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,financial.
Iirtintrie
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0111nurcial
Vol. 141
No. 3679
DECEMBER 28 1935
CONTENTS
Editorials
PAGE
Financial Situation
4058
Political Questions in the Next Session of Congress__ _ _4070
The Elusive Dove of Peace
4072
Comment and Review
Week on the European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
Indications of Business Activity
Week on the New York Stock Exchange
Week on the New York Curb Emchange
4062
4063
4067
4073
4074
4061
4110
News
Current Events and Discussions
Bank and Trust Company Items
General Corporation and Investment News
Dry Goods Trade
State and Municipal Department
4067
4107
4156
4188
4189
Stocks and Bonds
Foreign Stock Exchange Quotations
4155
Dividends Declared
4112
Auction Sales
4111
New York Stook Exchange—Stock Quotations
4123
New York Stock Exchange—Bond Quotations_ A122 & 4132
New York Curb Exchange—Stock Quotations
4138
New York Curb Exchange—Bond Quotations
4141
Other Exchanges—Stock and Bond Quotations
4144
Canadian Markets—Stock and Bond Quotations
4148
Over-the-Counter Securities—Stock & Bond Quotations_4151
Reports
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation and Investment News
4065
4108
4119
4156
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
4180
4181
4186
_
Published Every Saturday"Morning by the WILLIAM B. DANA COMPANY,25 Spruce Street, New York City
Herbert D. Seibert. Chairman of the Board and Editor;
Manager. Other offices: Chicago—In charge of Fred William Dana Seibert, President and Treasurer; William D. Riggs. Business
H. Gray, Western
State 0613). London—Edwards St Smith, 1 Drapers Gardens. London, Representative. 208 South La Salle Street (Telephone
E. C. Copyright. 1935. by William B. Dana Company.
Entered as second-class matter June 23 1879, at the post office
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per agate line. Contract and card rates on request.
The Financial Situation
HE time
now not far distant
Tattachedin ais definite way just whatwhen we shall
know
meaning is to
be
if any real foundation. We are facing an election
year, and the temptation the Administration may
to the term "breathing spell" as used late feel to compromise on this question may consequently
last summer by the President, and, assuming the be greater this winter, although no one can well
doubt
words prove to have a real meaning, just how far the that Presidents Coolidge and Hoover gained
strong
President is determined to exert his influence in their political advantage from standing firm on the bonus
behalf. The President has for weeks past been seri- question, and that President Roosevelt has been
ously at work on the budget, and is reported now to more admired in conservative quarters for his firmhave made substantial progress in the preparation of ness in this matter than for almost any other act
of his
his annual message to Congress. Any special Administration. Whether or not the President
will
recommendations he may be planning to make in remain adamant on the bonus and whether or
not he
separate messages must by now be largely formulated can,as many now deny make a veto effective this
winin his mind, and should in
ter, are questions that the
normal course be sent to
future alone can answer.
Let It Be a Year of Realism!
Capitol Hill within a relaWe are about to face a new year. The 12
tively short period of time.
The Townsend Plan
months that are now passing into history
Congress is expected to
have fortunately been quite definitely marked
THERE is no reason to
by at least a beginning of a return to comhave a program of its own,
I doubtthatthe Adminismon sense on the part of the rank and file
or at least several pet
whose ideas had been led by dreamers and
tration will continue to
projects which are strongly
demagogues into seductive channels of ceroppose the so-called Towntain destruction.
supported in influential
send Plan earnestly and
We,as a people, could not do better than to
quarters. Several of these
enter the new year with our ideas clarified as
vigorously. The danger
to a number of fundamental policies and
proposals, such as the
here seems to be that the
with a strong resolution to cling to that
bonus and the so-called
which we are told by history and our good
President may presently
sense holds real promise of better things.
Townsend Plan, are precome to the conclusion
First,let us look the truth fully in the face,
sumably directly in conthat we as individuals and as a nation must
that it is necessary or wise,
live within our means, and firmly demand
flict with the views of the
under the circumstances,
that our national, State and local officials
President.
to "liberalize" the recently
conduct themselves accordingly. Promises of
great gainsfrom reckless spending are already
What Will the President
enacted social security legdiscredited among all thoughtful people.
Do?
islation in order to defeat
We must see to it that ambitious politicians
will find them valueless in the future.
The promised "breaththe Townsend Plan,and at
Second, we must be realists during the coming spell" will obviously
the same time not lose too
ing 12 months,and for that matter, during all
depend in large measure,
the months to come. We have had nearly
many votes in certain quarthree years of dreams, Utopian plans and
first, upon the precise attiters by defeating it. There
promised magic. They have not worked.
tude of the President in
Let us henceforth look gift horses in the
have been rumors of such
mouth.
this situation, and,second,
strategy already, but we
Third, it will be necessary for us to carry
upon his effectiveness in
suspect that no one, probaour realism into politics as well as our business, for the two, unfortunately, have bemanaging the members of
bly not even the President
come so intertwined that distinctions are
his party in Congress. Ruhimself, can at this time be
often impossible. It will inevitably be a
political year. Let us demand specific promors and reports, plentiful
certain whether this course
grams of constructive action that appeal to
but conflicting, confusing,
will really be adopted.
our common sense rather than to our hopes
unofficial and probably of
and fears, and let us beware of those who
This is largely a matter of
freely promise the impossible.
doubtful reliabilityin many
political strategy — alFourth, it would be a tragedy if we failed to
instances, must before long
face the fact that wealth is created only by
though it ought not to be—
enterprise initiative and hard work six days
give way to much more exand final decisions concernin the week, and that only by the abundant
act and authentic informaing it will, one would supcreation of wealth shall we make real headway.
tion concerning Adminispose, be deferred until the
These,of course, are ancient truisms,sometration policy during the
real strength of the sowhat outmoded in this "advanced era," we
fear, but by faithful observance of them we
coming session of Congress,
called Townsend moveshall find our salvation, and in no other way
although of course more
ment can be more accuwill it be found.
time must elapse before it
rately appraised than is
will be clear whether and
possible at this time.
One thing appears certain. The President, if he is
to what extent the President will be able to have his
way, and naturally allowances must be made for determined really to see to it that industry and trade
changes in policy if and when the direction of public enjoy a "breathing spell", will face a task quite difopinion seems to the politicians to suggest change.
ferent from any that he has so far undertaken. To
Certain Democratic leaders have recently had some be sure, he has had Congresses with pet projects of
rather pointed remarks to make about the possibility, their own. He has been obliged to combat "little
not to say probability, of the formulation of some groups of willful men" as President Wilson described
bonus plan that would avoid Presidential disfavor, them, and sometimes large groups, determined to
or at least a Presidential veto. It would be difficult enact legislation not desired by him. He has been
at this moment to say just how much credence ought quite successful, on the whole,in bringing such moveto be placed in such assertions. Similar statements ments to naught. He has, however, employed means
have of course been heard in the past when a cam- for this purpose that do not seem to lie at hand at
paign was under way to enact bonus legislation, and present. His regular method of controlling Congress
so far, of course,they have proved to have had butlittle has been that of presenting it with exceptionally
Volume 141
Financial Chronicle
heavy programs of legislation of a positive, and
usually highly complicated, sort, and then proceeding
to bring all the pressure at his command to bear in
behalf of his measures. He is now represented as
desiring that Congress undertake little other than
routine matters during the coming winter, and
adjourn at as early a date as possible. Some such
plan as this is obviously necessary to accord with the
"breathing spell" theories. If such is the case, he
must employ new tactics to control the situation at
the other end of Pennsylvania Avenue.
"Breathing Spell" vs. Substitute Measures
DMINISTRATION programs have at times been
skillfully devised to take the wind out of the
sails of those who were sponsoring movements to
which the President was supposed to be directly and
ardently opposed. In some instances the corresponding proposals of the President seemed to be little
more or less than substitutes for the projects opposed.
This was conspicuously true of the so-called soak-therich tax law and the legislation under which the President later reduced the gold content of the dollar.
This strategy, as already suggested, may conceivably
be employed against the Townsend Plan. But its
general and extensive use presupposes an extensive
program of a kind that would leave "breathing spell"
policies with little meaning.
It is conceded, of course, that a great deal depends
upon the rulings which the Supreme Court is generally
expected to hand down within the next few months.
It seems to be rather generally taken for granted that
should this tribunal invalidate such key New Deal
projects as the Agricultural Adjustment Act, the
recently enacted Guffey Coal measure and the Tennessee Valley Authority law, the "breathing spell"
promise would in no way be permitted to interfere
with effort on the part of the Administration to formulate and enact such substitute measures as it thinks
expedient. Just what incidental and correlative effects this might have upon the whole winter program
of the Administration and Congress it is impossible
to foresee at this time. I
Relief and the Budget
HE problem of the budget, and the relief question
which of course is an integral part of it, the
Administration and Congress must face in any event.
While we have never been able to agree that they present the insoluble problems some observers see in
them, they are without question fraught with difficulties. Much more is involved than the mere raising
of money, important as that is. It was in reference
to certain aspects of these matters that the President remarked the other day that he had not seen
one accurate report (or guess) of his actual plans.
If this be literally true, then of course the public is
still quite in the dark on these subjects. Whether or
not relief programs being formulated will collide
with "breathing spell" assurances depends in part
upon what is being planned and in part upon the
definition assigned to the term "breathing spell."
But whether or not they have any direct bearing upon
this promise, they will of necessity be of very substantial importance to the general business community. The President must show an unaccustomed
brand of courageous statesmanship if he is to reduce
Federal outlays for "recovery and relief" very substantially in the near future, although of course unexpended balances in existing appropriations may
enable him to defer the issue in large part for a
A
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4059
considerable period of time, possibly until after the
elections, and what amount to existing "recovery
and relief" disbursements may appear in new guises.
The Slums Again
RDINARILY well-informed sources in Washington have reported during the past few days
that an ambitious plan of Senator Wagner for socalled low-cost housing has Administration support.
Whether this is true or not we have no way of knowing, but it certainly would not be surprising. This
project has not as yet been very fully explained, but
apparently it would, in a technical sense at least,
divorce "slum clearance" and "low-cost housing"
from relief and provide large Federal funds for subsidizing such projects in many localities. It is no
part of the functions or the duties of the Federal
government to undertake such projects in any event,
but the degree in which the plan, if carried into effect, would adversely affect business generally and
the extent to which it would tend further to stimulate certain lines of industry that have been lagging
for a long time depends upon many aspects of the
matter not yet revealed. However, balanced budgets
are not made the easier by the adoption of such
schemes, which Washington dispatches assert would
cost the nation close to a billion dollars.
About the only definitely established plan of the
Administration for the coming winter concerns legislation broadening the recently enacted neutrality
law to include many articles of commerce not now
placed under the absolute control of the Chief Executive in time of war, whether or not we ourselves are
engaged in hostilities. Recent increases in our exports of certain materials consumed in large quantities by nations actively at war seem to have made
this question a popular issue. For our part, we wish
that there was a greater disposition on the part of
the well-meaning proponents of such measures to
look carefully and deeply into all the probable consequences of legislation of this sort. We fear further
hasty legislation added to that already now upon
the statute book may presently be found not to have
the results expected of it, and in addition to give rise
to situations wholly unexpected in quarters advocating drastic action.
The general analysis of the prospective Congressional situation during the next two or three months
has proceeded without taking into account the formal opposition to the Administration. It is now said
in some quarters that Republican members of Congress and at least some of the leaders of that party
outside of Congress are giving serious thought to a
full frontal attack upon the New Deal, not so much
with the expectation of enacting legislation or of
repealing unworthy statutes as with the nurnose of
using the Congressional halls as a "sounding board"
with which to reach the voters of the country in general. What the net result of such a campaign would
be it is naturally impossible to tell at this time, although a great deal would obviously depend upon the
nature of the attack and of the proposals brought
forward. Not a great deal of encouragement is to
be found in the pronouncements from Republican
party quarters of late. In any event it is logical to
expect the results to show more clearly in election
returns next autumn than in legislative enactments
this winter, although of course tactics of this sort
might substantially prolong the Congressional session and have incidental and indirect effects now
difficult to foresee.
O
4060
Financial Chronicle
Finally, the possible effects upon the Administration of numerous definite indications of change in
popular feeling toward many of the New Deal projects and principles must be taken into account. Just
how politically important this change, revealed of
late in many straw ballots and in other ways, has
become it would be hard to say. Probably its importance has been quite closely appraised in Washington. Its influence, whatever its extent, ought on net
balance to be constructive—and on the whole helpful to the President in any effort he may be prepared to make to give real substance to the "breathing spell"for business.
Federal Reserve Bank Statement
OLIDAY influences occasioned the only changes
of immediate significance in the current condition statement of the 12 Federal Reserve banks,
combined. In the week to Tuesday night currency
in circulation expanded $89,000,000, according to the
credit summary, and this temporary increase more
than offset the factors making for an expansion of
idle credit resources. The monetary gold stocks increased by a further $16,000,000, but the Treasury
did not reimburse itself by depositing gold certificates with the Federal Reserve institutions. Nor was
there any great use made by the Treasury of the
huge total of funds now held in its general account
with the Federal Reserve. In these circumstances,
member bank reserve balances showed a slight decline, and the official estimate of the excess reserves
over legal requirements fell $10,000,000 to $2,700,000,000. An upward tendency in such excess reserves
now is assured, however, unless official measures of
control are applied. The holiday excess of currency
can be expected to return rapidly, and as the Treasury disburses its unusually large cash balance with
the Federal Reserve, member bank deposits will swell
quickly. The Treasury, moreover, still is under the
necessity for depositing gold certificates as National
bank notes return from circulation.
Gold certificate holdings of the Federal Reserve
banks totaled $7,553,849,000 on Dec. 24, this being a
decline of $3,000 from the revised figure for Dec. 18.
The holiday demand for currency reduced cash in
vaults to $219,896,000 from $233,371,000, and total
reserves thus fell to $7,791,308,000 from $7,804,856,000. Federal Reserve notes in actual circulation
moved up to $3,768,480,000 from $3,698,393,000.
Member bank deposits on reserve account were
$5,429,284,000 on Dec. 24 against $5,436,894,000 on
Dec. 18, while Treasury deposits on general account
declined in the same period to $614,255,000 from
$632,794,000. Foreign bank deposits were not much
changed, but other deposits dropped to $233,240,000
from $248,110,000, and total deposits were off to
$6,309,629,000 from $6,350,514,000. With total reserves off somewhat and circulation liabilities
sharply higher, only a small offset was provided by
the decline of deposits, and the reserve ratio fell to
77.3% from 77.7%. Discounts by the System increased in the week only by $235,000 to $7,155,000,
while industrial advances fell $96,000 to $32,600,000.
Open market holdings of bankers' bills were $14,000
lower at $4,657,000, but United States government
securities increased $552,000 to $2,430,727,000.
H
Dec. 28 1935
which will be the first dividend on the issue since
Feb. 16 1931, when 30c. a share was distributed.
American Can Co. declared an extra dividend of $1
a share in addition to a regular quarterly of like
amount on the common stock, both payable Feb. 15.
Gulf States Steel Co. declared a dividend Of $3.50 a
share on account of accumulations on the 7% cumulative preferred stock, payable Jan.15;the last previous payment on the stock was the regular quarterly
of $1.75 a share distributed April 1 1931.
Foreign Trade in November
M
ERCHANDISE exports from the United States
in November increased sharply. The total
value of exports last month was $269,400,000 against
$221,261,000 for October and $194,712,000 for November 1934. Imports were valued at $168,955,000 in
November, $189,239,000 in October, and $150,919,000
in November last year. The excess value of exports
in November this year is $100,445,000. In November
1934 the excess value of exports was $43,793,000.
The November exports of $269,400,000 are the highest recorded for any month since December 1930.
The increased value of exports is attributed chiefly
to the larger shipments of unmanufactured cotton,
automobiles and petroleum products. Other merchandise where gains were recorded were lard, grain
and grain preparations, dried and evaporated fruits,
refined mineral oils, and copper.
Cotton exports in November were 1,165,177 bales,
valued at $75,062,000, and were almost twice the
amount of cotton exported in November 1934, when
591,042 bales, valued at $43,434,000, were sent abroad.
For the 11 months of 1935 the value of merchandise
exports has been $2,058,446,000 against $1,962,146,000 in the same period of 1934. The value of imports for the 11 months this year was $1,861,013,000
as compared with $1,522,797,000 for the same period
a year ago. For the 11 months the net export balance
amounted to $197,433,000 compared with $439,349,000 in the corresponding period of 1934.
Imports of gold continued on a large scale, but
were smaller than in October. Gold imports last
month were valued at $210,810,000 and exports at
$242,000,000. For the 11 months of 1935 gold imports have reached a new high fOr any year,the value
being $1,550,800,000 against $1,094,421,000 for the
same period in 1934. Gold exports for the 11 months
of 1935 were only $1,791,000 against $52,619,000 a
t
year ago. The excess value of gold imports so far
this year has been $1,549,009,000 compared with
$1,041,802,000 for the same time in 1934. Silver imports in November were again higher, amounting to
$60,065,000, while exports were only $512,000.
Winter Wheat and Rye Report
HE Crop Reporting Board of the United States
Department of Agriculture places the acreage
seeded to winter wheat in the autumn of 1935 at
47,529,000 acres, which is a 6.7% increase over the
acreage planted the year previous, when the seeded
area amounted to 44,530,000 acres, and 5.7% over the
average for the five years 1927 to 1931 of 44,969,000
acres.
The condition of the current crop as of Dec. 1 was
78.2% of normal, which is a slight improvement over
Corporate Dividend Declarations
a year ago, when the condition was 77.8%; however,
IVIDEND declarations by corporate entities it is considerably below the average for the 10-year
continued favorable the current week. Tide period 1923-32 of 82.4%.
The report considers an abandonment from 1935
Water Associated Oil CO. declared a special dividend
of 25c. a share on the common stock, payable Jan. 15, seedings of between 15 and 20% likely, and in ad-
D
T
Volume 141
Financial Chronicle
dition a lower-than-average yield per acre. A crop
for harvest in 1936 of about 530,000,000 bushels is
indicated, according to the report, compared with
433,447,000 bushels harvested in 1935. The crop for
the five years (1928-32) averaged 618,186,000 bushels.
The condition of the rye crop at Dec. 1 was found
to be only 69.1% of normal, which. compares with
80.4% in 1934 and an average of 84.9% for the 10
years 1923-32. The acreage sown was slightly higher
than last year, amounting to 6,336,000 acres as compared with 6,159,000 acres in 1934.
The'
llsiew York Stock Market
EMAND for securities was fairly good in the
New York markets this week, despite the
Christmas holiday interruption, and small gains
were recorded in every session. Trading was on a
relatively good and even scale, the full sessions reflecting average dealings on the New York Stock
Exchange of about 2,000,000 shares. Not all groups
of stocks participated in the upswing, for there is
still a degree of uncertainty regarding the future
course of business and the effects of various influences on specific stocks. But the brisk holiday trade
proved stimulating in many directions, and most
issues showed net advances for the week. Although
the gains were small the movement stands in sharp
contrast to the irregular downward trend of earlier
weeks in December. Not all the previous decline
recorded this month in leading average compilations
has been regained, but a substantial part has been
recovered and it would appear that the market is in a
good technical position. Less uncertainty is felt,
moreover, regarding the European situation.
The upward tendency of stocks was in evidence
last Saturday, when small net gains appeared in a
majority of the listed issues. Cheerfulness prevailed
in the initial session of this week, with the demand
concentrated largely on aviation, automobile and
railway equipment shares. Some of the utility stocks
likewise improved, but other important groups were
dull. In the pre-holiday session on Tuesday good
results were noted in motor, steel and tobacco stocks,
while a number of specialties advanced briskly.
Gains in the more active issues ranged from 1 to 3
points. But there was some profit-taking in merchandising and liquor stocks. All markets were closed
on Wednesday. When trading was resumed on
Thursday good demand appeared for aviation stocks,
and the utility issues represented a further group
that attracted demand. Industrials as a whole were
mildly irregular, and the railroad group remained
dull. The session yesterday was characterized by
renewed buying of aviation stocks and a better tone
in the industrial group as a whole. Railroad and
utility stocks drifted idly, with changes small.
Listed bond transactions were on a good scale
throughout the week, with a rise in United States
government securities the chief feature. Treasury
issues reflected reinvestment demand, and substantial fractions were added to the quotations. Highgrade corporate bonds did not vary much, but speculative issues reflected the better tone evident also in
stocks. Numerous gains appeared in railroad and
other bonds that are selling far under par value.
Foreign dollar securities were dull but steady.
Grains tended to move higher in the commodity markets, and the movement supplied stimulus for the
advance in stocks. Cotton was soft at times, while
other staples were irregular. Although the United
States Treasury continued its uncertain silver policy,
D
4061
better demand for that metal appeared yesterday in
the London market, with India a buyer. Foreign exchange markets reflected current uncertainty regarding the future of the French franc,that unit dropping
to the gold export point as debates on foreign policy
started in the Parliament. Sterling exchange was
steady. Actual transactions in foreign currencies
were very small throughout the week, as some foreign
markets remained closed on a number of days in
protracted observance of Christmas.
On the New York Stock Exchange 132 stocks
touched new high levels for the year and 13 stocks
touched new low levels. On the New York Curb Exchange 80 stocks touched new high levels and nine
stocks touched now low levels. Call loans on the
New York Stock Exchange remained unchanged
4%.
at 3
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 1,097,550
shares; on Monday they were 1,918,840 shares; on
Tuesday, 1,705,510 shares; Wednesday was Christmas Day and a holiday; on Thursday the sales were
2,335,857 shares, and on Friday, 2,134,266 shares.
On the New York Curb Exchange the sales last Saturday were 192,340 shares; on Monday, 348,783 shares;
on Tuesday, 373,210 shares; on Thursday, 534,795
shares, and on Friday, 571,280 shares.
The stock market in the midst of the Christmas
holidays tended to mark time the present week.
Stocks generally were subject to no great pressure,
and on most days closed irregularly higher. On
Thursday the list was unusually active, with an apparent firming up of prices the rule. Yesterday moderately active trading characterized the market, and
at the close quotations in many instances were higher
than at the close on Friday a week ago. General
/s
/
Electric closed yesterday at 375 against 3638 on
Friday of last week; Consolidated Gas of N. Y. at
4
/
4
303 against 3014; Columbia Gas & Elec. at 133
/
Service of N. J. at 4478 against
/
against 1318; Public
42; J. I. Case Threshing Machine at 97 against 95%;
/
/
International Harvester at 6078 against 601 2; Sears,
4;
/
Roebuck & Co. at 6438 against 643 Montgomery
4
/
Ward & Co. at 38% against 3814; Woolworth at 533
against 53, and American Tel. & Tel. at 154 against
151%. Allied Chemical & Dye closed yesterday at
151% against 146% on Friday of last week; Colum4
bian Carbon at 933 against 95; E. I. du Pont de
Nemours at 1391 against 136%; National Cash
4
1
4
Register A at 223 against 22%; International
/
Nickel at 451 8 against 431%; National Dairy Prod4
ucts at 20% against 201 ; Texas Gulf Sulphur at 32
/
against 31; National Biscuit at 31% against 3278;
4
Continental Can at 843 against 84; Eastman Kodak
4
at 1563 against 155%; Standard Brands at 151
4
against 143 ; Westinghouse Elec. & Mfg. at 95%
4
/
against 93%; Lorillard at 24 against 2378; United
States Industrial Alcohol at 43 against 43; Canada
4
/
Dry at 16% against 1678; Schenley Distillers at 511
4
against 49%, and National Distillers at 303
/.
against 3078
The steel stocks show gains for the week. United
/
States Steel closed yesterday at 46% against 4538
4
on Friday of last week; Bethlehem Steel at 493
/,
against 47%; Republic Steel at 181/s against 1738
and Youngstown Sheet & Tube at 44 against 39. In
the motor group, Auburn Auto closed yesterday at
41% against 36% on Friday of last week; General
4
/
Motors at 561 8 against 55%; Chrysler at 923
/
against 88, and Hupp Motors at 21 8 against 2. In
the rubber group, Goodyear Tire & Rubber closed
4062
Financial Chronicle
yesterday at 22
/ against 20% on Friday of last
1
2
week; U. S. Rubber at 15% against 143 and B. F.
%,
Goodrich at 1312 against 12. The railroad shares for
/
the most part continued the advances made one week
ago. Pennsylvania RR. closed yesterday at 29%
against 30 on Friday of last week; Atchison Topeka
& Santa Fe at 5638 against 561 New York Central
/
%;
at 26% against 27%; Union Pacific at 107% against
10412;Southern Pacific at 23 against 22%;Southern
/
Railway at 1338 against 13, and Northern Pacific at
/
24% against 22 . Among the oil stocks, Standard
/
1
2
Oil of N. J. closed yesterday at 49 against 4878 on
/
Friday of Mat week; Shell Union Oil at 15 against
/
1
2
1514 and Atlantic Refining at 26 against 26%. In
/
,
/
1
2
the copper group, Anaconda Copper closed yesterday
at 2878 against 27 on Friday of last week; Kennecott
/
Copper at 2814 against 27%; American Smelting &
/
Refining at 5938 against 581 8 and Phelps Dodge at
/
/
,
2614 against 25.
/
Trade and industrial indices were affected to some
degree by the holiday influences. Steel ingot production for the week ending to-day was estimated by
the American Iron and Steel Institute at 49.5% of
capacity as against 54.6% of capacity last week and
35.2% at this time last year. The decline of 5.1
points from last week represents a reduction of about
9.3% in operations. Electric power production for
the week ended Dec. 21 was reported by the Edison
Electric Institute at 2,002,005,000 kilowatt hours,
this being the first occasion on which the 2,000,000,000 figure was exceeded. In the preceding week
electric power output was 1,983,431,000 kilowatt
hours, while the corresponding week of 1934 witnessed production of 1,787,936,000 kilowatt hours.
Car loadings of revenue freight totaled 599,534 cars
in the week to Dec. 21, the Association of American
Railroads reports. This is a decrease of 15,703 cars
from the previous week but a gain of 51,056 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 103 c. as against 10238c. the
/
1
2
/
close on Friday of last week. December corn at
Chicago closed yesterday at 563
/ as against 58c.
4c.
the close on Friday of last week. December oats at
Chicago closed yesterday at 2614c. as against 27c.
/
the close on'Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.90c., unchanged from the close on
Friday of last week. The spot price for rubber
yesterday was 13.31c. as against 13.18c. the close on
Friday of last week. Domestic copper closed yesterday at 914c., the same as on Friday of last week.
/
In London the price of bar silver yesterday was 21
pence per ounce as against 21% pence per ounce on
.
Friday of last week, and spot silver in New York
closed yesterday at 493
/ as compared with 51%c.
4c.
the close on Friday of last week.
In the matter of the foreign exchanges,cable transfers on London closed yesterday at $4.9314 as against
/
$4.93 the close on Friday of last week, and cable
transfers on Paris closed yesterday at 6.58%c. as
against 6.59 c. the close on Friday of last week.
/
1
2
European Stock Markets
ERY little business was done this week on stock
exchanges in the principal European financial
centers, as most trans-Atlantic markets adhere to, the
custom of extended closings for the Christmas holidays. Trading on the London Stock Exchange was
discontinued not only on Christmas Day, but also
V
Dec. 28 1935
on the following day. The Paris Bourse was open in
all sessions save Christmas. The Berlin Boerse operated only on Monday and yesterday. Holiday influences were not the only ones tending to keep dealings to small proportions, however, for there is no
apparent diminution of the many uncertainties afflicting the European markets. The appointment of
Captain Anthony Eden to the British Foreign Affairs post brings up pointedly the question whether
the British government is prepared to force the employment of oil sanctions against Italy, despite the
risk of war involved in such measures. British coal
miners threaten to strike for higher wages, and consideration again is being given by the British government to a plari for the purchase of coal royalties so
that this problem can be met. The silver situation remains unsettled and it again exercised a depressing
influence at London. In France all the international
problems were added to the growing internal difficulties and the sessions on the Bourse were dull. In
Germany a serious lack of food and other staples
seems to have developed of late, and the Boerse pursued an uneventful course while clarification of the
situation was awaited.
Transactions on the London Stock Exchange were
on so small a scale, Monday, that they afforded only
an insufficient test of quotations. British funds were
neglected and tended to move slightly lower, but
other departments of the market reflected a fairly
cheerful tone. Small fractional gains and losses were
recorded in the industrial section. Gold and silver
mining stocks were easier, but most international
securities showed better results. In the pre-holiday
session on Tuesday, trading at London was very restricted, but the general tone was steady. British
funds were not much changed, but buying of merchandising stocks improved the appearance of the
general list. A better tone was noted in the mining
section, while some international securities moved
forward easily. Trading was suspended at London on
Wednesday and Thursday. In quiet dealings yesterday small gains were noted in British funds, while
other sections were steady.
The Paris Bourse was exceptionally dull in the
opening session of the week, for the approach of the
holidays and the numerous grave political questions
prompted traders and investors to adopt an aloof
attitude. Rentes had a good tone, but the tendency in
French equities and international securities was uncertain, with losses outnumbering the gains. In the
pre-holiday session at Paris, hardly any business was
done. Rentes advanced moderately and slight improvement also was noted in the majority of domestic
equities, but international issues were neglected and
lower. When trading was resumed Thursday, after
the Christmas suspension, prices were well maintained despite the lack of business. Some disappointment was caused by maintenance of the bank rate
at 6%, but rentes again improved and the tone was
good in bank stocks and industrial issues. Transactions in international obligations diclosed no
trend. Prices drifted slowly lower at Paris yesterday. Dealings were kept to small proportions by
another Parliamentary debate on foreign affairs.
Prices on the Berlin Boerse showed no changes
of any importance in the initial session of the current week. There was very little activity, since most
dealings now are conducted at Berlin in private and
without use of the strictly controlled machinery of
the official exchange. Small fractional advances were
the rule in the formal trading, with chemical stocks
Volume 141
Financial Chronicle
showing better results than most others. The Boerse
shut down on Tuesday for the prolonged Christmas
holiday observance which seems still to be popular
in Germany, despite the Nazi attempts to replace
Christian beliefs with ancient sagas. When trading
was resumed yesterday prices fluctuated narrowly on
the Boerse. Trading was again very dull.
Reciprocal Trade Pacts
ERMS were announced in Washington,last Monday, of a reciprocal tariff treaty with The Netherlands and the colonies of that country. This accord, which is the ninth in the series negotiated under
the special powers granted to President Roosevelt
by Congress, was signed in Washington on Dec. 20,
and it will become effective Feb. 1 1936. The document is extensive and inclusive and it embodies some
new departures in the negotiation of these treaties.
The government at The Hague agreed, in behalf of
itself, the Netherlands Indies, Surinam and Curacao,
to reduce tariffs on imports from the United States
in a few instances, but in general the benefits to this
country will consist of a widening of the quota restrictions and an undertaking to maintain some important articles on the free list. The State Department at Washington indicated in its analysis of the
accord that prevailing tariffs in The Netherlands are
so low that they do not constitute a serious obstacle
to our trade. Accordingly, provision for enlarged
absorption of American products was made through
favorable quota allocations, of which the most important appears to be that on wheat, which hereafter is
to be purchased by Holland to the extent of 5% of
the Netherlands production, as against approximately 2% in recent years. It is stipulated that the
American prices and quality must be in line with
world markets. Numerous other American products
also will enter Holland in greater volume owing to
enlarged quotas. The United States, in turn, granted
duty reductions on 41 items imported from Holland
and its colonies,such as wrapper tobacco, gin,flower
bulbs, etc. This country also bound on the free list
22 items that are received largely from Holland.
Additional reciprocal trade treaties are under negotiation and it appears that an accord with Spain
soon may be concluded. In a Madrid dispatch of last
Sunday to the New York "Times" it was indicated
that a Franco-Spanish tariff war has been adjusted
by means of a new commercial agreement, the way
thus being cleared for consideration by the Spanish
government of a Spanish-American pact, which already has been drawn up. One of the difficulties
faced by Spain, it is said, remains the persistently
unfavorable trade balance of that country, and it may
be that the pact with the United States will be delayed until a decision is reached on formal devaluation of the peseta or a free outward flow of gold.
The beneficial effects of the reciprocal tariff program inaugurated by Secretary of State Cordell
Hull were illustrated late last week, when the Cuban
President, Jose Barnet, praised the Cuban-American
accord and declared that the treaty not only has
brought about material gains but, in increasing commercial relations, has brought about an increase of
personl relations which constitute a solid basis upon
which to found cordiality and friendship between
the two peoples. An assurance that trade relations
with Japan will remain normal is contained in an
announcement by the State Department, last Saturday, that Japanese exporters of textiles had agreed
among themselves to hold shipments to the United
T
4063
States to moderate levels. An outcry arose early
this year when Japanese textiles suddenly arrived
in this country in large volume, and protection
against alleged "dumping" by the Japanese was demanded by American manufacturers. The voluntary
engagement by Japanese textile interests to keep
their exports to the United States to moderate levels
will make protective steps unnecessary, it is believed.
Naval Conference
HAT the naval discussions at London will be a
slow and tedious matter again was illustrated
through a holiday adjournment, taken Dec.20 by the
delegates of the five countries concerned, with conversations to be resumed on Jan.6. In a formal statement issued late last week the results to date were
summarized, but they can hardly be considered very
encouraging. The delegates, it was indicated, so far
have examined only the Japanese proposal for a
common upper limit of naval tonnage, and the British
suggestion for a declaration of building plans in the
period up to 1942. No decision of any kind has been
reached, but it was stated that the general sense of
the gathering indicates the need for some form of
quantitative limitation of navies. Only after all delegations have been .heard and all possible solutions
examined will any further steps be possible. London
dispatches state that the Japanese delegates, in the
final session before the holiday adjournment, dealt
a death blow to the British plan, which was stigmatized as a scheme for prolongation of the existing
ratios, to which the Japanese so strongly object.
Since the Japanese themselves desire a "common upper limit" based upon the present Japanese fleet, it is
obvious that Britain and America will not consent
to serious consideration of the views put forward
by the representatives from Tokio. So far the London
parley has achieved precisely nothing, for British,
American and Japanese views were well developed
in the extensive preliminary exchanges and nothing
has been added. Week by week, moreover, further
indications are made available of the difficulties in
the path of naval limitation or curtailment. It was
made known in Moscow, Tuesday, that a five-fold
increase of the Soviet Russian submarine and surface fleets has been effected during the last four
years. This makes it apparent that Russia cannot be
left out of naval calculations by other Powers.
T
Diplomatic Pause
UROPEAN diplomacy reached the stage this
week where a pause plainly was considered desirable in the furious round ,of activities that followed the start of the Italo-E thiopian war early in
October. Collapse of the Hoare-Laval plan for rewarding Italian aggression with large slices of Ethiopia occasioned renewed apologies in the British
House of Commons late last week. The complete
about-face effected by Prime Minister Stanley Baldwin and his colleagues was further revealed through
the appointment last Sunday of Captain Anthony
Eden as Secretary of State for Foreign Affairs. Captain Eden formerly held the post of Minister for
League of Nations Affairs, but this office was abolished when he received the Foreign Office appointment. Throughout the sanctions debate at Geneva,
he urged strongly the British viewpoint that Italy
should be punished for her aggression, and the impression prevails that the appointment signifies British willingness to proceed with oil sanctions. The insufficient explanations of recent developments so far
E
4064
Financial Chronicle
available suggest that the Hoare-Laval plan was elaborated because of the fear that Premier Benito Mussolini might attack any Power that attempted to enforce oil sanctions. Whatever the truth of this matter,it is not likely that a test will come for some weeks
and it may not come at all. Since early this month
the League has been postponing oil sanctions and
it is now indicated that a debate on such measures
is not to be anticipated until late in January. A
good deal of diplomatic ground can be covered in the
meanwhile.
Officials of the Foreign Office in London disclosed,
last Saturday, that the British government for some
weeks had been endeavoring to obtain assurances of
support from a number of European countries,in the
event of an Italian attack against the British fleet.
Turkey, Greece, Rumania, Yugoslavia and Czechoslovakia are reported to have given specific undertakings to stand by the mutual assistance clauses of
the League Covenant. It was made known in London that Captain Eden obtained such assurances
from several of the Mediterranean countries while
in Geneva. Some dispatches from the League city suggest that the British government actually received
the assurances weeks ago and attempted to make diplomatic capital out of them at Rome. In xiew of such
reports and of the recent astonishing shifts in British policy, it is impossible to determine the real significance of the measures. Rumors were current in
Paris, this week, that the Franco-British rapprochement had reached the point where permission had
been given the British fleet in the Mediterranean to
refuel at a French port. But these reports were denied in Paris.
Italian authorities appeared to be little concerned
by the disclosure that Britain was obtaining assurances of aid from a number of European countries,
possibly because they were informed beforehand by
the British themselves. The appointment of Captain
Eden to the Foreign Affairs post, however, caused
dismay and apprehension in the Italian capital,
since the new Foreign Secretary is the foremost advocate of stern sanctions. Just before Captain Eden
was selected for his important office the expectation
prevailed in Italy that oil sanctions were quite unlikely and it was declared at Rome that the danger
of the Ethiopian war spreading to Europe had practically vanished. The situation now is most uncertain and is viewed so even in Italy, where the holiday
spirit was dampened very decidedly by somber reflections on the possibility of a new crisis. Premier
Mussolini called his Grand Council into session last
Saturday to decide upon the Hoare-Laval peace plan,
but a reply to Britain and France was held needless
in view of the public statement by Prime Minister
Stanley Baldwin that the plan is dead and will not
be revived. An official communication, issued after
the meeting, stated merely that "Fascist Italy will
proceed with inflexible determination toward the
necessary attainment of the goal set by Premier
Mussolini for the destinies of the nation."
Ethiopian War
AR reports from Ethiopia continue to disclose
a singular lack of military developments in
the campaigns of the Italian invaders of the African
Kingdom. There have been no important changes of
position for some weeks, and activities appear to be
directed mainly toward solidifying the meager Italian gains. A minor battle developed late last week
in the territory to the west of Makale, but the Ethi-
W
Dec. 28 1938
opians assumed the initiative in that conflict and
casualties were fairly heavy on both sides. The Italian armies in the North appear to have penetrated
only a short distance south of Makale, and it is possible that the harrassing guerilla tactics of the Ethiopians are preventing a further movement. The Ethiopians claimed the recapture of several small towns
in the northern Province of Tigre, and some unconfirmed dispatches state that the warriors of Haile
Selassie even have attacked places within Italian
Eritrea. On the southern front the Italian retreat
to that country's Somaliland colony seems to have
stabilized the situation for the time being.
Italian airplanes evidently are attempting to make
up for the lack of troop movements by incessant attacks and bombings. But reports from neutral press
correspondents make it plain that even the terror
value of the airplanes is now very slight, while the
actual military value for anything but reconnaisance
is almost non-existent. The lack of movement by the
Italians, even though the time element weighs heavily against them, gives great importance to the renewed indications of European opposition to the
Ethiopian adventure and to the Italian domestic position as a whole. The embargo imposed by many countries on imports from Italy must be telling heavily
on Italian gold supplies, since necessary Italian imports now must be paid for in gold. Discontinuance
of Italian central bank and treasury statements
makes it impossible to tell the precise effects, but it
is known that Italian purchases of so-called "war
essentials" from the United States, France and other
countries have increased sharply of late.
Venezuela
OLITICAL turmoil has been occasioned in Venezuela by the death on Dec. 17 of Juan Vicente
Gomez, whose 27
-year rule as President and absolute
dictator of the South American republic was broken
in this fashion. Hated and feared by many of the
people because of his high-handed and tyrannical
rule, President Gomez nevertheless'exerted a benefident influence upon the affairs of his country. With
his advent, political affairs were stabilized in Venezuela, although at a terrible cost, for his opponents
were treated with a ruthlessness that beggars description. The progress denied to the country by a century of internal strife was made up during the 27
years that Gomez ruled, and the extensive oil resources made it possible to carry on without incurring any external indebtedness. But the death of
the dictator at the age of 78, from uremic poisoning,
left the country without the strong controlling hand
to which it had grown accustomed, and the repressed
political differences now are resulting in extensive
disorders. General Eleazar Lopez Contreras, Minister of War under the dictator, was named Provisional
President by the Cabinet pending national elections,
and a strict censorship promptly was clamped down,
so that actual news direct from the country is lacking. But reports this week from Port of Spain, Havana and the Netherlands West Indian town of Curacao indicate that a wave of assassinations followed
the demise of Gomez. Senor Lopez Contreras sought
to stem the rising tide of unrest by release of many
political prisoners and by announcing a public works
program designed to relieve distress. But dispatches
from neighboring countries state that rioting is
steadily spreading to all parts of Venezuela, and martial law probably will prove the only means for dealing with the situation.
P
Volume 141
Chaco Conference
NE of the most difficult and delicate tasks faced
recently by diplomatists is that of the Chaco
peace conference, which is endeavoring to find a
formula for adjustment of the long struggle waged
by Bolivia and Paraguay over the frontiers of the
Gran Chaco. Although fighting ended last summer
and the war was declared officially ended late in
October, actual settlement of the many issues seems
to be a matter for the long future. The delegates of
six neutral nations, who comprise the Chaco peace
gathering, made it known at Buenos Aires last Sunday that they will take a long recess until after Presidential elections have been held in Paraguay and Bolivia. The problems relating to the Chaco area now
are so hedged about by local political considerations
in the two countries that negotiations are useless for
the time being. Neither government could take any
steps without being accused of weakness by their own
political opponents, and in these circumstances the
best course undoubtedly is to avoid immediate decisions. The immediate aim is to negotiate a release of
the prisoners of war still held in Paraguay, but that
problem is a most thorny one. A release of prisoners,
man for man, took place last summer, but Paraguay
captured a very large number of Bolivians and refuses to give up the excess of 30,000 Bolivians until
a peace treaty actually is signed. The Paraguayan
government, morever,is able to point to similar treatment of her own nationals by Brazil in the war of
the last century. On this and other matters both
countries are adamant, and formulation of the actual peace settlement thus is difficult in the extreme.
O
Far Eastern Tension Increases
APANESE forces in Eastern Asia are pushing
with headlong speed their campaign for domination of a large part of China proper and a section
of Mongolia. Their activities are arousing ever
greater resentment among the Chinese people, and
a disquieting view of the developments also is taken
by the Soviet Russian government, which exercises
indirect control over Outer Mongolia. The Japanese
course is perilous in the extreme. Even their brief
experience of recent weeks with the "autonomy" pretext of the Japanese for detaching large areas of
Hopei and Chahar provinces from China has disillusioned the Chinese completely. A leading member of
the new North China Autonomous Council remarked
recently "that the Japanese are sure to say the system does not work and to make excuses for further
disturbances." That the real aims of the Japanese
militarists are well understood in China may be
surmised from an outbreak of rioting this week in
Treaty Ports. Students in Shanghai and Nanking
were vehement in their protestations against the
Japanese invaders, and clashes between the demonstrators and the police were followed on Wednesday
by the imposition of martial law. Significant, also,
was the assassination in Shanghai, late Wednesday,
of Tang Yu-jen, a high government official, who was
accused of being pro-Japanese.
No less serious are the indisputable indications
that Japanese militarists are planning to add large
areas of Mongolia to their domain of Manchukuo.
Dispatches from Tokio stated on Monday that a
certain Prince Teh, reputedly the ruler of a great
section of Inner Mongolia, had proclaimed the independence of an area rich in minerals. This newest
"autonomy" movement has, of course, quite obvious
implications. Outer Mongolia, where the Russian
J
4065
Financial Chronicle
sphere of influence is undisputed, also seems to be
involved in the Japanese plans. Under the statement
that Mongolian troops had entered Manchukuoan territory "illegally," mixed forces of Japanese and Manchukuoan troops invaded Outer Mongolia this week
and several border clashes occurred. The People's
Republic of Outer Mongolia addressed a severe protest to the Manchukuoan government, and the incidents have been accompanied by mutual press campaigns of recrimination in Russia and Japan. The
situation was summed up admirably in a Tokio dispatch of Monday to the New York "Times." "All
these moves," said the report,"though they occur on
Chinese territory, are essentially concerned with
Russo-Japanese rivalries and they reflect the Japanese Army's belief that the European situation, increasing Russian anxieties in the West, is favorable
to extensive steps in the Far East."
Bank of England Statement
HE statement for the week ended Dec. 24 shows
a slight loss of £5,127 in bullion, the first in
many weeks, and as it was attended by an expansion
of £5,043,000 in circulation,reserves declined £5,048,000.1 The Bank's gold holdings now total £200,662,220. which compares with £192,788,779 a year ago.
Public deposits rose £1,892,000 while other deposits
decreased £7,954,945. Of the latter amount £7,722,994 was from bankers' accounts and £231,951 from
other accounts. The reserve ratio dropped sharply
again to 29.79% from 32.34% a week ago;two weeks
ago it was 35.49%, while a year ago the ratio was
35.16%. Loans on government securities fell off
£895,000 and those on other securities £48,706. The
latter consists of discounts and advances, which rose
£1,327,674, and securities which decreased £1,376,300. No change was made in the discount rate,
which remains 2%. Below are shown the different
items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Dec. 24
1935
Dec. 27
1933
Dec. 26
1934
Dec. 28
1932
Dec. 30
1931 "
£
£
£
£
424.507,000 405.163.800 391.981.846 371.193.057 364.150.042
Circulation
12.145.000 9.878.364 22,155.674 8.865.481 7.732.655
Public deposits
109.187.815 125.544.157 137.760,473 136.169.713 166.738.813
Other deposits
Bankers accounts. 72.079,234 89.139.575 101.215,838 102.409.590 126.397.730
Other accounts— 37,108.581 36,404.582 36,544.635 33.760.123 40.341.083
81.854.499 87.541.413 88.036.692 102.371,824 95.340.906
Government secure
21.305.207 18.245.866 30.150.528 36.247.828 64.903.466
Other securities
8.501.034 7.578.577 16.755.681 18,509.400 27.290,602
Disct. a: advances
12.804.173 10.667,289 13,394.847 17,738.428 37,612.864
Securities
Reserve notes & coin 36.157.000 47.624,979 59.704.882 24.400.615 32.198.679
200,662,220 192,788,779 191.686.728 120,593.672 121,348.721
Coin and bullion
/I
Proportion of reserve
18.45%
16.82%
37.33%
351%
29.79%
to liabilities
001
901
907-
FM
/0
Bank of France Statement
HE statement for the week ended Dec. 20 shows
an increase in gold holdings of 385,805,266
francs. The total of gold is now 66,297,148,852
francs, in comparison with 82,123,266,721 francs last
year and 76,945,282,925 francs the previous year.
Credit balances abroad, French commercial bills discounted and advances against securities register
decreases, namely, 2,000,000 francs, 319,000,000
francs and 68,000,000 francs, respectively. The reserve ratio stands now at 71.58%, as against 80.74%
a year ago and 79.20% two years ago. Notes in
circulation record a contraction of 440,000,000 francs,
bringing the total down to 80,407,325,675 francs.
Circulation a year ago aggregated 81,553,002,405
francs and the year before 80,562,171,750 francs.
Billebought abroad show a gain of 24,000,000 francs
and creditor current accounts of 224,000,000 francs.
A comparison of the different items for three years
appears below:
T
4066
Financial Chronicle
Dec. 28 1935
BANK OF FRANCE'S COMPARATIVE STATEMENT
New York Money Market
TTLE demand for accommodation was noted in
Dec. 20 1935 Dec. 21 1934 Dec. 22 1933
the New York money market this week, and
Francs
Francs
Francs
Francs
Gold holdings
+385.805.266 86,297,148,852 82,123.266,721 76,945,282,925
Credit baLs. abroad_
rates were continued in all departments. Brokers'
34,028,233
—2.000,000
9,295,352
7,953,636
a French commercial
bills discounted
loans show a modest tendency toward expansion,
—319.000.000 9.408,517,900 3,424,248,198 3,844.483,281
b Bills bought abr'd
+24,000,000 1,319,641,126
951,180,062 1,142,523,130
Adv. against securs_
and the total of bankers' bills outstanding likewise
—68,000,000 3,291,474,883 3,187,283,711 2,917,231,753
Note circulation
—440,000.000 80,407,325,675 81,553,002,405 80.562,171,750
Credit current accts. +224,000.000 2,206,138,146 0,154,345,086 16,594,023.778
is increasing moderately. But such gains are minute
Propor'n of gold on
hand to sight liab_
in comparison with the available credit resources,
+0.44%
71.58%
79.20%
80.74%
a Includes bills purchased in France. b Includes bills discounted abroad.
which are best indicated by excess reserve deposits
of member banks amounting to $2,700,000,000. The
Bank of Germany Statement
Treasury sold yesterday a further issue of $50,000,000
HE statement for the third quarter of December
discount bills due in 273 days,and awards were made
reveals a gain in gold and bullion of 66,000 at an average discount
of 0.08%, computed on an
marks. Gold now aggregates 82,434,000 marks, in annual bank discount basis. Call loans
on the New
comparison with 78,762,000 marks a year ago and York Stock Exchange held to 3
4% for all transac391,592,000 marks two years ago. Reserve in for- tions, whether renewals or new loans, while time
eign currency record a loss of 113,000 marks and bills loans for all maturities up to six months are offered
of exchange and checks of 1,001,000 marks. The at 1%, with hardly any takers.
Bank's ratio is now 2.14%, compared with 2.23%
New York Money Rates
last year and 11.5% the previous year. Notes in
circulation show an increase of 22,754,000 marks,
EALING in detail with call loan rates on the
Stock Exchange from day to day, % of 1%
bringing the total up to 4,089,963,000 marks. A
3
year ago circulation stood at 3,724,299,000 marks remained the ruling quotation all through the week
and two years ago at 3,451,471,000 marks. An in- for both new loans and renewals. There has been no
crease appears in silver and other coin of 4,797,000 interest manifested in the market for time money this
marks, in notes on other German banks of 2,750;000 week and no transactions have been reported. Rates
marks, in advances of 5,923,000 marks, in invest- are now quoted at 1%for all maturities. The market
ments of 682,000 marks, in other assets of 96,995,000 for prime commercial paper has been fairly active
marks, in other daily maturing obligations of 79,- this week. More paper has been available, particu602,000 marks and in other liabilities of 7,743,000 larly on Friday, and the demand has been good.
marks. Below we furnish a comparison of the vari- Rates are 4% for extra choice names running from
3
four to six months and 1% for names less known.
ous items for three years:
Changes
for Week
E
T
D
REICHSBANK'S COMPARATIVE STATEMENT
Bankers' Acceptances
HE market for prime bankers' acceptances has
Assets—
shown a slightly better tone this week, due to a
Reichsinarks Retch.rmarks Retchsmarks
Reichsmarks
Gold and bullion
+86.000
78,762,000 391,592,000
82,434.000
Of which depos. abroad
moderate increase in the supply of prime bills. Rates
No change
48,532,000
21,141,000
21,204,000
Reserve in foreign curt._
5,252.000
—113.000
6,910.000
4,434,000
are unchanged. Quotations of the American AcceptBills of exch. and checks
1.001.000 3,943.876,000 3.621,706,000 2,936,760,000
Silver and other coin.-+4,797,000 170,883.000 206,151,000 230,804,000
ance Council for bills up to and including 90 days are
Notes on other Ger. bins
+2,750.000
14.370,000
9,683,000
9,060,000
Advances
+5,923.000
53.410,000 101,608,000
59.874,000
3-16% bid and 4% asked; for four months, 4%
1
Investments
+682.000 662,595,000 755,230,000 570.771.000
Other assets
bid and 3-16% asked; for five and six months, 4%
+96,995.000 877,106.000 666,185,000 525,001,000
Liabilities—
Notes in circulation....
bid and 5-16% asked. The bill-buying rate of the
+22,754,000 4.089,963.000 3,724,299,000 3.451,471,000
Other daily mater.°Wig
+79,602,000 800,277,000 764.263.000 449.024.000
New York Reserve Bank is 4% for bills running
Other liabilities
+7.743,000 298,572,000 331,777,000 207,839.000
Propor. of gold & for'n
from 1 to 90 days, 4% for 91- to 120-day bills, and •
3
curr. to note circula'n
+0.01%
2.14%
2.23%
11.5%
1% for 121- to 180-day bills. The Federal Reserve
banks' holdings of acceptances decreased from
Discount Rates of Foreign Central Banks
$4,671,000 to $4,657,000. Open market rates for
HERE have been no changes during the week in
acceptances are nominal in so far as the dealers are
the discount rates of any of the foreign central concerned, as they continue to fix their own rates.
banks. Present rates at the leading centers are shown The nominal rates for open market acceptances are
as follows:
in the table which follows:
Changes
for Week
Dec. 23 1935 Dec. 22 1934 Dec. 23 1933
T
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Rate in
Effect
Date
Dec 27 Established
Austria__ 314
Batavia-___ 4
Belgium._ 2
Bulgaria... 6
Canada.... 2.4
bile
4
Colombia.- 4
zeohoslovakia____ 334
Danzig _ __ 5
.
Denmark - - 314
England... 2
Estonia__ 5
Finland.... 4
France — - 8
Germany_. 4
Greece —_
7
Holland.__
314
Prestout
Rate
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
414
234
7
__
414
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
Oct. 13 1933
Nov. 13 1935
414
6
254
234
534
414
5
5
714
4
Country
Rate in
Effect
Date
Dec.27 Established
Hungary-- 4
India3
Ireland__ 3
Italy
6
Japan
3.65
Java
414
Jugoslavia_ 5
Lithuania
6
Morocco... 614
Norway _ -- 334
Poland.._ 5
Portugal.— 4
Rumania. _ 314
SouthAfrica 314
5
Spain
Sweden__ 234
Switzerland 234
Aug. 28 1935
Nov. 2 1935
0
June 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 11935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
May 15 1933
July 10 1935
Dec. 1 1933
May 2 1935
PreNous
Rate
434
3'i
334
434
3
314
614
7
434
4
8
534
6
4
514
3
2
Foreign Money Rates
IN LONDON open market discount rates for short
bills on Friday were 34@13-16%, as against
13-16% on Friday of last week, and 4@13-16%for
3
three-months' bills as against 13-16% 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%.
SPOT bDELIVEBY
—180 Days--- —150 Days— —120 Days—
Bid
Asked
Asked
Bid
Bid
Asked
Prime eligible bills
34
34
$11
34
—90Days— —60Days— —30Days—
Bid
Bid
Asked
Asked
Asked
Bid
Prime eligible bills
34
Si
'to
F011 DELIVERY WITHIN THIRTY DAYS
Eligible member banks
% bld
Eligible non-member banks
% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Dec. 27
2
111
2
1.14
2
2
2
2
2
2
2
2
Date
Established
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
8 1934
2 1934
17 1935
111936
9 1935
14 1935
19 1935
3 1935
14 1935
10 1935
8 1935
16 1934
Precious
Rule
234
2
234
2
234
234
214
234
234
214
214
214
Volume 141
Financial Chronicle
Course of Sterling Exchange
CTERLING exchange is steady but the entire foreign exchange market is exceptionally dull,
owing to the Christmas holiday season. Probably at
no time in recent years has the market been so completely at a standstill. In addition to Christmas,
practically all foreign markets were closed on Thursday, known as Boxing Day in England. Markets
were closed in Germany, Austria, Denmark, Greece,
Holland, Hungary,Italy, Norway,Poland, Rumania,
Sweden, Switzerland and Czechoslovakia. Most of
these countries resumed business on Friday. London
transacts business as usual on Jan. 1, but in France
that day is a holiday. The entire period between
Dec. 23 and Jan. 2 is characterized by only nominal
activity in European markets. The very limited
volume of trading accounts in some measure for the
extremely narrow fluctuations in rates from day to
day. The range for sterling this week has been between $4.925 and $4.933/ for bankers' sight bills,
A
compared with a range of between $4.923/ and $4.93
last week. The range for cable transfers has been
between $4.92% and $4.933j, compared with a range
of between $4.92% and $4.933/ a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Dec. 21
74.781
Wednesday, Dec. 25
Monday, Dec. 23
74.825 Thursday, Dec. 26
Tuesday, Dec. 24
74.825 Friday,
Dec. 27
Holiday
Holiday
74.84
LONDON
Saturday, Dec.21
Monday, Dec. 23
Tuesday, Dec. 24
Holiday
Holiday
1418.
OPEN MARKET GOLD PRICE
141s. ;id. I Wednesday, Dec. 25
1418. Id. Thursday, Dec. 26
141s. Id. Friday,
Dec. 27
PRICE PAID FOR GOLD BY THE UNITED STATES(FEDERAL
RESERVE BANK)
Saturday, Dec. 21
$35.00 1 Wednesday, Dec. 25
Holiday
Monday, Dec. 23
35.00 Thursday, Dec. 26
35.00
Tuesday, Dec. 24
35.00 Friday,
Dec.27
35.00
At present the silver market, which has been so
disturbing a factor during the past week, is without
influence on foreign exchange, although the London
price of silver has again declined sharply. But the
other major factors which have been operating on
exchange, whether adversely or favorably, such as
the rumors of war and the transfer of funds from one
market to another, are likewise quiescent at this
time. The London market is not likely soon again
to be seriously affected by the silver purchases as it is
generally considered that lower prices at around current levels will prevail and that the United States
Treasury operations will not hereafter have such an
important influence on sterling as they have exerted
for the past year or more.
On Tuesday there were reports from London that
a group of American banks were planning to organize
a pool to help support the price of silver, but these
rumors received scant attention on this side. It was
pointed out that under present conditions banking intervention in the silver market offered no attraction,
and that in addition silver has become a political
question rather than a commercial or banking matter.
In view of the complete domination which the United
States Treasury has acquired over the silver market,
intervention by American banks would scarcely be
either effective or advisable. In Tuesday's fall in
the price of silver in London the quotation was
marked down to the equivalent of about 46.33 cents,
and the New York price to 499 cents, the lowest in
more than a year. These quotations brought silver
4067
back close to the prevailing level for silver prices
when the Silver Purchase Act was passed in June
1934. At that time silver was about 45 cents an
ounce, little more than a cent under Tuesday's London price. In the interval the white metal soared
to a high point of 81 cents, was pegged for 15 weeks
following Aug. 26 at 65% cents, and in the last two
weeks has fallen in London approximately 19 cents
an ounce.
There is less anxiety in London over the international outlook. That international bankers and
other custodians of large interests are of this opinion
is shown by the continuous flow of funds to London
for security and investment. The British Exchange
Equalization Fund seems not to have been active in
the market to any noticeable extent. London is concentrating its major attention upon the upturn in
internal British trade and industry. Money is in
great abundance in London and purchasing power is
higher than in many years. This condition was reflected in the flotation of recent bond issues in London. When the British Treasury announced in the
beginning of December its 000,000,000 new issues,
the financial column of one of the London papers
asked: "Where are the missing millions of accumulated savings ready for investment as soon as the
national government should be firmly re-established
in office?" The question was hardly asked before
three new bond issues were floated, all heavily oversubscribed, and were standing at small discounts.
Premium hunters who were largely responsible for
oversubscription had misjudged the investors' response and found themselves facing discounts instead of premiums when they realized their allotments. The large amount of money now available
in London for investment has for weeks shown a
strong tendency to move into American securities,
a factor favorable to the dollar but adverse to the
pound, as there is no offsetting movement of funds
from this side to London.
The "Monthly Bulletin" of the Federal Reserve
System for December states that the "opportunity
for profitable investment" has been more important
than the fear of a European war in bringing gold to
this country. Since the devaluation of the dollar,
the "Bulletin" shows, the imports of gold in response
to foreign investment have been more prolonged than
the flight of gold because of the war scare. The
flight of gold due to fears of war abroad began in
September, reached its height in October, and sub-.
sided before the end of that month. Another factor
which has contributed to the influx of gold has been
the condition of the gold bloc countries, where, according to the Board of Governors of the Federal
Reserve System, capital is "more sensitive to the
condition of national budgets and to political difficulties than in the countries that have altered their
currencies during the depression." The "Bulletin"
traces the recurring "crises" in France, Belgium and
The Netherlands, which have led to gold shipments.'
Gold imported into this country since the devaluation
of the dollar has aggregated $2,704,000,000, of which.
$1,087,000,000 has come from France, according to.
a tabulation prepared by the Board. The "Bulletin"
explains, however, that since the Bank of France
"is the only central bank in the world to-day which
pays out gold at par for every purpose, some of the
gold shown as coming from France actually is Swiss,
Italian or English gold."
4068
Financial Chronicle
Soon after the first of the year exchange should
normally firm up in favor of London and continue
firm until toward the end of August.
Money rates in London are slightly firmer, owing
to the approach of the year-end. It is thought that
soon after the first of January open market rates will
ease off to the levels prevailing a few weeks ago.
Call money against bills in Lombard Street is easy at
3
M%. Two-months'and three-months' bills are 4%
to 13-16%. Four- and six-months' bills are 13-16%.
All the gold available in the London market this
week was taken for unknown destinations, chiefly,
it is thought, by private hoarders, and left on deposit
with the great London banks. On Saturday there
was available £90,000, on Monday £352,000, on
Tuesday £442,000 and on Friday £155,000.
At the Port of New York the gold movement for
the week ended Dec. 25, as reported by the Federal
Reserve Bank of New York, was as follows:
-DEC.24,INCLUSIVE
GOLD MOVEMENT AT NEW YORK,DEC.19
Exports
Imports
$6,475,000 from England
2,390,000 from Canada
None
504,000 from India
241,000 from Holland
179,000 from Russia
$9,789,000 total
Net Change in Gold Held Earmarkedfor Foreign Account
Decrease $358.000
Note—We have been notified that approximately $358,000 of gold was
received from China at San Francisco.
The above figures are for the week ended on Tuesday. On Wednesday (Christmas Day) no report was
issued. On Thursday $1,541,300 of gold was received, of which $1,537,600 came from India and
$3,700 came from Guatemala. There were no exports of the metal, but gold held earmarked for foreign account increased $3,700. On Friday there
were no imports or exports of the metal or change in
gold held earmarked for foreign account. It was
reported, however, that $96,000 of gold was received
at San Francisco from China.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount of
1 1-16% to a discount of M%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in quiet trading. Bankers'
sight was $4.93@$4.9338, cable transfers $4.933'©
$4.93h. On Monday exchange continued steady
and dull. The range was $4.92M@$4.92M for
bankers'sight and $4.9234@$4.93 for cable transfers.
On Tuesday sterling showed no perceptible change.
Bankers' sight was $4.9234@$4.93; cable transfers,
$4.92%@$4.933'. On Wednesday, Christmas Day,
there was no market. On Thursday the foreign
exchanges were dull. Sterling ranged from $4.9234
to $4.93 for bankers' sight and from $4.92M to
$4.933 for cable transfers. On Friday the pound
continued quiet with a firm undertone. The range
was $4.92M@$4.9338 for bankers' sight and $4.93©
/
$4.933( for cable transfers. Closing quotations on
Friday were $4.933/ for demand and $4.933' for
cable transfers. Commercial sight bills finished at
8 -day bills at $4.91%;
-day bills at $4.923/;90
$4.93;60
8
documents for payment (60 days) at $4.923/, and
.
2
at $4.923/ Cotton and grain
seven-day grain bills
for payment closed at $4.93.
Continental and Other Foreign Exchange
RENCH francs have shown a renewed tendency
towards weakness since Thursday of last week.
The unit is ruling below the lower gold point not only
in terms of the dollar but with respect to Holland
F
Dec. 28 1935
guilders, Swiss francs and sterling. The weakness in
the franc is derived chiefly from fears of political
difficulties which may be encountered by the Laval
government, although since the meeting of the Chamber of Deputies the opposing factions have on several
occasions given the Laval cabinet a vote of confidence. At present only the extreme du'ness characteristic of the foreign exchange market at this season
prevents a pronounced flight of capital from Paris and
perhaps even lower quotations for the franc. As it is,
although the unit is ruling so low, no large amounts of
gold are expected to leave France immediately for
New York, Amsterdam or Berne, but some gold is
likely to go to London. However, it may be expected that the British Equalization Fund will be
active in maintaining steadiness in the comparative
rates of sterling and the franc in order to minimize
any disturbance in the French unit between now and
the turn of the year. At present the seasonal curtailment in shipping facilities, as well as the high rediscount rate of the Bank of France, prevents any
marked exodus of gold from Paris. In the winter
many ships are either taken off their runs for repair
work or for special cruises. Were it summer, a ruling quotation for the franc of 6.584 to 6.593 would
result in a movement of metal to New York.
The franc is perhaps further weakened by the fact
that the devaluation idea is apparently spreading in
responsible quarters in Paris. Recently important
journals in Paris have published special articles on
the question of devaluation, all favorable to the idea.
Several of the contributors are collaborators with
Charles Rist, formerly of the Bank of France, in the
Economic Research Bureau. This fact seems to confirm the impression, widely held in Pars,that M.Rist
has abandoned the idea of deflation as a remedy for
the French difficulties. So long as the advocacy of
devaluation gains momentum, it must follow that
capital will leave France and go into hiding until
such time as the question is finally resolved. Meantime, the Eight of capital must continue to keep
money rates abnormally high in Paris. There can
be no real recovery in French business while money
rates are as high as they now are, altogether out of
line with the rates prevailing in the leading commercial countries. Extremely short-term money is exorbitantly sigh and the longer short maturities, to
say nothing of investment funds, are almost impossible to negotiate.
The German mark situation continues to grow increasingly unsatisfactory. For all practical purposes the mark has in fact ceased to be an international currency. The Reichsbank statement as of
Dec. 21 shows a ratio of gold and foreign currency to
note circulation of 2.14%. The Bank's total stock
of coin and bullion stands at 82,434,000 reichsmarks,
as compared with 806,223,000 reichsmarks at the
end of 1932 and with the then ratio of 25.8%.
Italian lire are only nominally quoted. Because of
the severe restrictions imposed by the Italian exchange control the lira has also been virtually reduced
to the status of an internal currency.
The belga Is the strongest of the Continental currencies. The situation in Belgium shows steady and
consistent though slow improvement. On Dec. 19
the National Bank of Belgium reported gold stock of
3,462,300,000 belgas, making a ratio of gold to notes
of 84.27%, while its ratio of gold to total sight liabilities was 67.71%.
Financial Chronicle
Volume 141
The following table shows the relation of the leading
European currencies still on gold to the United States
dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dolrar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.58M to 6.59
16.82A to 16.853i
8.06 to 8.093
32.41 to 32.48
67.72 to 67.85
The London check rate on Paris closed on Friday
at 74.84, against 74.79 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.57 8, against 6.583 on Friday of last
8
week; cable transfers at 6.583 , against 6.593/; and
4
4
.
commercial sight bills at 6.553 , against 6.563s
Antwerp belgas closed at 16.833/ for bankers' sight
bills and at 16.843/b for cable transfers, against 16.83
and 16.84. Final quotations for Berlin marks were
40.21 for bankers' sight bills and 40.22 for cable
transfers, in comparison with 40.21 and 40.22.
Italian lire are nominally quoted at 8.06 for bankers'
sight bills and at 8.07 for cable transfers, against
8.08 and 8.09. Austrian schillings closed at 18.79,
against 18.82; exchange on Czechoslovakia at 4.14,
against 4.143/; on Bucharest at 0.80, against 0.80;
2
on Poland at 18.84, against 18.86; and on Finland.at
2.18, against 2.18. Greek exchange closed at 0.933/i
for bankers' sight bills and at 0.93% for cable transfers, against 0.933/i and 0.93%.
XCHANGE on the countries neutral during the
war presents no new features of importance and,
as pointed out in the review of sterling, trading is
characterized by marked seasonal inactivity. Nothing new likely to reveal the future trend of the foreign
exchange market can develop before the first week in
January. The Dutch guilder situation is fundamentally promising. The current statement of the
Bank of The Netherlands shows an increase in gold
stock of 4,700,000 guilders, bringing the gold coverage to 637,200,000 guilders. Ratio of gold to total
sight liabilities stands at 76.5%.
Bankers' sight on Amsterdam finished on Friday
at 67.86, against 67.76 on Friday of last week; cable
transfers at 67.87, against 67.75, and commercial
sight bills at 67.84, against 67.72. Swiss francs closed
at 32.48 for checks and at 32.49 for cable transfers,
against 32.42 and 32.43. Copenhagen checks finished
at 22.02 and cable transfers at 22.03, against 22.01
and 22.02. Checks on Sweden closed at 25.43 and
cable transfers at 25.44, against 25.41 and 25.42,
while checks on Norway finished at 24.78 and cable
transfers at 24.79, against 24.77 and 24.78. Spanish
pesetas closed at 13.65 for bankers' sight bills and at
13.66 for cable transfers, against 13.643/ and 13.653.
E
XCHANGE on the South American countries is
characteristically dull at this season. The general trend of the South American exchanges, however,
is one of marked improvement. The foreign trade of
Argentina and Brazil, and likewise of most other
South American countries, is strongly upward, resulting for the most part in favorable trade balances
for these countries. It was announced officially in
Buenos Aires a few days ago that for the first 11
months of 1935 Argentina will have a favorable trade
balance of 336,704,000 pesos. This compares with
a favorable trade balance of 302,665,000 pesos in the
corresponding period of 1934. The foreign trade
balance of Brazil is improving largely because of an
exceptional increase in its exports of raw cotton.
E
4069
The fortnightly statement for the central bank of
Argentina shows total gold reserves at home on
Dec. 15 of 1,224,417,645 paper pesos, while gold
abroad and foreign exchange total 130,737,113 pesos.
The ratio of gold reserves to notes in circulation
stands at 144.3%, while the ratio to total sight liabilities stands at 79.76%.
Argentine paper pesos closed on Friday, official
quotations, at 32.87 for bankers' sight bills, against
32.86 on Friday of last week; cable transfers at 32 8,
against 32%. The unofficial or free market close
was 273g@27.08, against 27.30. Brazilian milreis,
official rates, are 83 for bankers' sight bills and
8.45 for cable transfers, against 83 and 8.45. The
unofficial or free market close was 5.55, against 5.50.
Chilean exchange is nominally quoted on the new
basis at 5.19, against 5.19. Peru is nominal at
24.76, against 24.76.
XCHANGE on the Far Eastern countries is, of
course, affected by the dulness in the European
markets, especially in London. According to recent
statements from Washington, unofficial but apparently from sources close to the Treasury Department,
world silver prices will have to be allowed to fall
toward 45 cents an ounce if the United States Treasury, which controls the price, wishes to break up
Japanese smuggling of Chinese silver by making it
unprofitable. There is no official confirmation
that realignment of the government silver operations
is designed to protect China. However, Treasury
officials have pointed out on several occasions that
most of the silver recently sold in London was from
Japan, and since Japan neither produces nor owns
an appreciable silver stock, this "Japanese" silver is
assumed to be Chinese silver smuggled into Japan
from China. It would seem that the Treasury's
operations are at present in the nature of squeezing
maneuvres to arrest smuggling of silver from China
and to assist the Chinese authorities to establish
their new currency plan on a sound basis. Secretary
Morgenthau referred recently, it is thought, to some
new currency agreement with China when he said
that in permitting the world price to decline, the
Treasury "knew what it was doing," and was not
following a hit-or-miss program. It is hinted in
some quarters that efforts will be made to induce
both China and Mexico, as well as other silver selling
countries, to adopt a silver-gold reserve system such
as is provided for the United States in the Silver
Purchase Act. It is intimated that in some instances
the Treasury may offer to trade American gold for
foreign silver, provided that the foreign country
agrees to retain a certain silver reserve. Apart
from ideas which may emanate from responsible or
irresponsible quarters in Washington, it seems entirely probable that the Chinese government, reinforced by the Hong Kong (British Crown colony)
government, will continue to hold its currency stabilized on the pound sterling. Since the Chinese
yuan went off the silver standard it has been "stabilized" on the pound sterling at a value equivalent to
about 30 cents. The yuan contains or represents
about three-quarters of an ounce of silver. At this
valuation smuggling of Chinese silver would become
unprofitable were the world silver price to hold
steady at around 45 cents.
Closing quotations for yen checks yesterday were
28.80, against 28.81 on Friday of last week. Hong
s
Kong closed at 323.@329/, against 32 5-16@328A;
E
4070
Financial Chronicle
Dec. 28 1935
Shanghai at 293/@29%, against 299; Manila at of Democratic absences on record votes, and a hand2
50.05, against 50.05; Singapore at 57.80, against ful of Independents whose voting influence will be
57.80; Bombay at 37.28, against 37.27, and Calcutta negligible. Such changes as may be made in the personnel of committees are not likely to affect the
at 37.28, against 37.27.
general character of those bodies. The volume of
Foreign Exchange Rates
new bills introduced is usually less in a second sesDURSUANT to the requirements of Section 522 sion than in a first, but the number of bills will unof the Tariff Act of 1922, the Federal Reserve doubtedly be large, and there are always measures
Bank is now certifying daily to the Secretary of the hanging over from the previous session and awaiting
Treasury the buying rate for cable transfers in the final action. A long list of recess appointments,some
different countries of the world. We give below a of them important and controversial, will come before the Senate for confirmation, and every session
record for the week just passed:
sees a number of treaties or commercial conventions
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
submitted for ratification.
DEC. 21 1935 TO DEC. 27 1935 INCLUSIVE
Politically, however, the Congress which assembles
Noon Buying Rate for Cable Transfers in New York
on Jan. 3 will meet in a different atmosphere from
C•urary and Monetary
Value in United States Money
,
Unit
that which prevailed at the opening of the first sesDec. 21 Dec. 23 Dec. 24 Dec. 25 Dec. 26 Dec. 27
sion, a year ago. During the nearly five months of the
Europe$
Aunt,la,schilling
187833* .187716* .187583*
.187650* .187633*
recess, Representatives have been in contact with
Belgium, belga
168238 .168380 .168353
.168411 .168373
Bulgaria, lev
.013625 .013375* .013375*
.013375* .103375*
their constituents and Senators with the people of
Czechoslovakia, krone .041389 .041400 .041385
.041396 .041378
Denmark, krone
220084 .219958 .219983
.220042 .220083
their States, while a considerable number have been
England, pound sterrg4.930000 4.927053 4.927750
4.929000 .929166
Finland, markka
.021755 .021765 .021740
.021750 .021775
serving on committees of inquiry which have taken
France,franc
.065855 .065852 .065864
.065885 .065857
Germany, reichsnutrk .401938 .401885 .401792
.401957 .401971
them more or less about the country. They will thus
Greece, drachma
.009380 .009362 .009362
Holland, guilder
.677121 .677292 .677484
.678042 .678178
have had an opportunity to gauge the sentiments of
Hungary, pengo
.296500* .296125* .296125*
.296250* .296125*
Italy, lira
.080700* .080625* .080631*
.080590* .080600*
the people in regard to recent phases of the New
Norway, krone
247657 .247558 .247612
.247676 .247683
Poland. zloty
188360 .188320 .188300
.188280 .188300
Deal, to weigh the opinions, favorable or hostile, of
Portugal, escudo
.044891 .044850 .044885
.044885 .044925
Rumania.leu
.007983 .007868 .007875
.007875 .007875
those whom Federal legislation and Executive policy
Spain, peseta
.136464 .136450 .136485
.136515 .136460
Sweden,krona
254175 .254037 .254062
.254119 .254150
have particularly affected, and to learn how far the
Switzerland, frano
.324075 .324332 .324446
.324510 .324575
Yugoslavia, dinar
.022840 .022837 .022825 HOLI- .022887 .022825
country is likely to support or oppose the continuAsiaDAY
Chinaance, modification or withdrawal of the various
Chefoo (yuan) dol'r .293333 .293750 .293750
.292916 .294583
Hankow(yuan)dol'r .293750 .294166 .294166
.293333 .295000
plans which the Administration has set on foot. The
Shanghal(yuan) dol. .293333 .293750 .293125
.292812 .294375
Tientsin(yuan) dol'r .293750 .294166 .294166
.293333 .295000
national elections, moreover, are now only a few
Hong Kong, dollar_ .318125 .316250 .316875
.317187 .319062
India. rupee
.372125 .372105 .372250
.372165 .372290
months distant from the campaign stage, and since
Japan, yen
.287535 .287600 .287633
.287680 .287660
Singapore (S. S.) dol' .576250 .576250 .575625
.576250 .576250
the entire membership of the House and one-third
Australasia
Australia, pound
3 913125*3.912187'3.912812*
3.912812'3.913437'
of the membership of the Senate, deaths or withNew Zealand, pound_ 3.943750*3.942500•3.943125*
3.942812'3.943750*
Africa
drawals excepted, come up for re-election along with
South Africa. pound__ .877500*4.873250°4.873250*
.874250°4.874250*
North Americathe candidates for President and Vice-President,
t.lanada, dollar
I 992472 .992630 .991927
.990833 .991119
Cuba, peso
I .999200 .999200 .999200
.999200 .999200
the shadow of an electoral contest will color everyMexico, peso (silver)_ .277675 .277675 .277675
.277675 .277675
Newfoundland, do
.990125 .990187 .989625
.988250 .988625
thing that either Congress or the Administration
South America
Argentina, peso
.328625. .328550* .328550*
.328575* .328600*
may do. The eyes of Congress are always turned
Brazil, milrels
.083916* .083837* .083850•
.083850* .083837*
Chile, peso
.050950* .050950* .050950.
.050950* .050950*
toward politics, no matter how non-political a proUruguay. peso
.80i500° 801500. .801500*
.801500* .801500*
Colombia. peso
.569200° .568200* .589800
.569800* .569800*
posed piece of legislation may be, but the political
*Nominal rates: firm rates not available.
gaze is always more attentive, and usually more anxGold Bullion in European Banks
ious, when a national election is drawing near.
HE following table indicates the amount of gold
Since politics, then, will dominate the coming sesbullion (converted into pounds sterling at par sion, it is important to look at some of the matters
gf exchange) in the principal European banks as of regarding which Congress will have to take a posiDec. 26 1935, together with comparisons as of the tion. First in importance, and related, directly or
indirectly, to many of the things that Congress will
corresponding dates in the previous four years:
be asked to do, is the question of the Supreme Court
Banks of1935
1934
1933
1932
1931
and the Constitution. Since Congress adjourned, a
£
£
£
£
number of decisions having to do with the constituEngland.-- 200,662,220
191.686,728 120.593,672 121,348,721
France a-__ 530,377,191
615.562,263 664.958,001 547,849,394
tionality of New Deal legislation have been rendered
Germany b_
3.064,650
17.038,750
37,982.050
42,914,300
Spain
90,202.000
90,449,000
90,336,000
89,877,000
by Federal courts, and some of the most vital parts
Italy
42,575,000
76,595,000
62,947.000
60,848,000
Netherlands
52,710,000
76,711,000
86,053,000
75,583,000
of the Administration's program are now, or shortly
Nat. Bela..
98,903,000
77,900,000
74,217,000
72,935,000
Switzerland.
46,743,000
67,516,000
88.963,000
61,049.000
will be, before the Supreme Court. The general trend
Sweden_ _
22.080,000
14,426,000
11,443,000
11,433,000
Denmark_ _
6,555,000
7,397.000
7,399.000
8,015.000
of these decisions has been distinctly hostile to the
Norway_ _.
6,602,000
6,573,000
8,014,000
6,559,000
government, and in several instances the adverse
fotal week_ 1,100,474,062 1.248,570,813 1,241.854.741 1,252,903,723 1,098.411,415
Prey. week_ 1,097,907,795 1,250,154,650 1,236,674,631 1,252,8.54,598 1.095.803.988
judgment has been so uncompromising as to make
ruse 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
one wonder how the statutes in question could ever
abroad, the amount of which the present year is £1,057,050.
have been passed. What the Supreme Court may hold
in such cases as may be appealed from the lower
Political Questions in the Next Session of
courts is, of course, a matter of conjecture, but it is
Congress
probable that, before the session is far advanced, the
With the exception of a few changes due to death Supreme Court may rule upon several of
the cases
and new appointments, the membership of the second now before it.
session of the 74th Congress will be the same as the
Not much has been heard publicly during the refirst. It is improbable that party divisions will show cess about the proposal to
amend the Constitution
any material alterations. There will be the same so as to deprive the Supreme Court
of authority to
overwhelming Democratic majority in the Senate declare an Act of Congress unconstitutional,
and the
and the House of Representatives, a Republican mi- popular response, when the question was raised last
nority too small to offset even a considerable number spring, indicated a widespread loyalty to the Con-
00 CO ba C."...10.4. 1 CO oo
,
p.pt.zoacno.-eo--moo
co .
