.
B. J. Van Ingen & Co. Inc.
NEBRASKA
-It is reported by the Village Clerk
CAMPBELL, Neb.-BONDS SOLD
that $7,500 4% semi-annual refunding bonds have been purchased by the
Mortgage Investment Co. of Hastings, Neb. Dated July 1 1935. Due
on July 1 1940.
CHASE COUNTY (P. 0. Imperial), Neb.-BONDS SOLD-It is
stated by the County Clerk that the $16,500 high school bonds approved
Telephone: John 4-6364
57 WILLIAM STREET, N. Y.
A. T. Sr T.: N. Y. 1-730
Newark Tel.; Market 3-3124
NEW JERSEY MUNICIPALS
Colyer, Robinson Company
INCORPORATED
1180 Raymond Blvd., Newark
New York Wire:
REctor 2-2055
MArket 3-1718
A. T. & T. Teletype
NWRK 24
NEW JERSEY
-A. C.
BAYONNE, N. J.
-BONDS OFFERED FOR INVESTMENT
and
Allyn & Co., Inc.; E. H. Rollins & Sons; Hemphill, Noyes &
Co..
Rutter &Po.are offering for public Investment a new issue of $600.000 4%
according to maturity.
school bonds at prices to yield from 1.50% to 3.75
The bonds, dated Jan. 1 1935 and due serially on Jan. 1 from 1937 to 1954
incl., were purchased by the bankers from the Reconstruction Finance
Corporation at 103.20. They are legal investment for savings banks and
trust funds in the States of New York and New Jersey.
EMERSON, N. J.
-BONDS AUTHORIZED-The Borough Council
recently passed an ordinance on final reading authorizing the issuance of
$75,000 refunding bonds.
-The issue of 2231.000
ENGLEWOOD CLIFFS, N. J.
-BOND SALE
coupon or registered refunding bonds unsuccessfully offered last September
has since been purchased by B. J. Van Ingen & Co., Inc., of New York
as 45a's at par plus a premium of $557.50, equal to 11141-25. a basis of about
4.71%. Dated July 1 1935 and due July 1 as follows: $10,000, 1936 to
1938 incl.; $11,000. 1939: $12,000. 1940; $13,000. 1941: $14,000, 1942;
815,000. 1943; 216.000, 1944; $17.000, 1945: 818,000, 1946: 820.000. 1947;
821.000 in 1948, and $22.000 in 1949 and 1950. Bidder to name a single
Interest rate on the issue, expressed in a multiple of y, of 1%. Interest
payable J. & J.
-The Town-BONDS AUTHORIZED
HADDON TOWNSHIP, N. J.
ship Committee on Dec.6 gave final reading to an ordinance authorizing the
Issuance of $1,480,000 refunding bonds.
-BOND SALE
-A group
MERCER COUNTY (P. 0. Trenton), N. J.
composed of Goldman. Sachs & Co.; Lazard Freres & Co.,Inc., and J.& W.
Financial Chronicle
4050
Seligman & Co., all of New York, was the successful ...Adder for the 8968,000
coupon or registered road, bridgelandscounty building bonds offered on
Dec. 19. The purchasers took bondsfin amount of $950,000. naming an
int. rate 0(3% and paying $968,101.60, equal to 101.90. The bonds are
dated Dec. 16 1935 and mature Dec. 15 as follows: $50,000 from 1936 to
1954 incl. An account/composed of Blyth & Co., Inc.; Burr dc Co., Inc.;
Battles & Co., and
Pope, Inc., bid for $955,000 3% bonds and
Bentley,H'
offered to Pay $968,378.60. This was the second best tender submitted
for the loan.
The bonds are being re-offered for public investment at prices to yield
from 0.50% to 3%. They are, according to the bankers, legal investment
for savings banks and trust funds in the States of New York and New
Jersey. Assessed valuation of the county for 1935 is officially reported as
$255,587,468 and net debt as $6,502,831.
NEW MILFORD, N. J.
-NO BIDS RECEIVED-There were no bidders
for the issue of $182.000 4X% coupon or registered refunding bonds offered
on Dec. 17-V. 141, p. 3727. Dated July 1 1935. Due July 1 as follows:
$19.000, 1936; $18,000, 1937 to 1939; 53,000. 1940, and 510,000, 1941 to
1950.
NEWFIELD, N. J.
-BONDS AUTHORIZED
-An ordinance has been
a.ictgl by the Borough Council authorizing the issuance of $48,400 water
s s
is .
PATERSON, N. J.
-CURRENT TAX COLLECTIONS EXCEED
BUDGET REQUIREMENTS
-Tax collections on the current levy of the
city have passed the 63% called for in the city's 1935 budget, it was announced Dec. 17 by H. H.Schoonmaker, chairman of the board of finance.
Between Jan. 1 and Dec.3 1935,the city has collected a total of $4,358.385,
as compared with the cash budget requirement of $4,328,422. At this time
last year, the city had collected only 59% of its 1934 current levy. Collections of delinquent taxes also c mtinue ahead of last year. As of Dec. 3
1935. the city had realized a total of 55.817.880, or 78% of the 1934 levy,
as compared with $5,308,972 collected as of Dec. 3 1934 ea the 1933 levy.
Chairman Schoonmaker stated that another surplus at the end of the
calendar year was probable.
SPRING LAKE HEIGHTS, N. J.
-The First National
-BOND SALE
Bank of Spring Lake and local individuals have purchased 578.000 5'%
water funding bonds. Dated March 15 1935. Denom.$1,000. Due Dec.15
as follows: $4,000 from 1935 to 1953 incl., and $3,000 in 1954 and 1955.
Interest payable J. & D.
-BOND SALE
TRENTON, N. J.
-The $1,000.000 coupon or registered
tax revenue bonds offered on Dec. 20-V. 141, p. 3897
-were awarded to
an account composed of Halsey, Stuart & Co., Inc.; Hemphill. Noyes &
Co.; Darby & Co.; First of Michigan Corp.,and Schlater,Noyes & Gardner.
Inc., as 2As for a premium of $350. equal to 100.035, a basis of about
2.49%. Dated Dec. 15 1935 and due $500.000 on June 15 and Dec. 15
1937. Second high bid of par plus a premium of $100 for 2s was made
by Graham,Parsons & Co.; Dick & Merle-Smith; Bacon, Stevenson & Co.,
and the Trenton Banking Co.
WEST ORANGE, N. J.
-BONDS AUTHORIZED-The Town Commissioners recently adopted an ordiance authorizing the issuance of $104.000
municipal building bonds.
WOODLYNNE, N. J.
-BONDS AUTHORIZED-The Borough Council
recently gave final reading to an ordinance authorizing the Issuance of
$200,000 refunding bonds.
WOOD RIDGE, N. J.
-REFUNDING 97% COMPLETED-Councilman Walter J. Hart, Chairman of the Finance Committee, recently advised
Council that 97% of the holders of the Borough's outstanding obligations
had agreed to the refinancing plan provided for in the ordinances adopted
Oct. 23, and that he was confident that the plan would shortly receive
unanimous consent. Resolutions were adopted fixing the form of the
$529,000 general refunding bonds and the $67,000 serial funding bonds,
and providing for their retirement at maturity. Due to the lapse of time
since the original ordinance was adopted, it was necessary to introduce
an ordinance providing for the issuance of the $67,000 issue, and It was
passed on first reading. It will be considered for final reading at a meeting
to be held in School No. 2 auditorium on Dec. 23.
NEW MEXICO
COLFAX COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Cimarron),
N. Mex.-BOND SALE
-A $71,5004issue of 4% refunding bonds was purchased recently by Boettcher & Co., of Denver. Denoms.$1,000 and $500.
Dated Dec. 1 1935. Due $4,500 from July 1 1937 to 1951, and 34.000
in 1952. Prin. and int.(J. & J.) payable at the office of the County Treasurer in Raton. Legality approved by Myles P. Tallmadge of Denver
$50,000
TOWN OF EASTCHESTER, N. Y.
T. A. N. 13, T due Aug. 1 1936 at 100
o
GORDON GRAVES & CO.
MEMBERS NEW YORK STOCK Et CHANGE
40 WALL ST., N. Y.
Whitehall 4-5770
NEW YORK
r" ALBANY, N. Y.-TAXPA YERS WIN ASSESSMENT FIGHT
-The
city's motion for dismissal of more than 200 certiorari writs calling for
reviews of 1935 property assessments was denied recently by Supreme
Court Justice Staley. Reductions in valuations totaling about $7,000.000
are sought by taxpayers.
ALDEN UNION FREE SCHOOL DISTRICT NO. 10 (P. 0. Alden),
N. Y.
-BOND OFFERING-The Board of Education will receive bids until
3 P. m. Dec. 27 for the purchase at not less than pier of $75,000 coupon
bonds. Bidders are to name rate of int., in a multiple of X,%, but not to
exceed 5%. Denom. $1.000. Dated Jan. 1 1936. Prin. and semi-ann.
int. (J. & J. 1) payable at the Alden State Bank of Alden, Due yearly
on Jan. 1 as follows:$2,000. 1937 to 1942, and $.3.60G, 1943 to 1963. Certified check for $1,000. required. Legality approved by Clay, Dillon &
Vandewater of New York.
-BOND SALE
BATH, N. Y.
-The $120,000 coupon water bonds offered
on Dec. 18-V. 141, p. 3727
-were awarded to Halsey, Stuart & Co. of
New York, as 2%8, for a premium of $282, equal to 100.235, a basis of
about 2.73%. Next high bid, received from the Farmers & Mechanics
Trust Co. of Bath was $120,526.80 for 3s. Dated Oct. 1 1935. Due
$5,000 yearly on July 1 from 1936 to 1959. inclusive.
DAYTON UNION FREE SCHOOL DISTRICT NO.9(P.O. Dayton),
N.Y.
-The $333,000 coupon or registered school bondsoffered
-BOND SALE
-were awarded to E. H. Rollins & Sons of
on Dec. 14-V. 141, p. 3898
New York, as 33s, at a price of 100.305. Dated Dec. 1 1935 and due
Dec. 1 as follows: $2,000 from 1936 to 1938, incl., and $1.000 from 1939
to 1965. incl.
DUTCHESS COUNTY (P.0. Poughkeepsie), N. Y.
--CERTIFICATE
ISSUE DETAILS
-The $200.000 certificates of indebtedness sold recently
to W.0. Gay & Co. of New York, as previously reported in these columns.
are dated Dec. 2 1935 and mature March 1 1936. The issue was sold at
a rate of 0.46%.
DUTCHESS COUNTY(P.O. Poughkeepsie), N. Y.
-CERTIFICATE
-The issue of $65,1)00 coupon or registered work relief certificates of
SALE
Indebtedness offered on Dec. 19 were awarded to Halsey, Stuart & Co. of
New York at 2% int. for a premium of $191.75, equal to 100.295, a basis
of about 1.95%. Dated Dec. 11935. Due yearly on March 1 as follows:
315,000. 1940. 1941 and 1942, and $20,000, 1943. Other bidders were:
NameInt. Rate
Premium
Geo. 13, Gibbons & Co., New York
2%
$110.50
Bacon, Stevenson & Co., New York240.50
Roosevelt & Weigold,_New York
71.50
Adams, McEntee & Co.. New York
, 54
2 28
22:120
2
39.00
First National Bank, Poughkeepsie
Lazard Freres & Co., New York
226 ne
2.408
No
.20
Dec. 21 1935
ERIE COUNTY (P. 0. Buffalo), N. Y.-1936 DEBT CHARGES
HIGHER-The dudget for 1936 includes an item of $3,598,046.01 for payment of maturing principal and interest on outstanding debt as against
52,842.305.76, in the current year, or an increase of $755,740.25. The total
for next year includes $2.223,979.85 for retirement of debt and $1,374.066.16 for payment of interest. Principal retirements in 1935 amounted to
$1,391,000, while interest due totaled $1 A51,305.76. The new tax levy
totals $8,892,207.83 or a rise of $563,088.76 over this year's figure of
$8,329,119.07. The equalized assessed valuation of taxable property for
1936 stands at 51,291,360,474, representing a decline of $8,918,241 from
this year's total of $1,300,278.715.
Comparative Budgets 1935-1936
Increase 1936
1935
1936
General oper. & mantenance.$3,537.295.75 $3,936,383.53
$399,087.78
Contributions
21,179.00
82,421.00
103,600.00
Direct welfare relief
46,159.76
2,302,134.76
2,225,975.00
Tax adjustment
174,687.72 d303,287.09
477.974.81
Debt service
755,740.25
2,842,305.76
3.598.046.01
State tax
d1,735.98
276,979.51
275,243.53
Total
59.472,951.83 510,390,095.55 $917,143.72
d Decrease.
FULTON, N. Y.
-BOND OFFERING
-H. A. Fielding, City Chamberlain, will receive sealed bids until 3:30 p. m. on Jan. 3 for the purchase of
$60.000 not to exceed 5% interest coupon or registered refunding bonds.
Dated Jan. 15 1936. Denom. $1,000. Due $6,000 on Jan. 15 from 1937
to 1946 incl. Bidder to name a single interest rate on all of the bonds,
expressed in a multiple of X or 1-10th of 1%. Principal and interest(J.& J.)
payable at the Continental Bank & Trust Co., New York. The bonds are
general obligations of the city, payable from unlimited taxes. The bonds
to be refunded mature in 1936. The bonds to be sold will be prepared
under the supervision of the Continental Bank & Trust Co., New York.
A certified check for $1,200. payable to the order of the City Chamberlain.
is required. Approving opinion of Caldwell & Raymond of New York will
be furnished the successful bidder.
HORICON, CHESTER AND HAGUE CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Brant Lake), N. Y.
-BOND SALE
-The $40.000
coupon or registered school improvement bonds offered on Dec. 20-V.
141. p. 3898
-were awarded to the Manufacturers & Traders Trust Co. of
Buffalo as 3.705 for a premium of $119.60, equal to 100.299, a basis of about
3.68%. E.H. Rollins & Sons offered a premium of $160,for 3.90s. Dated
Nov. 1 1935. Due yearly on Nov. 1 as follows: $2,000, 1936 to 1945, and
81.000. 1946 to 1965.
-FINANCIAL STATEMENT
ITHACA, N. Y.
-In connection with
the offering on Dec. 27 of 5112.000 not to exceed 4% interest school bonds,
previously reported in these columns, we give the following:
Financial Statement
Assessed valuations real property incl. special franchises---$37,879,201.00
Total bonded debt,including this issue
1,691,908.48
(The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the city).
Pe
yn
Population 1930 Federal Cl9
Census, 20,729.
e
1932
1934
1933
Amount of last four pre..
preceding tax levies
City
$438,486.10 $441,570.32 $406,582.85 $447.258.60
School
272.730.25 274.755.65 292,106.34 293,522.08
Amosc hty00lsuch taxes unuiat 0f
collected at the end of
fiscal year. *1,526.72
461.28
1,205.02
23,933.45
19.773.36
22,758.59
Amount ofsuch taxes uncollected as of Dec. 11
1935City
1,929.32
1,023.84
202.26
School
3 P
None
37,708.36
Ye' e
None
City fiscal year is calendar year. School fiscal year is July 1 to June 30.