. co go. to oc
co-7o0loc.0ooapooc000
0olo-o04b,..-1.o- oloo. to.
o
C 614
T
Volume 141
Financial Chronicle
stitution which it would not be safe to challenge.
That does not mean, however, that the issue may
not be revived in the coming session. If, in addition
to setting aside the code system of the National Industrial Recovery Act and the attempt of the Agricultural Adjustment Act to confer legislative powers
upon the President and the Secretary of Agriculture, the Supreme Court should disapprove, as a
whole or in important parts, the legislation relating
to processing taxes and utility holding companies,
and find serious constitutional flaws in the Tennessee Valley Authority Act, the amended Agricultural Adjustment Act, the Bankhead Cotton Control Act, the Securities Act and the Wagner Labor
Act, so large a part of the New Deal structure would
be invalidated as to bring the constitutional issue
sharply to the fore. If decisions in these cases prove
to be adverse, it will be for Congress, if it still thinks
that agriculture, security transactions, holding companies and so on need Federal regulation, to devise
methods of regulating them that will neither conflict openly with the Constitution nor rest upon
strained interpretations of constitutional authority
so artificial and arbitrary as to invite further judicial rebuke.
With the constitutional issue go, moreover, certain large questions of public policy on which Congressional opinion has from the first been sharply
divided, and in regard to which the country, during
the recess, has been doing a good deal of thinking.
Is it desirable, for example, to attack and perhaps
destroy utility holding companies because some serious evils have developed in their organization and
management? Is it desirable to continue government competition with private industry and business, as in the sale of surplus power by the Tennessee Valley Authority? Is it good policy, in the
interest of collective bargaining, to uphold a system
of regulation which ignores the wishes of 49% of
the employees of an establishment regarding wages,
hours and conditions of employment, and gives absolute control in such matters to a bare majority?
Will prosperity be furthered by continuing public
works which are not clearly national in character,
or by taking control of a private industry, as is done
by the Guffey-Snyder Coal Act, because the industry
is not well organized, or by saddling industry and
business generally with the heavy expense of old
age pensions and unemployment insurance? Is it
well for the country, now or in the future, to go on
with any undertaking which builds up and strengthens the bureaucratic army and thereby increases the
likelihood of "pressure politics" in national and
State elections?
A good many other important matters, some specific and others more general, are likely to press for
Congressional attention. It is probable that amendments of the Banking Act and the Security Act will
be asked for, none of which should be accepted without careful inquiry into the working of those Acts
thus far. The obnoxious silver purchase legislation
can be repealed, and the swollen civil service establishment at Washington greatly reduced, if Congress
has a mind to do so, and definite steps should be
taken toward balancing the Federal budget. A long
list of legislative and Executive acts which have supported extravagant appropriations for public works,
unemployment and educational activities will come
up for reconsideration, and in each case, we may be
sure, with strong pressure from interested parties to
continue much which obviously ought to be greatly
curtailed or abandoned altogether. The question of
4071
railroad reorganization has been allowed to drift
from year to year, and it is time that something were
done about it. There will certainly be demands for
further neutrality legislation aimed at keeping the
country out of war, and for further authority to
deal with the nation-wide spread of serious crime. It
will not escape notice that the war debtors, with the
honorable exception of Finland, have again defaulted on their debt payments, and increased appropriations for the army and navy are already
forecast.
On such of these matters as touch, more or less
directly, the New Deal, the action of Congress is
likely to be determined to some extent by the attitude of the members toward the present business
recovery. If the majority opinion, encouraged by
an optimistic review in the President's annual message,shall insist that the recovery which has been in
evidence during the past few months is due to Administration policies, members will be less inclined
to take what the President would regard as backward steps, and more disposed to let the New Deal
work on, with only such modifications as will
strengthen weak spots and get around objections of
the courts. The disposition to make as few changes
as possible and cut the session short will be stronger
if the annual message makes few legislative recommendations, proposes substantial reductions in expenditures for public works and unemployment relief, and is moderate in its requests for new appropriations. On the other hand, if any considerable
number of Democrats take the view that current recovery has come about in spite of the New Deal, and
represents only a natural revival notwithstanding
heavy obstacles, the way will be opened for the attack on the Administration "all along the line" which
the Republicans and opposition Democrats are anxious to launch, and for which they are reported to
be making preparations.
From either point of view, accordingly, the coming session may be a crucial one for the Administration. A series of adverse decisions by the Supreme
Court, especially if rendered early in the session,
would make it futile to attempt any further extension of New Deal policies without raising the fundamental issue of constitutional revision, and on that
issue there is no reason to believe that the Administration could carry the country with it. The strength
of the Administration at the moment, whether for the
control of Congress or for participation in the national elections, is in the popular favor which it has
won in the agricultural States through the subsidies
and bounties of its agricultural program, the mistaken belief of many that the New Deal has actually
brought a "turn in the road" and that general recovery is at hand, and the lack as yet of an opposition Republican policy. The first two of these elements of strength afford good campaign arguments,
and what is likely to be useful for campaign purposes
will certainly be uppermost in the minds of Senators
and Representatives. The Administration may at
any time, however, be put on the defensive by well
planned and vigorous attack, for it is vulnerable
everywhere, but since Congress is probably less radically minded than it is politically minded, it is politics that in the coming session will count the most.
President Roosevelt, it is reported, hopes for a short
and uneventful session, but he wants it, we may be
sure, not because there are not further radical measures that he would like to see passed, but because a
national campaign is close at hand, political opposition is rising, important legislation awaits the ver-
Financial Chronicle
4072
did of the Supreme Court, and it is wise polities to
• play safe. It is for Congress to say how much political capital the Administration shall be allowed to
make out of the session.
The Elusive Dove of Peace
Having weathered successfully for the moment the
first storm which the Paris peace plan stirred up,
British diplomacy appears to be awaiting what may
prove to be a more fateful outburst of the political
and economic elements. On the whole, it cannot be
said that the outlook is either clearer or more encouraging than it was when the rejection of the peace
plan became a certainty. The appointment of Anthony Eden as Foreign Secretary, in succession to
Sir Samuel Hoare, while not wholly unexpected,
came as a disappointment to those who had hoped
that the office would go to a more experienced and
conservative person. Mr. Eden is undoubtedly an
able official, and he probably knows more at first
hand about the inner workings of the League of Nations than any other Englishman. As a roving peace
emissary in recent months he has had unusual opportunities to make personal acquaintances in a
number of European capitals, and personal acquaintance counts for a good deal in diplomacy. Before
the rupture over the Paris plan, however, he had
been conspicuous at Geneva for his advocacy of sanctions and a strong hand generally with Italy, and
he appeared to be as indifferent as were his colleagues and associates to the rights of Ethiopia. He
is on record as having denounced the Paris proposals,
and in the first flush of resentment thought of resigning his office of diplomatic representative of
Great Britain at Geneva, but although he went so
far as to tell the League Council that his government
would be quite willing to see the proposals rejected,
his public repudiation of the scheme left something
to be desired.
Now that he has become Foreign Secretary, his
course in that important office will be watched with
some apprehension by those who do not stand wholeheartedly for an extension of sanctions. The immediate issue at Geneva is not the continuance of
the limited sanctions whose disturbing effects Italy
is beginning to feel, but their extension to include
oil and perhaps cotton and wheat. If opinions informally expressed have been accurately reported, a
majority of the members of the League Council are
in favor of enlarging the sanctions list, and there is
reason to expect that 3,tr. Eden will support that
policy if it comes to a vote. With the Council united
on that issue and Great Britain frankly supporting
it, the Council might well feel that the loss of prestige which followed the revolt of the smaller Powers
over the Paris plan had been made good, and that
British support had been the greatest contribution.
There is nothing in the least encouraging about
this situation. On the contrary, it points more directly than the previous situation to the possibility
of war. Mussolini declared some weeks ago, when
the possible extension of sanctions to include oil was
being discussed, that any such extension would be
regarded as a justification of war. As far as is known
the declaration still stands as a warning to the
League of what may happen. The force of the declaration is somewhat tempered, however, when one asks
with what nation or nations Mussolini would actually go to war. The League is not a nation, it has
neither government nor territory, and its only material possessions are a building and its contents at
Dec. 28 1935
Geneva. It might be urged, with some show of reason, that Switzerland was departing from the neutral status which is internationally accorded to it
by harboring a body which, like the League, is concerting plans to compel Italy to cease fighting, but
Switzerland is not likely to be singled out as an enemy above all others, nor would its occupation by
Italy be easy. For Italy to go to war with all the
nations which supported sanctions would be inconceivably rash.
As far as Italian opinion is concerned, the Public
Enemy No. 1 is undoubtedly Great Britain. The
grounds of special enmity toward Great Britain are
mainly two: the belief that Great Britain has been
the chief inspiration of sanctions, and the provocative presence of the British fleet in the Mediterranean. The disparity between the two Powers,from
the standpoint of war, is not so one-sided as is commonly supposed. It is no secret that considerable
apprehension has been felt for the safety of the British fleet in the event of an Italian air attack, that the
fleet is considerably less powerful in fact than it is
on paper, that the ships are much in need of docking
and cleaning after their long stay in the Mediterranean, and that stores of fuel oil are inadequate
for active operations. It is the recognition of these
factors which prompted Great Britain to secure a
promise of aid from the French fleet at Toulon in case
of an attack, and it probably explains the reported
permission given to the fleet to refuel at the French
port of Ajaccio, on the island of Corsica. Add to
these the uncertain hold of Great Britain in Egypt,
the exposed position of Malta, and the necessity of
maintaining communication with India, East Africa
and the Far East by way of the Suez Canal, and the
British position in the Mediterranean is not one of
complete security.
Developments of the past week, on the other hand,
make it improbable that there will be any war with
Italy, whether by Great Britain or any other Power,
unless Italy itself attacks. For this assurance of
peace, slender as it is in view of the general tension,
Europe has France to thank. Premier Laval has
made it clear that while France is conditionally
ready to aid Great Britain and will support such
sanctions as have already been imposed, it will not
go to war with Italy over Ethiopia or anything else
unless France is attacked. There is also some reason
to expect that France will oppose the inclusion of oil
in the sanctions list. The overthrow of the Laval
Ministry and the formation of a government of the
Left, which is still a possibility, would doubtless alter
the situation very much, but there is nevertheless a
strong and widespread feeling in France that a war
with Italy must at all hazards be avoided, save only
in the event that Italy became the aggressor.
Mr. Eden, accordingly, will have several things to
keep in mind when he next addresses the League
Council. He knows very well that the Baldwin government is a long way from sharing his apparent
confidence in the League, and that its reputation is
badly marred by the general impression that it would
have joined with France in forcing through the odious Paris peace plan if the text of the plan had not
leaked out. He knows that, whatever happens, Great
Britain must keep on good terms with France if any
peaceful settlement is to be made with Italy,and that
France will not risk any entanglements it can avoid
as long as Germany remains a menace. The revelation which the London correspondent of the New
York "Times" made on Friday of Hitler's refusal
to consider any limitation of armaments until the
Volume 141
Financial Chronicle
"war guilt" charge is expunged from the Treaty of
Versailles and Germany recovers its colonies, and
his purpose to have the strongest air force in Europe,
sheds further light on the reasons for Premier Laval's
policy. Mr. Eden also knows that the resentment in
the League over the attempt of Great Britain and
France to "put over" the Paris scheme is still smouldering, and that not much would be required to bring
it into flame.
Since it is apparently agreed that Ethiopia, in
one way or another, is eventually to be dismembered,
it is at least an interesting speculation whether Mussolini did not show some lack of diplomatic shrewdness in declining to accept the Hoare-Laval proposals
"as a basis for negotiations." That saving clause, it
will be remembered, was emphasized by Sir Samuel
Hoare in his defense of his conduct in the House of
Commons. Had Mussolini accepted the plan with
that reservation, he might then have demurred to
some of its terms while still keeping negotiations
open, and could have appeared as earnestly desiring
peace, with some modification of the agreement,
while Great Britain, France and the League were
disputing about whether the agreement should be
approved. It may be guspected that the predicament
in which those two Powers and the League might find
themselves if Mussolini should favor the plan was
perceived by Mr. Eden as soon as the plan itself became public, and that the instant opposition within
the League afforded him a gratifying opportunity
to extricate Great Britain from a situation which
might prove extremely embarrassing.
It is now known, however, that before the HoareLaval scheme was revealed Great Britain was seriously expecting war,and was preparing to strengthen
its own position by securing, if possible, the support
of a number of other Powers. Greece, Turkey, Rumania, Yugoslavia and Czechoslovakia, the last
three constituting the Little Entente, were all asked
what military or other aid they were prepared to
render in case the extension of sanctions to include
oil precipitated a war, and the replies are reported
to have been encouraging. The situation, accordingly,
must be regarded as still grave, with France holding
one of the keys to peace and Mussolini holding the
other. It will be difficult for Mussolini to suggest
terms of settlement without thereby confessing weakness, but it will be still more difficult for the League
to use oil as a weapon without thereby incurring responsibility for war if war comes.
If the elaborate proposals for further neutrality
legislation which were put forward on Wednesday by
a committee of the National Peace Conference ever
get before Congress, they promise to stir up a bitter
debate. Some of the basic proposals are extraordinary. In addition to retaining the mandatory embargo on arms, munitions and implements of war,
the President is to be permitted to extend the embargo, in his discretion, to "other articles and commodities" essential to war, and to money and credits
as well. He may also lift the embargo against a
nation which he adjudges to be the victim of aggression if a majority of the other belligerents who signed
the Kellogg Pact are of the same opinion. An amazing provision contemplates the assumption by the
United States of any pecuniary loss or damage sustained by any American citizen as a result of the
embargo, such loss to be "distributed and borne by
the people of the United States as a part of the cost
of avoiding the involvement of the United States in
war."
4073
Such absurd proposals as the last two just cited go
far to vitiate every commendable feature of the proposed legislation. The requirement of consultation
with signatories of the Kellogg Pact is only a thinly
cloaked device for throwing the United States into
the arms of the League, since signatories and League
members are in most cases identical, while the provision for the national assumption of individual war
losses opens the way to a financial drain of untold
amount upon the Federal Treasury without an iota
of national advantage. There is much to be said
for giving the President some discretionary power
in imposing or lifting an embargo, and the neutrality
laws doubtless need to be revised, but the recent
course of the Administration makes it doubtful
whether the first of these steps should now be taken,
and the dark shadow of a possible European war is
not a favorable light in which to undertake the
second.
111
The Course of the Bond Market
The bond market has displayed a moderately improved
tone this week, trading in which has been interrupted by the
Christmas holiday. Factors in the background of the market have remained unchanged. Credit conditions remain
extremely easy, and the government's desire for lower interest rates has been further evidenced by the Reconstruction
Finance Corporation's offer of additional funds to the Illinois
Central at 4%. The weekly Federal Reserve reports reflected a holiday rise of $89,000,000 in money in circulation,
the effect of which was largely offset by other factors, so
that excess reserves declined by only $10,000,000.
High-grade railroad bond prices have been moderately
higher this week, reflecting increased demand and a lack of
new offerings in substantial amounts. Atchison gen. 4s, 1995,
4s, 1961, gained
rose by % to close at 110; Great Northern 41
1 to 107%,and New York Central 3%s, 1997, rose ih to close
at 97. Lower-grade railroad bonds have shown definite improvement and reflected the continuation of improved earnings reports. This section of the market was also encouraged
by the apparent willingness of the RFC to aid the Great
Northern and the Illinois Central in solving their bond maturity problems. This latter factor was, no doubt, largely
responsible for the price improvement in Illinois Central
joint mortgage 5s, 1963, which advanced 2% to 71%. New
York Chicago & St. Louis 4%s, 1978, gained % to 69%.
Utility bonds have displayed a firmer tone this week, all
classes participating in a market that has been moderately
strong. Among highest grades Central Hudson Gas & Electric 3%s,1965, Consumers Power 3%s,1965, and Detroit Edison 4s, due 1965, made new tops. In the lower grades, American Water Works 5s, 1944,Interstate Public Service 5s, 1956,
New York Central Electric 5%s,1950, and Peoples Gas Light
& Coke 4s, due 1981, have been quite firm, and among speculative issues Associated Gas & Electric 4%s, 1948, and United
Light & Railways 6s, 1973, have exhibited a good recovery.
The industrial list has shown a milling tendency this week,
with lower-priced issues slightly weaker. The steel group
has been generally strong, the Vanadium convertible 5s, 1941,
rising from 841
4th 861
4. Coal issues have again been somewhat lower, but the rate of decline has abated somewhat
The Walworth 6s, 1945, jumped from 96 to 105 to lead the
building group into new high territory. The volatile Bush
Terminal Co. 5s, 1955, dropped 3% points to 49%. The Childs
Co. 5s, 1943, advanced from 73 to 73%.
This week's foreign bond market has been comparatively
steady, most changes being only fractional. Exceptions have
been represented by Italian and Yugoslavian bonds, both of
which have declined. On the strong side have been the Cuban
Public Works 5%s, due 1945, up 1% points, and the El Salvador 7s, which have advanced. French government bonds
have also risen several points. The balance of the market
has remained relatively stable, although the South American
group on the whole has shown fractional declines.
Moody's computed bond prices and bond yield averages are
given in the following tables:
4074
Financial Chronicle
MOODY'S BOND PRICESt
(Based on Average Yields)
1935
Dealt
Averages
U. B.
120
God. DomesBonds
tic
Corp.*
120 Domestic Corporale•
by Ratings
Aaa
As
A
Baa
Dec. 28 1935
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
120 Domestic
Corporate* by Groups
RR.
P. U. Indus.
AU
1935
120
Daily
Domes
Averages
tic
Dec. 27-_ 107.78 106.42 18.86 114.24 105.37 90.83 100.49 107.67 111.73
Dee. 27..
26.._ 107.83 106.60 19.07 114.04 105.37 90.97 100.65 107.67 111.73
26-25__
Stock E achang e Close d
25._
24.._ 107.70 106.42 19.07 113.85 105.20 90.97 100.49 107.49 111.73
24._
23__ 107.57 106.42 18.86 113.85 105.20 90.97 100.49 107.49 111.73
23__
21_ _ 107.54 106.25 18.66 113.85 105.03 90.83 100.33 107.49 111.54
21.20_ _ 107.54 106.25 18.66 113.85 105.03 90.83 100.17 107.49 111.54
20._
19-- 107.52 106.25 18.68 113.85 105.03 90.69 100.33 107.31 111.54
19._
18-_ 107.45 106.25 18.66 113.85 105.03 90.55 100.17 107.31 111.35
18__
17__ 107.44 106.07 18.45 113.85 104.85 90.27 99.84 107.31 111.35
17__
16__ 107.54 06.07 18.45 113.85 105.03 90.13 99.84 107.31 111.35
16.14__ 107.50 06.07 18.66 113.65 105.20 90.41 100.00 107.49 111.54
14._
13-_ 107.51 06.25 18.86 113.65 105.20 90.55 100.17 107.49 111.54
13._
12__ 107.53 06.25 18.86 113.65 105.37 90.55 100.33 107.49 111.54
12-1I__ 107.55 06.25 18.86 113.46 105.37 90.55 100.33 107.49 111.54
11._
10._ 107.58 06.25 18.86 113.65 105.03 90.55 100.33 107.49 111.35
10._
107.62 06.25 18.86 113.85 105.03 90.69 100.49 107.49 111.54
9__
107.55 06.42 18.86 113.85 105.20 90.83 100.49 107.49 111.54
7_
107.54 06.25 19.07 113.65 105.20 90.69 100.33 107.49 111.54
6..
107.53 06.25 18.86 113.65 105.03 90.69 100.17 107.49 111.54
5_
107.52 06.07 18.66 113.46 104.85 90.69 100.17 107.31 111.35
4._
107.55 105.89 18.66 113.26 104.68 90.13 99.52 107.31 111.16
3._
107.41 105.72 18.45 113.26 104.51 90.00 99.20 107.14 111.16
2._
Weekly
WeeklyNov.29.. 107.43 105.72 18.45 113.26 104.33 90.00 99.04 107.31 110.98
Nov.29._
22._ 107.48 105.37 18.45 113.07 103.82 89.45 98.09 107.31 111.16
22__
15._ 107.52 104.85 18.45 112.50 103.48 88.50 97.00 107.14 111.16
15_
8__ 107.67 104.51 18.25 112.31 103.32 88.10 96.70 106.96 110.61
8_
107.55 104.33 18.04 111.92 103.15 87.96 96.85 106.78 110.05
I__
Oct. 25._ 07.43 104.33 17.84 111.54 103.32 88.10 97.00 106.60 109.68
Jet. 25._
18__ 07.13 103.65 17.22 111.35 102.64 87.17 96.08 106.25 109.12
18._
H._ 06.84 103.65 17.22 111.54 102.98 87.04 96.39 106.07 109.49
11._
06.67 103.48 17.22 111.16 102.81 86.64 96.54 105.37 108.94
4__
Sept.27__ 06.73 03.82 16.82 111.16 103.15 87.56 97.47 105.54 108.75
iept.27-20._ 06.39 03.65 17.02 110.98 103.15 87.04 97.16 105.54 108.57
20._
13__ 07.15 03.99 17.22 111.35 103.48 87.43 97.62 105.89 108.75
13._
07.53 03.82 17.43 111.16 102.98 87.30 97.62 105.54 108.57
6._
AUg.30._ 107.50 03.32 17.02 110.61 102.81 86.51 96.70 105.20 108.21
Luli.80._
23._ 107.64 03.48 17.63 110.42 102.98 86.77 97.16 105.37 108.39
23._
16._ 108.50 03.48 17.63 110.61 102.81 86.91 97.00 105.72 108.39
16._
108.86 03.32 18.25 110.42 102.98 86.12 96.70 105.54 108.39
9._
109.06 03.48 18.66 110.42 103.32 85.74 96.23 105.54 108.94
2._
July 26._ 109.05 03.32 19.07 110.42 103.48 84.85 96.08 105.72 108.57
uly 26._
96.39 105.89 108.39
19.- 109.19 03.48 19.27 110.61 103.15 85.35
19-12.- 109.00 03.15 19.48 110.42 103.48 84.47 95.78 106.07 108.39
12._
108.95 03.65 19.89 110.42 103.65 85.61 97.31 105.89 108.39
5__
June 28._ 108.99 03.32 19.27 110.05 103.48 85.23 97.47 105.20 107.67
une 28_ _
21._ 108.80 103.82 19.27 110.05 102.81 85.87 97.94 104.68 107.67
21._
14-- 108.81 102.64 18.86 109.68 101.97 84.72 96.70 104.83 107.31
14._
108.61 101.64 18.66 109.68 101.14 82.50 94.29 103.99 107.31
7__
ItJay 31__
May 31.- 108.22 101.64 18.45 109.49 101.47 82.38 94.14 103.65 107.49
108.66 101.81 18.45 109.86 101.64 82.50 94.43 103.65 107.85
24__
17._ 108.55 101.97 18.04 110.05 101.47 83.35 94.88 103.82 107.85
17..
10__ 108.61 101.64 18.45 110.05 101.47 82.02 93.85 103.82 107.85
10__
108.89 101.81 18.66 110.05 101.47 82.50 94.29 103.99 107.67
3._
Apt. 26_- 108.61 101.81 18.66 110.05 100.98 82.87 95.63 02.64 107.67
du. 26.19_
Stock E xchang e Closed
19_
12._ 108.25 100.81 19.07 109.68 99.68 80.84 94.29 101.14 107.49
12__
5._ 108.54 100.17 19.07 109.49 99.36 79.56 92.82 101.14 107.31
5__
Mar.29._ 08.07 99.36 .18.66 109.12 98.88 77.88 90.83 100.98 107.14
far.29._
22.. 107.79 100.49 L19.27 109.86 100.17 79.45 93.55 100.98 107.49
22__
108.03
16_ 07.94 100.49 19.07 110.61 100.33 79.11 93.26 100.98
15._
07.85 101.64 19.48 110.98 101.14 81.42 95.63 101.47 108.57
8._
08.22 102.47 19.48 111.35 101.84 82.99 97.78 101.64 108.39
1._
Feb. 23.- 08.44 102.81 19.48 111.16 102.14 83.97 99.68 101.14 108.21
el). 23__
07.49 102.30 19.07 110.19 101.14 83.60 99.68 99.68 107.85
15...
107.85
a__ 07.47 101.64 18.66 110.42 100.49 82.50 99.04 98.41
8__
07.10 01.31 18.04 110.05 100.33 82.38 99.04 97.94 107.31
1._
Jan, 25-- 107.33 02.14 18.04 110.05 100.81 84.35 100.49 98.73 107.49
.11in. 25._
18_ 106.79 00.81 17.43 109.31 99.52 82.26 99.68 90.23 106.78
18.11._ 106.81 00.81 17.63 109.12 99.52 82.50 100.17 95.93 106.96
11105.76 00.33 17.43 108.94 98.88 81.54 100.00 94.58 106.98
4....
OW 1935
High 1935 109.20 06.60 19.69 114.24 105.37 90.97 100.65 107.67 111.73
Low 1935 105.66 99.20 16.82 108.57 98.73 77.88 90.69 94.14 106.78
IlIn 1935
OW 1934
High 1934 106.81 100.00 17.oz 108.75 99.04 83.72 100.49 94.58 106.78
Low 1934 99.06 84.85 05.37 93.11 81.78 66.38 85.61 74.25 96.54
lgh 1934
7. Ago
Yr.A ea Dec.27'34 105.48 99.20 17.02 108.03 97.94 79.91 98.25 93.70 106.42
00.2734
2 Yrs.Acci
2 Yrs.Ago
14.51 92.10 79.22 64.23 84.35 71.77 95.18
,e0.2733
Dee.27'33 99.77 82.87
120 Domestic Corporate
by Ratings
Aaa
Aa
4.37
4.36
3.72
3.71
3.95
3.96
4.37
4.37
4.38
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
3.71
3.72
3.73
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
3.97
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
4.63
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
4.65
4.55
4.59
4.65
4.65
4.64
4.03
4.65
4.64
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
3.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
8.73
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
4.87
4.62
4.70
4.70
4.73
4.36
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
8.76
3.79
8.78
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
3.95
4.26
4.24
5.20
A
Baa
120 Domestic
Corporate by Groups
RR.
tt
30
ForP. U. indite. signs.
4.08
4.08
6.43
6.40
4.08
4.08
4.09
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
6.41
6.45
6.37
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
6.58
6.69
6.69
4.32
4.32
4.33
4.34
4.35
4.36
4.38
4.39
4.43
4.42
4.42
4.40
4.42
4.44
4.43
4.41
4.42
4.42
4.41
4.40
4.39
4.40
444
4.47
4.49
4.51
4.53
4.53
4.52
4.52
4.51
4.59
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
4.26
4.28
4.23
4.25
4.26
4.26
4.26
4.30
4.80
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.30
6.86
6.53
6.41
6.31
6.46
6.34
6.97
6.85
6.90
6.64
6.79
6.50
6.62
6.58
6.59
6.24
6.17
6.15
6.12
5.97
5.91
5.85
5 81
5.80
5.81
5.82
5.83
5.88
5.86
5.85
5.97
5.93
4.68
4.68
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.85
4.88
4.03
4.99
5.01
5.10
4.30
6.13
5.10
6.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.85
4.34
4.34
4.08
4.35
4.35
4.97
0.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.10
6.15
6.22
6.20
5.78
6.97
8.05
6.35
4.72
4.30
4.43
5.36
4.43
5.35
4.71
4.30
Stock E =hang e Close d
4.72
4.31
4.44
5.35
4.72
4.31
4.44
5.35
4.73
4.31
4.45
5.36
4.45
5.36
4.74
4.31
4.45
5.37
4.73
4.32
4.74
4.32
4.45
5.38
4.46
5.40
4.76
4.32
5.41
4.76
4.32
4.45
4.75
4.31
4.44
5.39
4.74
4.31
4.44
5.38
4.73
4.31
4.43
5.38
4.73
4.31
4.43
5.38
4.45
5.38
4.73
4.31
4.72
4.31
4.45
5.37
4.72
4.31
4.44
5.36
4.73
4.31
4.44
5.37
4.31
5.37
4.74
4.45
5.37
4.74
4.32
4.46
4.78
4.32
4.47
5.41
4.80
4.33
4.48
5.42
4.49
5.42
4.52
5.46
4.54
5.53
4.55
5.56
4.56
5.57
4.55
5.56
4.59
5.63
4.57
5.64
5.67
4.58
4.56
5.60
5.64
4.56
5.61
4.54
5.62
4.57
5.68
4.58
4.57
5.66
5.65
4.58
5.71
4.57
4.55
5.74
5.81
4.54
5.77
4.56
4.54
5.84
5.75
4.53
4.54
5.78
5.73
4.58
5.02
4.83
4.68
6.00
6.01
4.66
6.00
4.65
4.66
5.93
6.06
4.66
6.00
4.66
4.69
5.97
StockE xchang e
4.77
6.14
6.25
4.79
4.82
6.40
6.26
4.74
4.73
6.29
4.68
6.09
5.96
4.65
5.88
4.62
4.68
5.91
6.00
4.72
6.01
4.73
6.85
4.70
4.78
5.02
4.78
6.00
6.08
4.82
4.43
5.35
6.40
4.83
4.81
5.90
6.06
7.58
4.81
4.87
4.94
4.96
4.95
4.94
5.00
4.98
4.97
4.91
4.93
4.90
4.90
4.96
4.93
4.94
4.96
4.99
5.00
4.98
5.02
4.92
4.91
4.88
4.96
5.12
5.13
5.11
5.08
5.15
5.12
5.03
Close
5.12
5.22
6.36
5.17
5.19
5.03
4.89
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.71
6.37
4.72
5.75
4.80
3.81
4.28
4.88
6.22
4.86
5.16
4.37
6.42
5.97
4.48
5.27
6.28
7.84
5.85
6.99
5.06
8.73
"
•These prices are eons uuted from average yields on the basis 01 000 •'Ideal bond (43(% coupon, matur ng 10 31 years) and do not purport to show either the average
level or the average move nent of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
Yield averagee, the latter being the truer picture of the bond market. For moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932, page 907.
st
**Actual average price of 8 long-term Treasury issued. t The late complete list of bonds used in computing these Indexes was published in the Issue of May 18 1935.
page 3291. tt Average of 30 foreign bonds but adjusted to a comparable bubo with previous averages o 40 foreign bonds
Indications ot Business Activity
-COMMERCIAL EPITOME
THE STATE OF TRADE
Friday Night, Dec. 27 1935.
Business in a number of lines during the past week showed
the usual seasonal falling off. Steel activity, petroleum output and car loadings were lower, while electrical output continued to expand. Indications continue exceptionally bright
for the steel industry after the turn of the year. Predictions
are made by steel interests that activity should reach 60% of
capacity during February. Youngstown, Ohio, mills are predicting they will set a new operating record for the closing
week of the year of 62% of capacity. Pig iron shipments in
December will exceed those of November, the previous banner month of this year, which is regarded quite a healthy
sign. There is a substantial increase noted in farm exports.
Farm implement manufacturers will start 1936 with schedules calling for 25% increase over 1935 output. Tractor
plants are now operating at full capacity. November reports
of 39 railroads show a total net operating income of $39,069,645 compared with $24,507,319 in the same month last
year, a gain of 59.4%. A previous report covering only 26
roads showed an increase of 74.7%. These figures, together
with the great showing of car loadings for some time past,
strengthen the conviction of railroad leaders that a most prosperous period of the carriers is just ahead. Holiday retail
sales were the best in five years. Christmas shopping and
colder weather stimulated the demand, especially for winter
merchandise. Sales of toys, sporting goods, jewelry, stationery, handbags and some toiletries were exceptionally
large. Some items which were almost dormant since 1930
were in urgent demand. Wholesale business was a little
quieter. Commodity markets were more or less irregular,
with the expiration of the December delivery an influential
factor in price movements, particularly in wheat. Sugar and
coffee were a little more active. Building gains reached a
four-year top. First half of December contracts were the
best since 1931. Subnormal temperatures prevailed during
the week. Two hundred lives were lost in the cold wave
which covered more than half of the country, and much of
It was blanketed under heavy snow. Three died here of
exposure. The mercury dropped to 16 degrees last night,
and still colder weather was predicted for to-night. Snow
fell in New York on Christmas night, and there were snow
flurries earlier in the week. Snow fell on the 22nd inst. over
most of the area between Wichita, Kan., and Washington,
D. C., and Atlanta, Ga., and the Canadian border. It ranged
from gentle flurries to more than three inches at St. Paul.
Snow was general in Virginia, Kentucky, Tennessee, northern
Georgia and northern Alabama. The temperature was down
to 14 at Richmond, and 28 at Atlanta. A typhoon did heavy
damage in the Philippines. To-day is was fair and cold here,
with temperatures ranging from 17 to 24 degrees. The forecast was for fair to-night and Saturday; somewhat warmer
Saturday. Overnight at Boston it was 14 to 22 degrees;
Baltimore, 16 to 26; Pittsburgh, 6 to 16; Portland, Me., 6 to
22; Chicago, 4 below to 4 above; Cincinnati, 6 below to 20
above; Cleveland, 8 to 20; Detroit, 16 to 20; Charleston, 22
to 36; Milwaukee, 4 to 8; Dallas, 34 to 34; Savannah, 20
to 40; Kansas City,8 to 16; Springfield, Mo., 10 to 20; Oklahoma City, 22 to 32; Salt Lake City, 18 to 40; Seattle, 48 to
64; Montreal, 6 to 10, and Winnipeg, 10 below to zero.
Moody's Daily Commodity Index Advances Moderately
Fluctuations in basic commodity prices have been held
within relatively narrow limits this week for the most part,
except in the case of top hog prices, which have risen sharply.
Moody's Daily Index of Staple Commodity Prices closed
on Friday at 165.8 compared with 164.9 in the week before.
Among the commodities in the Index, top hogs, hides,
rubber, silk and wool advanced, while wheat, corn and silver
declined. The remaining items, namely, cocoa, steel scrap,
copper, lead, cotton, coffee and sugar remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fri.,
Dec. 20
Sat., Dec. 21
Mon., Dec. 23
Tues., Dec. 24
Wed., Dec. 25
Thurs., Dec. 26
Fri.,
Dec. 27
164.9
164.4
165.0
166.2
Holiday
166.3
165.8
2 weeks ago, Dec. 13
Month ago, Nov. 29
Year ago,
Dec. 28
1034 High-Aug. 20
Low- Jan. 2
1933 High- Oct. 7-9
Low- Mar. 18
166.4
167.6
154.4
156.2
126.0
175.3
148.4
Wholesale Commodity Prices Higher During Week of
Dec. 24 According to "Annalist" Weekly Index
Higher prices for livestock and meats as a result of colder
weather largely accounted for a 1.1 point recovery in the
"Annalist" Weekly Index of Wholegall ‘mmOity Prices,
which advanced to 129.6 on Dec.
tTi 12. .5 (revised)
Dec. 17. Continuing, the "Annali.
Higher prices for wheat, reflecting Dect•nbet
act covering and
strength in the Southern Hemisphere also conzr.bu..d to the rise, as did
cotton, silk and hides. Losses were reported for corn, eggs, coffee, apples
and tin. The week was generally quiet, in accordance with the pre-holiday
tradition.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
Dec. 24 1935 Dec. 17 1935 Dec. 24 1934
Farm products
124.5
x121.7
111.0
Food products
124.2
134.3
117.9
Textile products
*118.4
x118.2
107.7
Fuels
170.3
170.3
161.7
Metals- _
111.4
111.5
109.7
Building materials
111.7
111.7
112.1
Chemicals
98.4
98.4
99.1
Miscellaneous
85.3
85.2
78.9
lo.
, All commodities
129.6
x128.5
118.0
z All commodities on old dollar basis
77.0
76.2
701
•preliminary. x Revised. z Based on exchange quotations for France Switzerland and Holland; Belgium included prior to March 1935.
252,316 Surplus Freight Cars in Good Repair on Nov. 1
Class I railroads on Nov. 30 had 252,316 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on Dec.
28. This was an increase of 19,628 cars compared with the
number of such cars on Nov. 14, at which time there were
232,688 surplus freight cars.
Surplus coal cars on Nov. 30 totaled 64,937, an increase
of 3,892 cars above the previous period, while surplus box
cars totaled 143,013, an increase of 9,095 cars compared
with Nov. 14.
Reports also showed 25,822 surplus stock cars, an increase
of 4,159 compared with Nov. 14. while surplus refrigerator
oars totaled 8,524 or an increase of 2,153for the same period.
Freight Cars and Locomotives in Need of Repairs
on Dec. 1
Class I railroads on Dec. 1, had 269,984 freight ears in
need of repairs or 15.0% of the number on line, the Association of American Railroads announced on Dec. 28. This
was a decrease of 3,141 cars compared with the number in
need of such repairs on Nov. 1, at which time there were
273,125 or 15.0%.
Freight cars in need of heavy repairs on Dec. 1 totaled 224,125 or 12.4%,
a decrease of 2,306 cars compared with the number in need of such repairs
on Nov. 1, while freight cars in need of light repairs totaled 45.859 or 2.6%,
a decrease of 835 compared with Nov. 1.
Locomotives in need of classified repairs on Dec. 1 totaled 10,127 or 22.2%
of the number on line. This was a decrease of 60 compared with the number in need of such repairs on Nov. 1, at which time there were 10,187 or
22.3%.
Class I railroads on Dec. 1. had 3,353 serviceable locomotives in storage
compared with 3.030 on Nov. 1.
Revenue Freight Car Loadings Drop 15,703 Cars in
Week
Loading of revenue freight for the week ended Dec. 21
1935 totaled 599,534 cars. This is a decline of 15,703 cars,
or 2.6%, from the preceding week, a rise of 51,056 ears,
or 9.3%, from the total for the like week of 1934, and an
increase of 68,070 cars, or 12.8%, over the total loadings for
the corresponding week of 1933. For the week ended Dec. 14
loadings were 6.0% above the corresponding week of 1934
and 10.0% higher than those for the like week of 1933.
Loadings for the week ended Dec. 7 showed a gain of 15.5%
when compared with 1934 and a rise of 17.6% when comparison is made with the same week of 1933.
4075
Financial Chronicle
Volume 141
The first 18 major railroads to report for the week ended
Dec. 21 1935 loaded a total of 285,147 cars of revenue freight
of their own lines, compared with 293,592 cars in the preceding week and 261,910 cars in the seven days ended Dec.22
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. 21 Dec. 14 Dec. 22 Dec. 21 Dec. 14 Dec. 22
1934
1935
1935
1935
1934
1935
18,412
24,841
20,612
14,214
17.49g
12,890
3,016
2,022
4,812
14,642
36.279
4.179
18.420
54,092
5,783
5,011
23,239
5,188
Atchison Topeka ez Santa Fe Ry_
Baltimore dr Ohio RR
Chesapeake dc Ohio By
Chicago Burlington ez Quincy RR
Chicago Milw. St.Paul & Pac. Ry.
Chicago & North Western By..
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago‘4 St. Louis By
Norfolk et Western By
Pennsylvania RR
Pere Marquette By
Pittsburgh de Lake Erie RR
Southern Pacific Linea
Wabash
Total
18,906
26,933
20.565
14,592
18,140
13,520
2,895
1,993
4,698
14,191
36,862
4,301
18,557
56,970
6,250
5,037
23,896
5,286
16,773
24,696
21,265
13,411
15,902
12,626
2.619
1,769
4,017
12,434
32,612
3.768
16,054
50,872
4,606
4,189
19,654
4,643
4.627
13,209
6,459
6,832
7,000
9.017
1,415
1,955
2,618
8,100
35.177
8.785
3,559
33,215
5,095
4,168
x6,681
8,246
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
34.682
5,266
4.369
x6,879
8,701
4.379
12.899
5.703
5,909
6.403
8,913
4,1,498
1,865
2,328
6,660
35,127
8,431
2.997
30.478
4,571
4,111
x5,226
7,321
285,147 293,592 261,910 166,158 175,150 154,820
-Pacific Lines and Texas and New Orleans
z Excludes cars interchanged S. P. Co.
RR. Co.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Dec. 21 1935
Chicago Rock Island dr Pacific By.
Illinois Central System
St. Louis-San Francisco Ry
Total
Dec. 14 1935
Dec. 22 1934
20,268
29,151
12,733
21.200
28,987
12,937
19.460
25,840
11,461
62,150
63,124
58,761
The Association of American Railroads in reviewing the
week ended Dec. 14 reported as follows:
Loading of revenue freight for the week ended Dec. 14 totaled 615.237
cars. This was an increase of 35,035 cars or 6% above the corresponding
week in 1934 and an increase of 55,818 cars or 10% above the same week
in 1933.
Loading of revenue freight for the week of Dec. 14 was a decrease of
21,896 cars or 3.4% below the preceding week this year.
Miscellaneous freight loading totaled 241,801 cars, a decrease of 8.517
cars below the preceding week, but an increase of 44,763 cars above the
corresponding week in 1934 and 48,484 cars above the same week in 1933.
Loading of merchandise less than carload lot freight totaled 156,439 cars.
a decrease of 2,364 cars below the preceding week, but an increase of 2,038
cars above the corresponding week in 1934. It was, however, a decrease
of 3,274 cars below the same week in 1933.
Coal loading amounted to 132,180 cars, a decrease of 5.811 cars below
the preceding week, and 16,723 cars below the corresponding week in 1934.
but an increase of4,732 cars above the same week in 1933.
Grain and grain products loading totaled 29,247 cars, a decrease of 1.749
cars below the preceding week, 1,126 cars below the corresponding week
in 1934. and 709 cars below the same week in 1933. In the Western
districts alone, grain and grain products loading for the week ended Dec. 14
totaled 17,628 cars, a decrease of 1.750 cars below the same week in 1934.
Live stock loading amounted to 14,124 cars, a decrease of 1.030 cars
below the preceding week, 4,217 cars below the same week in 1934 and
3,369 cars below the same week In 1933. In the Western districts alone.
loading of live stock for the week ended Dec. 14 totaled 10,754 cars, a
decrease of 2,780 cars below the same week in 1934.
Forest products loading totaled 27,469 cars, a decrease of 2,095 cars
below the preceding week, but an increase of 6,679 cars above the same
week in 1934 and 7,102 cars above the same week in 1933.
Ore loading amounted to 5,921 cars, an incre.a.sc. of 225 cars above the
preceding week. 2,832 cars above the corresponding week in 1934 and
2,490 cars above the corresponding week in 1933.
Coke loading amounted to 8,056 cars, a decrease of 555 cars below the
preceding week, but an increase of 789 cars above the same week in 1934.
and 362 cars above the same week in 1933.
All districts reported increases for the week of Dec. 14, 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 as follows:
1933
1935
4 weeks in January
4 weeks in February
5 weeks in March
4 weeks in April
4 weeks in May
5 weeks in June
4 weeks in July
5 weeks in August
4 weeks in September
4 weeks in October
5 weeks in November
Weeks of Dec. 7
Weeks of Dec. 14
Total
1934
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
3,102.066
2,631,558
2,881,924
3,179,447
637,133
615,237
2,183,081
2.314,475
3,067,612
2,340,460
2,446,365
3,084,630
2,351,015
3,072,864
2,501,950
2,534,940
2,842,999
551,485
580,202
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
559,419
30.452,159
29,872,078
28,233,823
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Dec. 14 1935. During this period a total of 85 roads showed
increases when compared with the corresponding week
last year. The most irdportant 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.
4076
Financial Chronicle
Dec. 28 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED DEC. 14
Total Revenue
Freight Loaded
Railroads
1935
Eastern District
Ann Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Louisv_
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West..
Detroit & Mackinac
Detroit Toledo et Ironton
Detroit & Toledo Shore Line_
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N.Y. N. H. & Hartford
New York Ontario & Western.N. Y. Chicago dt St. Louis
Pittsburgh et Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North...
Pittsburgh& West Virginia____
Rutland
Wabash
Wheeling & Lake Erie
Total
Allettehny District
Akron Canton & Youngstown-Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gainey
Cambria & Indiana
Central RR.of New Jersey._.
Cornwall
Cumberland At Pennsylvania-Ligonier Valley
Long Island
Penn-Reading Seashore Lines*
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
-Group Antistatic 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
1934
Total Loads Received
from Connections
1933
1935
Total Revenue
Freight Loaded
Railroads
1934
630
1,855
7,641
1,441
12
923
4,938
8,564
203
2,715
376
10,939
4,746
153
1,553
8,579
2,960
3.908
1.410
36,864
10,397
2.055
4,301
4,971
6.250
307
330
880
576
5.286
3,682
577
1,685
7,773
1,363
24
912
5,762
10,598
196
1,935
230
11,471
2,458
130
1,944
8.470
2,943
3.643
1,554
34,199
10,181
2,087
4,159
4.167
4,643
356
315
984
587
5,017
3.030
451
1,369
7.261
1,384
22
670
4,871
8.992
153
1,514
170
11,495
2,227
129
809
8,403
2,725
4,002
1,334
34,142
10.303
1,535
3,721
4,480
4,138
426
369
940
597
4.959
2,798
1,248
247
10,582
2,109
70
2,271
6,928
6,177
84
1,871
3,855
14,144
8,045
1,751
1,207
7,302
2,604
187
42
37,714
11,896
1,862
9,044
4,435
5,266
22
166
1,290
967
8,701
3.220
1,012
275
9,829
1,683
39
1,720
6,599
6,035
68
1,344
2.859
13,446
6.337
1.661
1,004
6,258
2,149
152
34
34.691
10,839
1,876
8,275
3.759
4,411
23
232
948
914
7,755
2.484
139,445
133,393
126,389
155,307
138,711
529
26,993
2,122
316
1.275
5,565
734
340
252
760
956
56,970
12,693
9.031
79
3,176
420
25,305
1,212
269
1,081
6,509
293
388
179
767
1,015
52,228
14,333
4,035
105
3,111
378
24.858
1,131
245
a
5,630
1
384
167
839
1.102
50,855
11,711
5,984
82
3.067
812
13,895
1,433
6
14
10.616
67
28
31
2.812
1.384
34.682
16,379
1,960
0
6,179
726
12,695
941
10
16
10,526
48
21
21
2.758
922
30.088
13,906
910
0
5.295
121,791
111,250
106,434
90,298
78,883
20,565
18,557
674
3.539
20.552
15,904
702
3,457
19,447
14,818
561
3.489
7,198
3,814
1,297
758
6,157
3.481
977
469
43,335
40,615
38.315
13,065
1935
Group B (Concluded)
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah...Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L..
Tennessee Central
1934
1933
1935
670
329
1.593
19.685
19,038
163
135
1.680
2,646
406
627
303
1,396
19,277
18,238
166
116
1,762
2,497
425
666
301
1.255
17,696
16,519
113
138
1.801
2,524
334
1,273
370
895
9,876
4,071
361
251
1,435
2,045
572
1,313
404
778
8.977
3.673
358
220
1.428
2,102
707
1934
11,084
Total
52.399
50,597
46,815
26,623
25,040
Grand total Southern District
90,515
88,066
84,021
56,291
51,561
Northwestern District
Belt Ry. of Chicago
.
Chicago de North Western.__ Chicago Great Western
Chicago Milw. St. P.& Pacific.
Chicago St. P. Minn. & Omaha
Duluth Misaabe & Northern_ _
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des Moines & SouthGreat Northern
Green Bay & Western
Lake Superior & fah Deming _ _ _
Minneapolis & St. Louis
Minn. St. Paul & S.8. M
Northern Pacific
Spokane International_ _
Spokane Portland & Seattle...
720
13,520
2,004
18,140
3,927
594
503
5,744
250
9,109
510
244
1,553
4,589
9,282
87
1,862
511
12.959
2.171
17,521
3.646
392
370
3,757
251
10,006
618
237
1,795
4,629
8,398
111
1,039
578
13,056
2,164
16,586
3,510
484
410
3,530
248
8.376
486
306
1,756
4,063
8,434
69
1,023
1.788
10.008
2,890
7,544
2,750
152
356
5,819
154
2,331
461
93
1.693
2.059
2,407
235
1,045
1,342
8,956
2,783
6,664
2,343
70
290
4,582
136
2,499
443
57
1,466
2,071
2,205
231
848
72,638
68,411
65,077
41.785
36,966
18,906
2,715
343
14.592
1,346
10,929
2.886
1,401
3,745
838
1,325
2,062
810
55
17,221
162
341
12,510
704
1,588
17,681
2.760
192
14,314
1,624
10,786
3,114
859
3,287
483
1,083
2,070
470
79
14,277
191
365
11,866
640
1,562
18,647
2,532
164
15,717
1,683
10,301
2,972
1,287
2,988
352
1,319
2,037
471
132
12,953
291
392
14,324
446
1,327
4,811
2,069
75
7,279
859
7,023
2,147
1,141
2.232
29
1,008
1,158
283
97
4,417
220
1,049
8,319
16
1,526
4.490
1,881
34
6,831
737
6,561
1.796
834
1,924
15
993
1,095
203
81
3,437
275
797
7.161
13
1,292
94.479
87,683
90,315
45,758
40,450
112
130
185
2,895
1,993
172
1,665
1,372
140
402
656
124
4,698
14,101
45
116
7,857
2,344
6,675
4,798
2,201
225
38
121
159
263
2.712
2,215
105
1,609
1,241
100
433
723
146
4,221
14,369
33
106
7.120
2,012
6,740
4,707
1,434
184
31
111
127
232
2,337
2,400
202
1,492
1,162
138
365
537
126
4,675
13,313
43
162
7,794
2,066
6.094
4,239
1,238
a
11
4,288
379
230
1,270
1,892
952
1,488
911
338
728
230
197
2,741
8,044
13
132
3,681
2,007
2,462
3,823
15,989
57
35
3,631
316
153
1,201
1,719
864
1,278
680
287
741
192
167
2.47
6,628
20
115
3,379
1,499
2,132
3,067
14,246
71
30
48.868
51,887
44,889
Total
8.518
1.087
333
106
51
967
398
323
7,291
18,893
149
8,628
1,063
329
190
43
1,105
392
288
7,338
17,945
148
8,574
1,142
314
124
44
1,262
390
302
7,387
17,517
150
4,888
1.596
847
341
90
1,078
1,023
3,029
3,704
12,367
705
4.459
1,452
853
296
94
1,062
858
2,640
3,233
10.990
584
38,116
37.469
37,206
29.668
26.521
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago& Illinois Midland..__
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver& Salt Lake
Fort Worth & Denver City....
IllinoisTerminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Linea
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.Amen 01 51. Louis
Wichita Falls & Southern
Weatherford M. W.& N. W._
Group B
Alabama Tennessee & Northern
138
210
218
132
163
Atlanta Birmingham & Coast_
713
665
620
671
675
Atl. & W.P.
-W.RR.of Ala__
1,109
1,177
722
576
594
Central of Georgia
2,281
3,521
3.277
2,374
3,008
Columbus & Greenville
296
266
229
299
236
Florida East Coast
593
Total
819
715
779
792
53.034
50.784
Note
-Figures for 1934 revised. •Previous figures. a Not available. b Includes figures for the Boston & Albany RR.. the 0. 0
Michigan Central RR.
Retail Food Costs Index of United States Department
of Labor Up 0.6 of 1% During Two Weeks Ended
Dec. 3
The index of retail food costs increased 0.6 of 1% during the
two weeks ended Dec. 3, Commissioner Lubin of the Bureau
of Labor Statistics of the United States Department of
Labor announced Dec. 18. "The major changes were an
increase of 4.1% for fresh fruits and vegetables and a decrease of 2.5% for eggs," Mr. Lubin said. "The rise was
general throughout the country, but was greatest in cities of
the Central and Mountain areas." The Commissioner
continued:
The composite index now stands at 82.0 (1923-23=100.0). This is an
Increase of 9.7% compared with the corresponding period of last year when
the index was 74.8. When converted to the 1913 base, the current index
is 130.0.
Cereals and bakery products increased 0.4 of 1%. Of the eight cereals
carried in the index, flour and rice alone showed higher prices. Flour
prices advanced 0.4 of 1%. due to increases in 11 scattered cities. These
increases ranged from 1.7% in Memphis to 4.0% in San Francisco. Thirtyseven cities reported no change. Corn meal showed the greatest decrease,
0.7 of 1%. Four of the five bakery items increased.
The price of white
bread rose 0.8 of 1% with increases reported from 11 cities. Five of these
cities were in the Middle Atlantic areas, with the greatest advance, 7.4%,
reported from Rochester. Prices of rye and whole wheat bread moved up
0.2 and 0.1 of 1%, respectively.
Meat prices in general rose 0.2 of 1%. The increases were confined
almost entirely to the Northern and Eastern cities. Increases were heaviest
for the lamb items and ranged from 1.8% for rib chops to 3.3% for lamb
chuck. The greatest change for the beef items was a rise of 0.8 of 1%
for rib roast. Prices of all pork items decreased with the exception of salt
Total Loads Received
from conneatons
C. & St. Louis RR.. and the
pork. The decline was least for sliced ham (0.1 of I%)and greatest for loin
roast (1.2%) and strip bacon (1.3%).
INDEX NUMBERS OF RETAIL FOOD COSTS
[3
-Year Average 1923-25=1001
Corresponding Period in
1935
Commodity Groups
All foods
Cereals & bakery products
Meats
Dairy products
Eggs
Fruits and vegetables
Fresh
Canned
Dried
Beverages and chocolateFata and oils
Sugar and sweets
x Preliminary.
Dec. 3 Noy. 19 Noy. 5
Current x 2 Weeks 4 Weeks
Ago
Ago
82.0
95.3
97.4
78.2
82.8
60.7
59.2
79.7
58.4
67.5
83.1
66.7
81.5
95.0
97.2
77.5
84.9
58.7
56.8
80.0
59.0
67.8
83.5
67.0
80.4
04.9
97.1
75.1
86.7
55.4
53.1
79.8
59.4
67.8
85.1
67.1
1934
Dec. 4
1933
Dec. 5
1932
Dec. 15
74.8
92.0
76.5
75.3
80.4
57.8
55.2
83.3
62.5
73.2
66.8
64.3
70.2
86.5
65.3
69.1
72.9
67.1
67.4
73.1
58.9
68.0
49.0
64.3
64.7
71.1
66.8
65.7
80.6
51.8
50.7
66.8
49.5
72.8
48.9
58.5
All dairy products except fresh milk showed significant price advances.
The continued advance in butter prices (2.2%), was largely seasonal and
was generally greater in the South and far West. Cream prices rose 1.4%.
cheese, 1.3%, and evaporated milk 1.0%. For the group as a whole prices
rose in all of the reporting cities.
Eggs showed an average decrease of 2.5%. Decreases were marked in
cities in the New England and Atlantic areas. Increases were reported
from 13 cities, almost all located in the Central States.
Prices of the fruits and vegetables as a group advanced 3.4%,due entirely
to a rise of 4.1% in prices of the fresh products in the group. The canned
foods decreased 0.4 of 1%.the dried foods 0.9 of 1%. Apples and bananas
increased in price. Oranges decreased 5.6% and lemons fell off 0.3 of 1%•
All fresh vegetables rose in price, with increases ranging from 1.7% for
4077
Financial Chronicle
Volume 141
Potatoes to 17.4% for green beans. Cabbage prices rose 9.8% and onions
advanced 3.6%. Since Sept. 24 potato prices have increased 40.0%•
The advance moderated during the current price reporting period. In
creases were reported from 21 cities, 12 of them in the Central States. Of
the 11 cities which reported decreases in potato prices, six were in the New
England and Middle Atlantic areas where the increases at the previous price
reporting period were most marked. No change was reported for 19 cities.
k Prices of fats and oils decreased 0.5 of 1% due chiefly to a decline of
1.4% in lard prices. Lard compound and vegetable lard shortening each
decreased lees than 0.5 of 1%. The other items in the group advanced
slightly.
The beverages and chocolate group and sugar and sweets each decreased
0.4 of 1%. No item in either group increased in price. Sugar and coffee,
with identical decreases of 0.5 of 1%. showed the greatest change.
The advance in food costs the country over during the two weeks ended
Dec. 3 was greatest in the cities of the Mountain area (1.2%), in the West
North Central area (1.0%) and in the East North Central area (0.9 of 1%).
In New England and in the Pacific Coast cities, the increase amounted to
0.1 of 1% only.
INDEX NUMBERS OF RETAIL FOOD COSTS
-Year Average 1923-25=1001
13
the exception of the week ended Nov. 30, electric output has
succeeded in making a new high in each successive week for
the past nine weeks. Total output for the latest week indicated a gain of 12.0% over the corresponding week of
1934, when output totaled 1,787,936,000 kilowatt hours.
Electric output during the week ended Dec. 14 totaled
1,983,431,000 kilowatt hours. This was a gain of 12.2% over
the 1,767,418,000 kilowatt hours produced during the week
ended Dec. 15 1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Week Ended
Week Ended
Week Ended
Dec. 21 1935 Dec. 14 1935 Dec. 7 1935
Major Geographic
Regions
•rntol united States_
Corresponding Period In
1935
Regional Areas
Dec. 3 Nov. 19 Nov. 5
Currents 2 Weeks 4 Weeks
Ago
Ago
1934
Dec. 4
1933
1932
Dec. 5 Dec. 15
Week of-
11.5
9.6
18.6
9.2 _
12.2 •
17.1
12.8
11.9
10.5
17.9
11.8
10.6
17.1
12.5
10.0
7.9
14.8
10.5
14.2
16.2
12.1
11.5
13.0
12.2
12.0
DATA FOR RECENT WEEKS
1934
1935
Weekly Data for Previous Years
in Millions of Ktlowatt-Hours
P. C.
Giese
1933
Sept. 7--- 1,752,068.000 1.564,867.000 +12.0
.
Sept. 14_ - 1.827,513,000 1.633,683,000 +11.9
Sept.21-- 1.851.541.000 1,630,947.000 +13.5
Sept.28_ _ - 1.857.470,000 1.648,976.000 +12.8
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. 16 _ - _ 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
Dee. 21... 2,002,005,000 1,787,936,000 +12.0
1.650.467 000
_
TU. 911
1932
1,583
1,663
1.639
1.653
1,646
1,619
1,619
1,622
1,583
1,617
1.617
1,608
1,554
1,619
1,844
1.657
1.539
.00.0§WWM.O.N400MV.4
Cl MC.1010.31-•
.
1..
C•4010
Pt United States
74.8
84.7
80.4
70.2
81.5
82.0
New England
66.0
70.0
80.3
74.3
80.4
79.1
Middle Atlantic
66.6
72.0
82.6
78.1
83.1
81.5
East North Central
62.2 1
68.8
72.9
81.6
79.9
80.8
West North Central
77.1
85.0
64.0
82.1
70.2
84.1
South Atlantic
74.4
82.2
63.1
81.1
69.5
81.9
East South Central
77.5
76.9
65.8
71.6
60.4
77.0
West South Central
62.5
69.0
79.2
75.4
79.6
78.3
Mountain
68.4
77.4
84.9
64.8
83.4
83.8
Pacific
73.8
66.4
69.4
79.3
79.4
78.0
z Preliminary.
Of the 51 cities for which indexes are computed, increases were reported
from 43, decreases from six, and in two there was no change. The increases
ranges from 0.1 of 1% in Pittsburgh to 1.8% in Springfield. Ill, In Springfield, prices of eggs rose 5.0%. Apples advanced 8.9%. Potatoes, 10.5%.
and cabbage 12.0%.
9.3
8.8
14.2
9.4
11.3
17.5
14.1
New England
Middle Atlantic
Central Industrial__
West Central
South= States
Rooky Mountain
Pacific Coast
Week Ended
Nov. 30 1936
1931
1930
1929
1,582
1,663
1,660
1,646
1,653
1,658
1.647
1.652
1;628
1,623
1,655
1.600
1.671
1.672
1.676
1,565
1.524
1.630
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
1,794
1.818
1.718
1.806
1,841
1,860
1.633
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Wholesale Commodity Prices Advanced Slightly During
Week of Dec. 21 According to National Fertilizer
Association
There was but little change in the genera level cf wholesale
commodity prices in the week ended Dec. 21, according to
ihe index compiled by The National Fertilizer Association.
This index for the week stood at 79.5, based on the 1926-1928
average as 100, compared with 79.4 in the preceding week,
80.0 a month ago, and 75.4 a year ago. Under date of
Dec. 23 the Association also stated:
The slight advance of the composite index occurred in spite of the fact
that six of the component groups registered declines and advances took
place in only three. The principal increase, and the one largely responsible
for the rise in the composite index, was in the grains, feeds and livestock
group; reflecting higher quotations for small grains and cattle, this index
rose to 83.1 from 81.9 a week earlier. A moderate rise in the fats and oils
index was caused by the rise in prices for butter, linseed oil, coconut oil,
and corn oil, which more than offset declines in lard, cottonseed oil. and
palm kernel oil. Higher prices for news-roll paper and rubber resulted in a
small rise in the index for miscellaneous commodities. Foodstuff prices
were relatively stable during the week, with the changes which took place
being of a mixed character; four items in the group advanced and four
declined, with the net result that a small drop occurred in the composite
index. The textiles index registered the fourth consecutive weekly decline,
brought about by lower prices for cotton, cotton yarns, wool, and silk. A
drop in Southern pine prices lowered the building materials index, while the
decline in the metals index was the result of a continued downturn in silver
and tin prices. After having remained stable for nine consecutive weeks the
chemicals and drugs index moved downward as a result of lower quotations
for denatured alcohol. A further drop in the price of phosphate rock was
primarily responsible for the slight decline in the fertilizer materials index.
Twenty-one price series included in the index advanced during the week
and 22 declined; in the preceding week there were 18 advances and 36
declines; in the second preceding week there were 13 advances and 31
declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Latest
Week
Dec. 21
1935
PreWhig
Week
Mouth
Ago
nar
Ago
86.4
Foods
86.7
Fuel
69.6 • 69.6
81.9
83.1
Grains, feeds and livestock
70.1
Textiles
70.6
71.5
Miscellaneous,commoditles- - 71.7
87.4
Automobiles
87.4
Building materials
77.2
77.8
Metals
83.6
83.9
85.2
House-furnishing goods__
85.2
79.7
Fats and oils
79.0
Chemicals and dribs
94.7
95.6
64.4
Fertilizer mateoble
64.5
70.7
Mixed fertilisers
70.7
102.7
Agricultural implements
102.7
87.8
69.0
83.4
72.1
72.3
86.6
77.3
84.1
84.8
82.1
95.6
65.9
70.6
101.7
74.6
69.7
77.0
69.5
69.0
88.4
78.8
81.9
85.5
69.7
93.8
65.6
76.9
99.2
Group
All orouns combined
79.5
754
Ron
1K A
Output Passes Two Billion Cilowatthour Mark for First Time
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.21 1935 totaled 2,002,005,000 kilowatt hours,thus again
making a new all-time high, and for the first time, since these
figures were compiled exceeding the two billion mark. With
Weekly
Electric
Month
of
Jan__
Feb____
March.
April__
May....
June__
July-Aug__
Sept__
Oct....
Nov...
1935
7,762,513
7,048,495
7,500,566
7,382,224
7.544,845
7,404,174
7,796,665
8.078,451
7.795.422
8,388,495
1934
P C.
Ch'ge
7,131,158 -8.9
6.608,358 -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
1932
1931
1930
6,480,897
5,835.263
6.182,281
6.024,855
6,532.686
6,809,440
7,058.600
7.218,678
6.931,652
7.094,412
6.831,573
7,009,164
7,011,736
6,494,091
6.771,684
6.294.302
6,219,554
6.130.077
6,112,175
6.310.667
6.317.733
6,633,865
6.507.804
6,638.424
7.435,782
6,678.915
7.370,687
7,184.514
7,180,210
7.070.729
7.286.576
7,166.086
7,099,421
7,331,380
6,971.644
7,288,025
8.021,749
7,066,788
7.580.335
7,416,191
7.494.807
7,239,697
7.363.730
7,391,196
7,337.106
7,718,787
7,270.112
7,566,601
80.009.501 77.442.112 86,063,969 89.467,099
85.564.124
trntei
Nota-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly tIgurea are
based on about 70%.
Country's Foreign Trade in November-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Dec. 21 issued its statement on the foreign
trade of the United States for November and the 11 months
ended with November, with comparison by months back to
1930. The report is as follows:
Contrary to the usual seasonal trend, the total value of exports increased
sharply in November, chiefly owing to larger shipments of unmanufactured
cotton, automobiles and petroleum products. The total value of merchandise which arrived in the country declined by considerably more than
the average seasonal amount because of reduced imports covering a wide
range of commodities. The net export balance, which had been comparatively small for the first 10 months of the year, was unusually large relative
to the total trade in November.
In recent years, exports have declined about 6% on the average in
November compared with October. This year, instead of a decrease, there
was again of 22%. Compared with November 1934, the November 1935
value was 38% greater. The total value of November exports, including the
value of re-exports of foreign merchandise, was 3269,400,000. a larger
amount than in any month since December 1930.
Imports over a period of years have declined about 2% from October to
November. In November of this year, the decline was 11%. However.
compared with November 1934, the November 1935 value was 12% higher.
The November value of general imports, which include goods entering consumption channels immediately upon arrival in the United States plus
entries into bonded warehouses, was 3168,955.000.
Merchandise exports exceeded imports in value by 3100,000.000. This
was a greater net balance than the total balance during the entire 10
preceding months. For the 11 months ending November, the net export
balance amounted to $197,000,000 compared with 3439,350,000 in the
corresponding period of 1934.
The value of imports for consumption, which include goods entering
consumption channels immediately upon arrival, plus withdrawals for
consumption from bonded warehouses, amounted to 3162,359,000 compared with $189,688,000 in October 1935 and $149,470,000 in November
1934.
Although in November the net Imports of gold and silver were somewhat
smaller than in October, they continued to be relatively large. The net
balance of gold imports over exports amounted to $210,567.000. compared
with $315,348,000 in October. Net imports of silver, which amounted to
348.638,000 in October totalled $49,554,000 in November. The major
portion of gold received during the month came from France, while most
of the silver came from England. In the 11 months' period net imports of
gold have amounted to 31.549.009.000 and net imports of silver to
3288.897.000.
One of the outstanding features of merchandise trade in November was
the contrary to a seasonal increase in the exports of unmanufactured cotton.
The exports of this commodity which amounted in October to 390.755.00a
pounds, valued at $45,873,000. totaled 620,244,000 pounds, valued 0
Financial Chronicle
$75.062,000 in November. This was almost twice the amount of cotton
exported in November 1934 when 310,899,000 potmds,valued at $43,434,000.
were exported. The large increase during November raised the total for the
year to date to 2,749,985,000 pounds, valued at $334,130,000. compared
with 2,876.486,000 pounds, valued at $337,730,000, in the corresponding
months of 1934.
Amtomobile exports responded to the change in the production schedule
of the industry by increasing sharply. Exports of automobiles, including
parts and accessories, increased in value from $14,061,000 in October to
$21.969,000 in November. Practically all this increase was accounted for
by passenger car exports which increased from $3,837,000 in October to
$11,183,000 in November. This latter figure was more than the total
value of all automobiles, including parts and accessories, exported in
November 1934.
Lard exports increased from 2,731,000 pounds, valued at $396,000, to
7,932,000 pounds, valued at $1.126,000; grain and grain preparations from
$2,904,000 to $3,300,000; dried and evaporated fruits from $2,972,000 to
$6,551,000; refined mineral oils from $13,086,000 to $16,865,000; and
copper from $3,774,000 to $4,659,000.
Among commodities to show an export decline were canned fruits which
decreased from $3,504.000 to $2,808,000; naval stores and resin which
decreased from $1.760.000 to $1,152,000; and crude petroleum which
decreased from $5,214,000 to $4,902.000.
The decline in imports in November was spread over a wide range of
commodities. Some of the principal foodstuffs, grains, fruits, coffee and
sugar contributed to this decline. Industrial raw materials and semi
manufactures which declined included unmanufactured furs, crude rubber,
leaf tobacco, unmanufactured wook, raw silk, precious stones, wood pulp,
crude petroleum and copper. Among the principal commodities of the
finished manufactures class which declined in November were iron and
steel manufactures, wool and cotton manufactures and art works.
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS, AND
GENERAL IMPORTS
(Preliminary figures for 1935 corrected to Dec. 211935)
November
1935
1934
1935
1934
Inerease(+)
Decrease(-)
1,000
Dollars
269,400
168,955
1,000
Dollars
194,712
150,919
1,000
Dollars
2,058.446
1,861,013
1,000
Dollars
1,962,146
1,522,797
1,000
Dollars
+96.300
+338.216
43,793
197,433
Exports
Imports
,..
Excess of exports.- 100,445
Rye.. nt trnnewtst
monm or Pertog
Exports Including
Re-exports
January
February
March
April
May
June
July
August
September
October
November
December
1935
1934
1933
439,349
1932
1930
1931
1,000
1.000
1,000
1.000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars
176,223 172,220 120,589 150,022 249,598 410,849
162,999 162,752 101,515 153,972 224,346 348,852
185,063 190,938 108,015 154,876 235,899 369.549
164,127 179,427 105,217 135,095 215,077 331,732
165,456 160,197 114,203 131,899 203,970 320,035
170,244 170,519 119,790 114,148 187,077 294,701
173,181 161,672 144.109 106,830 180,772 266.762
172,193 171.984 131,473 108.599 164.808 297.765
198,299 191,313 160,119 132,037 180.228 312.207
221,261 206,413 193,069 153,090 204,905 326,896
269,400 194,712 184,256 138,834 193,540 288,978
170,654 192,638 131.614 184,070 274,856
11 months ended Nov.2,058,446 1.962,146 1,482,355 1,479,402 2,240,220 3,568,324
12 months end. Deo._
2,132,800 1,674.994 1,611,016 2,424,289 3.843,181
General Imports
January
February
March
April
May
June
July
August
September
October
November
December
166,832
152,491
177,356
170,500
170,533
156,754
177,677
169,029
161,647
189,239
168,955
135,706
132,753
158,105
146,523
154,647
136.109
127,229
119,513
131,658
129,635
150.919
132,258
96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,918
146,643
150,867
128,441
133.518
135,520
130.999
131,189
126,522
112,276
110,280
79.421
91.102
98,411
105,499
104,468
97,087
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166.679
170.384
168.708
149,480
153,773
310,968
281,707
300,460
307,824
284,683
250.343
220.558
218.417
226.352
247,367
203.593
208.636
11 months ended Nov. 1,861,013 1,522,797 1,316,041 1,225,687 1,936.862 2,852,272
12 months end. Dec
1,655,055 1,449.559 1.322.774 2.090.635 3,060.908
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
November
1935
1,000
Dollars
Exports (U. S. mdse.)._ 266,820
Imports for consumption 162.359
Month or Period
Exports
-G. 3.
Merchandise
January
February
March
April
May
June
July
August
September
October
November
December
1935
11 Mos.End ng November
1934
1935
1934
Inerease(+)
Decrease(-)
1,000
Dollars
192,156
149.470
1,000
Dollars
2,021,179
1.859.603
1,000
Dollars
1,931,694
1.509.810
1,000
Dollars
+89,485
+349.793
1934
1933
1932
1931
1930
1,000
1,000
1,000
1.000
1,000
1.000
Dollars Dollars Dollars Dollars Dollars Dollars
173,560 169,577 118,559 146,906 245.727 404.321
160,305 159,617
99,423 151,048 220,660 342.901
181.703 187,418 106.293 151,403 231,081 363,079
160.486 176,490 103,265 132,268 210,061 326,536
159,788 157,161 111,845 128,553 199,22c 312.460
167,278 167.902 117,517 109.478 182,797 289,869
167.815 159,128 141.573 104,276 177,025 262.071
162,750 169,851 129,315 106.270 161.494 293,903
195,536 188.860 157,490 129,538 177.382 307.932
218,138 203,536 190,842 151,035 201,390 322,676
266,820 192,156 181,291 136,402 190,339 285.396
168,442 189,808 128,975 180,801 270,029
11 months ended Nov. 2,021,179 1,931,694 1,457,413 1,447,177 2,197,181 3,511,144
12 months end. Deo
2,100,135 1,647.220 1,576,151 2,377,982 3,781,172
Imports for Consumption
January
February
March
April
May
June
July
August
September
October
November
December
168,482
152,246
175,485
166,070
166,756
155.312
174,142
180.380
168.683
189,688
162,359
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117.262
149,893
137,975
149,470
126,193
92,718
84,164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
149,288
125,269
127,170
134,311
129,804
130,584
123,176
112.611
112,509
79.934
93,375
102,933
104,662
105,295
95,898
183,284
177,483
205,690
182,867
176,443
170.747
174,559
168,735
174.740
171,589
152.802
149,516
316.705
283.713
304,435
305,970
282.474
314,277
218,089
216.920
227.767
245,443
196.917
201.367
11 months ended Nov. 1,859,603 1,509,810 1,305,842 1,229,194 1,938,938 2,912,710
12 months end. Deo.1,636,003 1,433,013 1,325,093 2,088,4563,114,077
November
11 Mos.End ng November
1935
1934
Increase(+1
Decrease(-)
1,000
Dollars
1,000
Dollars
1,000
Dollars
1,000
Dollars
310
121,199
1,791
1,550,800
52,619
1,094,421
-50,828
+456,379
210,567
120,889
1.549,009
1,041,802
512
60,065
Excess of exports
Excess of imports....
1935
242
210,810
Excess of exports
Excess of Imports
Silver
Exports
Imports .
1934
1,000
Dollars
Gold
Exports
Imports
1,698
15,011
18,032
306,928
15,538
94,014
59,554
13,313
288,897
78,476
Gold
Month or
Period
1935
1934
1933
+2.494
+212,914
Silver
1932
1935
1934
1933
1932
1.000 1.000 1,000 1,000 1,000 1.000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Exports
January
February
March
April
May
June
July
August
September
October
November
December
11 mos.end.Nov.
12 mos.end.Deo.
11 Mos.End ng November
Dec. 28 1935
GOLD AND SILVER BY MONTHS
Imports
January
February
March
April
May
June
July
August
September
October
November
December
353 4,715
14 107,863
46
51 21.521 128,211
44 28,123 43,909
540
37 16,741 49,509
62
49 1,780 22,925 212,229
166 6,586 4,380226,117
59
114 85,375 23,474
102 14,556 81,473 18,067
86 22,255 58,282
60
76 2,173 34,046
61
310 2,957
242
18
140 10,815
13
1,248
1,651
3,128
1,593
2,885
1,717
1,547
2,009
1,472
260
859
734
665
1,425
1,638
2,404
1,789
1,741
1,424
1,162
1,698
1,014
1,551
209
269
193
235
343
2,572
7,015
3.321
2,281
484
590
1,811
942
967
1,617
1,865
1,268
828
433
868
1,316
875
1,260
1,791 52,619 355,837 809,515 18.032 15,538 18.451 12,590
52,759 366,652 809,525
16,551 19,041 13,850
149,755 1.947 128,479 34,913
122,817 452,622 30,397 37,644
13,543 237,380 14,948 19.238
148.670 54,785 6.759 19,271
140,065 35,362 1,785 16,711
230,538 70,291 1.136 20,070
16,287 52,460 1,497 20,037
46.085 61,781 1,085 24,170
156.805 3,585 1,545 27.957
315,424 13.010 1,696 20,674
210,810 121,199 2,174 21.756
92,249 1,687 100,872
19,085
16,351
20,842
11,002
13,501
10,444
30,230
30,820
45,689
48,898
60,065
3,593 1,763
2.128
855
1,823
1,693
1,955 1,520
4,435 5,275
5,431 15.472
2,458 5,386
21,926 11,602
20.831 3,494
14,425 4.106
15,011 4,083
8,711 4,977
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1.554
2,052
1,305
1,494
1,203
11 mos.end.Nov. 1550850 1094421 191,510 262.443 306,928 94,014 55,248 18.447
12 mos.end.Dec.
1186671 193,197 363,315
, 102,725 60,225 19,650
Building Operations in United States During November
According to United States Department of Labor
-Construction Seasonally Below October but
89% Above Year Ago
Building construction, as measured by the value of permits
issued, declined in November as it ordinarily does at this
season, but was 89% higher than in November 1934, Secretary of Labor Frances Perkins announced Dec. 21. "The
total value of permits issued during the month was $78,193,000, a decrease of 11% eomPared with the October
valuation of $88,041,000," she said, adding:
The decrease was chiefly accounted for by a sharp drop of 22.8% in the
value of permits issued for additions, alterations and repairs to existing
structures. Residential permit valuation declined 11.7%. while the value
of permits issued for new non-residential construction came within 2.1%
of the October level.
In comparison with the corresponding month of last year, the value of
construction permits issued shows an increase of 89%. The value of
residential building permits was three times as groat as in November 1934.
During the first 11 months of 1935, permits were issued for buildings
valued at more than $752,000,000. This is an increase of $300.000.000 or
more than 66% as compared with the corresponding period of 1934. Dwelling units were provided for 69,300 families, a gain of 155% as compared
with the same 11 months of 1934.
Although a decrease is shown over the month period for the country as a
whole, three geographic divisions
-New England, the West North Central
and the East South Central States-showed an increase in bullding contruction activity.
The following is from an announcement issued by the
United States Department of Labor:
The percent of change from October to November 1935 for the different
types of construction is indicated below.
Type of BuildingNumber
Estimated Cost
New residential
-21.8
-11.7
New non-residential
-29.6
-2.1
Additions, alterations, repairs
-27.4
-22.8
Total
-27.1
-11.2
The percent of increase in November over the same moilth of a year ago
is shown, by type of construction, in the following table:
w pe odentildlngmi Buiai
f
Number
Estimated Cost
New
+126.9
+207.7
New non-residential
+22.0
+63.1
Addotons, alterations, rePairs
Titial
+11.9
+20
+34.6
Total
Living quarters will be provided for 7,989 families in the new+ w:
d8394 11
e06ings
for which wrrnits were issued in November. This is an increase of 185.5%
compared with November 1934. The data presented in the tables above
include, in addition to private construction, the number and value of
buildings for which contracts were awarded by Federal and State governments in the 777 cities included in the report. For November 1934 the value
of such buildings amounted to $7,341,000; for October 1935, $8,562,000;
and for November 1935. $8,133.000.
Permits were issued during November for the following important building projects: In Boston, Mass., for school buildings to cost nearly $1,400.000; in Newburyport, Mass., for a high school building to cost nearly
$500.000; in Providence, R. I., for a school building to cost nearly $500.000:
in Newark. N. J., for an institutional building to cost $3.000.000; in the
Borough of The Bronx for apartment houses to cost over $1,600,000; in
St. Louis, Mo.,for a school building to cost nearly $500.000: in Sioux Falls,
S. Dak.,for an addition to a high school building to cost over $600,000; and
Financial Chronicle
Volume 141
in Dallas, Tex., for stores and mercantile buildings to cost nearly $400,000.
Contracts were awarded by the Procurement Division of the U. S. Treasury
Department for a post office and Federal court house building at Vicksburg,
Miss., to cost nearly $450.000; for a post office and Federal court house in
Galveston, Tex., to cost nearly $600,000; and for a post office and Federal
court house in Waco, Tex., to cost over $300,000. A contract was awarded
by the Housing Division of the Public Works Administration for the West
Side Housing project in Cleveland, Ohio. to cost over $3,000,000.
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS, ALTERATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 777 IDENTICAL
CITIES IN 9 REGIONS OF THE UNITED STATES, AS SHOWN BY
PERMITS ISSUED IN OCTOBER AND NOVEMBER 1935
New Residential Buildings
Geographic Division Cities
Estimated
Cost
November
Osloher
Families Provided for in
New Dwellings
November
October
New England
Middle Atlantic
East North Central_ _
West North CentralSouth Atlantic
East South Central
West South Central
Mountain
' Pacific
114
174
181
71
81
24
51
23
52,448,965
10,765,680
6,902,235
1,481,486
3,221,938
264,280
1,334,734
412,883
3,949,358
$2,534,115
10,532,935
8,107,455
1,685,121
4,036.178
772.837
2,028,790
700,627
4,467,445
428
2,867
1,362
371
1,127
88
501
139
1,150
487
2,437
1,679
487
1,269
284
667
195
1,217
Total
Percentage change_ _ _
777
30,781.559
-11.7
34,865,503
8,033
-7.9
8,722
Geographic Disision
Cities
New England
Middle Atlantic
East North Central_ _
West North Central.
South Atlantic
East South Central
West South Central
Mountain
Pacific
114
174
181
71
81
24
51
23
$3,433,612
11.047,363
4,018,627
1,554,389
2,727,560
1,566,673
2,307,529
271,139
3,167,983
$1,419,009
12,105,951
7,630,505
927,135
2,970,492
576,474
2,266,517
583,088
2,257,073
$7,927,813
26,978,117
14,033,613
3,915,597
8,444,509
2,326,887
4,325,243
1,154,249
9,087,171
$6,153,099
30.683.734
19,295,493
3,721,954
9,626,490
2,123.820
5,148,532
1,683.982
9,604,198
Total
Percentage change_ _
777
30,094.875
-2.1
30,736,244
78,193.199
-11.2
88,041,302
58
New Non-Residential
Buildings,
Estimated
Cost
November
58
October
Total Building
Construction (,Including
Alterations and Repairs),
Estimated Cost
November
October
Residential Building in United States During First
10 Months of Year 112% Above Entire Year 1934
According to FHLBB
More than twice as many family dwelling units were built
during the first 10 months of 1935 as in the entire year of
1934, according to estimates of building permit records from
all cities of 10,000 population or upward, the Federal Home
Loan Bank Board announced Nov. 29. It added:
The 9,313 units constructed in October exceeded the October 1934 record
by 158%. From Jan. 1 to Oct. 81 dwelling units provided numbered 66,261,
which is 150% more than during the same period of last year and 112% more
than in the 12 months of 1934. The September to October gain of this
year was 28%.
The estimates are based upon building permit records from 775 cities,
available through the United States Department of Labor.
Continued Improvement in Business in November and
First Half of December Reported by National
Industrial Conference Board
The general improvement in business activity, which has
been noted during the past five months, continued through
November and the first half of December, according to the
regular monthly survey of business conditions by the National
Industrial Conference Board. The survey, made available
by the Board on Dec. 24, further said:
More than seasonal increases were made in November, compared with
October, in motor vehicle production and sales, in steel production, in electric power output, and in retail trade. Retail prices and the cost of living
also continued their upward movement during November.
Building and engineering contract awards declined by slightly leas than
the usual seasonal amount, from October to November. Rail shipments
followed their usual seasonal decline. Machine tool orders and bituminous
coal production declined measurably.
The greater-than-seasonal advance in industrial production was caused
chiefly by a sharp increase in automobile output, due to the early introduction of 1936 models. A moderate decline in motor sales is expected
during the first quarter of 1936. but the large number of unfilled orders and
low-dealer stocks may sustain production in spite of a decline in retail sales.
The less-than seasonal decline in building activity was due primarily to an
increase in publicly financed awards which were 63% of the November
total in 37 Eastern States, compared with 42% in July.
Price movements of commodities at wholesale in November were small and
prices remained, on the average, about the same as in October, but were
5% higher than in November 1934. Retail prices of food in November,
were nearly 9% higher than a year ago,and the general index of retail prices
was nearly 5% higher.
On Nov. 19, the general rise in common stock prices was halted at about
60% above the 1935 low point reached in March 1935. By Dec. 17, a
reaction had sent stock prices down by about 10% of the March-December
advance. Corporate bond prices continued to rise during November and
the first week in December, but since then, have reacted slightly.
Corporation profits for the first nine nu:piths of 1935 show a material
Increase over 1934. Net income of 259 industrial and mercantile concerns
totaled $542,000,000 in the first nine months of 1935, compared with $407,000,000 in the same period of 1934. The greatest increase took place in
motor vehicle, electrical equipment, machine tool, and petroleum industries.
Public utilities and telephone companies showed a slight increase in earnings, compared with last year. Net operating income of Class I railroads
was 6% less than a year ago, but, after all fixed charges were met, railroad
operations resulted in a deficit twice as large as for the first nine months of
1934.
Excess reserves have continued to increase during recent months. Money
rates remain low, chiefly as a result of gold imports and of the failure of
bank borrowing to increase.
4079
Bank of America Index of Far Western Business for
November at Highest Point Since September 1931
Recording the largest comparative gain in its history, the
Bank of America index of Far Western business for November, standing at 73, reached the highest point since September
of 1931, it is announced by the bank. The announcement
continued:
The November 1935 index was 11.7 points, or 19.1%, higher than the
index figure for November of last year, the largest percentage increase of
the monthly index figure over a corresponding month of any previous year
since the index was begun in 1923.
The month of November of this year was the first month in four years
to show a business gain over a corresponding month in the year 1931. The
November 1935 index figure was 3.7% ahead of November 1931; 23.1%
ahead of November 1932, and 17.6% ahead of November 1933.
The November index this year also stood out above the showing of previous years in comparison with October. This year the index gained 5.8%
from October to November as compared with a decline of 0.3% of last
year. In 1933 the index gained 2.5% from October to November, and in
the three previous years declines were recorded.
The 1935 November business index of Bank of America was 33.5% above
the depression low point, reached in March of 1933. The index is based
on weighted and seasonally adjusted car loadings, power production and bank
debits of Far Western States.
Other factors which indicated outstanding business gains in the Far
West during November were building and construction, which increased
90% over November of 1934; and retail sales, with a 14.6% gain over the
corresponding month last year.
Employment in the manufacturing industries of California during November showed a 7.8% gain over the like month last year. Gains over corresponding months of .1934 in number of men and women employed have been
registered every month since March, while gains in payrolls have been
recorded for every month of the entire year.
Increase in Activity of Far Western Business
in November Reported by Wells Fargo Bank of
San Francisco
Far Western business activity in November scored one of
the sharpest gains witnessed in many months, according to
the Western Business Index compiled by the Wells Fargo
Bank of San Francisco. In actual figures Western business
rose to 87.8% of the 1923-25 level of activity in contrast with
83.6% in October and 68.9% in November last year. The
following is also from an announcement issued in the matter:
Sharp
Not only in the major lines of activity reflected in the index, but also
from other widely scattered sources come reports of continued forward
strides on the Pacific Coast. Newspaper advertising in four major California
cities during November increased 13% over the same month of last year.
Tourist travel continues at near record levels. The tourist inflow into
California has been running at nearly 25% above that of a year ago for
over two years; each successive month has witnessed an increase in tourist
travel over the corresponding month of the previous year.
Life insurance sales continue to hold above last year's levels, while retail
sales of passenger automobiles are running at near record proportions, exceeding those of every year since 1929.
H. H. Heimann of National Association of Credit Men
Finds Business Outlook Encouraging as Industry
Faces New Year
-One of Problems Concerns Scope
of Government's Regulation
"As far.as the known factors or the usual barometers of
business are concerned," says Henry H. Heimann, Executive
Manager of the National Association of Credit Men,"the outlook is indeed encouraging as industry faces the new year."
In his monthly review of business, sent to the Association's
members on Dec. 22, Mr. Heimann states that the past 60
days have witnessed a rise to levels approximating and
according to some barometers, exceeding the inflationary
spurt of the midsummer of 1933. In part, he also said:
There has, of course, not been as generous a sharing in the up-turn by all
lines of industry as might be desirable. The automobile, steel and electrical
power industries are in the vanguard of recovery, while in recent week.
textiles have been moving along well. The less fortunate are the heav:.
goods industries. These, however, are registering favorable activities in
certain directions, notably machine tools, industrial machinery, motor truck
production.
And in the past few weeks the impoverished railroad equipment industry
has witnessed a turn for the better. The building industry is still far from
satisfactory, but with rents increasing in general and building costs remaining relatively stable (although not so low as to be exceptionally attractive),
there is some inducement for increase in private building contracts as the
figure for the past few months will evidence.
In general, industry is assured credit needs for all useful purposes at
attractive rates. Good, sound loans can be had under very favorable terms.
Inventories are still reasonable. In a few industries there has been a slight,
though not dangerous, accumulation.
The real problems that confront industry arise from without rather than
from within the industrial situation. One of these problems, for instance,
which must be solved in the very near future concerns the scope of the
government's regulation, participation or interference in business. The recent
Berry conference in Washington is indicative of the existing conflicts between
business, labor and government groups.
Another one of the uncertainties is the eventual legal status of much of
the New Deal's legislation. We also face the uncertainties developed by
the national election in November 1936. The army of unemployed, mean,
while, though decreasing, is still far too great for comfort, but the holiday
season for labor should be the best it has enjoyed in a number of years,
even though the unemployed are still too numerous. There are, besides, the
relief problems, whether private or public, local or national, which are to
remain in our private or governmental budgets and consequently a factor
in the cost of doing business. . . .
There is one factor affecting industry, labor and agriculture which I
would describe as an outside factor. It is a type of legislation with which
these groups may have to deal when Congress convenes in January. First,
I would list prominently the Townsend plan which I analyzed in this series
4080
Financial Chronicle
of letters earlier in the year. The support for this plan has been growing
in many regions throughout the country.
Normal, natural forces will mean a continuation of recovery. There is
nothing quite so effective in diverting people's minds from these panaceas
as a return to real prosperity. These schemes are always born in a depression
period and generally vanish when recovery is assured. But we must not
forget that until we have brought all eligible workers in contact with some
reasonable measure of security in the traditional capitalistic manner we
will be faced by irrational demands, sincere in the goal they try to achieve,
but unsound economically in the manner of achieving this goal.
Continued Improvement During October in World
Production Reported by National Industrial Conference Board
World production continued to improve during October,
according to the regular monthly survey of the National Industrial Conference Board. Improvement occurred in the
United States, Canada, Great Britain, Belgium, Japan, Australia and the South American countries. The Board on
Dec. 16 further said:
The value of world trade during the third quarter of 1935 was about 2.5%
higher, in terms of gold, than for the same period last year. World prices
of foodstuffs and raw materials advanced sharply for the third consecutive
month. Security prices also rose sharply during November in all major
markets except Berlin. Foreign currencies remained depressed, in terms of
the dollar, during November.
Preliminary reports indicate that recent advances in production were fairly
well maintained during October in the Scandinavian countries and in Germany. Marked recession has taken place, however, In some of the German
consumers' goods industries. The abnormal situation in Italy has resulted
In a stimulation of those industries supplying war materials, but in lowered
activity for certain other industries. Residential building in that country
has been practically suspended by government decree.
Conditions remain unsatisfactory in the gold standard countries. Business
sentiment, however, was reported as slightly improved in France as a result
of rising wholesale prices, and in The Netherlands as a result of improved
world prices for colonial products.
Output of cotton textiles in Great Britain increased sharply during October, resulting in improved conditions in the Lancashire district. Orders
for machine tools in Great Britain were reported as increasing. Retail
trade is buoyant in most South American countries and in Australia. The
volume of construction in Australia is approaching the pre-depression level.
Industrial output in Canada has been Increasing steadily since the general
elections held in mid-October.
The increase in the value of world trade reflects an improvement over the
first two quarters of the current year, both of which were below the corresponding quarters of 1934. The physical volume of world trade has averaged
consistently higher in 1935 than in 1934.
The composite index of world prices of foodstuffs and raw materials reached
53.0% of the 1923-25 level in October, as compared with 50.3% in the
preceding month and 48.3% in October 1934. The general wholesale price
level advanced during October in Great Britain, Germany, France, Italy,
Japan and Canada. Prices receded slightly as compared with the preceding
month in the United States. Preliminary reports for the month of November
indicate a slight rise in wholesale prices in Great Britain, France and the
United States, a more noticeable increase in Germany and Italy, and a
slight decline in Canada.
The index of stock prices of nine important exchanges has been rising for
the past 10 weeks, and was 7.7% higher at the end of November than at
the low point reached in the week ending Sept. 21 1935. Stocks on the
Berlin Exchange, however, were the lowest since last March.
The gold currencies broke badly on several days during November as a
result of the confused political situation in France, but advanced sharply
to above the gold export point on Dec. 6, following announcement that the
French political organizations planned to dissolve their semi-military
organizations.
Total engagements of gold by the United States in the three-month period
from Sept. 9 to Dec. 7 amounted to approximately $809,000,000. Of this
amount, $318,000,000 was engaged during the first month; $187,000,000 in
the second month, and $304,000,000 in the most recent period. It is estimated
that the amount of gold lost by the Bank of France since Oct. 11 has
amounted to approximately $400,000,000.
Shanghai dollars remained fairly stable after announcement of the suspension of the silver standard by the Chinese government. The Hong Kong
dollar, which is quoted at a higher price, continued its downward trend.
Trading in the lira in London and New York has ceased, and quotations on
that currency are nominal.
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System
Little Change Noted in Industrial Production and
Employment from October to November
"Industrial production and employment, which usually
declines at this season,showed little change from October to
November," states the Board of Governors of the Federal
Reserve System in its summary of general business and
financial conditions in the United States, based upon statistics for November and the first three weeks of 'December.
"Distribution of commodities to consumers," the Board
said, "increased more than seasonally." The Board's summary, issued Dec. 26, continued:
Production and Employment
The Board's seasonally adjusted index of industrial production advanced
from 95% of the 1923-1925 average in October to 97% in November.
Output of industries producing durable goods continued to increase substantially in November, while activity in most other industries declined
somewhat. Output of steel increased further during November to a higher
rate than in any previous month this year and this high level was maintained during the first three weeks of December. Automobile production
in November continued the sharp increase which began after the change
to new models in September. Activity at silk mills and at woolen mills
declined.
Factory employment and payrolls, which usually decline from the middle
of October to the middle of November. showed little change for that period
this year. Increases in employment were reported for the automobile, iron
and steel, machinery, railroad car, and cotton textile industries and at
railroad repair shops. There were larger than seasonal declines at sawmills,
Dec. 28 1935
shoe factories, silk and rayon mills, and establishments producing wearing
apparel.
Value of construction contracts awarded, as reported by the F. W. Dodge
Corp., continued to increase in November and the first half of December.
There was a decline, largely seasonal, in residential building, while other
types of construction showed an increase.
Agriculture
Crop production in 1935, according to final estimates by the Department
of Agriculture,showed an increase of about 20% in volume over the drought
year of 1934, and the farm value of 64 crops amounted to $5,120,000,000
compared with $4,780,000,000 last season. The cotton crop, which has
been reduced in recent months by bad weather, is now estimated at 10.734,000 bales compared with the exceptionally small output of 9,636,000
bales in 1934. Cash farm income from marketings of crops and livestock
and from government rental and benefit payments is estimated at about
$6,800,000,000 for the calendar year 1935, as compared with $6,387,000,000
last year.
Distribution
Freight
-car loadings decreased by less than the usual seasonal amount
during November, reflecting principally a smaller decline in shipments of
miscellaneous freight than is customary at this time of year. Value of
department store sales, on a daily average basis, increased from October
to November.
Commodity Prices
The general level of wholesale commodity prices, after a decline during
October, increased during November and showed little change during the
first two weeks of December.
Bank Credit
Excess reserves of member banks, whiCh had increased to a new high
level of $3,310,000,000 on Dec. 11, largely as the result of continued gold
Imports, declined considerably during the week ending Dec. 18, as a consequence of seasonal demands for currency an a large increase in Treasury
balances with the Federal Reserve banks, in connection with mid-Dacember
fiscal operations.
Changes in condition of reporting banks in 101 leading cities during the
four weeks ending Dec. 18 reflected principally the influence of new government financing. These banks showed increases of $310,000,000 in holdings
of United States government securities, of $110,000,000 in loans to brokers
and dealers in securities, and of $200,000,000 in United States government
deposits. Adjusted demand deposits showed a further growth of $270.000.000 in the three weeks ending Dec. 11 and declined by $250,000,000 in
the following week, as a result of withdrawals for holiday currency demands,
income tax payments, and the purchase of new government securities.
Review of Industrial Situation in Illinois During
November by Illinois Department of Labor-Less
Than Seasonal Declines Noted in Employment and
Payrolls from October to November
In a review of the industrial situation in Illinois during
November, as compared with October, Peter T. Swanish, Chief
of the Division of Statistics and Research of the Illinois Department of Labor, reports that a statistical summary of
reports from 4,426 manufacturing and non-manufacturing
enterprises shows "a decrease of less than 0.1 of 1% in employment and a decrease of 1.5% in payrolls." Mr. Swanish
stated:
For the 12-year period, 1923-1934, inclusive, the records of the Division
of Statistics and Research show that the average October-November changes
were decreases of 0.7 of 1% in the number employed and 1.9% in total
wage payments. The current October-November decreases in employment and
payrolls thus represent less than seasonal declines, while the net difference
in the changes exhibit. a further incremental gain in industrial activity
within the State.
Continuing, Mr. Swanish said:
Contrasted with November of last year, the current indexes of employment
and total wage payments evidence a definite advance in industrial activity.
The index of employment for all reporting industries rose from 71.9 in
November 1934 to 75.8 in November of this year, or 5.4%, while the
Index of payrolls advanced from 53.5 to 60.4, respectively, or 12.9%.
Changes in Employment and Wages Paid, According to Sex
Reports from 3,646 industrial enterprises, which denoted the sex of their
employees, showed an increase of less than 0.1 of 1% in the number of male,
but a decrease of 0.7 of 1% in the number of female workers. Total wages
paid male workers decreased 1.2%, while wage payments to female workers
declined 5.5% during the October-November period.
Within the manufacturing classification of industries, 1,981 reporting
enterprises, the number of male workers increased 1.1% but the number
of female workers declined 0.8 of 1%. Total wage payments to males in
manufacturing industries increased less than 0.1 of 1%, while wages paid
female workers decreased 6.1% during November in comparison with October.
The non-manufacturing industries taken as a group and representing 1,665
reporting concerns, showed decreases of 3.0% in the number of male and 0.4
of 1% in the number of female workers employed. Total wage payments
to male and female workers decreased 4.3% and 4.6%, respectively.
Changes in Man-hours During November in Comparison with October
For male and female workers combined, in all reporting industries, the
total number of hours decreased 0.9 of 1%. Total hours worked by male
and female workers during November in comparison with October decreased
0.1 of 1% and 2.6%, respectively.
In the manufacturing group of industries, 1,755 concerns reported manhours for male and female workers combined, and in these enterprises the
total hours worked were 0.7 of 1% less in November than in October.
Hours worked in 1,704 manufacturing plants, reporting man-hours for
male and female workers, separately, increased 0.6 of 1% for male workers
and decreased 3.5% for female workers.
In the non-manufacturing group, 1,294 establishments reported a decrease
of 1.5% in total man-hours worked by male and female workers combined.
Within this classification of industries, 1,127 concerns showed a decrease of
2.7% and an increase of 1.1% in the total number of man-hours worked by
male and female workers, respectively.
Average actual hours worked by 368,442 wage earners in the 3,049 industrial enterprises reporting man-hours decreased from 39.4 in October to
39.1 in November, or 0.8 of 1%. In the manufacturing plants, man.hours
decreased from 39.1 in October to 38.7 in November, or 1.0%. In the nonmanufacturing plants, the average number of hours worked per week during
November was 40.0, or 0.2 of 1% less than in October.
Financial Chronicle
Volume 141
4081
Employment and Payrolls in Pennsylvania Anthracite
,..Collieries Down from Mid-October to Mid-November
According to Philadelphia Federal Reserve Bank
b.
The number of workers on the rolls of Pennsylvania anthracite companies declined nearly 21% and wage disbursements 49% from the middle of October to the middle of
November, according to indexes compiled by the Federal Reserve Bank of Philadelphia from reports to the Anthracite
Institute by 32 companies employing about 64,900 workers
whose earnings amounted to approximately $1,148,000 a
week. An announcement by the bank further said:
November, thus indicating that activity in the heavy goods industries continued well sustained.
The employment index in November was 79.3 relative to the 1923-25
average, or about 7% higher than a year ago. The payroll index was 68.3,
or 20.5% higher than in November 1934. Estimates made from the current
Indexes and the census data indicate that all Pennsylvania factories in
November employed over 850,000 wage earners and disbursed in wages almost
$17,278,000 a week. The number of hours actually worked by wage earners
in about 90% of the reporting factories continued to be 26% larger than
a year ago.
Employee-hours actually worked in November in the collieries of 28 companies showed a decline of 49%, following an increase of nearly that amount
the month before. These decreases reflected largely a slackening in demand
for anthracite fuel in early November as a result of unusually mild weather.
The index of employment declined from 57.7% of the 1923-25 average in
October to 45.7 in November, and that of payrolls dropped from 47.1 to
23.9. Compared with a year ago, these indexes were 22% lower for employment and 44% lower for wage poyments. Detailed comparisons follow:
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia. 1923-25 Average=--100.0
Delaware manufacturing industries report declines of 5% in employment
and 2% in payrolls from October to November. Working hours also fell off
nearly 5%. Compared with a year ago employment was 2% larger and
payrolls and working time 12% greater.
Employment
Payrolls
1933
1934
1935
1932
1933
1934
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
60.8
51.1
57.2
53.1
50.3
42.0
88.5
42.7
46.4
55.2
55.3
69.4
53.0
50.4
62.3
61.4
65.7
56.6
62.0
56.0
52.2
48.2
55.4
56.9
59.0
59.8
57.9
61.1
62.7
50.0
51.5
52.4
55.6
48.5
37.9
452
57.7
45.7
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
45.0
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
38.4
59.4
55.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
40.4
42.8
43.9
46.7
1935
I
1932
.mt.
,
=!00.1CWOI.R.
00ftiNC1.42.40iNt44
,
1.5M,V MNMVN
January
February
March
Aprll
May
June
July
August
September
October
November
December
Average
Philadelphia Federal Reserve District Foundry Operations Lower in November, According to University
of Pennsylvania
Foundry activity declined during November according to
repotts received by the Industrial Research Department of
the University of Pennsylvania from foundries operating in
the Philadelphia Federal Reserve District, an announcement
by the Research Department said, continuing: '
Because of unusual activity in a few plants, especially certain jobbing
foundries located in Philadelphia, the total production of gray iron castings
during November was slightly larger than in the previous month. A comparison with the previous reports which date back to 1926, shows that this
Is the first time that the foundries have been able to continue during November an increased rate of activity established in October.
The production of malleable iron castings, although well below the
unusual peak of last month, was still more than at any time in the last nine
years except last month. The output of steel castings decreased in most
of the plants, but the total output was still well above that reported a year
ago.
Shipments of iron and steel castings declined during November but the
tonnage of deliveries during the month exceeded by more than 20% those
of November 1934. Unfilled orders, which also declined during November
for both iron and steel castings, were larger than those of last year.
No. of
Firms November
Report1935
Ow
Short Tons
Iron Foundries
Capacity
Production
Gray iron
Jobbing
For further manufacture
Malleable iron
Shipments
Unfilled orders
Raw stock-Pig iron
Scrap
Coke
Steel Foundries-Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw stock-Pig iron
Scrap
Coke
30
30
29
4
29
18
26
25
25
8
8
8
7
6
6
6
Per Cent
Change
from
Oct. 1935
Per Cent
Change
from
Nov. 1934
11,872
3,084
2,593
2,325
268
491
3,085
868
2,249
1,536
509
0.0
-5.7
+0.6
+2.0
-10.5
-29.2
-6.8
-9.2
-1.0
-8.7
+18.1
0.0 •
+31.6
+27.9
+40.6
-28.3
+55.9
21.8
21.0
-16.0
-5.6
-12.5
8,630
1,840
1,575
265
1,790
2,226
365
8,297
297
0.0
-24.3
-25.7
-15.1
-7.8
-13.7
+6.7
+10.4
-I-lie
0.0
+16.8
+21.9
-6.5
+27.6
+36.8
+6.9
+23.4
-tea a
Decreases Noted in Employment and Payrolls in
Pennsylvania Factories from Mid-October to MidNovember-Delaware Factories Also Report Declines
The number of wage earners in Pennsylvania manufacturing industries declined less than 1%,and the amount of wage
payments nearly 3% from the middle of October to the middle
of November, according to indexes prepared by the Federal
Reserve Bank of Philadelphia on the basis of 2,252 reports
from manufacturing establishments employing about 457,000
wage earners whose compensation averaged $9,523,000 a
week. The decline in payrolls, it is noted, was about usual
for this season. The total number of employee-hours actually
worked during this period also decreased approximately 3%.
From an announcement by the Philadelphia Reserve Bank
the following is also taken:
Recessions in employment and payrolls, in some cases of a seasonal character, were particularly noticeable in those industries which produce consumers' goods; in the case of the textile group as a whole decreases were
shown, although some increase is to be normally expected. Such durable
goods industries as iron and steel products, non-ferrous metal products, and
transportation equipment registered slight gains in employment and more
favorable changes in payrolls than those that usually occur from October to
As to employment in Delaware factories, the bank announced:
New Business at Lumber Mills Gains Over Preceding
Week and Exceeds Current Output
New business at the lumber mills during the week ended
Dec. 14 1935 exceeded production by 1% and exceeded the
new orders of the previous week by 5%,according to reports
to the National Lumber Manufacturers Association from
regional associations. In only one other week since June
did new business show gain over output. Production and
shipments during the week ended the 14th were reported
as about the sanie as the preceding week. Reported lumber
shipments were 17% below output. This compares with
14% below during the previous week and the 1% excess in
orders over production compares with 5% below for the
preceding week. All itemt 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 58% above last year; new business, 31% above; shipments, 18% above.
During the week ended Dec. 14, 564 mills produced 207,186,000 feet of
hardwoods and softwoods combined; shipped 172,144,000 feet; booked
orders of 208,633,000 feet. Revised figures for the preceding week were
mills, 570; production, 208,465,000 feet; shipments, 178,279,000 feet;
orders. 198,646,000 feet.
All reporting regions but Western Pine, Northern Pine and Southern
Cypress showed orders below production during the week ended Dec. 14.
All regions reported shipments below production except Cypress and
Northern Pine, the latter reporting no cut. All reporting regions but
Northern Pine showed orders, shipments and production above corresponding week of 1934.
Identical softwood mills reported unfilled orders on Dec. 14, the equivalent of 33 days' average production and stocks of 169 days', compared
with 23 days' and 178 days' a year ago.
Forest products carloadings totaled 27,469 cars during the week ended
Dec. 14 1935. This was 2,095 cars below the preceding week; 6,679 cars
above the same week of 1934 and 7,102 cars above corresponding week
of 1933.
Lumber orders reported for the week ended Dec. 14 1935, by 496 softwood mills totaled 199,881,000 feet; or 2% above the production of the
same mills. Shipments as reported for the same week were 163,970.000
feet, or 17% below production. Production was 196,672,000 feet.
Reports from 84 hardwood mills give new business as 8,752,000 feet. or
17% below production. Shipments as reported for the same week were
8,174,000 feet. or 22% below production. Production was 10,514,000 feet.
Unfilled Orders and Stocks
Reports from 490 softwood mills on Dec. 14 1935 give unfilled orders of
698,316,000 feet and gross stocks of 3,609,635,000 feet. The 473 identical
softwood mills report unfilled orders as 689,297,000 feet on Dec. 14 1935.
or the equivalent of 33 days'average production, compared with 479,489.000
feet, or the equivalent of 23 days' average production on similar date a
year ago.
Identical Mill Reports
The week's production of 478 identical softwood mills was 193,821,000
feet, and a year ago it was 122,289,000 feet; shipments were respectively
161,521,000 feet, and 136,659,000; and orders received 197,249,000 feet,
and 150,310,000 feet.
Canadian Newsprint Output in November Slightly
Below October Record Production-Output of
United States Also Lower
After reaching an all-time record monthly output in October, Canadian newsprint production declined slightly in
November, the total being reported at 262,854 tons by the
News Print Service Bureau as against 266,515 tons in October. Shipments from Canada during November, it is reported, amounted to 285,179 tons. Output of newsprint in
the United States during November was also below the previous month, but above November 1934. In the Montreal
"Gazette" of Dec. 14, from which the foregoing is learned,
it was also stated:
During the first 11 months of this year output of Canadian mills established a new record at 2,508,557 tons, which contrasts with 2,359,700 tons
for the corresponding 11-month period of last year, representing an increase
of approximately 6%. The previous 11-month record was 2,495,628 tons
in 1929, while for the full year 1929 the production of Canadian mills was
2,725,000 tons, which level bids fair to be exceeded this year.
The News Print Bureau report for November follows:
Production in Canada during November 1935 amounted to 262,854 tons and
shipments to 285.179 tons. Production in the United States was 78,929 tons and
shipments 80,875 tons, making a total United States and Canadian newsprint
production of 341,783 tons and shipments of 366,054 tons. During November
28,567 tons of newsprint were made in Newfoundland and 2.045 tons in Mexico,
so that the total North American production for the month amounted to 372,395
tons. Total production in November 1934 was 348,189 tons.
The Canadian mills produced 148,809 tons more in the first 11 months of 1935
than in the first 11 months of 1934, which was an increase of 6%. The output
In the United States was 39,315 tons, or 4% less than for the first 11 months of
1934; in Newfoundland 17,162 tons, or 6% more, and In Mexico 905 tons more,
making a total increase of 127,561 tons, or 3.6%.
Stocks of newsprint paper at Canadian mills were reported at 50,993 tons at
the end of November and at United States mills 12,394 tons, making a combined
total of 63,387 tons, compared with 87,658 tons on Oct. 31 1935.
4082
Financial Chronicle
Entries of Sugar into United States Against Quotas
Under Jones-Costigan Sugar Act
-Imports During
First 10 Months of Year Totaled 4,364,613 Short
Tons
The Sugar Section of the Agricultural Adjustment Administration announced Nov. 14 that the quality of sugar entered
for consumption in the United States during the first 10
months of this year from Cuba, the Philippines, Puerto Rico,
the Virgin Islands and Hawaii, totaled 4,364,613 short tons,
raw value, without final polarization and final outturn adjustments. This quantity has been charged against the 1935
quotas established under the Jones-Costigan Sugar Act for
the areas indicated, the AAA said, adding:
The status of the continental quotas is not given in this report, which
deals only with entries of offshore sugars. However, according to preliminary information, as of Nov. 1 1935. the quantity charged against the
Continental cane sugar quota amounted to 118.017 tons in terms of 96
degree sugar, including both raw and direct consumption sugar. The
quantity charged against the continental beet
-sugar quota amounted to
1.208.146 tons.
This report includes all sugars from Cuba, the Philippines, Puerto Rico,
the Virgin Islands and Hawaii,recorded as entered upon arrival from those
areas prior to Nov. I 1935. The statistics pertaining to full-duty countries
include, in addition to the sugar actually entered before Nov. 1 1935, all
quantities certified for entry,including quantities in transit on Nov. 1 1935,
prior to that date.
The figures are subject to change after final outturn weight and polarization data for all importations are available.
The status on Nov. 1 1935, of the principal quotas established under
General Sugar Quota Regulations, Series 2, Revision, for 1935.1s as follows:
(Tons of 2,000 pounds
-96 degree equivalent)
Area
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands_ _ _ _
Quantity of Sugar
Which May Be
Admitted for
1935 Under
General Sugar
Quota Regulation.,, Series 2,
Revision 1
Amounts
Charged
Against
Quotas
1,822,596
839,418
788.262
925.969
5,179
1,822.596
884,780
773,312
881.595
2,330
Percent.
Jan.
-Oct.
Er.tries Are
of Total
Entries
Admissible
In 1935
100.00
98.37
98.10
95.21
44.99
Balance
Remaining
4.441,424
4.364,613
76,811
98.27
Direct
-consumption sugar is included in the amounts charged against
the various quotas since the direct-consumption sugar quota is included in
the total quota for each area. The following tabulation indicates the
direct
-consumption sugar quotas and amounts of direct-consumption sugar
admitted during the first 10 months of 1935. as well as the amounts which
may be admitted for the remainder of the year:
Balance remaining
Puerto Rican direct-consumption sugar: 1935 quota
Quantity charged against quota
400,971
400,971
126,033
127,216
Excess
Hawaiian direct-consumption sugar: 1935 quota
Quantity charged against quota
1,183
29,616
21,228
Balance remaining
Philippine direct-consumption sugar: 1935 quota
Quantity charged against quota
8.388
80,214
70,276
Balance remaining
9,938
The following table shows, in pounds, the amounts ofsugar which may be
admitted in 1935 from foreign countries other than Cuba, the amounts
which were charged against such quotas during the period, January-October,
and the amounts which may be admitted during the remainder of the year
rom the areas specified:
(Pounds-96 degree equivalent)
Quantity Which
May Be Admitted
In 1935
Belgium
Canada
China
Hong Kong
Czechoslovakia
Dominican Republic
Dutch East Indies
France
Germany
Haiti
Mexico
Netherlands
Peru
United Kingdom
Venezuela
Unallotted reserve
Total
Charged
Against
Quota
294,308
564,205
80.594
207.520
263.302
6,668,480
' 211,384
175
117
921,614
6,031,877
217,865
11,114,100
350,667
290,002
1,000.000
294,308
563.851
80,594
156,970
263,302
6,668,480
211,384
175
80
618,402
92,062
217,865
10.816,561
350,667
924
754,907
28,216.210
21.090.532
Balance
Remaining
United States
(Factory Sales)
Canada
(Production)
Year and Month
Total
Passenger Trucks,
all vehicles
Cars
&c.
1935
January
February
March
April
May
June
July
August
September
October
November
292,817
335,700
429,834
477,746
364,727
361,321
337,044
240,051
89.805
275,021
398,024
229.233
275,623
361,816
401.628
307.522
296,609
276.084
182,389
57,285
214,609
338,425
63.584
60,077
68,018
76,118
57,205
64,712
60,960
57.662
32.520
60,412
59,599
Total
10,607
18,114
21,975
24,121
20.765
15,745
13,069
7,692
5.323
8,313
13,496
o
o
Passersger Cars Trucks
8,269
13,885
18,179
20,686
17,093
12,276
9,471
5,524
3,819
7,128
12.042
2,338
4,229
3,796
3,435
3.672
3,469
3,598
2,168
1,504
1.185
1,454
Total (11 months)... 3,602,090 2.941.223 660,867 159,220 128,372 30,848
1934
January
February
March
April
May
June
July
August
September
October
November
155,666
230,256
338,434
352,975
330,455
306,477
264.933
234,811
170,007
131,991
83,482
112.754
186,774
279,274
288,355
273,764
261,280
223,094
183.500
125,040
84,003
49,020
42.912
43,482
59,160
64,620
56,691
45,197
41,839
51,311
44.967
47,988
34,462
6.904
8,571
14,180
18,363
20.161
13,905
11,114
9,904
5.579
3,780
1,697
December
Total (year)
1933
January
February
March
April
May
June
July
Miran
September
October
November
153,624
111,061
42,563
2,694
2,753,111 2,177.919 575,192 118,852
18,992
15.319
17,803
26,677
33,760
42.130
38,092
41,441
34.424
29,813
18.318
3,358
3,298
6,632
8,255
9,396
7,323
6,540
6,079
5,808
3.682
2.291
Total (11 months).- 1,839,492 1,522,723 316,769
62,662
29,776
3,190
1.920.057 1.573,512 348,545
65,852
December
Total (year)
128,825
105,447
115,272
176.432
214,411
249,727
229,357
232,855
191,800
134,683
60,683
80,565
109,833
90,128
97,469
149,755
180,651
207,597
191,265
191,414
157,376
104.870
42,365
50,789
4,946
7.101
12,272
15,451
16,504
10,810
8,407
7,325
4,211
2,125
1,052
1,958
1.470
1,908
2,912
3,657
3.095
2,707
2,679
1,368
1,655
645
90,204 23,954
2,443
251
92,647 .24.205
2,921
3,025
5,927
6,957
8,024
6,005
5,322
4.919
4,358
2,723
1,803
437
273
705
1,298
1,372
1,318
1,218
1.160
1,450
959
788
51,684 10,978
2.171
1,019
63,855 11,997
Increase of 4.6% Noted in United States Sugar Consumption During First 11 Months of 1935 Compared
with Same Period Year Ago
During the first 11 montin of 1935, January to November,
inclusive, 242,508 tons more sugar were consumed in the
United States than in the corresponding period last year,
according to Lamborn & Co., who report that this year to
the end of November 5,476,292 long tons raw sugar value
were distributed as contrasted with 5,233,784 tons in the
same period of 1934. The increase approximates 4.6%.
An announcement by the firm Dec. 21 also said:
Cana sugar distribution totaled 4,313,627 tons, as against 3.922.988
tons during the corresponding period last year, an increase of 390,669 tons.
or 9.9%. Beet-sugar distribution amounted to 1,162,665 tons, a decrease
of 148,161 tons, or 11.3% when compared with the same period for 1934.
354
50,550
0
0
0
o
37
303,212
5,939,815
0
297,539
o
289,078
245,093
7.125,678
No sugars have been entered against the quotas of the following countries:
Argentina. Australia, Brazil, British Malaya, Colombia, Costa Rica, Dutch
West Indies, Guatemala, Honduras. Italy, Japan, Nicaragua and Salvador.
This report of the AAA, covering the period Jan. 1 to
Nov. 1, is the 10th such to be issued; the last previous report
was given in the "Chronicle" of Oct. 12, page 2346.
Automobile Sales Greater in November
November factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units or
vehicles), consisted of 398,024 vehicles, of which 338,425
were passenger cars, and 59,599 were trucks, as compared
with 275,021 vehiPles in October, 83,482 vehicles in November 1934, and 60,683 vehicles in November 1933. These
statistics were released last week by Director William L.
Austin, Bureau of the Census, Department of Commerce.
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Total (11 months)._ 2.599.487 2,066,858 532,629 114,158
14,638
14,950
44.374
2.849
Total
(Short tons-96 degree equivalent)
Cuban direct-consumption sugar: 1935 quota
Quantity charged against quota
Dec. 28 1935
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars
and 83 making trucks (10 of the 29 passenger ear manufacturers also making trucks). Of the 119 manufacturers
reporting prior to June 1934, 7 have gone out of business.
Figures for passenger ears include taxicabs. The figures for
trucks include those for ambulances, funeral cars, fire
apparatus, street sweepers, and buses, but the number of
special purpose vehicles is very small and hence a negligible
factor in any analysis for which the figures might be used.
Canadian production figures are supplied by the Dominion
Bureau of Statistics.
Bureau of Agricultural Economics Reports Lower
Prices for 1935 Crops-Value, However, to Be
Above 1934
Average farm prices of this year's principal crops will be
13% less than last year's, but 9% more than for the 1933
crops, and 72% above prices for 1932 crops, according to the
Bureau of Agricultural Economics, United States Department of Agriculture. The Bureau, on Dec. 20, said:
The reduced prices this year are attributed mainly to increased crop
production. However, the total value of this year's crops will be much
more than in 1934 because prices have declined relatively less than production has increased.
Major crop price changes this year compared with last are: Sugar crops,
practically unchanged; fruit, down 4%; miscellaneous commodities, including potatoes and tobacco, down 7%; cotton and cottonseed, down 10%;
grain, down 18%; seeds, down 39%. and hay, down 47%.
Monthly Statement of Sugar Statistics of AAA Covering
Period January-October
The monthly statement of sugar statistics obtained
directly from cane refiners, beet sugar processors and
importers, was issued on Nov. 27 by the Sugar Section of the
Agricultural Adjustment Administration. The data cover
the period January-October 1935, and are obtained in the
administration of the Jones-Costigan Act, which requires
the Secretary of Agriculture to determine consumption
requirements and establish quotas for various sugar producing areas. Total deliveries for domestic consumption
during the first 10 months of 1935 amounted to 5,716,297
Financial Chronicle
Volume 141
short tons in terms of 96 degree sugar. Deliveries during
the first nine months of the year, as noted in these columns
of Nov.9, page 2968, amounted to 5,136,704 short tons.
The report of the AAA for the January-October period
follows:
SUGAR STATISTICAL REPORTS
-Period: January-October 1935
Vol. 2, Report 10
•
Table 1-Raw Sugar: Refiners' stocks, receipts, meitings, and deliveries for direct
consumption for January-October 1935 •(in short tons raw sugar value)
Source of Supply
Deliveries
Stocks on
for Direct Lost by Stocks on
Jan. 1
Receipts Meltings Consump- Fire,
Oct. 31
1935
non
cfcc.
1935
Cuba
Hawaii
Puerto Rico
Philippines
Continental
Virgin Islands
Other countries
Miscellaneous (sweepings. &c.)
283,600 1,557,953 1.646,580
65,009 846,051 879,263
6,194 654,299 629,458
158,754 627,782 748,156
92,220
19,913
84,446
2.534
2,534
554
36,413
34,917
4,858
2,939
109
705
304
598
6
604
48
26
128
7
190,067
28,858
30.900
37,547
11,835
2,043
Total
534,024 3,810,082 4,033.726
8,928
202 301.250
•Compiled in the AAA Sugar Section. from reports submitted on Form SS
-15A
by 16 companies representing 22 refineries. The companies are: America Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.: California & Hawaiian Sugar
Refining Corp.. Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.: William Henderson; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.: National
Sugar Refining Co. of N. J.; Ohio Sugar Co.: Pennsylvania Sugar Co.; Revere
Sugar Refinery; Savannah Sugar Refining Corp.; Sterling Sugars, Inc., and Western
Sugar Refinery.
Table 2
-Stocks, production and distribution of cane and beet sugar by United
States refiners and processors, January-October 1935 (in terms of short tons
refined value)
Refiners
Domestic Beet Refiners and
Factories
Beet Factories
Initial stocks of refined
302,898
d1,060j209
1,363,107
Production
3,798,805
599,793
4.398,598
Deliveries
a3,779,983
b1,129,134
c4,909,117
Final stocks of refined
321.720
530.868
852.588
Compiled by the AAA, Sugar Section, from reports submitted by refiners.
a Deliveries include sugar delivered against sales for export. Department of
Commerce reports of exports of refined sugar amounted to 97,511 tons during
January-October 1935. b Larger than actual deliveries by a small amount representing losses in transit, through reprocessing, &c. c Equivalent to 5,252,755 short
tons of 96 degree raw sugar. d Revised.
-Stocks, receipts, and deliveries of d root-consumption sugar from specified
Table 3
areas, January-October 1935 (In terms of short tons of refined sugar)
Source of Supply
Cuba
Hawaii
Puerto Rico
Philippines
England
China and Hongkong
Other foreign areas
Total
Stocks on
Jan. 1 1935
a162,139
Receipts
Deliveries
Stocks on
or Usage Oct. 31 1935
a6,478
8,134
10
314,315
17,734
113,329
65,566
688
76
3,564
313,767
17,734
102.298
61,441
187
76
2,018
176,761
515.272
497.521-
a162,687
17,509
12,259
511
*1,546
194,512
Compiled in the AAA Sugar Section, from reports and information submitted
on Forms 85-1511 and 55-3 by importers and distributors of direct-consumption
sugar.
•Includes sugar in bond and in customs custody and control.
Table 4
-Deliveries of direct-consumption sugar from Louisiana sugar mills
Deliveries of direct-consumption sugar by Louisiana mills amounted to 33,207 tons
n terms of refined sugar, delivered in the January-October 1935, period.
Income of Tobacco Growers for 1935 Crop Estimated
at $249,351,000-Approximately $13,770,000 Above
Year Ago
The farm income from the 1935 tobacco crop is estimated
to be about $249,351,000, including $11,872,000 estimated
rental and benefit payments, the .Agricultural Adjustment
Administration announced Dec. 23. Figures based on the
December report of the Crop Reporting Board show that the
farm value of the 1935 crop is tentatively placed at $237,479,000 as compared with $107,776,000 for the 1932 crop,
the announcement said. The farm value does not include
rental and benefit payments. The AAA continued:
It is estimated that the farm value of this year's tobacco crop will be
about $13,770,000 above the 1934 crop. Tentative figures indicate that the
5935 production will exceed last year's production by about 238,000.000
pounds.
The average price of all types of tobacco produced in 1932 was 10.5 cents
a pound. The present estimate is that the 1935 crop will average 18.e
cents a pound, which is about the same as the average annual price over th5
five-year period, 1925-1929.
The benefit payments for 1935 will be smaller than last year's payments.
The 1934 payments totaled $41,277,548. While the benefit payments are
less this year, the income from sales on the market will be larger. When
benefit payments are added to market receipts total returns to growers of
each type will be near the parity level.
The following figures show the production, price and farm value of
tobacco produced in the United States:
_
Production
YearPrice
Farm Value
1925-1929 average
1,000 Lbs.
1.357,399
Cents per Lb.
18.8
81,000
254,607
1929
1930
1931
1932
1933
1934
•1028
1,537,193
1.647,377
1,583.567
1,022.756
1.366.235
1,045,660
1.283.742
18.6
12.9
8.2
10.5
13.0
21.4
18.5
286,104
212,467
129,689
107.776
177,905
223.709
237 470
•Preliminary.
35,673,000 Bags of Coffee Destroyed by Brazil Since
June 1931-123,000 Bags During First Half of
December
Destruction of coffee in Brazil totaled 123,000 bags during
the first half of December, the New York Coffee & Sugar
4083
Exchange was informed by cable, the greatest half-monthly
volume since February, the Exchange announced Dec. 23.
During the last half of November 31,000 bags were burned
and during the first half of that month 27,000 bags. Since
June 1931, when the program of elimination of surpluses by
fire was inaugurated, 35,673,000 bags have been destroyed
or-at the current rate of consumption-representing the
total use of all coffees throughout the world for about 18
months, the Exchange said.
Petroleum and Its Products
-U. S. Oil Industry Defended by Standard of California-Charges of Aid
to Italy Held Unjustified-Kentucky Crude Advanced-Advance in Mid-Continent Field Held
Near-Industry's Taxes Up 7% in Year-Daily
Average Crude Output Off
A spirited defense of the American oil industry was made
by the Standard Oil Co. of California in its current official
organ, the "Bulletin." The charges that the industry "had
defied its government in the matter of shipments of oil to
warring nations," are unjust and unfounded, the company
stated.
First stating that Standard of California does not now,
and never has, supplied oil to either Ethiopia or Italy, the
"Bulletin" pointed out that the American Government never
had ordered American oil companies to discontinue shipments of crude or refined products to either of the warring
nations.
In commenting upon the company's plans to build a
refinery on Bahrein Island,in the Persian Gulf,the "Bulletin"
stated that this development "hasn't the slightest connection
with the Italo-Ethiopian situation." The statement ex
plained that the Bahrein Fields have been under development
for several years, and the refinery is merely a "logical,
ordinary step."
In refuting the assertions that American oil companies
are "profiting by war, contributing to its prolongation, or
putting business above patriotism or peace," Standard of
California pointed out that only 6.5% of Italy's oil supplies
are purchased from the United States. The bulk of the
crude sold to Italy is furnished by Rumania, Persia, Russia
and the Dutch West Indies, it said.
The company's statement was viewed in the industry as a
reverberation from the recent controversy involving Secretary of the Interior Ickes. A short time ago Secretary Ickes
was reported as asking that American oil companies stop
shipments of crude or refined oil products to Italy. Several
weeks after the original press conference at which this
statement was said to have been made, Secretary Ickes
informed the newspapers that he "had been misinterpreted."
The original statement had aroused much indignation in
the industry which felt that it had been unjustly treated in
the matter. It was pointed out that League of Nation
members, despite the fact that the League was considering
an embargo on oil shipments to Italy at the time, continued
to sell Italy all the oil that it could pay cash for.
The movement to place an embargo on shipments of
crude or refined oil to Italy by members of the League of
Nations collapsed, and left the United States in the position
of being the only nation which actually took action to step
shipments of petroleum to Italy despite the fact that it did
not belong to the League. It was after this that Secretary
Ickes announced that he had been "misinterpreted."
Advances ranging from 7 to 15 cents a barrel in prices of
Kentucky crude oil were posted on Dec.21, affecting approximately 7,000 wells in the eastern part of the State. Ashland
Oil & Refining Co. advanced the posted price for Somerset
crude 7 cents to $1.20 a barrel for the Big Sandy River area,
with prices in the Kentucky River section moving up 15
cents to $1.28.
Reports of an impending advance in crude prices in the
Mid-continent field early in the new year were heard throughout the industry. Current reports indicate that an advance
of 15 cents may be expected, which would mean a top of
$1.23 a barrel for East Texas crude, against the present
price of $1.08. The position of the market is strong enough
to support such an advance, some trade circles hold.
Taxes levied upon the oil industry, its products, and its
customers during 1935 by local, State and. Federal governments rose 7% over last year, reaching an estimated total of
more than $1,125,000,000, against $1,046,149,575 in 1934,
according to a preliminary survey compiled by the American
Petroleum Industries Committee.
"The bulk of the taxes are in State and local levels, about
$3.50 being paid to these governmental units for $1 paid
to the Federal Treasury," the survey stated. "Approximately $265,000,000 went to the Federal Government, and
$860,000,000 to State and local governments. Preliminary
totals disclosed that the total of 201 types of petroleum taxes
are equivalent to a levy of $1.14 a barrel on every barrel of
crude oil produced, against an average selling price of $1 a
barrel for crude oil.'
Reductions in daily average crude production in California
and Oklahoma pared the total for the nation for the week
ended Dee. 21 to 2,850,050 barrels, off 19,000 barrels from
the previous week, the American Petroleum Institute reported. The total compared with estimated demand for
the month set by the Bureau of Mines at 2,540,200 barrels,
4084
Financial Chronicle
and actual production in the like 1934 week of 2,423,150
barrels.
California producers cut down output by 20,100 barrels
during the week. A cut of 11,400 barrels in Oklahoma pared
the total to 493,100 barrels. The two reductions offset gains
in Texas and several other States.
Price changes follow:
Dec. 21
-Ashland Oil & Refining increased Kentucky crude prices 7 to
15 cents a barrel. Somerset was up 7 cents to $1.20, with Kentucky River
prices up 15 cents to $1.28.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. L. degrees are not shown)
$1.00
Bradford, Pa
$2.30 Eldorado, Ark., 40
1.00
Lima (Ohio Oil Co.)
1.13 Rusk, Tex., 40 and over
.87
Corning, Pa
1.32 Darst Creek
1.02
Illinois
1.20 Midland District, Mich
1.23
Western Kentucky
1.13 Sunburst, Mont
Mid'Cont., Okla.,40 and above__ 1.07 Santa Fe Springs, Ca1.38 & over--- .89
Hutchinson, Tex.,40 and over
.81 Huntington, Calif.. 30 and over____ .82
Spindletop, Tex.. 40 and over
.90
1.03 Kettleman Hills, 39 and over
1.10
Winkler, Tex
.75 Petrone, Canada
Smackover, Ark., 24 and over
.70
REFINED PRODUCTS-SOCONY CUTS NEW YORK GASOLINE
-REDUCTIONS SPREAD FROM BROOKLYN "WAR"
PRICES
AREA-WESTCHESTER AND CONNECTICUT ALSO AFFECTED-ONTARIO GASOLINE PRICE LOWERED-GASO-REFINERY RATE DECLINES
LINE STOCKS RISE
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Dec. 21 totaled 1,147,000 barrels,
a daily average of 163.857 barrels, compared with a daily average of 192,286
barrels for the week ended Dec. 14 and 126,321 barrels daily for the four
weeks ended Dec. 21.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Dec. 21 totaled 175,000 barrels, a daily average of 25,000 barrels,
compared with a daily average of 38,857 barrels for the week ended Dec. 14,
and 21,214 barrels daily for the four weeks ended Dec. 21.
Reports received from refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining capacity of the United States.
indicate that 2,562,000 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. 26.208,000 barrels of finished gasoline; 5,343.000 barrels of
unfinished gasoline and 105,068.000 barrels of gas and fuel oil. Gasoline at
Bulk Terminals, in transit and in pipe lines amounted to 18,877,000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 544,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
B. of M.
Actual Production
Average
Dept. of
4 Weeks
int. Cal- Week End. Week End. Ended
culations Dec. 21
Dec. 14
Dec. 21
1935
Wee.)
1935
1035
Dklaboma
Kansas
480,100
138,700
485,200
144.150
62,600
56,050
25,400
159,500
48,450
435,500
65,200
208,850
63,400
57,850
25,500
161,050
47.350
435,350
64.850
208,800
1,005,800 1,070,000 1,061,550 1,064,150
Total Texas
North Louisiana
Lloastal Louisiana
Total
504,500
147,100
65.400
55,650
25,400
160,350
49,550
436,850
65,400
211,400
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
3outhwest Texas
- oastal Texas
J
493,100
148,250
38,150
127,300
128,000
167.500
28,100
97,800
41,800
35,100
11,500
4,000
55,500
LOU1S161111
krkansas
Eastern
Vfichigan
Wyoming
Vlontana
:lolorado
law Mexico
39,150
128,350
29,500
107,850
46,050
38,000
12,950
4,100
57,350
Week
Ended
Dec. 22
1934
4'41,550
131,800
8SS8S2S§
CO CO CO .4C•11
Dec. 21-Reductions ranging from 2X to 3 cents a gallon were posted
in retail gasoline prices in Queens. Nassau and Suffolk counties, Long Island,
by all major companies.
Dec. 21-Retail gasoline prices in Ontario, Canada, were reduced I cent
an imperial gallon to 22.5 cents, taxes included.
-Reductions of 3 cents a gallon in retail gasoline prices in ManDec. 24
hattan and the Bronx, New York City, were posted by major units, effective Dec. 26.
-Reductions of 3 cents a gallon in retail gasoline prices in
Dec. 26
Westchester and lower Connecticut, effective Dec. 27, were posted by all
major units.
Gasoline. Service Station Tax Included
Cincinnati
3.168
8.175
3.169
x New York
Minneapolis
Cleveland
.163
.175
z Brooklyn
New Orleans
2.15
Denver
.17
.20
Newark
185
Philadelphia
Detroit
.17
.155
Camden
Pittsburgh
.19
Jacksonville
.205
17
San Francisco
.15
Boston
.165
17
Houston
St. Louis
Buffalo
172
Los Angeles
.16
15
Chicago
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
North Texas.3.03%-.033i New Orleans.3.03%-.04
New York
0531 Los Angeles_ .043-.05
Tulsa
(Bayonne)
.03$.g-.04
Fuel 011. F.O.B. Refinery or Terminal
California 279 us D
New Orleans C
N. Y. (Bayonne)
8.80
3.95
31.15-1.25 Phila., bunker C____ .95
Bunker C
1.65
Dime! 28-30 D
Daily Average Crude Oil Production Drops 19,000 Barrels
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended Dec.21
1935 was 2,850,050 barrels. This was a loss of 19,000 barrels
from the output of the previous week. The current week's
figure was, however, above the 2,540,200 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions imposed by the various oil producing
States during December. Daily average production for the
four weeks ended Dec. 21 1935 is estimated at 2,831,200
barrels. The daily average output for the week ended Dec.22
1934 totaled 2,423,150 barrels. Further details, as reported
by the Institute, follow:
0:"SeN ,
01.0.ago
•—•
The sharp reduction in gasoline prices posted in Brooklyn
late last week spread throughout all of Metropolitan New
York during the week as Socony-Vacuum posted new servicestation price levels in keeping -with the revised schedule in
Brooklyn. Other major units met the reductions.
The original 3
-cent reduction, posted on Dec. 21, affected
Kings County in Brooklyn only. It spread the,next day to
Queens and Nassau County, although in certain sections of
Long Island, a cut of only 2 cents was made.
Socony-Vacuum announced that the 3
-cent reduction
would be posted in Manhattan and the Bronx on Dec. 26.
On the same day, it announced that effective Friday, the cut
would be widened to take in Westchester and lower Connecticut.
The new schedules are 16.3 cents a gallon in Brooklyn and
16.8 cents a gallon in Manhattan and the Bronx, all Federal
and State taxes included. Prices in the other areas affected
by the cuts are mainly the same as in Manhattan and the
Bronx.
Other refined products in the local market showed little
change in the holiday week. Bulk gasoline held firm,
the trade holding that the current price war in Brooklyn,
which set off the wave of service-station reductions, is likely
to be cleared up in the immediate future. Fuel oils were
seasonally strong.
Prices in the Mid-Continent bulk gasoline market held
firm, bolstered by increased talk in the oil industry of an
impending advance in crude oil prices. Other major consuming areas in the United States showed no important
changes in either retail or gasoline prices. A cut of 1 cent
a gallon in retail gasoline prices in Ontario, Canada, was
posted on Dec. 21. The new level is 22.5 cents an imperial
gallon, taxes included.
Gasoline stocks continued the seasonal expansion which
set in in mid-month, rising 867,000 barrels during the
Dec. 21 week to total 45,085,000 barrels, the American
Petroleum Institute reported. Refinery stocks rose 199,000
while holdings at bulk terminals gained 668,000 barrels.
A fractional recession in the operating rates of reporting
refineries during the period carried the total to 73.9% of
capacity. Daily average runs of crude oil to refinery stills
eased 18,000 barrels. Daily average output of cracked
gasoline dipped 11,000 barrels to 544,000 barrels. Gas and
fuel oil stocks were up 602,000 barrels.
A sharp rise in shipments of gasoline from the United
States to Italy and the Italian War Zone during November
was disclosed in government reports made public in Washington on Friday (yesterday). Exports of gasoline directly
to Italy from this country totaled 78,284 barrels last month,
in contrast with no shipments during October. An increase
of more than 400% in shipments of gasoline to Italian
Africa from the United States lifted the total to 110,109
barrels during November, against 25,714 barrels a month
earlier.
Representative price changes follow:
Dec. 28 1935
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
I Chicago,
I Tulsa
$.024-.02%
27 plus--3.04 -.0431 I 32-36 G0--$.023g-.0231 I
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard 011 N. J-3.07
New YorkChicago
S 0531-.0531
Socony-Vacuum_ ___ .073i
Colonial Beacon.8.0631 New Orleans_ .0554-.0531
Tide Water On Co-- .07
Texas
Loa Ang.,ex
.05)1-.045(
Richfield 011 (Calif.) .0631
Gulf
06Si Gulf ports
.0531-.05%.
Warner-Quhllan Co_ .0631
Republic 011
.06X Tulsa
.0534-.0534
Shell East'n Pet .osu
a Not including 2% city sales tax.
954,650
37,200
126,650
23,650
83,900
165,450
163,850
107,550
29,500
108.450
46,050
37,300
13,100
4,100
57,350
29,550
105,850
46.650
37,400
13,150
4.100
57,450
32,950
104,450
28,450
34,600
12,100
3,150
44,800
Total east of California_ 2,026,400 2,175,550 2,174,450 2,151,500 1,036,050
3aliforida
513,800
Total United States
674,500
694,600
679,700
487,100
2,540,200 2,850,050 2,869,050 2,831,200 2,423.150
Nots-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 DED. 21 1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
District
PotenOat
Rate
Crude Runs
to Stills
Stocks a Stocks
Stocks
of
of
b Stocks
of
Finfinof
Gas
Reporting
Daily P. C. idled finished Other
and
Aver- Oyer- Cato- Gaso- Motor Fuel
Total P. C. age
ated
line
line
Fuel
Oil
East Coast-612
612 100.0
469 76.6 12,933
864
155 9,895
Appalachian.
154
146 94.8
112 76.7 1,934
917
267
50
Ind.,Ill.,Ky.
442
424 95.9
348 82.1 7,643
570
45 3,870
Okla., Kan.,
Missouri__
453
384 84.8
240 62.5 4,922
463
585 4,520
330
Inland Texas
160 48.5
84 52.5 1,233
186 1,545 1,570
Texas Gulf_
680
658 96.8
582 88.4 4,592 1,546
120 11,201
La.
169
163 96.4
-Gulf___
115 70.6
____ 4,552
929
199
No. La.
80
72 90.0
-Ark.
581
47 65.3
120
276
30
Rocky Mtn97
60 61.9
30 50.0
763
816
102
100
California...
852
789 92.6
535 67.8 9,807 1,116 1,485 67,199
Totals week.
Dec. 211935 3,869 3,468 89.6 2,562 73.9 45,085 5.343 4,205 105,068
Dec. 14 1935 3.869 3.468 89.6 2.580 74.4 44.218 5.394 4.330 104.466
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 26,208,000 barrels at refineries and 18,877,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 26,009.000 barrels at re:Males
and 18,209,000 barrels at bulk terminals, In transit and pipe lines.
Bituminous Coal Production Declines 1% During
Past Week-Anthracite Off 4.4%
The weekly coal report of the U. S. Bureau of Mines
stated that the total production of bituminous coal during
the week ended Dec. 14 is estimated at 8,193,000 net tons,
Financial Chronicle
Volume 141
a decrease of 85,000 tons, or 1.0% from the output in the
preceding week. Production in the week of 1934 corresponding with that of Dec. 14 amounted to 8,144,000 tons.
Anthracite production in Pennsylvania during the week
ended Dec. 14 is estimated at 1,096,000 net tons. This
indicates a decrease of 51,000 tons, or 4.4% from the output
in the preceding week, and is in comparison with 1,512,000
tons in the corresponding week of 1934.
During the calendar year to Dec. 14 1935 a total of 349,451,000 tons of bituminous coal and 48,626,000 net tons of
Pennsylvania anthracite were produced. This compares with
340,819,000 tons of soft coal and 54.729,000 tons of hard coal
produced in the same period of 1934. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
Calendar Year to Date
Week Ended
Dec. 14
1935 c
Dec. 7
1935 d
Dec. 15
1934
1935
1934 e
1929
Bitum. coal: a
Tot,for perd 8,193,000 8,278,000 8,144,000 349,451,000 340,819,000 511,690,000
Daily aver_ _ 1,366.000 1,380,000 1,357,000 1,192,000' 1,162,000 1,737,000
Pa. anthra.: b
Tot,for por'd 1,096,000 1,147,000 1,512,000 48,626,000 54,729,000 70,220.000
188,400
167,400
Daily aver__ 182,700 191,200 252,000
241,700
Beehive coke:
949.800 6.279,000
874.000
Tot,for per'd
27,200
31,500
16,000
2,934
3.187
Daily aver__
4,533
5,250
2,667
21,072
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colllery fuel and coal
shipped by truck from established operations. Does not include an unknown amount
of "bootleg" coal. c Subject to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES (IN THOUSANDS OF NET TONS)
iThe current weekly estimates ere based on railroad carloadings and river shipments, and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of final annual returns from the operators.j
Week Ended
State
Dec.
Dec. 7 Nov. 30 Dec.8 Dec. 9 Dec. 7 Aver.
1935 p 1935 p 1934 r 1933 r 1929 1923 e
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern_ a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_ b
Northern_c
Wyoming
Other western States _d
2
196
78
166
1
1,126
390
80
174
668
176
36
15
75
37
73
490
1,924
93
15
92
205
35
1,453
536
142
*
2
1
199
170
67
88
160
192
1
1
948 1,088
369
336
95
64
138
171
615
534
161
216
33
40
10
19
72
82
33
30
61
60
397
420
1,768 1,576
83
91
14
16
91
99
206
179
30
40
1.360 1,218
443
443
119
113
•
•
Total bituminous coal
Pennsylvania anthracite
8,278
1,372
7,413
920
7,349
707
a
198
44
133
a
875
337
84
114
421
169
a
427
160
299
5'
1.744
474
116
188
982
368
62
19
82
61
a59
593
2,796
113
18
143
260
60
2,041
716
156
85
a
349
83
253
a
1,535
514
121
159
584
204
37
21
64
56
827
599
2,818
103
21
100
193
57
1,132
692
173
a5
6,808 11,942
882 1,852
9,650 8,333 8,056 7,690 13,794 11,706
Grand total
a Coal taken from under the Kentucky mounta ns 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 W. & W.: C. di 0.:
Virginian; K. & M.: B. C. & G., and on the B. & 0. in Kanawha, Mason, and
Clay Counties. c Rest of State, Including Panhandle District and Grant, Mineral
and Tucker Counties. d Includes Arizona, California. Idaho, Nevada. and Oregon.
e Average weekly rate for entire month. p Preliminary. r Revised. a Alaska,
Georgia, North Carolina, and North and South Dakota with "Other Western
States." •Less than 1,000 tons.
Limited Buying of Silver by Treasury Sends Price Lower
-Other Metals Quiet
"Metal and Mineral Markets" in its issue of Dec. 26
stated that except for the weakness in silver, the market
for non-ferrous metals was a featureless affair last week.
The Treasury limited its purchases of silver and continued
to operate in accordance with its recently revised buying
elan to acquire the metal "in many differnet places."
Though opinion in Wall Street was unanimous in holding
that the Treasury's action points to the end of the United
States' silver program, authorities in the metal still cling
to the view that drastic change in the purchasing policy is
nothing more than a counter move directed against those
countries opposing the scheme. Copper was a little more
active in the domestic market, but quotably unchanged.
Lead and zinc were quiet. Tin prices closed slightly lower.
Antimony was reduced N-cent per pound. The publication
further states:
Copper Steadies Abroad
The firmer market for copper in Europe was regarded as an encouraging
development, even though London quotations had not regained all of the
ground lost since early December. The domestic situation underwent little
Change, producers in most instances being satisfied with a volume of business booked at the approach of the holiday period that made for a steady
market at the unchanged level of 9.25c., Valley. Brass mills are unusually
busy for this season of the year, and several important plants have an-down period for the holiday will be of short duration.
nounced that the shut
Domestic sales for the week that ended Dec. 24 totaled more than 7.000
tons, against 6,000 tons in the week previous. Most of the inquiry was
for April metal. Fabricators appear to be about covered against their
first-quarter requirements, unless business picks up considerably after the
turn of the year. Producers who are bullish on copper believe that secondquarter buying of Copper, likely to set in soon, should enable the price to
rise at least one-quarter of a cent per pound.
Quiet Week in Lead
Demand for lead was quiet all week. This inactivity over the holiday
period had little influence on the market. The undertone remained firm,
and quotations were repeated at 4.50c., New York. the settling basis of the
American Smelting & Refining Co., and at 4.35c., St. Louis. With January needs of consumers not more than 60% covered, some good buying
is expected after the new year gets under way. Consumers, with few
exceptions, are prepared for an active first quarter. Much is expected
of the increased activity in the building industry.
The November statistics were favorable. Production ofrefined lead came
closet° 40.000 tons, but this rate of output was easily offset by the larger
movement of metal to consumers. Shipments of 43.023 tons during November marked a new high for the year. In fact, the shipments were the largest
since July 1933.
Zinc Lower Abroad
The decline in the Loudon market, bringing import metal into the picture.
offered a threat to the domestic price structure, caused some
in that it
apprehension to those who confidently expected the price to advance before
the end of the year. Statistically, the domestic market is in excellent
position. With consumption holding virtually all of the gains registered
since the beginning of the last quarter of the year, and output not rising,
further improvement is expected in the statistical position of domestic
zinc. Producers believe that the weakness abroad will prove temporary.
Tin Market Easier
Buying interest in tin was light all weak, and prices declined a little more
pound. Spot Straits tin settled at 48.625c. With larger
than lc. per
supplies in prospect, consumers are inclined to move slowly in the matter
of replenishing stocks. Jan. tin was quoted at 48.25c.; Feb.. 47.625C-;
March, 47.25c.; Apr., 47.25c.
Chinese tin,99%,was quoted as follows: Dec. 19th,48c.; Dee.20.47.75c.;
Dec. 21. 47.75c.: 23d, 47.50; Dec. 24, 47.375c. Dec. 25, Holiday.
Production and Shipments of Portland Cement During
November Above Like Month a Year Ago
The United States Bureau of Mines in its monthly cement
report stated that the Portland cementindustry in November
1935, produced 7,086,000 barrels, shipped 5,976,000 barrels
from the Mills, and had in stock at the end of the month
21,611,000 barrels. Production and shipments of Portland
cement in November 1935, showed increases, respectively,
of 22.6 and 5.3%, as compared with November, 1934.
Portland ceMent stocks at mills were 7.6% higher than a
year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
the estimated capacity of 162 plants at the close of November
1934 and of 163 plants at the close of November 1935.
9.900
1,806
as
12
54
31
852
407
1.769
60
14
86
129
33
1,134
514
94
86
4085
The tense political situation in Europe caused selling pressure in copper
to diminish. Trading was inactive . The upward tendency in prices was
generally ascribed to covering by shorts. Yesterday's quotation was 15
points above the low for the week.
RATIO OF PRODUCTION TO CAPACITY
Nov. 1934 Nov. 1935 Oct. 1935 Sept. 19351 Aug.1935
The month
The 12 months ended...
26.2%
28.7%
32.2%
28.1%
33.1%
27.6%
I
I
I
32.6%
27.3%
31.8%
27.4%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN NOVEMBER 1934 AND 1935 (IN
THOUSANDS OF BARRELS)
Production
District
1934
1935
Stocks at End
of Month
Shipments
1934
1935
1934
1935
910
262
399
267
755
747
567
617
261
157
676
161
1,402
283
685
478
848
598
676
508
327
243
854
184
1,269
365
479
232
662
597
576
386
212
214
581
101
1,125
342
587
321
566
619
452
421
313
174
917
139
5.779
7.086
5.674
5.976 20.078 21 611
Eastern Pa., N. J. & Md
New York and Maine
Ohio, Western Pa. and W. Va
Michigan
Wis., Ill., Ind. and Ky
Va., Tenn., Ala., Ga., Fla.& La_
East. Mo., Is., Minn. & 8. Dak_
W.Mo., Neb., Kan., Okla..4 Ark
Texas
Colo., Mont., Utah. Wyo. di Ida_
California
Oregon and Washington
Total
3,306
1,759
3,049
1.775
1,777
1,698
2,173
1,682
594
445
1,324
496
3.923
1,763
3.287
1,956
1,859
1,558
2.505
1,752
625
551
1,213
619
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1934 AND 1935 (IN THOUSANDS OF
BARRELS)
Production
Shipments
Stocks at End of
Month
Month
1934
January
February
March
April
May
June
July
August
September
October
November
December
1935
1934
1935
3,779
4,168
5,257
6,544
8,554
8,813
8,144
7,842
7,680
6,675
5,779
4,447
3,202
3,053
4,299
6,136
8,222
8,725
8,021
7,235
7,173
7.510
7,086
3,778
2,952
4,618
6,492
8.784
8,541
7,898
8,249
7,388
8,439
5,674
3,104
2,846
2,952
4,878
6,198
7,428
7,632
7,813
8,105
7,799
8,794
5,976
1934
1935
19,547
20,762
21.422
21.557
21,301
21,600
21,852
21,424
21,734
19,972
20,078
a21,452
21.847
21,899
21,289
21,219
21,991
23,083
23,287
22,415
21,783
a20,501
21,611
Total
77,682
75.917
The statistics given above compiled from reports for November, received by the
Bureau of Mines, from all manufacturing plants except one.
a Revised.
World Tin Output in October Reported Above September and October Year Ago
The December issue of the "Bulletin" of the International
Tin Research and Development Council issued by The
Hague Statistical Office gives the world output of tin in
October last as 15,068 tons, against 10,240 tons in September
1935, and 8,628 tons in October 1934. In the year ended
October, world output has increased by over 25% to 129,-
4086
Financial Chronicle
514 tons. In noting the foregoing, an announcement issued
Dec. 23 by the New York Office of the Council said:
Consumption Increasing
A general increase in demand is the feature of this month's statistics.
In the 12 month's ended October 1935, world consumption totaled 138,415
tons, this figure being the highest for four years and 20% above the previous
year's total. The increase in the United States of America was over 40%,
and Russian consumption has exceeded 7,000 tons for the first time and
is 35% above last year. The increases are not confined to the large consumers, for new records have also been established in Italy, 5,370 tons;
Sweden. 1.953 tons Poland, 900 tons; Egypt, 556 tons; Finland, 256 tons,
and Greece, 223 tons.
The following table gives the consumption statistics of those countries
which used more than 5,000 tons of tin in the year under review; •
Year Ended Year Ended Percentage
Oct. 1934 inc. or Dec.
Oct. 1935
United States
United Kingdom
Germany
France
U. S. 8. It
Italy
Other countries
6.111
,
kAPParent world consumption
h. Approx. world consumption In manufacture
li.
I ,Anornvimato Manse In consumers stocks
59,967
21,881
10,943
8,204
7,004
5,370
25,046
138,415
135.600
-I-2 ROO
42,769
20,790
9,774
9,410
5,192
4,267
23,347
115,549
132,200
Dec. 28 1935
Gravel fluorspar for barge delivery has been advanced 50c. a ton to $17.50.
mines. 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. Ham
extras on sheets have been revised, effective at once.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Dee. 23 1935, 2.1300. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.1300. wire, rails, black pipe. sheets and hot
One month ago
2.1300. rolled strips. These products make
One year ago
2.1240. 85% of the United States output.
1935
1934
1933
1932
1931
1930
1929
1928
1927
High
2.1300. Oct. 1
2.1990. Apr. 24
2.0150. Oct. 3
1.977e, Oct. 4
2 0370. Jan. 13
2.273e. Jan. 7
2.317o. Apr. 2
2.2860. Dec. 11
2.4020. Jan, 4
Low
2.124e. Jan. 8
2.008c. Jan. 2
1.867e. Apr. 18
1.9260. Feb. 2
1.9450. Dec. 29
2.01ge. Dec. 9
2.2730. Oct. 29
2.217e. July 17
2.2120. Nov. 1
+40.2
+5.2
+12.0
-12.8
+34.9
+25.8
+7.3
Pig Iron
Dec. 23 1935. $18.84 a Gross Ton
Based on average of basic iron at valley
One week ago
$18.84 furnace and foundry irons at Chicago,
One month ago
18.84 Philadelphia, Buffalo, Valley and
One year ago
17.90 Birmingham.
+19.8
1935
1934
1933
1932
1931
1930
1929
1928
1927
+2.6
-1 RAO
.
(1
World Stocks
At the end of November 1935, world visible stocks stood at 15,332 tons
or app:oximately 11% of the current annual rate of consumption. The
"Bulletin" affords further evidence of replenishment of invisible stocks,
the total increase in these stocks during the months of September and
October being approximately 3,600 tons.
Consuming Industries
The world output of tinplate in the year ended October 1935, is given as
3,307.000 tons compared with 3,191,000 tons in the previous year. and the
total output of motor vehicles is shown as 4.563,000 against 3,628.000
in the previous year.
Holiday Influences Depress Steel Production to 483/2%
The "Iron Age" in its issue of Dec. 26, stated that holiday influences, manifested in a suspension of steel production
on Christmas day and, in the case of some plants, for the
remainder of the week, have depressed the national ingot
rate to 483/2%, or 7 points below the rate of a week ago.
Operations are down 8 points to 35% at Pittsburgh, 73/i
points to 533'% at Chicago,6 points to 56% in the Youngstown district, 5 points to 33% in eastern Pennsylvania,
25 points to 57% at Cleveland, and 10 points to 68% in
the Wheeling district. The "Age" further said:
High
$18.84 Nov. 5
17.90 May 1
18.90 Dec. 5
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov.27
19.71 Jan. 4
Low
$17.83 May 14
16.90 Jan. 27
13.56 Jan. 3
13.56 Dec. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap
Dec. 23 1935, $13.33 a Gross Ton
(Based on No. 1 heavy melting steel,
One week ago
$13.331 quotations at Pittsburgh, Philadelphia
One month ago
13.251 and Chicago.
One year ago
11.581
1935
1934
1933
1932
1931
1930
1929
1928
1927
High
$13.42 Dec. 10
13.00 Mar. 13
12.25 Aug. 8
8.50 Jan. 12
11.33 Jan, 8
15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
Low
810.33 Apr. 23
9.50 Sept.25
6.75 Jan. 3
6.43 July 5
8.50 Dec. 29
11.25 Dec. 9
14.08 Dec. 3
13.08 July 2
13.08 Nov.22
The American Iron and Steel Institute on Dec. 23 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 49.5% of the
capacity for the current week, compared with 54.6% last
week,55.4% one month ago, and 35.2% one year ago. This
represents a decrease of 5.1 points,or 9.3%,from the estimate
for the week of Dec. 16. Weekly indicated rates of steel
operations since Dec. 10 1934 follow:
1935193419351935Deo, 10
46.8% July 1
32.7% Mar. 18
32.8%!Oct. 14
50.4%
Mill operations also have been sharply curtailed, tin plate output having
Dee. 17
34.8% Mar. 25
46.1% July 8
35.3% Oct. 21
51.8%
fallen to 40%. or one-half the rate of a week ago, and sheet production
Dee. 24
35.2% Apr. I
44.4% July 15
39.9% Oct. 28
51.9%
having dropped to 45% from 75%•
Dec. 31
39.2% Apr. 8
43.8% July 22
42.2% Nov 5
50.9%
With the underlying general trend of business still upward, quick reApr. 15
193544.0% July 29
44.0% Nov. 11
52.6%
Jan. 7
43.4% Apr. 22
44.6% Aug 5
46.0% Nov. 18
53.7%
coveries of both ingot production and finished steel output are expected
47.5% Apr, 29
Jan. 14
43.1% Aug. 12
48.1% Nov 25
55.4%
n the first week of the new year. Despite consumer shutdowns for 'rivenJan. 21
49.5% May 6
42.2% Aug. 19
48.8% Dec. 2
56.4%
nodes, the flow of materials from producers' plants has declined less than
Jan. 28
52.5% May 13
43.4% Aug. 26
47.9% Dec. 9.____55.7%
Feb. 4
52.8% May 20
42.8% Sept. 2
is usually the case at the close of the year.
45.8% Dec. 16
546%
Feb. 11
42.3% Sept. 9
50.8% May 27
49.7% Dee. 23
49.5%
Shipments to the motor car industry have shown almost no recession.
Feb. 18
49.1% June 3
48.3%
39.5% Sept. 16
Moreover, deliveries of products on which price advances become effective
Feb. 25
39.0% Sept. 23
47.9% June 10
48.9%
Jan. 1 have increased rather than declined. Pig iron shipments in December
Mar. 4
48.2% June 17
38.3% Sept.30
50.8%
Mar. 11
47.1% June 24
37.7% Oct. 7
will exceed those of November. the previous banner month this year. The
49.7%
movement of semi-finished steel is so heavy that mills find it physically
"Steel" of Cleveland, in its summary of the iron and steel
impossible to complete shipments this month and will extend deliveries
markets, on Dec. 23 stated:
into January. Similarly, the movement of track spikes and bolts has been
stimulated and, to a lesser extent, shipments of cold-finished bars have
A strong upward swing in steel demand from major consuming industries
been accelerated.
which appears to be getting under way for 1936 is expected to hold holiday
But in most finished steel products buyers have well deflated inveninterruptions in production to an irreducible minimum.
tories and will resume buying in volume after the first of the year. In
Except for suspensions one day for Christmas, and again for Now Year.
many cases their purchases will represent expanding consumption. Tractor
raw steel output and finishing mlli capacity will carry through at last
plants are now operating at full capacity, and farm implement manufacweek's operating rates, a much higher average than in these weeks last year.
turers will start 1936 with schedules calling for a 25% increase over 1935
Tin plate mills, after continuing last week at 80%, and making the
output. Growing railroad demand is reflected in an award of 10,000 tons
largest wage disbursements since 1929, will shut down this week for repairs.
of rails by $ ie Wabash and the filing of an application with the Interstate
Year-end influences have been tempered to an unusual degree by sustained
Commerce Commission by the New York Central for authority to purchase
requirementsfrom manufacturers ofautomobiles, tractors,farm implements,
35,000 tons of rails and track accessories.
household equipment, containers, and railroad and structural work.
Demand may receive added impetus if reported impending price adAnother active week in construction resulted in awards of 26,000 tons
vances on sheets, strip steel, wire goods and possibly other finished products
of shapes and 20.000 tons of reinforcing bars. This outlet is among the
are announced during the first quarter. Such a move was contemplated
most promising for early 1936.
in November and was postponed, notwithstanding advances in raw maAfter experiencing their best market in five years, manufacturers of
terial costs. The second effort to lift the market on finished products may
farm equipment are preparing for a now all-time peak in 1936. Their
be more successful than the first, in view of the further growth of business
steel specifications show a continuity equal to that of the automobile
volume, though the present status of prices is not entirely propitious.