JAMESTOWN SCHOOL DISTRICT, N. Y.
-BOND SALE
-The
$135,000 coupon or registered school bonds offered on Dec. 17-V. 141, p.
3898
-were awarded to Stranahan, Harris & Co. of New York .as 234., at
a Price of 100.537, a basis of about 2.41%. Halsey, Stuart & Co. of New
York, were second in the bidding with an offer of 100.388 for 2.608. Dated
Dec. 15 1935. Due yearly on Dec. 15 as follows: 320,000. 1936; $10,000,
1937 to 1947; and $5,000. 1948.
MIDDLETOWN UNION FREE SCHOOL DISTRICT NO. 21 (P. 0.
Fleischmanns), N. Y.
-BOND OFFERING-Sealed bids will be received
by John F. Kelly, District Clerk, until 2 P. m. (Eastern Standard Time)
on Dec. 30, for the purchase of $84,000 not to exceed 6% int. coupon or
registered school building bonds. Bonds are dated Jan. 11936. Denom.
$1.000. Due $3,000 on Jan. 1 from 1939 to 1966 incl. Bidder to name a
single int. rate on the issue, expressed in a multiple of g or 1-10th of 1%.
Prin. and int. (J. & J.)payable in lawful money of the United States at the
First National Bank of Fleisch manna. A certified check for $1,7(.6, payable
to the order of Ivan C. Humphrey, District Treasurer, is required. Legal
s p cessful Cidy,..Dillon & Vandewater of New York will be furnished the
ouc il ion ofbida er
MONTGOMERY COUNTY(P.O. Amsterdam), N.Y.
-BOND OFFERING
-McQueen Fritcher, County Treasurer, will receive sealed bids until
2 p. m. (Eastern Standard Time) on Dec. 23 for the purchase of $180.000
not to exceed 4% interest coupon or registered bonds, divided as follows:
$110,000 road and bridge bonds. Due Feb. 1 as follows: $10.000, 1937
to 1940, incl.; $15.000. 1941; $20,000, 1942; $10,000 in 1944 and
$25,000 in 1945.
70,000 emergency relief bonds. Due $10,000 on Feb. 1 from 1937 to
1943, inclusive.
Each issue is dated Dec. 11935. Denom. $1,000. All of the bonds must
bear the game rate of interest, expressed in a multiple of X or 1-10th of
1%. Principal and interest (F. & A.) payable in lawful money of the
United States at the First National Bank of New York City. The bonds
are general obligations of the county, payable from unlimited taxes. A
certified check for $3,600, payable to the order of the county, must accompany each proposal. Approving opinion of Clay, Dillon & Vandewater
''‘f New York will be furnished the successful bidder.
Financial Statement
The assessed valuation of the property subject to the taxing power of
the county Is $50.185,320. The total bonded debt of the county, including
the above mentioned bonds is $610,000. The population of the county
(1930 Census) was 60,076. The bonded debt above stated does not include
the debt of any other subdivision having power to levy taxes upon any or
all of the property subject to the taxing power of the county. The fiscal
year commences Nov. 1. The amount of taxes levied for the fiscal years
commencing Nov. 11932. Nov. 1 1933 and Nov. 1 1934 was $752,648.48.
$707,976.63 and $696,178.78. The amount of such taxes uncollected at
the end of each of such fiscal years was respectively $56,812.64. $51,424.42
and $47,537.60. The amount of such taxes uncollected as of the date of
this notice was respectively $478.36, $3.154.21 and $45,457.23. County
taxes have been levied for the current year commencing Nov. 1 1935. in
the amount of $500,000 collection of which begins about Jan. 1.
MOREAU UNION FREE SCHOOL DISTRICT No. 1 (P. 0. South
Glens Falls), N. Y.
-OFFERED FOR INVESTMENT
-BONDS RE
-A. C.
-all of
Allyn & Co., Inc., E. H. Rollins & Sons, Inc., and Rutter & Co.
New York, which were awarded an issue of 5138.000 4% school bonds at
a price of 105.62, at a sale of municipal issues conducted by the Reconstruction Finance Corporation on Dec. 17, are re-offering the bonds for general
subscription at prices to yield from 0.508' to 3.40%, according to maturity.
Dated May 1 1932 and due serially on May 1 from 1936 to 1956. inclusive.
Legal investment for savings banks and trust funds in New York State.
MOUNT MORRIS, N. Y.
-BOND OFFERING-Otis B. Dow, Village
Clerk, will receive bids until 2 p.m. Dec. 23 for the purchase at not less
than par of 318,000 4% coupon general obligation water bonds. Denom.
51.000. Dated Nov. 15 1935. Principal and semi-annual interest (May
15 and Nov. 15) payable at the Village Treasurer's office. Due 51.000
yearly on Nov. 15 from 1939 to 1956, incl. Certified check for $3360.
payabh to the village, required. Approving opinion of Clay. Dillon &
Vandewater of New York will be furnished to the purchaser.
Volume 141
Financial Statement
The assessed valuation of property subject to the taxing power of the
village as it appears on the last preceding village assessment roll is $3-,
126,998. The total bonded debt of the village, including the above-mentioned bonds, is $174,100, of which amount $107.500 is water debt, and said
total debt does not include the debt of any other subdivision having power
to levy taxes upon any or all property subject to the taxing power of the
village. The population (1930 census) was 3,238. The fiscal year commences March 1. The amount of taxes levied for the fiscal years commencing March 1 1932. March 1 1933, and March 1 1934 was respectively
$28,257.20, $32,852.20, and 1639,569.00. The amount of such taxes uncollected at the end of each of said fiscal years was respectively $1,312.26,
$3.104.91, and $4,705.72. The amount of such taxes uncollected as of
the date of this notice, is respectively $444.79, $1.515.00, and $2,705.28.
The taxes of the current fiscal year amount to 332,678.75, of which amount
$29,461.25 has been collected.
NEW ALBION UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Cattaraugus), N. Y.
-BOND OFFERING-The Board of Education will
receive bids until 1 p. m. Dec. 27 for the purchase at not less than par of
$50,C00 coupon bonds. Bidders are to name rate of interest, in a multiple
of
%, but not to exceed 4'. Denom. $1,000. Dated Oct. 1 1935.
Prin. and semi-ann. in (A. & O. 1), payable at the Bank of Cattaraugus,
Cattaraugus, in New York Exchange. Due yearly on Oct. 1 as follows:
$1.000, 1936 to 1950: $2,000, 1951 to 1960, and $3,000, 1961 to 1965.
Certified check for $1,000, required. Legality approved by Clay, Dillon &
Vandewater of New York.
NEW BERLIN, NORWICH, MORRIS, BUTTERNUTS AND PITTSFIELD CENTRAL SCHOOL DISTRICT NO. 5 (P. 0. South New
Berlin), N. Y.
-BOND SALE
-The $10,000 coupon or registered school
bonds offered on Dec. 20-V. 141, p. 3899
-were awarded to Benedict &
Son of Norwich as 35 at 100.6199, a basis of about 2.91%. Dated Dec. 1
1935 and due $1,000 on Dec. 1 from 1938 to 1947, incl. J.& W.Seligman
& Co. of New York bid 100.17 for 3.20s.
NEW YORK, N. Y.
-TO REDEEM $5,000,000 REVENUE BILLS
Comptroller Frank J. Taylor has advised J. P. Morgan & Co., agent for
the committee of banks, that on Dec. 19 he will redeem $5,000,000 of
revenue bills which were part ofan issue of$25,000,000 dated Nov.26 1935.
The funds necessary to provide for the redemption of these revenue bills
are part of the tax collection for the second half of this year.
The revenue bills issued on Nov. 26 were for the purpose of meeting pay
rolls and other city charges.
NEW YORK, N. Y.
-BONDS OFFERED FOR INVESTMENT
-A
syndicate composed of s Sluase lea
prichthe h B rgorl Bank. Cheinal
r
c
o.r , At Bank&
T
()
W.
Co.,
Trust Cot
us
of
and Kelley, Richarason
Y& Co., Inc., is Making public offering,
at prices to yield from 0.40% to 3.65%, according to maturity, various
Issues of 4% city bonds aggregating U.154,000. The bonds, maturing
serially on July 1 from 1936 to 1958, id., were purchased by the bankers
from the Reconstruction Finance Corporation at a price of 106.369. They
are valid and legally binding obligations of the city, payable from unlimited
ad valorem taxes on all the taxable propel!ty within the territorial limits
of the city.
NEW YORK, N. Y.
-ASKS LOAN OF $21,000.000-Comptroller
Frank J. Taylor announced Dec. 18 that he had notified J. P. Morgan &
Co., agent for the Committee of Banks, that he will require $21,000.000
on Dec. 26 to meet city payrolls. This amount is to cover the salaries of
school teachers, policemen, firemen and other city employees and to make
payments for the purchase of material and supplies.
These funds are to be borrowed under the bankers' agreement and will
bear interest at the rate of 2.34% and will become payable on or before
the end of this month.
NEW YORK (State of)-REDEEMS $30,000,000 NOTES
-Redemption
was made Dec. 16 at the Bank of the Manhattan Co.. New York of a
maturity of $30,000,000 -% notes which were issued last March. In
announcing the completion of plans for the payment. State Comptroller
Morris S. Tremaine pointed out that under the requirements of the State
constitution allshort-term loans ofthe State must be paid in cash at maturit,
and that "under do circumstances are refunding operations permitted'.
"During the life ofshort-term issues," Mr.Tremaine said,"revenue receipts,
against which the notes are issued, are impounded and segregated Into
separate deposits until a sufficient amount has been accumulated to meet
the notes in cash at maturity."
NORTH HEMPSTEAD (P. 0. Manhasset), N. Y.
-AWARD OF
BELGRAVE SEWER DISTRICT BONDS
-The $216.000 coupon or registered Belgrave Sewer District bonds offered on Dec. 17-V. 141. p. 372:3
were awarded to Adams, McEntee & Co., Inc. of New York and the Manufacturers & Traders Trust Co. of Buffalo, jointly, as 3N s, at a price of
100.579. Dated Dec. 15 1935 and due Dec. 15 as follows: $10,000 from
1938 to 1958, incl. and $6,000 in 1959. The Bancamerica-Blair Corp. of
New York offered 100.27 for 3.40c.
NYACK, N. Y.
-BOND OFFERING-William P. Bugbee, Village Clerk.
will receive sealed bids until 2 p. m. on Dec. 31 for the purchase of $50,000
not to exceed 6% int. coupon or registered bonds, divided as follows:
$
40,000 water bonds. Due $2,000 on Jan. 1 from 1937 to 1956, incl.
,
10,000 fire equipment bonds. Due $2,000 on Jan. 1 from 1937 to 1941 incl.
Each issue is dated Jan. 1 1936. Rate ofint. to be expressed in a multiple
of N or 1-10th of 1%. Prin. and int.(J.& J.) payable at the Nyack National Bank & Trust Co., Nyack. A certified check for 2% is required.
Legal opinion of Hawkins, Delafield & Longfellow of New York will be
furnished the successful bidder.
OSSINING (P.O. Ossining), N. Y.
-BOND OFFERING
-Benjamin G.
Vernon, Town Clerk, will receive sealed bids until noon on Dec. 28 for the
purchase of $47,000 not to exceed 6% interest coupon or registered judgment
funding bonds. Dated Dec. 1 1935. Denom. $1,000. Due as follows:
$5,000 from 1936 to 1944. Incl., and $2,000 in 1945. Bidder to name a
single interest rate on the issue, expressed in a multiple of N, or 1-10th of
1%. Principal and interest (J. & D.) payable in lawful money of the
United States at the Chase National Bank, New York. The bonds are
general obligations of the town, payable from unlimited taxes. A certified
check for $1,000, payable to the order of the town,is required. The approving opinion of Clay. Dillon & Vandewater of New York will be furnished
the successful bidder.
OYSTER BAY, N. Y.
--SALE OF MASSAPEQUA WATER DISTRICT
BONDS
-The issue of $11.000 coupon or registered district bonds offered
-was awarded to the Long Island National
on Dec. 17-V. 141. p. 3728
Bank of Hicksville as 3 fis, at a price of par. Dated Dec. 1 1935 and due
$500 on Dec. 1 from 1939 to 1960, inclusive.
PERRY AND CASTILE UNION FREE SCHOOL DISTRICT NO. 6
(P. 0. Perry), N. Y.
-BOND OFFERING--Seated bids will be received by
Frank P. Page, District Clerk, until 3:30 p.m. (Eastern Standard Time)
on Dec. 23 for the purchase of $27,500 not to exceed 6% interest coupon or
registered school bonds. Issue is dated Dec. 1 1935. One bond for 3500,
others $1,000 each. Due Dec. 1 as follows: $3,500 in 1937 and 33000
from 1038 to 1945, Incl. Bidder to name a single interest rate on allot the
bonds,expressed in a multiple of N or 1-10th of 1%. Principal and interest
0
(J. & D.) payable at the First National Bank of Perry. A certified check
for $500, payable to the order of John H. Blythe, District Treasurer, is
required. Legal opinion of Clay, Dillon & Vandewater of New York will
be furnished the successful bidder.
-BONDS AUTHORIZED-The Village
PORT CHESTER, N. Y.
Trustees recently approved the issuance of $45.000 bonds to finance WPA
projects.
PUTNAM VALLEY,PHILLIPSTOWN AND FISHKILL CENTRAL
-BOND OFFERING
SCHOOL DISTRICT NO.1, N. Y.
-J.F.Jones. Dist.
Clerk, will receive sealed bids until 2 p. m. on Dec. 28 for the purchase of
390,000 4% coupon or registered school construction bonds, part of an authorized issue of $290,000. Dated March 1 1934. Denom, 31,000.
Due March 1 as follows: $5,000, 1944; $7,000. 1945; $8.000. 1946 to 1948
incl.: $9,000, 1949;$8,000, 1950; $9,000 from 1951 to 1953 incl. and $10.000
in 1954. Prin. and in M. & S. payable at the National Bank of Cold
Springs-on-Hudson,Cold Springs or at the Chase National Bank, New York.
A certified check for $1,800, payable to the order of the Board of Education,
must accompany each proposal. Legal opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
-BOND SALE
-The $122,000 coupon
ROCKVILE CENTRE, N. Y.
or registered general obligation municipal water system improvement
-were awarded to Starkweather
bonds offered on Dec. 18-V. 141, P. 3729
4051
Financial Chronicle
& Co., Inc. of New York, and the Nassau County National Bank of Rockville Centre, jointly, as 3.25s, at par plus a premium of $73.20, equal to
100.05, a basis of about 3.24%. Dated Jan. 1 1936 and due Jan. 1 as follows:
$6.000 from 1941 to 1960 incl. and $1,000 in 1961 and 1962. Other bids were
as follows:
Premium
•
Int. Rate
BidderBancamerica-Blair Corp. and Bacon, Stevenson &
3392.00
3.60%
Co.,jointly
622.20
3.60%
George B.Gibbons & Co.,Inc
500.20
3.70%
Trust Co
Manufacturers& Traders
SCIPIO, VENICE AND LEDYARD CENTRAL SCHOOL DISTRICT
-BOND OFFERING-Sealed bids will be
NO. 4 (P. 0. Sherwood), N. Y.
received by A. La Mar Lane, District Clerk, until 2 p.m.(Eastern Standard
on Dec. 23 for the purchase of $333,000 not to exceed 4% interest
Time)
coupon or registered school bonds. Issue is dated Dec. 1 1935. Six bonds
for $500 each, others in amount of $1,000. Due June 1 as follows: $2,000
from 1938 to 1946, incl., and $2,500 from 1947 to 1952, incl. Bidder to
name a single interest rate on all of the bonds, expressed in a multiple of
34 or 1-10th of 1%. Principal and interest (J. & D.) payable in lawful
money of the United States at the offices of William H. Seward & Co.,
bankers, 96 Genesee St., Auburn. A certified check for 31,000, payable
to the order of Allen Hopie, District Treasurer, is required. Legal opinion
of Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
-The 5800.000 revenue anticipation
SYRACUSE, N. Y.
-NOTE SALE
notes offered on Dec. 20 were awarded to Salomon Bros. & Hutzler of
New York at 0.48% interest at par plus a premium of $3. Dated Dec. 23
1935 and due June 23 1936. Legality approved by Caldwell & Raymond
of New York. Hasley, Stuart & Co., Inc., and Bancamerica-Blair Corp..
jointly, bid a rate of 0.49% plus $32 premium. The notes are being
re-offered by the purchasers to yield 035%.
-The issue of $336.000 sewer bonds
-BOND SALE
WEBSTER, N. Y.
offered on Dec. 16 was awarded to Howlett & Degolyer of Rochester as
2345. at a price of par. Dated Dec. 1 1935 and due Aug. 1 as follows:
$3,000, 1936 to 1938, incl.; 34,000, 1939 to 1944, incl. and 33.000 in 1945.
-SURVEY
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
OF MLNICIPAL GOVERNMENT COMPLETED-Carl H.Pforzheimer,
Westchester County Commission on Government, anChairman of the
nounced Dec. 19 that a summary of the survey into the county's government had been completed and would be released to the public in sections
between Monday and Jan. 8. A new plan of county government, he said,
would be ready for action of the next Legislature and for the voters of the
county in the next election.
The survey of the county was made by the Institute of Public Administration under the supervision of Dr. Luther Gulick. Its purpose was to
determine the exact types of government now functioning in the county,
as a means of drawing up a charter to enable a more simplified, centralized.
economical form.
Dr. Gulick said that the survey had disclosed that there were 170 separate tax-levying political units in the county. In October. he said, there
were 4,686 persons employed in public offices, 4.276 employed as county
laborers and 4,2C0 working In the public schools. The figures did not
include postal or relief workers, he said.
-BONDS OFFERED FOR INVESTMENT
WHITE PLAINS, N. Y.
Public offering of a new issue of $318,000 4%, sewer and street bonds,
Oct. 1 1934 and due serially on Sept. 1 and Oct. 1 from 1936 to 1953
dated
incl., is being made by an account composed of A. C. Allyn & Co., Inc.:
E. H. Rollins & Sons. Inc. and Rutter & Co. The bonds are priced to yield
from 0.75% to 3.75%, according to maturity. The bankers purchased
them from the Reconstruction Finance Corporation at a price of 102.80.
-BOND OFFERING-Edwin D. Krause, Deputy
WHITESBORO, N. Y.
Village Clerk, will receive bids until 1 p.m. Dec. 23 for the purchase at not
less than par of $11,000 coupon,fully registerable, general obligation storm
sewer bonds, which will bear interset in a multiple of N or 1-10%, but not
Dated
to exceed 41, as named in the successful bid. Denom. $1,000. July
1)
Jan. 1 1936. Principal and semi-annual interest (Jan. 1 and
Whitestown National Bank of Whitesboro. Due $1,000
payable at the
yearly on Jan. 1 from 1937 to 1947. incl. Certified check for $250, payable
The approving opinion of Clay, Dillon &
to the village, required.
Vandewater of New York will be furnished to the purchaser without cost.
Financial Statement
The assessed valuation of property subject to the taxing power of the
roll, is $2.village as it appears on the last preceding village assessment above-men290,612. The total bonded debt of the village including the
tioned bonds is 347,615.38, of which amount no part is water debt. Total
debt does not include the debt of any other subdivision having power to
levy taxes upon any or all property subject to the taxing power of the
village. The population (1930 census) was 3.375. The fiscal year commences March 1. The amount of taxes levied for the fiscal years commencing March 1 1932, March 11933. and March 1 1934 was respectively $37,the
000. 338.000. and 541.700. The amount of such taxes uncollected at and
end of each of said fiscal years was respectively $1,913.91, $2,597.43,
$3,560.62. The amount of such taxes remaining uncollected as of the
date of this notice is respectively $560.13, 3327.72, and 32,310.69. The
amount of taxes levied for the current fiscal year is 338,700, of which $33.068.37 has been collected.
Southern Municipal Bonds
McALISTER,SMITH Si PATE,Inc.
NEW YORK
67 BROAD STREET
Telephone WHItehall 4-6765
CHARLESTON, S. C.
GREENVILLE. S. C.
NORTH CAROLINA
-BONDS AUBLADEN COUNTY (P. 0. Elizabethtown), N. C.
THORIZED-The Board of County Commissioners has passed three
ordinances authorizing the issuance of bonds. Two of the orders provide
for issues of bonds for county purposes, $62.000 for refunding of school
bonds and notes and $102,000 for refunding of road and bridge bonds. The
third ordinance gives authority to issue $210,200 bonds of townships within
the county for the purpose of refunding outstanding obligations of such
townships.
-An ordinance was
BURLINGTON, N. C.
-BONDS AUTHORIZED
recently passed by the Board of Aldermen authorizing the city to issue
$100,000 water main extension bonds.
CANTON, N. C.
-BONDS AUTHORIZED-The Board of Aldermen
of the Town has adopted an ordinance authorizing the issuance of 3150.000 water and sewer bonds.
CHARLOTTE,N.C.
-BONDS AL THORIZED-The City Council recently passed a number of ordinances providing the city with authority
to issue $50.000 airport bonds. 3110,000 street improvement bonds. $190.000 street widening bonds. 320,000 grade elimination bonds. $25,000 storm
sewer bonds, $25,000 sanitary sewer bonds, and $40,000 municipal court
bonds.
CONOVER, N. C.
-BOND ISSUANCE APPROVED-The city was
accorded permission recently by the Local Government Commission to
Issue a total of 345,000 in funding and refunding bonds.
-BONDS AL THORIZED-The City Council is-reDURHAM, N. C.
ported to have authorized recently the issuance of $180,000 in street improvement bonds.
-NOTE SALE
-It is stated by the Town Clerk that
EDENTON, N. C.
a $10,000 issue of notes was purchased by Kirchofer & Arnold of Raleigh.
at 3%, plus a premium of $12.50. Dated Dec. 1 1935. Due on Oct. 1
1936.
-V.141,
(This report corrects the tentative note sale notice given recently.
. 3899.)
4052
' Financial Chronicle
GASTON COUNTY (P. O. Gastonia), N. C.
-NOTE SALE DETAILS
-In connection with the sale of the $5,500 issue of notes to the National
Bank of Commerce, of Gastonia, at 3X %, as reported in these columns
recently
-V.141, p. 3899
-it is stated by the Clerk of the Board of County
Commissioners that the notes are dated Dec. 2 1935, and mature on June
25 1936.
GRANVILLE COUNTY (P. 0. Oxford), N. C.
-BONDS VOTED
At an election held on Nov.26 the voters of the county approved a proposition to issue $42,500 hospital bonds.
GREENSBORO, N. C.
-BOND SALE
-The issue of $578,000
coupon water refunding bonds offered on Dec. 17-V. 141. p. 3729
-was
awarded to a syndicate comprised of Lewis & Hall of Greensboro, Reynolds
& Co. of New York, the Equitable Securities Corp. of Nashville and Oscar
Burnett & Co. of Greensboro, at par. The first $474,000 bonds are to bear
4% and the last 8104.0003M %. The next high bid came from R.S. Dickson
& Co. of Charlotte. who offered a premium of $236 for $444,000 at 44%
and 1134.000 at 4%. Dated Dec. 1 1935. Due on Dec. 1 as follows:
115,000, 1936; 125,000, 1937: $10,000, 1939 and 1940: $15,000, 1941 and
1942; $25,000, 1943 to 1945; $30,000. 1946; $35.000, 1947 and 1948;
$40,000, 1949; $45,000, 1950 to 1952; and 146,000, 1933 to 1955.
BONDS OFFERED FOR INVESTMENT
-The successful bidders re-.
offered the above bonds on Dec. 18 for public subscription, at prices to
Yield from 1.50 to 3.90%. depending upon the maturity desired. They
are said to be interest exempt from all present Federal income taxes.
Legality to be approved by Masslich & Mitchell of New York.
GREENVILLE COUNTY SCHOOL DISTRICT NO. 9-B (P. 0.
Greenville), N. C.
-BONDS SOLD-It is reported that $28,000 school
bonds were purchased on Dec.11 by McAlister, Smith & Pate,of Greenville.
Due on Nov. 15 as follows: $1,000. 1936 to 1947, and 12,000, 1948 to 1955.
HICKORY, N. C.
-BONDS AUTHORIZED-The City Council recently adopted an ordinance authorizing the issuance of $50,000 water and
sewer bonds.
MADISON, N. C.
-BONDS AUTHORIZED-The Board of Aldermen
of the Town on Nov. 28 adopted an ordinance providing for the issuance
of $74.500 refunding bonds.
ORANGE COUNTY(P.O. Hillsboro), N.C.
-BONDS AUTHORIZED
-The Local Government Commission is reported to have authorized the
County to issue $190,000 in school bonds. (The Public Works Administration approved an allotment of $260,000 for school construction.)
ROBERSONVILLE, N. C.
-BONDS AL THORIZED-At a recent
meeting of the Board of Aldermen it was decided to issue 150.000 bonds to
finance the modernization of the town's streets and sewers.
ROXBORO, N. C.
-BONDS AUTHORIZED-The Town Commissioners on Nov. 21 passed four ordinances authorizing the issuance of
$439.000 refunding bonds. $33,000 note funding bonds, $71,117.89 interest
funding bonds, and $80,000 school refunding bonds.
SHELBY, N. C.
-BONDS AUTHORIZED-Four ordinances have been
Passed by the Board of Aldermen authorizing the issuance of $85.000 bonds.
including $25,000 for sewer extensions, 115.000 for rebuilding the city hall,
$20,000 for waterworks extensions, and $25,000 for street improvements.
WINSTON-SALEM, N. C.
-BOND OFFERING-Sealed bids will be
received until 11 a. m. on Dec. 31, by W. E. Easterling. Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase of
a $470,000 issue of coupon or registered refunding bonds. Interest rate is
not to exceed 6%. payalke J. & D. Denom. $1,000. Dated Dec. 11935.
Due on Dec. 1 as fo.lows: 15,000, 1940 to 1945;$21.000 1946 to 1960, and
125,000, 1961 to 1965, all in
Prin. and i
mt. payable in lawful money in
New York City. Interest rate to be in multiples of X of 1%. Each bid
may name one rate for part of th3 bonds (having the earliest maturities)
and another rate for the balance, but no bid may name more than two
rates, and each bid must specify the amount of bonds of each rate. Delivery
to be made at place of purchaser's choice. The approving opinion of Reed,
Hoyt & Washburn of New York, will be furnished. A certified check for
$9.400, payable to the State Treasurer, must accompany the bid.
Dec. 21 1935
CHESAPEAKE, Ohio
-BOND OFFERING-Clarence Hicks, Village
Clerk, will receive bids until noon Jan. 11 for the purchase at not less than
Par of $17,000 sanitary sewerage system construction bonds, to bear no
more than 6% interest. Denom. $1,000. Dated Dec. 1 1935. Interest
Payable semi-annually. Due $1,000 yearly on Dec. 1 from 1941 to 1957
incl. Certified check for $170. payable to the Village Treasurer, required.
CHESTERFIELD TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0. Wauseon, R. F. D. No. 3), Ohio
-BOND SALE
-The
$25,300 school building bonds offered on Dec. 12-V. 141. p. 3572
-were
awarded to Ryan, Sutherland & Co. of Toledo, as 3)4s, at par plus a
premium of 3111, equal to 100.438, a basis of about 3.46%. Dated Dec. 1
1935 and due as follows: $800 March 1 and $500 Sept. 1 from 1937 to 1957,
incl. and $1,000 March 1 and Sept. 1 1958 and 1959.
Other bids were as follows:
er
Premium
Int. Rate
0
7
Farmers State Bank of Lyons
$113.58
Slier, Carpenter & Reese
75.00
Johnson, Kase & Co
27.00
i
CLEVELAND, Ohio-BONDS OFFERED FOR INVESTMENTHaboey, Stuart & Co.. Inc.; Bancamerica-Blair Corp.; B. J. Van Ingen &
Co.; Eldredge & Co.; E. H. Rollins & Sons; Piper, Jaffray & Hopwood,and
Otis & Co., Inc., are offering at prices to yield 2.90 to 3.50%, according to
maturity, an issue of $1,475,000 4% sewage disposal bonds, due Sept. 1
1942-1949 incl. The bonds in the opinion of the bankers, are legal investment for savings banks and trust funds in New York State. The bonds,
in the opinion of counsel, constitute general obligations of the City of Cleveland, payable from unlimited ad valorem taxation. Assessed valuation for
1935 is officially reported as $1,178,465,890 and net bonded debt, incl.
this issue, as $86.843,584. The obligations were purchased by the bankers
from the Reconstruction Finance Corporation at a price of 104.379.
CLEVELAND, Ohio
-OTHER BIDS
-The $100,000 city's portion
Paving and sewer bonds awarded to the First Cleveland Corp. of Cleveland
as 3s, for a premium of $520, equal to 100.52. a basis If about 2.92%, as
previously reported in these columns, were also bid for as follows:
BidderInt, Rate
Premium
Halsey, Stuart & Co., Inc
3X%
$796.00
The Illinois Co. of Chicago
3X%
816.00
Field, Richards & Shepard,Inc.and Braun,Bosworth
C
3%7
442.00
The Provident Savings Bank & Trust Co
3
183.00
Stranahan, Harris & Co., Inc
3
,
825.00
McDonald-Coolidge & Co788.00
Mitchell Herrick & Co
334.20
391%
Johnson, Kase & Co.*, Well, Roth & Irving Co., and
Van Lahr, Doll & Lsphording
4%
535.00
FAIRFIELD COUNTY(P.O.Lancaster), Ohio
-BOND OFFERING
Edson Kindler, Clerk of the Board of County Commissioners, will receive
bids until noon Jan. 2 for the purchase of $35,000 6% poor rellef bonds.
Dated Nov. 1 1935. Interest payable semi-annually. Due yearly on
March 1 as follows: 54.000, 1936, 1937 and 1938;$3.600. 1939:83.900, 1940;
$4.100, 1941; 84.300. 1942:84.600, 1943;and $4.800, 1944. Certified check
for 1% of amount of bonds bid for, payable to the Board of County Commissioners, required.