Industry,
The recent bulge in public works projects has resulted in increasing
In automobiles. December production, estimated at 400.000, is comirregularity in the prices of reinforcing bars, as well as of sheet steel piling.
parable with the year's highest records attained in March and April. Last
Tonnage purchases in the Detroit district have brought out repeated Conweek's assemblies were increased by 4.500 units, to 103,000. Dealers'
cessions of $3 a ton on cold-rolled and hot-rolled annealed sheets. In the
stocks are low, and while the resale market is unsettled, now car production
case of semi-finished steel prices which, in contrast with finished steel
In January is expected to be substantial. Leading makers will take only
prices, were advanced, consumer resistance to the increases is so marked
a brief respite this week. Among the few exceptions, l'ontlac will shut
that there is doubt whether the new prices will hold. However,anticipatory
down for two weeks. Ford plants, temporarily congested with steel,
buying has been so heavy that deliveries at former prices will extend into
have issued some hold-up orders.
next year, and the real test of the market may be postponed until well
Now structural inquiry was headed by 4.000 tons for Chevrolet's Los
toward the end of the first quarter.
Angeles assembly plant. For vessel contracts awarded to Eastern yards.
Scrap prices, which are always watched because of their reputed baro16.500 tons of steel will be placed shortly, including 15,000 tons for Intermetric significance. are holding steady in all markets, and the "Iron Age"
national Mercantile Marine-Roosevelt Steamship Co.'s liner. At Pittscomposite for heavy melting steel is unchanged at $13.33 a gross ton.
burg, ten river barges were ordered, requiring 2.100 tons.
Structural steel awards of 17,555 tons compare with 24,400 tons in the
Reinforcing bar awards were topped by 15,000 tons for flood control in
previous week. New projects total 13,480 tons as against 17,150 tons a
the Los Angeles district. Pacific Coast markets this year have accounted
week ago. A large accumulation of Government financed construction
for 220,356 tons of bars, nearly double the tonnage in 1934.
work, a considerable part of it made up of small individual projects, is
Santa Fe's $28,400,000 approved budget for 1936 calls for 550 new freight
due to be awarded within the next month or two. Outstanding among
cars, and an extensive program of car and locomotive repairs, and rail
large undertakings is a 16 Yi-mile section of the Colorado River aqueduct,
purchases. Grand Trunk is buying steel for rebuilding 600 freight cars.
calling for 44,000 tons of plates and reinforcing bars, on which bids will be
Westinghouse Air Brake Co. has taken a $1,500,000 order for 10,000 sets
opened Jan. 7.
of airbrakes for Pennsylvania freight cars.
The Miami, Fla., City Council has recommended the division of 3,600
Pig iron shipments for December will be heaviest of any month this year.
tons of sheet steel piling for water front improvements among the Jones &
That this is not due entirely to speculative purchases is indicated by a
Laughlin, Carnegie-Illinois. Kalman. and Inland Steel companies. Ferrocorresponding movement in foundry coke. Scrap demand is strong, but
manganese will be reduced $10 a ton to $75, seaboard, effective Jan. 1.
heavy melting steel is down 25 cents at Pittsburgh and Chicago.
4087
Financial Chronicle
Steel ingot production for the week ended Dec. 23, is
placed at about 54% of capacity in the compilation by Dow,
Jones & Co., Inc. This compares with 56% in the previous
week, and 57% two weeks ago. The compilation further
showed:
U.S. Steel is estimated at 46%,against 47% in the week before, and 46%
two weeks ago. Leading independents are credited with about 61%.
compared with 64% in the previous week, and 67% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
approximate changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
54
37
—2
+3
33-—
1434 +1
24
—1
34
—3
63
— Si
83
+3
6734 +4
•
U. S. Steel
Independents
61
42
35
1434
23
30
6234
81
65
++ ‘4.-, + I
HI ...2.
Coot.
, r,
It now is apparent that a test on the $2 a ton advance in semi-finished
steel, and $1 a ton in pig iron, announced for Jan. 1, will not come until
late January or early February, as difficulties in completing contracts have
forced a time extension. Rumors of an advance on finished steel in the
firstlquarter still persist in Eastern markets, but at Detroit, sheets and
cold-rolled strip are definitely lower, by as much as $3 a ton for the most
attractive tonnages. Some price irregularity also is noted in nails and
small diameter pipe.
Steel works operations last week were down 234 points to 52%. Pittsburgh dropped 2 to 40, Cleveland 2 to 82, Eastern Pennsylvania 134 to
3534, Detroit 6 to 88. Youngstown 6 to 56. Chicago was up 134 to 6034,
Buffalo 3 to 50, New England 1 to 83; others unchanged.
O. "Steel's"iron and steel price composite is off 1 cent to $33.31; the finished
steel index unchanged at $53.70, and the scrap composite down 17 cents
to $13.12.
0
G..14. CO CO CC 0
o-.
Volume 141
—3
+4
—1
—1
—3
— %
+2
+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. 24, as reported by
the Federal Reserve banks, was $2,519,000,000, an increase
of $?1,000,000 compared with the preceding week and of
$26,000,000 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. 24, total Reserve bank credit amounted to $2,523,000.000, an
increase of $40,000.000 for tha week. This increase corresponds with an
increase of $89,000,000 in money in circulation, offset in part by increas
of $16,000,000 in monetary gold stock, and $6,000,000 in Treasury and
National bank currency and decreases of $8,000,000 in member bank
reserve balances, $5.000,000 in Treasury cash and deposits with Federal
Reserve banks and $14,000.000 in non-member deposits and other Federal
Reserve accounts. Member bank reserve balances on Dec. 24 were estimated to be approximately $2,700,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills, industrial advances, and United States Government
securities.
The statement in full for the week ended Dec. 24. in comparison with the preceding week and with the corresponding
date last year, will be found on pages 4120 and 4121.
Changes in'the anibur t of Reserve bank credit outstanding
and in related items during the week and the year ended
Dec. 24 1935, were as follows:
Increase (+) or Decrease (—)
Since
Dec. 24 1935
Dec. 18 1935
Bills discounted
7,000,000
Bills bought
5,000,000
U. S. Government securities
2,431,000,000 +1,000,000
Industrial advances (not including
$28,000,000 commitmls—Dee. 24) 33,000,000
Other Reserve bank credit
48,000,000 +40.000,000
Total Reserve bank credit
2,523,000,000
Monetary gold stock
10,114,000,000
Treasury & National bank currency_.2,464,000,000
Dec. 26 1934
—2,000,000
1,000,000
+1,000,000
+19,000,000
+37,000,000
+40,000,000
+53,000,000
+16,000,000 +1,886,000,000
+6,000,000
—40.000,000
Money in circulation
5,991,000,000 +89.000,000 +363,000,000
Member bank reserve balances
5 429,000,000 —8,000,000 +1,468,000,000
Treasury cash and deposits with Federal Reserve banks
3 156,000,000 —5,000,000
—25,000,000
Non-member deposits and other Federal Reserve accounts
525,000,000 —14,000,000
+83,000,000
Returns of Member Banks in New York City
and Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks,for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simultaneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Dec. 18:
The condition statement of weekly reporting member banks in 101 leading
cities on Dec. 18 shows increases for the week of 8449,000,000 in total loans
and investments and $253,000.000 in Government deposits, and decreases
of $532,000.000 in reserve balances with Federal Reserve banks, $249,000,000 in demand deposits (adjusted) and $122,000,000 in deposit balances
standing to the credit of domestic banks.
Loans to brokers and dealers in New York City decreased $6.000,000;
loans to brokers outside New York increased $8,000,000; and loans on
securities to others (except banks) increased $13,000,000 in the New York
district and $16,000,000 at all reporting member banks. Holdings of acceptances and commercial paper showed no change for the week; real estate
loans declined $2,000.000. and "other loans" increased $7,000,000 in the
Chicago district and $6,000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased substantially in nearly every district, the total increase amounting to $427,000,000; holdings of obligations fully guaranteed by the United States
government declined $7,000,000; and holdings of "other securities" declined $23,000,000 in the New York district and increased $2.000,000 at all
reporting member banks.
Demand deposits (adjusted) declined $188.000,000 in the New York
district, $18,000,000 in the Boston district, $11,000,000 in the San Francisco district, $10,000,000 each in the Richmond and Chicago districts and
$249,000,000 at all reporting member banks. Time deposits declined
$9,000.000 in the New York district and increased $14.000,000 in the Chicago district, $12,000,000 in the San Francisco district and $12.000.000 at
all reporting member banks. Deposit balances of other domestic banks
declined $89,000,000 in the New York district and $122,000,000 at all reporting member banks.
A summary of the principal asseto and liabilities of the reporting member banks, together with changes for the week
and the year ended Dec. 18 1935,follows:
Increase (+) or Decrease (—)
Since
Dec. 11 1935
Dec. 19 1934
Assets—
$
Loans and investments—total.„-20.970.000,000 +449,000,000 +1,362,000.000
Dec. 18 1935
Loans to brokers and dealers:
In New York City
909,000,000
Outside New York City
177.000.000
Loans on securities to others
(except banks)
2,118,000,000
Accepts, and com'l paper bought
357,000.000
Loans on real estate
1,138,000.000
Loans to banks
79,000,000
Other loans
3,410,000,000
U. S. Govt. direct obligations.... 8,643,000,000
Obligations fully guaranteed by
United States government
1,129,000,000
Other securities
3,010,000,000
—6.000,000
+8,000.000
+140.000,000
+9
.000.000
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
+16,000,000 —166,000,000
IN CENTRAL RESERVE CITIES
—102.000.000
(In Millions of Dollars)
—2,000,000
—1,000,000
+5,000,000
—50,000,000
—New York City— ----Chicago-+6,000,000 +143,000.000
Dec. 24 Dec. 18 Dec. 26 Dec. 24 Dec. 18 Dec. 26
+427,000,000 +881,000,000
1935
1935
1934
1935
1935
1934
Assets—
—7.000,000 +508.000,000
Loans and investments—total.. 7,955 7,993 7,335 1,816 1,823
1,615
+2,000,000
brokers and dealers:
Loans to
3Reserve with Fed. Reserve banks_ 4,492,000.000 —532,000,000 +1.383,000.000
In New York City
895
886
57
26
Cash in vault
387,000,000
+8,000.000
+51,000.000
Outside New York City
59
59
53 --ii --ii
26
Due from domestic banks
2,293.000,000
—49,000,000 +395,000,000
Loans on securities to others
Licddigies(except banks)
746
757
790
148
147
169
Demand deposits—adjusted
13,843,000.000 —249,000,000 +2,406,000.000
Time deposits
4,868,000,000
+12,000,000
+99.000,000
Accepts, and com'l paper bought
170
169
222
15
16
62
united states govt. deposits
705.000,000 +253,000,000 —732.000,000
Loans on real estate
128
124
132
15
16
19
Inter-bank deposits:
Loans to banks
42
45
61
6
11
Domestic banks
5,336,000,000 —122,000,000 +959,000,000
1,150 1,167 1,174
Other loans
251
25g
214
Foreign banks
438,000,000
—3,000.000 +302,000,000
Borrowings
1,000,000
—2,000.000
U. S. Government obligations__ 3,378 3,415 3,086 1.205 1.023
750
Obligations fully guaranteed by
United States Government__
382
376
267
90
95
78
Other securities
1,005
995
977
241
240
Appointment of Anthony Eden as British Foreign
260
Minister Viewed as Evidence of More Determined
2,264 2,265 1,415
Reserve with F. R. Bank
608
616
411
63
Cash in vault
61
59
41
39
Attitude in Italo-Ethiopian War—Peace Plan
42
79
Due from domestic banks
88
73
204
202
186
Discarded—Reply of Ethiopia to Hoare-Laval
472
Other assets—net
476
752
83
78
99
Liabilities—
Proposals
Demand deposits—adjusted..._ 5,769 6,787 4,726 1,432 1,452 1,213
Indications that Great Britain is determined to take a more
568
563
595
Time deposits
414
415
380
197
190
United States Govt. deposits
735
98
98
aggressive policy in seeking to end the war between Italy
46
Inter-bank deposits:
and Ethiopia were seen this week in the appointment as
2,125 2,173 1,680
Domestic banks
534
525
445
403
401
Foreign banks
124
5
4
British SecretarY of State for Foreign Affairs of Robert
2
Anthony Eden. Mr. Eden replaces Sir Samuel Hoare, who
-515 -iii -ioi
41
Other liabilities
36
41
1,458 1,458 1,467
228
Capital account
228
resigned on Dee. 18, as noted in the "Chronicle" of Dec. 21
226
4088
Financial Chronicle
(page 3936). Sir Samuel's resignation was directly attributed to the failure of the Hoare-Laval peace suggestions,
which were rejected by most members of the League and were
sharply criticized by both Ethiopia and Italy. Mr. Eden
is known as a strong advocate of the League of Nations,
and believes that Great Britain should take the lead in proposing sanctions and other positive steps designed to halt
hostilities. His appointment on Dec. 22 was therefore
regarded as evidence of a British determination to pursue
a more active program incident to the war. •
Mr. Eden officially assumed his new post on Dec. 23.
His appointment was described as follows in London advices
of Dec. 22 from the United Press:
"The King has been pleased to approve that Mr. Eden be appointed
Secretary of State for Foreign Affairs," was the cryptic announcement
from 10 Downing Street. residence of Prime Minister Stanley Baldwin.
Behind it lay an intense drama of political forces whicn cost the official
position of Eden's predecessor and former chief, Sir Samuel Hoare,and shook
the authority of Baldwin himself severely.
Sir Samuel collaborated with French Premier Pierre Laval in the abortive
Paris proposals to give Italy control of half of Ethiopia as the price of peace.
Hoare resigned, bowing to an overwhelming wave of condemnation at
home and abroad.
Baldwin now has yielded 100% to the forces which compelled him to
sacrifice Sir Samuel. From Hoare to Eden is toe most abrupt shift possible. Many had anticipated appointment of Neville or Austin Chamberlain, opponents of the Hoare-Laval proposals but less firmly associated
with the campaign to punish Italy to toe point of economic strangulation.
Eden at 38 is one of the youngest foreign ministers Britain has ever had.
Sir Samuel and Sir Austin Chamberlain, whom Eden served 10 years ago
as private secretary, were understood to have advised Baldwin to appoint
Eden in view of the country s overwhelming rejection of the peace plan.
Eden's appointment will be a boon to those struggling to keep the League
of Nations alive as a guarantor of the post-war European status quo. It
should be a severe blow to Premier Benito Mussolini of Italy. who has not
liked him since their interview in Rome last June. It was Eden's mission
to tell the Dictator that Great Britain looked witn misgivings upon Italian
military preparations in East Africa—then six months under way. . . .
Diplomats interpreted the appointment as indication Britain intends to
"go whole hog" on sanctions, pressing not only for enforcement of existing financial and economic penalties, but also seeking to shut off Italy's
vital military necessities—oil, coal and metals. Mussolini has hinted this
last step means war.
Dec. 28 1935
The communique notes that only the question of quantitative limitation
has yet been approached and only two proposals have been put forward.
One is the Japanese suggestion for establishment of a "common upper limit,"
the other is the British proposal for limitation by unilateral declaration of
building programs. These two proposals have been examined in every
aspect but without a decision upon either, it being considered the best
method first to review all possible solutions.
To Study All Plans First
Until now, says the communique, the discussions have indicated only a
general feeling that some form of quantitative limitation would be of great
value. No final decision as to principle has yet been reached.
This fairly sums up the progress of the conference thus far. The concluding passage shows the method which is being pursued. The conference is
avoiding acceptance or rejection of the proposals laid before it, preferring
instead to examine and consider all that are offered before coming to a
decision regarding any. Thus from a combination of the whole may yet be
evolved a final solution acceptable to all.
This applies to quantitative limitation. Qualitative limitation, that is,
fixing a limit to the size and armaments of different categories of vessels,
abolishing or restricting the limits of submarine warfare, and dealing with
fortifications on the Pacific—none of these has yet been touched upon.
They may open up a wide and hopeful field even if quantitative limitations
fails.
Parity Stays to Fore
It is evident, therefore, that the conference has not yet done more than
merely survey its major problem. Also, the survey has not yet yielded
promising results because, whatever turn the discussions take, they inevitably
encounter ultimately in some form the Japanese demand for naval parity.
A previous reference to the naval conference appeared in
our issue of Dec. 14, page 3771.
King George Utters Peace Plea in Christmas Address—
Expresses Hope Amity of British Empire Will
Spread to Other Nations
King George, in a speech broadcast throughout the British
Empire (and heard in the United States) on Dec. 25, made
a plea for peace with other nations. Pointing out that war
threatens in Europe and many parts of the world, the King
said that "it is good to think that our own family of peoples
is at peace in itself and united in one desire to be at peace
with other nations—a friend of all, an enemy of none." If
Mr. Eden called on Prime Minister Stanley Baldwin a spirit of good-will and mutual helpfulness will spread, he
Dec. 21, and was said to have assured him that Turkey, said, it will bring not only peace but a solution of economic
Greece, Rumania, Yugoslavia and Czechoslovakia would problems as well. The King's address was the feature of
give military aid to Great Britain in the event of hostilities the British Empire celebration of Christmas Day. The
with Italy. Another indication of renewed British aggres- text of his speech is given below:
I wish you all, my dear friends, a happy Christmas. I have been deeply
siveness was found in a War Office announcement Dec. 22,
which said that horse cavalry will be displaced by armored touched by the greetings which in the last few minutes have reached me
from all parts of the Empire. Let me in response send each of you a
ears, light tanks and other equipment more suitable for greeting from myself. My words will be very simple but spoken
from my
modern warfare. This plan was interpreted as a sign that heart on this family festival of Christmas.
British rearmament is under way on land as well as at sea
The year that is passing—the twenty-fifth since my accession—has been
and in the air, and that all British fighting forces are being to me most memorable. It called forth a spontaneous offering of loyalty
and, may I say, of love which the Queen and I can never forget.
made ready to meet any threat from abroad.
How could I fail to note in all the rejoicing not merely respect for the
The Ethiopian Government on Dec 19 handed to the
throne but a warm and generous remembrance of the man himself who.
British and French Legations at Addis Ababa its reply to
may God help him, has been placed upon it.
the Hoare-Laval peace proposals. This described the proIt is this personal link
and
posals as "worse than a mandate," but did not use the words than I can say. It binds between mein allmy people which I value more
us together
our common joys and soorrws,
"refusal" or "rejection." Thus the duty of actually judging as when this year you showed your happiness in the marriage of my son
the plan was placed upon the Assembly of the Legaue.
and your sympathy in the death of my beloved sister.
I feel this link now as I speak to you, for I am thinking not so much
An official spokesman for the Italian Government said
on Dec. 21 that Premier Mussolini had decided not to reply of the Empire itself as of the individual men, women and children who live
within it, whether they are dwelling here at home or in some distant outpost
to the Hoare-Laval peace proposals. He said that the of the
Empire.
decision was made because Great Britain had already repuIn Europe and in many parts of the world anxieties surround us. It
diated the plan. The spokesman declined to say whether is good to think that our own family of peoples is at peace in itself and
Great Britan had formally withdrawn the proposals by united in one desire to be at peace with other nations—a friend of all,
note, or whether Premier Mussolini based his attitude on an enemy of none.
May the spirit of good-will and mutual helpfulness grow and spread.
Prime Minister Baldwin's speech to the House of Commons
Then it will bring not only the blessing of peace but a solution of the eco• ("Chronicle" of Dec. 21, page 3936).
Premier Laval of France told the Cabinet on Dec. 26 that nomic troubles which still beset us.
who
whether in this
France would refrain from making any military or naval in To those of theare suffering or in distress, sympathy, but I country or
Empire. I offer my deepest
any part
move against Italy unless Italy gave provocation. Asso- give a Christmas message of hope and cheer. United by bondswould also
of willing
ciated Press advices of Dec. 26 from Paris described his service, let us prove ourselves both strong to endure and resolute to overcome.
remarks as follows:
Details of toe Premier's future policy to keep out of war and to settle
the Italo-Ethiopian conflict were not yet decided upon, however, it was
said in informed sources after M. Laval met his Ministers to draft his
defense for to-morrow's Chamber of Deputies interpellation on foreign
policy. M. Laval, nevertheless, was reported anxious to continue his role
of peace maker at Geneva.
France is still firmly opposed to application of military sanctions, it
was said, with M. Laval considering that only some desperate Italian
action—such as an attack on British ships—would require open military
precautions such as mobilization of the French fleet or army.
Edouard Herriot, influential Minister of State, kept silent at the Cabinet
meeting, after M Laval had assured him of maintenance of a policy of
fulfilling obligations under the league of Nations covenant, including
mutual assistance.
London Naval Conference Adjourns Until Jan. 6—
Preliminary Conversations Without Extensive Results
The Five-Power Naval Conference, which was recently convened in London, was adjourned for the holidays on Dec. 20,
and will not meet again until Jan. 6. Meanwhile, delegates
have indicated that little more than preliminary conversations have as yet been held, and in some quarters it was intimated that sessions will continue for many months. Before
the delegates separated on Dec. 20 they issued a joint communique in which they summarized the results achieved in
the seven sessions they have held. These results are generally regarded as fairly promising but not extensive. A
London dispatch of Dec. 20 to the New York "Times" described the communique as follows:
Once again as I close I send you all, and not least to the children who
may be listening to me, my truest Christmas wishes and those of my dear
wife, my children and grandchildren, who are with me to-day. I add a
heartfelt prayer that wherever you are God may bless and keep you always.
1936 British Industries Fair to be Held in London and
Birmingham Feb. 17 to 28, Inclusive
The 1936 British Industries Fair, which is regarded as
the world's largest national trade exhibition, will be held in
London and Birmingham from Feb. 17 to 28, inclusive.
The fair, which is attended by buyers from all parts of the
world, is an annual display of the manufactures of Great
Britain and Ireland and of the produce of the British
dominions and colonies, said advices from London made
public recently in New York by the Travel and Industrial
Development Association of Great Britain and Ireland. The
advices, as announced, continued:
Only the manufacturers of an article, or the solo selling agents, are
allowed to exhibit it, so that there is no duplication of exhibits and the
buyer is assured that in placing orders he is doing so at first-hand and on
the most advantageous terms obtainable. . . .
Since its inception in 1915, the British Industries Fair has grown remarkably. In that year the total exhibition area occupied amounted to 88,714
sq. ft. In 1928 the total area required was 434,707sq.ft.—a new record—
and the number of exhibitors, which in 1919 was 568, had grown to 1,223.
At the 1935 fair there were, in all sections. 2,636 exhibitors, the total
area occupied amounted to 890,804 sq. ft., and representatives from 79
different countries were in attendance.
The fair's aim is the promotion of trade, and the arrangements throughout are directed to serve that aim.
Volume 141
Financial Chronicle
Details of United States-Netherlands Trade Agreement Announced—This Country Grants Tariff
Concessions on 63 Items—Netherlands Eases
Quotas for American Products
A large number of tariff concessions on many commodities
is granted in the reciprocal trade agreement between the
United States and The Netherlands, which was signed at
Washington on Dec. 20, as noted in the "Chronicle" of
Dec. 21, page 3937. Details of the pact, made public on
Dec. 22, show that the United States grants tariff concessions on 63 items. Most of these concessions either stipulate
the continuation of the present free entry of certain articles
or reductions in existing rates of duty. The State Department explained that the peculiar circumstances surrounding
The Netherlands's national economy must be considered in
connection with the concessions granted that country to the
United States. Generally speaking, a statement said, the
actual import tariff rates are low and many raw materials
which we supply on a large scale are free of import duty
and the regular rate of duty on a large list of articles imported from the United States does not exceed 12% ad
valorem. Under emergency conditions in recent years a complicated system of control and regulation of imports has been
developed.
The State Department's comments on the pact were described in the following dispatch of Dec. 22 from Washington to the New York "Journal of Commerce":
Principal Item. Affected
Principal commodities affected are Sumatra tobacco, tropical starches,
bulbs and seeds, chocolate and cocoa, cheese, gin, sisal cordage, copal, vegetable pile fabrics (other than of cotton), garment labels, flavoring
extracts
and various chemicals and fertilizers.
The agreement becomes effective Feb. 1 1936. . . .
The State Department is particularly well pleased with the clarification
of
the Dutch tariff structure for which apparently in large part it was willing
to make the very important concessions demanded by the Netherlands
goveminent.
Clarified Quotas Granted
It stresses also the fact that we are granted increased or clarified quotas
on an annual basis on many United States products.
It must be pointed out, however, that the mere fact of being granted a
quota does not necessarily mean that our products will have an
exclusive
benefit except on a competitive basis.
For instance, the Netherlands government undertakes to purchase
annually
from mills in the United States a quantity of wheat flour
equivalent to not
less than 5% of the annual total wheat flour consumption in
The Netherlands, provided that the price of such wheat flour delivered
in The Nether.
lands is competitive with the price of other foreign wheat
flour of cornparable grade and quality.
A like amount of milling wheat will be taken under the
same conditions
that the price be competitive with the world price for
milling wheat of
comparable grade and quality.
Of the total annual quantities of either milling
wheat or wheat flour
originating in the United States of America which the
Netherlands government undertakes to purchase pursuant to the foregoing
twelfth part thereof will be purchased each month unless provisions, one.
purchases for one
or snore months are made in advance. If in any month
the prices of milling
wheat or wheat flour originating in the United States of
America are not
competitive and for this reason the monthly purchases are
smaller than those
provided for above, the Netherlands government shall
not be obliged to
compensate for such deficiency by correspondingly increased
purchases in
later months.
Other features of the agreement were listed in the
ing Washington dispatch of Dec. 22 to the "Wall followStreet
Journal":
The State Department announced over the week-en
d the completion of a
reciprocal trade agreement with The Netherlands,
which will reduce the
United States duty on cocoa and chocolate 50% and
the duty on Sumatra
cigar wrappers 40e. per pound until June 30,
after which the reduction
will be 77%c. per pound from the present rate.
The duty on gin will
be cut 50%.
The reduction of the United States duty on cocoa
is important, since The
Netherlands supplies practically all our cocoa and
the United States is the world's most important chocolate imports, and
manufacturer of these
products. The agreement reduces the rate on
unsweetened cocoa and chocolate from 3c. per pound to 11c. per pound on
/
2
or blocks, weighing 10 pounds or more, from sweetened chocolate, in bars
4c. to 2c. Chocolate in all
other forms, if valued at more than 100.
per pound, will be dutiable at
20% instead of 40% ad valorem. This reduction
Is confined to cocoa and
chocolate valued at more than 10c. per pound
in order to exclude from
the benefits of the concession cheap cocoa to
which small amounts of sugar
have been added to avoid payment of the relatively
high specific duty on
unsweetened cocoa, the State Department declared.
The United States duty on unstemmed cigar
wrapper tobacco is lowered
under the agreement from $2.275 per pound to
$1.875 per pound until
June 30 1936, and thereafter to $1.50 per pound.
Stemmed wrapped tobacco,
2 less important item of trade, will be
dutiable at $2.525 per pound until
June 30 next, and from then on at $2.15. The
Netherlands supplies over
95% of the total United States imnorta of cigar
wrapper tobacco.
Gin
Gin, under the terms of the agreement, will be
allowed to enter this
country at a rate of $2.50 per proof gallon, the present
rate being $5. The
bulk of the imports of gin from The Netherlands consists
of "Holland gin"
whereas gin imported from the United Kingdom is of the
"London" variety.
As Holland gin cannot be distinguished from other gin
for purposes of
customs administration, however, the reduction in duty
applies to all gin,
the State Department states.
Advices, Dec. 21, from Haarlem (The Netherland
s) to the
New York "Times" said:
The news that a new commercial treaty between the
United States and
The Netherlands was signed in Washington yesterday has
been
with great satisfaction, particularly in bulb-growing circles. received here
There is much gratification with the reduction of the 50%
duty on bulbs
and with the intimation that the American embargo on
narcissi will be
abolished next year.
4089
Anticipation of the favorable conclusion of the Washington negotiations
has given the bulb trade a fillip recently.
Netherlands to Purchase More Wheat from United
States Under New Trade Agreement
Increased purchases of American wheat by the Netherlands
—provided the price meets foreign competition—was disclosed Dec. 22 as one condition of the reciprocal trade treaty
signed Dec. 20 by the two nations, according to advices from
Washington, Dec. 22, by the Associated Press. A detailed
account of the trade agreement is given elsewhere in our
issue of to-day. From the Associated Press accounts of
Dec. 22, the following is taken:
Details of the treaty showed the Netherlands had agreed to buy annually
a quantity of wheat equivalent to at least 5% of its annual domestic consumption. This applies to both wheat flour and milling wheat.
Exact figures on how much 5% of the Netherlands domestic consumption
Is in terms of bushels were not available either at the State or Commerce
Departments, but the percentage was said to represent a substantial increase over past sales. During the last two years, it was estimated, the
United States has supplied only 2% of Holland's consumption.
Bank of France Dividend Payments in 1935 Largest
Since 1931
In Paris, Prance, advices to the "Wall Street Journal" of
Dec. 27 it was stated:
Bank of France has declared a dividend for the second half of the year
which brings total dividend for the entire year to 215 francs per share compared with 207 for 1934 and 200 for 1933 and 1932. This is the largest
annual dividend rate since 1931, when 385 francs per share were distributed.
It is understood that profits of the bank increased during the past year
because of the high money rates. Despite the higher profits, however, it
was not considered prudent to make any considerable increase in the dividend.
Austria to Pay $5-646-000 to United States Incident
to Loan
United Press advices from Vienna, Austria, Dec. 26, had the
following to say:
The Austrian government has arranged immediate payment to the United
States of approximately 30,000,000 schillings (approximately $5,646,000)
under an agreement concluded with London and Geneva as settlement of a
section of Austria's foreign loans, the United Press was informed.
Payment will be made at the present value of paper dollars.
Chinese Government's Currency and Financial Reforms
—Abandonment of Silver Standard
With reference to the recent currency changes put into
effect by the Chinese Government we take the following
from the December issue of the Federal Reserve "Bulletin,"
made available Dec. 26:
Effective Nov.4 the Chinese Government decreed currency and financial
reforms involving definitive abandonment of tne silver standard and its
replacement by an inconvertible paper currency to be managed witn tne
object of maintaining a stable value in terms of foreign currencies at about
the then existing levels. Reorganization of tne Government
-owned Central Bank of Coins along modern central banking lines is envisaged. Ownership of the new bank would be vested principally in the hands of tne banks
and the public. The bank would hold the reserves of the banking system.
and would possess the exclusive right of note issue. In the interim period
notes issued by the Central Bank of Cnina, and by tne partially govern-owned Bank of China and Bank of Communications, will be full legal
ment
tender. Notes of all other issuing banks are gradually to be withdrawn
from circulation and replaced by notes of tne Central Bank of China. All
bank note reserves are to be placed under the control of a currency reserve
board which will also regulate the issue and retirement of notes. Further
Provisions are tnat all public and private obligations, including tnose expressed in terms of silver, snail be discharged by payment of legal-tender
notes for the nominal amount due; that all standard silver dollars, other
silver dollars, and bullion must be excnanged for legal-tender notes- and
that the use of silver dollars or bullion as a currency medium is forbidden.
The task of maintaining a stable exchange value for the yuan through
the purchase and sale of foreign currencies in unlimited quantities has been
entrusted to the tnree Government banks.
As early as October 1934 the Chinese Government, in order to check the
export of silver, which had reached large proportions in the two preceding
months imposed on exports of silver a duty of 10% and a variable equalization charge equivalent to the difference between the exchange rate in
London and the theoretical parity of the yuan as determined by the value
of its silver content in the London market. Following this action the
exchange value of the yuan depreciated against its theoretical parity and
on Nov. 2 of tnis year the discount against dollar parity amounted to
about 38%.
Uruguay Severs Diplomatic Relations With Soviet
Russia—Action Said to Have Resulted From
Revolutionary Outbreaks in Brazil
The servance yesterday (Dec. 27) by Uruguay of diplomatic relations with Soviet Russia was announced in Press
accounts from Montevideo (Uruguay). From the United
Press advices we quote:
The Soviet Minister, Alejandro Minkin, and his entire staff were ordered
expelled from the country. Uruguay also will withdraw its representatives
from Moscow.
The decision to break relations and hand the Minster his passports was
reached at a meeting of the Uruguayan Council of Ministers, it was announced officially by Foreign Minister Jose Espalier.
Montevideo has been regarded as the center of communistic activity in
South America. The breaking of relations followed development of
evidence which the Government asserted directly connected tne Soviet
embassy here with the recent bloody revolutionary outbreak in Rio de
Janeiro and other parts of Brazil.
For some time newspapers had been making indirect accusations that the
Soviet legation here was actively assisting communistic activities in South
America, particularly in Brazil and Chile.
Following tne abortive outbreak in Brazil. in which many were killed
tne charges were brought into the open by the press and by Deputy Angel
4090
Financial Chronicle
Cusano in a speech in Parliament. The Government thereupon instituted
a secret investigation which culminated in to-day's drastic action.
Uruguay recognized the Soviet Government in 1929. It was not until
May 3 1934. however, that Soviet representation was established here, with
Minkin in charge of the legation.
Colombian Budget for 1936 Approved by National
Congress
In a new bulletin issued Dec. 15 by the Consulate General
of Colombia, in New York, it was stated:
The National Congress has approved the law relative to the budget
which reaches $68,223,000 Colombian currency for 1936.
Chile Reported Drafting Regulations for Partial
Renewal of Payments on Foreign Debts—More
Than 50% of Obligations Held in American Markets
A cablegram from Santiago, Chile, Dec. 14, special to the
New York "Times" of Dec. 15, had the following to say:
It is•announced that regulations now are being drawn up for a partial
renewal of payments on Chile's foreign debt early in January. Although
more than 50% of the bonds are held in American markets and the approval
of these holders has not been obtained, it is understood that British groups
now are convinced the plan is the best under the circumstances, while
French and Swiss groups expressed approval.
The plan, which contemplates a severe cut in payments, has been bitterly
criticized here and abroad on the ground that it is an unfair proposition,
but the Minister of Finance declared before Congress that it was the best
Chile could offer.
$749,000 of Kingdom of Norway 6% External Loan Gold
Bonds Drawn for Redemption Feb. 1 Through
Sinking Fund
The National City Bank of New York as fiscal agent is
-year 6%external
notifying holders of Kingdom of Norway 20
loan sinking fund gold bonds due Aug. 1 1944,that there have
been drawn by lot for redemption at par on Feb. 1 1936,
through operation of the sinking fund, $749,000 principal
amount of these bonds. Bonds so designated should be
presented for payment on the redemption date at the head
office of the bank,55 Wall Street, New York.
Additional Power Given to Committee on Stock List
by New York Stock Exchange—May List Securities
of Corporation Having Same or Junior Securities
Already Listed
An amendment to the constitution of the New York Stock
Exchange giving authority to the Committee on Stock List
to place upon the list securities of corporations which have
other securities of the same or junior rank listed upon the
Exchange, was adopted by the Governing Committee at its
meeting Dec. 26. In every such case a full report shall be
made to the Governing Committee at its next meeting, an
announcement by the Exchange, Dec. 26, said, adding:
The effect of this amendment is to require Governing Committee approval
of listing applications, prior to admission of securities to the list, only for
securities of those corporations with no securities previously listed on the
Exchange and for securities of issues junior to already listed issues. The
amendment would permit the Committee on Stock List to add certain
securities to tne list witnout tne delay sometimes resulting from the necessity
of awaiting meetings of the Governing Committee.
Filing of Registration Statements Under Securities Act
The filing of 13 additional registration statements (Nos.
1807-1818,inclusive, and 1396, a refiling) under the Securities
Act of 1933 was announced by the Securities and Exchange
Commission on Dec. 23. The total involved is $25,584,102,
of which $25,434,125 represents new issues. The Commission said, adding:
Included in the total is $9,200,000 of first mortgage oi% sinking fund
bonds of Revere Copper & Brass, Inc. (2-1815, Form A-2. included in
Release No. 604)•
Total
Type
No.of Issues
$12,000,125
Commercial and industrial
8
13,320,000
Investment trusts
3
114.000
Oil and gas royalty interests
1
149,977
Voting trust certificates
1
The filing of the statement by the Revere Copper & Brass,
Inc., was referred to in our issue of Dec. 21, page 3939.
The securities for which registration is pending, as announced by the SEC Dec. 23,follows:
Capps Gold Mine (2-1807. Form A-1) of Toronto, Canada, has filed a
registration statement covering 300.000 shares of $I par value common
stock to be offered at 35 cents a share. Julian H. Ferguson,of Philadelphia,
is the principal underwriter, and Harold R. Frost, of Toronto, is President
of the corporation. Filed Dec. 12 1935.
Oklahoma-Texas Trust (2-1808, Form A-1) of Tulsa, Okla., has filed a
registration statement covering 107,000 units of participating interests, to
be offered at $10 a unit. W. E. Brown of Tulsa, is President. Filed
Dec. 12 1935.
Marine Airlines, Inc. (2-1809, Form A-1) of New York City, has filed a
registration statement covering 95,500 shares of $1 par value capital stock,
to be offered at $9.75 a share. Van Aistyne, Noel & Co.. Inc., of New York
City, is the principal underwriter. James M. Eaton, of New York City, is
President of the corporation. Filed Dec. 13 1935.
Tip Top Gold Mines, Inc. (2-1810. Form A-1) of Denver, Colo., has
filed a registration statement covering 3,000.000 shares of 10 cent par value
common stock. The stock is to be offered as follows: 500.000 shares at
,
5 cents a share, 1,000,000 shares at 73 cents a share and 1,500,000 shares
at 10 cents a share. Nets G. Olson of Denver, is President of the corporation. Filed Dec. 13 1935.
American Fidelity Corp., Ltd. (2-1811. Form 0-1) of San Diego, Calif.,
. has filed a registration statement covering 1,140 producing oil and gas
royalty interests, to be offered at $100 each. The tract in which the
Dec. 28 1935
interests being registered apply is known as "James L. Akers Farm," Fitts
Pool, Pontotoc County. Okla.. Mr. R. 0. Jackson of San Diego. Calif. is
President of the corporation. Filed Dec. 13 1935.
Samuel Mundheim et al (2-1812, Form F-1) of New York City, have filed
a registration statement covering the issuance of voting trust certificates
for 149,977 shares of $1 par value common capital stock of the Compo
Shoe Machinery Corp. rhe voting trustees are Samuel Mundheim.
William S. Anderson, Julius A. Goldberg, Barnard S. Solar and William
H. Bresnahan. Filed Dec. 14 1935.
Distillation Engineering Corp. (2-1813, Form A-1) of Kansas City, Mo.,
has filed a registration statement covering 2,500 shares of $100 par value
preferred capital stock and 5.000 shares of no par value common capital
stock. The stock is to be offered in units consisting of two shares of common
and one of preferred at $100 a unit. B. P. Lientz, of Kansas City, is
President of the corporation. Filed Dec. 16 1935.
Acottish-Plan Associates (2-1814, Form A-I) of Greenwich, Conn., has
filed a registration statement covering 200.000 shares of beneficial interest.
The shares are to be offered at their net asset value plus 8%. William S.
Wilson, Luke B. Lockwood and Allan M.Perkins, all of Greenwich, are the
trustees. Underlying Industries of North America, Inc. of Greenwich, is
the sole underwriter. Filed Dec. 16 1935.
Florida Towing Corp. (2-1816, Form A-1) of Jacksonville, Fla., has filed
a registration statement covering 50,000 shares of no par value class A
common stock, to be offered at $3.75 a share. Wayland T. Coppedge of
Jacksonville, is President of the corporation. Filed Dec. 17 1935.
Bank and Insurance Shares, Inc. (2-1817, Form C-1) of Philadelphia. has
filed a registration statement covering 2,500,000 Deposited Bank Shares
N. Y., series A. The price at which the shares to be offered will be based
on the net asset value of the Trust at the time the offering is made. As
of Dec. 3 1935. the offering price would have been $2.70 a share, or $7,650,000 for the 2.500.000 shares. Filed Dec. 17 1935.
Columbia Crude Corp. (2-1818, Form A-1) of Salt Lake City. Utah, has
filed a registration statement covering 100,000 shares of $1 par value class A
common stock, to be offered at $1 a share and 100.000 shares of 25-cent
Par value class B common stock, to be offered at 50 cent a share. John
Charles Feys, of Salt Lake City, is President of the corporation. Filed
Dec. 18 1935.
Consec Corporation (2-1896, Form A-1, Refiling) of Jersey City. N. J.,
-cent par
has filed a registration statement covering $25.000 shares of 10
value class A capital stock and 90,000 units of participating collateral
bonds. The stock is to be offered initially at $1.10 a share and the bonds
at $5.50 a unit. After the initial oftring, the price of both the stock and
the bonds is to be their net asset value plus 10%. Comsec Distributors.
Inc., of Jersey City, is the principal underwriter and Henry M. Brooks.
of Greenwich, Conn., is President of the corporation. Filed Dec. 13 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 the "Chronicle" of Dec. 21, page 3939.
SEC Eases Rules for Certification of Profit and Loss
Statements by Independent Accountants—Registration Form for Securities in Reorganization
Altered
The Securities and Exchange Commission announced
Dec. 26 that it has amended the requirements of Form E-1
regarding certification of profit and loss statements by independent accountants. The Commission stated:
Form E-I, the form for the registration of securities in reorganization, requires several sets of balance sheets and profit and loss statements to be
furnisnes in various situations. As to balance sheets, It is required in each
case tnat, if tne most recent balance sheet filed is not certified, an earlier
balance sheet which is certified must be furnished. Prior to the amendment the profit and loss statements were required to be certified for the
entire period wnich they covered. The amendment provides that profit and
loss statements need be certified only up to the date of tne certified balance
snett furnisned.
Comparative Steadiness for Municipal Bond Prices
Is Forecast by Darby 8c Co., Based on Trend from
1897
Municipal bond prices will probably remain close to their
present levels for some time, before declining slowly, according to conclusions drawn by Darby & Co., Inc., based on a
study of the price trend of State and municipal bonds since
1897. The index prepared by the company lists prices on
a monthly basis,and finds that the previous high peak showed
an average yield of 3.08%,in July, August and September of
1899 and in December 1900. Some of the other conclusions of this study, as given by the company, are as follows:
The chart for current prices is graphed on a different scale than the old
chart in order to show a proper relationship between the volume of municipal
bonds outstanding in 1935 and the earlier period from 1896 on.
After money became redundant due to the inactivity caused by the
depression of 1896, as business revived money stiffened considerably, yet
municipal prices moved up for several years and then entered upon their
-year average life bond, the trading
long 43 -year plateau. Based on a 20
range on this plateau represented 23i points in the dollar price of a bond—
the difference between 3.08% and 3.25%.
On to-day's graph, the money trend has just turned downward, having
reached practically the zero mark. It is possible, therefore, that the year
1935 should be listed under the year 1897 instead of 1899, but this, of course.
is all merely conjecture.
Applicability of Public Utility Holding Company Act
to Court Proceedings for Reorganization of Companies Defined by SEC Counsel—Commission Will
Pass Upon Plans for Reorganization if Court
Requests
An opinion of John J. Burns, General Counsel for the
Securities and Exchange Commission, with reference to the
application of certain sections of the Public Utility Holding
Company Act of 1935 to court proceedings for the reorganization of public utility holding companies and their subsidiaries.
was made public by the Commission on Dec. 23. Reorgan-
Volume 141
Financial Chronicle
ization plans for registered holding companies and their subsidiaries need not be submitted to the Commission for
approval in cases where a trustee or receiver has been appointed before registration, according to the opinion, which
states that the Commission will, however, pass on plans in
any case where the court so requests. Furthermore, the
opinion says even if the Commission does not pass on the
plan itself, it may be necessary to apply to the Commission
for approval of the issuance of securities or the acquisition
of assets under a plan of reorganization, and in many cases
the Commission will have jurisdiction over the solicitation
of assents to the plan of reorganization.
The opinion also discusses the requirements of the Act
regarding the development of integrated systems in connection with the acquisition of securities or assets by registered
companies or their subsidiaries. The text of the opinion
follows:
Section 11 (f) of the Public Utility Holding Company Act of 1935 provides that in any proceeding in any United States court "in which a receiver
or trustee is appointed for any registered holding company,or any subsidiary
company thereof," the court may appoint the Conunission as trustee or
receiver whether or not such an officer shall theretofore have been appointed
and shall not appoint any other person to such office without first giving
the Commission notice and opportunity to be heard. Section 11 (f) further
provides that in any such proceeding no reorganization plan for any such
company shall become effective unless it shall have been approved by the
Commission prior to its submission to the court.
It is clear that these provisions are operative in every case where the
company or one of its parents, has become registered under the Act prior
to the time when the receiver or trustee is first appointed. It has been
suggested, however, that the provisions of this Section have a broader
application and extent to all reorganization proceedings relating to registered companies and their subsidiaries which are now pending in the Federal
courts where the holding company is registered subsequent to the appointment of a receiver or trustee.
I am of the opinion that the provisions of Section 11 (f) are strictly
applicable only to proceedings involving holding companies which become
registered under the Act prior to the date on which a receiver or trustee is
first appointed, and to those involving subsidiaries of such holding companies. It seems probable, however, that even in cases which do not fall
within the provisions of that section, it will often prove necessary for the
Commission to pass upon some if not all of the important phases of reorganization plans.
In the first place it will be observed that the provisions of Section 11 (g)
are not subject to the same limitations as those of Section 11 (f). Accordingly, there will be many cases where persons desiring to commence the
solicitation of consents to a reorganization plan for a holding company
which registered after commencement of the proceedings, or for a subsidiary thereof, will be obliged to procure a report thereon by the Commission. (In a prior opinion I have expressed the view that Section 11 (g)
does not apply to cases where solicitation with respect to the plan in question
has been commenced in good faith before registration, or where the plan
has been approved by a court before that time. See Release No. 41.) '
In the second place, it seems probable that in order to avoid violation of
the provisions of Section 4 of the Act, any holding company which is to
continue the business pursuant to a reorganization plan, will find it necessary
to register under the Act before acquiring the assets of its predecessor or
issuing new securities. In the event that the company which is to continue the business is thus registered under the Act or if such company is a
subsidiary of any registered holding company, the provisions of Sections 6
and 9 of the Act will apply and the Commission will be obliged to pass on
the issues of new securities and acquisitions of assets provided for by the
reorganization plan.
In cases where both the court and the commission must either approve
the plan of reorganization or pass on elements that are essential to consummation of the plan, it is obvious that there should be a close co-ordination of their respective efforts. I am authorized to state that in any case
in which a court considering a plan of reorganization so requests. the
Commission will undertake to examine a declaration or application under
Section 7 or 10 with respect to the issuance of securities or acquisition of
assets, even before the plan has been submitted to or approved by the
court. I am also authorized to state that if in any case, even though it be
one as to which the provisions of Section 11(f) are not strictly applicable,
the court shall express a preference that the Commission shall Pass on
the entire plan or reorganization, the Commission will undertake to do so.
Section 10 of the Act prescribes the terms governing approval by the
Commission of acquisitions of securities, utility assets, and other business
interests. Those terms control acquisitions made by any person or company coming within the provisions of Section 9(a)(1) and (2). and, accordingly, govern acquisitions made by registered holding companies, by
subsidiary companics of registered holding companies and by certain affiliates of a public utility or holding company. Acquisitions by investment
companies or trusts which hold or, by reason of the contemplated acquisition, will hold more than 5% of the voting stock of two or more public utility
or holding companies will also be governed by the provisions of Section 10.
And, of course, acquisitions by reorganized companies which register under
the Act will likewise be governed by these provisions.
Under Section 10 (c) (2). the Commission may not approve any acquisition which does not tend towards the development of an integrated publicutility system. An integrated public-utility system, as defined in Section
2(a) (29), may include one or more generating plants or operating units
whether owned by one or more companies. It follows that, under this
definition, such a system may be nothing more than one small local operating unit or it may be one large operating system integrating the facilities
of several companies. So far, therefore, as Section 10 (c) (2) is concerned.
I have been authorized to state that any acquisition which makes for the
economical development of the property acquired as an efficient and selfsustaining operating unit or system may be regarded as "tending towards
the economical and efficient development of an integrated public-utility
system," and that it is not essential that the property acquired be interconnected or capable of inter-connection with some other property under
the control of the company making the acquisition. This does not mean,
of course, that the Commission may not disapprove a particular acquisition
if the Commission finds, for example, that it may block an economically
desirable merger of adjoining properties or that it has been undertaken for
some strategic or other purpose which is not conducive to the efficient
operation or upbuilding of the property acquired.
The question of the number of integrated systems or operating units in
which a person may acquire an interest is governed not by Section 10 (c)(2).
but by Section 10 (e)(1). which provides that the Commission shall not
approve an acquisition which is detrimental to the carrying out of the
provisions of Section 11. In this connection, it should be borne in mind
4091
that Section 11 applies only to registered holding companies and their subsidiaries and not to such investment trusts or companies as are not holding
companies or subsidiaries thereof within the meaning and application,of
the Act.
The question has been presented whether a reorganized holding company
may acquire control of more than one integrated system if such control
could not ultimately be retained by the reorganized company under the
provisions of Section 11. It is naturally to be expected that a company
going through a reorganization should desire to take advantage of the
reorganization to bring itself within the terms of Section 11 as nearly as
may be found feasible under the circumstances. But there is nothing in
the terms of the Act which would prevent the Commission from sanctioning
the acquisition by a reorganized company of several integrated systems in
different localities or regions if the result of the acquisitions were merely
to bind together under common control companies or properties previously
under common control and no others, particularly if the acquisition by the
new reorganized company would facilitate and protect investors in the
ultimate segregation, divestment of control, reorganization or liquidation
of the properties which may later be required under Section 11.
It follows that no acquisitions provided for by a plan of reorganization
will be objectionable to the provisions of Section 10 (c) (2) of the Act if
the new company which is to acquire such assets will be a more suitable
owner for them than its predecessor, whether because of the fact that it
has a more satisfactory debt structure or for other reasons.
The release (No. 41) referred to in the opinion of Mr.
Burns was given in our issue of Dec. 14, page 3773.
$443,750 of 23/2% Registered Bonds Offered by Savings
and Loan Bank of State of New York
Public offering was made Dec.23 of a new issue of $443,750
of 2% registered bonds of the Savings and Loan Bank of
the State of New York, dated Jan.1 1936, and due July 1 1936
to Jan. 1 1942. The bonds were offered by Neergaard, Miller & Co. at prices to yield .75% to 3.00%, and are, in the
opinion of the bankers, legal investment for savings banks
and trust funds in the State of New York. Except for an
issue of $444,000 4% sinking fund registered bonds offered
publicly in January of this year, financing of the bank has
heretofore been accomplished through direct sale to public
bodies, savings banks, commercial banks and trust companies
and savings and loan associations. The January offering of
the 4% bonds was referred to in our issue of Jan. 12,
page 236.
An announcement issued incident to the offering this week
(Dec. 23) said:
The Savings and Loan Bank of the State of New York is a central bank
owned by savings and loan associations in the State of New York. It was
created through an Act of the Legislature in 1914 and commerced business
in 1915. It was organized as a non-profit institution designed to provide
savings and lean associations with additional funds to loan on homes. Its
primary purpose was and is to encourage and promote home-ownersbip and
to create a satisfactory system of finance to provide funds for this purpose.
The activities of the bank are confined entirely to granting of short- and
long-term loans to, and accepting deposits from, savings and loan associations
in the State of New York. The obligations of the bank and the obligations
of the member associations to the bank have always been paid in full. As
as June 30 1935, associations having total resources of $211,899,342 were
members of the Savings and Loan Bank of the State of New York.
The bank's primary function is to receive from its member associations
and to deposit with the Comptroller of the State of New York as trustee,
amortizing first mortgages as collateral security for the bonds which it
issues and sells. An association which borrows on a long-term basis, according to law, must assign to the Savings and Loan Bank for deposit with the
Comptroller of the State of New York, as trustee, first mortgages of a net
amount (the amount still due and not the original amount) equal to at least
125% of the long-term loan from the bank. The practice of the Savings
and Loan Bank is to require not less than 150%, the average as of Nov. 30
1935 being approximately 190%. The assigned mortgages almost invariably
cover owner-occupied dwelling houses—the average net amount due per
mortgage being about $3,300.
Long-terse loans made to the associations are repayable in equal annual
instalments during the life of the loan. This provision is made at the time
of issue for the retirement of all bonds in equal annual amounts.
The security for the Savings and Loan Bank bonds consists of:
1. A general obligation of the borrowing member associations, providing for the
repayment of their obligations to the Bank, in such amounts and at such times 1111
will correspond with the Bank's obligations to the holders of the bonds. According
to a composite statement as of June 30 1935, the resources of all the borrowing
member associations amounted to $211,899,342 and all borrowings totaled $13,336,146, or a ratio of almost 16 to 1.
2. First mortgages deposited with the Comptroller of the State of New York
as collateral. As of Nov. so 1935, the original value of the mortgages held by
the Comptroller averaged 58.1% of the original appraised valuation; the net mortgages (after deducting the amortization payments on the principal) averaged 37.8%
of the original appraised valuation; and the Savings and Loan Bank bonds outstanding averaged 19.8% of the original appraised valuation of the properties
covered by all the mortgages held by the Comptroller.
3. Shares of capital In the Savings and Loan Bank which carry double liability.
4. The banking law of the State of New York provides that all the property of
the Bank, trust company or savings and loan association which shall become insolvent shall be applied by the Trustees, assignee or receivers thereof or by the
Superintendent of Banks In the that place to the payment in full of any sum or
sums of money deposited therewith by the Bank or due to the Bank for subscriptions, sinking fund, interest and principal of bonds, or guaranty of mortgages,
ratably and proportionately but not to an amount exceeding that authorized to
be so deposited or contracted, and in accordance and on an equality with any other
preference.
—e--_
FDIC Soon to Establish Maximum Interest Rates for
Insured Banks Which Are Non-Members of Reserve System
In Washington advices, Dec. 20, it was reported that the
Federal Deposit Insurance Corporation will shortly issue
new regulations fixing maximum interest rates for insured
banks•which are non-members of the Federal Reserve System. The rates will conform to those promulgated by the
-2,2 and
Federal Reserve Board for member institutions
1%, depending on the character of the deposit, the advices,
given in the New York "Times" of Dec. 21, said, continuing:
Harold W. Horsey, State Bank Commissioner of Delaware and Presi
dent of the National Association of Supervisors of State Banks, announced
to-day that the Legislative Committee of toe Association had approved
4092
Financial Chronicle
maximum interest rate regulations for time and savings deposits. He and
the Legislative Committee conferred with Leo T. Crowley, Chairman of the
FDIC,and other officials relative to the regulations.
The FDIC was authorized to fix maximum interest rates for non-Federal
Reserve member banks in tne insurance fund on time and savings deposits
in tne Banking Act of 1935. Toe maxima were:
234%—Savings deposits, time deposits having maturity date six months
or more after date of deposit and on postal savings deposits constituting a
time deposit.
2%—Time deposits, except postal savings, having a maturity date less
than six months and not less than 90 days after date of deposit.
1%—Time deposits, except postal savings, having a maturity date less
than 90 days after date of deposit.
Comptroller of Currency Clarifies Clause of Banking
Act Pertaining to Dividend Payments
The Office of Comptroller of Currency has ruled that
banks which have been paying dividends on a quarterly
basis can continue payments on this basis, but can actually
declare dividends only semi-annually, it was stated in
Washington advices to the "Wall Street Journal" of Dec. 21.
Section 5199 of the National Banking Act, as amended by
the Banking Act of 1935, provides that banks "may, semiannually, declare a dividend," and this restriction is binding
upon the declaration, but not the payment of dividends,
according to the Comptroller.
Increase of $24,389,425 Noted in Volume of Bankers'
Acceptances During November—Total Nov. 30
Reported at $387,373,711
Transactions involving the financing of staples in domestic
warehouses served to swell the volume of bankers'acceptances
during the month of November as is shown in the report of the
American Acceptance Council on its survey as of Nov. 30,
Robert H. Bean, Executive Secretary, announced Dec. 23.
The total of bills of all kinds increased $24,389,425, bringing
the volume up to $387,373,711 which amount is $65,566,300
above the low point of several years reported on Aug. 31
1935, Mr. Bean said, continuing:
While the gain for the month of November was again largely in the
classification ofdomestic warehouse acceptances which went up $13,039.921,
gains also were reported in the volume of acceptances created to finance
exports which gained $9,443,465, in the volume of bills created for the
purpose of financing goods in or shipped between foreign countries which
increased In the amount of 22,126,923 and domestic shipment credit
acceptances which were greater in volume by $858,832.
The only declines for the month were In import acceptances which went
off $344.480 and In acceptances for the purpose of creating dollar exchange
which went off $535,236.
The gains reported, while not large in any particular group, nevertheless
reflect some improvement and are encouraging as the gradual increase has
been noted since mid-summer with no loss in any month.
Another factor that may at least indicate a trend is that the gains now
reported are shown in all but one of the 12 Federal Reserve districts.
Philadelphia alone reporting a slight reduction.
As between the figures at the end of November 1934 and those currently
reported, there is a reduction of $174,006,830. almost all of which was in
the returns from the Second Federal Reserve District.
Accepting banks at the end of last month. Nov. 30, held a total of $357.895.752 divided between own bills of $182,422,543 and the bills of other
banks of $175,473,209.
Mr. Bean also supplied the following details:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
Nov. 30 1935
1
2
3
4
5
Oct. 31 1935
a
$29,914,023
290,839,452
13,723,648
3,393,535
908,024
3,821,385
19,493,277
530,720
2,507,138
327,288,264
273,652,717
14,149.885
3,265,728
761,420
3,337,395
17,866,838
507,805
1,349,582
10
11
12
2,644,285
19,598,244
2,605,124
18,199,548
a
7
8
Nov. 30 1934
333,094,318
445,931,128
13,704.427
3,074,306
648.987
6,844,910
23,462.939
1,592,486
3,182,157
335,000
2,782,728
26,727.155
8387.373,711
Grand total
8362,984,286
$561.380,541
Increase for month. $24,389,425. Decrease for year, $174,006,830.
CLASSIFIED ACCORDING TO NATURE OF CREDIT
Nov. 30 1935
Oct. 31 1935
Nov. 30 1934
389,421,586
3105,186,691
Imports
$105,531,171
84,096,839
148,479,062
Exports
74,653,374
10,697,165
7,429,589
Domestic shipments
10.038,333
Domestic warehouse credits
100,725,976
87,686,055
187,080.325
2,088,243
2,979,048
Dollar exchange
3,514,284
Based on goods stored in or shipped
126,872,736
83,687,992
between foreign countries
81,561,069
CURRENT MARKET RATES ON PRIME BANKERS' ACCEPTANCES
DEC. 23 1935
Days—
30
60
on
Dealers'
Dealers'
Buying Rate Selling Rate
3-16
3-16
2-1R
34
N
t4
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
3'1
it
44
3-16
5-16
5-16
Moratorium on Banking Legislation Urged by President Fleming of ABA—In Talk With President
Roosevelt Indicates Banks' Readiness to Take
Over Lending Functions Assumed by Government
—Forthcoming Regional Conferences
At a conference with President Roosevelt on Dec. 23,
Robert V. Fleming, President of the American Bankers'
Association, is reported to have discussed the possibility of
the banks taking over the lending functions assumed by the
government. Mr. Fleming, following the conference, is
Dec. 28 1935
said to have indicated that in his talk with the President he
outlined plans for a series of conferences to take up the
matter, but according to the Associated Press, Mr. Fleming
did not attempt to interpret the President's attitude toward
the plans. From the same press accounts from Washington
Dec. 23 we quote:
Mr. Fleming said the regional conferences of bankers would consider the
question of taking over the banking functions of the government along
with services that banks can perform under the new laws and regulations.
He said he hoped these meetings would lead to increased activity in the
banking field, and felt that some progress could be made during the next
year.
"I want the banks, where they can soundly do so, to take over the banking functions of the government," Mr. Fleming said. "During the emergency the government had to step in. What I want to do is explore the
possibilities to see where banks can take over the functions now performed
by the government."
The first conference, Fleming said, will be held at Philadelphia Jan. 23
and 24. Bankers in the territory ranging from New England to Ohio
and Virginia will be invited. Succeeding conferences will be held at
Atlanta or Memphis, for the Southern area; Chicago or St. Louis for the
Middle West and Portland, Ore., for the far West.
Addressing the ABA in October 1934, President Roosevelt said when
bankers were ready to fill the gap he would "be only too glad to curtail the
activities of these public (government) agencies in proportion to the taking
up of the slack by the privately-owned agencies."
But only yesterday, the RFC offered to loan the Illinois Central system
$7,444,667 at 4% interest if the road was not able to arrange private
financing on approximately "as good a basis."
Last week the RFC offered in effect to underwrite a $100,000.000 bond
Issue at 4% because it felt the 5% asked by bankers was too high.
In later press advices from Washington (Dec. 24) Mr.
Fleming is said to have proposed a moratorium in banking
legislation as he explained his plan to have private agencies
assume government lending functions. As to what Mr.
Fleming had to say on Dec. 24, the Associated Press in part
stated:
Of particular importance, he said, would be an effort to encourage the
bankers themselves to examine every phase of a would-be borrower's
Proposition, to see if those originally unsatisfactory may not be so altered
as to meet the restrictions of good banking.
"The banking business is the most highly regulated in the country,"
Mr. Fleming asserted, referring to the accumulation of State and Federal
laws, "and sometimes it is pretty hard for a customer to understand why
the bank must refuse his application for a loan.
"There should be an effort to make such changes in a customer's proposals as would make them fit into the policy of the bank and, that failing.
there should be an attempt to explain clearly why that is the case."
Referring again to his campaign to "have the banks step in now where
the government had to step a few years ago." Mr. Fleming was anxious
to make it clear that there were certain fields of government lending from
which commercial bankers are barred.
The railroad loans of the RFC, he thought a case in point. Such loans,
he said, consist, in actuality, of a purchase of bonds or of stock, and since
1933 the commercial banks have been prohibited by law from engaging
in such transactions.
Jesse H. Jones of RFC Incident to Efforts of ABA to
Assume Former Lending Functions Suggests Lowering of Interest Rates
The lowering of interest rates by banks and insurance
companies was suggested on Dec. 24 by Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation in
commending the efforts of the American Bankers' Association to effect the resumption by members of their former
lending functions. Mr. Jones' remarks bore on plans
announced by President Fleming of the Association, which
we give elsewhere in this issue; Mr. Jones' statement follows:
Mr. Fleming understands the necessity for banks to revise their lending
and investing policies,if the government is to get out of the lending business.
He is to be commended for his efforts and his desire to co-operate in this
very essential phase of recovery.
The new banking laws allow national banks to lend in reasonable amounts
on improved real estate and to industry, for as long as ten years. This
character of credit is necessary and should be readily available at banks.
Broadening the base of eligible paper for rediscount by the Federal
Reserve System makes extreme liquidity no longer necessary and, since
banks are not permitted to pay interest on current or commercial deposits.
they can afford to lend at lower rates than have heretofore prevailed.
The borrower whose credit standing is such that he can borrow almost
any place, pays very little interest, but those who do not enjoy such high
credit and yet must borrow, are penalized by having to pay high rates.
In other words, those able to pay do not have to pay, while those loss able
must pay the high rates.
Insurance companies also should reduce interest rates on mortgages,
both farm and urban. They pay or promise to pay the policyholder 3 to
354%. and there is no reason why they should charge borrowers 6, 6 or
7%, and in some instances even higher.
President Roosevelt Confers With M. S. Eccles of
Federal Reserve System
On Dec. 23 President Roosevelt conferred with Marriner
S. Eccles, Chairman of the Board of Governors of the
Federal Reserve System. The Washington correspondent
of the New York "Journal of Commerce" stated that Mr.
Roosevelt declined to divulge the nature of his talk with
Governor Eccles, but it is understood to have dealt with the
general situation as revealed to him in his contact with
governors of Federal Reserve banks.
Move By American Bankers Association to Combat
Over-Production of Banks—Study of Bank Chartering by Economic Policy Commission—President
Fleming's Statement
A move to combat a return to over-production of banks
has been brought under way by the American Bankers
Volum* 141
Financial Chronicle
Association. In furtherance of its campaign the Association
made available this week a study by its Economic Policy
Commission of "The Bank Chartering History and Policies
of the United States." In a foreword to the study, Robert V.
Fleming, President of the Association, says:
The following study gives an impressive revelation of how great a part
mistaken public policies in the chartering of banks in the United States
played in creating the unsound banking structure which finally collapsed
with the Bank Holiday in March 1933. The over-production of banks,
literally by thousands, which continued over many years in the face of
insistent warnings, not only from bankers and others who recognized the
danger, but even more so from the mounting records of bank failures themselves, is here clearly shown to have constituted as a whole one of the
greatest single economic errors in the history of the nation.
Although the drastic elimination of thousands of banks, mostly unneeded, through failures, liquidations and consolidations, has largely
corrected the old situation, this is not a guaranty against a repetition of the
error. That fear of this is not baseless was indicated by Leo T. Crowley.
Chairman of the Board of Directors, Federal Deposit Insurance Corporation, in his address before the convention of the American Bankers Association at New Orleans in November 1935. . • •
ikAnother Federal banking authority, J. F. T. O'Connor, Comptroller of
the Currency, at the same convention showed similar concern in regard
to this matter. . . .
It is the purpose of the American Bankers Association to aid in marshaling
public opinion in support of both National and State supervisory authorities
in their efforts to strengthen and protect the banking structure. At its
New Orleans convention it adopted the following declaration as a step
in this purpose:
"We are wholly in accord with President Hecht's statement in his address
before this convention relative to the necessity of limiting the chartering
of new banks rigidly in accordance with the economic needs of the country.
Every effort should be made by bankers, and they should enlist the support
of public opinion, to prevent a new over-production of banks through the
indiscriminate chartering of new banks in places which are either not large
enough to support a bank or in which there already are available sufficient
banking facilities to take care of their reasonable requirements. We commend those provisions of the Banking Act of 1935 which give the Federal
Deposit Insurance Corporation authority to determine whether there exists
an economic necessity for the creation of a new bank before a newly chartered
Institution shall be admitted to the benefits of the insurance fund. We
believe the banking profession should give the Corporation the fullest cooperation in this connection at all times."
The Association now offers to the bankers and to the people of the
United States this study on "The Bank Chartering History and Policies of
the United States" in the hope that it will aid in strengthening their determination that the errors of the past which it describes shall not be repeated.
4093
conditions in the variouspeserve Districts—Senator Glass
makes these assertions in a letter to the Board of Governors
of the Federal Reserve System, and he indicates that the
action will be brought to the attention of the Senate Banking
and Currency Com,mittee at the coming session of Congress.
Advices from Washington yesterday (Dec. 27) to the New
York "World-Telegram" in reporting this added:
The question on which Senator Glass and the System are at odds centers
around the regulations, issued by the board on November 27, establishing
maximum rates payable by member banks on time deposits. Under the
regulations 2)4% may be paid on deposits maturing in not less than six
months; 2% on deposits payable in less than six months ana not less than
90 days, on deposits payable in less than 90 days.
Federal Reserve experts are of the opinion that these rates represent a
technical compliance with the provisions of the Banking act of 1935, with
which Senator Glass had much to do.
Senator Glass argues that the provisions of the Banking act of 1935 make
it mandatory that the Board give consideration to the business and credit
conditions in the various areas and set up different rates based on such
conditions.
Meanwhile it is expected the Governors will reconsider their regulations
on time deposit rates to determine whether a change can be made.
The fixing of uniform interest rates by the Board of Governors was noted in our issue of Nov. 30, page 3462.
No 5% Home Mortgage Loans Made by Federal Bureaus
According to C. Harry Minners, President of New
York State League of Savings and Loan Associations—Cites Basic 5% Rate of FHA
"Every savings and loan association in New York State
has been confronted with the problem of satisfying dissatisfied home owners who have believed the grossly false propaganda from Federal bureaus in Washington to the effect
that, through these Federal channels, there is available 5%
home mortgage money," said C. Harry Minners, President
of the New York State League of Savings and Loan Associations, in a communication to the 225 association members
of the League Dec. 21. Mr. Minners said that there is
.
"no 5% home mortgage money available from Washington,"
Government "does not lend any money
added
The Economic Policy Commission, of which Leonard P. andall for that the
purpose." Mr. Minners's communication
at
Ayres, Vice-President of the Cleveland Trust Co. of Cleve- continued: this
land,is Chairman, sums up its conclusions as follows:
There snould be no need to resort to camouflage to hide toe real cost of
1. The history of bank chartering in the United States shows that for
years prior to the depression which began in 1929 there was a widespread
disregard of the proper relationship between the economic needs of the
country and the numbers and localities of banks permitted to open for
business.
2. This disregard prevailed not only among the general public but frequently also among both State and National banking authorities who were
responsible and empowered by law to guard against unsound charter policies.
3. A major cause in the over-production of banks was the competition
between the National and State banking systems to outdo each other in
respect to the numbers of banks under their jurisdictions.
E4. It also became a matter of public policy in both jurisdictions to
encourage the establishment of banks with small capital in small places
as a popular political measure, mistakenly considered a means for fostering
national development, especially in the rural sections.
5. These policies were persisted in despite warning voices and the danger
signals presented by a disastrous bank failure rata from 1920 to 1929, indicating clearly that the nation had become heavily over-banked. Faster
than old banks failed, new bank charters were granted, often to persons
unfit to be entrusted with such responsibilities.
6. Both State and National governments progressively and competitively
liberalized their charter provisions to attract new banks.
le. These conditions contributed heavily to creating a banking structure
unable to meet the stresses and strains and the destructive shocks of depressed national conditions which began in 1929.
L•18. Analysis of the data shows that there is a distinct causal relationship
between the over-chartering of banks and the abnormal bank failure conditions that prevailed from 1920 to the bank holiday in 1933.
9. It is desirable that studies be made on the basis of experience to
develop standards governing the number of banks or the volume of bank
capital which can be successfully operated.
10. Such a study would embrace the question as to whether banking
facilities can best be supplied to the rural districts by small unit banks or
by branches from banks of substantial capital in larger centers.
11. Existing sound banks, especially the small banks in the rural districts
which are serving their communities well, should be protected from any
return of the over-banked local conditions caused in the past by lax chartering policies, which were mainly to blame for the unfavorable record as set
forth in this study.
12. An inquiry among State bank commissioners shows a preponderant
opinion against increasing materially the number of banks, coupled with
the fact that present laws give them sufficient discretion to prevent a
repetition of the grave errors of the past.
13. However, under prevailing abnormal conditions, with the Federal
Government extensively exercising loaning powers in competition with the
banks, and with industry itself so largely supplied with funds as to render
it to a great degree independent of normal bank borrowing, the banking
structure even with its present reduced numbers,finds it difficult to support
its existing capital investment and operating personnel.
14. These are new factors, intensifying the need for highly prudent and
restrictive chartering policies.
15. Also, we urge the retirement of the Federal Government from the
banking business as rapidly as the return of normal business conditions
warrant.
Opposition Voiced by Senator Carter Glass to Action
of Board of Governors of Reserve System In Fixing
Interest Rates on Time Deposits
The action of the Board of Governors of the Federal Reserve System in establishing uniform interest rates on time
deposits is declared by Senator Carter Glass to have been in
open defiance of Congress, and without regard for credit
mortgages tnat come under the influence of the Federal bureaus. True,
the basic rate on toe Federal Housing Administration Insured Loans under
Title 2 is 5%, but with additional service charges and insurance premiums
the cost is nearly 6H %. On Title 1 Modernization Loans, the discount
rate in 5%. but the actual effective interest rate is nearly 10%. These
rates are fair and no one criticizes them,so why try to hide them?
In its anxiety to gain the stimulating effect that a building revival would
give, the Federal government is fostering measures and propounding
theories which are not accomplishing the results desired, but which are
causing real harm to private lending institutions whose first responsibility
is to the hundreds of thousands of thrifty citizens wno nave entrusted their
.
savings to them. . .
By stimulating American citizens to own their own homes the FHA has
done effective work. Such "pump priming" is necessary to awaken the
people to the advantages of home ownership. In this program we shall
continue to co-operate.
The place for the government to make direct loans is in the field of the
low wage earning class. There is too great a loss involved here to attract
private capital. At present costs and with high taxes, houses cannot be
built on high priced land to yield any return at the rentals obtainable in
this field. This is a social problem and well within the government's
purvue.
The present threat of the government's invading the home lending field
by direct lending is ominous. Tne fear of such a step must be removed
if home financing institutions are to go ahead and do business. Interest
rates will always be regulated by competition, and any coercive threats
by representatives of the government that it may resort to direct lending
In order to reduce these rates ,will destroy the value of present mortgage
Investments and will lead to chaos in the entire home financing field.
Increased Income by Federal Land Banks Predicted—
Judge C. E. Lobdell Cites Savings Due to Recent
Refundings
Increased earnings by the Federal Land Bank System as a
result of refunding operations and reversion to old contract
rates with farmers in July 1938 were forecast on Dec. 21 by
Judge Charles E. Lobdell, of Lobdell & Co., New York,former
Farm Loan Commissioner. A statement by Judge Lobdell
said:
Contrary to the prevailing impression, the $71,475,000 saved by the Land
banks through their last four refunding operations, and $82,275,000 which
can be saved if the issues callable prior to and including May 1937, are
replaced with 38, represent a net saving to the System.
This is because all loans made to farmers are on a contract basis, and
even though the System has temporarily reduced the average rate on these
loans from around 5%% to 4%(Ye, Congress cannot change these contracts
without violating the Constitution.
Three conditions guarantee the earning power of the Federal Land Bank
System at the present time. In the first place, the Treasury is reimbursing
4
the System for the difference between the 51 % average rate on loans called
for by contract and the 4%% to which the Land banks voluntarily reduced
their rates until July 1938. There has been appropriated to date $58,950,000
for this purpose, and up to Oct. 31 of this year $30,095,723 has been paid
to the banks on this account.
Secondly, the System already has saved $71,475,000, and possibly can save
$82,275,000 more through refunding operations; and thirdly, these reductions do not automatically reduce the rate on outstanding loans to the
farmers. Thus, when the 4%% bonds recently replaced by the 3s were
originally issued, the funds were loaned at 5%%. On such of the loans
to farmers made with the original proceeds as are still outstanding, the
banks will be receiving a margin of 2%%.
4094
Financial Chronicle
$138,165,000 in Tenders Received to Offering of $50,-De y Bills Dated Dec. 24-$50,070,000
000,000 of 274
Accepted at Average Rate of 0.080
The tenders received at the Federal Reserve banks and the
branches thereof, up to 2 p. m., Eastern Standard Time,
Dec. 20, to the new offering of $50,000,000, or thereabouts,
of 274
-day Treasury bills totaled $138,165,000, Secretary of
the Treasury Morgenthau announced Dec. 20. The offering
was referred to in our issue of Dec. 21, page 3943. Of the
tenders received, Secretary Morgenthau :aid, $50,070,000
were accepted. He continued:
Except for one bid of $50,000, for par, the accepted bids ranged in price
from 99.950, equivalent to a rate of about 0.066% par annum, to 99.935.
equivalent to a rate of about 0.085% 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 99.939 and the average rate
is about 0.080% per annum on a bank-discount basis.
New Offering of 274-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts-To Be Dated Dec. 31
1935
Up to 2 p. m., Eastern Standard Time, yesterday (Dec.
27), tenders were received at the Federal Reserve banks and
the branches thereof to a new offering of $50,000,000, or
-day Treasury bills. The bills will be
thereabouts, of 274
dated Dec. 31 1935 (on which date $50,018,000 of similar
securities will mature), and will mature on Sept. 30 1936.
On the maturity date the face amount of the bills will be
payable without interest, inasmuch as they were sold on a
discount basis, to the highest bidders. The tenders to the
offering were invited on Dec. 23 by Henry Morgenthau, Jr.,
Secretary of the Treasury. In his announcement the Secretary said:
They [the bills] will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000. $100,000, $500,000 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 31,000. 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 accepti without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. fenders 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
ha a
trust company.
mix edlat els after the closing hour for receipt of tenders on Dec. 27 1935.
,
all tenders / °calved at the Federal Reserve banks or branches thereof up to
tt e desire hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
racrnir g. The Secretary of the Treasury expressly reserves the right to
reject an / or all tenders or parts of tenders, and to allot less than the amount
ipplicd for, and his action in any such respect shall be final. Those submittir g 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. 31 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 hills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of Its possessions.
Treasury Department Circular No. 418. as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Issue.
Gold Receipts by Mints and Assay Offices During
Week of Dec. 20-$13,738,240 Imports
Announcement was made on Dec. 23 by the Treasury Department that receipts of gold by the mints and assay offices
during the week of Dec. 20 totaled $16,940,788.47. Of this
amount, it is noted $13,738,240.16 represented imports, $491,625.53 secondary, and $2,710,922.78 new domestic. The
amount of gold received during the week of Dec. 20 by the
various mints and assay offices is shown in the following
tabulation issued by the Treasury:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Imports
Secondary New Domestic
$165.76
$2,286.62 $167,584.90
75,600.00
12,190,900.00 220.700.00
30,827.04 1,729,596.51
1,463,934.68
532,847.03
78,233.04
32,956.14
509.04
23,056.65
372,204.49
2,885.82
16,500.80
Total for week ended Dec.20 1935_513,738,240.16 $491,625.53 $2,710,922.78
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 505,386.95
Fine Ounces During Week of Dec. 20
During the week of Dec. 20, it is indicated in a statement
issued by the Treasury Department on Dec. 23, silver amounting to 505,386.95 fine ounces was received by the various
'United States mints from purchases by the Treasury in
accordance with the President's proclamation of Dec. 21 1933.
The proclamation was referred to in our issue of Dec. 23 1933,
page 4441. It authorizes the Treasury to absorb at least
24,421,410 fine ounces of newly-mined silver annually. Receipts by the mints since the proclamation was issued total
58,574,000 fine ounces to Dec. 20. During the week of Dec. 20
the San Francisco Mint received 499,121 fine ounces and the
Denver Mint 6,265.95 fine ounces.
The total weekly receipts since the beginning of 1935 are
as follows (we omit the fractional part of the ounce):
Dec. 28 1935
Week Ended- Ounces
1935
Jan 4
467,385
Jan. 11
504.363
Jan. 18
732,210
Jan. 25
973,305
Feb. 1
321.760
Feb. 8
1,167,706
Feb. 15
1,126,572
Feb. 21
403.179
Mar. 1
1,184,819
Mar. 8
844,528
Mar. 15
1,555,985
Mar.22
554,454
Mar.29
695,556
Apr. 5
836,198
Apr. 12
1,438.681
Apr. 19
502,258
Apr. 28
67,704
Week Ended- Ounces
Week Ended- Ounces
19351935May 3
173,900 Aug. 30
509,502
686,930 Sept. 6
May 10
310,040
86,907 Sept. 13
May 17
755,232
363.073 Sept. 20
551,402
May 24
247,954 Sept.27
May 31
1,505.625
203,482 Oct. 4
June 7
448,440
June 14
462,541 Oct. 11
771.743
June 21
1,253,628 Oct. 18
707,095
407,100 Oct. 25
June 28
972.384
796,750 Nov. 1
July 5
1,146.453
621,682 Nov. 8
320,550
July 12
608,621 Nov. 16
July 19
1,430,888
379,010 Nov.22
July 26
1,139,617
863.739 Nov.29
Aug 2
957,288
751,234 Dec. 6
748,396
Aug 9
667,100 Dec. 13
1,031,666
Aug. 16
1,313,754 Dee. 20
505,387
Aug. 23
In our issue of Oct. 19, page 2518, we gave the weekly
receipts during the year 1934.