FREMONT, Ohio
-BOND SALE
-The 8179,699.30 special assessment
improvement bonds offered on Dec. 14-V. 141, p. 3900
-were awarded
to Stranahan. Harris & Co. of Toledo as 3)4., for a premium of $2,127.64,
equal to 101.17. Dated Oct. 15 1935 and due serially on Oct. 15 from 1937
to 1955, incl. Second high bid of par plus a premium of $684 for 33I%
bonds was submitted by McDonald, Coolidge & Co. of Cleveland.
GROVE CITY, Ohio
-BOND ELECTION
-A special election is to be
held on Jan. 7 at which the voters will be asked to approve a bond issue of
$25,000 for construction of a sewage disposal and treatment plant.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio
-LIST OF BIDS
The following is a complete list of the bids received on Dec. 13 for the
$1,199.000 poor relief bonds awarded on that date to the Harris Trust &
Savings Bank of Chicago and Breed & Harrison, Inc. of Cincinnati:
BidderInt. Rate Amount Bid
Harris Trust & Savings Bank, Chicago, and Breed &
JAMESTOWN, N. Dak.-BONDS VOTED-It is stated by the City
Harrison, Inc., Cincinnati
2%
$1,208,795.83
Auditor that at the election held on Dec. 13-V. 141. p. 3730
-the voters
McDonald-Coolidge & Co., Cleveland; Mercantile
approved the issuance of the $60.000 4% water filtration and softening
Commerce Bank & Trust., St. Louis; First of
plant bonds, the count being 909 "for" to 438 "against." The last bond
Michigan Corp., Chicago, and Northern Trust
will mature in 1955. optional before maturity. It is stated that the sale
Co., Chicago
1,206,653.00
2%
of these bonds if contingent upon a Public Works Administration allotment.
Lazard Freres & Co.,Inc.; Watling Lerchen & Hayes,
and Braun Bosworth & Co
2%
1,205,933.00
Chas, A. Hinsch Co.. Inc. Cincinnati; The Well.
Roth & Irving Co. Cincinnati; Eldredge & Co.,
Inc., New York; Fifth-Third Union Trust Co.,
1,204,743.21
Cincinnati,and The Central Trust Co.,Cincinnati. 2%
Lehman Bros., New York, and Fox Einhorn & Co.,
0. Inc.. Cincinnati
1,204,155.70
2%
Halsey Stuart & Co., Inc., Chicago; BancamericaBlair Corp., and First Cleveland Corp
1,203,400.00
2%
Van Lahr, Doll & Isphording, Inc., Cincinnati; The
700 CUYAHOGA BUILDING, CLEVELAND
Boatmen's National Bank; Stranahan, Harris &
Co.; Edward B. Smith & Co., and Field Richards
CANTON
AKRON
CINCINNATI
COLUMBUS
SPRINGFIELD
Shepard & Co., Inc
1,203,073.00
2%
Brown Harriman & Co., Inc., New York; Hayden
Miller & Co., Cleveland, and A. G. Becker & Co.,
Chicago
2%
1,202,715.70
Assel, Goetz & Moerlein, Inc., Cincinnati; SeasonATHENS COUNTY (P. 0. Athens), Ohio
-OTHER BIDS
-The
good & Mayer, Cincinnati, and Mitchell Herrick
160.000 poor relief bonds awarded to the First Cleveland Corp.of Cleveland
dit Co.. Cleveland
1,202,297.25
2%
as 25./8, for a premium of $252, equal to 100.42, as previously noted in
The National City Bank of New York; Blyth & Co.,
these columns, were.also bid for a s follows:
Inc., and Paine Weber & Co
1,207.393.00
2)4%
BidderPremium
Int. Rate
IRONTON, Ohio
-BOND ELECTION
-The City Council has passed
Seasongood and Mayer
$122.85
215
a resolution calling for a special election on Jan. 14 for the purpose of
Provident Savings Bank & Trust Co
122.00
voting on the question of issuing 870,000 impt. bonds.
Bank of Athens. N.B.A
75.00
2)4%
Well Roth & Irving
39"
276.00
KINSMAN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. KinsStranahan Harris & Co
234.57
2)4%
-BOND OFFERING
man), Ohio
-H. V. Wilson, District Clerk, will
receive bids until 2 p. m. Jan. 4 for the purchase at not less than par of
BETHEL VILLAGE SCHOOL DISTRICT, Ohio
-BOND SALE
845.000 4% school building bonds. Denom. 44 for $1,000 and 2 for $500.
The 827,500 coupon (reTisLerable as to principal) school building bonds
Dated Jan. 1 1936. Interest payable semi-annually on April and Oct. 1.
offered on Dec. 18-V. 141, p. 3730
-were awarded to the First National
Due $500 on April 1 and $1,000 on Oct. 1 in each of the years 1937 and 1938.
Bank of Bethel as 3)4s. at par plus a premium of $56, equal to 100.20, a
and $1,000 on April and Oct. 1 in each of the years from 1939 to 1951, incl.
basis of about 3.23%. Dated Dec. 1 1935 and due Dec. 1 as follows: $1,000
Certified check for $450. payable to the Board of Education, required. Apfrom 1937 to 1947 incl. and $1,500 from 1948 to 1958 incl.
proving opinion of Squire, Sanders & Dempsey of Cleveland will be paid for
BUTLER COUNTY (P. 0. Hamilton), Ohio
13y the purchaser.
-OTHER BIDS
-The
$180,000 poor relief bonds awarded to Assel, Goetz & Moerlein, Inc. of
MIAMI COUNTY (P. 0. Troy), Ohio-BOND SALE
-The issue of
Cincinnati as 2)45. at par plus a premium of 31098, equal to 100.61. as
$84,000 poor relief bonds offered on Dec. 18-V. 141, p.3572
-was awarded
previously reported in these columns, were also bid for as follows:
to Paine, Webber & Co. of Cincinnati. at 2)4% int., for a premium of
BidderInt. Rate Amount Bid
$391.68, equal to 100.612. Stranahan, Harris & Co. of Toledo, were second
First Cleveland Corp., and Field, Richards &
high in the bidding with an offer to pay a premium of $233.60 for 2)4%
Shepard, Inc
2)4%
$181,026.45
bonds.
Stranahan Harris & Co
180,756.00
2)4%
Prudden & Co., Mc Donald, Coolidge Co., and
Other bids were as follows:
t Braun, Bosworth & Co
BidderPremium
Int. Rate
180.169.00
2)49'
The Oglesby-Barnitz Bank & Trust Co
Prudden & Co
5173.00
2X 7.
2X%
180,147.50
Paine, Webber & Co
First Cleveland Corp
68.80
2X °
181,026.10
Well, Roth & Irving Co
Provident Savings Bank & Trust Co
282.00
24
180,684.00
0
90
Cool, Stiver & Co
447.99
CANFIELD SCHOOL DISTRICT, Ohio
-BOND OFFERING-J. W.
Citizens National Bank & Trust Co. of Piqua
5.00
234 o
Baird, Clerk of the Board of Education, will receive bids until noon Jan. 4.
Provident Savings Bank & Trust Co
134.40
3%
for the purchase of an issue of 34,000 4% school bonds. Dated Jan. 1
Denom. 11400. Int. payable semi-annually. Due $400 each six
1936.
MILFORD, Ohio-BOND SALE
-The 317,000 coupon water softening
months from April 1 1937 to Oct. 1 1941 incl. Certified check for $100,
plant bonds offered on Dec. 12-V. 141, p. 3'730-were awarded to J. S.
Todd & Co.of Cincinnati as 3Xs,for a premium of $88.40, equal to 100.52,
payable to the Board of Education, required.
a basis of about 3.19%. Dated Dec. 1 1935 and due $1,000 on Dec. 1
CANTON, Ohio
-BOND SALE
-The $100,000 emergency poor relief
from 1937 to 1953, incl. The following is a list of the other bids submitted
bonds offered on Dec. 19-V. 141, p. 3730
-were awarded to Johnson,
for the issue:
Kase & Co. of Cleveland as 2s for a premium of 381, equal to 100.081,
Premium
BidderInt. Rate
a basis of about 1.97%. Stranahan, Harris & Co. of Toledo bid second
Milford B. I,. & S. Co., Milford
1146.80
3
high, offerings premium of $78 for 28. Dated Sept. 11935. Due $25,000
Milford B. L. & S. Co., Milford
360.40
3
Dec. 1 in each of the years 1936, 1937, 1938 and 1939.
on
The Well. Roth & Irving Co., Cincinnati
46.00
3
-BOND OFFERING
CARDINGTON, Ohio
-G. W. Mathews. Village
W. E. Hutton & Co
10.20
3 4
Clerk, will receive bids until noon Dec. 27,for the purchase at not less than
Ellis & Co., Cincinnati
44.20
par of 17,000 5% waterworks bonds. Dated Jan. 1 1936. Principal and
25.62
Charles A. Misch & Co., Cincinnati
semi-annual interest payable at the Citizens Bank, in Cardington. Due
137.85
Seasongood & Mayer, Cincinnati
52.70
11,000 yearly on Jan. 1 from 1939 to 1945, incl. Certified check for 5%
The Provident Bank & Trust Co., Cincinnati
4
of bonds bid for, payable to the Village Clerk, required.
The Milford National Bank, Milford
4 o
NORTH DAKOTA
OHIO MUNICIPALS
MITCHELL, HERRICK & CO.
OHIO
4053
Financial Chronicle
Volume 141
MORGAN TOWNSHIP RURAL SCHOOL DISTRICT NO. 1 (P. 0.
Lucasville), Ohio
-BOND SALE-Lewis Forney, Clerk-Treasurer of the
Board of Education, states that the State Teachers Retirement System at
uolumbus has purchased an issue of $11,000 4% school bonds at a price of
par. Dated Sept. 1 1935. Denom. $1.000. Due $1,000 on Sept. 1 from
1937 to 1947 incl. Interest payable M.& S.
NEVADA, Ohio
-BOND SALE
-The $18,000 coupon water works
-were awarded
mortgage revenue bonds offered on Nov.20-V.141. p.3267
as 5Xs, at a price of par, to Slier, Carpenter & Reese of Toledo. Dated
Oct. 1 1935 and due $1,000 on Oct. 1 from 1938 to 1955,Inclusive.
OHIO, State of
-AVERAGE YIELD OF 30 CITY BONDS DECLINES
DURING WEEK-Continuing in the trend to higher prices, the average
yield of bonds of 30 Ohio cities, prepared by W,. J. Mericka & Co., Inc.,
whose New York office is located at 1 Wall St., decreased from 3.25 to 3.23
in the week ended Dec. 19. Average yield for 15 largest Ohio cities dropped
from 3.26 to 3.23 and for 15 secondary cities from 3.20 to 3.19. Averages
are weighted according to outstanding debt of each city.
PORTSMOUTH, Ohio
-BOND SALE
-The $74,300 assessment refunding bonds offered on Dec. 20-V. 141. p. 3730
-were awarded to
Stranaham, Harris & Co. of Toledo as 3;is for a premium of $238.31,
equal to 100.32, a basis of about 3.46%. Grau & Co. of Cincinnati offered
a premium of $460.66 for 4s. Dated Dec. 1 1935. Due yearly on Oct. 1
as follows: $12,300, 1942; $12.000, 1943; 1944 and 1945; and $13,000, 1946
and 1947.
POWHATAN POINT VILLAGE SCHOOL DISTRICT, Ohio
BOND SALE
-The $46,800 school building bonds offered on Dec. 7-V.
141, p. 3421-were awarded to Fox, Einhorn & Co. of Cincinnati as 4%s,
at par plus a premium of $153, equal to 100.32. Dated Nov. 1 1935 and
due Nov. 1 as follows: $1,500 from 1941 to 1943 incl.; $2.300 in 1944 and
32,500 from 1945 to 1960, incl. The one other bid submitted was returned
unopened, as it was received too late for consideration.
RICHLAND COUNTY (P. 0. Mansfield), Ohio
-OTHER BIDS
The $30.000 road improvement bonds awarded to the Citizens National
Bank & Trust Co. of Mansfield as 13s, at par plus a premium of $100, as
previously noted in these columns, were also bid for as follows:
Bidder
Rate
Premium
48mo
Weil, Roth & Irving, Oinchinat
2lz%
$17.50
First Cleveland Corp
2%
;!
,
Mansfield Savings Trust National Bank
1
Farmers Savings & Trust Co.. Mansfield
2,51%
P5 00
lar
.
Richland Trust Co., Mansfield
2;1%
55.00
ROSCOE VILLAGE SCHOOL DISTRICT (P. 0. Coshocton, Route
6), Ohio
-BOND S4LE-The $24,000 school building addition bonds
offered on Dec. 17-V. 141, p. 3730-were awarded as 331s to the Peoples
Bank & Trust Co. of Coshocton. Dated Nov. 1 1935 and due $800 May 1
and Nov. 1 from 1937 to 1951 incl.
UNION COUNTY (P. 0. Marysville), Ohio
-BOND SALE
-The issue
of $19,600 poor relief bonds offered on Dec. 16-V. 141, p. 3573
-was
awarded to the First Cleveland Corp. at 251% int., for a premium of
$56.44, equal to 100.28, a basis of about 2.19%. Dated Nov. 1 1935.
Due yearly on March 1 as follows: $1,700. 1936; $1,800. 1937; 31,900, 1938:
$2.000, 1939; $2,200, 1940; $2,300, 1941; $2,400. 1942; $2,600, 1943; and
$2,700. 1944.
-BOND OFFERING POSTPONED-Offering
WILMINGTON, Ohio
of the $198,000 3% coupon sewage disposal bonds originally scheduled for
Dec. 20-V. 141. p. 3730
-has been postponed to Jan. 10.
OKLAHOMA
BILLINGS, Okla.
-BOND SALE
-The $15,000 issue of water works
extension bonds offered for sale on Dec.16-V.141,p.3902
-was purchased
by the First State Bank of Billings. Due $1,000 yearly beginning three
years after date of issuance.
FAIRLAND, Okla.
-BOND SALE-The $3,000 issu3 of sanitary
sewer bonds offered for sale on Dec. 17-V. 141, p. 3902
-was awarded
to the First National Bank of Miami, according to the Town Clerk. Due
$1.000 from June 30 1939 to 1947 incl.
GUYMON, Okla.
-BOND SALE
-The $10,000 issue of park bonds
offered for sale on Dec. 16-V. 141, p. 3902
-was awarded to R. G. Edwards, Inc., of Oklahoma City, according to the City Clerk.
HARMON COUNTY (P. 0. Hollis), Okla.
-BONDS DEFEATED_
The voters of the county on Dec. 10 rejected two proposals calling for the
issuance of $60,000 road and courthouse addition bonds.
-BOND SALE
MANCHESTER, Okla.
-The $5,000 issue of coupon
water works bonds offered for sale on Dec. 11-V. 141, p. 3731-was
awarded to School District No. 11, Manchester, as 45 at par. Due $1,00$
from 1940 to 1944, incl. No other bid was received.
OKLAHOMA, State of
-VOTERS APPROVE $2,500,000 DIRECT
RELIEF FUND-Voting at a special State-wide election held on Dec. 17,
the people balloting favored a $2,500,000 initiated appropriation to carry
the State's relief load. An Associated Press dispatch from Oklahoma City
Leith° New York "Herald Tribune" of Dec. 19 had the following report
on the result:
"The Oklahoma electorate none too enthusiastically handed a $2,500,000
Christmas gift to the needy to-day.
"Incomplete and unofficial returns from yesterday's special election on an
a
the tieg 19 monthsshowed50 7gal favora nia
aciaro,rtation 3 , 9 relief
e a es aatior .11cec
d
a
rgin than
expected. It was the smallest vote in years.
The measure was initiated by Governor E. W. Marland, whose home
county, Kay, rejected the proposal by a 570 majority. The relief appropriation will come from the State's general fund.
-day apportioned $1 for each individual on
"The State Welfare Board to
county relief for the remainder of this month The apportionment, totaling
5146,619, was the first to be made under a measure adopted yesterday."
-BOND OFFERING-Charles M. Hirt, City
PAWHUSKA, Okla.
Clerk, will receive bids until 1:30 yo. in. Dec. 21 for the purchase at not less
than par of $37,000 electric bonds, to bear interest at rate named in the
successful bid. Due $9,000 three years after date, and $4.000 yearly
thereafter. Certified check for $2% of amount of bid, required.
VINITA, Okla.
-BOND SALE POSTPONED
-It is reported by C. H.
Webb, City Clerk, that the sale of the $28,000 sewer bonds, scheduled for
Dec. 16-V. 141, P. 3902,was postponed.
-BOND OFFERING
-W. B. Osborne, City Clerk,
WALTERS, Okla.
will receive bids until 2 p. in,, Dec. 26 for the purchase at not less than par
of $25,000 waterworks extension bonds, which will bear interest at rate
named in the successful bid. Due $2,000 yearly beginning four years from
date of issue, except that the last instalment shall amount to 53.000.
Certified check for 2% of amount of bid, required.
-BOND SALE
YUKON, Okla.
-The four issues of coupon bonds aggregating $24,800, offered for sale on Dec. 10-V. 141, p. 3731-were awarded
as 4s, as follows: $12,500 to the First National Bank of Yukon,and $12,300
to the Yukon National Bank. The issues are:
$12,000 town hall bonds. Due from 1940 to 1951.
500 storm sewer bonds. Due from 1939 to 1943.
9,800 water works bonds. Due from 1939 to 1954.
2,500 street main bonds. Due from 1940 to 1944.
OREGON
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 28 (P. 0.
-BOND SALE
-The $20,000 issue of 4% semiwaukie, Route 10), Ore.
ann. school bonds offered for sale on Dec. 10-V. 141. p. 3573
-was purby the Oregon Mutual Fire Insurance Co. of McMinnville, paying a
chased
premium of $812.50 equal to 104.06, a basis of about 3.42%. Dated Dec.
1 1935. Due from Jan. 2 1937 to 1949.
GILBERT WATER DISTRICT (P.O. Gilbert), Ore.
-BOND OFFER-R. L. Leech, Secretary of the Board of Commissioners, will receive
ING
bids until 8 p. m. Dec. 27 for the purchase of $8,000 6% bonds. Dated
Jan. 1 1936. Certified check for $500, required.
-BOND SALE
-An issue of
HALSEY SCHOOL DISTRICT, Ore.
$27.750 Halsey High School District bonds has been sold to E. M. Adams
& Co.of Portland. Bonds maturing from 1937 to 1946 will bear 3% interest
and those coming due from 1947 to 1951 3Si %.
A block of $14,750 Grade School District bonds was also sold to E. M.
Adams & Co. Bonds of this issue maturing from 1937 to 1943 will bear
3% and those payable from 1944 to 1951 3X %•
-BOND SALE-After rejecting two bids
KLAMATH FALLS, Ore.
received for the issue of $50,109.31 refunding bonds offered on Dec. 19-the city authorities decided to buy the bonds out of the
V. 141, p. 3902
city sinking fund. The two bids rejected were submitted by Conrad, Bruce
& Co.and E. M.Adams & Co.. jointly, and Ferris & Hardgrove,the former
offering 97.625 and the latter 97.08. Due $5,109.31, Jan. 1 1941,and $5.000
yearly on Jan. 1 from 1942 to 1950, incl.
MARION COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Salem),
-BOND SALE
-The $650,000 issue of school bonds offered for sale
Ore.
1
on Dec. 12- 1. 141, p.3731-was awarded to a group composed of Myth &
Co. Inc., Camp & Co., Inc., Hemphill, Fenton & Campbell, Inc. and
Conrad truce & Co., all of Portland, at a price of 100.07. for $30().000
as 354s, maturing.550,000 from Dec. 1 1938 to 1943, incl. and the re'
mainline $350.000 OS 3Xs, maturing $50,000 from Dec. 1 1944 to 1950,Incl.
The $25,000 issue of school bonds offered for sale at the same time,
was awarded to Ladd & Bush,and the Bank of Salem, both of Salem,jointly.
as 35 at par. Due $2,500 from Dec. 1 1937 to 1946,incl.
-BOND OFFERING
PORT OF COOS BAY (P. 0. Marshfield), Ore.
-Sealed bids will be received by D. P. Crowell, Secretary of the Board of
Commissioners, until 11 a.in. on Dec. 20,far the purchase of a $25,000 issue
of 5% refunding bonds. Denom. $1,000. Dated Jan.1 1936. Due on
Jan. 1 1941. Prin. and int. (J. & J.) payable in lawful money at the fiscal
agency of the State in New York City. The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley of Portland, will be furnished.
Authority for issuance: Chapter 294, State Laws, 1935. A certified check
for $1,250, must accompany the bid.
-BOND SALE
-The $7,000 issue of 5% coupon
SHERWOOD, Ore.
semi-annual refunding improvement bonds offered for sale on Dec. 10-V.
-was awarded to the Citizens Bank of Sherwood, at a price of
141, p. 3731
100.25, a basis of about 4.94%, to optional date. Due $500 from Dec.
20 1936 to 1949. incl., optional after Dec. 20 1941. No other bid was
received.
UNION COUNTY SCHOOL DISTRICT NO. 1 (P. 0. La Grande).
-The $40.000 issue of coupon school bonds offered
-BOND SALE
Ore.
-was awarded to the First National
for sale on Dec. 9-V. 141, p. 3573
Bank of Portland, as 3%s, at a price of 100.33, a basis of about 3.72%.
Dated Nov. 1 1935. Due from Nov. 1 1941 to 1953.
UNION COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Union), Ore.
-A $12,000 issue of 4% semi-ann. school bonds is reported
-BOND SALE
to have been purchased recently by a local investor, for a premium of $400.
equal to 103.33, a basis of about 3.41%. Due $1,000 from 1936 to 1947,
inclusive.
City of
PHILADELPHIA
Moncure Biddle & Co.
1520 Locust St., Philadelphia
PENNSYLVANIA
-BOND SALE
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
be five issues of bonds listed below, aggregating $3,900,000, which were
offered for sale on Dec. 17-V. 141, p. 3731-were awarded to a syndicate
managed by Brown Harriman & Co.of New York and including the Peoples.
Pittsburgh Trust Co., Graham, Parsons & Co., Kidder, Peabody & Co..
Yarnall & Co., Janney & Co., E. H. Rollins & Sons, Dougherty, Corkran &
Co., Cassatt & Co., Edward Lowber Stokes & Co., W.H.Newbold's Son &
Co., and Singer, Deane & Scribner. The successful bid was 100.125 for
2518, a basis of about 2.74%.
$2,000,000 road bonds. Due yearly on Dec. 1 as follows: $67,000. 1936
to 1955, and 566.000, 1956 to 1965.
1,260,000 park bonds. Due $42,000 yearly on Dec. 1 from 1936 to 1965.
558,000 airport bonds. Due yearly on Dec. 1 as follows: $19.000, 1936
to 1953, and $18,000, 1954 to 1965.
82.000 bridge bonds. Due yearly on Dec. 1 as follows: $3,000. 1936
to 1937, and 82,000, 1958 to 1965.
Dated Dec. 1 1935. Principal and semi-annual interest (June 1 and Dec.
1) payable at the County Comptroller's office.
The bonds are being offered on a basis to yield from 0.50 to 2.50% for
the 1936-45 maturities; at 1023 for the 1946-50 maturities and at 102
for the 1951 to 1965 maturities. Issued for road and park purposes the
bonds, which,in the opinion of the bankers are legal investment for savings
banks and trust funds in Pennsylvania and certain other States, in the
opinion of counsel are direct and general obligations of the county, payable
from taxes which may be levied against all taxable property therein within
the limitations prescribed by law. These bonds were purchased privately
by the bankers at a price of 100.12, following the failure of the county to
receive bids at the public sale scheduled on Dec. 17.
BARRETT TOWNSHIP SCHOOL DISTRICT, Monroe County, Pa.
-The district has sold an issue of $22,000 231% school
-BOND SALE
bonds to Biddle, Whelan & Co. of Philadelphia for a premium of OK
equal to 101.80.
-D. W. Arndt, Borough Secre-BOND OFFERING
BERWICK, Pa.
tary, will receive sealed bids until 7:30 p. m.on Dec. 27,for the purchase of
$65,000 not to exceed 33i% interest paving and sewer boids. Dated
Jan, 15 1936. Denom. $1,000. Due Jan. 15 as follows: $3,000. 1943;
$6,000 from 1944 to 1946, incl.; 810.000 from 1947 to 1950, incl. and $4.000
In 1951. Interest payable J. & J. A certified check for 2% of the bid must
accompany each proposal. Bonds will be issued subject to approval of the
Pennsylvania Department of Internal Affairs.
-BONDS AUTHORIZED-An ordinance has been
BESSEMER, Pa.
passed by the Borough Council authorizing the issuance of $45,000 municipal
water supply system bonds.
BLAKELY, Pa.
-BONDS AUTHORIZED-The Borough Council
recently adopted an ordinance authorizing the issuance of $75,000 judgment
funding and debt refunding bonds.
-BOND OFFERING
BRIDGEPORT SCHOOL DISTRICT, Pa.
The Secretary of the Board of School Directors will receive bids until
8 p. m. Jan. 3,for the purchase of $45,000 school building addition bonds,
to bear interest at 2X%, 23i%, 2%*%. 3%. 331%. 336%, 331 or 4%.
Denom. $1,000. Dated Jan. 15 1936. Principal and semi-annual interest
payable at the Bridgeport National Bank of Bridgeport. Due $5,000
yearly on Jan. 15 from 1941 to 1966, inclusive.
Property Valuation-Assessed valuation 1934. $3,236.755; 1935, $3,242.315. Assessed valuation is approximately 33 1-3% of real valuation.
-u.S. Census 1930, 5,595; present estimate, 6,000.
Population
Present Tax Rate-School purposes, 17 mills; Borough purposes, 16 mills.
and County purposes, 3 mills.
Number per capitas-$2,600 at $5.
Bonded DebtOutstanding to Date
Sinking Fund
Issue$80,000.00
$30.065.41
1922
20,000.00
6,729.74
1923
20,000.00
2.899.22
1929
22,500.00
1,503.07
1934
3142,500.00
341,197.44
$26,505.92
Cash balance in general fund. Dec. 12 1935
None
Unpaid bills past due
None
Floating debt
21,714.29
Uncollected taxes present year
Uncollected taxes previous years
23,470.06
$3,687.99
1932-1933
7,331.45
1933-1934
12.450.62
1934-1935
$23,470.06
Financial Chronicle
4054
BOYERTOWN SCHOOL DISTRICT, Pa.
-BOND OFFERING
Charles B. Erb, Secretary of the Board of School Directors, will receive
bids until 7.30 p.m., Dec. 23 for the purchase at not less than par of $48,000
coupon registerable school bonds. Bidders are to name rate of interest
bonds will bear, either
4
%. 21/4'%, 3%, 31(% or 3%%,the whole issue
to bear a uniform rate. Denom. $1,000. Dated Dec. 15 1935. Interest
Payable semi-annually. Due yearly on Dec. 15 as follows: $1,000. 1936 to
1943; and $2,000, 1944 to 1963. Certified check for 2% of amount of
bonds bid for, payable to the District Treasurer, required. Legal opinion
by Townsend, Elliot & Munson of Philadelphia.
CRESSON SCHOOL DISTRICT,Pa.-BONDSRE-OFFERED-Theissue
of $25,000 4% coupon school bonds for which no bids were submitted on
Dec. 161s being re-offered for sale at 8 p. m.on Dec.30. Sealed bid8should
be addressed to C. L. Mullen, District Secretary. The issue is dated Oct.
1 1935. Denom. $1,000. Due $1,000 on Oct. 1 from 1937 to 1961, incl.
Interest payable A. & 0. A certified check for $500, payable to the order
of the District Treasurer, must accompany each propodal.
EBENSBURG SCHOOL DISTRICT, Pa.
-BONDS NOT SOLD
The issue of $21,000 4% school bonds offered on Dec. 2-V. 141. p. 3573
was not sold. Dated Dec. 1 1935 and due serially on Dec. 1 from 1936 to
1956 incl.
HAMBURG, Pa.
-BOND OFFERING-Wendell L. Huntzinger, Borough Secretary, will receive sealed bids until 7:30 p. m. on Jan. 13 for the
purchase of $130,000 not to exceed 335% interest coupon or registered refunding bonus. Dated Jan. 1 1936. Denom.$1.000. Due Jan. 1 as follows:
$6,000, 1941 to 1944 incl.: $7,000, 1945 and 1946: $8,000, 1947 to 1950 incl.;
$9,000, 1951 to 1953 incl.; $10,000, 1954: $11,000 in 1955 and $12.000 in
1956. Bidder to name a single interest rate on all of the bonds. expressed
in a multiple of 31 of 1%. interest payable .1. & J. A certified check for
2% of the bonds bid for, payable to the order of the Borough Treasurer,
must accompany each proposal. The bonds will be issued subject to the
favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
-OFFERED
HAZLETON CITY SCHOOL DISTRICT, Pa.
-BONDS RE
-The issue of $150,000 4% coupon school bonds originally offered on
Dec. 10, at which time the bids were returned unopened, because of certain
time regulations requisite for a Federal grant with which the district was
unable to comply, is being re-offered for sale at 7:30 p, m. on Jan. 14.
Sealed bids will be received at that time by D.T.Evans, District Secretary.
Bonds are dated Dec. 1 1935. Denom. $1,000. Due Dec. 1 as follows:
$20,000 from 1944 to 1950 incl. and $10,000 in 1951. The bonds are registerable as to principal only and will be sold subject to approval of the
Pennsylvania Department of Internal Affairs. A certified check for 2% of
the issue, payable to the order of the District Treasurer, is required.
HERNDON,Pa.
-BOND OFFERING-The Borough Council has voted
to call for bids on Jan.7,for the purchase of an issue of $20,000 water system
bonds.
IRWIN SCHOOL DISTRICT, Pa.