$234,350 of Hoarded Gold Received During Week of
Dec. 18-$14,330 Coin and $220,020 Certificates
The Federal Reserve banks and the Treasurer's office
received $234,349.72 of gold coin and certificates during the
week of Dec. 18, it is shown by figures issued by the Treasury
Department on Dec. 23. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to Dec. 18, amounted to
$134,747,422.95. Of the amounts received during the week of
Dec. 18 the figures show $14,329.72 was gold coin and $220,020
gold certificates. The total receipts are as follows:
Received by Federal Reserve banks:
Week ended Dec. 18
Received previously
Total to Dec. 18
Received by Treasurer's office:
Week ended Dec. 18
Received previously
Gold Coin
$14,329.72
31,021,887.23
Gold Certificates
$211,220.00
100,912,030.00
$31,036,216.95
$101,123.250.00
266,456.00
8,800.00
2,312,700.00
$266,456.00
Total to Dec. 18
$2,321,500.00
Note-Gold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
Silver Transferred to United States Under Nationalization Order During Week of Dec. 20 Amounted to
7,131.05 Fine Ounces
Silver in amount of 7,131.05 fine ounces was transferred
to the United States during the week of Dec. 20 under the
Executive Order of Aug. 9 1934, nationalizing the metal. Receipts since the order was issued and up to Dec. 20 total
113,189,729.15 fine ounces, it was noted in a statement issued
by the Treasury Department on Dec. 23. The order of Aug. 9
1934 was given in our issue of Aug. 11, page 858. In the
Dec. 23 statement of the Treasury it is shown that the silver
was received at the various mints and assay offices during
the week of Dec. 20 as follows:
Fine Ounces
365.00
5,287.86
459.00
709.22
174.87
135.10
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Dec. 20 1935
7,131.05
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine Om.
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. 28
50,259
Week Ended- Fine On.
19357,941
May 3
May 10
5,311
May 17
11,480
May 24
100,197
5,252
May 31
June 7
9,988
June 14
9.517
June 21
26,002
June 28
16,360
July 5
2,814
July 12
9,697
July 19
5,956
July 26
16,308
Aug. 2
2,010
Aug. 9
9,404
Aug. 16
4,270
Aug. 23
3,008
Week Ended- Fine OIL
1935
Aug. 30
5,395
Sept. 6
1,425
Sept. 13
11,959
Sept. 20
10,817
Sept.27
3,742
Oct. 4
1.497
Oct. 11
2,621
Oct. 18
7,377
Oct. 25
1,909
Nov. 1
1,619
Nov. 8
1,440
Nov. 18
2.495
Nov.22
8,800
Nov.29
1.289
Dec. 8
3,141
Dec. 13
2.416
Dee. 20
7,131
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.
Gold Movement from
European Countries Reflects
According to Federal
Reserve Bulletin-Ethiopian War, Foreign Purchases of American Securities and International
Position of Gold-Bloc Countries Cited as Factors
The current gold movements, and the factors incident
there to, are discussed in the December Bulletin, made
available Dec. 26 by the Board of Governors of the Federal
Reserve System. From the Bulletin we quote:
Three
Major
Influences
Current Gold Movement
The movement of gold to the United States has continued. From the
middle of September to Dec. 5 gold imports amounted to more than $750.000.000. and additional shipments were In progress at the end of the period.
Part of this gold has been drawn from such sources as mines and private
hoards, but the bulk of it has come from Government and central bank
holdings in Europe.
The movement from central gold reserves of European countries appears
to reflect three major influences. One of these is of recent development.
The disturbed European situation which preceded and accompanied the
outbreak of hostilities in Ethiopia led to a transfer of liquid balances from
London to New York. The movement started in September and reached
Its height early in October. The nationals of many countries who had
employed London as a financial center, as well as the British themselves.
Volume 141
Financial Chronicle
were active in the movement. Toward the end of October this movement
subsided.
p. The second factor in the situation has been of somewhat longer duration.
Foreign purchases of American securities began to exceed sales last May
and the net inflow of foreign funds into American securities has continued
practically without interruption up to the present time. The intensification of this movement in the autumn is attributable in some degree to disturbed political conditions abroad, but the movement as a whole appears to
reflect a feeling among foreign investors that an opportunity for profitable
investment of their funds is offered by the American market. The foreign
purchases of American securities began several months before the transfer
of liquid balances from London to New York incidental to the growth of
political tension in Europe, and they have continued since these transfers
ceased to be a significant factor.
Gold-Bloc Countries
The third factor, which has been operative now for several years, is the
international position of the gold-bloc countries. A special problem has
been created for these countries by the general abandonment elsewhere in
the world of previously existing exchange parities and the introduction of
exchange controls by several countries that still officially adhere to the old
parities. Capital in the gold-bloc countries has proved to be more sensitive
to the condition of national budgets and to political difficulties than in the
countries that have altered their currencies during the depression. A series
of crises have occurred, differing in intensity, but each characterized by a
sharp outward movement of capital and gold.
The most general movement of this sort, although not the first, occurred
last spring after Belgium had devalued its currency. During the ensuing
movement Switzerland, The Netherlands,and France lost large amounts of
gold. In July and again in September there were further gold withdrawals
from The Netherlands as a result of political difficulties connected with the
government's economy program. When the substance of this program was
approved early in October the movement of gold was reversed. Since the
beginning of October the Netherlands Bank has lowered its discount rate
from 6 to 33570.
,
The principal outflow of capital recently has been from France. During
the preparations for the meeting of the French Parliament on Nov. 28 to
debate the economy decrees and the 1936 budget a heavy export of capital
began. On Oct. 29 a large majority of the Finance Commission of the
French Chamber of Deputies voted a report recommending that the budget
presented by the Cabinet be amended so as to diminish the burden on the
lower income groups, and instructing the chairman to study certain possible
offsets to the deficit created by the amendments. At the request of the
Cabinet the Finance Commission agreed to reconsider their original report,
but uncertainty with regard to eventual action by the Commission and by
Parliament on this and other major issues has since dominated French
financial markets. During November prices of government securities fell
below the levels reached in the crisis last spring and the discount on forward
francs widened.
The gold shipped from France to the United States as a result of the out•
flow of capital in recent weeks has been drawn from reserves of the Bank of
France, in contrast to the movement in September and October which
reflected for the most part British support of the pound sterling in Paris.
At the beginning of December the movement of French gold to this country
was still in progress notwithstanding increases in the discount rate of the
Bank of Franca from 3 to 6%;and the Swiss franc had also declined to the
gold export point.
Gold Movement Since Revaluation of the Dollar
The current movement of gold from Europe is the fourth major movement since the dollar was revalued on Jan. 31 1934. A table showing by
countries of shipment the amount of gold received during these four movements and during the period as a whole . . indicates the largest amount
.
of gold has come from France, but in part this is attributable to the fact
that several other leading countries deal in gold through the Bank of
France, which is the only central bank in the world to-day that pays out
gold at par for every purpose. Hence much Swiss. Italian, English. and
other gold has reached this country by way of France. On the other hand
most of the gold that has come to the United States from England has been
drawn from the London bullion market, which receives new-mined or dishoarded gold from many foreign sources. Gold from Canada represents the
product f'the mines, and that from India represents sales from the
accumeJltions of the Indian public.
-.0,-
easury Decision Describes Records to Be Kept by
Employers Under Social Security Act—Data Must
Show Amounts Paid Each Month When Eight or
More Persons Are Employed
7 Treasury Department on Dec. 20 issued a decision as
The
to records which employers of eight or more persons will be
required to keep under the Social Security Act which becomes
effective Jan. 1. The Treasury indicated that no special
form of payroll records will be prescribed, but records must
be adequate to show the gross payroll and the total taxable
payroll, as well as the number of persons employed from time
to time. Employers claiming to be exempt from the tax ire
Instructed to keep records which will establish their exemption. It was also explained that requirements under State
unemployment compensation laws are not involved in this
Treasury decision. An employer is permitted to deduct from
his assessment amounts paid into State unemployment funds.
Among exempted classes are agricultural labor, domestic
help, persons employing certain relatives, children under 21
years of age, and employees of Federal, State and other
governmental subdivisions.
The text of Article 2 of the Treasury decision of Dec. 20
follows:
(a) Every person subject to tax under the Act shall, during the calendar
year 1936 or any calendar year thereafter, for each such calendar year,
such permanent records as are necessary to establish:
(1) The total amount of remuneration payable to his employee in cash
or in a medium other than cash, showing separately (a) total remuneration
payable with respect to services excepted by Section 907c, (b) total remunera.
tion payable with respect to services performed outside of the United States,
(c) total remuneration payhble with respect to all other services.
(2) The amount of contributions with respect to employment during the
calendar year paid by him into any State unemployment fund, showing
separately (a) payments made and not deducted (or deductible) from the
remuneration of employees, (b) payments made and deducted (or deductible)
from the remuneration of employees, (a) payments made with respect to
services excepted by Section 907c.
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(3) Such other information as will enable the Commissioner to determine
whether such person is subject to the tax and, if subject to the tax, the
amount thereof.
(b) No particular method of accounting or form of record is prescribed.
Each person may adopt such records and such method of accounting as may
best meet the requirements of his own business, provided that they clearly
and accurately show the information required above and enable him to make
a proper return on the prescribed form.
(c) Records are not required to show the number of individuals employed
on any day, but must show the total amount of remuneration actually paid
during each calendar month and the number of individuals employed during
each calendar month or during each such lesser period as the employer
may elect.
(d) Any person who employs individuals during any calendar year, but
who considers that he is not an employer subject to the tax, should be prepared to establish by proper records (including, where necessary, records of
the number of persons employed each day) that he is not an employer
subject to the tax.
Issuance of Order by Treasury Department Calling for
Duplicate Copies of 1935 Income Tax Returns
In accordance with the previously announced decision of
the Treasury Department to require taxpayers to file in
duplicate their Federal income tax returns next March,
Secretary of the Treasury Morgenthau on Dec. 16 made
known his approval of regulations covering the new requirements. A green paper duplicate will be provided by the
Treasury which taxpayers must fill out as a duplicate of
their returns. Mr. Morgenthau's order declares "such copy
must be a complete duplicate of the return, except that the
affidavits on the duplicate form need not be filled in."
Associated Press advices from Washington Dec. 16 said:
It must, however, include any schedules and statements attached to the
original return, with exceptions which include; Information to be furnished
by corporations as to compensation of officers and employees in excess of
$15,000; the copy of a will or trust instrument in the case of a fiduciary
return; the power of attorney in the case of a return made by agents; the
copy of the annual statement made to the State Insurance Department in
the case of an insurance company return.
Mr. Morgenthau called attention to a law which provided that inspection
would be permitted only upon written request of State Governors who
should designate the representatives making the inspection.
References to the requirements for filing of returns in
duplicate was made in our Dec. 14 issue, page 3788.
President Roosevelt Offers Support to Safety Campaign Started in Washington—Pledges Aid to Any
Plan to Reduce Accidents
At the suggestion of President Roosevelt, a nation-wide
campaign to reduce the number of death and injuries resulting from accidents by all forms of transportation was started
in Washington Dec. 18 at a conference called by Secretary
of Commerce Roper. The movement,it is stated, is to continue until the annual loss of more than 100,000 lives and
the injury of more than 9,000,000 persons in this country is
drastically reduced. In suggesting the campaign, President
Roosevelt in a letter to Secretary Roper said that accdients
constitute one of our greatest national problems.
Regarding the conference held Dec. 18 Washington advices
that day to the New York "Times" of Dec. 19 had the following to say:
About 500 delegates participated in the conference as the representatives
of State and municipal governments, transportation, civic organizations,
insurance companies, industry in general, the Red Cross and other agencies
to whom the solution of the "safety problem" is a matter of concern.
Before the meeting the heads of the delegations were received by the
President, who declared he was ready and would support to the limit all
movements by the conference to reduce the toll of life and injury chargeable
to accidents. The government, said the President, will do its full share in
support of the program which the conference is expected to work out.
Mr. Roosevelt stated that he had no idea as to how the accident situation could be met and that he did not know whether the confernece could
formulate a plan which would be effective.
However, he said, he was very hopeful that the conference w^uld
be able to agree on some concrete suggestions which will indicate how
the national government may assist States and municipalities and industry
in lessening the accident peril.
To Draft Law Suggestions
Eleven conunittees were appointed, each charged with a study of a different phase of the problem. These committees will formulate their reports within the next 30 days and on the basis of the reports legislative
bodies,chiefly State Legislatures, will be urged to enact uniform safety laws.
"This is not a move by the Federal government to assume national responsibility for accident prevention," said Mr. Roper in opening the session. "Distinctly, that responsibility belongs with individuals, States and
local communities and there it must remain.
"With a constant rise in accident totals, however, it is apparent that
new aid is required and hence the national administration volunteers its
help.
"Perhaps its place in the picture is only that of a clearing house, or
a co-ordinator of local and national help. But at least it can act impartially and fearlessly for the public good, which is a form of assistance which
the situation sorely needs.
"The time when one person or group could serve selfish interests with
one hand and safety with the other is past.
"Public interest demands that all of us unite in an honest, open effort to
save lives. The government will do its part.
"My only thought is that safety work throughout the nation must
be co-ordinated and must move forward under a definite and intelligent
plan. The administration steps into the ranks ready to fight with you
'for the duration of the war.'
"The public," Secretary Roper continued, "is beginning to realize the
overwhelming nature of accidents and that there are many distressing
accidents elsewhere than on the highways, that there are accidents in industry and in homes that are killing almost twice as many persons yearly as on
the highways.
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Financial Chronicle
"However, it is motor car accidents that occupy most of their attention,
Possibly because they are of a public nature and the newspapers feature
them."
The accident situation on the water, Secretary Roper continued, also is
of gravest importance. If more adequate safety regulations had been
required and in force some recent sea disasters would have been prevented,
he said.
President Roosevelt Limits Federal Relief Responsibility to 3,500,000 Employable Jobless--All Other
Needy Must Be Cared for by States, He Says
The Federalovernment must limit its relief activities
'
to caring for 3,500,000 employable unemployed persons during
the current fiscal year, President Roosevelt said at a press
conference on Dec. 23. In answering questions, the President
disputed the contention that he had pledged the government
to supply jobs for persons able to support themselves and
their dependents, but who could not find employment in
private industries. He added that the States and their subdivisions must carry the burden of unemployable persons,
estimated at 1,500,000, as well as any excess of employables
over 3,500,000. Further details of the press conference were
noted as follows in a Washington dispatch of Dec. 23 to
the New York "Times":
Replies to questions asked may not be quoted directly, but here are the
questions asked of the President, and the substance of the replies:
I. How nearly has the Works Progress Administration come to taking
care of 3,500,000 destitute who have been on relief rolls?
The last report by Harry L. Hopkins, WPA Administrator, showed that
jobs had been provided for 3,480,000 persons, or 20,000 fewer than the
actual estimate. In other words, the program has been 997
4% successful.
2. Is the public justified in thinking the Federal government was canAnitted to taking care of all employables?
That is a sort of catch question, the President replied. It presupposes
that the public has thought along that line, a supposition with which he
did not agree. The picture, he added, was a very simple one, dating back
to Jan. 5, when he had to give Congress an estimate for appropriations
based on figures showing that there were 3,500,000 employable, needy unemployed persons.
It was estimated that $4,000,000,000 would be required to care for them
during the fiscal year. Congress gave the Administration the $4,000,000,000,
all of which would not have to be used had there been fewer than 3,500,000
employable individuals needing aid. To interpret this specific act as a basis
for a policy committing the government to permanent care of all unemployables, Mr. Roosevelt went on, was reductio ad absurdum.
3. If work on WPA for 3,500,000 does not provide for all the destitute
employables, who will be responsible for the care of this excess number?
The States, counties, municipalities and private charities.
4. Have the States and localities any responsibility beyond the 1,500,000
unemployables assigned them by the President?
They have complete responsibility, Mr. Roosevelt replied, for the entire
problem over and above the 3,500,000, because the latter total was the one
fixed in the last analysis by Congressional enactment and that is the limit
for which Federal funds are available.
To a further question whether he still considered the figure of 3,500,000
accurate, Mr. Roosevelt replied that he did, taking the country as a whole.
As for the ratio of 3,500.000 employables to 1,500,000 unemployables, this
might vary in some lotalities, he conceded.
President Roosevelt in Greetings to Nation Stresses
Spirit of Christmas as Breathing "Eternal Message
of Peace and Good Will"
At the annual ceremony on Christmas eve, of the lighting
of the National Community Christmas tree in Lafayette
Square, Washington, President Roosevelt in greetings the to
Nation stressing the fact that "the spirit of Christmas
breathes an eternal message of peace and good-will to all
men," went on to say "we pause therefore on this Holy Night
and, laying down the burdens and the cares of life and casting aside the anxieties of the common day, rejoice that
nineteen hundred years ago, heralded by angels, there came
into the world One whose message was of peace, who gave to
all mankind a new commandment of love." "In that
message of love and of peace" continued the President "we
find the true meaning of Christmas."
The President, who spoke at 5:09 p. m. pressed the button
which lighted up the living tree, which, according to the
Washington account to the New York "Herald Tribune" was
also decorated with sound equipment permitting carols to
emerge from its branches periodically during the holidays.
The President drove from the White House to the treelighting ceremonies accompanied by his mother, Mrs. James
Roosevelt, and other members of his family. His greetings
which were broadcast follow in full:
Once more the most joyous of all days draws near, and again it is my
privilege on this blessed Eva of the Nativity to wish the American people
everywhere a merry Christmas.
This is the third time that I have joined in these Christmas Eve festivities.
We are gathered together in a typical American setting in the park here in
front of the White House. Before me and around me is an American
assemblage—men and woman of all ages—youth and maiden—young
children who know nothing about the cares of life—all jubilant with joyous
expectations.
The night is falling and the spirit of other days, too, broods over the
scene. Andrew Jackson looks down upon us from his prancing steed; and
the four corners of the square in which we are gathered around the gayly
lit Christmas tree are guarded by the figures of intrepid leaders in the
Revolutionary War—Von Steuben, the German; Kosciusko, the Pole, and
Lafayette and Rochambeau, from the shores of France.
This is in keeping with the universal spirit of the festival we are celebrating; for we who stand here among our guardians out of the past and from
four shores are, I suppose,as diverse in blood and origin as are the uncounted
millions throughout the land to whom these words go out to-night. But
around the manger of the Babe of Bethlehem "all nations and kindreds and
tongues" find unity. For the spirit of Christmas knows no race, no creed,
no clime, no limitations of time or space.
Dec. 28 1935
The spirit of Chrismas breathes an eternal message of peace and good wil
to all men. We pause, therefore, on this Holy Night and, laying down the
burdens and cares of life and casting aside the anxieties of the common day.
rejoice that nineteen hundred years ago, heralded by angels, there C31113 into
the world One whose message was of peace, who gave to all mankind a new
commandment of love. In that message of love and of pawn we find the
true meaning of Christmas and so I greet you with the greeting of the
angels on that first Christmas at Bethlehem, which, resounding through
centuries, still rings out with its eternal massage: "Glory to God in the
highest, and on earth peace, good-will to men."
President Roosevelt Calls Conference for Preservation
of Wild Life—All States Asked to Send Delegates
to Meeting in Washington Beginning Feb. 3.
A national conference on the conservation of wild life will
be held in Washington, Feb. 3 to Feb. 7, it was announced by
President Roosevelt on Dec. 20. In calling the conference,
the President followed the suggestions of J. N. Darling, the
cartoonist, who recently resigned as Chief of the Biological
Survey Bureau and who urged such a meeting to create a
federation of all wild life agencies with sufficient power to
obtain protective legislation. The President said the conference will bring together all interested organizations, agencies
and individuals in behalf of restoration and conservation of
land, water and forest wild life resources. Other details of
the project were described as follows in a Washington dispatch of Dec. 20 to the New York "Times":
He also indicated that no legislative recommendations would be expected of
the conference, but rather that it would be asked to submit concrete proposals for action in which government agencies and conservation societies
could work together for a common end.
The Chairman of the conference will be F. A. Silcox, Chief Forester of
the United States, who will be assisted by a citizens' committee.
Each of the State Governors will be invited to attend or to send a special
representative, Mr. Roosevelt said, and in addition, each State will be asked
to send twice as many delegates as it has members in the Senate and House.
Mr. Roosevelt credited J. N. Darling, the cartoonist, who until recently
occupied a Federal post connected with conservation to pursue the hobby
of a lifetime, with having given impetus to the conference.
Range of Topics for Session
Besides general meetings of the conference, special sessions of conservationists and technicians in their respective fields will be held.
The topics will include soil erosion and pollution control, better utilization
of the public domain, impounding of water, reversions of land and the usage
of national parks and forests, all factors in preservation of wild life.
Asked whether waterpower would figure in the discussion, Mr. Roosevelt
replied that he thought it would only indirectly.
The President's discussion of the general problem served to recall to
observers studies made by the Department of Agriculture showing that
natural conditions have changed radically in some localities, the dropping
of the water table in the Northwest having resulted in the drying up of a
large area once used by ducks as breeding grounds.
President Roosevelt Sends Holiday Greetings to
Disabled Veterans Throughout Country
Christmas • and New Year greetings to disabled veterans
from President Roosevelt were telegraphed on Dec. 21 to
various veterans' hospitals throughout the country The telegram read as follows:
To All Disabled Veterans:
Another year draws to its close and Christmas again unites us all in spirit.
Since I greeted you last year many changes have taken place. Some of you
are still bravely meeting the test of patience with the same buoyanee of
spirit that sustained you in the stress of service to our country. Others
have been restored to health and happiness, while still others have passed
on, all—the noble living and the noble dead—blessed with the everlasting
gratitude of the nation they served.
It is my wish that this Christmas bring to each of you the beet of good
cheer and renewed confidence in the new year for restoration to health and
the attainment of real happiness.
President Roosevelt in Christmas Message Commends
Army and Navy
Christmas greetings were extended to the army and navy
by President Roosevelt on Dec. 23. The President, who is
Commander-in-Chief of all the armed forces of the United
States, said:
I am glad to take this holiday season as the occasion to thank the officers
and enlisted men of the army and navy for duty well done and for their
devotion to the service of the security of the country.
I trust that the Christmas holidays and the New Year will bring to them
real happiness and good cheer.
George H. Dern, Secretary of War, and General Malin
Craig, Chief of Staff, also sent messages of the season's
greetings. Secretary Dern stated:
I hope that the officers and enlisted men
the members of their families will enjoy a
and that during the coming year the army
in the privilege of serving the people of the
of the United States Army and
merry, old-fashioned Christmas,
will find continued satisfaction
United States.
The following is the message of the Chief of Staff:
To you and to the members of your command I wish to extend my warm
Christmas greetings. I hope sincerely that you and the officers and enlisted
men serving with you will have a holiday season filled with good cheer and
that the New Year will bring abundant happiness. With these holiday
greetings I wish to express my keen appreciation of the splendid service
marked by high efficiency and devotion to duty which the United States
Army has rendered during the past year.
President Roosevelt Issues Executive Order Terminating
NRA—Divisions Transferred to Departments of
Commerce and Labor
An Executive Order, effective Jan. 1, was issued by President Roosevelt en Dec. 23 terminating the National Recovery
Volume 141
Financial Chronicle
Administration and the office of Administrator. Some of the
functions of the NRA are transferred to the Department of
Commerce and others to the Department of Labor. Under
date of Dec. 23 the New York "Times" said:
The issuance of the order was taken here as ending the efforts of the
Administration to regiment industry and counteracting reports current
earlier in the year that new legislation would be asked of Congress in an
effort to circumvent the decision of the Supreme Court in the Schechter
case which made all industrial codes unconstitutional.
The order preserved temporarily, until the end of periods set by previous
orders, the branches of the NRA still operating.
The three agencies transferred to the Department of Commerce are the
Division of Review, the Division of Business Co-operation and the Advisory
Council. They will continue until April 1 1936, when Secretary Roper was
ordered to abolish them. The Consumers' Division, which will last until
June 30 1937, was shifted to the Labor Department.
Employees in these four divisions continue to be exempt from civil service
requirements, but the order provided that their transfer into regular government departments should not give them the exempt status automatically.
The future fate of these bureaus was placed definitely in the hands of
Secretary Roper, as head of the Commerce Department, and Secretary Perkins, as chief of the Labor Department, the order providing that each could,
under the general direction of the President, "appoint, employ, discharge
and fix the compensation and define the duties and direct the conduct of
all officers and employees engaged in the administration of the agencies
transferred by this order."
When asked about the status of Major-General George L. Berry, Industrial
Co-ordinator, President Roosevelt said that he would continue to perform
his usual work.
The President's Executive Order, as given in Washington
advices, Dec. 23, to the New York "Journal of Commerce,"
follows:
1. The National Recovery Administration and the office of Administrator
thereof are hereby terminated.
2. The Divislon of Review, the Division of Business Co-operation and the
Advisory Council, . . . together with all of their officers and employees,
files, records, equipment and property of every kind are hereby transferred
to the Dtpartment of Commerce. The Secretary of Commerce is authorized
and eitected, under the general direction of the President, to appoint, employ, discharge and fix the compensation and define the duties and direct
the conduct of all officers and employees engaged in the administration of
the agencies transferred by this order to the Department of Commerce, to
exercise and {Rao= in connection with the said agencies the functions and
duties now exercised and performed, to report to the President on all matters
relating thereto, and to terminate the functions and duties of the said agencies
not later than April 1 1936.
Action on Consumers' Division
3. The Consumers' Division
. . is hereby transferred to the Department of Labor. The Secretary of Labor is authorized and directed
under
the general direction of the President, to appoint, employ, discharge and
fix
the compensation and find the duties and direct the conduct of all
officers
and employees as may be engaged in the administration of the
said Consumers' Division, to exercise and perform in connection with said
Consumers'
Division the functions and duties now exercised and performed, or authorized
to be exercised and performed, by the NRA, and to report to the
President
on all matters relating thereto.
4. No person transferred by this order shall by such transfer
acquire a
civil service status. Any new appointments under this order may be made
without regard to the civil service rules and regulations.
5. All orders and regulations heretofore issued concerning the
administration of Title I of the National Industrial Recovery Act, as
amended, are
hereby modified to the extent necessary to make this order fully effective.
6. This order shall become effective on Jan. 1 1936.
President Roosevelt Drafting Annual Message to Congress—Short Session Seen—Senators Harrison
and Fletcher Predict That No Tax, Banking
or
Monetary Legislation Will Be Passed
President Roosevelt began on Dec. 26 the writing of his
annual message to Congress, which, it was stated in Washington advices, Dec. 26, to the New York "Times", is not
expected to be long. It was pointed out that the President
has indicated in previous statements that the legislative program will be rather limited. The advices to the paper
quoted said:
One matter expected to be emphasized will be permanent neutrality
legislation to supplant the present law, which expires Feb. 29. The latter
is unsatisfactory to the administration. The President's suggestion as to
the
form he thinks the new law should take may be submitted in a
subsequent
message, since it is his policy to deal with the details of important affairs
in
special messagm rather than in his annual pronouncement.
Budget Details Are Assembled
Other subjects which, It is expected, the President" will discuss in themes
sage now being written include relief, public works, ship subsidies and,
possibly, a permanent agricultural aid law. The navy also may
have an
important place, some officials believe.
The President will not complete his budget message until after he
has
finished writing the annual myisage. As in the case of the latter, the
framework of the budget message is practically completed, and only a few
minor
details remain to be worked out.
It was reported in Washington press accounts that both
Senator Pat Harrison, of Mississippi, Chairman of the
Senate Finance Committee,and Senator Duncan U.Fletcher,
of Florida, Chairman of the Senate Committee on Banking
and Currency, had said that there would be no tax, banking
or monetary legislation at the coming session of Congress
which convenes Jan. 3. The two Senators united in predicting that the Townsend plan, calling for $200 a month
bonuses to persons more than 60 years of age, would fail of
passage. At a press conference Dec. 26 Senator Harrison
made the following predictions it was stated in United Press
advices from Washington, that day:
The coming session of Congress will be short.
There will be no general tax legislation.
A compromise soldier bonus bill will be enacted.
4097
The Townsend old-age pension plan will be scrapped in Congress.
Substitute farm legislation will be enacted if the Supreme Court scuttles
AAA.
The Social Security law may be amended.
A manufacturer's excise tax would be defeated.
Changes may be made in the Federal liquor regulations.
Government
Asks Stay in Suits Involving Utility
Company Act Pending Supreme Court
Decision—Also Concludes TVA Arguments Before
High Tribunal
Holding
Attorney-General Cummings on Dec. 24 filed a brief in
the District of Columbia Supreme Court requesting an order
staying all proceedings involving the constitutionality of
the Utility Holding Company Act. The brief asked that
pending cases be suspended until the United States Supreme
Court decided the suit of the Securities and Exchange Commission against the Electric Bond and Share Company.
The brief also challenged the right of holding companies
to question the constitutionality of the law unless they first
have registered with the SEC.
Government counsel on Dec. 20 completed before the
Supreme Court their arguments on the validity of the
Tennessee Valley Authority. Solicitor-General Stanley
Reed contended that the TVA was primarily a navigation
project, with hydroelectric power a by-product. James M.
Beck, in an opposing argument, asserted that the TVA was
using undue Government advantage to "annihilate" private
enterprise. Justices of the Supreme Court did not question
either Mr. Beck or Mr. Reed at length. Previous arguments on the TVA were noted in the "Chronicle" of Dec. 21,
pages 3946-47. The final pleas were described in part as
follows in a Washington dispatch of Dec. 20 to the New
York "Times":
Not long before the arguments closed and the issue taken under advisement, Mr. Beck exclaimed that the suit presented "a case of administrative malevolence." and that the TVA experiment was a "humiliating
chapter in our history."
Noting that two theories were presented, one that TVA is primarily a
navigation project; second, that it is primarily a power project. Mr. Reed
said:
"If it was intended primarily for power that would have been an invalid
exercise of congressional power.
"This is the creation of a navigable stream with a by-product-of electricity to be sold to avoid waste. The government is the only agency
which could improve the river. The logical way is to sell the power wholesale and the Alabama Power Company has been-the largest purchaser."
Recalling that the Court had declined to consider the question of validity
of the Boulder Dam project when Arizona suet. the Colorado Basin States
to stop construction, Mr. Reed continued:
"You said at that time you would not look into the motives of Congress
at that time, and that the improvement of navigation was clearly within
the scope of the law. In this case the act demands that the river beimproved, and it is within the power of Congress to use the best means to
bring that about."
Justice McReynolds asked if Mr. Reed thought the Court would not
have to consider "the whole TVA plan." Mr. Reed implied that toe Court
had power to do this, but he did not think the issue ran that far. Justice
McReynolds remarked that he thought there might be much more than the
river improvement involved.
Brandeis Puts Question to Beck
Mr. Beck denied Mr. Reed's contention that Wilson Dam alone was
affected; there was nothing to prevent development of many other dams
the War Department contemplated.
Judge Brandeis repeated the question he put to Mr.Johnston yesterday:
"Have you found any case where preferred stockholders could sue in a
case of this kind?"
Mr. Beck replied that he had not personally investigated this matter,
but he saw no difference between preferred and common stockholders in
an issue of this character. Justice Brandeis asked if Mr. Beck could show
by the record that the stockholders would suffer "irreparable injury."
"It is not a mere question of irreparable injury but of utter destruction
of the Alabama Power Company." Mr. Beck replied.
"The act permitted the government to nationalize the sale of electricity.
As the Executive Department names it. it is a new departure of a socialistic
character. It is a scheme to peddle electricity to the largest number."
Norris Dam is not intended for navigation, and has not even a lock,
Mr. Beck stated; while Norris Dam will triple the electric output at Wilson
Dam.
"This Court will not understand until it reads the minutes of the PVA
its press releases and propaganda how it tried to compel four great power
companies in Tennessee, Georgia, Alabama and Mississippi to sell out,"
he continued. "The Alabama Power Company was only a pawn on the
chessboard and, as often happens to a pawn, it was sacrificed. The Commonwealth and Southern signed the contract for strategic reasons.
"The TVA said to the Alabama Power Company: We will give you
three months to sell your transmission lines and if you don't. TVA will
erect duplicates."
Sees A Machiavellian Policy
It was "Machiavellian," he contended, that Public Works Administration money was furnished to communities, without strings, if TVA power
was used.
David E. Lillienthal, TVA Director, was accused of addressing Kiwanis
and Rotary clubs with "a veritable hymn of hate" in a "propaganda campaign" against the utilities.
"I never knew a stockholders' suit in which there was such a stockholders'
interest as here." Mr. Beck went on.
"If this Court will read this record and see the ruthless manner in which
TVA tried to destroy investments of $600,000.000 in six States, you will
say this presents a case of administrative malevolence. It is a humiliating
chapter in our history and the proponents will one day recognize that.
"It is the Constitution at stake here even more than the fate of the Alabama Power Company.
Mr. Beck contended that if the government could sell TVA water power,
it could, with its $10,000.000,000 gold stock, purchase the United States
Steel Corporation or any huge industry on the theory that it might be useful
for some purpose. Those who wrote the Constitution would "rub their
eyes" if they could see the projects being attempted by the government.
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Associated Press advices of Dec. 24 from Washington
summarized the Government's brief before the District
Supreme Court as follows:
The companies have refused to register on the ground the act is unconstitutional and have brought some fifty injunction suits against the government. The government is attempting to reduce this number.
Denying that provisions of the controverted law are inseparable the
brief said:
"The government urges that the registration provisions themselves are
separable, and that an unregistered holding company has no standing in a
court either of law or of equity to question the validity of provisions like
Section 11 (the dissolution clause)—applicable by their terms only to
registered holding companies—unless and until that company registers."
The Electric Bond & Share Company also is not registered, but the government claimed there was no inconsistency in its proceeding against that
company.
If the act's provisions are to be held inseparable, the government said.
for the purpose of providing the companies with an "excuse" for their
failure to register "the provisions must be held equally inseparable for the
purpose of determining the issues which may be raised in the Bond & Share
suits.
Attorney-General Cummings, in his original appearance before Justice
Jennings Bailey, asked that action In all seven suits be withheld until the
Supreme Court rules on the law in the Electric Bond & Share case. He
said similar requests would be made in all courts where injunction actions
pended.
Replying to arguments by the utility company counsel
that the government's postponement motion should be dismissed, Mr. Cummings, according to a Washington dispatch
Dec. 24 to the New York "Times" said:
The strategy of the plaintiffs in these proceedings has reviled itself
as an effort not to protest private constitutional rights but to theckmate
the government's efforts to present the constitutionality of the act to the
United States Supreme Court on an adequate record in the kind of typical
situation which Congress had in mind when it enacted the act.
Private rights are entitled to protection, and no government official can
deprive the plaintiffs of their day in court," the government brief stated.
"But private interests have no claim to dictate the suits which the government should try or a ppeal.
That responsibility has been given by law to appropriate and responsible
public officials. Plaintiffs said their counsel are entitled to present to this
Court what they regard as the plaintiffs' constitutional rights. But
government counsel are likewise representing what they regard as the constitutional rights of the Congress representing the American people to
enact the legislation hereunder discussed.
Says Plaintiffs Fear Ruling
"Government counsel has a responsibility and duty to see that those
rights of the Congress are tested under circumstances where the government is not prejudiced by inadequate preparation and representation.
The rights of present litigants are no more important than those rights of
the Congress under the Constitution."
Referring to the actions brought in the local court by the eleven utility
concerns involved, the government's brief said:
"The plaintiffs have been frankly interasted not in the practical protection which could be afforded them by a decree of this Court but in carrying
cases of their own choosing to the United States Supreme Court to test
the constitutionality of the Public Utility Holding Company Act.
"Fhe plaintiffs have not denied that if the government loses in the suits
brought against Electric Bond and Share Company and its principal subsidiaries there will be no necessity to try the suits brought in this Court."
the Federal brief continued.
"But the plaintiffs, fearing that the act, which they have solemnly
averred in their bills of complaint to be wholly unconstitutional and void,
Share and
may, after all, be constitutional in its application to Bond.and
its subsidiary holding companies, urge that a decision of the United States
Supreme Court to this effect will not necessarily determine the suits brought
in this Court, because the Issues of law and fact are not identical."
Without answering the latter argument, the government contended
that a determination of the issues in the Electric Bond & Share case would
eleven
greatly simplify if not eliminate altogether the issues involved In the
cases pending before the local courts.
Government arguments in defense of the TVA were noted
in our issue of Dec. 21, page 3946.
Federal Judge Otis of Kansas City Holds Wagner
National Labor Relations Act Unconstitutional—
First Decision on Law Says Congress Exceeded Its
Rights—NLRB to Appeal Ruling that Law Is
Invalid in Entirety
A ruling that the Wagner National Labor Relations Act
is invalid in its entirety under the commerce clause of the
Constitution was handed down on Dec. 21 by Judge Merrill
E. Otis of the Federal District Court in Kansas City. This
decision, which was the first in the country on the law, will
be appealed immediately, officials of the National Labor
Relations Board said on Dec. 22. The case will now go to
the Circuit Court of Appeals, and will probably eventually
reach the United States Supreme Court, Judge Otis's decision was in the case of Charles Bank Stout, Warda Stevens
Stout and Alice Adeline Stout, who operate the Majestic
Flour Mills of Aurora, Mo., and who were granted a temporary injunction against a NLRB complaint citing them for
alleged refusal to bargain a wage and hour agreement with
a union of employees. Judge Otis ruled that Congress had
exceeded its constitutional right "to regulate commerce with
foreign nations and among the several States," and hence
that the whole Act is unconstitutional. The Act, he added,
treats the individual as "an incompetent."
Judge Otis ruled:
The very heart of the Act is the prohibition and prevention of so-called
unfair labor practices. All else, including the legal remedy, is incidental to
that and must go down with it.
In part, the decision, as given in a Kansas City dispatch,
Dec. 21, to the New York "Times," also said:
Dec. 28 1935
Manufacturing Held No Part of Commerce
Manufacturing is no commerce nor any part of commerce. Nothing more
firmly is established in constitutional law than that. Congress, therefore,
under the commerce power, cannot regulate manufacturing. Hence it cannot
regulate the relations between employers and employees in manufacturing,
as commerce.
Never can these relations be any part of commerce. Defendants admit
that. Defendants my, however, that commerce may be affected by these
relations.
But it is absurd to say that the refusal of the owner of a flour mill to
bargain collectively with his employees directly affects commerce among
the States. How does it affect it? Defendants answer (no other answer is
conceivable):
If the owner will not bargain collectively with his employees, the employees
may strike; if the employees strike, production will be curtailed; if production is curtailed, less flour will be exported in commerce. And so cornmerce is lessened and thus affected.
It is difficult to imagine anything more remote from another and less
directly connected with it than is the first step in this suggested chain of
events from and with the last. The mere statement of this reasoning exposes
its lack of reason.
Elaborate exposition of its unsoundness involves an assumption I am not
willing to make, that any individual can be found who seriously will maintain that inter-State commerce directly is affected by the manner in which
an employer bargains with his employees.
To use the phrase employed in the Schechter case (295 U. S. 495,554) by
Justice Cardozo, a more distant repercussion than is the suggested result
of a lessened commerce from the far-away cause of a refusal of collective
bargaining the wit of man cannot conceive.
Act's Quotations Held Irrelevant
Speculation as to what may have led to so distorted a view of the commerce power as is advanced in this case perhaps is valueless. Certain
verbiage appearing in the Act, particularly in Section 1, setting out various "findings" and a "declaration of policy," suggests that phrases in
Supreme Court opinions, and one or two decisions of that court, entirely
irrelevant to the use now made of them, have been seized upon as foundation stones to support an argument for the asserted power.
No support for the Act is to be found in the so-called "stream of commerce" decisions of the Supreme Court.
That is not a stream of commerce which begins in Kansas with the
purchase of wheat in that State for transportation to a Missouri mill, which
is interrupted by the delivery of the wheat at the Missouri mill where flour
is manufactured from the wheat, and which ends in Iowa with the sale and
delivery there of flour, a new product, a product different from the wheat
which was shipped out of Kansas.
Here are two distinct streams of commerce, one ending when the wheat
is unloaded at the mill, the other beginning when the flour into which the
wheat has been manufactured is loaded on cars for shipment to Iowa.
The mill is at the end of one of these streams and at the beginning of the
other, but it is a part of neither.
Rees Negotiations No Link to Commerce
Clearly this case gives no support to the contention that Congress can
legislate to prohibit whatever lessens or prevents production unless, first,
the thing prohibited does directly (not remotely, not indirectly) lessen or
prevent production and, second, unless the intent of him who does or would
do the thing prohibited is to prevent or lessen commerce.
But refusal by an employer to bargain collectively with his employees
cannot directly lessen or prevent production, and if it did do that certainly
it would constitute no evidence that the employer's intention was to lessen
commerce.
If Congress can legislate to prevent that which indirectly and remotely,
or even directly and immediately, might lessen the production of goods
intended in whole or in part to be transported in inter-State commerce after
production, then its power is almost unlimited.
If the relations between employers and employees may be regulated in one
respect they may be regulated in all respects. If such relations may be
regulated by Congress to the end that production may not be lessened,
certainly Congress also may legislate concerning the machinery in factories,
for the less efficient the machinery the less the production by its use.
And if Congress may legislate to prevent lessened production in mills and
factories, it may do so also in agriculture and in every field of human
activity.
There is now pending in Congress a resolution to amend the Constitution.
The first section of the proposed amendment is this: "The Congress shall
have power by laws uniform in their geographical operation to regulate commerce, business, industry, finance, banking, insurance, manufacturers, transportation, agriculture and the production of natural 'resources.'"
When that proposed amendment has been submitted and ratified the
statute now under consideration, in the respects considered here, if then
re-enacted, certainly will be constitutional. But not until then. Then,
also, what yet remains of the sovereignty of the States will cease to be and
the "citizen" will have become a subject.
From the Kansas City account, Dec. 21, to the "Times," we
also take the following:
He (Judge Otis) holds that "Congress has no power to regulate that which
merely 'affects' commerce," adding: "There is no way in which any of the
specified unfair labor practices in any business, whether mill or mine or
factory or store, conceivably can directly affect commerce."
"Whole Act Unconstitutional"
In his memorandum opinion, Judge Otis denied the government's motion
to dismiss the Majestic bill. He wrote:
"The conclusion is that the whole Act is unconstitutional, including that
part of it which purports to give a remedy to those who may be injured by
the enforcement of the Act. Therefore, the complainants here have no
remedy at law. Having no remedy at law they are entitled to relief in
equity.
"The motion to dismiss the bill is denied. A temporary injunction, which
complainants pray, will be granted. Specific findings of fact will be filed
separately."
Judge Otis declared that the Act was clearly intended to apply to labor
relations in all industry.
"While the flour mill at Aurora," he stated, "is a small establishment
where relatively few individuals are employed and is engaged exclusively in
manufacturing, which, it is conceded, it a local business, yet the clear
intent of the National Labor Relations Act is to subject the relations between
employers and employees in even such small intra-State institutions to the
control of the executive branch of the national government.
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Financial Chronicle
"It so clearly applies and was intended to apply to all employers and all
employees in all industry that it was thought necessary by Congress expressly
to expect from its provisions such employment as that of children by their
parents and as that of domestic servants.
"If a father has three sons employed by him in a family enterprise he
still may bargain individually with each; he is not required to bargain only
with the representatives of the majority."
"Prime Question in Case"
Judge Otis says that "the prime question in the case" is stated thus:
"In so far as the Act impliedly prohibits (by empowering the Board to
prevent) a refusal by employers in such a flour mill as that at Aurora to
bargain collectively with their employees and prohibits individual bargaining, is it constitutional?"
A majority of the employees in the Majestic Mill organized a union, Judge
Otis recites. The union, he goes on, made such demands that the owners
a ere compelled to close hte mill. Among other things, the union demanded
that the owners sign a contract that they would employ none except members
of the union and discharge no employee without cause.
"It was then that complainants," the judge wrote, "committed the
'offense' on account of which the government of the United States proceeded
against them. The 'offense' was this—they refused to execute the contract
demanded by the union (to that extent refusing to bargain collectively with
the representatives of a majority of their former employees), and they
re-opened the mill, re-employing all former employees who applied for
employment, 'dealing with said employees individually.'"
Judge Otis recited that the Labor Board then initiated a proceeding
against the owners of the mill, the action resulting in the suit at issue.
"The very heart of the Act is the prohibition and prevention of so-called
unfair labor practices," Judge Otis wrote. "All else, including the legal
remedy, is incidental to that and must go down with it.
"There is no way, and defendants point to none, in which any of the
specific unfair labor practices in any business, whether mill or mine or
factory or store, conceivably can directly affect, by burdening or obstructing commerce.
"Here again the suggestion, the only suggestion, is that unfair labor practices will result in discontent, possibly in strikes, hence in limitation of
production, hence in lessened commerce. But that is affecting commerce
only indirectly, remotely."
William Green, President of the American Federation of
Labor, stated on Dec. 21 that he would not accept Judge
Otis's decision on the Wagner Act as final. He was quoted
as saying:
I can't believe that the decision is based on sound principles. We shall
rely on the Supreme Court for the final decision.
Amended Frazier-Lemke Farm Mortgage Act Declared
Unconstitutional in Decision of Judge Cosgrave
in Federal District Court at Los Angeles
According to the Los Angeles "Times" of Dec. 16, U. S.
District Judge George Cosgrave has declared to be unconstitutional the amended Frazier-Lemke Farm Mortgage Act.
The Federal Jurist (says the paper indicated) took as his rule
the decision of the U. S. Supreme Court in the Louisville
Joint Stock Land Bank vs. Radford case, wherein the
highest Court condemned the former Frazier-Lemke Act
because of its effect in denying to the bank certain specifically
described rights, and found that the amended Act failed to
cure at least two of these constitutionally guaranteed rights.
From the Los Angeles "Times" we also quote:
The U. S. Supreme Court in its decision in that case held that the former
Act had denied to the bank the following rights:
Rights Outlined
(1) "The right to retain the lien until the indebtedness thereby secured is
paid.
(2) "The right to realize upon the security by a judicial public sale.
(3) "The right to determine when such sale shall be held, subject only
to the discretion of the court.
(4) "The right to protect its interest in the property by bidding at such
sale whenever held, and thus to assure having the mortgaged property
devoted primarily to the satisfaction of the debt, either through receipt of
the proceeds of the fair competitive sale or by taking the property itself.
(5) "The right to control meanwhile the property during the period of
default,subject only to the discretion of the court, and to have the rents and
profits collected by a receiver for the satisfaction of the debt."
Objection Told
Conceding that the amended Act cured the defects cited by the Supreme
Court as rights, one, two and four, Judge Cosgrave finds the new Act
"distinctly deprives the lien holder" the No. 3 right to determine when the
sale shall be had.
"On the contrary, this right is postponed for three years or for a shorter
time at the pleasure of the debtor and not the lien holder," the Judge said
in his opinion.
Rights Destroyed
As to right‘No. 5, Judge Cosgrave rules that it is "distinctly destroyed"
because the control of the property is given to the debtor and not to the lien
holder during the period of default, as also are the rents and profits.
The decision is made in granting two petitions to dismiss a debtor's proceeding in bankruptcy. The petitions, one brought by Michael Shoemaker, owner of a trust deed, to either dismiss the debtor's proceeding or
permit the foreclosure of the trust deed covering the farming property of the
debtor, William Diller, and the other filed by the John Hancock Mutual
Life Insurance Co. to permit foreclosure of a trust deed . .. on property
of Mr. Diller, other than his farm.
Mr. Diller filed his petition on Sept. 14 1934, and after various proceedings
under the then existing Act he secured an adjudication under the amended
Act. By the decision of the Court, this adjudication stands dismissed.
United States Supreme Court Agrees to Grant Early
Ruling on Validity of Guffey Coal Conservation
Act
On Dee. 23 the U. S. Supreme Court agreed to hand
down an early decision on the validity of the Guffey Coal
Conservation Act. As was indicated in our issue of Dec. 21,
page 3945, a plea for an early ruling on the act by the High
Court was filed on Dec. 16, the appeal having been sent to
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the Court by attorneys for James W. Carter, stockholder
of the Carter Coal Co. It was stated that an early decision
was urged by the government upon the Supreme Court on
Dec. 20 while the nine Justices were hearing closing arguments on the Tennessee Valley Authority. As to this, we
quote the following from a Washington dispatch Dec. 20 to
the New York "Times":
"The bituminous coal industry will remain uncertain as to the effect of
the act until its validity is determined by the Court." said a brief presented
by Stanley Reed, Solicitor-General.
Joining with James Walter Carter, Mr. Reed asked the Court to jump
Mr. Carter's lawsuit against the Carter Coal Co. straight from the District
of Columbia Supreme Court without waiting for a District Appellate Court
decision.
Other requests that the Supreme Court pass upon the Guffey Act, even
before the Sixth Circuit Court of Appeals heard arguments, came from
Harlan County. Ky., coal producers while Mr. Reed was still arguing in
defense of the TVA and James M. Beck was hotly denouncing the TVA as
ruthlessly attempting to destroy investments of $600,000.000 in various
States. . .
Solicitor-General Reed,in his brief on the Guffey suit, sought to have the
Supreme Court pass upon the question of wages and hours under the coal
code. The District Supreme Court held these invalid while sustaining the
price-fixing and tax sections.
Agrees to Review on Taxes
The Solicitor-General agreed to a request by Mr. Carter to have the
Court review decrees of the District Supreme Court enjoining collection of
taxes under the law. Mr. Reed said it was of "public importance to decide
the question because 50 Guffey cases were pending in the lower courts and.
presumably, permanent injunctions against tax collections during the period
of litigation will be sought in all of them."
"Until final determination of the question hether a producer who brings
suit is entitled to permanent injunctive relief against the collection of taxes
accruing during the pendency of judicial proceedings, even though the
taxing provisions are held valid, the lower Federal courts, the enforcement
authorities and the bituminous coal industry will be in a state of uncertainty
as to the period of pendency in suits to test constitutionality," the brief
continued.
"The issue is of vital concern to the coal industry as well as to the government. If the decision of the Court below in this case is followed by other
courts, coal producers who bring suit will be relieved of the duty of compliance with the tax provisions during the pendency of litigation and will
thus gain a competitive advantage over producers who comply with the act.
"The result will be to put a premium upon litigation and to invite prolonged suits which will result in permanent injunctions against taxes accruing during the period oflitigation, even if the constitutionality of the legislation under attack is ultimately upheld."
The Supreme Court in agreeing on Dec. 23 to an early
ruling on the Guffey Act, set down for argument in March
four cases involving the constitutionality of the law, said
the Washington correspondent of the New York "Journal
of Commerce" from whose dispatch Dec. 23 we quote:
The cases in which a ruling on the constitutionality of the act is requested
are those brought by James W.Carter to restrain his company from signing
the Dituminous coal code, the suit of the government to force compliance:
suit of C. H. Clark, stockholder, to force compliance by the R. C. Tway
Coal Co. and suit of the latter company along with a number of other
operators in the Kentucky fields to avoid abiding by the law.
From the same dispatch we also take the following:
Immediately following its decision announced in the routine order sheet
issued by the clerk, the Court recessed until Jan. 6 when it is expected to
hand down momentous rulings on constitutionality of the Agricultural
Adjustment Act in its original and amended forms and the Bankhead
Cotton Control Act.
The four cases testing the power of Congress to attempt regulation of the
soft coal industry under the Commerce Clause and the power to tax reached
the High Court via direct appeals from rulings of the District courts which
have not been passed upon by the Circuit courts.
Departs from Precedent
While the Supreme Court as a general rule insists that litigation reach
it only through the usual channels, it apparently decided to waive this rule
in the present instance because of the importance of the issue. . .
The outstanding case of the four is that brought by Mr. Carter against
his own company. This case was brought in the District of Columbia
Supreme Court several months ago, with both sides going into the question
of the power of the government to regulate the industry at great length.
The resulting decision of the Court was to hold the price fixing provisions
of the act and the code valid and the wage and hour sections of the law
invalid. A temporary stay was granted preventing the company from
joining the code and the government from collecting the tax during the
pendency of appeal proceedings.
Kentucky Cases Recalled
The Kentucky cases, which were brought by Harlan County producers,
are appeals from rulings of the District courts which held the act valid in
its entirety. The injunction sought by Mr. Clark to force the R. C. Tway
Coal Co. to Join the code likewise was granted.
In taking the cases under consideration they were automatically assigned
by the court for argument in March following other cases pending, but it
is expected that the government will ask that the suits be advanced in order
that doubts surrounding the law might be settled quickly.
Those cases represent the fourth New Deal statute to come up for a
ruling of the Court during its present term. The others are those of Hoosac
Mills, challenging the validity of processing taxes in the original AAA Act;
eight rice millers contesting the right to sue the government under the
amended act; Lee Moor, Texas cotton farmer, against the Bankhead Act.
and minority stockholders of the Alabama Power Co.,seeking to strike down
the TVA Act.
Issuance of Order by Federal Power Commission
Requiring Utilities Crossing State Lines to File
Schedule of Rates
Announced as the "first step toward control of rates,
charges, contracts and agreements relating to the movement
of electric energy in interstate commerce subject to the
jurisdiction of the Commission under the Federal Power
Act (Title II of the Public Utility Act of 1935)," the Federal
Power Commission on Dec. 26 issued orders requiring all
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Financial Chronicle
companies owning facilities for the sale of electric energy
in interstate commerce to file a schedule of rates. The
schedules must be filed by Jan. 15. The order applies to
"sale of electrical energy at wholesale," the Commission
said.
As to the Commission's order special advices from Washington Dec. 26 to the New York "Journal of Commerce"
said:
Beginning Feb. 15, and on toe fifteenth of each month thereafter, electric
utility companies subject to the jurisdiction of toe Commission will be
required to file with the Commission reports covering the amount of electric
energy transmitted, interchanged, or sold under the rates, charges and
agreements in effect during the preceding calendar month. Those companies, under toe act and order of toe Commission, are also required to
file monthly reports of the revenue, or other consideration if no money
was paid from the transmission, interchange or sale of electric energy.
The FPC, it was stated, has not as yet made a determination as to all
electric public utility companies subject to Its jurisdiction under toe Federal
Power Act. For that reason, notice of the requirement for the filing of the
rate schedules and reports has been sent by registered mail to nearly 2.000
operating companies and also to companies producing electric power primarily for industrial purposes but which, in some instances, is sold for
transmission In interstate commerce subject to Federal regulations.
Rates, contracts, etc., relating to the transmission of electric energy
across State lines, filed with the Commission, may not be changed except
on approval of the Commission under Section 205 of the Federal Power Act.
Action Filed by Robert A. Taft Challenging Right of
Government to Call Liberty Bonds Before Maturity
Seeks Judgment for Payment of Interest in Gold
Challenging the right of the Federal Government to call for
redemption the 33i% first Liberty bonds issued in 1917, a
suit asking for ajudgment of $17.50 in gold against the United
States was filed in the Federal Court at Toledo, Ohio on
Dec. 23. The suit said the Toledo "Blade" was filed by
Attorney Robert A.Taft, Cincinnati,son of the late President
William Howard Taft on behalf of Frank Collins of the
From Toledo the Chicago
National Supply Co., Toledo.
"Journal of Commerce" reported:
Mr. Collins demands that the Government pay him $17.50 interest on a
$1.000 bond. He demands this in gold dollars of 25.8 grains instead of the
present legal tender currency, which has been devalued to 59 cents on the
dollar.
Forfeited Right, He Says
Mr. Collins pointed out the United States had announced publicly that
it would not redeem the bonds in gold dollars of toe old value and has
thereby forfeited. wnile such repudiation continues, its right to redeem
before maturity."
Maturity of the $1,000 bond in question was to have been June 15 1947.
The complaint states that the bond provides that it snail be redeemed
in gold dollars of tne old alga valuation basis. Interest coupons, the complaint further charges, carried the same provisions.
Refund Payment in Gold
Mr. Collins declared the Government issued a call for redemption of these
bonds as of Dec. 15 1935. He said he presented toe bond to toe Federal
Reserve Bank of Cleveland and asked for payment in gold dollars, as
provided for in toe bond. This was refused and legal tender currency was
offered in lieu thereof, his petition states. He tnen demanded the interest
of $17.50 in gold and likewise was refused and was offered legal tender
currency, toe suit cnarges.
Mr. Collins said ne rejected both offers, still has the bond and holds
that it is in full force and effect.
A previous suit filed by Mr.Taft questioning the authority
of the Government to call gold clause obligations before
maturity was noted in our issue of Mar. 16 1935 page 1759
and on page 3142 of our May 11 issue it was indicated that
the Government had denied the allegations in the action.
It was stated at the time that a further test was planned.
Postal Export Declaration Required by Department of
Commerce on Merchandise Valued Over $25 Sent
to Foreign Countries—Statistics to Be Compiled
Postmaster Albert Goldman of New York announced Dec.20
that in order to enable the Department of Commerce to compile statistics of commercial exports by regular mail or parcel post, effective Jan. 1 1936, business concerns sending merchandise valued at $25 and over addressed to individuals or
firms in foreign countries and to Alaska, Hawaii, Philippine
Islands, Puerto Rico, and Virgin Islands of the United States
will be required to fill out a postal export declaration on Department of Commerce form No. S-250. The announcement
said:
Export declarations are only required for goods mailed for commercial
purposes and not for goods which involve no commercial consideration.
Declarations need not be furnished for catalogs, instruction books and other
advertising matter, nor for magazines, newspapers and periodicals, which
are not regarded as merchandise.
These postal export declarations for the use of the United States Department of Commerce are in addition to the customs declarations and other
forms required to accompany packages of dutiable merchandise sent by
regular mail or parcel post.
One export declaration may include any number of packages mailed by
one sender on the same day to the same country. Declarations are required
for consignments including a number of packages mailed by one firm on
the game day to the same country, the total value of which is $26 or over,
although the individual packages may be valued at less than $25.
The description of contents and units of quantities must be in the detail
required by Schedule B, Statistical Export Classification, copies of which
may be obtained by writing to the Department of Commerce, Washington,
D. 0. General descriptions such as dry goods, groceries, millinery, &c.,
are not sufficient. Quantities and values should be given in whole numbers
only, omitting fractions of less than one-half and counting one-half and
over as a whole.
Questions relating to postal export declarations and expert classification
may be submitted by exporters directly to the Bureau of Foreign and
Domestic Commerce, Department of Commerce, Washington, D. 0.
Dec. 28 1935
Comptroller General McCarl Forbids Use of Custom
Receipts by FSCC to Purchase Surplus Farm Products for Relief Purposes.
An order issued on Dec. 26 by J. R. McCarl, Comptroller
General, halted plans for the Federal Surplus Commodity
Corporation to buy surplus farm products for relief distribution, it was stated in Associated Press advices from Washington, Dec. 26. The Comptroller General bans the use of
the 30% of gross customs receipts set aside for the Agricultural Adjustment Administration to buy farm products
to be given to relief clients. The advices quoted continued:
In a letter to Henry A. Wallace. Secretary of Agriculture, Mr. McCarl
held that relief legislation and relevant statutes provided another way to
handle such purchases.
Plans had been launched, AAA officials said, for the Corporation. now
closely connected with the Farm Administration, to buy specialty crops
such as cabbage or apples. A lams part of the customs receipts fund has
been pledged for payment of the 1935 cotton subsidy.
The customs receipts money may be used to encourage farm exports and
domestic consumption.
Officials said no other funds now are available to finance purchases by
the Surplus Commodity Corporation, and that purchases cannot be made
until a new source of revenue has been found.
It was believed that Mr. McCarl's ruling would not affect AAA plans for
purchases for diversion purposes and not for relief distribution. An offer
has been made for purchase of surplus potatoes from the 1935 crop, to be
diverted into industrial channels. Officials said, however, they did not
expect fruit growers to take advantage of this offer because of recently
advanced prices for potatoes.
In a letter to Mr. McCarl, Secretary Wallace said purchases for relief
distribution would mean diversion because the products would be donated
to individuals "who are not an effective factor in the marketing of such
commodities."
Mr. McCarl replied that purchase for donation would "in no sense of
the word accomplish the manifest purposes of the Act."
The recent formation of the FSCC, to take over the
functions of the Federal Surplus Relief Corporation, was
noted in our issue of Nov. 23, page 3320.
Two Tennessee Automotive Jobbers Associations
Charged by FTC of Attempting to Restrict Sales
of Automobile Parts and Accessories by Manufacturers to and Through Jobbers
In a complaint issued by the Federal Trade Commission,
the Chattanooga Automotive Jobbers Association, of
Chattanooga, Tenn., and the Tennessee Automotive Jobbers
Association, of Knoxville, Tenn., and their officers and
members, are alleged to have entered into agreements, combinations, understandings and conspiracies to fix and maintain uniform prices to be exacted by them from purchasers of
automobile parts and accessories, it was stated in an announcement issued by the Commission Dec. 26. The
members of the respondent associations are charged with
attempting to restrict sal s of such parts and accessories by
manufacturers to and through jobbers. The announcement
said,continuing:
pi Pursuant td the alleged agreements and understandings, the respondents
with having engaged in the following practices:
1. Abiding by manufacturers' resale schedules in the selling of certain
automobile parts and accessories.
2. Fixing prices at which such articles should be sold.
3. Fixing prices for repair jobs involving both automobile parts and
Iabor.
4. Fixing or maintaining schedules of discounts to be allowed by them to
certain classes of purchasers of automobile parts and accessories.
5. Requiring certain classes of their purchasers to resell parts and accessories purchased from members at the list prices of the manufacturers
thereof, or at prices fixed by the respondent associations.
6. Classifying customers and imposing certain requirements on parts
and accessories manufacturers to enforce black-listing and boycotting of
their customers as well as the manufacturers wherever the customers or
manufacturers' policies or practices are not In accord with the association
members'agreed policies and trade practices.
The following officers, directors and members of the Chattanooga
association are named respondents:
WJ. M.Sharp, President and director; D. A. Graves. Secretary-Treasurer
and director; R. H. Hart Sr., R. H. Hart Jr.. oe Lawwill, W. H. Sloan,
and W.B. Gates, directors; Sharp Battery & glectric Corp.; Southern Auto
Supply Co.; Hart's Automotive Parts Co.; Joe Lawwill, trading as Joe
Lawwill & Co, and W. II. Sloan, trading as Sloan Electric Co., all of
Chattanooga, Tenn.
Officers, directors and members of the Tennessee Automotive Jobbers
Association named as respondents, are as follows:
P T, F. Condon, Knoxville. President; D. A. Graves, Chattanooga. VicePresident; D. M. Beaman, Knoxville, Secretary; Loyd Smith, Bruce Sinclair. R. E. Fly, all of Nashville. directors; R. H. Hart Jr., J. M. Sharp.
and VV. H. Sloan,directors, all of Chattanooga; Sam Horne, of Knoxville.
director; Sharp Battery & Electric Corp.; Southern Auto Supply Co.;
Hart's Automotive Parts Co.; Joe Lawwill, trading as Joe Lawwill hc Co.;
W. II. Sloan, trading waSioan Electric Co., all of Chattanooga: Automotive Equipment az Supply Co., Service Auto Parts Co., R. T. Clapp,
trading as R. T. Clapp Co.. Sam Horne Co., all of Knoxville: Buford
Brothers, McWorthen-Weaver Co.. The Chapman Co., J. B. Cook Auto
Machine Co., R. It. Chilton, trading as R. H. Chilton Machine Co.. Auto
Bearings & Parts Co.. R. E. Fly, trading as The Alemite Co. of Nashville.
Keith-Simmons Co., Auto Parts Co., and J. C.Peterson, trading as Peterson Machine Co.. all of Nashvide.
The respondents are given until Jan. 24 1936, to show cause why the
Commission should not issue an order to cease and desist from the practices
alleged.
are charged
Secretary Roper Says Net Business Losses Almost
Eliminated in Past Fiscal Year—Annual Report
Estimates 1935 National Income 5 to 10% Over
1934—Recommends Direct Shipping Subsidies
The fiscal year ended June 30 1935 marked the "second
year of sustained recovery," with the nation's net business
losses "almost completely eliminated," Secretary of Com-
merce Daniel C. Roper said in his annual report to Congress,
made public Dec. 22. The national income paid out during
the first six months of the year, he said, was between 5 and
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Financial Chronicle
10% higher than in the corresponding period of 1934. He
estimated net business losses at $10,000,000,000 in 1932 and
about $2,500,000,000 in 1934. Perhaps the outstanding feature of the last fiscal year, the Secretary remarked, "was
the better balanced relationship established in our whole
national economy, following the irregular improvements.
which characterized the preceding year."
Among the recommendations made by Secretary Roper
were passage of legislation abolishing indirect shipping subsidies and the substitution of direct aids based on building
and operating differentials. He also urged that approval be
given to the so-called water carrier bill introduced at the
last session, as well as a number of other minor changes in
present shipping laws.
An outline of some of the principal features of the report
follows, as given in Associated Press Washington advices of
Dec. 22:
Estimating the national income for the 1934 calendar year at $49,440,000,000, an increase of $5,000,000,000, or 11%, over the preceding year,
Secretary Roper said that outstanding "qualitative changes" in the 1935
fiscal year, comparable in "quantitative gains," were:
Further improvement M the agricultural industry.
Signs of revival in capital-goods industries, notably residential construction.
Widespread improvement in consumer purchasing.
A better-balanced price structure, with farm products and raw materials
advancing and prices of finished products remaining approximately unchanged.
An improved banking structure capable of meeting all credit demands.
Reopening of capital markets to the flow of funds, "although refunding
issues have predominated."
A strong bond market.
Considerable improvement in the real estate field.
"The year brought a strengthening of many weak spots in the national
economy," the Secretary said, "and laid a basis for further progress toward
satisfying the vast accumulation of needs which had been built up during
the depression years."
Legislation to permit direct merchant marine subsidies and to codify
census laws enacted since 1902 was proposed in the Secretary's report.
His recommendation called for "direct aids based on building and operating
differentials" to enable American shipping to meet foreign competition.
He suggested that Congress remove the nresent $185,000,000 limitation
on the amount of Shipping Board construction loans, and give the department authority to build up this fund to $250,000,000 through revenues from
the Board's sales and operations.
Mr. Roper's census proposal suggested that laws enacted since the permanent Census Act of 1902 be codified and that the legislation provide the
following:
Co-ordination of the Bureau's work, so that related inquiries might be
conducted at the same time or for identical periods; collection of increased
data on annual and five-year bases, particularly in regard to trade and
Industry, and the naming of standard years for regular census inquiries to
spread the work load of the Bureau more evenly.
Interior Department's Activities Most Varied in History
Last Year—Secretary Ickes Says Bureau of Investigation Saved $64,450,000—PWA Funds Aided
Work
The achievements of the Interior Department during the
fiscal year ended June 30 1935 were more varied and comprehensive than ever before in history, according to the
annual report made public on Dec. 15 by Secretary of the
Interior Harold L. Ickes, who pointed out that the wide
scope of activities was made possible largely by Public
Works Administration allotments. Incidentally, Mr. Ickes
said that the Department's Division of Investigation has
saved the PWA $64,450,000 since the inception of that agency
In 1933. This saving was accomplished by thorough investigations covering such matters as cancellation of contract
bids and awards where fraud or collusion was found to exist,
recission of allotments for loans and grants due to irregularities or fraudulent representation; lack of economic soundness in projects investigated, inadequate financial resources
of the borrower or his inability to liquidate loans, and the
use of insufficient or inferior material in construction work.
A brief summary of the annual report, which comprises
440 pages, was given in the following Washington dispatch
of Dec. 15 to the New York "Herald Tribune":
As a major accomplishment of the fiscal year which ended last June 30,
he listed the following:
Marked progress on the largest construction program in the history of
the Bureau of Reclamation, including completion of Boulder Dam.
Establishment, under Act of Congress, of a division of grazing; the creation of grazing districts and the undertaking of a variety of conservation
measures with a view to protecting the grazing lands and stabilizing the live
stock industry dependent upon the range.
Expansion, increasing use and appreciation of the national parks,
especially in winter. During the year 6,337,206 persons visited the parks,
monuments and other areas under the jurisdiction of the National Park
Service, an increase of 22% over the previous year, establishing a record.
A new deal for the Indians, under the Wheeler-Howard Act, and the important contribution of the Indians to the emergency conservation program.
The progress accomplished during the year by the Reclamation Bureau,
the National Park Service and the Indian Bureau, aided by their large
allotments of funds by the PWA, of which Mr. Ickes is also the head,
Included construction of projects, forest protection, erosion control and many
similar undertakings which, he said, will pay for themselves many
times over.
The Division of Investigations was credited with uncovering numerous
frauds and irregularities and preventing substantial losses to the government. Since the PWA began, a saving of $64,450,000 has been effected by
the work of this division, the renort said, and for the Interior Department,
more than $30,000 was turned into the Treasury and 224,215 acres restored
to the public domain, representing fraudulent entries and the like which
were canceled.
4101
224 Areas Under Scrutiny
"The program of planned use of natural resources, including the study of
recreational land resources," the report said, "has put a new emphasis on
the investigation of areas which may be qualified for addition to the
system and the rounding out of areas already acquired. There are now 224
areas which either have been investigated or will be investigated on the
active list at present, and there are 17 major park and monument enlargement projects and a number of adjustments under consideration. . . .
"Need for conserving for the public the finer beaches along the coasts
and the Great Lakes was emphasized by studies of the National Resources
Board. Sixteen seashore recreation areas were studied and it is recommended
that early action be taken to establish a system of national beaches before
all have passed into private hands or been too much subdivided."
46,000 Acres Mapped
Although directly appropriated funds for the geological survey were low
during the year, allocations from the PWA enabled that agency to complete
more than 46,000 square miles of mapping, including a beginning in Puerto
Rico; survey 1,900 miles of streams with potential power values; distribute
about 700,000 maps, many of them to co-operating States, and study many
long-neglected mineral deposits in the Eastern and Southern States as well as
carry on a number of other activities.
The office of education reported "an increased general feeling that States
must take an increased responsibility for the financial support of education."
In approximately one-third of the States it said legislation was enacted
which in some way resulted in increased financial responsibility.
Total Public Debt Placed at $50,000,000,000 by National
Industrial Conference Board — Compares with
$39,000,000,000 in 1932
The gross public debt—Federal, State, and local—has
increased from $39,000,000,000 in 1932 to about $50,000,000,000 at the present time, according to a study recently
issued by the National Industrial Conference Board. Of
this public debt, about $29,500,000,000 is Federal debt and
about $20,500,000,000 is State and local debt. An announcement by the Board bearing on its survey, issued for publication Dec. 23, stated:
This debt total is equal to approximately one year's National income at
present levels. It is also equivalent to approximately one-fifth of the
National wealth. Servicing of this debt requires about $2,800,000,000
annually, which represents more than 20% of the revenue receipts of all
governmental units from all sources.
For t e past two years Federal debt charges have been equal to about
34% of Federal receipts. The ratio of these charges to National income
was 2.3% for 1934. These figures are smaller than comparable British
figures for the decade ended in 1933. during which National debt charges
averaged about 43% of Exchequer receipts and about 9% of the National
income. The local governmental debt of the United Kingdom, however,
Is relatively much smaller than our State and local debt, and on the basis
of total debt our position is much less favorable.
L,The Conference Board's study points out with respect to Federal debt
that It is not primarily the amount that makes the problem serious, but
rather the continuing uncertainty as to when the upward trend will be
arrested and also the fact that the banking system has been, and is now,
the principal outlet for debt issues. The banks of the United States—
National, State, loan and trust companies, mutual savings banks, stock
savings banks, private banks, and the Federal Reserve banks—have
absorbed almost $5 out of every $6 of the additions to Federal debt since
June 30 1930. Banking institutions at the end of last June held direct
-bearing
Federal obligations of about $14,500,000,000, or 53% of interest
debt outstanding, exclusive of issues to the Adjusted Service Certificate
Fund and other special funds, no part of which is held by the public. The
principal function of the banking system for some time has been the financing of the Federal deficit, the Board's report says.
The effect of this development is essentially inflationary, according to
the Conference Board, although many operations of the Federal Governmentin recent years have been purely financial. The Board's report says:
The purchase of Federal obligations issued to cover the deficit by the
hanks causes an expansion of deposits, and the funds thus created, when
used, become a part of the flow of purchasing power. Within limits, the
resulting tendency toward expansion of purchasing power is not undesirable,
and may in fact be actually desirable. The inflationary tendency that is
present, however, is just as definitely a species of inflation as through
currency issue. Only the mechanism involved is fundamentally different;
the effect on purchasing power is more or less identical.
Tax Collections Estimated 20% of National Income by
National Industrial Conference Board
Tax collections in the United States now represent about
20% of the National income, according to estimates made by
the National Industrial Conference Board. The corresponding ratio for the United Kingdom is about 25%; for Germany, about 23%; and for France, between 20% and 25%.
Such comparisons,it is pointed out do not furnish an accurate
picture of relative tax burden:,since all estimates of National
income are only general approximations and the concepts
used by statisticians in the several countries differ. Under
date of Dec. 24 the Conference Board also announced:
P The apparent advantage of the United States,indicated by these comparisons, is also minimized by the fact that the depression brought about a
much larger increase in the ratio for the United States than in the ratios
of the other three countries. In comparison with each of those countries.
our position is relatively less favorable than during the decade prior to 1930.
ID The combined Federal, State, and local tax burden in 1932 to 1934 was
substantially greater than in the years preceding the depression, as indicated
by the rise in the ratio of tax collections to National income from between
10% and 12% to the present level of 20%. In the last few years the
rates for many old taxes were increased and other taxes—State sales taxes.
processing taxes, excess profits taxes, a capital stock tax and other Federal
miscellaneous internal revenue taxes—were adopted or revived. The
ultimata effect of these new taxes as a group is to impose additional burdens
on business and individual incomes. These added burdens were imposed
at a time when business and individual incomes were at a sub-normal level.
Consequently, the drop in tax collections from $10,300,000,000 in 1930 to
$9.500,000.000 in 1934 does not reflect a reduction in the tax burden. That
burden has become greater, whether measured in terms of National income
or any other standard.
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Financial Chronicle
New Unit Formed in United States Department of
Commerce to Study Business Problems in Construction Industry—L. J. Chawner Named Chief
of New Construction Economics Section
The establishment of a new unit in the Bureau of Foreign
and Domestic Commerce, United States Department of
Commerce, for research in the business problems of the
construction industry and related aspects of urban real
property was announced Dec. 20 by Secretary of Commerce
Roper, in response to recommendations of the industry and
the Business Advisory Council. The studies in this field
which are felt to be particularly the responsibility of the
Department of Commerce are those relating to private construction in contrast with public works, which fall within
the scope of other departments of the Government, it was
stated in an announcement by the Commerce Department,
which continued:
One of the studies, which the newly established unit has undertaken, is
that of investigating the fluctuations in the demand for industrial and commercial building in relation to other economic factors, such as the development of new industries, the volume of manufacturing production, industrial
earnings, interest rates and other factors.
Although this work in construction and real property economics has just
been started, and at present is still in the formative stage, it is hoped that
It may eventually be of large service to the construction industry in extending present knowledge in this important industry, which at the present
time suffers more violent fluctuations in activity than any other industry
of comparable magnitude or importance.
In their entirety, both contract and non-contract work, construction
operations in the United States have resulted in the creation of works and
structures having a total valuation averaging some $10,000,000,000 annually over the past 15 years and the employment in good times on construction
operations and in the manufacture and distribution of materials and equipment of upwards of 5,000.000 workers. The industry, however, suffers
from unusually violent fluctuations, and presents a large number of other
serious economic problems which are widely recognized.
The work in this field will be under the immediate direction of Lowell J.
Chawner, Chief of the new Construction Economics Section. He is a graduate civil engineer of Cornell University and brings to this work a practical knowledge of construction as well as a wide acquaintance with business
research in this industry.
Recent increases in private construction, especially residential and industrial building, are very encouraging. The Department of Commerce
wishes to assist private industry in this development in every way possible.
Investigations which the Department has been urged to undertake and are
contemplated as far as facilities permit include: economic aspects of certain
new types ofstructures and new methods of construction; trends in construction costs; studies in the seasonal character of construction for different
types of structures in different parts of the country; the magnitude and
character of financial obligations of various kinds resting upon urban real
property statistical Investigations relating to the occupancy and rental of
commercial and other buildings; statistical investigations relating to force
account and other non-contract construction for which data are not at
present available; and a number of other investigations in subjects for which
satisfactory information is greatly needed by business men, public officials.
and others interested in this important industry.
National Peace Conference Suggests New Neutrality
Act—Proposed Law Would Authorize President to
Embargo All Exports in Wartime—Would Permit
Quotas for Sales to Neutrals and Compensate Citizens Harmed by Restrictions
A new Neutrality Act, which would authorize the President to embargo shipments to belligerents of "all articles
and comhnodities essential to the continuing conduct of war,"
was advocated on Dec.25 by the National Peace Conference,
a representative organization recently established on a permanent basis by thirty national peace bodies. The proposed
law was drafted during the past two months, after a study
of existing legislation and suggested amendments, by a
committee under Professor James T. Shotwell of Columbia
University. It would replace the present law which exipres
on Feb. 29, and which prohibits export to warring Nations
only of "arms, ammunition or implements of war.
The proposed law would also authorize the President to
apply quotas restricting trade with neutrals in war materials,
and would empower him to forbid loans and credits to belligerents. Dr. Walter W. Van Kirk, Director of the Conference, in summarizing the conclusions of member organizations, said that there is general agreement that the temporary duty laid on the President by Congress to embargo
arms should be renewed and supplemented by discretionary
powers to embargo other essential supplies and credits.
Dr. Van Kirk's remarks, and some of the principal proposals,
were described as follows in the New York "Times" of Dec.
26:
There was no agreement, Dr. Van Kirk said, on a proposal to lift the
embargoes for the side that had been attacked. This proposed exemption
was left in the tentative draft, but it constitutes only a single paragraph
reading as follows:
"Sec. 7. If the President shall find that one or more of the belligerent
countries was attacked in contravention of the provisions of the Pact of
Paris, and if such finding is concurred in by a majority of the other nonbelligerent countries parties to said pact, he shall so advise Congress, and.
with its consent, he may revoke his embargo proclamations issued under
Section 3 of this act in respect to such country or countries so attacked
and the provisions hereof shall thereupon cease to apply in respect to such
country or countries."
Except for this disputed section, which would open the way to onesided sanctions, the remainder of the draft on which there was agreement
was devoted to the principle of non-obstruction of sanctions by making
them two-sided so far as the United States was concerned. Like the
existing legislation, the draft discards the historic concept of neutrality
as the right to trade with both sides. It refuses to become involved in a
war over neutrality by trading with either of them.
Dec. 28 1935
Supplementary Paris Pact Urged
Recognizing that this concept of neutrality is still novel in international
relations, the draft lays upon the President the duty of negotiating a treaty
"supplementary to the Pact of Paris" removing the existing "uncertainty
as to the rights and duties of neutrals in general and of the parties to that
treaty, in case one or more of them resort to force in violation thereof."
Until such a treaty is negotiated, the draft provides, in addition to
embargoes of arms, other supplies and money for all belligerents, a quota
system for other countries which may serve as transshipment points for
belligerents in order to escape the embargo. It would continue the limitations on travel by American citizens in danger zones and would add
similar restrictions on the movement of American ships.
Losses caused by these restrictions to American nationals, other than
those engaged in the arms business, according to the draft, "shall be borne
by the people of the United States, as a part of the cost of avoiding the
involvement of the United States in war."
Repeatedly in the draft, the guiding considerations set down for the
President in the exercise of his discretionary powers of embargo, quota
and danger zoning, are "the maintenance of peace between the United
States and foreign nations, the protection of the lives of citizens of the
United States, or the protection of their commercial interests."
A view of neutrality less nationalistic than the simple avoidance of collision is laid down in a series of five "general principles of policy" which
Mr. Shotwell reported to the National Peace Conference in addition to
the draft with the explanation that they "call for more mature consideration
than is likely to be possible in the short time available for their discussion
between now and action by Congress"
The additional general principles express the view that peace can be
Preserved only by co-operation between the signatories of such a treaty
as the Pact of Paris "with respect to the violating State for the purpose
of securing respect for the treaty."
They explain also that the status quo is not to be preserved forever,
but to be cnanged by pacific procedures rather than by force.