-The issue of
-BOND SALE
$40,000 school bonds offered on Dec. 16-V. 141. P. 3903
-was awarded
to the First National Bank, of Irwin, at 3% interest, for a premium of
$355. equal to 100.8875, a basis of about 2.90%. S. K. Cunningham &
Co. of Pittsburgh, were second high with an offer to pay $24 premium for
3s. Dated Jan. 11936. Due yearly on Jan. 1 as follows: $4,000, 1942 to
1946; and $5,000. 1947 to 1950.
JEANETTE, Pa.
-BOND SALE
-The $115,000 coupon, registerable as
to principal bonds offered on Dec. 18-V. 141, p. 3731-were awarded to
E. H. Rollins & Sons and Singer, Deane & Scribner, jointly. as 3 34s, for a
premium of $57.50, equal to 100.05, a basis of about 3.74'7. Dated Dec.
0
1 1935. Due yearly on Dec. 1 as follows: $3,000, 1937; $4,000, 1938 to
1946; $5.000. 1947 to 1954: and $6,000, 1955 to 1960.
Only one bid was submitted for the issue.
JENKINTOWN SCHOOL DISTRICT, Pa.
-The
-OTHER BIDS
$100,000 school bonds awarded to Yarnell & Co. of Philadelphia as 2X.s, at
a price of 100.279, were also bid for as follows:
Rate
Int. Rate
Biddle, Whelen & Co., Philadelphia
101.436
Bid234
Jenkintown Bank & Trust Co., Jenkintown
100.48
779'
Bloren & Co., Philadelphia
100.819
24
Halsey, Stuart. Philadelphia
100.6964
234
Dougherty, Corkran & Co
100.891
234%
LITITZ SCHOOL DISTRICT, Pa.
-BONDS VOTED-The voters of
the district have approved a $75,000 bond issue for an addition to a high
school building.
LOWER PAXTON TOWNSHIP SCHOOL D STR CT(P.O. Lingle,
town), Pa.
-BOND SALE
-The issue of $45,C00 school bonds offered on
Dec. 11-V. 141, p. 3574-was awarded to the Harrisburg Trust Co. as
334s, at par plus a premium of $380, equal to 100.84. Dated Feb..1 1936
and due Feb. 1 as follows: $2,000 from 1938 to 1958, incl., and $3,000 in
1959. Other bids were as follows:
BidderPremium
Int. Rate
Capital bank & Trust Co., Harrisburg
$30.00
Stroud & Co
260.25
MARIETTA SCHOOL DISTRICT, Pa.
-BOND SALE
-The $30,000
coupon school bonds offered on Dec. 13-V. 141, P. 3574
-were awarded
to E. H. Rollins & Sons of Philadelphia as 311s, at a price of 100.39, a
basis of about 3.22%. Dated Jan. 11936 and due $1,000 on Jan. I from
1937 to 1966 incl Other bids were as follows:
Bidder
Rate Bid
Int. Rate
•
W. H. Newbold's Son & Co
1 o.03
p
3)V
First National Bank of Marietta
33/,%
Leach Bros., Inc
334%
100.64
MIFFLINTOWN SCHOOL DISTRICT, Pa.
-The
-BOND SALE
First National Bank of MIfflintown has purchased an issue of $14,335 3%
coupon high school building bonds at a price of 100.10. Dated Jan. 1 1936.
Due serially bednning Jan. 1 1941 and callable at any time after that date.
Interest payable J. & J. The above report of the sale supplements that
previously given in these columns.
NEW CUMBERLAND, Pa.
-BOND SALE
-The 810,000 coupon sewer
bonds offered on Dec. 16-V. 141, p. 3574
-were awarded as 330 to E. H.
Rollins & Sons of Philadelphia.
NEW KENSINGTON, Pa.
-BOND SALE
-The $30,000 coupon bonds
offered on Dec. 17-V. 141, p. 3732-were awarded to S. K. Cunningham
& Co. of Pittsburgh, the only bidder. as 4s, at par plus a premium of $126,
equal to 100.42, a basis of about 3.83%. Dated Jan. 1 1936 and due Jan. 1
1939.
NORTH HUNTINGDON TOWNSHIP SCHOOL DISTRICT (P. 0.
Irwin), Pa.
-BONDS NOT SOLD
-No bids were submitted for the $40.000
not to exceed 3% interest school bonds offered on Dec. 16-V. 141, p.3732.
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Latrobe), Pa.
BOND SALE
-The $56,000 coupon school bonds offered on Dec. 14V. 141, p. 3732
-were awarded jointly to Singer, Deane & Scribner, Inc.
and Glover & MacGregor. both of Pittsburgh. as 48, at par plus a premium
$1,626. equal to 102.90. Dated Jan. 1 1936 and due serially on Jan. 1
from 1939 to 1957 incl. S. K. Cunningham & Co. and E. H. Rollins &
Sons,jointly, named a premium of $1,288.
PITTSBURGH, Pa.
-NOTE SALE
-An issue of $500,000 promissory
notes, dated Oct. 1 1935 and maturing Oct. 1 1938, which was offered for
sale on Dec. 12 was awarded to Halsey, Stuart & Co. of New York on a
1% interest basis, plus a premium of $325.
POTTSTOWN SCHOOL DISTRICT, Pa.
-BOND SALE
-The issue of
$100,000 coupon school bonds offered on Dec. 16-V. 141. p. 3732
-was
awarded to Yarnall & Co. of Philadelphia as 234s, for a premium of 3697,
equal to 100.697. a basis of about 2.46%. Second high bid was submitted
by Hemphill, Noyes & Co. of Philadelphia, who offered a premium of $277
for 234% bonds. Dated Dec. 15 1935. Due yearly on Dec. 15 as follows:
$3,000. 1936 to 1955. and 51.000, 1956 to 1965.
Other bids were as follows:
Bidder
Int. Rate Rate Bid
National Iron Bank. Pottstown
101.00
23-%
Bancamerica-Blair Corp., Philadelphia
3
100.665
W.II. Newbold's Son & Co., Philadelphia
2 %
100.399
Corlcran & Co., Philadelphia
Dougherty.
3
100.586
E. H. Rollins & Sons, Philadelphia
•3 0
100.553
Gertler & Co., Inc. New York..
100.31
31 %
.
1
Halsey, Stuart & CO
2%%
101.062
Graham-Parsons & Co., Philadelphia
3%
101.05
30,
or
s
Dec. 21 1935
POTTSVILLE, Pa.
-BOND SALE
-The issue of $50,000 bonds offered
on Dec. 14-V. 141, p. 3732
-was awarded to E. II. Rollins & Sons of
Philadelphia as 3;is, at a price of 101.14. Due on Dec. 1 as follows: $1,000
from 1936 to 1945 incl. and $2,000 from 1946 to 1965 incl. Other bids were
as follows:
Int. Rate
BidderPremium
J. B. Hollman, Washington, D. C. (for $18,000) - - 3V 7e
102.00
M. M.
Freeman & Co., Inc
31.3 0
101.10
Bancamerica-Blair Corp
3
0
100.36
RUTLEDGE,Pa.
-BOND OFFERING-Paul Hertel, Borough Secretary,
will receive sealed bids until 8 p. m. on Dec. 26 for the purchase of $10,000
234, 2J4, 3, 351. or 334% coupon sewer bonds. Dated Jan. 15 1936.
Denom. $1,000. Due Jan. 15 1941. Registerable as to principal only.
Interest payable J. & J. All of the bonds must bear the same interest rate.
A certified check for 2% of the amount bid for, payable to the order of the
Borough Treasurer, must accompany each proposal. The bonds will be
sold subject to the approving opinion of Townsend. Elliott & Munson of
Philadelphia.
SHENANDOAH SCHOOL DISTRICT, Pa.
-BONDS VOTED
-A
proposal to issue $50,000 school building bonds was approved by a vote of
2,404 to 1.174 at a recent election.
SOUTH FORK SCHOOL DISTRICT, Pa.
-BOND OFFERING
Beatrice Dunmore, District Secretary, will receive bids until noon Jan. 2
for the purchase of $25.000 434% coupon school bonds. Denom. $1,000.
Dated Jan. 11936. Interest payable Jan. land July 1. Due $1,000 yearly
on Jan. 1 from 1937 to 1961, incl. Cert. check for $450, required.
SPRING GARDEN TOWNSHIP SCHOOL DISTRICT,York County,
Pa.
-The $43,000 354% coupon school bonds offered on
-BOND SALE
Dec. 16-V. 141, P. 3732
-were awarded to C. C. Collings & Co. and
Suplee, Yeatman & Co.. both of Philadelphia,jointly, at par plus a premium
of $2,294.48, equal to 105.336. a basis of about 2.84%. Dated Jan. 1 1936
and due Jan. 1 as follows: $2,000, 1938 to 1942, incl.; $4,000. 1943 to 1946.
incl.; $5,000 in 1947 and $6,000 in 1948 and 1949. Other bids were as
follows:
BidderPremium
A. G. Blakey & Co
81.900.43
E. H. Rollins & Sons
,836.10
York Trust Co
1,750.00
E. Lowber Stokes & Co
924.50
C. N. Myers
468.70
Stroud & Co
232.03
Leach Bros.. Inc
146.20
TROUPSBURG SCHOOL DISTRICT, Pa.
-BONDS VOTED-By a
vote of 358 to 61 the residents of the district at a recent election approved a
bond issue of $79,000 for school construction.
-BOND SALE
-The $84,000 coupon refunding
WELLSBORO, Pa.
bonds offered on Dec. 13-V. 141. p.3732
-were awarded tow. II. Newbold
Son & Co., of Philadelphia, as 248, for a premium of $475.02, equal to
100.565, a basis of about 2.74%. Bioren St Co. of Philadelphia, bidding
second high, offered a premium of $1,175.16 for 3s. Dated Dec. 30 1935.
Due on Dec. 30 as follows: $4,000. 1937 and 1938; 58,000. 1940: $6,000.
1942, 1944, 1946, 1948 and 1950; $8,000, 1952, and 510,000, 1953, 1954
and 1955.
WEST WYOMING SCHOOL DISTRICT, Pa.
-BONDS SOLD TO
P WA-The $25,000 coupon (registerable as to principal) school building
bonds offered on Dec. 10-V. 141, p. 3732
-were sold as 48 at par to the
Public Works Administration, Dated Dec. 1 1935 and due Dec. 1 as follows: $1,000 from 1937 to 1941, inclusive.
RHODE ISLAND
PROVIDENCE, R. I.
-BOND SALE
-The 51.500.000 coupon or registered bonds offered on Dec. 18-V. 141, p. 3732-were awarded to the
Bank of the Manhattan Co. of New York as 2s, at a price of 100.19, a basis
of about 1.98%. They are:
$900,000 highway bonds. Due $60,000 each Jan. 1 from 1937 to 1951 incl.
600,000 emergency unemployment relief bonds. Due $40,000 each Jan. 1
from 1937 to 1951 incl.
Each Issue is dated Jan. 1 1936.
Other bids were as follows:
Bidderltd. Rate Premium
First National Bank of New York; R. W. Pressprich &
Co.; Salomon Brothers & Hutzler, and Arthur Perry
& Co., Inc
231% $17,250.00
Edward B. Smith & Co.; Stone & Webster and Blodget,
Inc.', Eldredge & Co., and Mississippi Valley Trust Co.231%
15,028.50
The National City Bank of New York; Bankers Trust
Co. and The First Boston Corporation
231%
12,600.00
Whiting, Weeks & Knowles, Inc.; the Harris Trust &
Savings Bank, and Lee Illgginson Corporation
%
10.015.50
Blyth & Co., Inc.; E. Ii. Rollins & Sons, Inc.; Paine,
Webber & Co.; Burr & Co., Inc.; Baker, Weeks &
Harden9,150.00
L. Day & Co.R
and Estabrook & Co
6,450.00
Lazard Freres & Co.; Goldman, Sachs & Co.; First of
nfR
Michigan Corp.: Hornblower & Weeks; Starkweather
& Co., Inc.. and Lobdell & Co
211%
4.935.00
Newton, Abbe & Co.; the Chase National Bank; L. F.
Rothschild & Co.,and Kelley. Richardson & Co.
.Inc 231%_
1,798.50
Lehman Brothers; Kidder, Peabody & Co.; F. S. Moseley
& Co.; Darby & Co.; Foster & Co., and Schaumburg,
Rebhann & Lynch
%
19,500.00
Brown Harriman & Co., Inc.; Phelps, Fenn & Co.;
Mercantile-Commerce Bank & Trust Co., and Boatmen's National Bank
234%
12,925.50
Halsey, Stuart & Co.; Bancamerica-Blair Corp.; Adams,
McEntee & Co., Inc.; B. J. Van Ingen & Co., Inc..
and Jackson & Curtis
234%
12,870.00
Dick & Merle-Smith,• Geo. B. Gibbons & Co., Inc.;
Roosevelt & Weigold, Inc.; Bacon, Stevenson & Co.;
Equitable Securities Corp., and Robinson, Miller &
Co., Inc
234%
4,500.00
SOUTH CAROLINA
BROOKINGS INDEPENDENT SCHOOL DISTRICT, S. Dak.BOND SALE
-The issue of $90,000 coupon school bonds offered on Dec. 17
-V. 141, P. 3575
-was awarded to the First National Bank & Trust Co. of
Minneapolis, at 314% interest, for a premium of $301, equal to 100.334, a
basis of about 3.22%. Second high bid, a $300 premium for 3318. was
submitted by Bigelow, Webb & Co. of Minneapolis. Dated Nov. 1 1935.
Due from. 1937 to 1955.
-BOND SALE DETAILS
CHARLESTON, S. C.
-It is reported by the
Secretary of the Board of Trustees that the $70,000 school bonds purc based
by the South Carolina National Bank of Columbia, as noted recently
V. 141, p. 3732
-were sold as 3%% bonds, paying a premium of $91.00,
equal to 100.13, a basis of about 3.36%. Due from 1936 to 1960.
CHARLESTON COUNTY SCHOOL DISTRICT NO.4(P.O. Charleston) S. C.
-BOND SALE-Thr $50,000 issue of school bonds offered for
saloon Dec. 12-V. 141, p. 3904
-was purchased by James Conner & Co.,
of Charleston, as 33 s, paying a premium of $65.00, equal to 100.13,
according to report. A loan of$49,000 was approved by the l'ublic Works
Administration on this project.)
CUSTER INDEPENDENT SCHOOL DISTRICT (P. 0. Custer)
S. Dak.-PRICES PAID
-It is stated by the District Clerk that the
$46.000 4% semi-ann. school bonds purchased by the Custer County
Bank,of Custer
-V.141, p.3904-were sold at par. Due from 1937 to 1955.
GREER, S. C.
-BOND CALL
-The Commissioners of Public Works
are said to be calling for redemption on Jan. 1, 5% semi-ann. sewerage or
electric light bonds, dated Jan. 1 1914, Nos. 1 to 17, and 53 to 67. in the
denomination of $1,000 each. Said bonds with all unmatured coupons are
to be presented for payment at the Bank of Greer.
McLAUGHLIN, S. Dak.-BONDS SOLD-The City Council recently
sold $16,000 5V refunding bonds locally at par. Dated Dec. 1 1935.
Due serially to Dec. 1 1949.