They declare finally that one of the first objectives of the suplpementary treaty negotiations required by the draft would be "the definition
of the status of States engaged in collective action for the maintenance
or restoration of peace."
-Point Recovery
American Liberty League Proposes 12
Program—Urges Action Designed to "Check Trend
Toward Dictatorship"—Senator Harrison Declares
Against Program
The American Liberty League on Dec. 25 issued a statement proposing a 12-point "Constitutional" recovery program, designed to "check the trend toward dictatorship" and
"put the government's house in order." The statement
sharply assailed Administration policies and legislation,
urged a balanced budget and a sound monetary system. The
League declared that it would continue to oppose measures
"which contribute to the overthrow of our form of government." Much of the legislation passed under the New Deal,
the League said, has conflicted with the Constitution and
with sound economic principles, and has been highly disturbing to business. Associated Press Washington advices
of Dec. 25 from Washington listed the 12 League proposals
as follows:
1. Reduce expenditures to the level of Treasury receipts.
2. A "moderate" appropriation for direct relief for a limited period with
provision thereafter for loans to States.
3. Stop "boondoggling," but continue a program of "productive" public
works on a "greatly reduced" scale.
4. Revise revenue laws which are aimed at redistribution of wealth,
broaden present base of taxation and slash expenditures to permit "the
lowering of taxes."
5. Plan for revision of monetary laws "along sound lines" and reject
inflationary currency proposals and "measures extending political control
over the banking system."
6. Refuse to extend or re-enact National Recovery Administration, defeat
all "economic planning" measures and pass bills necessary to "withdraw
government from competition with private business."
7. Repeal of "death sentence" in the Utility Holding Company Act and
curb activities of the Tennessee Valley Authority "in so far as they encroach
upon the field of private industry."
8. Study and amend the Social Security Act which "infringes upon constitutional limitations," postponing meanwhile the imposition of taxes to
pay unemployment insurance and old age pension.
9. Amend Agricultural Adjustment Act "with a view to elimination of
methods in conflict with the Constitution" and repeal the Potato Control Act.
10. Revise Reciprocal Tariff Act to require Congressional ratification of
trade treaties negotiated by the President.
11. Investigate "entire field of executive usurpation of legislative power"
and overhaul "the vast bureaucracy created by executive order."
12. Oppose constitutional amendments which "would overthrow the dual
form of government or break down the division of authority among the
executive, legislative and judicial branches."
Senator Harrison (Democrat) of Mississippi in a statement issued Dec. 26 attacking the 12-point program of the
League said in part:
"The American 'Lobby' League . . . masking under the name of
the American Liberty League, is undertaking to tell Congress what legislation
it should enact at the coming session," he asserted.
"It also presumes to assume the functions of the United States Supreme
Court by determining in advance of the Court's decision that the Administration's farm relief program is unconstitutional. . . .
"The League platform is plain. The main plank is to undo all that the
Roosevelt Achninistration has done for the benefit of honest business, the
farmer, the wage earner, the home owner and the underprivileged citizen
generally."
State Governors Warned by H. C. Williams of Foundation Plan of Burden on Workers Incident to
Operation of Social Insurance
According to H. C. Williams, President of the Foundation
Plan, New York City, the program of social insurance now
being put into operation will be a colossal burden on the
workers of all States and will provide them with less "security" than is now available to them through banks, insurance
Volum* 141
Financial Chronicle
companies and living trust plans. Warnings of the cost of
the proposals are embodied in a letter addressed by Mr. Williams to the State Governors, under date of Dec. 20. In part,
the letter says:
How much will "social security" cost the citizens of your State? And
what will they get for their money?
On Jan. 1 Uncle Sam starts collecting 1% of the payrolls for unemployment insurance under the provisions of the "Social Security Act." This
will be increased to 3%.
In 1937, one year away, the old age pensions tax on payrolls will be
inaugurated, starting at 2% and progressively raised to 6%. According
to the law, the employer and employee are supposed to bear this tax equally.
That makes a direct tax on payrolls, on productivity, or 9%. But that
is not the end of the tax story.
Under the Act a $50,000,000,000 reserve fund of government bonds will
be built up. Interest at 3% will be $1,500,000,000 annually. How will
that be paid? Through taxation—through a levy upon the productive activity
of the nation. That will amount to at least another 3% of payrolls. Thus,
the levy on producers in your State under the Social Security Act will
amount to at least 12%. It may go much higher.
In view of the fact that 25c. out of every dollar is now taken from the
pay envelope of every worker by Federal, State, municipal and county governments, this means that the Social Security Act will bring the confiscation
of wages, directly and indirectly, up to 40% or more.
Federal, State, municipal and county taxes in this country now total more
than $13,000,000,000. Since the total national income is only $50,000,000,000, that means that taxes take more than 25c. out of every dollar
earned by the productive part of the American public. Even with that
colossal levy, the United States and its political subdivisions are in poor
financial shape. . . .
Under the pensions provisions of the Act, monthly benefits will be % of 1%
of total wages, with a minimum of $10 and a maximum of $85 a month. A
person to secure the top pension must earn, for example, $250 a month
for 45 years. Thus, workers of the present generation will receive but little
oenefit from the Act. The average pension will certainly be less than $50
a month, not enough to make "every man a king." A man must quit work
to draw the pension, even if he is hale and hearty. Hence, the scheme will
be of little value to energetic men earning $15 a week or more at the
retirement age.
Even if a man lives to be 65 and draws his pension, he will not be a very
great winner. IAN expectancy tables of the big insurance companies show
that men of 65 live an average of 11 years longer. Suppose a man has
worked 30 years steadily at an average salary of $125 a month. His pension
will be $50 a month. (But he has to throw up his $125 job before he can
draw a pension.) If he lives the average of 11 years he will draw $600 a
year, or a total of $6,600. Against that a total of $2,700 will have been
contributed directly and $2,700 contributed indirectly (being the other 6%
of the total 12% that social security will cost), or $4,500. If loss of
Interest N calculated, several thousand dollars should be added to that
figure. By putting his money in savings banks or by buying insurance, or
better yet by creating a living trust under the systematic plans now
available, he could actually buy a great deal more "social security" for the
same money than he will get under the Act.
If a worker dies before he reaches the age of 65, his estate will be paid
3%% of the total wages that he had received. That is only a little more
than half of the money paid in directly, disregarding interest. . . .
The unemployment scheme, for which collection of taxes starts next
month, is even less favorable. If the State unemployment laws already
passed may be regarded as typical, a minimum of $5 and a maximum of
$15 a week for 10 to 16 weeks of unemployment in any one year will be
provided. Compensation will not be provided to carry a man through four
or five months of idleness. Generally, benefits will be based on earnings
of the worker for the previous year. At best the plan will provide only
temporary relief after a man loses his job while he is trying to find another.
The plan is not a remedy for depression unemployment.
Mr. Williams declares it to be "the duty of State officials
responsible for the enactment of sustaining legislation in
carrying out the "Social Security Act" to see to it that the
citizens of their respective States understand the ramifications of the social security program, and are not lulled into
a sense of false security—a security that is not provided."
L. S. Posner of New York State Mortgage Commission
Before Lawyer's Club Discusses Plans for Creation
of Privately Owned Mortgage Banks Under State
Supervision—Would Be, He Says, Logical Successor to Guaranteed Mortgage Companies
Discussing the plans of the New York State Mortgage
Commission to draft a report to Governor Lehman embodying a proposal for the creation of privately-owned
mortgage banks, under state supervision, Louis S. Posner,
a member of the Confinission, stated that these institutions
would be the logical successor of guaranteed mortgage companies. Mr. Posner, in speaking of the plans before the
Lawyers' Club, at a luncheon in this city on Dec. 19, said:
It is my opinion that the day of the mortgage guaranty company is
forever gone. They served their useful purpose, but their evil deeds overtook and finally strangled them and they have become anathema. I do
not believe that any amount of reorganization of these companies will
serve
to bring back the lost confidence so essential to any successful future
functioning ofsuch companies. What shall take the place of tnis machinery?
A vital and immediate need exists for a vehicle which can with facility and
safety receive the investments of the public, largo and small, and use them
for the construction of buildings and for mortgage loans and other related
realty purposes. Such institutions, privately owned, if created with adequate finances and surrounded by statutory safeguards, will find a read
welcome for the vast total of funds that eagerly await investment. The
procedure must be one by which a fair income return will be afforded, with
safety to the investment, and which will be sufficiently attractive to private
capital to induce it to enter the field.
At the same time it must not adversely affect or interfere with the banks
for savings or moneyed institutions of the State. On the contrary,It should
be so fashioned that moneyed institutions themselves will be ready to invest
in the securities of these new establishments, and perhaps become part of
them or at least greatly encourage their progress.
Mr. Posner pointed out that "a study shows that in 22
countries there are som'e 37 mortgage banks." He went on
to say:
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Twenty-one of these are private instutitions, operated with private capital
and uniformly successful. The oldest is the Mortgage Bank of Norway,
organized in 1851, but the Credit Fonder of France, which was organized in
1852, Is the most successful, and the National Mortgage Bank of Chile,
which was organized in 1855, has likewise a long and successful history.
He added:
The mortgages of these banks are restricted in the main to 50% of the
appraised value of the property and debentures are issued to the full principal amount of the mortgages. The ratio of debentures to capital varies
greatly—in Norway as low as 6 to 1 and in Chile 20 to l. while in the cases of
the Credit Fonder a ratio of 50 to 1 is permitted.
Tne reasons for this high degree of safety and success in operation are
few and simple. First, the debentures are issued against all the mortgages
collectively; thus the bank's total resources are behind its debentures, and
losses are distributed over all. Second, the loans are on long-term mortgages, with appropriate amortization, much like the method now pursued
by the Federal government in its home owners' loan and Federal housing
activities.
Why cannot we adapt such institutions to the realty businessin this State?
In the New York "Herald Tribune" of Dec. 20, it was
stated:
The Mortgage Commission, through its Bureau of Legal Research, has
been engaged in drafting legislation dealing with mortgage matters, Commissioner Posner said. It will have its report in the hands of the Legislature when it meets, the first of the year. A preliminary memorandum has
been sent to Governor Lehman. The Commission will advoacte a Statecontrolled mortgage bank, a change in the mortgage moratorium law
State-licensed appraisers, a modernization of the Torrens system and a
reformation of the foreclosure laws, the speaker said.
Last week (page 3777),reference was made to the proposed
State mortgage banks, and the statement thereon by Wendell
P. Barker, Chairman of the State Mortgage Commission.
Resolutions of Realtors Urge Upon Federal Government Agency for Urban Mortgages Along Lines of
Central Mortgage Bank Proposed Under Fletcher
Bill
Realtors of Alabama, Florida, Georgia, North and South
Carolina, Mississippi and Tennessee, meeting in Atlanta for
the first Southeast Convention of Realtors, in formal resolutions urge the Federal government immediately to provide a
comprehensive agency for urban mortgages upon such plan
as that outlined in the Fletcher bill (S. 2914), which provides for a central mortgage discount bank. As outlined in
the bill, the agency would be essentially a private institution
operated under governmental supervision.
The National Association of Real Estate Boards, in its
advices, Dec. 22, in the matter, added:
The bill, introduced by Senator Duncan U. Fletcher of Florida, Chairman
of the Senate Committee on Banking and Currency, was referred to the subcommittee on Banking and Currency. Hearings are expected when Congress
convenes.
Existing Federal agencies concerned with mortgage finance cover but a
portion of the field and do not assure marketability of the mortgage, the
resolutions point out. The central agency, which would give discount facilities (marketability) for all groups of urban mortgages, give also a safe
medium for investing in mortgage securities, is asked by realtora as a
focal point for the work of various Federal corporations and administrations
dealing with the mortgage. The convention named as further most constructive helps the Federal government can render to the improvement of
housing conditions in America (1) institution immediately of an adequate
program of research and experimentation seeking betterment of practice and
reduction of building costs; (2) study to develop a tax system to relieve
the crushing burdens on shelter imposed by the obsolete general property tax.
It declared for adoption by every State of an over-all limit on the tax
rate on real property, a constitutional amendment for which comes up for
vote in Georgia next fall, and is sought at coming legislative sessions by
State real estate groups of North Carolina and Florida.
Southeast regional realtors also strongly backed the principle, advocated
by the National Association of Real Estate Boards, that in valuing real estate
for tax purposes the annual income returned by die property should be a
major b-e.
_
Farmers Advanced Over $500,000,000 in Short-Term
Loans in 1935 Through FCA— Record Amount—
Borrowings Increased in November
Short-term loans to individual farmers through the Farm
Credit Administration in 1935 reached over half a billion
dollars, a larger amount of such credit than ever before
loaned to farmers in any one year, according to a statement
made in Washington, Dec. 26, by W. I. Myers, Governor of
the Farm Credit Administration. The total amount of shortterm loans aggregated $517,000,000 compared to $446,000,000
in 1934, it is stated. Farmers borrowed $210,000.000 of this
from the production credit associations; $89,000,000 from the
regional agricultural credit corporations; $122,000,000 from
other institutions discounting with the Federal Intermediate
Credit banks. and $96,000,000 from the emergency crop and
feed loan offices. Governor Myers said:
The fact that a larger amount of short-term production credit was extended
during the year is due in part to the gradual expansion of the work of the
co-operative production credit association. The objective is to place the
credit service in the short-term field on a parity with that provided in the
long-term field through the 18-year-old Federal Land banks.
Production credit associations, numbering 560, doubled their volume of
business in most sections of the country. The heavy demand for these loans
indicates that the time is approaching when hundreds of millions of dollars
of merchant credit and time purchases obtained by farmers each year will
be shifted to cash financing through production credit associations, banks,
and other institutions equipped to handle farmers' short-term needs on a
business basis at a reasonable cost.
During the year the Federal Land banks and Commissioner continued to
be the main source of farm real estate mortgage loans; but most of their
loans now represent normal financing in contrast to the emergency demands
of 1933-34.
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Financial Chronicle
The announcement by the FCA continued:
The amount loaned by the Federal Land banks on their own account in
1935 was approximately $245,000,000. While this was far below the volume
loaned in 1934 under the emergency refinancing program, it was much larger
than the amount in 1933 or in any other year of the Land banks' history.
First and second mortgage loans by the Land Bank Commissioner aggregated $195,000,000 compared to $553,000,000 in 1934.
While the emergency refinancing of farm debts decreased rapidly with
the improvement in farm conditions, the demand for real estate mortgage
loans to finance the purchase of farms increased noticeably. The Land
banks and Commissioner are now receiving applications from prospective
farm purchasers at the rate of about 2,000 a month. The move toward farm
ownership was encouraged considerably by provisions of the Farm Credit Act
of 1935 which provided that Commissioner's loans—used hitherto for refinancing—could also be made to finance the purchase of farms in amounts up
to 75% of the value.
The year also saw the refunding of a substantial part of the outstanding
bonds of the Federal Land banks at lower rates. Accompanying this, the
contract interest rate on new loans through national farm loan associations
was dropped gradually from 5 to 4% a year—the all-time low point. As a
result, many farmers have shifted their mortgages to the Land banks.
Since mid-1934 approximately $625,000,000 of bonds of the Federal Land
banks bearing from 4 to 5% interest have been refunded at rates ranging
from 3 to 4%. A part of a $100,000,000 issue of Dec. 10 1935 is being
used for new loans, thus marking the return of the Land banks to the investment market after a five-year period, and the discontinuance of the use of
government-guaranteed bonds of the Federal Farm Mortgage Corporation
which were exchanged for Land bank bonds for a period of about a year
and a half.
In the future the Land banks expect to continue to draw funds for new
financing from the investment market. The remaining purpose of the FFMC
will be to provide funds for Commissioner's loans and to collect loans outstanding. Of the total bond authorization of the Corporation, amounting to
$2,000,000,000, the amount outstanding on Nov. 80 1935 aggregated
$1,387,000,000.
Governor Myers also said that farm loan collections headed toward normal
conditions during the year. Interest collections on Federal Land bank loans
for the first 11 months of the year aggregated over $61,000,000, which was
about 90% of the $68,000,000 of interest maturing during the period.
Collections of interest in the corresponding months of 1934 amounted to
$50,000,000, or 87% of the amount maturing.
A considerably larger part of the credit business of farmers' co-operative
marketing and purchasing organizations was done in 1935 by the 13 banks
for co-operatives, which loaned around $66,000,000 compared to $40,000,000
In 1934.
During the year farmers' business co-operatives also borrowed $44,000,000
from the Federal Intermediate Credit Bank on the security of warehouse
receipts, which was slightly larger than the amount in 1934. In addition,
the loans and discounts of the Federal Intermediate Credit banks for production credit associations, regional agricultural credit corporations and
other financing institutions reached about $350,000,000.
Total of all loans from FCA institutions in 1935 aggregated $1,070,000,000
compared to $1,836,000,000 in 1934. Long-term real estate mortgage loans
by the Federal Land Bank and Commissioner amounted to $440,000,000 compared to $1,284,000,000 in 1934; short-term production loans, $517,000,000
compared to $446,000,000, and loans to farmers' business co-operatives,
$113,000,000 compared to $106,000,000.
According to figures released by the FCA, Dec. 21, a continued active demand for short-term credit was the outstanding development in the Administration's financing during
November. At that time it was stated:
Farmers borrowed $40,300,000 of short-term funds during the month from
institutions under the FCA compared to about $36,000,000 in October and
approximately the same amount in November last year. A steady demand
for livestock and general agricultural financing was indicated. Short-term
loans by co-operative production credit associations amounted to $20,800,000
during the month, which was slightly higher than October and more than
double the volume of November last year.
The total of all types of credit to farmers during the month by FCA
institutions aggregated $72,400,000 compared to $78,100,000 in October.
Real estate mortgage loans by the Federal Land Bank and Commissioner
mounted to $24,400,000, down $8,000,000 from October. Farmers' business
co-operatives borrowed *7,700,000 in November, of which $6,900,000 was
obtained from the banks for co-operatives compared to $3,100,000 in
November last year.
Improvement in Farm Real Estate Market Reported
by FCA—Issues Figures on 1935 Operations
Brisk activity and an optimistic outlook in farm real estate
is indicated by figures released Dec. 27 by the Farm Credit
Administration on 1935 operations. The Administration
reported:
Over 6,400 farms placed on the market were sold by the Federal Land
banks to farmers and other investors in the first 10 months of the year
compared to 4,900 in all of 1934 and 4,100 in 1933. In addition, over a
thousand part-farms were sold in 1935.
Farm real estate sales during 10 months of 1935 amounted to $22,154,000,
with a recovery ot 101.2% of the carrying value, compared to $17,600,000
for the entire year 1934 and $14,113,000 in 1933, with recovery of 100.1
and 97.5%, respectively. Farm real estate held by the banks on Oct. 31
1935 amounted to $95,816,000.
While the emergency refinancing of farm debts undertaken by the Land
banks is now practically terminated, the banks have had a steady business
of normal financing during the year and an unusual demand for loans to
finance the purchase of farms. Applications for such loans are now being
received at the rate of about 2,000 a month.
A part of the new interest in farm purchases was generated by provisions
of the Farm Credit Act of 1935 which authorized the Land Bank Commissioner to make first or second mortgage loans for farm purchases in amounts
up to 75% of the appraised normal value of the property to be purchased.
Around $800,000,000 of Commissioner's loans have been made since the
spring of 1933, but until recently were used almost entirely for refinancing
old debts.
During the first 11 months of 1935 farmers paid over $81,000,000 interest
on Federal Land hank loans, which was approximately 90% of the interest
maturing, compared to about $50,000,000 of interest collected in the corresponding period of 1934, which was 87% of maturities.
During the year the Federal Land banks were successful in refunding a
considerable part of their outstanding bonds at lower rates, and as a result
Dec. 28 1935
gradually dropped the contract rate of interest on new loans through national
farm loan associations from 5 to 4%. A temporary reduction to 3%% is
provided for interest instalments payable in the year ending June SO 1936.
Since mid-1934 approximately $625,000,000 of bonds of the Federal Land
banks bearing from 4 to 5% interest have been refunded at rates ranging
from 3 to 4%. A part of a $100,000,000 issue of Dec. 10 1935 is being
used for new loans, thus marking the return of the land banks to the investment market after a five-year period, and the discontinuance of the use of
government-guaranteed bonds of the Federal Farm Mortgage Corporation
which were exchanged for Land bank bonds for a period of about a year
and a half.
In the future the Land banks expect to continue to draw funds for new
financing from the investment market. The remaining purpose of the
FFMC will be to provide funds for Commissioner's loans and to collect
loans outstanding. Of the total bond authorization of the Corporation,
amounting to $2,000,000,000, the amount outstanding on Nov. 80 1925
aggregated $1,387,000,000.
AAA Head Says Farm Program Aided National Recovery
—C. C. Davis Defends Production Control
The Agricultural Adjustment Act has contributed materially to national recovery, in addition to the stimulus it has
given farm income, according to a paper presented yesterday (Dec. 27) by Chester C. Davis, Agricultural Adjustment
Administrator, before a joint session of the American Farm
Association and the American Statistical Association in New
York City. Mr. Davis said that present indications are
that gross farm income in 1935 will exceed $8,000,000,000,
as compared with $5,337,000,000 in 1932, and he asserted
that much of this gain can be attributed to the operations
of the AAA. Furthermore, he added,the AAA has increased
total spending, with consequent beneficial effects to business
and industry.
Income redistribution effected through the AAA, Mr.
Davis said, caused more total consumption and therefore
created more employment than any other redistribution of
the national income would have caused. "By restoring
farm prices more nearly to parity," he continued, "the AAA
helped to restore the rural-urban circulation, enabled a reciprocal interchange to take place once more, and broke the
economic deadlock."
Mr. Davis defended a program of controlled production,
and said that the same policy is used by industry at the
present time. As an example, he cited the automobile
industry, which is seeking to keep production from exceeding
demand. He concluded:
Pending the preparation of practical methods of relaxing industrial
controls over production and prices, and until there can be serious public
discussion and finally the acceptance and operation of such methods, I
believe agriculture and the nation will want to follow the safest course
now possible within the framework of the existing economic system.
The motor industry, which I have just mentioned, is apparently in perfect agreement with agriculture that vast overproduction, cut-throat
competition and demoralization of prices constitute a condition to be
shunned. In fact a principle on which all schools of economists seem
fairly well agreed is that there must be balance and proportion between
the different branches of production.
When in the absence of any practical method for abandoning industrial
controls, agriculture insists upon acquiring and operating its own controls,
the farmers do not at all assent to the proposition that their programs
rest on a theory of scarcity.
In fact, if as I have tried to show,farm recovery contributed substantially
to national recovery, then these programs, by improving balance between
supply and outlet, balance between farm prices and industrial prices, and
balance between farm purchasing power and non-farm purchasing power,
tended to overcome scarcity.
Unbalance becomes apparent in price disparities and forces correction
through bankruptcy, unemployment or farm abandonment. Unbalanced
production finally is forced to halt, with the resulting paradox that congumption must slow down, too. Unbalance characterizes depression, with
widespread unemployment, farm mortgage foreclosures, factory shutdowns, and the grave alternatives of bread lines or relief rolls.
As the economic system comes back into balance, production increases.
In maintaining its controls over production, in careful balance with demand,
the automobile industry is not seeking scarcity but the objective which
agriculture also has in view. That objective is controlled expansion—
expansion in step with growth of opportunity to dispose of its products
at prices maintained in fair relation to other prices. It is the expectation
of agriculture to increase its output with all the rapidity required to keep
in step with expanding domestic and foreign outlets. By retaining controls that prevent accumulation of vast surpluses and demoralization of
prices, agriculture hopes in the future to maintain farm income at levels
which will permit sound farming practices, improvement of the farm plant
and conservation of soil resources.
I. I think I have shown that the most tenable conclusion among the three
possible ones I outlined is that agricultural recovery has contributed to
national recovery. I would add now that if agriculture can keep and
Increase its gains, it will help in continued progress toward national recovery.
To sum up, the diversion of purchasing power to agriculture caused an
increase not only in consumption but in production. It stimulated consumption in the manner I have indicated, namely by bringing the farms
into the market for consumers' goods. The farmers, while reducing farm
production in some instances, actually helped to bring about an increase in
the total national production and a net increase in the national income.
That was their specific contribution to national recovery.
T. W. Lamont Gives Gift of $500,000 to Harvard University—Fund Donated to Endow First Professorship Under New Plan
James B. Conant, President of Harvard University,
Cambridge, Mass.,announced Dec.25 that a gift of $500,000
had been made to the University by Thomas W. Lamont, a
partner in J. P. Morgan & Co., New York. It was given to
endow the first Profeksorship under the recently announced
plan whereby scholars of unusual ability would be authorized
to rove among the University departments in order to unify
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Financial Chronicle
knowledge heretofore separated in specialized fields, it was
stated in advices from Cambridge, Dec. 25, to the New
York "Times" of Dec. 26. The advices continued:
In transmitting the gift, Mr. Lamont informed the University that "It
would be a great satisfaction if the corporation were able to call to this chair
a scholar pre-eminent in the field of political economy—concerning himself
as much with the behavior of man as a social animal as with any known
laws of industry and trade and agriculture and finance."
He erote, however, that this "hope" was not a condition of his donation.
He left the University free to use it for any such "University professorship."
in accordance with the new plan and the general purposes of the fund which
is being raised to Inaugurate it next year in celebration of Harvard's 300th
anniversary.
The purpose of the anniversary fund, as described by President Conant,
is to "strengthen the University as a national institution." by establishing
pioneering interdepartmental professorships of an entirely new type and by
creating large annual national prize scholarships to be competed for by boys
in each State of the Union.
First Gift of Professorship
Mr. Lamont's is the first gift of a Professorship under the new plan.
The University is making no intensive campaign for funds and is seeking no
definite sum. The fund is unique in that all the money will be used for professorships and scholarships and none of it for buildings. Donations will be
made in full at the international celebration of Harvard's tercentenary in
Cambridge next Summer.
Colonel
Lindbergh and Family Sail for England—May
Remain Permanently Abroad
Colonel Charles A. Lindbergh, his wife and his three-year
old son Jon are passengers on the liner American Importer,
bound for England, where they are said to be seeking a
refuge from excessive newspaper publicity and threatening
letters which have followed them since the arrest of Bruno
Richard Hauptmann for the kidnaping of Charles Augustus
Lindbergh Jr. The famous aviator and his family left New
York secretly early on Dec. 23, and their vessel is scheduled
to dock in Liverpool on Dec. 30. They are the only passengers on the ship. In some quarters it has been reported
that the Lindberghs may live permanently in England.
Unless the New Jersey Court of Pardons commutes
Hauptmann's sentence or Governor Hoffman grants him a
reprieve, Hauptmann will die in the electric chair the week
of Jan. 13. •
The New York "Times," in an exclusive story on Dec.23
by Lauren D. Lyman, reported the departure of Colonel
Lindbergh and his family from the United States in part
as follows:
Colonel Charles A. Lindbergh has given up residence in the United
States and Is on his way to establish his home In England. With him are
his wife and 3
-year-old son, Jon.
Threats of kidnapping and even of death to the little lad, recurring
repeatedly since his birth,caused the father and mother to make the decision.
These threats have increased both in number and virulence recently.
Although they do not plan to give up their American citizenship they
are prepared to live abroad permanently, if that should be necessary.
Where they will live in England when they get there not even their closest
friends know, and it is probable that neither the Colonel nor his wife know.
They have many friends there and expect to visit at first until they can
find a place that suits them.
Chose England for Regard for Law
They those England as the place of refuge for a number of reasons, the
most important because of their bona that the English have greater regard
for law and order in their own land than the people of any other nation
in the world.
The Colonel has twice visited England, the first time Just after his
historic flight to Paris in 1927, and the second time in 1933 when with
Mrs. Lindbergh he flew to England from the United States by way of
Greenland and Iceland. The consideration with which they were treated
by every one then, even during the excitement that immediately followed
their arrival, impressed them, tied they hope that there they can find the
tranquility and security which has been denied them in their own land.
They want especially to provide for Jon a normal childhood, free from
fears and with opportunities to grow and develop naturally. So far that has
been denied him here.
They wish also to do some things themselves. Mrs. Lindbergh has her
own studies and writing, which she enjoys. The Colonel would like time
to do research and reading himself.
Won't Sever Relations Here Completely
So far as could be learned yesterday Colonel Lindbergh does not expect
to sever connections completely with either Pan American Airways or
Transcontinental and Western Air. He is a technical adviser to both
companies.
A year ago at his own request his salary from Transcontinental and
Western Air was stopped. With the development of new planes for them
he felt that there was no pressing need for his active service. Now with
the clipper ships of Pan America spanning the Pacific on regular schedule
and with the same great flying boats built under his eye ready to start
test work on the Atlantic it is understood that he feels free to terminate
his active work with this company also.
The same writer (Mr. Lyman) in the "Times" of Dec.
24 said:
Concerning the reasons advanced for Colonel Lindbergh's sudden decision to quit the State that he had come to look upon as home its chief
officials had very little to say.
Washington Reaction Prompt
Washington reaction, however, was prompt and before the day was over
members of the coming Congress were discussing informally with each
other the possibility of more stringent legislation and a more rigid application of existing laws.
Death of Senator Schall of Minnesota—Blind
Republican Was Foe of New Deal
Thomas D. Schall, United States Senator from Minnesota,
died on Dec. 22 in a hospital at Washington as the result of
Injuries suffered on Dec. 19 when he was struck by an auto-
4105
mobile near Cottage City, Md. Although handicapped by
blindness, Senator Schall had served almost 20 years in the
House and Senate. He was 57 years old. His body was taken
to Minneapolis, where be was buried on Dec. 26. Senator
Schell, who was a Republican, had been a vigorous opponent
of the Roosevelt Administration. As a result of his death
there are two vacancies in the Senate, the assassination of
Huey P. Long of Louisiana causing the other. A third
vacancy, arising from the death of Senator Bronson Cutting
of New Mexico in an airplane crash, has since been filled by
appointment. A brief biography of Senator Schall is given
below, as contained in a Washington dispatch of Dec. 22 to
the New York "Times":
Senator Schell was the third Senator to suffer violent death within a year.
Senator Long of Louisiana was shot to death in Baton Rouge, and Senator
Cutting of New Mexico died in an airplane accident in Missouri.
Senator Schell, who despite the handicap of blindness, led a vigorous life
which included horse-back riding and target shooting, had been a turbulent
figure in Minnesota politics for a generation. His career here began with
membership in the House, where he served five terms. He was closing his
second term as Senator.
He came into national prominence when he deserted his party and voted
for Champ Clark as Speaker in 1911. While he always maintained the
technical status of a Republican, he did not hesitate to criticize severely
the Hoover Administration.
Senator Schell came to the Senate in 1924 by defeating Magnus Johnson,
Laborite. Six years later he defeated Theodore Christianson for the Republican nomination and won out against Einar Hoidale, his Democratic opponent.
Yesterday (Dec. 27) Governor Olson of Minnesota named
State Bank Commissioner Elmer A. Benson to fill the unexpired term of the late Senator Schall.
Death of George B. Morley, Director of Detroit Branch
of Federal Reserve Bank of Chicago
George B. Morley, a director of the Detroit branch of the
Federal Reserve Bank of Chicago, died in Saginaw, Mich.,
on Dec. 20 at the age of 78 years. He was also Chairman of
the Board of the Second National Bank & Trust Co. of
Saginaw. From the New York "Times" of Dec. 21. the
following is taken regarding the career of Mr. Morley:
George Bidwell Morley became a teller for the Second National Bank,
now the Second National Bank & Trust Co. in Saginaw, Mich., in 1876
and was conn.nected with the bank until his death. He became Cashier in
1882,President in 1901 and Chairman of the board of directors in 1929....
Mr. Morley was President and a director of the Michigan Sugar Co.,
Vice-President and a director of the Wallace & Morley Co., and a director
of the Huron Portland Cement Co., Consolidated Coal Co., Bad Axe
Grain Co., Brewer-Neinstedt Lumber Co. and the Bay Port Fish Co. He
was President of the Huron Timber Co.
In 1912 Mr. Morley was a delegate at large at the Republican National
Convention.
Death of W.W.Hoxton,Chairman of Board and Federal
Reserve Agent of Richmond Federal Reserve Bank
William Winslow Hoxton, Chairman of the Board of the
Federal Reserve Bank of Richmond and Richmond Agent of
the Board of Governors of the Federal Reserve System,
died of heart disease on Dec. 20 at his home in Richmond,
Va. Mr. Hoxton, who was born in Jefferson County,
W. Va., was 64 years old. The following summary of his
career is from the Richmond "Times-Dispatch" of Dec. 21:
Mr. Hoxton was educated at Episcopal High School, Alexandria, where
his father was for a long time headmaster. After finishing school, he
taught for a time at Trinity Hall, Louisville, Ky., and at the Episcopal
High School.
In 1894, Mr. Heaton went to St. Louis as a newspaper and magazine
writer. It was here that he first became connected with the banking profession as assistant manager of the St. Louis Clearing House Association
from 1897 to 1906 and manager from 1906 to 1914.
Came to Richmond in 1923
When the Federal Reserve Bank System was founded in 1914. Mr. Horton was chosen Deputy Governor of the Federal Reserve Bank of St. Louis,
After holding this position for five years, he was advanced to the position of General Secretary of the Federal Reserve Board in Washington,
where he stayed from 1919 to 1923.
The Board sent him to Richmond as its Agent and as Chairman of the
Fifth District Board in 1923, and he has been in that position continuously
since.
Death of James P. Hornaday, Dean of Washington
Reporters—President Roosevelt and Secretary of
Commerce Roper Pay Tribute
James P. Hornaday, Washington correspondent for the
"Indianapolis News" and dean of the Washington reporters,
died Dec. 24 of a heart attack in his office at the nation's
capital. Many tributes were paid to Mr. Hornaday by
high Government officials and others, including President
Roosevelt and Secretary of Commerce Roper. In his tribute
the President, according to Associated Press advices from
Washington, Dec. 25, said:
I share with his legion of friends the grief which the passing of James P.
Hornaday has brought to all of us at this Christmas time. Dean of White
House correspondents, he had through long years faithfully chronicled
national events not less admired for his talents as a newspaper man than
he was beloved because of the beauty and strength of his personal character.
There was—there is—among Washington newspaper men no gentler.
truer soul than Jim Hornaday. We shall long remember him,and miss him,
and mourn him, and be thankful that we were permitted to know him and
love him.
Secretary Roper sent the following message to Mr. Hornsday's family (as given in the "Indianapolis News" of Dec.
25):
It has been my privilege to know Mr. Hornaday both personally and
officially for many, many years. He brought to the journalistic profession
Financial Chronicle
4106
a sincerity of purpose and ability of interpretation which have left their
Imprint upon Washington journalism. We can all learn valuable lessons
from his inestimable career.
He will be sorely missed in Washington newspaper circles, but he has set
an example that those who follow should emulate. I join his legion of
friends in expressing deepest condolences to the members of his family.
Mr. Hornaday had been Washington correspondent of the
"News"for 34 years and had been active as a reporter for 51
years. From the New York "Times "of Dec. 25 the following is taken:
Mr.Hornaday wasthe friend of every President since Theodore Roosevelt,
as well as scores of other officials.
On Feb. 28 1934, the fiftieth anniversary of his service as a newspaper
man, a signal compliment was paid him by President Roosevelt. In
extending personal congratulations the President said:
"I think the truest and nicest thing I can say is that you are a gentleman
of the press."
Mr. Hornaday was born near Castleton, Ind., on Nov. 7 1863. After
two years spent as a public school teacher in Hendricks County, Ind., he
became a reporter on The Martinsville (hid.) "Republican" in 1884. Two
years later he joined The Indianapolis "Journal" and, in 1889. The Indianapolis "News."
He started as a State political writer on the "News," became city editor
in 1898 and chief Washington correspondent in 1901. He had been in
Washington ever since.
Death of G. W. W. Hanger, Federal Mediator—Had
Settled or Forestalled Many Strikes
G. Wallace William Hanger, a Federal mediator for 16
years during which time he settled or forestalled numerous
strikes, died of a heart attack on Dec. 26 in New York. He
was 69 years old. In reporting the death of Mr. Hanger the
New York "Times" of Dec. 27 said:
Mr. Hanger was born in Augusta County. Va., March 28 1866, and was
educated at Lebanon Valley College. After servingfor one year as President
of the Betheden, Miss., Collegiate Institute, and for a like term as a Profsor in the Maryland College for Young Women, he joined the United States
Bureau of Labor in 1887 as Chief Statistician and Administrative Assistant.
Posts he held until 1913. For the next seven years he was a member of the
Board of Mediation and Conciliation.
He was Assistant Director of the Railroad Labor Board under the
Federal Railroad Administration, 1918-20, a member of the Railroad Labor
Board, 1920-26, and since the latter year had served on the United States
Board of Mediation.
In October, 1912, Mr. Hanger took part in the conferences which resulted
in the abandonment of the proposed strike of trainmen in the Hudson
tubes, and in 1930 he was largely responsible for averting the threatened
walkout of 3,500 Erie trainmen.
Death
of Railway
News Bureau
Slason Thompson, veteran Chicago newspaperman, author
and railroad spokesman, died at his home in Lake Forest
(Chicago) on Dec. 22. He was 87 years old. Mr. Thompson retired last May as head of the Railway News Bureau,
which he founded in 1903. As to Mr. Thompson's career,
we take the following from the Chicago "Daily Tribune" of
Dec. 23:
Dec. 28 1935
in a wireless account, that day, from Geneva,
Switzerland, to the New York "Times" of Dec. 21. The
nomination was made by the American group in the Permanent Court of Arbitration. The resignation of Mr.
Kellogg was referred to in our issues of Oct. 5, page 2217,
and Sept. 28, page 2059. In the Geneva wireless advices of
Dec. 21, it was stated:
it was stated
The group also nominated Professor Victor Bruns, who argued for Germany in the —ustro-German customs protocol case, to succeed the late
Judge Walther Sclauecking. The group comprises Elihu Root, Newton D.
Baker, John Bassett Moore and Professor Hudson, but only the first three
participated in the American nomination. * * * *
Hitherto, nomination by the American group has been equivalent to
election, the Assembly and the Council always following this lead. It is expected that this again will be the case, though there is some vague talk now
against electing any American to the court because the Senate rejected the
Root protocol and because all three American judges previously elected—
Mr. Moore, Charles E. Hughes (now Chief Justice of the United States)
and Mr. Kellogg—resigned before their terms ended.
Citizens of no other country have this record, and it is also complained
that Mr. Kellogg grew lax in attending sessions.
Nearly all countries are entitled to nominate candidates for these two
vacancies. The nominations close Jan. 20 and the American is the first in.
The election will be in September unless a special session of the Assembly
needs to be called before.
In its issue of Dec. 21 the New York "Times" said:
Manley Ottmer Hudson, Bemis Professor of International Law at Harvard Law School and a member of the Permanent Court of Arbitration, is
49 years old. He was educated at William Jewell College, Liberty, Mo.,
and at Harvard University. He was Commissioner on Uniform State Laws
and was attached to the office of the Solicitor, Department of State, in 1917
and to the United States Government inquiry into terms of peace from
1917 to 1918.
He was attached to the International Law Division, American Commission to Negotiate Peace, at Paris,from 1918 to 1919, and was a member
of the Paris Peace Conference in 1919. The following year he was special
assistant at the American Embassy at Paris and served until 1930 as a member of the legal section of the Secretariat of the League of Nations. He was
legal adviser to various international labor conferences. * * * *
Professor of Jurisprudence
Dr. Bruns, German authority on international law, has frequently represented Germany before the World Court. He pleaded at The Hague for
upholding the legality of the German—ustrian customs union as proposed
in 1931. He is a Professor of Jurisprudence at the University of Berlin,
director of the German Institute for International Law and a member of
the Academy of German Law.
He was born at Tuebingen in 1884, studied jurisprudence at the Universities of Tuebingen and Leipzig and became assistant professor at the University of Geneva in 1910. He was called to Berlin in 1912 and has lectured
at that university ever since.
of Slason Thompson Founder
Mr. Thompson went from San Francisco in 1880 to New York, where he
worked briefly on the New York "Tribune" and in the New York Associated Press. In the same year he became western manager of that forerunner of the modern news service, and came to Chicago.
A "Bully Experience"
He referred to his arrival in Chicago when it was a town of 500,000 and
when reconstruction work after the great fire had scarcely been completed.
as "a bully experience."
-Herald" and
He worked for the Chicago "Herald,""Daily News,""Times
"Record-Herald" in the early eighties before taking a position as spokesman
a year and expenses. In those days
for the railroads at a salary of 10,000
Political attacks on the railroads were numerous.
The Railway News Bureau, which he later founded, became recognized
as an authoritative source of information relative to railroad progress and
problems. He was author of "Cost, Capitalization and Estimated Value of
American Railways," a997],and "A Short History of American Railways,"
[1925]
New York Stock Exchange Appoints F. J. Coyle as
Secretary of New Standing Committee on Customer's Men
Frank J. Coyle, since 1922 a committee stenographer for
the New York Stock Exchange, has been appointed Secretary
to the recently-formed Committee on Customers' Men, the
Exchange announced Dec. 21. In his new duties Mr. Coyle
will work with Henry Rogers Winthrop and with John A.
Cissel, who were elected Chairman and Vice-Chairman of the
new committee Dec. 18, as noted in our issue of Dec. 21,
page 3958. During the last several years Mr. Coyle has been
assigned to the subcommittee•on customers' men, a division
of the Quotations and Commissions Committee, which was in
charge of the enforcement of the rules of the Exchange relating to the employment of customers' men by members and
member firms.
Mr. Thompson in 1902 wrote a biography of Eugene Field
of whom he was a close friend, and followed it with a later
version in 1927. Mr. Thompson likewise wrote two plays,
He was
"M'liss", [18781, and "Sharps and Flats", 18O.'
born in Fredericton, New Brunswick,and was educated at the
University of New Brunswick. He was admitted to the bar
in New Brunswick in 1870 and in California in 1874.
Special Committee on Customers' Men of New York
Stock Exchange Discharged—A. H. McAlpin Appointed to Committee on Management and Personnel
The Special Committee on Customers' Men of the New
York Stock Exchange, whose report resulted in the recent
creation of a standing cominittee on customers men, was
discharged with the gratitude and thanks of the governing
committee, the Exchange announced on Dec. 26. At the
same time the Exchange also announced that A. Heyward
McAlpin, a Governor of the Exchange, was appointed to
the Committee on Management and Personnel to succeed
Henry Rogers Winthrop.
Emil Schram Elected President of EHFA—G. B. Coit
Made Vice-President
Emil Schram, Chief of the Drainage, Levee and Irrigation
Division of the Reconstruction Finance Corporation, has
been elected President of the Electric Home and Farm
Authority, to succeed Morris L. Cooke, resigned, it was
announced Dec. 19 by Jesse H.Jones, Chairman of the RFC.
The resignation of Mr. Cooke was noted in our issue of
Nov. 30, page 3477. Mr. Jones also announced that
G. B. Coit, Chairman of the RFC's Industrial Loan Review
Committee, has been made Vice-President of the EHFA.
Richard Whitney Appointed a Trustee of the Gratuity
Fund of New York Stock Exchange Succeeding
Late W. Strother Jones—Latter's Services Praised
by Exchange
The Governing Committee of the New York Stock Exchange, at its meeting, Dec.26, appointed Richard Whitney,
former President, to fill the vacancy in the Trustees of the
Gratuity Fund caused by the recent death of W. Strother
Jones. The Governing Committee adopted a resolution
memorializing the services of Mr. Jones to the Exchange.
The resolution read:
M.0. Hudson Nominated as Judge of Permanent Court
of International Justice—Professor of Harvard
Law School Named to Succeed F. B. Kellogg,
Resigned
Professor Manley Ottmer Hudson, of Harvard Law School,
was nominated as a member of the Permanent Court of International Justice (World Court) to succeed Frank B.
Kellogg, resigned, the League of Nations announced Dec. 20,
It is with an acute sense of loss and of sorrow that we have to record
the recent death of W. Strotner Jones. A member of the Exchange for
more than half a century. he had served witn distinction for 12 years on
tne Governing Committee, first from 1905 to 1909 and then from 1911 to
1919. His great usefulness as a member of tnis Committee, his generous
and intelligent attention to the work of various standing and special committees, and his conspicuous service as a member of the trustees and as
Secretary and Treasurer of the Gratuity Fund—an office tie held until
his death—will be gratefully remembered. Bringing to the Exchange a
warm pride in nis membership, he was devoted to the highest ideals of
his profession. To his official responsibilities he gave an inspiring fidelity.
Volume 141
Financial Chronicle
To all nis associations he brought an unfailing courtesy and a rare personal
charm. His absence from the councils of the Exchange will be keenly felt.
Be It Therefore Resolved, That the Governing Committee express the
grief which the passing of W. Strother Jones has occasioned, the gratitude
of the Exchange for his unselfish service in its behalf and the conviction
that by fine example he has made an enduring contribution to its welfare.
Be It Further Resolved, Tnat these resolutions be spread upon the minutes
of this meeting and a copy thereof, suitably engrossed, be transmitted to
his family.
Mr. Jones died on Dec. 17 at the ag of 78 years. Reference to his death was made in our issue of Dec. 21, page
3959.
H. C. Spencer Resigns as First Deputy Superintendent
of Insurance of New York State—Succeeded by
R. M. Clark
Louis H. Pink, Superintendent of Insurance of New York
State, announced Dec. 26 that Howard C. Spencer has resigned as First Deputy Superintendent of Insurance, effective Dec. 31. Deputy Superintendent Rollin M. Clark
has been advanced to the post of First Deputy and Edward
McLoughlin, who has been a Deputy Superintendent since
April 1 this year, will assume many of the duties formerly
handled by Mr. Clark. Professor Edwin W. Patterson of
Columbia University Law School has accepted a temporary
appointment as Deputy Superintendent, while on sabbatical
leave of absence from the University, Mr. Pink said. His
work with the Department will be devoted primarily to the
proposed revision of the New York Insurance Law on which
he has been engaged for several months.
:
,
President Roosevelt Appoints S. D. Sanders as Cooperative Bank Commissioner—Succeeds F.
Peck, Resigned
S. D. Sanders had been appointed Co-operative Bank Commissioner, Farm Credit Administration, by President
Roosevelt effective Jan. 1, it was announced by the FCA
Dec. 26. Mr. Sanders, who is 55 years old and a resident
of Seattle, Wash., succeeds F. W. Peck who resigned to
resume his duties as Director of Extension at the University
of Minnesota. He has been President and General Manager
of the Washington Co-operative Egg and Poultry Association for the last 13 years,from which position he is taking
leave of absence to accept the appointment as Co-operative
Bank Commissioner. The announcement of the FCA of
Dec. 26 said:
As Co-operative Bank Commissioner Mr. Sanders will direct tne operations of tne Central Bank for Co-operatives at Wasnington and tne 12
district banks that cover the entire United States, including Puerto Rico.
These banks serve the financial needs of co-operative associations offarmers
engaged in marketing farm products, purchasing farm supplies, and rendering farm business services.
Mr. Peck has been serving under a leave of absence which terminates
Dec. 31. In the formative stages of the FCA in 1933, he was selected to
take charge of setting up tne banks for co-operatives.
In transmitting Commissioner Peck's resignation to tne President,
Governor Myers paid nign tribute to "the outstanding service he has rendered to agriculture." He pointed out that to Mr.Peck fell the "Important
and complex task of liquidating the affairs of the Federal Farm Board and
establishing witn the proceeds of tnis liquidation a central bank and 12
regional banks designed to become a permanent, self-supporting, farmerowned credit system for farmers' co-operative purcnasing and marketing
associations." Tne manner in wnich Mr. Peck accomplished this task,
the Governor said, has left "a lasting contribution of immeasurable benefit
to the farmers of this country."
Sixth
Packaging Exposition to Be Held in New York
March 3 to 6—Council Formed to Plan Conferences
and Clinics
A packaging conference and exposition council has been
formed to assist in developing definite plans for the conferences and clinics which will be held in conjunction with the
Sixth Packaging Exposition at the Hotel Pennsylvania,
New York,March 3to 6,inclusive, according to an announcement recently by Alvin E. Dodd, managing director of the
American Management Association, which is sponsoring
the Exposition and the sessions. The announcement said:
The Council is composed of 75 members and includes leaders in trade
associations, the packaging, packing and shipping industries, as well as a
number of important package users and distributors, and is widely representative both geographically and with respect to companies, products,
design accomplishment and specialized technical knowledge.
flee 1936 Packaging Exposition will exemplify every phase of modern
packaging. The packaging of commodities, as well as the use of materials
for packing and shipping, to facilitate their wider distribution,to enhance
consumer appeal, to provide preservation against climate and deterioration
and to make possible popular enjoyment of what were recently "luxury"
products, has become a factor of such consequence that it influences alert
managerial science in all commodity fields to-day and has commercial.
Industrial. consumer and, very perceptibly, even educational and sociological effects.
4107
Stockholders of the Lawyers County Trust Co., New York,
at a special meeting held Dec. 23, approved a plan to change
the corporate title of the institution to Lawyers Trust Co.
The calling of the Dec. 23 meeting was noted in our issue of
Dec. 21, page 3959. The regular annual meeting of the
stockholders has been called for Jan. 8.
It was announced Dec. 26 by E. Chester Gersten, President
of the Public National Bank & Trust Co., New York, that
Morris Parker, an Assistant Cashier, has been appointed
Cashier, effective Jan. 2. L. J. Murphy, Vice-President and
Cashier, will relinquish the latter office but will remain a
Vice-President.
Edward E. Strong was this week appointed an Assistant
Vice-President of the Corn Exchange Bank Trust Co., New
York.
A liquidating dividend of 8%, making a total disbursement
of 76%, was distributed on Dec. 20 to depositors in the savings department of the defunct Columbus Exchange Trust Co.
of Providence, R. I., which was placed in the hands of a
conservator following the banking holiday of March 1933.
The above information is obtained from the Providence
"Journal" of Dec. 21, which also said, in part:
The State Division of Banking and Insurance yesterday (Dec. 20) announced the latest disbursement, which brings liquidating dividends to date
to about $1,900,000, diStributed among 4,547 depositors who had $2,500,000
in savings in the bank when its doors were closed. Two previous disbursements totaled 68%. With the additional 8% disbursement yesterday, only
24% remains to be paid if savings depositors are to receive dollar-for-dollar.
According to the Philadelphia "Record" of Dec. 17,
approximately $60,500 will be distributed to 6,500 depositors
of the closed Collingswood Trust Co., Collingswood, N. J.,
under a ruling of Vice-Chancellor Francis B. Davis in the
Camden Chancery Court on Dec. 16. The paper continued:
Only one previous payment has been made since the bank closed Oct. 10
1932. That was 5% in 1932. Checks for the new payment of 10%
will be mailed in time to reach depositors by Christmas.
Announcement was made on Dec. 16 by Luther A. Harr,
State Secretary of Banking for Pennsylvania, that nearly
6,000 depositors in seven closed banks were to receive
"Christmas presents" in the form of advance payments,
aggregating $150,158, between Dec. 18 and 23. The Philadelphia "Record" of Dec. 17, authority for this, listed the
banks, together with the percentages they were to pay and
other data, as follows:
Coraopolis State Bank, Caraopolls, will distribute 10%, the fourth payment. Checks will total $4,628. The bank closed Sept. 30 1933.
State Bank of Klingerstown will distribute 5% in the amount of $15,005.
The bank closed Dec. 17 1931.
The Valley View Bank depositors will receive $63,646. The bank
closed Oct. 17 1931.
Victory Banking Trust Co. of Girardville, will distribute $32,871, or
10%. The bank closed Sept. 30 1933.
Slickville First Bank will distribute 15%. The bank closed Sept. 28 1931.
This payment is for $11,620.
Farmers and Merchants Bank of Dillsburg will pay $11,747, or 6%•
The bank closed Oct. 17 1931.
Farmers State Bank of Hellam will distribute $10,641, or 5%. The
bank closed June 29 1932.
An initial dividend of 10% for creditors of the Hagerstown
Bank & Trust Co. of Hagerstown, Md. (which has been succeeded by the Hagerstown Trust Co.), aggregating $307,489,
was announced on Dec. 18 by Warren F. Sterling, State Bank
Commissioner for Maryland, we learn from the Baltimore
"Sun" of Dec. 19.
Warren F. Sterling, State Bank Commissioner for Maryland, announced on Dec. 18 that checks, representing a 5%
dividend, were being mailed to depositors of the defunct
Park Bank of Baltimore. In noting this, the Baltimore
"Sun" of Dec. 19 further said:
This marks the fourth distribution of the same amount paid to depositors
of that bank. The current payment aggregates $168,253.
As of Dec. 17, the First & Merchants National Bank of
Middletown, Ohio, capitalized at $400,000, went into voluntary liquidation. The institution was absorbed by the American Trust & Savings Bank of Middletown, which has changed
its title to the First-American Bank & Trust Co. of Middletown.
Announcement was made on Dec.20, that depositors of the
closed Farmers' National Bank of Cambridge, Ill., were to
receive a 10% dividend on Dec.23,amounting to $36,669.19,
according to a dispatch from Cambridge on that date to the
Chicago "Tribune."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Dec. 23 for the transfer of two
New York Stock Exchange memberships, each at $135,000.
The previous transaction was at the same price, on Dec. 11.
The first transfer was Allan McLane Jr. to Charles E.
Schafer, and the second was M. C. Bouvier, deceased, to
Homer A. Vilas.
The Comptroller of the Currency on Dec. 14 issued a charter to the Greene County National Bank in Carrollton, Carrollton, Ill. The new organization, which succeeds the Greene
County State Bank of Carrollton, is capitalized at $100,000,
consisting of $50,000 common stock and $50,000 preferred
stock. Stuart E. Pierson heads the new bank, with Clyde
Linder as Cashier.
A membership on the Chicago Board of Trade sold Dec. 27
at $5,800, off $200 from the previous transfer.
In indicating that the defunct Waukegan National Bank,
Waukegan,Ill., was about to pay a dividend to its depositors,
the Chicago "Tribune" of Dec. 22 had the following to say:
4108
Financial Chronicle
The Waukegan National Bank, which closed in June 1931, recently announced an 8% repayment, totaling 9200,722, to 7,000 depositors. This
bank now has paid 53c. on the dollar.
We learn from the "Michigan Investor" of Dec. 21, that
three Ann Arbor, Mich.. banks are to be consolidated in the
near future. The banks involved are the Ann Arbor Savings
Bank,the First National Bank & Trust Co.,and the Farmers'
it Mechanics' Bank. The proposed merger has received the
approval of the Federal Deposit Insurance Corporation, the
Reconstruction Finance Corporation and the Michigan State
Banking Department. We quote the paper in part:
Stockholders of the three banks will be given an opportunity to acquire
stock in the new bank on a pro rata basis. Meanwhile the stock will be held
by the underwriters of the $150,000 capital stock and $30.000 surplus of
the new bank. The RFC will invest $1,000,000 in the new bank to be
allocated to preferred stock and surplus.
The new bank will have assets and deposits of approximately 510.000.000.
Regular banking service will not be interrupted while the merger plans are
being consummated. The new Board of Directors will decide on the headquarters of the new bank but it is expected the Farmers & Mechanics
building will be chosen. It is also tentatively planned to have only one
branch, the present quarters of the campus district branch of the Farmers'
az Mechanics' Bank.
The Ann Arbor plan of consolidation as proposed by local and State
banking leaders and approved by the Federal authorities incorporates
unique features distinct from any other program effected in communities
elsewhere, to assure the protection of all interests involved.
Regarding the affairs of the defunct First National Bank,
of Detroit, Detroit, Mich., the "Michigan Investor" of
Dec. 21 stated in part:
In Detroit an effort is under way to end the receivership of the First
National Bank. It has been proposed to raise $5,000,000 among the directors to settle their liability for whatever funds the Comptroller of the Currency decides were lost to depositors through technically illegal investment.
Hugh J. Ferry, Treasurer of the Packard Motor Car Co., was named Chairman, and 20 days given in which to raise the money. This makes Jan. 10
the deadline.
When and if the $5,000,000 is raised it will be turned over to B. C.
Schram, receiver, as the first step toward the organization of a liquidating
corporation to take over the remaining assets and liquidate them for the
benefit of participating depositors, as was done in the case of the Guardian
bank. It is pointed out that if the liability was not settled, and the receiver
filed suit, the liability litigation would delay indefinitely all plans for formation of a liquidating corporation or a mortgage corporation.
The purported rnisinvestments on which liability is based date back to
the formation of the Detroit Bankers Co., which came into being Jan. 10
1930. The question of directors' lianllity is concerned also with the affairs
of the Peoples Wayne County Bank and other institutions which merged to
for the First National.
In indicating that the Princeton State Bank, Princeton,
Minn. had changed hands, the "Commercial West" of
Dec.' had the following to say:
21
Controlling interest of Minnesota's Princeton State Bank has just changed
hands—W. H. Smith to R. G. Rogde. Only change in personnel said to
be contemplated at this time is in the Presidency, Mr. Rogde succeeding
Mr. Smith, who is not yet ready to announce his future plans other than to
say that he expects to get located soon With some other good bank. To
Mr. Rogde the deal means homecoming to Minnesota. In the banking
business at Ruthton for 14 years he sold out about two years ago, went to
Odebolt. Iowa, organized the Odebolt Bank. sold out about three weeks
ago to Ralph H. Griffin, succeeding him as President.
Dec. 28 1935
posits (including both public and Government deposits)
are given at $534,388,442, a gain of more than 56,000,000
over the preceding year. The institution is capitalized at
$30,000,000 with a rest fund of 820,000,000. Sir John Aird
is President and S. H. Logan, General Manager. The report
will be submitted to the shareholders at their annual meeting
in Toronto on Jan. 14. The New York Agency of the
Canadian Bank of Commerce is at Exchange Place and
Hanover Street.
The thirty-fifth annual report of the Provincial Bank of
Canada (head office Montreal) covering the fiscal year
ended Nov. 30 1935 has just been published. It shows net
profits for the period of $400,843 (as against $417,366 the
previous year), which when added to $285,741, the balance
to credit of profits and loss brought forward from the preceding 12 months, made $686,584 available for distribution.
From this amount the following appropriations were made:
$240,000 to pay four quarterly dividends at the rate of 6%
per annum; $99,000 to pay Dominion and Provincial taxes;
$40,000 written off real estate, and $50,000 to provide for contingencies, leaving a balance of $257,584 to be carried forward
to the current fiscal year's profit and loss account. Total
resources are shown in the statement as $49,746,720 (comparing with $46,799,882 last year), of which $32,654,084 are
quick assets, or equal to 73.5% of the bank's liabilities to the
public. Last year the ratio was 70%. Total deposits are
given in the statement as $40,640,615, of which $34,848,474
are interest-bearing deposits. The bank's paid-up capital is
$4,000,000, and its reserve fund and surplus $1,257,584. H.
Gerin-Lajoie, K.C., is President of the institution, while
Charles A. Roy is General Manager.
The annual report of the Royal Bank of Canada (head
office Montreal) was released this week and makes a very
satisfactory showing. The statement, which covers the fiscal
year ended Nov. 30 1935, shows net profits of $4,340,522,
which were allocated as follows: $2,800,000 to pay four
quarterly dividends at the rate of 8% per annum; $200,000
transferred to bank premises account; $200,000 to be applied
to officers' pension fund, and $1,037,772 to take care of
Dominion and Provincial government taxes,leaving a balance
of $102,700 to be added to the current year's profit and loss
account, which now stands at $1,609,554. Total assets of
the institution, the report shows, stand at $800,919,700, an
increase of more than $42,000,000 over the previous fiscal
year, while total deposits are shown at $688,366,512, an increase of $51,000,000 over last year. That the growth of total
assets is somewhat less than the increase in deposits is
apparently accounted for by the fact that the special loan of
$9,000,000 under the Finance Act, current at Nov. 30 1934,
has been repaid. The capital of the Royal Bank of Canada
is $35,000,000, with reserves and undivided profits of $21,609,555. The institution maintains 664 branches in Canada
and Newfoundland, and 82 branches in foreign countries.
The New York agency is at 62 William Street. The annual
general meeting of the shareholders will be held in Montreal
on Jan. 9.
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)
Effective Dec. 14, the Farmers & Merchants State Bank Dec. 28), bank exchanges for all cities of the United States
of Carrollton, Texas, was placed in voluntary liquidation. from which it is possible to obtain weekly returns will be
The institution, a member of the Federal Reserve System, 10.8% above those for the corresponding week last year.
was absorbed by the Texas Bank & Trust Co. of Dallas, ,Our preliminary total stands at $4,802,789,852, against
$4,Texas. From the Dallas "News" of Dec. 15 we take the 332,962,443 for the same week in 1934. At this center there
following:
is a gain for the week ended Friday of 18.2%. Our comE. 0. Terry, Vice-President, Texas Bank & Trust Co., announces his
parative summary for the week follows:
The Farmers & Merchants State Bank of Wylie, Wylie,
Texas, a member of the Federal Reserve System,on Dec. 11
went into voluntary liquidation. This bank was taken over
by the State National Bank of Garland, Texas.
bank has taken over the affairs of the Farmers & Merchants State Bank
of Carrollton, Dallas County.
"The Farmers & Merchants State Bank, in retiring from business, was
in perfectly solvent condition and had sufficient cash and quick assets to
pay its depositors," Mr. Terry said. "The only reason for retiring from
business was the fact that under present conditions it was made unable to
earn adequate dividends on its capital stock."
F. H. McMurray, formerly Cashier of the Farmers & Merchants State
Bank of Carrollton, will be connected with the Texas Bank & Trust Co. of
Dallas as Assistant Cashier and will continue to serve the customers of the
Carrollton community.
The Canadian Bank of Commerce (head office Toronto)
has recently published its annual report covering the fiscal
year ended Nov.30 1935. It shows net profits for the period,
after making appropriation to contingent reserve fund, out of
which fund full provision for bad and doubtful debts was
made, of $3,389,032, which when added to $678,984, representing the balance to credit of profit and loss brought
forward from last year, made $4,068,016 available for distribution, which was allocated as follows: $2,400,000 to take
care of four quarterly dividends at the rate of 8% per annum
$600,000 to pay Dominion and Provincial taxes; $252,621
transferred to pension fund, and $150,000 written off bank
premises, leaving a balance of $665,395 to be carried forward
to the current fiscal year's profit and loss account.
Total resources of the institution are shown in the report
as $629,536,512 (comparing with $575,314,000 at the end of
the preceding fiscal year) of which $364,482,724 are liquid
assets, or 63% of all liabilities to the public, while total de-
Clearings--Returns Si, Telegraph
Week Ending Dee. 28
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
32,198,004,636
192,038,274
230.000,000
149,000,000
64,868,483
57,100,000
90.380,000
82,839,146
80,643.204
49,835,114
39,506,369
33,972,000
31.850.197,252
191,800.748
203,000,000
131,000,000
53,181,666
49,000.000
74.775,000
66,830,733
59.996,547
47,089,021
35,461,335
26,050,000
Twelve cities, five days
Other cities, five days
$3,268,187,226
574,044,656
g2.799,282,202 +16.8
466,733,488 +23.0
Total all cities, five days
All cities, one day
$3,842,231,882
960,557,970
g3,266,015.790 +17.6
1,066,946.653 —10.0
Total all cities for week
24.802.780 852
24 RR2 002443 .4-108
+18.2
+0.1
113.3
13.7
22.0
14.4
20.9
24.0
34.4
+5.8
+11.4
+30.4
Complete and exact details for the week covered I y 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. 21.
For that week there is an increase of 6.2%, the aggregate
of clearings for the whole country being $6,811,769,711,
against $6,414,879,032 in the same week in 1934. Outside
of this city there is an increase of 26.4%, the bank clearings
at this center having recorded a loss of 0.8%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show a
decrease of 0.5%, but in the Boston Reserve District the
totals record an increase of 27.2%, and in the Philadelphia
Reserve District of 13.6%. In the Cleveland Reserve District the totals are larger by 27.4%, in the Richmond
Reserve District by 16.3%, and in the Atlanta Reserve
District by 13.0%. The Chicago Reserve District registers
an improvement of 22.3%, in the St. Louis Reserve District
of 22.6%, and in the Minneapolis Reserve District of 16.5%.
The Kansas City Reserve District enjoys a gain of 17.6%,
the Dallas Reserve District of 32.0%, and the San Francisco Reserve District of 20.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Dec. 21
Clearings at
1935
Week Ended Dec. 21 1935
Federal Reserve Diets
181 Boston
_12 eitie.
2nd New York.12
•
3rd Philadelphia 9 •
.
gth Cleveland_ 5 •
.
•
5th Richmond . 6 •
6th Atlanta...10 .
7th Chicago
_19
.
8th St Louis__ 4 •
•
9th Minneapolis 7 .
10th Kai sas City 10
11th Dallas _
12th San Fran. 12 •
1934
1935
Irmo,
Dec.
1933
1932
209,073,722
196,909,261
243,732,604 +27.2
309,969,414
4,383,019,895 4,382,992,904 -0.5 3,096,242,550 2,934787,046
310,477,227
268,318,299
345,846,624 +13.6
393,031,944
177,106,372
180,383,632
218,848,224 +27.4
278,860,511
98,161,798
93,329,576
111,479,583 +16.3
129,684,302
104,551,030
83,887,787
131,724,264 +13.0
148 825,145
272,414,768
302,956,167
386,248,287 +22.3
472,358,301
83,417,806
96.634.953
120.594,185 +22.6
147,831,070
77,493,034
69,025,588
85,888,032 +16.5
100,094,586
84303,169
95,617,873
122,225,238 +17.6
143,679,395
36,420,334
48,033,612
50,544,685 +32.0
66,720,917
148,608,528
162,305,904
214,754,402, +20.0
257,694,201
Total
111 Mk* 6,811,769,711
Outside N. Y. City,...
2.568.967,464
Canada32eltles
367.363,973
6.414,879,032 +62 4,734,940,342 4,503,519,683
6,031,886,128 +28.4 1,725,962,130 1,650.648,320
354,830,779 +3.5
262,171,018
258,762.771
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Dec. 21
Clearings at
1935
1934
Inc. or
Dec.
$
$
%
Mast Federal Reserve Dist rict-Boston%Ie.-Bangor
• 545,716
551,358 -1.0
Portland
2,064.327
4,674,299 +23.3
-Boston_ _ 271,981.399 211.661,732 +28.5
118a86.
Fall River.._ 667,708
632,196 +6.6
Lowell
435,969
282,026 +54.6
New Bedford
787,875
761,282 +3.5
Springfield - _ _
2,839.956
2,742,878 +3.5
Worcester
1,402,098
1.339,389 +4.7
Conn.
-Hartford_
14,417,415
11,334.749 +27.2
New Haven_ _
3,706,480
3,184,561 +16.4
R.I.-Providence
9,862,200
9,211,900 +7.1
N.H.-Manchee'r
1,258,271
356,234 +253.2
309,969,414
243,732,604 +27.2
1933
$
1932
$
414,900
2,675,146
180,131,438
636,126
295,289
540.380
2,259,631
1,476.724
9,304,815
3,431,738
7,423,000
484,535
359,623
1.891,959
169.291,209
596,918
267.592
534,413
2,536,236
1,819,215
8.708.499
3,339,181
7,247,400
317,016
209,073,722
196,909,261
Second Federa I Reserve Die trIct-NewY orkN. Y.
-Albany
7,943,059
7,678,903 +3.4
7,320,502
7.538.882
Binghamton...
1,062,503
1,120.893 -5.2
776,468
962.075
Buffalo
23,088,117
33,900,000
27,400,000 +23.7
18,725.453
Elmira
625,123
653.209 -4.3
630,498
• 575,040
Jamestown_ _
606,442
531,261 -4.7
430.895
390,916
New York _
.
4.242.802,2474.276.972.762 -0.8 3,008,978,212 2,852,871,363
Rochester
5,636.188
8,102,3866,204,072t30.6
5,322.071
Syracuse
3,259,548
3,887,457
18.4
3.284,554
2,133,349
Conn.-btamford
3.344,225
2,996,12
11.6
2,733.745
2,347,507
N. J.
-Montclair
.230,000
500,68 -50.1
537,092
245,500
Newark
-0.6
19,905,672
20,028,41
16,791,847
20,530,715
Northern N. J_
40,690,781
36.622.03 +11.1
26.061.438
26444,174
Total(12 cities) 4,363,019,895 4,382,992.904
-0.5 3,096,242,550 2,938,787.045
'
Third Federal Reserve Dist rict-Philad elphia Pa.
-Altoona_ _
435,780
318,473 +36.8
314,081
Bethlehem_
.
a852.622
82,683,558 -75.7
b
Chester
300.370
258,185 +16.3
314,363
Lancaster
1,105,863
1,089,005 +1.5
757,995
Philadelphia
382,000,000 331,000,000 +15.4 258.000,000
Reading
1,213,473
1,110,257 +9.3
977.887
Scranton
2,994,540
3,598,784 -16.8
2,096,921
Wilkes-Barre..
1,005,821
1,076.926 -6.6
1,355,412
York
1,424,297
1,486,994 -4.2
1,057,640
N. 2.
2,551,800
-Trenton_
5,908,000 -56.8
3.444,000
Total(9 cities).
393.031,944
334,785
a354,686
233,943
1,022,875
299.000,000
1.637,803
2,388,362
1.543,895
1,176,564
3.139,000
345,846,624 +13.6
268,318,299
310,477,227
Fourth Federa I Reserve Die trict-Clevel and
Ohio-Akron__ _ _
c
c
c
Canton
c
c
c
ciscinsati
57,679,421
45,218,670 +27.6
Cleveland
87,926,856
64,277,307 +36.8
Columbus
11,426,800
10,659,500 +7.2
Mansfield
1,644,961
1,095.195 +50.2
Youngstown _ _
b
b
b
Pa.
-Pittsburgh _ 120,182,473
97,597,552 +23.1
c
c
36,543,334
53,613,015
8,600.700
911,424
b
80,715,159
c
c
35,800,042
58.941,976
6,233,300
761,391
b
75,369,663
Total(5 eities)_
218,848,224 +27.4
180,383,632
177,106,372
Fifth Federal Reserve Dist rIct--RIchm ondW.Va.-Hunt•ton
222,451
143,365 +55.2
Va.-Norfolk
2,846,000
3,208,000 -11.3
Richmond __ _ _
38,088,802
32,267.774 +18.0
S.C.
-Charleston
1,029,004
968,973 +6.2
66,923,582
58.003,340 +15.4
Md.-Baltimore _
20,574,463
D.C.-Washing'n
16.888.131 +21.8
115,714
2.161,000
28,544,033
856.599
48,015.938
13,636,292
443,129
2,935,000
28,987,982
858,993
49,056,179
15.880,515
111,479,583 +16.3
93,329,576
98.161,798
Sixth Federal Reserve Dist rIct-Atlant a
3,436,848
Tenn.
-Knoxville
2,906,660
18.2
Nashville
16,423,153
13,251.918
23.9
47,700,000
16.1
Ga.-AtIttnta- _
55,400,000
1,485,968
1,235,287 +4.1
Augusta
1,038,712
Macon
1.066,359 -2.6
-Jacksonville
17.506,000
14,896,000 +17.5
Fla.
18,327,541
19,788,320 -7.4
.Ala.-Birm'ham Mobile
1,327,027
1,154.787 +14.9
b
b
-Jackson
b
Miss.
Vicksburg
112,029
120,478 -7.0
33,967,867
29.604,455 +14.7
-New Orleans
La.
• 4,116,075
9,799,338
40,000,000
1,297.263
763,880
12,187.000
12.555,025
909.479
b
136,746
22,786,214
2,106,579
8,795,769
28,900,000
1,043.435
508,841
8.054,026
7.936.936
865,312
b
95,697
25,581.192
104,551,020
83,887,787
Total(6 cltiee).
Total (10 cities)
278,860,511
129.684,302
148.825,145
131,724,264 +13.0
1934
Inc. or
Dec.
1933
1932
Seventh Feder al Reserve D istrict Chi cago
73,948 +32.9
98,307
-Adrian _ _
Mich.
438.582 +8.7
476,587
Ann Arbor- _
84.822.185 +17.1
99,356,150
Detroit
2,035,910 +35.7
2,762.459
Grand Rapids.
1,092,114 +30.9
1.429.326
Lansing
772,536 +22.0
942,533
-Ft. Wayne
Ind.
13,070,000 +10.8
14,487,000
Indianapolis...
674.147 +82.8
1,232,109
Bend_ _ _
South
4,381,152 +15.2
5,047,817
Terre Haute..
14.588,614 +25.8
18,355,036
Wis.-Milwaukee
733,484 +42.8
1.047,717
Ia.Ced. Rapids
9,450,180 -13.1
8.209,504
Des Moines _ _
2,464,926 +30.0
3,205,172
Sioux City- Waterloo
572.288 -48.2
296,681
-Bloomington
111.
309,362,565 246,356,028 +25.6
Chicago
584,458 +23.1
719,256
Decatur
2,666,263 +31.0
3,493,498
Peoria
626.472 +32.5
829,866
Rockford
845,000 +19.1
1,006,718
Springfield,,,.
63,158
466,294
60,796,754
1,445,360
1,006.000
547,996
10,085,000
690,982
4.171,427
12,844,434
335,161
4,937,329
2,047,609
85.791
411.556
57,932,740
2,264,067
462,200
806,997
9.812,000
959.310
2,679.284
10.505,625
605,968
6,095,687
1,833.791
268.591
198,874.402
495,997
2,540,374
519,391
819,908
755.051
174.175.128
458,734
1,859.136
483,593
1,248,110
386,248.287 +22.3
302.956.167
272,414,768
Eighth Federa Reserve Die trict-St. Lo uis
-Evansville.
Ind.
94,300,00.
76,200,000 +23.8
Mo.-St. Louis__
31,951,221
26,386,126 +21.1
Iiy.-Louisville_
17,617,059 +19.5
21.056,849
-Memphis
Tenn.
Iii.-Jacksonville
391,000 +33.8
523,000
Quincy
62,000,000
20,350.273
13,967,680
56,200,000
17,266.706
9,561,876
317,000
389.224
120,594,185 +22.6
96,634.953
83,417,808
Ninth Federal Reserve Dia trict-Minn eapolls
2,461,495 +27.1
3,129.018
M inn.-Duluth._
54,987.322 +19.5
65,724,501
Minneapolis..25,142,844
22,369.658 +12.4
St. Paul
1,714,767 +17.1
2.007.616
N. D.
-Fargo534,170 +50.6
804.472
-Aberdeen.
S.D.
432,174 +28.8
556.465
-Billings _
Mont.
3.388,446 -19.4
2,729,770
Helena
2,900,044
50,955,807
19,174,723
1,444.917
470,688
299,96
2,246,88
3,355,924
45,196,676
15.661,452
1,460.052
522,099
282.563
2,546,822
85,888,032 +16.5
77.493,034
69.025.588
Tenth Federal Reserve Dl. trict- Kann s City
93,887 +67.8
157,523
Neb.-Fremont_
70,493 +46.8
103,473
Hasings
1.982,615 +37.0
2.717,133
Lincoln
26,511,831 +26.7
33,585,654
Omaha
2,673,198 -25.2
1.998,243
Kan.
-Topeka..
2,620,278 +34.2
3,515,548
Wichita
82.965,335 +16.9
96,985.878
Mo.-Kan. City_
3,098,755 +3.5
3,206,438
St. Joseph_ _ _
502.716 +33.6
671.533
-Colo.Spgs
Colo.
1,706,130 -56.7
737,972
Pueblo
86,253
1.808,709
24,002,575
1,901,527
1,911,919
62,361,024
2,614,076
445,162
486,628
87.919
108.218
1,689,095
18.502.347
1,991,251
3.506,903
58,875,571
2,487,078
459.117
595.670
122,225.238 +17.6
95,617,873
88.303,169
-Da has
Eleventh Fede ral Reserve District
1,791,015 -34.5
1,167,978
Texas-Austin...
38.701,037 +33.9
51,835,408
Dallas
5.225,891 +38.8
7,255.029
Ft. Worth....
2,700,000 +27.5
3,442,000
Galveston
2,126,742 +42.0
3,020,532
La.--Shreveport-
769.231
37,071,368
5,661,986
2,325.000
2,206,027
640,961
27,427.126
4,524,284
1,802.000
2,025,963
50,544,685 +32.0
Total(19 cities)
Total(12 cities)
4109
Financial Chronicle
Volume 141
Total(4 cities).
Total(7 cities)_
Total(10 cities)
472,358,301
147,831,070
100.094,586
143,679,395
48,033,612
36.420,334
Twelfth Feder al Reserve D IstrIct-San Franc' co-19,319,439
25,061,427 +39.5
34,965,058
Wash -Seattle..
4,985,000
9,021,000 +11.6
10,070,000
Spokane
435,542
609,652 +51.2
921,763
Yakima
17.737.801
24,853,269 +15.6
28,741,024
-Portland _
Ore.
12,389,308
14,080,079 +12.9
15,893.269
L. City
Utah-S.
2,706,509
3.066,384 +32.4
4,060.969
.-Long B'e.h
Calif
2,562,902
2,536,473 +30.8
3.318,032
Pasadena
3,377,387
4,698,830 +63.6
7,685,636
Sacramento
95.181,250
San Francisco_ 144,913.709 126.241.695 +14.8
1,539.664
1,880,809 +69.2
3,182,808
San Jose
986.162
1,318.235 +31.0
1,726,268
Santa Barbara_
1,084.940
1,386.549 +59.8
2,215,665
Stockton
19,725,248
5,081.000
340,985
14,382,686
11.831.296
2.884.365
2,545,501
6.569.050
81,965.432
1,395,509
896,138
991.318
162,305,904
148,608,528
Total(5 cities)_
Total(12 cities)
66,720,947
257,694,201
214.754.402 +20.0
Grand total (111
6,811,769,711 6,414,879,032
cities)
+6.2 4,734,940,342 4,503.519,683
OutsideNew York 2,568,967,464 2,031,886,128 +26.4 1,725,962.130 1,650,648,320
Week Ended Dec. 19
arts s at
1935
1934
Inc. or
Dec.
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert_ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
5
123,859,202
92,771,290
68.465,318
16,639,843
16,972,571
4,352,364
2,216.628
4,823,743
6.928.007
1.695.374
1,660,993
3,206,701
4,331,540
4,484.237
323,963
532,853
1,634,154
686,236
1,010,307
681.902
582,075
279,300
708,882
593,339
1,167,878
2,935,607
341,320
905.014
572,486
659,794
534,657
806,395
07
$
.o
130,412,455 -5.0
104.642,445 -11.3
53,163,686 +28.8
16,711,048 -0.4
4,825,068 +251.8
4,395,606 -1.0
2,319,538 -4.4
3,653,216 +32.0
5,685,419 +21.9
1,785,157 -5.0
1,389,699 +19.5
2,830,720 +13.3
5,170,076 -16.2
4,331,284 +3.5
356,669 -9.2
467.687 +13.9
1,634,795 -0.1
585,929 +17.1
964,348 +4.8
739,946 -7.8
518,331 +12.3
248,783 +12.3
666,866 +6.3
720,735 -17.7
1,011,788 +15.4
2,097,697 +39.9
327,616 +4.2
884,134 +2.4
584.298 -2.0
592,598 +11.3
452,661 +18.1
660,481 +22.1
Total(32 cities)
367,363,973
354,830.779
+3.5
1933
1932
$
94,526.874
80,139,537
31,590.870
13,948,327
4,087.231
3,982,272
2,075,370
3,604,126
4.108,743
1,608,335
1,344.288
2,431,487
3,776,424
2,921.255
305.103
333.679
1,218.731
512,426
837,359
605,462
396,287
193,520
674,829
577,026
1,099,892
2,161,878
253,407
798.172
462,741
656,788
452,587
585,992
$
82,658.314
73,067,691
46,635,566
13,053,714
4,494,548
3,738.509
2,091,034
3,756.564
5,310.669
1,510.499
1,276.034
2,429,012
3,671.792
2.625,610
358.716
336,134
1,441,655
650,030
834.647
598.202
392,866
207.072
667,443
584.641
953,757
2,153,637
258,286
785.091
515.018
778.897
.503,918
423,205
262,171,018
258,762,771
a Not included in totals. b No clearings available. c Clearing House not funcEstimated.
tioning at present.
.
4110
Financial Chronicle
THE CURB EXCHANGE
Trading on the New York Curb Exchange has been
moderately active this week. There has been a sharp demand
for public utility stocks, particularly in the preferred section,
and considerable buying in the mining shares and industria
specialties, but oil stocks have been quiet and without noteworthy movement. The volume of business has been small,
though there is some improvement over last week.
Mining stocks and oil shares displayed considerable irregularity during the two-hour session on Saturday, but
public utilities, particularly the preferred stocks, were fairly
strong, several of the more active of the speculative favorites
breaking into new high ground for the year. SpeCialties
attracted some buying, but the interest in this group was
less pronounced. The transfers for the day totaled approximately 192,300 shares against 158.490 on the preceding
Saturday. Noteworthy among the gains for the day were
Bunker Hill-Sullivan 1 point to 49, Cities Service preferred
23/i points to 433 2, Empire Gas (8) preferred, 2 points to
/
44, St. Regis Paper, preferred,3 points to 64, United Light &
Power preferred 1% points to 22%, and Wilson Jones 27%
points to 31%.
Public utility preferred shares were again active on
Monday, and while the demand for Cities Service pref.
stocks continued to dominate the trading, there was a goodly
amount of buying in other sections of the utilities group.
The best gains were American Hard Rubber 3 points to 26,
Cities Service pref. BB 2 points to 43, Niles Bement Pond
2% points to 30%, St. Regis Paper pref. 3 points to 66,
American Light & Traction pref. (13a) 3% points to 283/2,
Great Atlantic & Pacific pref. (7-b) 1% points to 130%;
Jones & Laughlin Steel 1 point to 30 and United States
Radiator pref. 2% points to 32%.
Specialties assumed the leadership of the curb trading on
Tuesday and a number of new tops for the year were registered before the market closed. Mining stocks were also
active at higher prices and there was some demand for oil
shares, though the price range in the latter group was
narrow and most of the changes were in minor fractions.
The advances included among others, Ainsworth (Mk.)
334 points to 50%, American Hard Rubber 2 points to 283/2,
Thermoid pref. 3 points to 66, United Light & Power pref.
23 points to 26%, General Tire & Rubber 234 points to 76,
%
Empire Gas & Fuel 8% pref. 27% points to 49% and Pacific
Tin 1 point to 46.
The New York Curb Exchange, the stock market and all
commodity markets were closed on Wednesday in observance
of Christmas Day.
Speculative interest switched to the aviation stocks on
Thursday, Pan American Airways leading the upswing with
a gain of 6% points to a new top for the year. United Aircraft & Transport warrants advanced 2% points and gains
were also recorded by Consolidated Aircraft and Air Investors convertible preferred. Cities Service pref. again
moved upward and so did Empire Gas & Fuel pref.6% which
forged ahead 7% points to 50% and Empire Gas & Fuel
63/2 pref. which jumped 10 points to 52. Other gains included Cleveland Electric Illuminating Co.(2)3 points to 48,
Consolidated Gas of Baltimore (3.60) 23 points to 84,
4
General Tire & Rubber 434 points to 81%, Great Northern
Paper (1) 3 points to 27, Long Island Lighting pref. B (6)
3% points to 70, Niles Bement Pond 3 points to 34, Penn
Salt (3)23 points to 116% and United Light & Power pref.
4
A 2% points to 2
93/8.
The trend of the market continued upward on Friday, the
volume of sales reaching approximately 571,000 shares.
Specialties attracted the most attention and a number of
substantial gains were recorded in this group. American
Hard Rubber was one of the strong stocks and moved
briskly forward 334 points to 33, Babcock & Wilcox gained
2% points to 74%, Brill Corp. pref. 4 points to 36, Parker
Rust Proof (434)434 points to 77 and Steel of Canada (13 h)
4
7% Points to 56. As compared with the closing quotations
of Friday of last week, prices were generally higher, American
Light & Traction closing last night at 1834 against 165 on
%
Friday a week ago, Consolidated Gas & Electric of Baltimore
at 83% against 82, Electric Bond & Share at 16 against 14%,
Fisk Rubber Corp. at 6% against 53/8, Hiram Walker at
32% against 30%,Parker Rust Proof at 77 against 737% and
South Penn Oil Co. (1.60) at 32% against 313 .
4
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Dec. 27 1935
Stocks
(Number
of
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value)
Foreign
Domestic
0008TAMIIU
Foreign
Corporate
Total
192.340 31.920,000
348,783 2,981,000
373.210 2,468,000
HOLI DAY
534,795 3,578,000
571,280 4,275,000
337.000
76,000
148,000
124.000
89,000
$30.000 $1,987,000
35,000 3,092,000
49,000 2,883,000
HOLI DAY
14,000 3,718,000
22,000 4,388,000
2,020,408 $15,220,000
$474.000
8150.000 815,844,000
Sales at
New York Curb
Exchange
Dec. 28 1935
Week Ended Dec. 27
1935
1934
Jan. 1 to Dec. 27
1935
Stooks
-No. of snares_
2,020,408
1,223,097
74,527,849
Bonds
Domestic
315,220.000 314,438,000 $1,132,624,000
Foreign government_
474.000
450,000
17,592,000
Foreign corporate
150,000
291,000
18,023,000
Total
1934
59,866.691
5948.493,000
35,669,000
25,270,000
$15,844.000 315.179,000 $1,163,239.000 31,009,432.000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 11 1935:
GOLD
The Bank of England gold reserve against notes amounted to £198.409,170
on the 4th instant, as compared with £197.632,279 on the previous Wednesday.
Purchases of bar gold announced by the Bank during the week amounted
to £1,000,216.
In the open market about £1,400,000 of bar gold offered at the daily
fixing was absorbed by general demand. Following the improvement in
the political situation in France, conditions became easier and prices have
ruled at about dollar parity, the premium over which gradually disappeared.
Quotations during the week:
Per Fine
EquivalentValue
Ounce
of E
Dec. 5th
140s. 11d.
12s. 0.65d.
Sterlin13'd.
Dec. 6th
141s.
128. 0.60d.
Dec. 7th
141s. 1 Md.
12s. 0.47d.
Dec. 9th
141s. 0.3d.
125. 0.56d.
Dec. 10th
141s.
125. 0.60d.
Dec. 11th
141s. 2Md.
12s. 0.39d.
Average
1415. 0.67d.
12s. 0.54d.
The following were the United Kingdom imports and exports of gold
egistered from mid-day on Dec. 2 to mid-day on Dec. 9:
Imports
British South Africa
£1,797,703
British India
778,169
British Malaya
10,987
Australia
10,994
New Zealand
45,848
Canada
200,000
France
372,627
Netherlands
13,952
Portugal
100,857
Venezuela
39,625
Virgin Islands of the U.S28.462
Kenya
7.656
Other countries
36,108
Exports
France
£403,249
Belgium
14,293
Italy
39,094
China
104,260
United States of America_ 1,253,025
Other countries
3,651
£3,442,988
£1,817,572
The SS. Mooltan which sailed from Bombay on Dec. 7 carries gold to the
value of about £482,000 consigned to London.
SILVER
Until Dec. 7 prices remained unchanged at 29 3-16d. for cash and
28 13-16d for two months' delivery,sales by China,the Indian Bazaars and
speculators and purchases for America being the features.
There was an unusual development on the 9th instant when there was a
sudden change in the attitude of the American Treasury. The daily order
from this quarter had hitherto been received in London at the time of
fixing, but on the day in question it was given only after a long delay.
There was a considerable amount of sliver available and the absence of the
principal buyer was disconcerting. Ultimately the American authorities
made their wishes known, being willing to give support, but only at lower
rates, consequently prices fell 7-16d. to 28Md. for cash and 28 Md. for
two months'delivery.
As was to be expected, the occurrence had a very disturbing effect and
resulted in large amounts being offered in the market yesterday. There
was again a long delay and fixing was postponed until later in the day.
After negotiatilons with the American Treasury it transpired that although
they were willing, at a reduced price, to take a part of the cash silver offering, they were not prepared to go beyond this.
In the circumstances the brokers had no option but to decide that no prices
could be quoted on account of the rule that the official quotations were fixed at
a price at which all effective offerings must be absorbed. To meet the situation
and in the interests of clients it was decided to-day temporarily to suspend
this usage and to sell in proportion to the amount which could be disposed of.
On this basis the price for cash was fixed at 27 Md.. at which, however, the
American Treasury were buyers of only a very small amount,representing
about 7% of the total cash offerings. In the absence of demand for
forward silver, no price could be fixed for that delivery.
The outlook has been rendered all themore uncertain in view of the obscurity which surrounds the future intentions of the United States authorties.
News was received on Dec.5 that the Hongkong government had decided
to take over all silver stocks and to establish an Exchange Fund to contro
the international value of the Hongkong dollar. Holders of British.
Mexican or Hongkong dollars or subsidiary coin or bullion exceeding a value
of $10 are required to surrender same within one month to the Treasurer,
who will pay for coin in Hongkong currency at the face value and for
bullion at the rate of 128 cents per fine ounce.
All silver coins and bullion surrendered to the Treasury will be paid Into
the Exchange Fund.
This measure follows the embargo placed on the export of silver from
Hongkong as from noon Nov. 9 and is not unexpected, some such action
being generally anticipated as a natural sequence to the new currency
system recently adopted by the Chinese government.
The following were the United Kingdom imports and exports of silver
registered from mid-day on Dec. 2 to mid-day on Dec. 9:
Imports
Exports
£1,531,401 United States of America- £2,732,478
Hongkong
British India
42,938 France
17.923 Palestine
British Malaya
x14 959
,
Australia
17.848 Southern Rhodesia
a5,532
New Zealand
2,569 Aden and dependencies -x4,425
Canada
9,638 Channel Islands
x2,000
Aden and dependencies -5,663 Denmark
1,275
Japan
474,137 Other countries
2,051
12,660
Netherlands-- Java
7.185
Belgium
20,856
Germany
6,738
Other countries
11,874
£2,161,430
x Coln at face value
£2,774,130
Financial Chronicle
Volume 141
Quotations during the week:
IN LONDON
IN NEW YORK
(Per Ounce .999 Fine)
-Bar Silver per Oz.Std.Cash
2 Mos.
65% cents
Dec. 5th _ --29 3-16d.
28 13-16d. Dec. 4th
65% cents
Dec. 6th....-29 3-16d.
28 13-16d. Dec. 5th
Dec. 7th___29 3-161.
6514 cents
28 13-16d. Dec. 6th
65% cents
Dec. 9th__ _28%cl.
2814d.
Dec. 7th
65 cents
Dec. 9th
Dec. 10th___
No quotations
64 cents
Dec. llth___2734d.
Dec. 10th
Average ___ _28.762d.
28.703d.
The highest rate of exchange on New York recorded during the period
from the 5th instant to the 11th instant was $4.93% and the lowest $4.92%
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the paEt week:
Sat.,
Mon.,
Tues.,
Dec. 21
Dec. 23
Dec. 24
Silver, per oz._ Not avail. 21 5-16d. 20I4d.
Gold. p.fine oz.141s. Xd. 141s. id. 141s. id.
Consols,23%_ Holiday
853
85%
British 3X%
War Loan .... Holiday 105)4
105X
British 4%
1960-90
Holiday 11614
11614
Wed.,
Dec. 25
Holiday
Holiday
Holiday
Thurs.,
Der. 26
Holiday
Holiday
Holiday
Fri.,
Dec. 27
21d.
1418.
85 15-16
Holiday
Holiday
1054
Holiday
Holiday
116%
The price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N. Y.(for.) Not avail. 50
U.S. Treasury.. 50.01
50.01
U. S. Treasury
(newly mined) 77.57
77.57
4911
50.01
Holiday
Holiday
49.X
50.01
4911
50.01
77.57
Holiday
77.57
77.57
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
3,750 Clevehanna Realty Corp. (N. Y.). par $100
$25,000 lot
765 Los Angeles Biltmore Amusement Corp.(N. Y.), par $100
$1,000 lot
9 Corporation Securities Co. of Chicago (Ill.) common and scrip certificates for
108,200 shares
$2 lot
261 Corporation Securities Co. of Chicago (Ill.) common and scrip certificates
for 522-200 shares
$2 lot
20 S. W. Straus Investing Corp. (Del.) series A pref., par $50, and 20 common, no par
$3 lot
165 Wallack Construction Co. Inc.(N. Y.), par $100
$50 lot
45 No. 21 West Street Corp.(N. Y.), no par
El lot
Corp. (Del.), no par
100 Canora Public Service
$25 lot
280 Lawyers Mortgage Co.(N. Y.), par $20
$250 lot
66 Dealers Discount Corp. of America (Del.), no par
$3 lot
3 units Preferred Automobile Brokers Inc. (N. Y.) (15 she. 7% cum. pref.,
par $10, and 15 shs. class A cum. panic.), no par
$2 lot
200 Federal Adding Machine Corp.(N. J.) preferred, par $10
$1 lot
100 Federal Adding Machine Corp.(N. J.) common, par $10
,-_ -51 lot
100 New York Florida Holding Syndicate, Inc. (Fla.). par $100
$4 lot
15 Preferred Automobile Brokers Inc.(N. Y.), 7% pref., par $10
$1 lot
15 Preferred Automobile Brokers Inc. (N. Y.) panic. class A, no par
$1 lot
8 The Man Message Corp.(N. Y.) common, no par
51 lot
2 The Man Message Corp.(N. Y.) preferred, par $100
El. lot
50 Kent-Costikyan Inc. (N. Y.) 2d preferred, par $100
$60 lot
50 City Housing Corp.(N. Y.), par $100
$$10141 lotlot
100 New York Realty Az Improvement Co.(N. Y.) pref., par $100
$50 lot
92 United States Bond & Mortgage Corp.(N. Y.) 7% pref., par $100
100 Roxy Theatres Corp. class A V. t. 0
$5 lot
475 Timber Point
..
$12 lot
56 5-20 Slade Asbestos Corp.(Del.), no par
$15 lot
10 Quaker Mfg. Co. (III.) 1st pref., par $50; 1 Quaker Mfg. Co. (Ill.) class B
and scrip for X share, no par: 5 Quaker Mfg. Co. (Ill.) common, no par; and
3 Grigsby-Grunow Co. common, no par
$3 lot
20 Keystone National Bank of Pittsburgh. Pa.(in liquidation), par $100
$13 lot
40 units The Bank of United States (all assessments have been paid)
$3 lot
100 F.& W.Grand 5 -25
-10 -Cent Stores, Inc.(N. Y.),6X% pref., par $100---53 lot
4414 No. 136 Hicks Street Inc.(N. Y.) common, par $5
$4 lot
92 common stock of the Motoramp Garages of Illinois, Inc., no par
$3 lot
71 preferred stock of Motoramp Garages of Illinois, Inc., no par
$13 lot
90 First National Bank Si Trust Co. of Greenfield (Mass.), par $10
$560 lot
25 Eton Products Inc. (Del.), no par
$14 lot
5 Brazilian Babassu Corp. (Del.) preferred, par $100, and 15 common v. t. C.,
DO par
51 lot
$6.000 Alabama By-Products Corp. 30-year 6% income gold bonds, due Jan. 1
1935, registered;60 cum. preferred, par $100,and 119 common, no par_ _ _..$215 lot
10 S. W. Straus Investing Corp. (Del.) series A pref., par $50, and 10 corn$2 lot
50 Industrial Realty Shares Inc. (Del.) class A common, no par
$8 lot
33 Foreign Vintages Inc. (Del.) let pref., par $100
$30 lot
27 Foreign Vintages Inc. (Del.) let pref., par $100
$40 lot
30 New York State Holding Co. Inc. (N. Y.) preferred
$7 lot
$1
110 S. W. Straus Investing Corp. (Del.) common, no par, and 110 common
temporary certificates
200 The 13atopilas Mining Co. (Mexico), par $20; 24 Quaker Mfg. Co. (Ill.)
common and warrant for X share, no par; 25 Quaker Mfg. Co. (Ill.) let
preferred, par $50
$11 lot
BondsPer Cent
$520.83 No.21 West Street Corp.6% ctfs. of indebtedness; $3,125 2d series Mts.
ctfs. of indebtedness, and $1,562.50 3d series ctfs. of indebtedness
$7 lot
55.000 No. 21 West Street Corp. 6% Ws. of indebt. dated May 1 1930
$9 lot
$180 Dealers Discount Corp. of America 10-year 6% gold deb. bonds, aeries 13,
July 11940. July 1931 & subsequent coupons attached
$4 lot
$5,000 Broadway Temple Building Corp. 2d mtge. 5% gold bond, due Jan. 1
1975, registered
$21 lot
Rock of Ages Corp. (Vt.) 25
$5.000
-year deb. 55, due Jan. 1 1955
50% Si int.
$4,500 Real Estate Board of New York Building Co., Inc., 2d mtge. 20
-year
7% gold bonds, dated Jan. 11926, at. of deposit
$40 lot
$2,000 The Montecito Co. (Cal.) series A 5
-year 7% gold notes, due April 1
1935. April 1931 & subsequent coupons attached
$5 lot
52,000 Manhasset Bay Yacht Club 20
-year 5% debs., due Mar. 1 1949.
March 1933 & subsequent coupons attached
$43 lot
$1,000 Princeton Key Az Seal Club(N. J.) 4% s. 1. gold bonds, due Jan. 1 1930 $10 lot
$2,000 Tennessee RR. Co. 30-yr. 6% income deb. bonds, due Aug. 2 1948.
August 1929 & subsequent coupons attached: $1,000 15-yr. 6% gen. mtge.
gold bond, due Feb. 2 1937
328
$1 000 Tennessee RR, 1st mtge. 6s, gold bond. Due Feb. 2 1937. Feb. 1936 lot
.
and subsequent coupons attached
$180 lot
$249,000 Minneapolis Si St. Louis RR.Co. 15t & rot. 43, 1949. Sept. 1923 and
subsequent coupons attached
$2,500 lot
$382.000 Minneapolis & St. Louis RR. Co. ref. Az ext. 55, 1962, Series A.
August 1923 and subsequent coupons attached
$8,200 lot
$62,000 Minneapolis & St. Louis RR. Co. 1st cons. 53. due Nov. 1 1934.
May 1924 and subsequent coupons attached
$2A00 lot
$553,000 Iowa Central Ry. 1st & ref. 43 1951. Sept. 1923 & subs, coupons
attached
35,500 lot
$2,000 Iowa Central Ry. let & ret. 4s, 1951. Sept. 1923& subsequent coupons
attached. Ctt. of deposit
$11 lot
$3,000 Iowa Central Ry. let 55, 1938. June 1924 & subs. coupons attached...580 lot
By R. L. Day & Co., Boston:
Stocks
Shares
34 First National Bank, Scranton, Pa., par $25
20 Warwick Mills common
10 Atchison Topeka & Santa Fe Ry. common, par $100
100 Delaware Lackawanna & Western RR
50 Gamewell Co. common
5 William A. Clark Coal Co., par $100
$ per Share
65
$1 lot
57
1531
11
100
4111
$ per Share
Stocks
Shares
10 Butlers Point Assoc. Trust. ctf. of ben. int., pref., par 5100, and 1 common _55 lot
200 Baxter Laundries class A; 1,000 Detroit & Canada Tunnel Co. common;
216 National Electric Power Co. A; 100 National Public Service 7% pref. A,
par $100: 150 United Public Utility common B, par $1; 85,000 Electric
Public Utility Co. 6s, April 1932, coupon Oct. 1931 & sub. on; 53,000
Electric Public Service Co. 6s, Dec. 1936, coupon June 1932 & sub. on _..$130 lot
30 Sullaway Mills common, par $100; 6 Penn. Anthracite Collieries pref.;
4 Penn. Anthracite Coll, common,and 33 Parker Young Co. pref., par 8100.850 lot
1234
20 Thompson Spa, Inc., preferred
1234
.......
40 units Thompson's Spa, Inc
850 lot
750 Lawrence Woolen Co. preferred, par 01.00
$7 lot
of Chicago common
77 53-200 Corporation Securities Co.
3%
40 Punta Alegre Sugar Corp
Si lot
200 ICreuger & Toll Co. Amer. ctfs. par 100 kronens
'
100 Delores Esperanza Mining Co., par $2, and 100 Goldfield Deep Mining
$2 lot
Co., par 5 cents
51,000 Pocasset Golt Club lot mtge. 55, 1936; 1 Mass. Auto Club Trust:
1 Riverside Boiler Works pref., and I The Architects Small House Service
$8 lot
Bureau
$200 North American Refractories 614s. Jan. 1944; 51934 6 Xs, coupon dep.
$100 lot
receipts; 1 class B; 5 class A, and 1 634s cony. pref., par $100
30X
10 Consolidated Gas Co. common (N. Y.)
94
20 Westinghouse Electric & Mfg. Co. common, par 550
46)4
100 United States Steel common, par 5100
3255
50 National Biscuit Co. common, par $10
6,859 Anti-Friction Shafting Bearing Co., par 510; 1,005 Central Copper Co.,
par 50 cents; 150 Latherizer Sales Co., Inc.; $8614 Finance Corp. N. E. Is.
$15 lot
June 1947
5134 lot
150 International Match Corp. preferred. Par $35
50 Georgia Casualty Co., par 85; 25 Hardy Coal Co., par 51; 32 U. S. Elec$5 lot
tric Power Corp. common, with warrants, no par
$120 lot
200 Little River Corp
$2 lot
100 Jayflower Old Colony Copper Co., par $25
$10 lot
.500 North American Gas & Elec. $1.60 preference
200 Arcadian Consolidated Mining Co., par $25; 100 Dolores Esperanza Min$6 lot
ing Co., par $2; 100 Goldfield Deep Mining Co., par 5 cents
$2 lot
10 Rolls-Royce.of America, Inc., preferred, par $100
I%
30 Thermatomic Corp. preferred, par $100
343 lot
100 Tobe Deutschmann Corp. preferred
Per Cora
Bonds$20,000 Seaboard-All Florida Ry. 1st mtge. 6s. Aug. 1935, series A, coupon
Feb. 1931
434 flat
116 Si Int.
$2,000 City of Springfield Ills, Dec. 1960, reg., tax-exempt
$10,000 Lake Shore Electric Co. 5s, Feb. 1933, coupon Aug. 1932 Si sub. on_ _563 lot
3034 flat
$35,000 New York New Haven de Hartford RR. 6s, 1948
2834 flat .
$69,000 New York New Haven Si Hartford RR. 43, 1956
By Crockett & Co., Boston:
$ per Share
Shares
Stocks
40c.
200 Atlantic National Bank, Boston. par $10
$5 lot
100 The Midland Bank, Cleveland, temp. ctfs., par $100
15
155 Norfolk County Trust Co., par $10
$10 lot
10 Jacksonville Traction Co. preferred, par $100
34
2 Peterboro RR., par $100
$1 lot
30 Public Indemnity Co., par $2.50
10)4
25 Rockland Light Si Power Co., par $10
32)4
3 Eastern Utilities Associates common
100 Galveston-Houston Electric Co., par $100
$4 lot
$1.25 lot
145 Electrical Specialties Inc. common, class A
$2 lot
15 Electrical Specialties Inc. preferred
$4 lot
800 Indiana Mining Corp. Mar. 1 1917, assessment paid, par $25
$3.50 lot
700 Franklin Mining Co., 1923 assessment paid. par $25
$7 lot
100 Punta Alegre Sugar ctfs. deposit
$2 lot
35 National Public Service Corp. 7% pref. A, par $100
$2 lot
45 John Warren Watson common
$15 lot
400 Oriental Building Corp., par $5
7
42 Key West Electric Co. class A
500.
12 Eastern manufacturing Co. common
$1101
25 Purity Wool Preparing Co. preferred
97%
30 Lynn Gas Si Electric Co. ex-div., par $25
3
400 Clarion River Power Co. panic. prof., par $100
$11 lot
1,605 Cooper River Bridge Co. Inc. common, par 10 Cents
7
55 Back Bay Realty Associates common, par $100
$9.50 lot
127 Grigsby-Grunow Co. common
50c. lot
25 International Match Corp. pestle. pref., par $35
$4 lot
110 Corporation Securities
250. lot
33 Kreuger Si Toll Co. American certificates
$2 lot
30 National Electric Power 6% preferred, par $100
$2 lot
40 Signature Hosiery common
$35 lot
50 Boston Chamber of Commerce Realty Trust 1st pref., par $100
301
1 Boston Athenaeum. par 5300
$70 lot
450 George Lawley Si Sons Corp
$2 lot
100 International Match Corp. panic: pref., par $35
$8 lot
300 Hancock Consolidated Copper Mining Co., par $25
12)4
5 units Thompson's Spa, Inc
$4 lot
45 Electrical Specialties Inc. preferred
122 Federal Power Si Light Co. preferred, par $100
234
$65 lot
75 Federal Power Si Light Co. common, par $50
600.
100 Little River Corp. common
$2 lot
100 Producers Si Refiners Corp., par $50
$5.50 lot
10 Galveston-Houston Electric Co. preferred, par 8100
84.50 lot
20 Northern Texas Electric Co. preferred, par $100
$2 lot
25 Purity Wool Preparing Co. preferred
2
100 Consolidated Dry Goods common
9134
1 Columbia National Life Insurance Co., par 5100
$2 lot
125 National Public Service Corp. class A common
$2 lot
100 National Public Service Corp. preferred series A. par $100
25 Atlantic National Bank, Boston, par $10; 10 International Match Corp.
partic. pref. ctf. dep., par $35: 42 Willys Overland Co. common, par $&_..$13 lot
10 Conveyances Title I119. Si Mtge. Co., par $100. and 12 Boston Metropolitan
$25 lot
Building Inc., preferred, par $100
$5 lot
80 Heating Equip. Corp. 2d pref. and 440 common
100 Bowman-Biltmore Hotels Corp. .st pref. ctf. dep., and 100 corn. ctf. dep 46 lot
3,400 Margarette Coal Co., par $100, and 1,89934 Frances Coal Co., par
$20 lot
$100
100 Purity Fibre Products 31 cons. prof. and 50 common
$2 lot
330 Family Products Corp. partic. A and 132 common
$50 lot
100 The Detachable Bit Corp. of Amer. common and 20 Self Feeding Car$15 lot
buretor Co., Inc
500 Albert M.Simmons, Inc., and demand notes for $14,800 with int. at 6%4200 lot
16 National Electric Power Co.6% pref., par $100; 28 Public Utility Holding
Corp. common, and 2 Farr Alpaca Co., par $50
$21 lot
10 Mass. Utilities Associates common, par $1, and 10 Continental Shares,
$51 lot
Inc., cony, preferred, par $100
1,000 Montana Bingham Cons. Mining Co., par $1, and 300 Ideal Demountable Wheel Co.. Ltd., of Canada
$2.50 lot
$50 Roosevelt Hotel Inc. deb. 6s, due Feb. 1944, carrying 25 abs. pref. V. t. C.
and 25 abs. common V. t. c.; 60 Van Sweringen Co.. par $100 20 Retail
513.50 lot
Properties Co. common
I United American Soda Fountain Corp. capital stock. and 1-242 panic, ctf.
for interest in second mortgage
$60 lot
Per Cent
Bonds$330.150 Blue Hill Country Club Inc. reg. deb. 6% notes due Jan. 1945_51,000 lot
$115 Finance Corp. of New England Is, 1947, at. dep
$2 lot
$3,309 Indiana Mutual Insurance Co. ctfs of profits
$10 lot
$1.000 Texas Electric Ry. cony. deb. 6s due Jan. 1942, with Jan. 1931 coupon
and subsequent coupons on
$4 lot
$3,500 Ermita Sugar Co. 734s, Dec. 15 1942, ctf. dep
$30 lot
$100 Investors Mtge. Corp.6Xs 8. f. deb. A, 1955, carrying 2 she. corn. A__$1.50 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
5 Central
-Penn National Bank, par $10
10 Philadelphia National Bank, par $20
51 Hatboro Trust Co., Hatboro, Pa., common, par $50
100 Hatboro Trust Co., Itatboro, Pa., common, par $50
328 Philadelphia Co. for Guar. IlAtges., capital, par $20
50 Philadelphia Co. for Guar. Mtges., capital, par $20
6 Burlington City Loan Si Trust Co., par $100
153 American Commonwealths Power Co., class A common
15 Glasgow Iron Co.. Pottstown, Pa
100 Washington Si Suburban Cos. no par shares of beneficial interest
100 International Hosiery Mills, Inc., no par
10 Paul R. H. Hunter & Co. preferred, par $50
$ per Share
33
9434
812 lot
$12 lot
$26 lot
55 lot
$4 lot
$7 lot
$20 lot
834
$500 lot
$5 lot
Financial Chronicle
4112
$ per Share
Shares
Stocks
$6 lot
25 Camden Bridge Garage, Inc.. Camden, N.J.. Dar 11100
1
33H Montfair Gas Coal Co. capital, par $100
1
45 Montfair Gas Coal Co. capital, par 8100
4834
9 Little Schuylkill Nay., RR.& Coal
$6 lot
15 Consolidated Automatic Merchandising Corp. vol. tr. common
10
10 American National Bank, Camden, N. J
$2 lot
10 Central Warehouse Corp. class B
$1 lot
2 Central Warehouse Corp. class A
Per Cent
19 flat
$2,000 Jacobs Building 6% let mtger, due 1933
-year sinking
$2,000 Lumber & Millwork Co. of Philadelphia, Pa., 634% 10
66
fund, series A. Due Jan. 1 1938
$6 lot
-year income bond, clue Nov. 1 1975
$100 Central Warehouse Corp. 40
By Bruton & CO., Baltimore:
$ per Share
Shares
Stocks
$5.50 lot
47 Broad Top Fuel Co
$1 lot
25 Calvert Bldg. & Construction common
$10.50 lot
500 Consolidated Automatic Merchandising Corp. V. t. common
$1 lot
3 4-10 Grocery Manufacturing Co. common
50c. lot
19 Hachmeister-Lind Co. common
15c.
650 Interstate Amiesite Co. common
$2 lot
400 Keystone Consolidated Mines, Inc
$325.30 lot
100 Maryland Commercial Bankers, Inc., preferred
$800 Master Printers Bldg. Oper. Corp.6% income deb., 1941; $25 scrip 6%
$10 lot
income deb., 1941, and 8 V. t. capital stock
El lot
20 Motor Ramp Garage of Md., common, and 10 preferred
$2 lot
40 National Sash Weight preferred
250.
100 Normandie National Securities Corp. pref. participating
$10 lot
44 Roland Park Monetbello Co. preferred
$25 lot
181 9-20 Roland Park Co. preferred
5H
10 Southern Hotel Co. preferred
$i lot
10 U. S. Electric Power Corp. common, with warrants
Per Cent
Bonds—
30% lot
$355.69 City Certificate Corp. benef. int. ctf
$60 lot
4,000 Reichsmarks Norddeutcher Lloyd Aktie
By A. J. Wright & CO., Buffalo:
$ per Share
Stock
Shares
ES
750 Eskimo Pie Corp.. class B common
235
2,350 Peerless Laundry Corp
Per Cent
Bonds—
$0.75
-year 6% gold note due Jan. 1 1935
$1.000 Park Club of Buffalo 5
$35.000 Peerless Laundry Corp., debenture bonds 7% due,1955, registered_14,000
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
Dec. 14—Greene County National Bank in Carrollton, Carrollton.
$100,000
ill
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, Stuart E.Pierson; Cashier, Clyde
Linder. Succession of the Greene County State Bank of
Carrollton.
Dec. 16—Roodhouse National Bank, Roodhouse, Ill.
50,000
President, Hal S. Gilmore; Cashier, Jas. M. Orr. Conversion
of Roodhouse Bank.
BRANCHES AUTHORIZED
)'T—The Old National Bank & Union Trust Co. of Spokane,
Washington. •
Location of branches: All in the State of Washington
Southwest corner of Second and Division Streets, City of
Grandview, Yakima County.
Northwest corner of Main and Division Streets, City of
Ritzville, Adams County.
Southeast corner of Bridge and Main Streets, City of Palouse.
Whitman County.
Northwest corner of Sixth and Edison Streets, City of Sunnyside, Yakima County.
Southeast corner of First and C Streets, City of Sprague.
Lincoln County.
Southeast corner of Broadway and Lake Streets, Town of
Bearden, Lincoln County.
Southwest corner of Sixth and Morgan Streets, Town of
Davenport, Lincoln County.
Northwest corner of Third St. and Willis Ave., City of Harrington, Lincoln County.
Intersection of 8th St. and Bennett Ave., City of Prosser,
Benton County.
Certificates Nos.1206A to 1214A,inclusive.
VOLUNTARY LIQUIDATIONS
Dec. 17—The First & Merchants Nat'l Bank of Middletown, Ohio 400.000
Effective Nov. 26 1935. Liquidating Committee: J. A. Aull,
Calvin Verity and E. F. Shively, care of the liquidating bank.
Absorbed by the American Trust & Savings Bank of Middletown, which has changed its title to the First-American Bank
& Trust Co., Middletown, Ohio.
25.000
Dec. 20—The First National Bank of Shannon City, Iowa
Effective Nov. 1 1935. Liquidating Agent, M. I. Roberts,
Shannon City, Iowa.
Absorbed by the First National Bank of Diagonal, Iowa,
Charter No. 9125.
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:
Per
Share
When Holders
Payable of Record
Abraham & Straus, Inc., pref.(quar.)
Si %
10c
Administered Fund Second
2c
Affiliated Fund
-a.)
Alliance Insurance Co.(Phila.,Pa.)(s.
5134
250
Extra
Altorfer Bros., preferred
h$1
American Bank Note Co., com.(quar.)
25c
Preferred (quar.)
75c
American Can (quar.)
$1
Extra
$1
American Cast Iron Pipe,6% preferred
856
American Coal Co. of Allegany County (quar.)..
$1
American Dredging Co.(s.
$1
-a.)
American Ice. preferred
50c
American Investors Co.of Ill.,8% pref.(qu.)
50c
American Lace Mfg.(resumed)
25c
American National Co.(Toledo, Ohio)
7% preferred A & B (quarterly)
$1 34
American Products Co.,7% pref. (quar.)
8%c
$ui preferred (quarterly)
37;ic
Amoskeag Co
50c
Common
75c
Preferred (semi-annual)
$2%
Preferred (semi-annual)
323i
Feb. 1 Jan. 15
Jan 20 Dec. 31
Jan, 15 Dec. 31
Dec. 30 Dec. 28
Dec. 30 Dec. 28
Jan. 15 Jan. 1
Jan. 2 Dec. lba
Jan. 2 Dec. lla
Feb. 15 Jan. 24
Feb. 15 Jan. 24
Jan. 2 Dec. 20
Feb. 1 Jan. 11
Jan. 2 Dec. 20
Jan. 25 Jan. 6
Jan. 2 Dec. 20
Dec. 21 Dec. 18
Name of Company
Jan.
Jan.
Jan.
Jan.
July
Jan.
July]
1 Dec. 20
2 Dec. 24
2 Dec. 24
6 Dec. 28
2 June 20
6 Dec. 28
2 June 20
Name of Company
Apollo Steel Co. (quarterly)
Arrow-Hart & Hegeman Electric
Preferred (quarterly)
Atlantic Ice & Coal Co.,734% preferred '
Atlantic Steel Co. (quarterly)
Atlas Acceptance Corp., 5% pref
Austin, Nichols, prior A
Baldwin Co.(resumed)
Baldwin Duckworth Chain (quar.)
Bankers Industrial Service, Inc.. A (s.
-a.)
Extra
Belt RR. & Stockyards (quar.)
Preferred (quarterly)
Bell Telephone Co. of Pennsylvania (quar.)
Boston Acceptance, Inc.. 7% pref. (quar.)
Brandtjen & Kluge, Inc., pref.(quar.)
Bremner-Norris Realty Investments(s.
-a.).
Brewer (C.)& Co.(monthly)
Extra
Monthly
Monthly
Brooklyn Borough Gas Co.(quar.)
6% pestle. preferred (quar.)
6% partic. preferred (quar.)
Brunswick-Balke-Collender Co.
7% preferred (quarterly)
Burkhart (F.) Mfg. Co., pref. (quar.)
Common (initial)
California-Oregon Power,6% pref
7% preferred
Cameron Machine Co.. 8% pref. (guar.)
Canadian Fire Insurance Co. (5.-a.)
Canadian General Investment (quarterly)
Central Kansas Power Co
7% preferred (quarterly)
6% preferred (quarterly)
Central Power
% cum. pref
Co.,ferred
6% cumulative
Central Republic Co.o (initial)
Champion International (quar.)
7% preferred (quarterly)
Chicago Mail Order (extra)
Citizens Wholesale Supply Co.,7% pref.(quar.)
City Investing Co., common
Preferred (quarterly)
Clark (D. L.) Co
Cleveland Union Stockyards (quarterly)
Cohen (Dan) Co.(resumed)
Columbia Mills (quar.)
Collyer Insulated Wire (quarterly)
Commercial Discount(LosAng.)
.8% pref.A(qu.)
7% preferred B (quarterly)
Consolidated Cigar.7% ref.(quar.)
Prior preferred (quar.
Consolidated Gas(N. Y
Consolidated Lobster, Inc
Consolidated Royalty Oil (quar.)
Continental Gin Co.Inc. 6% preferred
Continental Public Service'A (5.-a.)
Crane Co., preferred
Creole Petroleum (initial)
Crowell Publishing Co.. 7% prof. (semi-ann.)_
Crystal Tissue Co
Preferred (semi-annual)
Cudahy Packing Co..common (civar.)
Dakota Central Telephone Co 634% pref.(qu.)
Dictograph Products (resumed)
Discount Corp. (quarterly)
Dome Mines, Ltd
Dwight Manufacturing Co
Eagle Picher Lead, new 6% pref_ _
Eastern Magnesia Talc. Co., Inc
Eastern Township Telep. Co. (quarterly)
East Pennsylvania RR.,6% iTtcl.(.
8 -a.)
Egry Register Co.. A (quar.)
Electric Controller & Mfg., extra
Electric Household Utilities
Ely & Walker Dry Goods, 1st pref. (semi-ann.)..
2nd preferred (semi-annual)
Enamel Products (extra)
Equitable Fire Insurance (S. C.) (semi-ann.)
Extra
Special
Excelsior Life Insurance Co. (5.-a.)
Fafnir Bearing Co. (quarterly)
Fairmount Creamery Co., Dela. (quar.)
634% preferred (quarterly)
Fansteel Metallurgical Corp., $5 pref. (quar.).
$5 preferred (quarterly
$5 preferred quarterly
$5 Preferred quarterly
Fibreboard Products, Inc.. 6% Pref. (quar.)__ _
Firemans Fund Insurance (quarterly)
First National Corp. of Portland. $2 cl. A
Froedtert Grain & Malting, pref.(quar.)
Fyr-Fyter Co.. A (quarterly)
Gardner-Denver (quar.)
Preferred (quarterly)
General American Life Insurance (St. Louls)
General Development
General Fireproofing (resumed)
Preferred (quarterly)
General Machine Corp.,7% pref. (quar.)
General Mills, Inc., corn. (quar.)
General Stockyards (quar.)
Preferred (quarterly)
Glen Alden Coal (quarterly)
Globe & Rutgers Fire Ins.,2nd pref
Goodman Manufacturing Co. (quarterly)
Gordon & Belgea, 6% Preferred
Great Lakes Engineering Works (extra)
Great Lakes Steamship Co.(quar.)
Green (H. L.) (quar.)
Extra
Preferred (quar.)
Greenfield Gas Light (quarterly)
6% preferred (quarterly)
Griggs Cooper & Co.,7% pref. (quar.)
Gross (L. N.) Co.. 7% prof. (quar.)
Guarantee Co. of North America (quarterly)._
Extra
Gulf State Steel
1st preferred
Hart & Cooley Co., Inc. (quarterly)
Hartford Gas Co
8% preferred (quar.)
Hartford Steam Boiler Inspection Ins. (quar.)
Hat Corp. of America preferred
Preferred (quar.)
Haverhill Gas Light (quar.)
Hershey Chocolate (quarterly)
Cony. preferred (quarterly)
Cony. preferred (extra)
Home Telep. & Teleg. (Fort Wayne,Ind.)
Extra
Honolulu Plantation (monthly)
Honolulu Rapid Transit (monthly)
Hooker Electrochemical Co.6% pref.
Horn & Hardart Co.(N.Y.)(guar.)
Hutchinson Sugar Plantation (monthly)
Illuminating Shares Co., class A (quarterly)_
International Milling Co., 5% pref. (quar.)
Dec. 28 1935
Per
Share
When Holders
Payable of Record
Jan. 1 Dec. 31
Jan. 2 Dec. 23
Jan, 2 Dec. 23
Jan. 1 Dec. 20
Dec. 31 Dec. 21
Jan. 2 Dec. 20
Feb. 1 Jan. 15
Dec. 29 Dec. 26
Dec. 31 Dec. 18
Jan. 1 Dec. 15
Jan. 1 Dec. 15
Jan
2
Jan
2
Dec. 31 Dec. 31
Dec. 31 Dec. 19
Jan. 2 Dec. 23
Dec. 31 Dec. 28
Jan. 25 Tan. 20
$3 Dec. 24 Dec. 20
$1 Feb. 25 Feb. 20
$1 Mar. 25 Mar,20
$11 Dec. 28 Dec. 18
7 Tan. 2 Dec.
631c Jan. 2 Dec. 18
1234c
25c
5134
14234
$4
$131
50c
20c
$2
15c
15c
75c
75c
$134
1734c
c
2
87;i
Dec. 24 Dec. 23
Jan. 2 Dec. 21
Jan. 2 Dec. 21
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Dec. 31 Dec. 20
Jan. 2 Dec. 20
Jan, 15 Dec. 31
Dec. 31 Dec. 18
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 2 Dec. 23
$134 Jan. 2 Dec. 23
50c Jan. 20 Dec. 30
8734c Dec. 31 Dec. 30
SI Jan. 7 Dec. 30
134% Jan. 2 Dec. 26
10c Jan. 2 Dec. 21
1234c Dec. 31 Dec. 27
c Jan. 2 Dec. 20
Si Dec. 31 Dec. 24
15c Jan. i Dec. 26
20c Jan. 10 Dec. 31
1734c Jan. 10 Dec. 31
$1 yi Mar. 2 Feb. 15
3134 Feb. 1 Jan. 15
250 Mar. 16 Feb. 17
25c Dec. 20 Dec. 17
Sc Jan. 25 Jan. 15
h$3 Dec. 24 Dec. 19
e57 Jan. 15 Dec. 30
831 Jan. 25 Jan. 10
20c Dec. 31 Dec. 28
5334 Feb. 1 Jan. 24
10c Dec. 30 Dec. 20
$4 Jan. 2 Dec. 20
6234c Jan. 15 Jan. 4
5134 Jan. 2 Dec. 27
15c Jan. 15 Jan. 6
Jan. 2 Dec. 26
)C Apr. 20 Mar. 31
50c Dec. 31 Dec. 30
3134 Dec. 31 Dec. 28
$1. Dec. 20 Dec. 10
18c Apr. 15 Dec. 31
5134 Jan. 21 Jan. 11
50c Jan. 1 Dec. 15
51 Jan. 2 Dec 26
250 Jan. 25 Jan. 10
5334 Jan. 15 Jan. 4
53 Jan. 15 Jan. 4
10c Dec. 31 Dec. 24
5234 Jan. 2 Dec. 30
50c Jan. 2 Dec. 30
51 Dec. 23 Dec. 12
51.20 Jan. 2 Dec. 31
$1 Dec. 31 Dec. 23
25c Jan. 1 Dec. 21
$194 Jan. 1 Dec. 21
5134 Mar.31 Mar. 14
513( June 30 June 15
$1
Sept.30 Sept. 15
5131 Dec. 31 Dec. 15
5134 Feb. 1 Jan. 16
31 Jan. 15 Jan. 6
h25c Jan, 15 Dec. 26
30c Feb. 1 Jan. 15
25c Jan. 15 Dec. 31
25c Jan. 20 Jan. 10
3134 Feb. 1 Jan, 20
30c Dec. 27 Dec. 20
20c Dec. 30 Dec. 26
10c Jan. 2 Dec. 21
$134 Jan. 2 Dec. 21
5134 Jan. 1 Dec. 21
75c Feb. I Jan. 10a
25c Feb. 1 Jan. 15
$134 Feb. 1 Jan. 15
25c Jan. 20 Jan. 6
$6.15 Mar. 1 Feb. 14
50c Dec. 31 Dec. 31
h$231 Jan. 2 Dec. 27
40c Dec. 20 Dec. 14
25c Dec. 27 Dec. 16
25c Feb. 1 Jan. 15
25c Feb. 1 Jan. 15
$134 Feb. 1 Jan. 15
50c Dec. 24 Dec. 16
75c Feb. 1 Jan. 15
$134 Jan. 1 Jan. 1
5131 Jan. 1 Dec. 24
5134 Jan. 15 Dec. 31
Jan. 15 Dec. 31
$2
$334 Jan. 15 Dec. 31
$134 Jan. 1 Dec. 23
75c Dec. 31 Dec. 18
50c Dec. 31 Dec. 18
40c Jan. 2 Dec. 23
MU Feb. 1 Jan. 10
5134 Feb. 1 Jan. 10
30c Jan. 2 Dec. 27
75c Feb. 15 Jan. 25
Feb. 15 Jan. 25
51 Feb. 15 Jan. 25
75c Jan: 2 Dec. 27
25c Jan. 2 Dec. 27
15c Jan. 10 Dec. 31
10c Dec. 31 Dec. 23
85134 Dec. 31 Dec. 17
40e Feb. 1 Jan. 11
10c Jan. 5 Dec. 31
50c Dec. 31 Dec. 20
5134 Jan. 15 Jan. 4
85434
55c
75c
8750
88734o
$2
52
10c
SI
$134
11134
8734c
750
1234c
5f
Name of Company
Per
Share
When Holders
Payable of Record
Investors nand, C (quarterly)
50c Jan. 15 Dec. 15
Extra
50c Jan. 15 Dec. 31
Iowa Electric Light & Power,7% pref. A
h87 35c Jan. 20 Dec. 31
64% preferred B
11814c Jan. 20 Dec. 31
6% preferred C
h75c Jan. 20 Dec. 31
Jacobs (F. L.) (quarterly)
25c Jan. 2 Dec. 26
Jeffrey Mfg. Co.6% preferred (guar.)
1Dec.. 21
$134 Jan. 2 Dec. 26
Johnson Publishing, 8% preferred
h$4 Jan.
8% preferred
h$2 Apr. 1
8% preferred
h$2 July 1
Johnson Service Co.(guar.)
25c Dec. 30 Dec. 14
Kehler Corp
$2 Dec. 20 Dec. 15
Kaynee Co. preferred (guar.)
$1 ii Jan. 1 Dec. 26
Laclede Steel (quarterly)
15c Dec. 31 Dec. 21
Lafayette Fire Co., New Orl., La.(semi-ann.)
$8 Jan. 1 Dec. 19
Lane Bryant Inc. 7% preferred (guar.)
134% Feb. 1 Jan. 15
Leader Filling Station Corp. (quarterly)
$I Jan. 2 Dec. 23
Lee Rubber & Tire Corp
25c Feb. 1 Jan. 15a
Lehigh & Hudson River Ry
$134 Dec. 31 Dec. 19
Leonard Custom Tailors Co
10c Feb. 1 Jan. 15
London Life Insurance Co.(Ont.)
$2 Dec. 31 Dec. 26
Louisville Gas & Electric Co.
7% cumulative preferred (guar.)
1 Ti% Jan. 15 Dec. 31
6% cumulative preferred (guar.)
134% Jan. 15 Dec. 31
5% cumulative preferred (guar.)
14% Jan. 15 Dec. 31
Lyons Manufacturing, Inc., series A
h50c Dec. 31 Dec. 23
M-A-C Plan (Providence. R. I.) pref
25c Jan. 2 Dec. 19
M.& P. Stores, 7% pref. (guar.)
$1 Ti Jan. 2 Dec. 24
Magnin (I.) & Co. (quarterly)
18 Tic Jan. 15 Dec. 31
Mammoth Mining Co
5c Jan. 2 Dec. 14
Managed Investments,Inc.(extra)
Sc Dec. 23 Dec. 27
Manufacturers Life Insurance
55 Jan. 2 Dec. 27
Maritime Telephone & Telegraph (quarterly)._
15c Jan. 2 Dec. 20
7% preferred (quarterly)
173.4c Jan. 2 Dec. 20
Marathon Paper Mills. 6% pref. (guar.)
$14 Jan. 2 Dec. 20
Massachusetts Investors Trust (guar.)
27c Jan. 20 Dec. 31
Massachusetts Utilities Assoc. pref. (quar.)
623.ic Jan. 15 Dec. 31
McLen, McFeely & Prior class A & B (guar.)._ lOc Dec. 30 Dec. 23
P.. First preferred (guar.)
$134 Dec. 30 Dec. 23
McLellan Stores. pref. A (resumed)
$2 Feb. I Jan. 24
Merchants Refrigerator Co. of N. Y..$7 pref.__
141 Feb. 1 Jan. 24
Meyer-Blanke Co.. 7% pref. (guar.)
$1 4 Jan. 2 Dec. 20
Middlesex Products Corp. (quarterly)
$1 Jan. 2 Dec. 17
Extra
31 Jan. 2 Dec. 17
Middlesex Water Co., preferred (semi-annual).- $34 Jan. 2 Dec. 21
Midwest 011 (guar.)
3c Dec. 31 Dec. 14
Quarterly
30c Dec. 31 Dec. 14
Preferred (quarterly)
Sc Dec. 31 Dec. 14
Mississippi Power Co., $7 pref. (guar.)
$1 pi Jan. 2 Dec. 20
$6 preferred (quarterly)
314 Jan. 2 Dec. 20
Mohawk Carpet Mills (quarterly)
25c Jan. 15 Jan. 10
Montana Power, preferred (quarterly)
$13.4 Feb. 1 Jan 10
Montreal Telephone Co. (quarterly)
80c Jan. 15 Dec. 31
Mutual System (guar.)
Sc Jan. 15 Dec. 31
8% preferred (guar.)
50e Jan. 15 Dec. 31
Nashua Gummed & Coated Paper
7% preferred (quar.)
$194 Jan. 2 Dec. 26
Neilson (Wm.) Ltd.. 7% pref. (guar.)
$134 Dec. 31 Dec. 18
New Jersey Zinc (guar.)
50c Feb. 10 Jan. 20
Niagara Falls Insurance (N. Y.) (guar.)
$1 Dec. 30 Dec. 26
Norton T. M. Brewers, A. & B (s.
-a.)
4c Jan. 2 Dec. 14
North American Finance Corp., A (quar.)
50c Jan. 2 Dec. 24
70/, preferred (quarterly)
873.4c Jan. 2 Dec. 24
North & Judd Mfg.(guar.)
25c Dec. 31 Dec. 23
Extra
25c Dec. 31 Dec. 23
Northwestern Bell Telephone Co.(guar.)
$1 Dec. 31 Dec. 27
Northwestern Yeast (guar.)
$2 Dec. 16 Dec. 12
Noxema Chemical Co
$3 Jan. 3 Dec. 31
Class B
$3 Jan. 3 Dec. 31
Oahu Sugar (monthly)
20c Jan. 15 Jan. 6
Ohio Leather (guar.)
25c Dec. 31 Dec. 26
1st pref. (guar.)
, $2 Jan. 2 Dec. 26
2d pref. (guar.)
$134 Jan. 2 Dec. 26
Ohio Loan Co.(semi-annual)
52 Jan. 2 Dec. 31
8% preferred (quarterly)
$2 Jan. 2 Dec. 31
Ohio Telephone Service Co., 7% pref. (guar.)._ $1 4 Jan. 2 Dec. 24
Ohio Wax Paper (quarterly)
20c Jan. 2 Dec. 20
Okalta Oils preferred
$15 Dec. 23 Dec. 13
Old Colony Light & Power Assoc
$3 Jan. 6 Dec. 19
6'7 preferred (guar.)
0
$13.4 Jan. 6 Dec. 19
Old Dominion Fire Insurance (guar.)
25c Jan. 2 Dec. 31
Pacific Gas & Electric Co..com.(guar.)
134% Jan. 15 Dec. 31a
Pacific Lighting (quarterly)
60c Feb. 15 Jan. 20
Pacific Southwest Realty,64% pref.(qu.)
313.4 Jan. 2 Dec. 31
Pantheon Oil.Co. (extra)
124c Dec. 31
Peasler Gaulb'ert Corp., 7% pref. (guar.)
$1 Ti Dec. 31 Dec. 26
Philadelphia Electric, pref. (guar.)
$134 Feb. 2 Jan. 10
Piedmont & Northern Ry (guar.)
75c Jan. 1 Dec. 31
Plymouth Rubber. preferred (guar.)
$1 4 Jan. 15 Jan. 2
Polygraphic Co. of America, pref. (quar.)
25c Jan. 7 Dec. 31
Power Corp. of Canada.6% pref. (guar.)
13.407Jan. 15 Dec. 31
6% non-cum. pref. (guar.)
lif ,,, Jan. 15 Dec. 31
Provincial Paper, pref. )quar.)
i Jan. 2 Dec. 14
Rhode Island Electric Protective Co
$14 Jan. 2 Dec. 19
Robin Consolidated Cone Co
25c Tan. 2 Dec. 14
St. Croix Paper (guar.)
50c Jan. 15 Jan. 2
St. Joseph Stockyards Co. (guar.)
50c Dec. 31 Dec. 20
San Diego Consol. Gas & Elec. prof.(qu.)
$1 4 Jan. 15 Dec. 31
San Dimas Mining
Sc Dec. 23 Dec. 21
Sanford Mills
SI Dec. 24 Dec. 16
Sayers zit Scovill Co. (guar.)
$14 Jan. 2 Dec. 20
6% preferred (guar.)
$14 Jan. 2 Dec. 20
Scranton Lace Co
$134 Dec. 31 Dec. 21
7% preferred ((mar.)
$I 4 Dec. 31 Dec. 21
Security Investment Co., St. Louis (guar.)._ _ _
50c Jan. 2 Dec. 20
Extra
75c Jan. 2 Dec. 20
7% preferred, new (guar.)
$1 4 Jan. 2 Dec. 20
Security Storage Co. (guar.)
$1 4 Jan. 10 Jan. 6
Shasta Water Co. (quarterly)
40c Jan. 2 Der. 24
Extra_
40c Jan. 2 Dec. 24
Springfield City Water Co.
77 preferred A & B (quar.)
$134 Jan. 2 Dec. 20
$1 34 Jan. 2 Dec. 20
6'9 preferred C (quarterly)
0
Squibb (H. R.) & Sons
25- Dec. 30 Dec. 24
6
Sonoco Products Co.,8% Pref. (guar.)
$2 Dec. 31 Dec. 20
South Berkshire Power & Electric
75c Dec. 31 Dec. 19
Southern Bleachery St Print Works,7% pf.(qu.) $1 4 Jan, 2 Dec. 20
Southern Canada Power Co. common (quar.)_ _
20c Feb. 15 Jan. 31
Southern Counties Gas Co. of Calif., pref.(cm.). $134 Jan. 15 Dec. 31
Southland Royalty (guar.)
Sc Jan. 15 Dec. 31
Extra
Sc Jan. 15 Dec. 31
Southwest Consol. Gas Utilities Corp
8334 Dec. 30 Dec. 26
Sparton Mills (semi-annual)
$4 Jan. 2 Dec. 20
75e Jan. 15 Tan. 3
Spicer Mfg., preferred (guar.)
Sprinafield Fire & Marine Insurance
51.12 Jan. 3 Dec. 23
Extra
25c Jan. 3 Dec. 23
50c Jan. 15 Dec. 31
State Street Investment (quar.)
$3 Jan, 6 Dec. 31
Stony Brook RR. Corp. (5.-a.)
Suburban Elec. Security Co.,6% 1st pref. (qu.) 51 34 Feb. 1 Jan. 15
Telantograph Corp. (guar.)
15c Feb. I Jan. 15
Thatcher Mfg. Co., cony. pref
90c Feb. 15 Jan. 31
25c Jan. 15 Jan. 3
Tide Water Assoc. Oil, resumed
85c Dec. 31 Dec. 30
Special
75c Jan. 2 Dec. 20
Time, Inc. (guar.)
50c Jan. 2 Dec. 20
Extra
3134 Jan. 2 Dec. 20
$634 pref. (guar.)
51% Jan. 2 Dec. 20
Title Insurance Co. of Minn. (3.-a.)
Traders & Finance Corp.,6% pref. A
$134 Jan. 2 Dec. 16
$194 Jan. 2 Dec. 16
. 70/ preferred B (quar.)
Twin City Building & Loan Assoc.—
$134 Dec. 31 Dec. 31
Class A, B Sz 0 (semi-ann.)
31% Dec. 31 Dec. 21
Union Stockyards of Omaha (Neb.) (qu.)
4113
Financial Chronicle
Volume 141
Name of Company
United Bond & Share (guar.)
United Gas & Electric Co.. 5% pref. (s.
-a.)
United Gas & Electric Corp.. coin. (qu.)
United Milk Products, new
$3 preferred (quarterly)
$3 preferred (extra)
United States Cold Storage,7% pref
United States Guarantee (guar.)
Extra
Vies Co. (liquidating)
Waldorf System, Inc., corn. (guar.)
Warren Foundry & Pipe
Wayne Knitting Mills. 6% pref. (guar.)
West Coast Oil, preferred
Preferred (extra)
Western Assurance Co., pref. (s.
-a.)
Western Power Corp., 7% pref. (guar.)
Westinghouse Air Brake Co. (guar.)
Wisconsin Gas & Electric Co.
6% preferred C (quarterly)
Worcester Suburban Electric
York Railways (guar.)
Per
Share
10c
234%
75c
25c
75c
25c
hit
40c
40c
$1
1234c
25c
$3
$1.20
5134
124c
When Holders
Payable of Record
Jan. 15 Dec. 27
Jan. 15 Dec. 31
Dec. 31 Dec. 28
Jan. 2 Dec. 27
Jan, 2 Dec. 27
Jan. 2 Dec. 27
Jan. 2 Dec. 27
Dec. 30 Dec. 21
Dec. 30 Dec. 21
Dec. 24 Dec. 24
Jan. 10 Jan. 4
Feb. 1 Jan. 15
Jan. 2 Dec. 18
Dec. 27 Dec. 23
Dec. 27 Dec. 23
Jan, 2 Dec. 31
Jan. 15 Dec. 31
Jan. 31 Dec. 31
Jan. 15 Dec. 31
Dec. 31 Dec.'19
6234c Jan. 31 Jan. 31
Below we give the dividends announced in previous weeks
and not yet paid. This list does not in.lu de dividends announced this week,these being given in the preceding table.
Name of Company
Per
Share
When Holders
Payable of Record
50c Jan. 2 Dec. 18
Abbott Laboratories (quar.).
25c Jan. 2 Dec. 18
Extra
25c Mar. 1 Feb. 15
Abbott's Dairies (guar.)
45c Dec. 31 Dec. 21
Abraham & Straus, Inc
6234c Jan. 2 Dec. 16
Acme Steel (quarterly)__
25c Jan. 2 Dec. 16
Extra
10c Jan. 10 Dec. 27
Adams Express Co.. (resumed)
5% cumul. preferred (guar.)
$134 Dec. 31 Dec. 174
Addressograph-Multigraph (guar.)
15c Jan. 10 Dec. 20
50c Jan. 2 Dec. 14
Aetna Casualty & Surety (guar.)
Extra
$1 Jan. 2 Dec. 14
40c Jan. 2 Dec. 16
Aetna Fire Insurance (quar.)
15c Jan. 2 Dec. 14
Aetna Life Insurance (guar.)
20c Jan, 2 Dec. 14
Extra
Agnew—Surpass Shoe Stores, pref.(guar.).— 8134 Jan. 2 Dec. 16
Sc Jan. 1 Dec. 13
Affiliated Products (monthly)
75c Jan. 2 Dec. 20
Agricultural Insurance (guar.)
Ainsworth Manufacturing
$1 Dec. 28 Dec. 21
h75c Jan. 2 Dec. 15
Air Associates. $7 preferred
75c Jan. 15 Dec. 31
Air Reduction Co., Inc. (guar.)
Feb. 27 Jan. 22
Alabama Great Southern RR., preferred
3 .
Alabama Power Co., $7 preferred (quarterly)._ $14 Jan. 2 Dec. 14
$14 Jan. 2 Dec. 14
$6 preferred (quarterly)
Jan. 1 Dec. 14
$4
Albany & Susquehanna RR.(semi-annually)._
Special
$1 55 Jan. 11 Dec. 19
$3 Jan. 1 Dec. 20
Allegheny & Western Ry.. guaranteed (s -a.)
Jan. 2 Dec. 11
Allied Chemical & Dye Corp., pref. (quar.)_.._. 11
Jan. 1 Dec. 24
Allied Laboratories (guar.)
10c Jan. 1 Dec. 24
Extra
3334 preferred (quarterly)
8794c Jan. 1 Dec. 24
25c Dec. 28 Dec. 20
Allied Mills
43Vic Jan. 2 Dec. 20
Allied Products, class A new. initial (quar.)
$134 Jan. 2 Dec. 20
Allied Stores 5% preferred (guar.)
$194 Jan. 2 Dec. 31
Aloe (A. S.) Co., pref. (guar.)
25c Jan. 25 Jan. 2
Alpha Portland Cement
37 c Jan. 1 Dec. 14
Aluminum Co. of America. preferred
Jan. 1 Dec. 14
h
.
Preferred
I5c Jan. 2 Dec. 21
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.)
$134 Dec. 31 Dec. 15
7% preferred (guar.)
h50c Jan. I Dec. 19
Amalgamated Leather, preferred
$14 Jan. 15 Dec. 31
American Asphalt Roofing 6% pref. (guar.)._
$131 Jan. 1 Dec. 16
American Bakeries Corp., 7% pref. (quar.)—
5334 .1an. 2 Dec. 16
American Bakers Co.,7% pref (semi-ann.)__
25c Jan. 2 Dec. 11
American Bank Note (resumed)
75e Jan. 2 Dec. 11
Preferred (guar.)
25c Dec. 31 Dec. 20
American Brake Shoe & Foundry (guar.)
25c Dec. 31 Dec. 20
Extra
$1 91 Dec. 31 Dec. 20
Preferred (guar.)
894c Jan. 2 Dec. 16
American Beverage Corp., 7% preferred
American Can Co.. preferred (quar.)
131% Jan, 2 Dec. 19a
h25c Dec. 30 Dec. 16
American Capital, $3 preferred
14334 Jan. 1 Dec. 20
American Chain, preferred
75e Jan. 2 Dec. 12
American Chicle (quarterly)
25c Jan. 2 Dec. 12
Extra
$134 Dec. 31 Dec. 12
American Cigar, preferred (quarterly)
American Crystal Sugar, preferred (guar.)
8)34 Jan. 2 Dec 20
15c Dec. 31 Dec. 14
American Cyanamid Co.. cl. A & B corn. (qu.).
20c Jan. 1 Dec. 20
American Discount Co. of Georgia (qu.)
%% preferred (semi-ann.)
$1.63 Jan. I Dec. 20
American District Teleg. of N. J.(guar.)
$1 Jan. 15 Dec. 14
Jan. 15 Dec. 14
Preferred (guar.)
SI
25c Jan. 2 Dec. 16
American Enka Corp (resumed)
American Express (quar.)
$134 Jan. 2 Dec. 20
15c Jan. 10 Dec. 31
American Factors, Ltd
35e Jan, 2 Dec. 4
American Gas & Electric Co.common (guar.)...
Preferred (guar.)
$13.4 Feb. 1 Jan. 8
15c Dec. 31 Dec. 20
American General Insur.(Houston, Texas)
American Hard Rubber Co., 8% pref. (guar.).$2 Jan. 2 Dec. 18
25c Tan. 1 Dec. 14
American Hardware Corp (quar.)
25c Dec. 31 Dec. 14
American Hawaiian Steamship (guar.)
20c Jan. 2 Dec. 14a
American Home Products (monthly)
30c Feb. 1 Jan. 15
American Light & Traction
374c Feb. 1 .Tan. 15
Preferred (quarterly)
25c Dec. 31 Dec. 23
American Maize Products (guar.)
Preferred (guar.)
$131 Dec. 31 Dec. 23
5234 Dec. 31 Dec. 16
American Mfg. Co.. pref. (guar.)
60c Jan. 2 Dec. 24
American Motorist Insurance (guar.)
25c Jan. 15 Jan. 6
American News New York Corp. (bi-mo.)
American Optical Co., 7% pref. (guar.)
$131 Jan. 1 Dec. 14
American Power & Light Co.—
374c Jan. 2 Dec. 6
$6 preferred
$5 preferred
3131c Jan. 2 Dec. 6
American Republics
10c Dec. 30 Dec. 10
American Rolling Mill (quar,)
30c Jan. 15 Dec. 23
6% preferred B (guar.)
$I 4 Jan. 15 Jan. I
Dec. 30 Dec. 10
American Safety Razor (guar.)
$1
American Screw (guar.)
20c Jan. 2 Dec. 19
American Ship Building (guar.)
50e Feb. 1 Jan. 15
40c Feb. 28 Jan. 31
American Smelting & Refining (resumed)
First preferred (guar.)
$1% Jan, 31 Jan. 10
Second preferred (guar.)
$14 Jan. 31 Jan, 10
American Snuff (quarterly)
75c Jan. 2 Dec. 12
Extra
25c Jan. 2 Dec. 12
Preferred (quarterly)
$134 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)
$131 Jan. 2 Dec. 5
American Superpower 1st preferred
h$5 Jan. 2 Dec. 14
First preferred (guar.)
Jan. 2 Dec. 14
$1
American Surety
SI Jan. 2 Dec. 16
American Telephone & Telegraph (quarterly)..,. $2
Jan. 15 Dec. 16
AmericanThermos Bottle preferred (guar.)._ 874c Jan. 1 Dec. 22
American Thread preferred (semi-ann.)
1234c Jan. 1 Nov.30
American Water Works & Electric Co., $6 first
preferred (quarterly)
$134 Jan. 2 Dec. 16
4114
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Name of Company
Dec. 28 1935
Per
Share
American Tobacco Co.. preferred (guar.)
Anchor Cap Corp., common (quarterly)
363 preferred (quarterly)
Anglo-lranean 011 Co., Ltd.. 7% preferred_ _ _
Angostura-Wuppermann Corp., (guar.)
Apex Electrical Mfg. prior preferred
Prior preferred (quar.)
Appalachian Electric, $7 preferred (quarterly)_ _
$6 preferred (quarterly)
Apponaug Co.(quarterly)
Arkansas Power & Light $6 preferred
$7 preferred (guar.)
Armour & Co. (Delaware). preferred (quar.).....
Armour & Co.. Illinois, 6% preferred (quar.)
Art Metal Construction (resumed)
Arundel Corp. (guar.)
Asbestos Mfg. Co., $1.40 cony. pref. (quar.)__..
Associated Breweries of Canada
Preferred (guar.)
Associated Oil
Associated Telephone preferred (guar.)
Associates Investment (quarterly)
Extra
7% preferred (quarterly)
Atchison Topeka & Santa Fe, preferred (s.
-a.)
Atlanta Birmingham & Coast. gtd. (5.-a.)
Atlantic City Fire Insurance Co.(guar.)
Atlantic City Sewerage Co.(guar.)
Attleboro Gas Light Corp.(guar.)
Augusta & Savannah RR
When Holders
Payable of Record
Burco, Inc.. $3 cony. pref. (series 1929)
134% Jan. 2 Dec. 10
75c Jan. 2 Dec. 20
Burdine's, Inc., preferred
15c Jan. 2 Dec. 21
h$3 Jan. 2 Dec. 17
5
$1/ Jan. 2 Dec. 21
Preferred (quarterly)
70c Jan. 2 Dec. 17
Burger Brewing Co.,8% pref. (guar.)
h$134 Jan. 2 Dec. 10
$I Jan. 1 Dec. 15
Sc Dec. 31 Dec. 23
Burmah Oil Co. (initial)
354%
Burt (F. M.) & Co., Ltd. (guar.)
h25c Dec. 31 Dec. 20
50c Jan. 2 Dec. 17
$131 Dec. 31 Dec. 20
Preferred (guar.)
S1% Jan. 2 Dec. 17
Cairo Water Co.,7% preferred (guar.)
$13 Jan. 2 Dec. 6
$131 Jan. 2 Dec. 20
Calamba Sugar Estates (guar.)
Jan. 2 Dec. 6
$1
40c Jan. 2 Dec. 14
Preferred (quarterly)
25c Jan. 1 Dec. 14
35c Jan. 2 Dec 14
Calif. Electric Generator.6% preferred (quar). $134 Jan. 1 Dec. 5
$134 Jan. 2 Dec. 14
California Ink (quarterly)
$1 Xi Tan. 2 Dec. 14
50c Jan. 2 Dec. 21
Camden & Burlington County By.(s.
$P% Jan. 2 Dec. 10
-a.)
75c Jan. 2 Dec. 14
Canada Bread,5% preferred. A
$134 Jan. 2 Dec. 10
$I Jan. 2 Dec. 14
Canada Light & Power Co. (semi-annually)___ _
15c Jan. 2 Dec. 23
50c Jan. 15 Dec. 31
Canada Northern Power Corp. (guar.)
25c Jan. 2 Dec. 20
30c Jan. 25 Dec. 31
7% preferred (quar.)
35e Feb
I
134% Jan. 15 Dec. 31
Canada Packers (guar.)
r25c Dec. 31 Dec. 14
75c Jan. I Dec. 16
Preferred (guar.)
r$1 % Jan. 1 Dec. 14
$1% Jan. I Dec. 16
Canada Permanent Mtge.(quar.)
20c Dec. 31 Dec. 28
$2 Jan. 2 Dec. 14
Canada Southern Ry. (semi-ann.)
3734c Feb. 1 Jan. 15
$134 Feb. 1 Dec. 27
Canadian Canners, Ltd.,first preferred (gnarl_ 4134 Jan. 2 Dec. 14
20c Dec. 31 Dec. 21
Canadian Celanese Ltd.. 7% prof. (quarterly)_ $154 Dec. 31 Dec. 17
30c Dec. 31 Dec. 21
Canadian Cottons, Ltd. (guar.)
$1 Xi Dec. 31 Dec. 21
$1 Jan. 2 Dec. 13
Preferred (quarterly)
$234 Feb. 1 Dec. 31
$134 Jan. 2 Dec. 13
Canadian Dredge & Dock
$23.4 Jan. 2 Dec. 12
r$1 Feb. 1 Jan. 15
Extra
$1 Dec. 31 Dec. 20
r$1 Feb. 1 Jan. 15
Canadian Fairbanks Morse 6% preferred
25c Jan. 2 Jan. 2
$1% Jan. 15 Dec. 31
Canadian Foreign Investors (guar.)
$3 Jan. 2 Dec. 16
40c Jan. 1 Dec. 15
8% preferred (guar.)
c$3 34 Jan. 6 Nov. 29
$2 Jan, 1 Dec. 15
Canadian General Electric (quar.)
25c Jan. 6 Nov. 29
750 Jan. 1 Dec. 14
Auto Finance (quar.)
Canadian Industries. A & B (quarterly)
45c Jan. 15 Dec. 14
r$1 Jan. 31 Dec. 10
7% preferred (semi-annual)
Jan. 15
Preferred (quarterly)
8734c
r$1 31 Jan 15 Dec. 31
Autollne 011, preferred (quar.)
Canadian Oil Companies preferred (guar.)
20c Jan. 2 Dec. 23
$2 Jan. 2 Dec. 20
Automatic Voting Machine (guar.)
Canadian Westinghouse (quarterly)
1234c Jan. 1 Dec. 20
50c Jan. 1 Dec. 20
Quarterly
Canadian Wirebound Box. class A
1234c Apr. 1 Mar. 20
25c Jan. 2 Dec. 16
Ouarterly
Canfield Oil Co.7% Preferred (guar.)
1234c July 1 Tune 20
$154 Dec. 31 Dec. 20
Extra
Cannon Mills (guar.)
25c Jan. 1 Dec. 20
50c Dec. 30 Dec. 18
Automobile Insurance (guar.)
Capital Administration, pref. A (guar.)
25c Jan. 2 Dec. 14
750 Jan. 1 Dec. 16
Extra
Caribou Gold & Mining. (initial)
20c Jan. 2 Dec. 14
23.4c Jan. 2 Dec. 21
Avondale Mills. A & B (quarterly)
Carnation Co
20e Jan. 1 Dec. 15
50c Jan. 2 Dec. 20
Avon Geneseo & Mt. Morris RR. (semi-ann.)... $1.45 Jan. 1 Dec. 24
7% preferred (quarterly)
$131 Jan, 1
Axton-Fisher Tobacco, A (quar.)
7% preferred (quarterly)
80c Dec. 31 Dec. 16
SI% Apr, 1
Class B (quar.)
Carolina Power & Light.$7 preferred
40c Dec. 31 Dec.16
$1 54 Jan. 2 Dec. 13
6% preferred (guar.)
$6 preferred
$134 Dec. 31 Dec. 16
$1.4 Jan. 2 Dec. 13
Bapcock & Wilcox
Carriers & General Corp. (guar.)
10c Jan. 2 Dec. 20
Jan. 2 Dec. 19
Interim
Carthage Mills, class A (quarterly)
4%
$14 Jan. 1 Dec. 20
Badger Paint & Hardware Stores
Class B (quarterly)
$1 Dec. 28 Dec. 20
60c Jan. 1 Dec. 20
Preferred (quarterly)
Case (J. I ). 7% preferred
25c Jan. 2 Dec. 20
$1 Jan. 1 Dec. 12
Preferred (extra)
Case, Lockwood & Brainard Co. (quarterly)._
70c Tan. 2 Dec. 20
$234 Jan. 2 Dec. 16
Bancamerica-Blair Corp
Cayuga & Susquehanna KR.(semi-ann.)
25c Dec. 28 Dec. 17
$1.20 Jan. 2 Dec. 20
Bangor & Aroostook RR. Co., common
Celanese Corp. of Amer.,7% pref. (quarterly). $131 Jan. 1 Dec. 17
62c Jan. 1 Nov.30
Preferred
1 % Jan. 1 Nov.30
First preferred
$334 Dec. 31 Dec. 17
Bangor Hydro-Electric, 6% pref. (guar.)
El% Jan. 2 Dec. 10
Centlivre Brewing Corp.. class A (guar.)
631c Jan. 2 Dec. 20
7% preferred (quar.)
$1 1 1 Jan. 2 Dec. 10
3
Central Aguirre Associates (quarterly)
Jan. 2 Dec. 18
373.
Bankers Trust Co. (quarterly)
Central Hanover Bank & Trust (quarterly)_
5% Jan. 2 Dec. 12
11 an. 2 Dec. 17
Bank of New York & Trust Co.(guar.)
c$334 Jan. 2 Dec. 20
Central Illinois Light Co..6% pref.(guar.)
31)4 Jan. 2 Dec. 14
Bank of the Manhattan Co.(guar.)
7% preferred (quarterly)
$131 Jan. 2 Dec. 14
3734c Jan. 2 Dec. 17a
BancOhio Corp. (guar.)
18c Tan. 1 Dec. 20
Central Illinois Public Services—
Barnsdall Corp. (quar.)
15c Feb. 1 Jan. 10
$6 preferred
$I Jan. 15 Dec. 20
Extra
Sc Feb. 1 Jan. 10
6% preferred
$I Jan. 15 Dec. 20
Battle Creek Gas,6% pref. (guar.)
Central Maine Power 7% Preferred
$134 Jan. 2 Dec. 20
h8734c Jan. 1 Dec. 10
Bayuk Cigars, 1st pref. (guar.)
6% preferred
$m Jan. 15 Dec. 31
h75c Jan. I Dec. 10
Beatrice Creamery, preferred (guar.)
$1 % Jan. 2 Dec. 14
$6 preferred
h75c Jan. 1 Dec. 10
Beech Creek RR.(quarterly)
Central Ohio Light & Power Co., pref
50c Jan. 2 Dec. 16
$1 34 Dec. 26 Dec. 16
Beech-Nut Packing Co., common (guar.)
75c Jan. 2 Dec. 12
Chain Belt (quarterly)
30c Feb. 15 Feb. 1
Extra
50c Jan. 2 Dec. 12
Champion Paper & Fibre Co.. pref. (quar.)_.,.,_ $1.34 Jan. 2 Dec. 15
Belding-Corticelli, Ltd. (guar.)
Chatham Mfg. Co., 7% preferred (quarterly)_.. $13.1 Jan, 1 Dec. 20
$1 Jan. 2 Dec. 14
Preferred (guar.)
$W Jan. 2 Dec. 14
6% preferred (quarterly)
$1% Jan. 1 Dec. 20
Bell Telephone of Canada (guar.)
r$134 Jan. 15 Dec. 23
Chemical Bank & Trust (quarterly)
45c Jan, 2 Dec. 17
Bell Telephone of Pennsylvania pref. (quar.)_ _ _
Chesapeake Corp. (quarterly)
3154 Jan. 15 Dec. 20
75c Jan. 1 Dec. 6
Bethlehem Steel. 7% cumulative preferred
Chesapeake & Ohio Ry..(quarterly)
$154 Jan. 2 Dec. fi
70c Jan, 1 Dec. 6
Bickford's, Inc. (quarterly)
25c Jan. 2 Dec. 20
Preferred (semi-annual)
$33.1 Jan, 1 Dec. 6
Preferred (quarterly)
6234c Jan. 2 Dec. 20
Chesapeake& Potomac Telep. Co..of Balti. City
Binghamton Gas Works. 7% preferred (guar.). $154 Jan. 1
Cumulative pref. (quar.)
$1% Jan. 15 Dec. 31
7% preferred (quarterly)
Chicago Burlington & Quincy RR
$144 Feb. 1
$2 Dec. 28 Dec. 19a
631% preferred (quarterly)
31.5634 Mar. I
Chicago Flexible Shaft (quarterly)
30c Dec. 28 Dec. 18
Bird Machine (resumed)
25c Jan. 2 Dec. 20
Common (extra)
10c Dec. 28 Dec. 18
Bird & Son (guar.)
25c Tan. 2 Dec. 24
Chicago Junction Rys. & Union Stockyards Co. 3231 Jan. 2 Dec. 14
Birmingham Electric. $7 prof
$1% Jan. 2 Dec. 12
6% preferred (quarterly)
34 Jan. 2 Dec. 14
$6 preferred
Chicago Towel preferred (guar.)
31(4 Tan. 2 Dec. 12
$131 Dec. 31 Dec. 20
Birmingham Fire Insurance Co.of Ala
25c Dec. 31 Dec. 15
Chickasha Cotton 011 (special)
50c Jan. 2 Dec. 9
Extra
25c Dec. 31 Dec. 15
Chickasha Cotton Oil (special)
50c Jan. 2 Dec. 9
Black & Decker preferred
h50c Dec. 31 Dec. 23
Christiana Securities Co.. 7% pref. (quar.)
$151 Jan, 2 Dec. 20
Blaw-Knox Co., common (special)
10c Jan. 2 Dec. 14
Chrysler Corp
75c Dec. 31 Dec 2
Block Bros Tobacco Co 6% preferred (quar.). $134 Dec. 31 Dec. 25
Churchill House Corp
50c Jan. 6 Dec. 15
Bohn Aluminum & Brass (quarterly)
75c Jan. 2 Dec. 13
Cincinnati Advertising Products (guar.)
25c Jan. 1 Dec 20
Borg-Warner (quarterly)
50c Jan. 2 Dec. 13
Cincinnati Gas & Electric pref.(guar.)
3131 Jan. 2 Dec. 13
Preferred (quarterly)
$I% Jan. 2 Dec. 13
Cincinnati Newport & Covington Light & TracBoston & Albany RR
3231 Dec. 31 Nov. 30
tion (quarterly)
$134 Jan, 15 Dec. 31
Boston Elevated By. (quarterly) _
$1 % Jan. 2 Dec. 10
34% preferred (quarterly)
31.125 Jan. 15 Dec. 31
Boston Herald-Traveler (semi-ann.)