4055
Financial Chronicle
Volume 141
SOUTH DAKOTA
RAPID CITY INDEPENDENT SCHOOL DISTRICT, S. Dak.BOND SALE
-The $194,000 4% coupon school bonds offered on Dec. 17V. 141, p. 3904
-were awarded to the First National Bank & Trust Co. of
Minneapolis for a premium of $1,150, equal to 100.592, a basis of about
3.94%. The First National Bank & Trust Co. of Sioux Falls and Bigelow,
Webb & Co. of Minneapolis, bidding jointly, offered a premium of $2,100.
Dated Jan. 1 1936. Due yearly on Jan. 1 as follows: $10.000, 1939 to 1943;
$11,000, 1944 to 1947; $12,000, 1948 to 1951; and $13.000, 1952 to 1955.
TENNESSEE
Municipal Bonds
EQUITABLE
Securities
New York
Birmingham
Chattanooga
Corporation
Nashville
Knoxville
Memphis
TENNESSEE
CHATTANOOGA, Tenn.
-BOND OFFERING DETAILS-In connection with the offering scheduled for Dec. 23, of the $677.000 public
improvement bonds, notice of which was given in these columns recently
-it is stated by F. K. Rosamond, City Auditor, that no
V. 141, p. 3904
bids will be considered for less than par and accrued interest, and a certified
check for 2% of the face value of the bonds, payable to Alvin Shipp, City
Treasurer, must accompany the bid.
KNOXVILLE, Tenn.
-BONDS NOT SOLD
-The $318.000 5% coupon
or registered school bonds offered on Dec. 14-V. 141. p. 3733
-were not
sold, a bid received from the Cumberland Securities Corp.; the FidelityBankers Trust Co.. and the Equitable Securities Corp., all of Knoxville,
to take the bonds at par and accrued interest, less 234% for selling costs,
being rejected by the city.
BOND SALE TENDERS IN
is stated by H. Wood, Director
of Finance, that he will receive sealed tenders offering for sale of 25
-year
refunding bonds to the city, dated Jan. 1 1933. and maturing on Jan. 1
1958, to the amount of $25,000, for the purchase by the Sinking Fund
Board in complinace with the law authorizing the same. Sealed tenders
will be received until 10 a. m.on Dec. 31.
These tenders shall be accompanied by a certified check upon an incorporated bank or trust company for 1% of the face amount of the bonds
tendered for purchase.
MARYVILLE,Tenn.
-PRICE PAID
-It is stated by the City Recorder
that the $10,000 coupon 4% sanitary sewage disposal plant bonds purchased on Dec. 11 by the Bank of Marysville, the only bidder-V. 141. p.
-was sold for a premium of $10.00, equal to 100.10, a basis of about
3904
3.98%. Due $1,000 from Dec. 2 1936 to 1945 incl.
NEWPORT, Tenn.
-BONDS SOLD
-It is stated by the Town Recorder
that of the three issues of 5% semi-annual bonds aggregating $19,000.
offered for sale on Dec. 18-V. 141, p.3733
-two issues aggregating $11,000
were purchased by local investors, at par. They are as follows: $6.000
street improvement, and $5,000 park bonds. The $8,000 issue of hospital
bonds offered was not sold as all bids were rejected.
PETERSBURG, Tenn.
-BOND OFFERING-Sealed bids will be
received until 1 p. in. on Jan. 8, by W. W. Grill, Clerk of the Board of
Aldermen,for the purchase of a $10,000 issue of 43 % town beads. Denom.
$100. Dated Jan.8 1936. Due in 20 years, optional in 10 yezrs. Prin. and
int. payable at the First National Bank in Petersburg.
SPARTA, Tenn.
-BOND OFFERING
-It is stated by W. S. Boyd,
City Recorder, that he will offer at public sale on Jan. 4. at 11 a, m., a
$54,000 issue of 4% semi-ann. sewer bonds. Dated Jan. 1 1936. Due
from Jan. 1 1938 to 1965. No bid for less than par and accrued interest
will be considered. A certified check for $1.000 must accompany each bid.
TENNESSEE, State of
-BOND REFUNDING AUTHORIZED
-It is
reported that on Dec. 12 the State Funding Board authorized the refunding
of $545,000 in State highway bonds that were due In 1939.
TEXAS BONDS
Bought - Sold - Quoted
H. C. BURT •St COMPANY
Incorporated
Sterling Building
Houston, Texas
TEXAS
AMARILLO, Tex.
-BIDS REJECTED
-Bids received for the $605.000
refunding bonds offered on Dec. 18-V. 141, p. 3905
-were 'ejected
Due yearly as follows: 530 000, 1943; $21,000, 1944; $23,000, 1945
t
$24,000,
1946; $25,000, 1947; 26,000, 1948; $27,000, 1949; $28,000, 1950
9,000, 1951; 530.000, 1952; '1,000, 1953; $32,000, 1954; 533,000, 1955
4.000, 1956; $35,000, 1957; 536,000, 1958; $37,000.1959; $38,000. 1960
9,000, 1961, and $38,000. 1962.
E
BRADY INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
VOTED
-At an election held on Dec. 2 the voters approved a proposition to
issue $50,000 high school building bonds.
BRAZORI A COUNTY ROAD DISTRICT NO. 3 (P. 0. Angleton),
Tex.
-BONDS VOTED
-At the election held on Dec.7-V. 141, p. 3575_
the voters approved the issuance of the $650,000 in road bonds, according
to the County Judge.
CHAMBERS COUNTY ROAD DISTRICT NO. 4 (P. 0. Anahuac),
Tex.
-BOND CALL-It is stated that the district is calling for payment
on Jan. 15, on which date interest shall cease, bonds numbered 7. 14, 19.
20. 22, 23, 46, 47, 49 and 50 to 72, bearing date of April 14 1913, in the
denomination of $1,000 each.
DALLAS, Tex.
-CORRECTION
-We are informed that we inadvertently omitted to include the firm of Pondrom & Co. of Dallas, in the
syndicate composed of Goldman, Sachs .S5 Co.: Wm. R. Compton & Co.,
both of New York, and the Equitable Securities Corp. of Nashville, that
purchased the four issues of bonds aggregating $515,000 on Dec. 4, as 38,
at a price of 100.589. a basis of about 2.94%, as reported in these columns
-V. 141, p. 3733.
at that time
GILMER, Tex.
-BONDS VOTED
-At an election held on Nov. 26 a
proposal to issue $100.000 street paving bonds was approved by the voters.
GOLDEN INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
VOTED-Residents of the district at a recent election voted approval of
a bond issue of $40,000 for construction of a school building.
GOLDWAITHE, Tex.
-BONDS SOLD
-It is stated by the City Secretary that a $26,000 issue of 4% semi-annual sewer bonds approved by the
voters at an election held on Nov. 30, was purchased at par by the Public
Works Administration.
LaMARQUE COMMON SCHOOL DISTRICT, Tex.
-BONDS VOTED
-issuance of $75,000 school building bonds was recently approved by the
voters.
-BOND ELECTION
LAMB COUNTY (P. 0. Olton), Tex.
-It is reported that an election will be held on Jan. 4 in order to vote on the issuance
of $60,000 in road bonds.
-The
LOVING COUNTY (P. 0. Mentone), Tex.
-BOND SALE
$25,000 issue of 5% coupon semi-ann. court house and jail bonds offered for
sale on Dec. 16-V. 141, p. 3733
-was purchased by George L. Simpson &
Co. of Dallas. Due from 1937 to 1951.
MARLIN, Tex.
-BOND SALE
-The $102,500 issue of refunding water
bonds offered for sale on Dec. 10-V. 141, p. 2937
-was purchased by
Robert E. Levy & Co. of Waco, according to report. Due serially in 20
years, with the option ofretirement in 1940.
BOND CALL
-It is stated by C. S. Cousigs, City Secretary, that the
city has exercised its option and will call for payment at par and accrued
interest, at the First National Bank of,Waco, on Jan. 15 1936, on which date
Interest shall cease, all outstanding 53 % semi-ann. water works improve,
6
ment bonds, aggregating $102,500, all bearing date of Dec. 1 1921.
MITCHELL COUNTY ROAD DISTRICT NO. 1 (P. 0. Colorado),
-BOND CALL
-It is stated by Mayme Taylor. County Treasurer,
Tex.
that $15.000 5% road bonds dated Aug. 10 1910. due in 40 years. redeemable
at any time after 10 years, have been called for payment at the City National Bank, Colorado, on Jan. 15.
-BONDS
MOULTON INDEPENDENT SCHOOL DISTRICT, Tex.
-Voting 228 to 225, residents of the district recently approved a
VOTED
proposition to issue $50.000 high school building bonds.
NUECES COUNTY ROAD DISTRICT NO.1 (P.O. Corpus Christi),
Tex.
-BOND CALL
-It is stated by Nannie E. Griffin, County Treasurer,
that $87,000 road bonds, part of an issue for $100,000, dated April 10 1913,
due on April 10 1953, and optional after April 10 1933, are being called
for redemption on Jan. 10, at the office of the State Treasurer. Payment
will be made for these bonds at par and accrued interest, and if not presented
for payment, they shall cease to bear interest after date called.
PLEASANTON SCHOOL DISTRICT (P. 0. Pleasanton), Tex.-The $22.000 school bonds that were purchased by the
PRICE PAID
-V. 141.
State Board of Education, as reported in these columns recently
-were sold as 4s at par, according to the District Secretary.
p. 3733
RAYPAONDVILLE, Tex.
-BONDS VOTED
-At a recent election the
voters gave their approval to a proposition to issue $125,000 municipal
water and light plant construction bonds.
-BOND SALE
-The six issues of bonds, amountSAN ANTONIO,Tex.
ing to $350,000, which were offered on Dec. 19-V. 141, P. Z905 were
awarded to Mahan, Dittmar & Co. of San Antonio. The bonds are divided
as follows: $127,500 street impt.,$100,000 sewer construction. $65,000
park impt.. $25.000 river impt., $25,000 bridge construction, and $7,500
airport bonds, and will mature serially over a 20-year period, the annual
installments being equal as far as practicable. The successful bid provided
that the bonds maturing to 1948 should bear 3% interest and the balance
of the issue 3;i%. A premium of $136.50 is being paid for the bonds.
The same firm also offered a premium of $2,380 for the 33s on the entire
offering. Dated Jan. 1 1936.
-BONDS VOTED-It is stated by the City AttorSAN ANTONIO,Tex.
ney that at the election held on Dec. 17, the voters approved the issuance
of the $350,000 in bonds, divided as follows: $127,500 street impt.; $100.000 sewer construction; $65,000 park inapt.; $25,000 river impt.; $25.000
bridge construction, and $7,500 airport bonds.
(These are the bond offered for sale on Dec. 19.)
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND OFFERING-Sealed bids will be received
San Antonio), Tex.
until 10 a. in. on Dec. 20, by Paul H. Scholz, Business Manager of the
Board of Education,for the purchase of the $400.000 issue of school bonds.
Interest rate is not to exceed 4%. payable semi-annually. Dated Feb. 1
1936. Due $20,000 from 1937 to 1956, inclusive.
-It is stated by Paul H. Scholz, Business Manager of the
BOND CALL
Board of Education. that $400,000 of 5% school bonds, dated Feb. 1 1916.
optional on Feb. 1 1936, are being called for redemption on Feb. 1. at the
office of the Board of Education, at par and accrued interest.
SAN PATRICIO COUNTY DEFINED ROAD DISTRICT NO. 1
-It is reported that an election
(P.0.Sinton) Tex.-BOND ELECTION
will be held on Jan. 16 in order to vote on the proposed issuance of $200,000
in lateral road bonds.
-It is reported that an election
-BOND ELECTION
SHERMAN, Tex.
is scheduled for Dec. 27, in order to vote on the issuance of 5225,000 in
bonds, divided as follows: $115,000 auditorium and community center.
$100,000 water supply and swimming pool, and $10,000 high school auditorium bonds.
-BOND
UVALDE INDEPENDENT SCHOOL DISTRICT, Tex.
-An election is to be held on Dec. 21, for the purpose of votELECTION
ing on the question of issuing $50,000 school building bonds.
--BONDS VOTED-The
WAELDER SCHOOL DISTRICT, Tex.
voters recently gave their approval to a proposition to issue 1.44.000 school
building bonds.
-BONDS DEFEATED-It is reported that the
WICHITA FALLS,Tex.
voters rejected recently a proposal to issue $1,260,000 in power and electric
light plant bonds. (An allotment of 51.750,000 for this purpose had
been approved by the Public Works Administration.)
WILLACY COUNTY WATER CONTROL AND IMPROVEMENT
-TAXPAYERS
DISTRICT NO. 1 (P. 0. FtAYMONDVILLE), Tex.
-A dispatch from Raymondville to the
ASK P WA TO WITHDRAW LOAN
"Wall Street Journal" of Dec. 14 had the following to say:
"In two resolutions, one addressed to the Public Works Administration
and the other to holders of outstanding bonds of the Willacy County Water
Control and Improvement District No. 1, 176 landowners of the District
here have voiced opposition to the pending PWA loan of more than 34.000.000 and have asked the PWA to cancel the loan and grant already allocated.
"In the resolution addressed to the PWA,it was set out that 75% of the
landowners of the District were present at the meeting and that the 176
present 'demand that the PWA authorities withdraw their approval of the
$4,483,000 loan and grant applied for by the directors of the District."
"
'We are interested in reducing, rather than increasing, our bonded
indebtedness,' one of the paragraphs of the resolution stated.
"
'It is inconceivable that any governmental agency, would force a debt
on an unwilling people,' another part of the resolution read.
"Copies of the resolution were to be sent to President Roosevelt, Harold
W. Ickes, PWA Administrator, the two Texas Senators and Congressman
Milton West. In the resolution addressed to the bondholders, they were
asked not to subordinate their bonds to the bonds to be issued in payment
of the PWA loan, a procedure necessary if the loan and grant are to be
made."
UTAH
LOGAN CITY SCHOOL DISTRICT (P. 0. Logan), Utah-BOND
SALE
-An $80,000 issue of 3A % school building bonds was purchased by a
group headed by Boettcher & Co. of Denver. Denom. $1,000. Dated
Nov. 1 1935. Due $14,000 on Nov. 1 1947 and 1948,and 813,000. 1949 to
1952. Prin. and int. M.& N. payable at the First Security Trust Co. in
Salt Lake City, or at the Irving Trust Co. in New York,at the option of the
holder. Legal approval by Chapman Sc Cutler of Chicago.
(We recently reported the sale of a $24,000 block of these bonds.
V. 141, p. 2625.)
VERMONT
POULTNEY SCHOOL DISTRICT, Vt.-BOND OFFERING-P. E
Hannan, Clerk of the School Directors, will receive bids until 4.30 p.m
Dec. 27 for the purchase at not less than par of $53,000 couPou improvement bonds. Bidders are to name rate of interest, in a multiple of h'%,
and to submit a bid based on 4% bonds. Denom. $1,000. Dated Dec.
1935. Principal and semi-annual interest (June 1 and Dec. 11 payable
at the National Shawmut Bank of Boston. Due yearly on Dec. 1 as
follows: $3,000, 1936 to 1948. and $2,000, 1949 to 1955.
Bonds are engraved under the supervision of and certified as to genuineness by the National Shawmut Bank of Boston, their legality will be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be
4056
Financial Chronicle
furnished the purchaser. All legal papers incident to this issue will be
filed with said bank where they may be inspected.
Bonds will be delivered to the purchaser at the National Shawmut Bank
of Boston, 40 Water Street, Boston.
Town School District of the Town of Poultney Financial Statement, Dec. 2 1935
Assessed valuation. 1935
$1,596,150.00
Total bonded debt, including this issue
53.000.00
1935
1934
1933
Total levy
$34,077.54 $35,913.38 $27,757.63
Uncollected last payment date
6,578.43
6,919.71
6,060.14
Total taxes collected during year
Current years and prior years
31,158.38
23,686.58
33,775.33
Note
-This school district has no indebtedness at this time excett current
bills which it is prepared to pay as they become due.
$20,000
ROANOKE, VA. 41 2s, due 1957-61
/
Dec. 21 1935
offered for sale on Dec. 11-V. 141, p. 3906
-was tentatively awarded to
Bartlett, Knight & Co. of Chicago, as reported recently and was purchased
for a premium of $1.180, equal to 107.15, according to the District Clerk.
He states that the actual award of these bonds is being held over until
Jan. 5, as the building bids have not been set as yet.
PLYMOUTH, Wis.-BOND SALE DETAILS
-It is stated by the City
Clerk that the $20,000 Issue of sewage disposal plant bonds purchased
recently by the Citizens State Bank of Sheboygan, for a premium of
$625.50, as reported in these columns
-bears interest
-V. 141. P. 3906
at 3%. Coupon bonds dated Nov. 15 1935. Denom. $1,000. Due $1,000
from 1936 to 1955. Interest payable M.& N. Price paid equal to 103.127,
a basis of about 2.63%.
TIGERTON, Wis.-PRICE PAID-It is stated by the Village Clerk
that the $18,000 4% semi-ann. water works bonds purchased by the
Channer Securities Co. of Chicago, as reported in these columns recently-.
V. 141, p. 3734
-were sold for a premium of $276.50, equal to 101.536. a
basis of about 3.83%. Due from 1936 to 1955. inclusive.
at 3.20%-3.30% basis & interest
Canadian Municipals
F. W.CRAIGIE Si COMPANY
Information and Markets
Richmond, Va.
Phone 34137
A.T.T.Tel.Rich. Va.83
VIRGINIA
DANVILLE, Va.-BOND SALE
-The issue of $120,000 4% coupon
refunding bonds offered on Dec. 17-V. 141. P. 3905-was awarded to the
American National Bank of Danville for a premium of $9,945, equal to
108.287, a basis of about 3.28%. A syndicate headed by Frederick E.
Nolting, Inc. of Richmond, submitted the next best bid, an offer of a
$9.801 premium. Dated July 1 1935. Due $4,000 yearly on July 1 from
1936 to 1965. incl.
The following is an official list of the bids received:
Bidder-'
Price Bid
* American National Bank & Trust Co., Danville, Va
$129,945.00
Fred'k E. Nolting, Inc., Richmond, Va.; Mason Hagan. Inc..
Richmond, Va.. and Stranahan Harris & Co., Inc., Toledo.
Ohio
129,801.00
F. W. Craigie & Co., Richmond, Va., and Estabrook & Co.,
New York
128,608.33
Scott & Stringfellow, Richmond, Va
128591.50
,
The Richmond Corp., Richmond, Va
128,508.00
Scott. Horner & Mason, Lynchburg, Va., James H. Causey &
Co.. New York
127,838.40
Halsey Stuart & Co., Inc., New York
126,222.00
•Successful bid.
ROANOKE,Va.-BOND PAYMENT NOTICE-Adopting a recommendation made by the Sinking Fund Commission, the City Council on Dec. 13
voted unanimously to retire in full with sinking fund cash a total of $400,000
in term bonds maturing on Jan. 1, and $414.000 due on July 1 1936. The
bonds falling due on July 1 1936, consist of $414,000 refunding 434s, dated
July 1 1906. Mayor Sidney F. Small, as Chairman of the Sinking Fund
Commission, stated that the city will redeem these bonds in advance, but
not later than March 1 1936. on the yield basis of 34 of 1% net.
WASHINGTON
KENNEWICK IRRIGATION DISTRICT (P.O. Kennewick), Wash.
-BONDS SOLD-It is stated by the District Sercetary that the $17,000
4% inapt. bonds offered for sale on Dec. 10-V. 141, p. 3734
-were Purchased at par by the Public Works Administration.
PORT TOWNSEND, Wash.
-BOND OFFERING NOT CONTEM
PLATED
-In response to our inquiry as to the possible reoffering date on
the $41,500 issue of not to exceed 6% semi-annual refunding
bonds offered
for sale without success on Oct. 29, as reported in these columns at that
time
-V. 141. p. 3110
-we are advised as follows by C. F. Christian,
City Clerk:
"No bids received. New initiative law passed last fall by direct vote
of the people, limits levy for bond interest and redemption (new bonds)
to five mills. If refund bonds are classed as new bonds, we could not keep
our levy within the five mills.
"This technical point has not yet been taken into court for a ruling,
so bond buyers are holding off until the courts pass on same."
SEATTLE, Wash.
-BOND CALL
-H. L. Collier, City Treasurer, is
reported to be calling for payment at his office from Dec. 13 to Dec. 24.
various local impt. bonds and coupons.
WEST VIRGINIA
ASHLAND COUNTY (P. 0. Ashland) Wis.-BOND SALE-The
$86.000 issue of 3% coupon semi-ann. highway improvement, series A and
B bonds offered for sale on Dec. 16-V.141, p.3734-was awarded too. W.
McNear & Co. of Chicago, paying a premium of $420, equal to 100.488, a
basis of about 2.86%. Due on May 1 as follows: $45,000 in 1937. and
$41,000 in 1938.
BLUEFIELD, W. Va.-BONDS AUTHORIZED
-On Nov. 19 the
Board of Directors of the city passed an ordinance providing authority for
the Issuance of $244,000 sewer revenue bonds.
CHARLESTON, W. Va.-BONDS VOTED
-At an election held on
Dec. 5 the voters of Charleston gave their approval to a proposal to issue
$330,000 South Side bridge bonds, the vote on the measure being 7.873
"for' to 284 "against."
FAIFtMONT, W. Va.-BONDS SOLD-It is reported that a $32.000
Issue of4% water works bonds was sold recently to a local purchaser, for a
premium of $845.60, equal to 102.64. (The Public Works Administration
has approved a loan of $32,000 for this project.)
WISCONSI N
ASHLAND, Wis.-BONDS AUTHORI7ED-A resolution authorizing
the issuance of $780,000 waterworks mortgage bonds was passed recently
by the City Council. W. C. Morris is City Clerk.
KAUKAUNA, Wis.-BOND OFFERING-Sealed bids will be received
until 8 p.m. on Jan. 6, by L. C. Wolf, City Clerk, for the purchase of an
issue of$170,0003% sewage disposal plant bonds. Denom.t1,000. Dated
Aug. 1 1935. Due on Feb. 1 as Moots: *5.000. 1938 to 1941; 810.000.
1942 and 1943; 815.000. 1944 to 1951, and $10.000 in 1952. Prin. and int.
(F. & A.) payable at the City Treasurers office. The bonds are to be
Issued subject to the examination and certification by the Attorney-General
of the State and all bids must be so conditioned. A certified check for 2%
of the par value of the bonds, payable to the City Treasurer, must accompany the bid.
KENOSHA, Wis.-BOND OFFERING-Sealed bids will be received
until 2 p.m. on Dec. 30, by A. E. Axtell, Director of Finance, for the
purchase of a S38.500 issue of refunding bonds. Interest rate is not to
exceed 4%,payable J.& D. Denom.$1,000, one for $500.
Dated Dec.15
1935. Due on Dec. 151951. Prin.and int. payable at the City Treasurers
office. Le cality approved by Chapman & Cutler of Chicago. A certified
check for $500, payable to the city, must accompany the 'bid.
LITTLE CHUTE, Wis.-PRICE PAID
-In connection with the sale
of the $25,000 issue of 4% semi-ann. sewage disposal system bonds to the
Appleton State Bank, report of which appeared in these columns recently
-it is stated by the Village Clerk that the bonds were
-V. 141, p. 3734
sold for a premium of $185, equal to 100.74, a basis of about 3.92%. Due
from May 1 1941 to 1953.
LUXEMBURG SCHOOL DISTRICT (P. 0. Luxemburg) Wis.-The $16,500 issue of 4% coupon semi-ann. school bonds
PRICE PAID
BRAWLEY, CATHERS •St CO.
25 KING ST. WEST, TORONTO
ELGIN 6438
CANADA
ALBERTA (Province o0
-CONTINUES NON-PAYMENT OF SAV-Ending of the suspension on Alberta provincial
INGS CERTIFICATES
savings certificates payments is not contemplated yet and holders of these
accounts, therefore, will not be able to draw the money for Christmas,
Acting Premier Manning, said Dec. 17. Suspension of payments on the
certificates was ordered by Former Premier R. G. Reid just before he left
office and has never been rescinded. The amount involved is $9,000,000.
half of which is represented by demand certificates and the other half by
those of one, two and three-year terms.
-NOVEMBER RELIEF COSTS HIGHER-LARGER
CALGARY, Alta.
LOAN SOUGHT
-Relief costs amounted to $926,198 up to November,
compared with $900.736 in the same period of 1934. The city has boosted
its request for a loan from the Dominion to $150.000, and is also trying,
through the Alberta government, to get Dominion government help in
refunding the city's debt.
CAP DE LA MADELEINE, Que.-DECEMBER INTEREST PAYMENT
-The municipality is paying Interest coupons due Dec. 1 1935.
-CURRENT AND DELINQUENT TAX PAYEDMONTON, Alta.
MENTS HIGHER-Tax collections to Nov. 30, including arrears, were
13,690,924, compared with $3,282,769 for the same 1934 period. Current
taxes collected were $2,570,269, against $2,384,460 in the 1934 period. The
comparison of arrears if 8837,632, against $613.083. Collections for the
year will at least equal the tax levy, which, however, was about $167,000
short of estimated expenditures.
-The
MONTREAL, Que.-BONDS OFFERED FOR INVESTMENT
Bank of Montreal and associates are making public offering in Canada of
$7,885,000 non-callable sinking fund bonds. 'The offering consists of:
83,045,0003%bonds, due Dec. 15 1940, priced at 99.08, to yield 3.20a•
2,459,000 3 o bonds, due Dec. 15 1942, priced at 97.22, to yield 3.45 .__
2.381,000 3 % bonds, due Dec. 151947, priced at 97.13, to yield 3.80%.
All of the bonds are dated Dec. 15 1935. Denoms. $1,000 and $500.
registerable as to principal. Bonds and J. & D. 15 interest.payable in
lawful money of Canada at the office of the Director of Finance of the City
of Montreal or at the principal office of the Bank of Montreal or the National
Canadian Bank located in any one of the cities of Halifax. Saint John,
N. B., Quebec, Toronto. Winnipeg or Vancouver, at the holder's option.
Legal opinion by Messrs. Meredith. Holden. Reward & Holden for the
selling agents and Charles Laurendeau, Esq., K.C., for the city. The
bonds will be direct obligations of the City of Montreal and will rank concurrently and pani passu with the securities of the city aiready issued and
will be, in accordance with the law, a charge upon the immovable property
situate within the city limits. The proceeds of the bonds will be used to
retire temporary borrowings effected for the retirement of $3,045,000 of
bonds maturing on Dec. 15 1935 and to cover expenditures of $4,840000
already made for unemployment relief. The present issue has received
the approval of the Quebec Municipal Commission.
-The underwriting group includes the following:
Syndicate Members
Bank of Montreal, Banque Canadienne Nationale, Royal Bank of Canada,
Canadian Bank of Commerce, Bank of Nova Scotia, Provincial Bank of
Canada, Dominion Securities Corp., Ltd., A. E. Ames & Co., Ltd., Wood.
Gundy & Co.. Ltd., Hanson Bros., Inc., Royal Securities Corp., Ltd..
McTaggart Hannaford, Birks & Gordon, Ltd., Bell, Gouinlock & Co..
,
Ltd., MeLe'
od, Young, Weir & Co., Ltd., Mead & Co., Ltd. Fry, Mills,
Spence & Co., Ltd., L. G. Beaubien & Co., Ltd., Collier, Norris & Henderson, Ltd., Ernest Savard Limitee, Nesbitt, Thomson & Co., Ltd., Midland
Securities Corp.. Ltd., W. C. Pitfield & Co., Ltd., Kerrigan, MacTier
& Co., Ltd., Canadian Alliance Corp.. Ltd., Drury & Co., Lawson Williams
& Co., Ltd., A. T. Ross. Ltd., Credit Anglo-Francais, Ltd.
MONTREAL,Que.-IMPROVED MARKET CONDITIONS A IWAITED
-Loans totaling $7,885,000 for flotation to the public and a temporary
bank loan of 1750.000 were authorized by the el ty council. The issues to
be offered for public purchase range in term from 5 to 12 years, coupons
at 3 and 3)4% per year. It is understood that the issue is being held up
pending an improvement in the bond market.
MONTREAL METROPOLITAN COMMISSION, Que.-TA X PAY-The Metropolitan Commission municipalities' arMENTS IMPROVE
rears of taxes at the end of November were 17.7% of the current levY,
compared with 20.3% a year earlier.
-J. L. Graham & Co. of
OXFORD COUNTY, Ont.-BOND SALE
Toronto have purchased an issue of $46,000 234% bonds at a price of
99.647, a basis of about 2.75%. Due in two yearly instalments. Harrison
& Co. of Toronto asked for an option on the issue at a price of 99.77.
PORT ARTHUR, Ont.-SINKING FUND TO PURCHASE ISSUE
The city has rejected all bids for an issue of bonds, and it will be placed in
the city's sinking fund. One firm bid of 97.86 was received while two
bidders sought options at 99 and 9634. The Issue consisted of $79,000
434% bonds, due Nov. 1 1950.
ST. SIMEON, Que.-BOND INTEREST PAYMENT-Interest due
Nov. 1 and Dec. 1 1935 on bonds issued against by-laws 2 and 6 is being
paid.
SHAWINIGAN FALLS, Que.-OTHER BIDS-The following other
bids were submitted for the $234,600 4% bonds awarded to L. G. Beaublen
& Co., and Earnest Savard, Ltd., both of Montreal, at a price of 99.0, a
basis of about 4.06%, as previously noted in these columns:
Rate Bid
Bidder
99.41
Comptoir National de Placement
99/
88..64
1
2
Ltd
Banque Canadienne Nationale
Dominion Securities Corp
98.529
Wood, Gundy & Co
WINNIPEG, Man.
-TAX COLLECTIONS HIGHER-Current tax collections for the first 10 months of 1935 were 65.2% of the levy, compared
with 62.5% In 1934. The city's unemployment relief expendituers in the
10 months were 81,587.998, compared with $1,256,532 in the 1934 period.
All relief is being funded. The Dominion government is to be asked to
carry on its 40% contribution to the sewage disposal scheme started by the
city with the help of the Bennett government.
@FedFRASER