50c Jan. 2 Dec. 20
Cincinnati Postal Terminal & Realty. 634%
Extra
25c Tan. 2 Dec. 20
Preferred (quarterly)
$I% Jan, 15 Jan. 4
Boston Insurance Co.(Mass.) (guar.)
$4 Jan. 2 Dec. 10
Cincinnati & Suburban Bell Telephone
• $1.12 Jan, 2 Dec .18
Extra
$5 Jan. 2 Dec. 10
Cincinnati Union Stockyards (guar.)
40c Dec. 31 Dec. 21
Quarterly
$4 Apr. 1 Mar. 20
Cincinnati Union Terminal. pref. (guar.)
$134 Jan. 1 Dec 20
Boston & Providence RR.(guar.)
4 laec 2
5
3212 p n.. 31 Dec. 20
Citizens Water Co.(Washington, Pa.), pf. (qu.) $1% Jan. 2 Dec. 20
Boston Storage & Warehouse Co.(guar.)
City Ice & Fuel (guar.)
$
50c Dec. 31 Dec. 14
Boston Wharf (semi-annually)
$134 Dec. 31 Dec 2
Claude Neon Electric Products (guar.)
25c Tan, 1 Dec. 20
Bourbon Stockyards (guar.)
Jan. 2 Dec. 24
Clearfield & Mahoning RR.(semi-annually).-- $1
Jan, 2 Dec. 20
Bower Roller Bearing (quarterly)
25c Jan. 25 Jan. 2
Clearing Industrial District. 6% pref. (quar.)._
Jan. 2 Dec. 16
$1
Brach (E. J.) & Sons, extra
25c Dec. 30 Dec. 24
Semi-annual
Jan. 2 Doc. 16
Brantford Cordage Co., 1st pref
r50c Jan. 15 Dec. 20
Cleveland Cincinnati Chicago & St. Louis By._
$5 Jan, 31 Jan. 21
Brazilian Traction. Light dc Power. pref.(qu.)
5% preferred (quarterly)
l3.4 Jan. 2 Dec. 14
$131 Jan. 31 Jan. 21
Brewing Corp. of Canada preferred
3734c Jan. 15 Dec. 31
Cleveland Electric Illuminating Co.(guar.).- 60c Dec. 31 Dec. 20
Bridgeport Brass Co. (quarterly)
10c Dec. 31 Dec. 13
3434 preferred. initial (guar.)
31.125 Jan. 1 Dec. 10
Bridgeport Gas Light Co
60c Dec. 31 Dec. 17
Cleveland Graphite Bronze (guar.)
25c Jan. 2 Dec. 24
Briggs Manufacturing (extra)
50c Dec. 31 Dec. 20
Special
25c Tan, 2 Dec. 24
Brillo Manufacturing Co.. class A (quarterly)._
50c Jan. 2 Dec. 16
Cleveland Ry. (guar.)
$134 Jan. 1 Dec. 26
(quarterly)
Common
15c Jan. 2 Dec. 16
Certificates of deposit (guar.)
$134 Tan. 1 Dec. 26
British American 011 (guar.)
r20c Jan. 2 Dec. 18
Climax Molybdenum Co.(guar.)
5c Dec. 30 Dec 15
British American Tobacco, ord. (final)
8d. Jan. 17 Dec. 21
Clinton Trust (N. Y.)(guar.)
50c Jan. 2 Dec. 16
Ordinary (Interim)
10d. Jan. 17 Dec. 21
Extra
50c Jan. 2 Dec. 16
British Columbia Electric Power & Gas Co.
Clinton Water Works,7% preferred (quar.)
$131 Jan. 15 Jan. 2
6% preferred (quar.)
3134 Jan. 2 Dec. 20
Clorox Chemical (guar.)
50c Jan. 1 Dec. 20
British Columbia Elec. Ry. 5% preferred
234% Jan 15
Extra
1234c Jan, I Dec. 20
British Columbia Power Corp., Ltd., A
cr37c Jan. 15 Dec. 31
Cluett. Peabody & Co.. Inc.. pref. (quar.)
$154 Jan, 2 Dec. 21
British Columbia Telep..6% 1st pref.(qu.)__ _ _ 51 34 Jan. 2 Dec. 17
Coca-Cola, new stock (initial, quarterly)
50c Dec. 31 Dec. 12
6% preferred
$134 Feb. 1 Jan. 317
Extra
25c Dec. 31 Dec. 12
Broad Street Investing Co.(quarterly)
20c Jan. 1 Dec. 16
Class A (semi-annual)
$134 Dec. 31 Dec. 12
Extra
10c Tan. 1 Dec. 16
Coca-Cola Bottling Corp. (Del.) cl. A (quar.)_ 6234c Jan. 2 Dec. 14
Brooklyn-Manhattan Transit Co.,(guar.)
75c Jan. 15 Jan. 2
Coca-Cola International Corp.(guar.)
$4 Dec. 31 Dec. 12
Preferred (quarterly)
$114 Tan. 15 Jan
2
Extra
Dec. 31 Dec. 12
Preferred (quarterly).fl 3 Apr, 15 Apr. 1
4
Class A (semi-annual)
Dec. 31 Dec. 12
Brooklyn & Queens Transit, preferred
75c Jan. 2 Dec. 16
Coleman Lamp & Stove
Jan. 2 Dec. 21
Brooklyn Trust (semi-ann.)
(101irate-Palmolive-Peet, preferred (quarterly)- - $134 Jan. 1 Dec 6
$2 Jan. 2 Dec. 24
Brooklyn Union Gas(quarterly)
75c Tan. 2 Dec. 1
Colonial Ice Co. common
Jan. 1 Dec. 20
Brown Fence & Wire (initial)
Feb.
$7 series 13 preferred (guar.)
$1 Jan. 2e1 Feb. 15
3154 Jan. 1 Dec. 20
Brown Forman Distillery. $6 pref. (quar.)__ _-- $1 34
Dec. 20
Preferred series 13 (guar.)
$134 Jan. 1 Dec. 20
Bruck Silk Mills (guar.)
306 Jan. 15 Dec. 16
Colt's Patent Fire Arms Mfg. (guar.)
31 31c Dec 31 Dec. 10
Bryant SE May. Ltd.(interim)
10%
Special
50c Dec. 31 Dec. 10
Bucyrus-Erie Co.. preferred
$1 Jan. 2 Dec. 18
Columbia Baking Co.. preferred (guar.)
25c Jail. 1 Dec. 15
Bucyrus-Monighan, class A (quar.)
45c Jan. 2 Dec. 20
Columbia Breweries A (semi-ann.)
8734c Jan. 2 Dec. 15
Class B
90c Jan. 2 Dec. 20
Columbia Pictures Corp. (quarterly)
250 Jan. 2 Dec. 18
Budd Wheel, preferred
h$534 Dec. 31 Dec. 18
Semi-annual
e2 34 3 Feb. 3 Jan. 23
7
Preferred (quarterly)
$154 Dec. 31 Dec. 113
Semi-annual.
e2'4 a Aug. 3 JUL? 23
Buffalo Insurance (N. Y.) (guar.)
$3 Jan. 31 Dec. 17
Commercial Credit (guar.)
6234c Dec. 31 Dec. 11
Extra
$2 Dec. 31 Dec. 1
534% preferred (guar.)
$1% Dec. 31 Dec. 11
Buffalo. Niagara & Eastern Power. pref. (guar.)
40c Jan. 2 Dec. 14
Commercial Investment Trust. common (guar.)
75c Jan. 1 Dec. 5
1st preferred (guar.)
$15( Feb. 1 Jan. 15
Common (extra)
25c Jan. 1 Dec. 5
Building Products. class A & B (guar.)
25c Jan. 2 Dec. 18
Cony, preference, opt. ser. 1929 (quar.).__ d$134 Jan. 1 Dec. 5
Class A & B extra
25c Jan. 2 Dec. 18
Cony. preference, $434 series of 1935 (nuar.1_ $10634 Jan. 1 Dec. 5
$1
Name of Company
Per
Share
When Holders
Payable of Record
Commercial National Bank & Trust
$2 Jan. 2 Dec. 26
Commercial Solvents Corp. common (s.
-a.)
30c Dec. 31 Dec. 2
Commonwealth & Southern. $6 preferred
75c Jan. 2 Dec. 6
Commonwealth Telep. Co.(Wis.),6% pref.(qu.) $13-i Jan. 1 Dec. 14
3
Commonwealth Utilities Corp. 7% pref. A (qu.) 314 Jan. 2 Dec. 14
6% preferred B (quar.)
$j3. Jan. 2 Dec. 14
% preferred C (quar.)
Mar. 2 Feb. 15
Commonwealth Water & Light.$7 pref.(quar.)_ 313-C Jan. 2 Dec. 20
$6 preferred (quarterly)
$13 Jan. 2 Dec. 20
Confederation Life Assoc.,"Toronto" (quar.)
$1 Dec. 31 Dec. 25
Conigas Mines, Ltd
123-ic Jan. 10 Dec. 31
Connecticut General Life Insurance
20c Jan. 2 Dec. 21
Consolidated Bakeries of Canada (quar.)
20c Jan. 2 Dec. 16
Extra
10c Jan. 2 Dec. 16
Consolidated Chemical Industries A (quar.)___ _ 373c Feb. 1 Jan. 15
Consolidated Film Industry, preferred
25c Jan. 2 Dec. 10
Consolidated Gas Co. of New York. $5 pf.(qu.) $13 Feb. 1 Dec. 27
Consolidated Gas. Electric Light & Power Co.
of Baltimore (quarterly)
90c Jan. 2 Dec. 14
5% preferred (quarterly)
S13-i Jan. 2 Dec. 14
Consolidated Mining & Smelting Co. of Canada_ $1
Dec. 31 Dec. 16
Bonus
$4 Dec. 31 Dec. 16
Consolidated Traction N. J. (semi-ann.)
$2 Jan. 15 Dec. 31
Consumers Gas, Toronto (quarterly)
$23. Jan. 2 Dec. 14
Consumers Power Co.. $5 preferred (quar.) _
2 Dec. 14
1k Jan
6% preferred (quarterly)
313. Jan. 2 Dec. 14
6.6% preferred (quarterly)
$1.65 Jan. 2 Dec. 14
7% preferred (quarterly)
$I% Jan. 2 Dee. 14
6% preferred (monthly)
50c Jan. 2 Dec. 14
6.60% preferred (monthly)
55e Jan. 2 Dec. 14
Container Corp., 7% preferred
h$173 Dec. 31 Dec. 11
7% Preferred (quarterly)
$1% Dec. 31 Dec. 11
Continental Assurance (quar.)
50c Dec. 31 Dec. 14
Continental Baking Corp., pref
$I Jan. 1 Dec. 16
Continental Bank Trust, N. Y.(quar.)
20c Jan. 1 Dec. 13
Continental-Diamond Fibre
50c Dec. 30 Dec. 16
Continental Gas & Electric. prior pref. (quar.)_ $1 Si Jan. 2 Dec. 12
Continental Insurance Co. (semi-ann.)
60c Jan. 10 Dec. 31
Special
25c Jan. 10 Dec. 31
Continental Oil of Delaware
25c Jan. 31 Jan. 6
Continental Steel, preferred (quarterly)
$1 % Jan. 1 Dec. 16
Continental Telephone Co.. 7% partic. pf. (qu.) $1% Jan. 2 Dec. 16
63. % preferred (quarterly)
$1% Jan. 2 Dec. 16
Corcoran Brown Lamp Co., 7% pref. (quar.)- - $1 % Jan. 2 Dec. 26
Coronet Phosphate Co. (quarterly)
31% Jan. 2 Dec. 20
Cottrell (C. B.) & Sons.6% preferred (quar.)_ _ $13i Jan. 2 Dec. 20
Courier-Post, 7% Preferred (quar.)
$1 Si Jan. 2 Dec. 14
Creamery Package Mfg. (quar.)
30c Jan. 10 Jan. I
Cream of Wheat Corp.(quar.)
50c Jan. 2 Dec. 23
Crown Willamette Paper, $7 preferred
/131 Jan. 1 Dec. 16
Crown Zellerbach, preferred A and B
141 Jan. 15 Jan. 2
Crucible Steel Co. of America. Preferred
h$1 Dec. 311Dec. 16
Crum & Forster (quar.)
20c Jan. 15 Jan. 6
Extra _
5c Jan. 15,Jan. 6
Preferred (quar.)
$2 Dec. 281Dee. 20
Curtis Publishing Co.. preferred
$1 Si Dec. 30 Dec. 9
Darby Petroleum (semi-annually)
25c Jan. 15 Jan. 3
Devege Stores (resumed)
15c Jan. 2 Dec. 21
Extra
15c Jan. 2 Dec. 21
Davenport Hosiery Mills
25c Jan. 1 Dec. 23
Dayton & Michigan RR,Co..8% pref.(qui
$1 Jan. 2 Dec. 16
Dayton Power & Light Co..6% prof.(monthly)
50c Jan. 2 Dec. 20
De Beers Consolidated Mines preferred
20%
Deisel-Wemmer-Gllbert (quar.)
12%c Jan. 2 Dec. 20
Extra
37%c Jan. 2 Dec. 20
Delay Stores, class A (quarterly)
.
43 Sic Jan. 2 Dec. 16
Class A
Jan. 2 Dec. 16
hll
Delaware RR. (semi-annual)
$1 Jan. 2 Dec. 14
De Long Hook & Eye(quar.)
75c Jan. 2 Dec. 20
Denver Union Stockyards (quarterly)
50c Jan. 2 Dec. 20
Extra
50c Jan. 2 Dec. 20
Deposited Bank Shares (N. Y.), set. A (s.
-a.) e23% Jan. 3 Nov. 15
Des Moines Gas Co.. 8% Preferred (quar.)...
$1 Jan. 2 Dec. 14
7% preferred
8734c Jan. 2 Dec. 14
Detroit Edison Co. (quar.)
$1 Jan. 15 Dec. 31
Extra
$1 Jan. 15 Dec. 31
Detroit Hillsdale & Southwestern RR.
$2 Jan 6 Dec. 20
Detroit River Tunnel Co. (semi-ann.)
$4 Jan. 15 Jan. 8
Devoe & Reynolds, A & B (quarterly)
25c Jan. 2 Dec. 18
A & B (extra)
25c Jan. 2 Dec. 18
1st & 2d preferred (quarterly)
Jan
$1
2 Dec. 18
Diamond Shoe (quarterly)
25c Jan, 2 Dec. 20
6 % preferred (quarterly)
$1% Jan. 2 Dec. 20
6% preferred (semi-annually)
30c Jan. 2 Dec. 20
Di Giorgio Fruit Corp., preferred (semi-ann.)
$1% Jan. 2 Dec. 18
Dixon (Joseph) Crucible Co
1% Dec. 31 Dec. 16
Doehler Die Casting,7% preferred (quarterly)
87%c Jan. 2 Dec. 21
$7 preferred (quarterly)
$1 Si Jan. 2 Dec. 21
Dome Mines Ltd. (quar.)
50c Jan. 20 Dec. 31
Dominion Glass (quar.)
Jan. 2 Dec. 16
$1
Preferred (guar.)
$13i Jan. 2 Dec. 16
Dominion Rubber preferred (quar.)
$1% Dec. 31 Dec. 26
Dominion Textile Co.(quar.)
r$1 3-1 Jan. 2 Dec. 16
Preferred (quarterly)
$1 % Jan 15 Dec. 31
Dow Drug pref. (quar.)
$1% Jan. 1 Dec. 20
Special
15c Feb. 20 Feb. 8
Draper Corp. (quar.)
60c Jan. 2 Nov.30
Special
$1.60 Jan. 2 Nov. 30
Driver-Harris Co
25c Jan. 20 Jan. 10
Preferred (quarterly)
$1 % Jan, 1 Dec. 21
Duke Power Co.(quar.)
750 Jan. 2 Dec. 14
Preferred (quar.)
$1 Si Jan. 2 Dec. 14
Duplan Silk (semi-ann.)
50c Feb. 15 Feb. 1
Preferred (quar.)
$2 Jan. 2 Dec. 20
In Pont de Nemours, debenture (quarterly)- -- $1% Jan. 25 Jan. 10
Duquesne Breweries, preferred A (quar.)
12%c Jan. 2 Dec. 21
Duquesne Light 5% preferred (guar.)
g Jan. 15 Dec. 31
Eagle Warehouse & Storage
h$1 Ian. 2 Dec. 26
Early & Daniels (quar.)
12%c Dec. 31 Dec. 20
Preferred (quar.)
$1% Dec. 31 Dec. 20
Eastern Gas & Fuel Assoc. prior pref.(quar.)_
51.125 Jan. 1 Dec. 14
Preferred (quar.)
$1.12% Apr. 1 Mar. 14
6% preferred (quar.)
$1 ki Ian, 1 Dec. 14
6% preferred (quar.)
$1
Apr, 1 Mar. 14
Eastern Steamship Lines. 1st pref.(quar.)
$1 Si Jan. 2 Dec. 20
Preferred no par (quar.)
87 Sic Jan. 2 Dec. 20
Eastern Steel Products. Ltd., pref.(qu.)
$1,' Jan. 1 Dec. 16
Eastman Kodak Co. common
$3I% Jan. 2 Dec. 5
Extra
25c Jan. 2 Dec. 5
Preferred (guar.)
$1% Jan, 2 Dec. 5
Easy Washing Machine A & B
12 Sic Dec. 31 Dec. 21
Economical-Cunningham Drug
25c Jan. 20 Ian. 6
Preferred B (quarterly)
Jan. 20 Jan.
Preferred A (semi-annually)
Jan. 1 Dec. 20
Ecuadorian Corp.. Ltd., common (quar.)
2c Jan. 1 Dec. 10
Common extra
lc Tan. 1 Dec. 10
Preferred (semi-ann.)
33-4% Jan. 1 Dec. 10
Edison Electric illuminating of Boston
$2 Feb. 1 Jan. 10
Elder Manufacturing Co. (quarterly)
25c Jan. 1 Dec. 20
8% preferred (quarterly)
$2 Jan. 1 Dec. 20
$5 preferred (quarterly)
$1% Jan. 1 Dec. 20
Electric Auto-Lite
30C Jan. 2 Dec. 20
Preferred (qear.)
$13-C Jan. 2 Dec. 26
Electric Bond & Share Co.. $6 pref. (quar.)_ _ _ _
$1% Feb. 1 Jan. 6
$131 Feb. 1 Jan. 6
$5 pref. (quar.)
Electric Controller & Manufacturing (quarterly)
50c Jan. 2 Dec. 20
Electric & Musical Industries preferred
3% Jan. 15
Electric Storage Battery Co., common
$1 Dec. 30 Dec. 3
Common,special
$1 Dec. 30 Dec. 3
Preferred
$1 Dec. 30 Dec. 3
Preferred, special
$I Dec. 30 Dec. 3
Elizabethtown Consol. Gas Co.(quar.)
$2 Jan. 2 Dec. 26
4115
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
$23-C Dec. 31 Dec. 21
Elizabethtown Water Co. consol. (s•-a•)
-a.)
$1.61 Jan. 2 Dec. 20
Elmira & Williamsport RR., pref. (s.
$13' Jan. 15 Dec. 31
El Paso Electric Co. (Texas). $6 pref. (qr.)
50c Jan. 2 Dec. 14
Emerson's Bromo Seltzer, 8% preferred
313-C Jan. 1 Dec. 10
Empire Power Corp.,cumul. pref.(quar.)
114% Dec. 30 Dec. 23
Empire Safe Deposit Co.(quar.)
250 Jan. 2 Dec. 20
Empire Trust (quar.)
75c Jan. 1 Dec. 18
Endicott-Johnson (quar.)
3
$1 4 Jan. 1 Dec. 18
Preferred (quar.)
20c Jan. 2 Dec. 16
Eureka Vacuum Cleaner (quar.)
25c Jan. 2 Dec. 16
Evans Products(quer.)
250 Jan. 2 Dec. 14
Family Loan Society, Inc. (quar.)
-Cc Jan. 2 Dec. 14
873
Preferred (quar.)
6%c Jan. 2 Dec. 27
Famise Corp.. A (quarterly)
20c Feb. 1 Jan. 28
Common (initial)
123Cc Dec. 31 Dec. 16
Fanny Farmer Candy
Farmers & Traders Life Insurance
$23.4 Jan. 1 Dec. 11
52% Apr. 1 Mar. 11
Quarterly
50c Jan. 1 Dec. 16
Faultless Rubber (quarterly)
373-4c Jan. 2 Dec. 20
Fedders Mfg
Federal Insurance Co.(J. C.. N. J.) (5.-a.)
$1 Jan. 2Dec. 21
25c Jan. 2 Dec. 21
Federated Department Stores
30c Jan. 3 Dec. 21
Federation Bank & Trust
60c Jan. 10 Dec. 31
Fidelity-Phenix Fire Insurance (semi-ann.)___ _
25c Jan. 10 Dec. 31
Special
Fifth. Avenue Bank (quar.)
$6 Jan. 2,Dec. 31
16c Dec. 30 Dec. 13
Fifth Ave. Bus Securities (quarterly)
30c Dec. 31 Dec. 20
Filene's (Wm.) Sons
Preferred (quarterly)
$114 Jan. 2 Dec. 20
123Cc Jan. 15 Jan. 4
Finance Co. of America, A & B (quar.)
7% pref. (quar.)
433-Ic Jan. 15 Jan. 4
83-Ic Jan. 15 Jan. 4
7% pref. A (quar.)
Finance Co. of America at Baltimore.7% pref. 43 Sic Jan. 15 Jan. 4
8 Sic Jan. 15 Jan. 4
7% preferred, class A
Class A & B common
123Cc Jan. 15 Jan. 4
Finance Co. of Pennsylvania (quar.)
$23-C Jan. 2 Dec. 14
30c Jan. 20 Jan. 3
Firestone Fire & Rubber (quar.)
Preferred (quar.)
$13' Mar. 1 Feb. 15
20c Jan. 2 Dec. 20
First Cleveland Corp., class B (quarterly)
15c Jan. 2 Dec. 20
Preferred A (quarterly)
525 Jan. 2 Dec. 16
First National Bank (N. Y.) (quarterly)
623Cc Jan. 2 Dec. 9
First National Stores (quar.)
$13-C Jan. 2 Dec. 9
First preferred (quar.)
$1 % Dec. 31,Dec. 21
First State Pawners Society (Chicago. Ill.)
Fishman (M. H.), pref. A & B (quar.)
$13' Jan. 15 Dec. 31
5134 Jan. 2 Dec. 12
Fisk Rubber Corp..6% pref
25c Jan. 2 Dec. 14
Florsheim Shoe, class A (quarterly)
25c Jan. 2 Dec. 14
Class A (special)
123Cc Jan. 2 Dec. 14
Class B (quarterly)
123-4c Jan. 2 Dee. 14
Class B (special)
250 Jan. 15 Dec. 31
Food Machinery, new (quar.)
Foreign Light & Power,6% 1st pref. (quar.).... $134 Jan. 2 Dec. 20
20a Jan. 1 Dec. 15
Formica Insulation
15c Jan. 1
Fostoria Pressed Steel (quar.)
Sc Jan. 15 Dec. 31
Foundation Trust Shares, series A
25c Jan. 2 Dec. 16
Fox (Peter) Brewing
Freeport Texas. preferred (quarterly)
$13-4 Feb. 3 Jan. 15
$114 Jan. 2 Dec. 14
Freiman (A. J.) Ltd.. 6% pref. (quar.)
$3 Jan. 1 Dec. 16
Frick Co., Inc., 6% preferred (quar.)
3234 Jan. 2 Dec. 23
Fulton Trust Co. of N. Y.(quarterly)
6c Jan. 2 Dec. 19
Fundamental Investors
10.50 Dec. 31
Fundamental Trust Shares, A
10c Dec. 31
Class B
313-4 Jan. 1 Dec. 16
Gannett Co., Inc.. $6 preferred (quar.)
25c Dec. 31 Dec. 21
Garlock Packing Co.. common (quar.)
25c Dec. 31 Dec. 21
Extra
513-4 Jan. 2 Dec. 20
General Amer. Invest. preferred (quar.)
873Cc Jan. 1 Dec. 10
General American Transportation
$2 Jan. 2 Dec. 21
General Baking Co.. preferred
$13-I Mar. 2 Feb. 20
General Cigar, preferred (quar.)
$1% Junel'18 May 22
Preferred (quar.)
20c Jan. 25 Dec. 27
General Electric Co..common
$134 Jan. 2 Dec. 10a
General Mills. Inc.. preferred (quar.)
$13-i Feb. 1 Jan. 6
General Motors. $5 preferred (quarterly)
h50c Dec. 31 Dec. 16
General Paint Corp. A stock
40c Dec. 31 Dec. 17
General Printing Ink (quarterly)
50c Dec 31 Dec 17
Extra
1 D. 0
Dec.2
$15 Jan. 2ec 17
$21q
(quarterly)
Preferred
General Public Utilities,$5 pref.(quar.)
Jan. 2 Dec. 10
General Ry. Signal (quar.)
D . 10
$134 Jan. 2 Dec. 2
Preferred (quarterly)
50c Dec. 30 Dec. 2
General Refectories Co.(resumed)
2
Jpec.. 31 Dec. 24a
c en
i
$It
General Telephone Co., $3 cony. preferred
General Tire & Rubber. preferred (quar.)
250 Dec. 30 Dec. 16
General Water, Gas & Electric
75c Jan. 2 Dec. 16
$3 preferred (quar.)
$134 Jan. 2 Dec. 14
Georgia Power Co.. $6 pref. (quar.)
$131 Jan. 2 Dec. 14
$5 preferred (quar.)
2
323' Jan 15 Jan
Georgia RR. & Banking (quar.)
40c Dec. 31 Dec. 20
Gibson Art(quar.)
250 Dec. 31 Dec. 6
Gillette Safety Razor Co., common
5111 Feb. 1 Jan. 2
$5 convertible preferred (quar.)
40c Jan. 1 Dec. 14
Glens Falls Insurance Co.(quar.)
50c Jan. 2 Dec. 16
Glidden Co. (quarterly)
$1 % Jan. 2 Dec. 16
Prior preferred (quarterly)
50e Jan. 1 Dec. 20
Globe Wernicke preferred (quar )
h$2 Jan. 1 Dec. 19
Godchaux Sugars, Inc., preferred
$1 % Jan. 1 Dec. 19
Preferred (quar.)
250 Jan. 2 Dec. 14
Goderich Elevated & Transit. Ltd. (s•-a.)
3714c Jan. 2 Dec. 16
Goldblatt Bros.(quar.)
30c Feb. 1 Jan. 10
Gold Dust Corp. (quar.)
17
.. 31
Dec 321
Jan.
.
$6 preferred (quar.)
Dec.
5134
Gold & Stock Telegraph (quar.)
50c Jan, 2 Nov. 26
Goodall Security Corp. (quar.)
$1 Ian. 2 Nov.30
Goodyear Tire & Rubber. $7 pref
63c Jan. 2 Dec. 14
Goodyear Tire & Rubber (Canada)(quar.)
623Cc Jan. 2 Dec. 14
5% preferred (quar.)
750 Dec. 30 Dec. 20
Gorton-Pew Fisheries (quar.)
Grace(W. R.) & Co.
$3 Dec. 30 Dec. 27
6% preferred
)
$2 Dec. 30 Dec. 27
Preferred A (quar.)
$4 Dec. 30 Dec 27
Preferred B (8.-a.)
123Cc Dec. 31 Dec. 20
Grand Rapids Varnish (quarterly)
250 Jan. 1 Dec. 12
Grant(W. T.) (quarterly)
30e Jan. 2 Dec. 20
Great Western Electro-Chemlcal,6% pf.(qu.)_ _
Great Western Life Assurance Co. (quar.)
$5 Jan. 2 Dec. 20
Great Western Power Co. of Calif.,7% pf. (qu.) $13-i Jan. I Den. 5
6% preferred (quarterly)
313.4 Ian. 1 Dec. 5
60c Jan. 2 Dec. 14
Great Western Sugar (quar.)
.
2 D: 4
Preferred (quar.)
$13-I Jan. 2D . 14
50c Jan. 6 Dec. 16
Greenfield Tap & Die. $6 preferred
Greening (B.) Wire, preferred (quar.)
$13' Jan.
750 Jan. 2 Dec. 20
Greenwich Water & Gas Sys, 6% prof.(quar.)
Greif Bros. Cooperage Corp. class A common
25c Jan. 2 Dec. 14a
Greyhound Col p.. pref. A (quar.)
513' Jan. 1 Dec. 21
h373-ic Jan. 1 Dec. 31
Group Corp.. 6% preferred
$100 Dec. 31 Dec. 10
Group No. 1 Oil Corp.(quar.)
3% Jan. 2 Dec. 10
Guaranty Trust Co.of N.Y.(quar.)
Gulf Power Co.. $6 pref. (quar.)
$134 Jan. 2 Dec. 20
Gurd (Chas.) preferred (quar.)
$1 % Feb. 15 Feb. I
Hackensack Water Co..7% preferred A (quar.) 43 Sec Dec. 31 Dec. 14
Halifax Fire Insurance Co.(s.
450 Jan. 2 Dec. 10
-a•)
h50c. Jan. 2 Dec. 16
Hamilton Cotton Co.,$2 cony. preferred
Hammermlll Paper Co.. 6V pref. (quar.)
$134 Jan. 1 Dec. 16
Jan. 2 Dec. 20
c$1
Hanes(P. H.) Knitting Mills. 7% pref
40c Jan. 2 Dec. 19
Hanover Fire Insurance (quar.)
250 Jan. 2 Dec. 24
Harbauer Co. (quar.)
Harbison-Walker Refractories Co.. pref.(quar.). $134 Jan. 20 Jan. 7
$13 Jan. 15 Dec.
4
Harrisburg Gas. 7% preferred (quar.)
50c Jan. 2 Dec. 17
Hartford Fire Insurance (quar.)
373Cc Jan. 1 Dec. 20
Haverty Furniture Cos.. Inc.. $13-C pref.(qu.)
20c Dec 31 Dec. 24
Hawaiian Agricultural Co. (monthly)
4116
Financial Chronicle
Name of Company
Per
Share
When I Holders
Payable of Record
Name of Company
Dec. 28 1935
Per
Share
When 1 Holders
Payable of Record
Hawaiian Pineapple (initial)
25c Dec. 31 Dec. 16
Kroehter Mfg. Co.,7% pref. (guar.)
$134 Dec. 31
Hazel-Atlas Glees Co.(quarterly)
S1 Si Jan. 2 Dec. 14
Class A preferred (guar.)$14 Dec. 31
Heath (D. C)Co.. 7% pref. (quar.)
Kroger Grocery & Baking. 7% preferred (guar.) $1 4 Feb. 1 Dec. 20
$134 Dec. 31 Dec. 28
Heller (Walter E.) a, Co..7% Preferred
4334c Dec. 31 Dec. 20
6% preferred (quarterly)
$134 Jan. 2 Dec. 20
Heime (Geo. W.) Co..common (quar.) (quar.)14 Jan. 2 Dec. 10
Lackawanna RR. Co., N. J
Jan. 2 Dec. 16
2Dec.. 7
Common (extra)
$2 Jan. 2 Dec. 10
Lambert Co. common (quar.)
50c Jan.
gC
Preferred (quarterly)
$134 Jan. 2 Dec. 10
Landers Frary & Clark (guar.)
3734e Dec 31 Dec 20
Hercules Motors (quar.)
Lane Co
25c Dec. 31 Dec. 20
h$2 Dec. 31 Dec. 21
Hershey Cream Co.. 7% pref. (semi-ann.)
Jan. 2 Dec. 15
Larus & Bros. Co., class B )quar.)
$24 Dec. 31 Dec. 20
Hickok Oil. 7% preferred (quar.)
Jan. 2 Dec. 21
6% preferred (quarterly)
$2 Jan. 2 Dec 20
Hollinger Consolidated Gold Mines
rl% Dec. 31 Dec. 13
Lawyers County Trust (quar.)
60c Jan. 2 Dec. 24
Holly 'Development (guar.)
lc Jan. 15 Dec. 31
Lazarus(F.& R.) Co.(quarterly)
15c Dec. 31 Dec. 20
Holmes(D. H.) Co.(guar.)
$1 Jan. 2 Dec. 21
64% preferred (quarterly)
814 Feb. 1 Jan. 20
Home Telep. & Teleg.. 7% pref. (s.
-a.)
$134 Jan. 2 Dec. 20
Lehigh Portland Cement Co.. pref. (quar.)--- - 8734c Jan. 2 Dec. 14
Honolulu Plantation Co.(monthly)
15c Jan. 10 Dec. 31
Lehman Corp.(quar.)
75c Jan. 6 Dec. 20
Hook Drugs. Inc.(quar.)
1234c Jan. 10 Dec. 20
Lenox Water Co.(semi-ann.)
$234 Jan. 2 Dec. 15
Horn & liardart Baking (quar.)
Lexington Telephone Co.04% Pref. (quar.).... 5134 Jan. 15 Dec. 31
$134 Jan. 2 Dec. 19
Houdaille-Hershey. class A (quar.)
6234c Jan. 2 Dec. 20
Libby, McNeill & Libby, preferred
$3 Jan. I Dee. 20
Class B (quarterly)
373.c Jan. 2 Dec. 20
Liggett & Mayers Tobacco, preferred (guar.)... 5134 Jan. I Dec. 10
Household Finance. A & B (quar.)
Lincoln Printing, preferred
75c Jan. 15 Dec. 31
hn Dec. 30 Dec. 20
Participating preferred (quar.)
Preferred (quar.)
8734c Jan. 15 Dec. 31
8734c Feb. I Jan. 20
Howe Sound (quar.)
Dec. 31 Dec. 23
Link Belt
c Mar. 2 Feb. 15
Extra
75c Dec. 31 Dec. 23
Preferred (quar.)
1134 Jan
2 Dec. 14
Howes Bros. Co.7% 1st & 2d pref.(quar.)
$13j Dec. 31 Dec. 21
Preferred (guar.)
$14 Apr. 1 Mar. 14
6% preferred (quar.)
$134 Dec. 31 Dec. 21
Liquid Carbonic (quar.)
40c Feb. 1 Jan. 17
Humboldt Malt & Brewing.8% pref. A
20c Jan. 1 Dec. 20
Extra
25c Feb. I Jan. 17
Huron & Erie Mortgage Corp. (Ont.) (quar.)
$134 Jan. 2 Dec. 14
Little Schuylkill & Navigation RR.& Coal
$1.10 Jan. 10 Dec. 14
Hutchinson Sugar Plantation (monthly)
lOc Jan. 5 Dec. 31
Lock Joint Pipe, pref (quar.)
*2 Jan. I Jan. 1
Huyler's of Delaware, Inc.. 7% preferred
$1 Jan. 2 Dec. 14
Loew's, Inc. (quarterly)
50c Dec. 31 Dec. 13
Hyvade Sylvania Corp coin
50c Jan. 2 Dec. 10
Extra
50c Dec. 31 Dec. 13
Preferred (quarterly)
$14 Jan. 2 Dec. 10
Loew's (Marcus) Theatre. Ltd., 7% pref_
h$1 34 Dec. 21 Dec. 10
Idaho-Maryland Mines (guar.)
Sc Jan. 10 Nov.30
Lone Star Gas
20c Feb. 15 Jan. 15
Idea (Cement (guar.)
50c Jan. 1 Dec. 15
Lone Star Gas.6% cony. pref. (quar.)
$114 Dec. 31 Dec. 14
Ideal Finance Association A (quar.)
124c Jan. 2 Dec. 16
64% preferred (quar.)
$1.63 Feb. I Jan. 15
$8 preferred (quar.)
$2 Jan. 2 Dec. 16
Long Island Lighting Co..7% ger. A pred.(qu.)
$I Si Jan. 1 Dec. 16
$2 convertible preferred (quar.)
50c Jan. 2 Dec. 16
6% series B preferred (quar.)
$13.4 Jan. 1 Dec. 16
Illinois Bell Telephone
$14 Dec. 31 Dec. 21
Loomis-Sayles Mutual Fund (quar.)
50c Jan. 2 Dec. 7
Illinois Central RR.. leased lines (s-a)
$2 Jan. 2 Dec. 11
Extra
35 Jan. 2 Dec. 7
Imperial Life insurance (quar.)
Loomis-Saylee Second Fund (guar.)
$334 Jan. 2 Dec. 31
10c Jan. 2 Dec. 7
Imperial Tobacco of Canada (quar.)
r8 Sic Dec. al Dec. 13
Extra
15c Jan. 2 Dec. 7
Independent Pneumatic Tool (guar.)
75c Dec. 31 Dec. 20
Loose-Wiles Biscuit Co.
Extra
50c Dec. 31 Dec. 20
5% preferred (initial, quarterly)
$134 Jan. 1 Dec. 18
Indiana General Service pref.(quar.)
$14 Jan. 2 Dec. 6
Lord & Taylor (quar.)
$234 Jan. 2 Dec. 17
Indiana & Michigan Electric pref. (quar.)
$134 Jan. 2 Dec. 6
2d preferred (quar.)
Feb. 1 Jan. 17
6% preferred (guar.)
$134 Jan. 2 Dec. 6
Lorillard (P.) & Co., common
30c Jan. 2 Dec. 13
Indianapolis Power & Light,6% pref.(quar.).-- *134 Jan, I Dec. 5
Preferred (quarterly)
$134 Jan. 2 Dec. 13
84% preferred (quar.)
$14 Jan. iDec. 5
Loudon Packing (quarterly)
I234c Jan. 2 Dec. 16
Indianapolis Water Co.. 5% Pref.
$134 Jan. 1 Dec. 12a
Ludlum Steel. preferred (guar.)
814 Jan. I Dec. 20
(guar-)
Industrial Rayon (quarterly)
42E Jan. 1 Dec. 20
Lunkenheimer Co.. 64 7,- preferred (quar.)
$14 Jan. 1 Dec 21
Ingersoll-Rand, extra
Lycoming Mfg..8% preferred (quar.)
$3 Dec. 28 Dec. 9
$2 Jan. 2 Dec. 27
Preferred (semi-ann.)
$3 Jan. 2 Dec. 9
Lynchburg & Abingdon Telephone (s.
-a.)
33 Jan. 2 Dec. 14
Inland Investors (guar.)
15c Dec. 31 Dec. 20
M.J.& M.& M.Consol. Oil Co.(quar.)
Sic Dec. 28 Dec. 16
Extra
20c Dec. 31 Dec. 20
MacAndrews & Forbes Co.,common
50c Jan. 15 Dec. 31a
Insurance Co. of North America (semi-ann.)- -31 Jan. 15 Dec. 31
Extra
50c Jan. 15 Dec. 31a
Extra
50c Jan. 15 Dec. 31
Preferred (quar.)
14% Jan. 15 Dec. 31a
Interallied Investors Corp.. class A (s.
-a.)
35c Jan. 15 Jan. 10
Mack Trucks. Inc
25c Dec. 31 Dec. 14
Inter-Island Steam & Navigation Co.(quer.).-30c Dec. 28 Dec. 20
Matfett(G.)& Sons Co., lat &2d pref.(quar.)
5194 Jan. 2 Dec. 20
Extra
20c Dec. 28 Dec. 20
Magma Copper Co
50c Jan. 15 Dec. 28
Interlake Steamship (quar.)
25c Dec. 31 Dec. 14
Mahontng Coal RR.(quar.)
3631 Feb. 1 Jan. 15
Extra
60c Dec. 31 Dec. 14
Preferred (5.-a.)
$134 Jan. 2 Dec. 23
International Business Machines (guar.)
$14 Jan. 10 Dec. 20
Manischewitz (B.), preferred (guar.)
$1 % Jan. 2 Dec. 20
Stock dividend
Manufacturers Finance (Baltimore), preferred_ _ 214c Dec. 31 Dec. 16
3% Feb. 10 Dec. 20
International Cellucotton Products (quar.)
Manufacturers Trust. (guar.)
37Mc Jan. 2 Dec. 20
25c Jan. 2 Dec. 14
International Harvester (quar.)
Jan. 15 Dec. 30
Extra _
25c Jan. 2 Dec. 14
International Nickel Co. of Canada
25c Dec. 31 Dec. 2
Mapes Consolidated Mfg.(quar.)
50c Jan. I Dec. 16
Preferred (quar.)
$1 % Feb. 1 Jan. 2
Marine Midland Corp.(quar.)
10c Jan. 2 Dec. 13
International Printing Ink (quar.)
35e Feb. 1 Jan. 13
Marion Water Co.. 7% pref. (quar.)
$134 Jan. 2 Dec. 20
Preferred (quarterly)
$14 Feb. 1 Jan. 13
Marlin-Rockwell (quar.)
50c Jan. 2 Dec. 21
International Salt Co
Special.
3734c Jan. 2 Dec. 16
$134 Jan. 2 Dec. 21
International Shoe (quar.)
SOc Jan. 1 Dec. 14
Massachusetts Lighting Cos. (quar.)
75c Dec. 31 Dec. 19
International Teleg. of Maine (s.
-a.)
$8 preferredi:ivar.)
$l. .33 1-3 Jan. 2 Dec. 14
$2 Jan. 15 Dec. 31
Inter Ocean Telegraph (quar,)
$6 preferred (quar.)
ef
o Jan 5
*134 Jan, 2 Dec. 31
$134 j c.. 12 Dec. 31
Inter-State Royalty. Ltd
$234 Jan. 2 Dec. 20
MassachusettsPlate Glass Insurance
g% preferred (s.
-a.)
$4 Jan. 2 Dec. 20
Massawippi Valley RR.(s.
$3 Feb. 1 Jan. 1
-a.)
Intertype Corp.. 1st preferred (guar.)
$2 Jan
2 Dec. 16
McCall Corp.,common (quar.)
50c Feb. 1 Jan. 15
2d preferred (s-a)
$3 Jan. 2 Dec. 16
McColl Frontenac Oil Co..6% pref. (quar.)_
Jan. 15 Dec. 31
r$1
Investment Foundation.6% preferred
hl2c Jan. 15 Dec. 31
McKee(A. G.), class B (quar.)
25c Jan, 1 Dec. 20
Investors Corp. of R. I .$6 pref.(quar.)
$1
an. 2Dec.20
Class B extra
25c Jan. 1 Dec. 20
Iowa Power & Light Co.,7% pref. (guar.)
Jan. 2 ec. 14
$1
McKeesport Tin Plate (guar.)
$1 Jan. 2 Dec. 17
6% preferred (quarterly)
$134 Jan.' 2 Dec. 14
Extra
25c Jan
2 Dec. 17
Iowa Public Service Co.. $7 1st pref. (guar.).— $134 Jan. 2 Dec. 20
McKesson & Robbins. preferred (special
s50c
$6Si 1st preferred (quarterly)
$134 Jan
2 Dec. 20
New $3 preferred (initial)
75c Mar. 15 Feb. 28
$g 1st preferred (quarterly)
*134 Jan. 2 Dec. 20
McLennan, McFeeley & Prior, Ltd.. A & B.....
10c Dec. 30 Dec. 23
$7 2d preferred (quarterly)
$134 Jan. 2 Dec. 20
634% preferred (quarterly)
$14 Jan. 1 Dec. 23
Irving Air Chute (quarterly)
15c Jan
McQuay-Norris Mfg.(quar.)2 Dec. 16
75c Jan. 1 Dec. 20
Extra
25c Jan. 2 Dec. 16
Mead Johnson & Co. (quarterly)
75c Jan. 2 Dec. 14
Irving Trust (N. Y.)(quar.)
15c Jan. 2 Dec. 10
Extra
75c Jan. 2 Dec. 14
Island Creek Coal
50c Dec. 30 Dec. 26
Preferred (semi-annual)
35c Jan. 2 Dec. 14
Preferred (guar.)
$14 Jan. 2 Dec. 26
Memphis Natural Gas Co.. $7 pref. (quar.).
Jan. 2
$I
Jamaica Public Service (quar.)
8734c Jan. 2 Dec. 24
Memphis Power & Light. $6 pref. (quar.)
514 Jan. 2 Dec. 14
Preferred A (quarterly)
$134 Jan. 2 Dec. 24
$7 preferred (quarterly)._
8134 Jan. 2 Dec. 14
Preferred B (quarterly)
,
134 f Jan. 2 Dec. 24
Merchants Bank of New York (quarterly)
50c Dec. 3() Dec. 20
Jardine Mining Co
10% Jan. 10 Dec. 24a
Extra
25c Dec. 30 Dec. 20
Jefferson Electric Co
50c Dec. 31 Dec. 16
Merchants & Miners Transportation Co.—
Jenkins Bros.. 7% preferred (guar.)
$134 Dec. 28 Dec. 16
common (quarterly)
40c Dec. 31 Dec. 16
Jersey Central Power & Light.6% pref. (qu.)
Merchants National Realty. A & B pref
$134 Jan. 1 Dec. 10
$134 Jan. 2 Dec. 24
71 preferred (quarterly)
$134 Jan. 1 Dec. 10
Merck & Co., Inc., common (quar.)
10c Jan. I Dec. 23
$ % preferred (quarterly)
$134 Jan. 1 Dec. 10
Preferred (quarterly)
$2 Jan. 1 Dec. 23
Jewel Tea (quarterly)
75c Jan. 15 Jan
Mesta Machine Co. common (quar.)
2
50c Jan. 1 Dec. 16
Johns-Manville Corp., common
50c Jan. 15 Dec. 24
Metal Box Co. (initial)
34%
7% cumulative preferred (quar.)
Metal & Thermit Corp.,7% pref. (quar.)
$134 Jan. I Dec. 17
$1
Jan. 2 Dec. 20
Joliet & Chicago RR.(quar.)
*134 Jan
Special
6 Dec. 20
$2 Jan. 2 Dec. 20
Joplln Water Works.6% pref. (guar.)
$14 Jan. 15 Jan. 2
Metropolitan Edison Co $7 pref. (quar.)
$194 Jan. 2 Nov. 29
Kahn's (E.) Sons. 1st preferred (guar.)
$6 preferred (quar.)
$134 Jan. 1 Dec. 20
$134 Jan. 2 Nov. 29
Kahuku Plantation Co
60c Dec. 30 Dec. 20
$5 preferred (quar.)
$1
1
Jan . 2 lev 9 29
.
y 2
:
Kalamazoo Vegetable Parchment (guar.)
15c Dec. 30 Dec. 30
$7 cumulative preferred (quar.)
$
Kansas City Power & Light,$6 pref. B (quar.)_ _ $14 Jan. 2 Dec. 14
cumulative preferred
$6
liar.)
$14 Jan. 2 Nov. 29
Kansas City St. Louis & Chic. RR., pref.(qu.)
$14 Feb. 1 Jan. 17
$5 cumulative preferred (quar.
$134 Jan. 2 Nov. 29
Kansas Electric Power Co.. 7% pref. (quar.)
Metropolitan Industrial Bakeries
$134 Jan. 2 Dec. 14
5c Jan. 2 Dec. 26
6% preferred (quarterly)
7% preferred (quar.)
$134 Jan. 2 Dec. 14
1734c Jan. 2 Dec. 26
Kansas Gas & Electric, $6 pref. (guar.)
Michigan Electric Power.6% preferred
$134 Jan. 2 Dec. 16
*1234 Jan. 2
7% preferred (quarterly)
7% preferred
$134 Jan. 2 Dec. 16
$143 Jan. 2 Dec. 20
4
3
Kansas Oklahoma & Gulf Ry.—
Midland Grocery. preferred (semi-annually)__ _
33
Series C 6% non-cum. preferred
Midland Loan & Savings Co.(s-a)
$1 Dec. 31 Dec. 23
40c Jan. 2 Dec. 15
Kansas Power,$6 preferred (quar.)
Midland Steel Products (resumed)
$134 Jan. 2 Dec. 20
25c Jan. 1 Dec. 23
$7 preferred (quar.)
$134 Jan. 2 Dec. 20
$2 preferred (resumed)
50c Jan. 1 Dec. 23
Kansas Power & Light. 6% Preferred (quar.)
$134 Jan. 2 Dec. 20
8% Preferred (quar.)
$2 Jan. 1 Dec. 23
% preferred (guar.)
Milwaukee Electric By. & Light. 6% pref. (qu.) $134 Jan. 31 Jan. 20
$134 Jan. 2 Dec. 20
Kansas Utilities Co.7% pref.(guar.)
Mine Hill & Schuylkill Haven RR.(s.
$134 Jan. 2 Dec. 21
-a.)
*1 34 Feb. 1 Ian. 15
Katz Drug,°referred (quar.)
Minneapolis Gas Light Co.(quar.)
$14 Jan. 2 Dec. 14
Jan. 2 Dec. 20
$I
Kaufmann Department Stores (quar.)
-Honeywell Regulator Co., pt. (qu.) '1 34 Jan. 1 Dec. 20
Minneapolis
25c Jan. 28 Jan. 10
Preferred (quar.)
Minnesota Mining & Mfg. (quar.)
*1 34 Jan. 2 Dec. 10
174c Jan. 2 Dec. 20
Kekaha Sugar Co. (monthly)
$2.40 Jan. 2 Dec. 24
Extra
5c Jan. 2 Dec. 20
Kelly Island Lime & Transport (guar.)
Minnesota Power & Light,7% pref. (quar.)
20c Jan. 1 Dec. 21
_ $194 Jan. 2 Dec. 11
Kelvinator Corp. (quarterly)
1234c Jan, 2 Dec. 5
6% preferred (quar.)
$134 Jan. 2 Dec. 11
Extra
$6 preferred (guar.)
20e Jan. 2 Dec. 5
$14 Jan. 2 Dec. 11
Kentucky Utilities, 6% pref. (guar.)
Mississippi River Power pref.(quar.)
$14 Jan. 15 Dec. 26
314 Jan. 2 Dec. 14
Keystone Public Service $2.80 pref. (quar.)- _ _ _
Mississippi Valley Public Service Co.
70c Jan. 2 Dec. 15
Keystone Steel & Wire, preferred
$194 Jan. 15
6% preferred B (quar.)
$14 Jan. 1 Dec. 20
Kimberly-Clark Corp.. common (quar.)
Missouri Edison Co.. $7 cum. pref
1234c Jan. 2 Dec. 12
$ 1.16 2-3 Jan. 2 Dec. 20
Preferred (quarterly)
$114 Jan. 2 Dec. 12
Missouri Power & Light Co., 36 preferred
$14 Jan. 2 Dec. 14
King Royalty Co.8% pref.(quar.)
Mitchell (J. S.) Ltd., pref. (quar.)
$2 Dec. 31 Dec. 16
5134 Jan. 2 Dec. 16
Kings County Lighting Co..7% ser. B pt.(qu.)_ $194 Jan. 2 Dec. 16
Mobile & Birmingham RR.. pref. (s.
-a.)
$2 Jan. 2 Dec. 2
6% series0 preferred (quar.)
Mock,Judson, Voehringer. pref.(quarterly)._ $194 Jan. 1 Dec. 15
$134 Jan. 2 Dec. 16
5% series D preferred (quar.)
Monarch Knitting Co.. Ltd.,7% pref.(quar.)_ _ $134 Jan. 2 Dec. 14
$134 Jan. 2 Dec. 16
Quarterly
Monarch Machine Tool (quarterly)
$13.4 Jan. 2 Dec. 16
15c Jan. 2 Dec. 24
Klein (D. Emil)(quarterly)
25c Jan. 1 Dec. 20
Extra _
Sc Jan. 2 Dec. 24
Preferred (quarterly)
Monogram Pictures Corp (quar.)
$134 Feb. 1 Jan. 20
15c Feb.
Koloa Sugar Co. (monthly)
50c Dec. 31 Dec. 24
Monongahela Valley Water Co.,7% pref.(qu.)_
3134 Jan. 15 Jan. 2
Koppers Gas & Coke, preferred (guar.)
$14 Jan. 2 Dec. 12
Monroe Chemical. Preferred (quarterly)
8734c Jan. 1 Dec. 24
Kresge(S. S.)
25c Jan. 2 Dec. 11
Montgomery & Erie RR.(semi-annual)
174c May 10 Apr. 30
Preferred (quarterly)
$134 Jan. 2 Dec. 11
Montgomery Ward, class A (guar.)
$194 Jan. 2 Dec. 20
Utf
Name of Company
Per
Share
When Holders
Payable of Record
Montreal Light, Heat & Power (guar.)
r38c Jan. 31 Dec. 31
$23.1 Jan. 15 Jan. 6
Montreal Tramways (guar.)
Monumental Radio (Balt., Md.) (guar.)
30c Dec. 31 Dec. 20
Extra
51 Dec. 31 Dec. 20
Morrison Cafeterias Consolidated, 7% pref.-. $134 Jan. 2 Dec. 24
Moore Corp
50c Jan. 2 Dec. 14
Preferred A & B (guar.)
$134 Jan. 2 Dec. 14
Moore Dry Goods (guar.)
,
$135 Jan. 1 Jan. 1
Morris Finance Corp., class A (guar.)
$1 14 Dec. 31 Dec. 21
50c Dec. 31 Dec. 21
Extra
Class B (quarterly)
30c Dec. 31 Dec. 21
10c Dec. 31 Dec. 21
Extra
Preferred (quarterly)
$134 Dec. 31 Dec. 21
Morristown Securities Corp., common
25c Jan. 2 Dec. 16
323.4 Jan. 2 Dec. 16
$5 cumulative preferred (semi-annually)
Mosser (J. R.) Leather
50c Jan. 2 Dec. 16
Motors Products, old stock
50c Dec. 31 Dec. 20
Old stock
4.00% Feb. 1 Dec. 20
New stock (initial)
50c Mar. 31 Mar. 20
New stock (quarterly)
50c June 30 June 20
Mountain Producers Corp. (s.
-a.)
30c Dec. 31 Dec. 14a
Mountain States Telep. & Teleg. (quar.)
$2 Jan. 15 Dec. 31
Mt. Vernon-Woodberry Mills preferred
/4214 Dec. 31 Dec. 18
Munsingwear,Inc.(special)
$1 Jan. 2 Dec. 23
Murphy (G. C.) preferred (guar.)
Jan. 2 D. 22
Dec.
Muskogee Co.,common
28g Dec. 31 Dec. 23
Mutual chemical Co of Amer.. 6% pref. (qu.)- $134 Dec. 28 Dec. 19
Mutual Telep. Co., Hawaii (monthly)
Sc Jan. 20 Jan. 9
Myers(F.E.)& Bro.,(quarterly)
50c Dec. 31 Dec. 16
Nash (A.) & Co.(resumed)
50c Dec. 28 Dec. 23
Nashville & Decatur RR.,7%% gtd
033.jc Jan. 2 Dec. 21
Nassau & Suffolk Lighting Co.7% pref. (qu.)
75c Jan. 1 Dec. 16
National Battery Co., pref. (guar.)
55c Jan. 2 Dec. 17
National Biscuit (guar.)
40c Jan. 15 Dec. 13
National Breweries, Ltd. (guar.)
r40c Jan. 2 Dec. 16
Preferred (quar.)
r43c Jan. 2 Dec. 16
National Can Co., Inc. (guar.)
$I Dec. 28 Dec. 23
National Candy (guar.)
25c Jan. 1 Dec. 12
Preferred 1st & 2d (guar.)
3134 Jan. 1 Dec. 12
National Cash Register (guar.)
1234c Jan. 15 Dec. 31
National Casket, preferred (guar.)
$134 Dec. 31 Dec. 14
National Dairy Products (quar.)
30c Jan. 2 Dec. 4
Preferred A & B (quarterly)
2 Dec. 4
$134 Jan
National Distillers Products (quar.)
50c Feb. 1 Jan. 15
National Fire Insurance (guar.)
50c Jan. 2 Dec. 19
National Fuel Gas (quar.)
25e Jan. 15 Dec. 31
National Gypsum, first preferred (guar.)
$136 Jan. 2 Dec. 14
Second preferred (quar.)
25c Jan. 2 Dec. 14
National Load (quarterly)
$1 3.4 Dec. 31 Dec. 13
Extra
$1 Dec. 31 Dec. 13
Preferred B (quarterly)
$1 l4 Feb. 1 Jan. 17
National Power SC Light, $6 pref. (guar.)
3134 Feb. 1 Jan. 4
National Standard (guar.)
_
50c Jan. 2 Dec. 18
National Sugar Refining Co. of New Jersey
50c Jan. 2 Dec. 2
National Tea Co.. common (quar.)
15c Jan. 2 Dec. 13
Natomaa Co.(guar.)
20c Dec. 30 Dec. 14
Extra
20c Dec. 30 Dec. 14
Nehi Corp.. 1st preferred
141.3114 Dec. 31 Dec. 16
Nevada-Calif. Electric.7% preferred (quar.)- $1 Feb. 1 Dec. 30
Newark Consol. Gas 5% gtd.(5.-a.)
5236 Jan. 7 Dec. 31
Newark Telephone Co.(Ohio).6% pref. (guar.) 3134 Jan. 10 Dec. 31
Newberry (J. JO (guar.)
40c Jan. I Dec.
New Brunswick Light, Heat & Power (8.-a.) _
$234 Jan. 2 Dec. 21
New England Fire Insurance (guar.)
13c Jan. 2 Dec. 16
New England Power Assoc..$2 prof.(guar.).- 33 1-3c Jan. 2 Dec. 10
6% preferred (guar.)
$1 Jan. 2 Dec. 10
New England Power Co..6% pref. (guar.)
513.4 Jan. 2 Dec. 10
New England Telep. & Teleg
314 Dec. 31 Dec. 10
New Hampshire Fire Insurnace (quar.)
40c Jan. 2 Dec./14
New Hampshire Power. 8% preferred (guar.). _
$2 Jan. 2 Dec. 15
New Jersey & Hudson River Ry.& Ferry (8.-a.)_
$3 Jan. 2 Dec. 31
New Jersey Power & Light, $6 pref. (guar.). _ _ $14 Jan. 2 Nov. 29
$5 preferred (guar.)
313.1 Jan. 2 Nov. 29
New Jersey Water Co.,7% pref.(guar.)
*174 Jan. 2 Dec. 20
New London Northern RR. Co.(guar.)
2 Dec. 15
323.' Jan
New York St Hanseatic Corp.(extra)
52% Jan. 2 Dec. 31
New York & Harlem RR.Co.(semi-ann.)
5234 Jan. 2 Dec. 16
Preferred (semi-ann.)
$234 Jan. 2 Dec. 16
New York & Honduras Rosario Mining Co
Special
$1 Dec. 28 Dec. 17
New York Mutual Telegraph Co. (semi-ann.)„
75c Jan. 2 Dec. 31
New York Power & Light Corp.,7% pref.(qu.) _ 5134 Jan. 2 Dec. 14
$6 preferred (quarterly)
$134 Jan. 2 Dec. 14
New York & Richmond Gas.6% pref.(quar.)
$114 Jan. 2 Dec. 16
$6 Jan. 2 Dec. 26
New York State Realty & Terminal
New York Steam,$6 preferred (guar.)
$136 Jan. 2 Dec. 14
$7 preferred (quarterly)
$13.4 Jan. 2 Dec. 14
New York Telephone, preferred (guar.)
$174 Jan. 15 Dec. 20
New York Transportation (guar.)
50c Dec. 28 Dec. 13
New York Trust Co. (quarterly)
5% Jan. 2 Dec. 21a
Niagara Alkali Corp.. pref.(guar.)
5134 Jan. 2 Dec. 14
Niagara Share Corp. of Md..class A pref. (qu.)_ $134 Jan. 2 Dec. 13
Niagara Wire Weaving Co.,Ltd
51 Dec. 31 Dec. 19
$3 preferred (guar.)
$134 Dec. 31 Dec. 19
Nipissing Mines
25c Jan. 20 Dec. 31
Noblitt-Sparks Industrial (guar.)
3736c Jan. 2 Dec. 20
Noranda Mines
$1 Dec. 28 Dec. 14
Norfolk & Western By., adj. pref.(guar.)
SI Feb. 19 Jan. 31
North American Co., corn. (guar.)
25c Jan. 2 Dec. 10
Preferred (quarterly)
75c Jan. 2 Dec. 10
North American Rayon, A & B common
50c Jan. 1 Dec. 23
Prior preferred
75c Jan. 1 Dec. 23
North Central Ry. Co.(semi-ann.)
$2 Jan. 15 Dec. 20
Northeastern Water & Electric. $4 pref. (guar.)
SI Jan. 2 Dec. 10
Northern Pipe Line (s -a.)
25c Jan
2 Dec. 13
Northern Securities Co
$2 Jan. 15 Dec. 30
Northern States Power. 7% pref. (guar.)
5134 Jan. 20 Dec. 31
6% preferred (guar.)
3134 Jan. 20 Dec. 31
Northland Greyhound Lines, Inc.
$63.4 preferred series I (guar.)
2 Dec. 20
5174 Jan
Northwestern Bell Telephone 6)4% pref. (guar.) $1% Jan. 15 DOC. 20
Northwestern Telegraph Co. (semi-ann.)
2 Dec. 16
3134 Jan
Novadel-Agene Corp., common (quar.)
50c Jan. 2 Dec. 20
2d preferred (quar.)
$1 l'ii Dec. 31 Dec. 14
Nova Scotia Light & Power (quar.)
75c Jan. 2 Dec. 16
Norwich Pharmacal Co. (quarterly)
35c Jan. 1 Dec. 20
Extra
25c Jan. 1 Dec. 20
Norwich & Worcester RR.8% pref. (guar.).
$2 Jan. 2 Dec. 12
Shoe _
Nunn-Bush
25c Dec. 31 Dec. 14
1st preferred (mar.)
$134 Dec. 31 Dec. 14
Oahu Ry. & Land (monthly)
15c Jan. 20 Jan. 9
Ogilvie Flour Mills Co. (guar.)
$2 Jan. 2 Dec. 24
Ohio Brass •
25c Jan. 25 Dec. 31
Preferred (quarterly)
$1.36 Jan. 15 Dec. 31
Ohio Edison Co., $5 preferred (quar.)
Jan. 2 Dec. 14
Si
$6 Preferred (quarterly)
513.4 Jan. 2 Dec. 14
$6.60 preferred (quarterly)
$1.65 Jan. 2 Dec. 14
57 preferred (quarterly)
2 Dec. 14
$134 Jan
$7.20 preferred (quarterly)
$1.80 Jan. 2 Dec. 14
Ohio Finance Co.. 8% preferred
/4134 Jan. 1 Dec. 10
Ohio Public Service Co.,7% pref. (mo.)
58 1-3c Jan. 2 Dec. 14
65 preferred (monthly)
50c Jan. 2 Dec. 14
5% preferred (monthly)
412-3c Jan. 2 Dec. 14
Ohio Service Holding Corp.. $5 preferred
50c Jan. 1 Dec. 15
Old Colony Insurance Co.(Boston)
$2 Feb. 1 Jan, 20
Extra
Dec. 30 Dec. 10
$10
Quarterly
$2 May 1 Apr. 20
15c Jan
2 Dec. 16
Old Colony Trust Assoc.. (guar.)
10c Jan
1 Dec. 16
Old Joe Distillery preferred (guar.)
Common (initial)
20c Jan. 1 Dec. 16
Omnibus Corp.. preferred (guar.)
$2 Jan. 2 Dec. 13
20c Jan. 20 Jan. 10
Onomea Sugar (monthly)
4117
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
50c Jan. 2 Dec. 16
Ontario Loan & Debenture Co.(quar.)
25c Dec. 31 Dec. 20
Ontario Mfg. (quarterly)
$134 Dec. 31 Dec. 20
Preferred (quarterly)
Jan. 2 Dec. 25
$1
Orange & Rockland Elec. Co.5% pref.
Jan. 2 Dec. 25
$1
6% preferred (guar.)
$13.1 Jan. 2 Dec. 25
7% preferred (guar.)
75c Jan. 2 Dec. 20
Orchard Farm Pie preferred A (guar.)
15c Jan. 15 Dec. 27
Otis Elevator (guar.)
$1 l4 Jan. 15 Dec. 27
Preferred (guar.)
80 Jan. 2 Dec. 14
Ottawa Electric Ry. Co
Jan. 2 Dec. 14
$1
Ottawa Light, Heat & Power (guar.)
Jan. 2 Dec. 14
$1
Preferred (quarterly)
50c Jan. 2 Dec. 14
Ottawa Traction (guar.)
142.16 Jan. 2 Dec. 15
Otter Tail Power Co.(Minn.)$6 preferred
$534 preferred
141.98 Jan.( 2 Dec. 15
10c Jan. 5 Dec. 31
Paauhau Sugar Plantation (monthly)_
50c Jan. 2 Dec. 14
Pacific & Atlantic Teleg. Co.(semi-ann.)
30c Jan. 2 Dec. 14
Pacific Finance (guar.)
20c Feb. 1 Jan. 15
8% preferred A (quar.)
Feb. 1 Jan. 15
16
634% Preferred C (guar.)
17%c Feb. 1 Jan. 15
7% preferred D (guar.)
37%c Jan. 15 Dec. 31
Pacific Gas & Electric (guar.)
15c Jan. 1 Dec. 14
Pacific Indemnity (guar.)
$1% Jan. 15 Dec. 31
Pacific Lighting, preferred (guar.)
75c Jan. 2 Dec. 16
Pacific Southern Investors, pref. (guar.)
$136 Jan. 2 Dec. 21
Pacific Sweet Realty Co. 53.4% pref. (quar.)
$1% Jan. 1
636% prefersed (quarterly)
$154 Dec. 31 Dec. 20
Pacific Telephone & Telegraph (guar.)
$13.4 Jam 15 Dec. 31
Preferred (guar.)
25c Jan. 2 Dec. 23
Packer Corp. (quarterly)
r75c Jan. 2 Dec. 14
Page-Hersey Tubes (guar.)
$134 Dec. 31 Dec. 16
Panama Power & Light Corp.. pref
55c Jan. 2 Dec. 21
Parke Davis
el% Jan. 10 Dec. 21
Stock dividend
25c Mar. 1 Feb. 15
Parker Pen (guar.)
25c June 1 May 15
Quarterly
25c Sept. 1 Aug. 15
Quarterly
37%c Feb. 15
Parker Wolverine
136% Jan. 21Dec. 20
Patent Cereals (quarterly)
Jan. 2iDec. 23
$1
Pathe Film Corp.. $7 cumul. pref. (quar.)
Jan. 2i Dec. 10
$1
Penn Central Light & Power,$5 pref. (guar.)._
70c Jan. 2 Dec. 10
$2.80 preferred (guar.)
75c Dec. 31 Dec. 20
Penney (.1. C.) Co., common (guar.)
$1% Dec. 31 Dec. 20
Extra
20c Dec. 28Nov.22
Pennroad Corp
Pennsylvania Co. for Insurances on Lives ana
400 Jan. 2 Dec. 18
Granting Annuities-Quarterly
51% Jan. 2 Dec. 20
Penna. Gas & Elec. Co.,7% pref. (guar.)
Jan. 2 Dec. 20
$1
$7 preferred (guar.)
141 74 Feb. 1 Dec. 13
Pennsylvania Glass Sand Corp., preferred
$1, Jan. 2 Dec. 13
4
Preferred (guar.)
852 Jan. 2 Dec. 18
Pennsylvania Investors Co. (Phila.) preferred
550 Jan. 2 Dec. 20
Pennsylvania Power Co.. $6.60 pref. (mthly.)„
55e Feb. 11Jan. 20
$6.60 preferred (monthly)
55c Mar. 2 Feb. 20
$6.60 preferred (monthly)
$134 Mar. 2 Feb. 20
$6 preferred (qua?.)
$134 Jan. 2 Dec. 14
& Light,$7 pref. (quar.)
Penna. Power
$13.4 Jan. 2 Dec. 14
$5 preferred (guar.)
$136 Jan. 2 Dec. 14
$5 preferred (guar.)
75c Jan. 15 Dec. 31
Pennsylvania Salt Mfg.(guar.)
60c Jan. 2 Dec. 28
Pa. Warehousing & Safe Deposit Co.(Phila.)
$1 Jan. 2 Dec. 16
& Power Co.(guar.)
Pennsylvania Water
$1.34 Jan. 2 Dec. 16
Preferred (quar.)
Peoples Collateral Corp. 7% pref. (semi-ann.) --SI 14 Dec. 31 Dec. 20
32 Dec. 31 Dec. 20
807 preferred (semi-ann.)
25c Jan. 2 Dec. 9
Peoples Drug Stores (guar.)
50c Jan. 2 Dec. 9
Extra
62%c Jan.( 2 Dec. 14
Peoples Natural Gas. 5% pref. (guar.)
$1% Jan. 2 Dec. 20
Peoria Water Works Co..7% preferred (guar.)
50c Jan. 2 Dec. 17
Perfect Circle (guar.)
37%c Jan. 2 Dec. 30
Perfection Petroleum, preferred (quarterly) _
30c Dec. 28 Dec. 20
Perfection Stove (guar.)
75c Jan. 2 Dec. 21
Peter Paul, Inc. (quarterly)
$134 Apr. 1 Mar. 25
Petersburg RR.(11.-a.)
25c Jan. 1 Dec. 11
Pet Milk (quarterly)
$134 Jan. 1 Dec. 11
Preferred (quarterly)
$1 Jan. 2 Dec. 20
Pfaudler Co. (guar.)
25c Jan. 2 Dec. 20
Pfeiffer Brewing Co.(guar.)
15c Jan. 2 Dec. 20
Extra
$1% Dec. 31 Dec. 16
Philadelphia Baltimore & Washington RR
25c Jan. 25 Dec. 31
Philadelphia Co.(guar.)
51.34 Jan. 2 Dec. 2
$5 preferred (quarterly)
$13.4 Jan. 2 Dec. 2
$6 preferred (quarterly)
50c Jan. 1 Dec. 10
Philadelphia Electric Power, preferred (guar.)._
$235 Jan. 10 Dec. 31
Philadelphia & Trenton RR.(guar.)
25c Jan. 15 Jan. 2
Philip Morris & Co.(quar.)
50c Jan. 10 Dec. 31
Phoenix Finance Corp., 8% pref. (guar.)
50c Jan, 1 Dec. 14
Phoenix Insurance (quar.)
50c Jan. 1 Dec. 14
Extra
75c Jan. 2 Dec. 27
Phoenix Securities preferred A (guar.)
15c Jan. 2 Dec. 20
Pie Bakeries
75c Jan. 2 Dec. 20
2nd preferred (quarterly)
$154 Jan.: 2 Dec. 20
.
7% preferred (guar.)
r20c Jan. 2 Dec. 2
Pioneer Gold Mines of British Columbia (mi.).,
20c Jan. 2 Dec. 21
Pioneer Mill Co. (monthly)
$15( Jan. 2 Dec. 10
Pittsburgh Ft. Wayne & Chicago Ry.(guar.)._
$1 3.4 Jan. 7 Dec. 10
77„ preferred (quar.)
Feb. 1 Dec. 27
-a.)
Pitts13urgh & Lake Erie RR (s.
Feb. 1 Dec. 27
Extra
50c Jan. 2 Dec. 10
Pittsburgh Plate Glass (guar.)
30c Jan. 2 Dec. 15
Plough, Inc. (guar.)
50c Jan. 1 Dec. 25
Plume & Atwood Mfg. Co.(quar.)
$131 Jan. 20 Dec. 31
Plymouth Cordage (guar.)
50c Jan. 20 Dec. 31
Extra
$I Dec. 31 Dec. 20
Pocahontas Fuel Co
$6 Jan. 2 Dec. 20
6% preferred (semi-ann.)
$191 Jan. 2 Dec. 13
Ponce Electric. 7% preferred (guar.)
50c Jan. 2 Dec. 26
Pond Creek Pocahontas (guar.)
$1 Dec. 31 Dec. 24
Port Huron Sulphate & Paper Co.. pref. (qu.)
5134 Jan. 2 Dec. 14
Porto Rico Power Co..7% pref.(quar.)
$15‘ Jan. 2 Dec. 16
Powdrell & Alexander. preferred (guar.)
25c Jan. 2 Dec. 16
Pratt & Lambert (guar.)
250 Jan. 2 Dec. 16
Extra
r3c Jan. 15 Dec. 16
Premier Gold Mining (guar.)
tic Jan. 15 Dec. 16
Extra
7c Jan. 15 Dec. 31
Premier Shares (semi-annual)
25c Jan. 2 Dec. 16
Pressed Metals of America
$2 Jan. 15 Dec. 24
Procter & Gamble. 8% pref. (guar.)
$2 Dec. 30 Dec. 13
Providence Building Co.(semi-annual)
20c Jan. 2 Dec. 14
Providence Gas (quarterly)
Prudential Investors, $6 pref. (quar.)
$1;4 Jan. 15 Dec. 31
Publication Corp.. 7% origina preferred (guar.) 51% Jan. 2 Dec. 20
Public National Bank & Trust (quar.)
37 Mc Jan. 2 Dec. 20
Public Service Co.of Colorado
581-3c Jan. 2 Dec. 14
7% preferred (monthly)
6% preferred (monthly)
50c Jan. 2 Dec. 14
5% preferred (monthly)
41 2-3c Jan. 2 Dec. 14
60c Dec. 31 Dec. 2
Public Service Corp. of New Jersey (quar.)
8% preferred qua?.
$2 Dec. 31 Dec. 2
$134 Dec. 31 Dec. 2
7% preferred qua?.pref
5% preferred guar.
$13.4 Dec. 31 Dec. 2
50c Dec. 31 Dec. 2
6% preferred (monthly)
50c Jan. 31 Jan. 2
6% preferred (monthly)
Public Service Co., of Oklahoma
7% prior lien stock (guar.)
$136 Dec. 31 Dec. 20
51% Dec. 31 Dec. 20
6% prior lien stocks (quar.)
Public Service Electric & Gas Co.7% pf. (qu.). $131 Dec. 31 Dec. 2
Dec. 31 Dec. 2
$5 preferred (guar.)
Jan. 15 Dec. 31
Quaker Oats (guar.)
$134 Feb. 29 Feb. 1
Preferred (quar.)
$1% Jan. 1 Dec. 16
Queens Borough Gas & Elec. Co.6% pf.
Jan. 1 Dec. 4
87
Radio Corp. of Amer., A pref. (guar.)
Financial Chronicle
4118
Name of Company
Per
Share
When Holders
Payable of Record
Sc Jan. 20 Dec. 31
Railroad Employees Corp., A & B (guar.)
10c Jan. 20 Dec. 31
A & B. extra
20c Jan. 20 Dec. 31
Preferred (quarterly)
4s.
Rand Mines, Ltd.. common (final)
50c Jan. 2 Dec. 20
Ray-O-Vac Co..8% pref. (guar.)
50c Jan. 9 Dec. 19
Reading Co., 2nd preferred (quarterly)
Jan. 1 Dec. 20
Reliance Manufacturing (Ill.). pref. (guar.)... 11
31)(c Jan. 1 Dec. 10
Remington Rand, new 6% pref. (guar.)
5% preferred new (guar.)
313.4c Apr. 1 Mar. 10
j$3 Apr. 1 Mar. 10
$6 preferred (semi-ann.)
3c Jan. 1 Nov.30
Reno Gold Mines. Ltd. (guar.)
Rensselaer & Saratoga RR. (s.
-a.)
$4 Jan. 2 Dec. 14
Republic Steel.6% pref.(Initial)
$1 Si Jan. 1 Dec. 12
50c Jan. 2 Dec. 21
Retail Stores
25c Jan. 15 Dec. 31
Rex-Hide, Inc. (guar.)
Reynolds Metals Co 5% cum. pref. (guar.). $1 % Jan. 2 Dec. 20
25c Dec. 30 Dec. 16
Reynolds Spring (guar.)
2 Dec. 18
75c Jan
Reynolds (R J.) Tobacco (quarterly)
75c Jan. 2 Dec. 18
Common B (quarterly)
11% Jan. 21 Dec. 16
Rich's, Inc.. 63i% preferred (guar.)
Richmond Fredericksburg & Potomac RR
12 Dec. 31 Dec. 23
Non-voting common (s.
$2 Dec. 31 Dec. 23
-a•)
Dividend obligation (s.
-a.)
12 Dec. 31 Dec. 23
SI t Jan. 2 Dec. 20
Richmond Water Works 6% pref. (guar.)
$1 N Jan. 1 Dec. 15
Rice-Stix Dry Goods Co.. 1st & 2nd pref.(qu.) _
75c Jan. 2 Dec. 20
Richman Bros. (guar.)
8c Jan. 15 Dec. 20
Rickel (H. W.)& Co.(semi-ann.)
4c Jan. 15 Dec. 20
Extra
13 Jan. 2
Riverside & Dan River Cotton Mills, pref
525c Jan. 2 Dec. 14
Riverside Silk Mills, A
25c Jan. 2 Dec. 14
Class A (quarterly)
$1 1‘ Jan. 2 Dec. 20
Robbins (Sabin) Paper Co.,7% pref. (quar.)
Rochester Telephone Corp. (quar)
1134 Jan. 2 Dec. 20
1134 Jan. 2 Dec. 20
6Si% 1st preferred (quar.)
$13.( Jan. 2 Dec 20
5% 2nd preferred (guar.)
3016 Jan. 1 Dec. 20
Root Petroleum, pref. (guar.)
30c Dec. 31 Dec. 20
Ross Gear & Tool (quarterly)
Dec
.
$9 ; Jjaann. 31 Dec. 20
5
Extra.
50c Jan. 1 Dec. 19
Safeway Stores. Inc., common (guar.)
19
11
7% Preferred (quarterly)
Dec.
6% preferred (quarterly)
$3 Tan. 2 Dec. 25
St. Croix Paper, preferred (semi-ann.)
32 Dec. 31 Dec. 26
St. Joseph & Grand Island By.(initial)
34 Dec. 31 Dec. 26
First and second preferred
St. Joseph By., Light, Heat & Power,5% pref._
8134 Jan. 2 Dec. 4
St. Louis Bridge Co.6% 1st pref. (semi-ann.)_
$3 Jan. 2 Dec. 15
SlSi Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
St. Louis National Stockyards (guar.)
1134 Jan. 2 Dec. 21
40c Dec. 31 Dec. 14
Salt Creek Producers Association (semi-ann.)_ _ _
.50c Jan. 31 Dec. 31
Samson Corp.,6% preferred
20c Jan. 16 Jan. 2
San Carlos Milling Co.(monthly)
50c Jan. 15 Jan. 2
Extra
25c Jan. 2 Dec. 23
Sangamo Electric (quarterly)
25c Jan. 2 Dec. 23
Extra
Preferred (quarterly)
$14 Jan. 2 Dec. 23
50c Jan. 2 Dec. 14
Saskatchewan Life Insurance
Savannah Electric & Power
-8% deb. A (guar.)
12 Jan. 2 Dec. 10
$134 Jan. 2 Dec. 10
% debenture B (guar.)
7% debenture C (guar.)
$1,4 Jan. 2 Dec. 10
6Si% debenture D (guar.)
$134 Jan. • 2 Dec. 10
6% preferred
51134 Jan. 2 Dec. 10
45c Dec. 31 Dec. 17
Scott Paper Co.. corn. (guar.)
20c Dec. 31 Dec. 17
Common extra
e50% Dec. 31 Dec. 17
Common
25c Jan. 1 Dec. 12
Scovill Mfg (quarterly)
$134 Jan. 2 Dec., 6
Scranton Electric, $6 preferred (quarterly)
.1
Nov 25
Second International Securities, 1st preferred
6234c Jan. 2 Dec . 0
21 0 Dec. 30
Seaboard Surety Co
c Jan. t15 Dec. 31
Second Twin Bell Syndicate(monthly)
50c Jan. 2 Dec. 17
Securities Holding Corp..6% preferred
Securities Investment Co. of St. Louis,8% pref.
$2 Jan. 1
(quarterly)
8734c Jan. 1 Dec. 14
Selected Industries, 15% preferred
511 Jan. 1 Dec. 14
15Si preferred
6234c Feb. 1 Jan. 15
Seeman Bros., Inc., common (quarterly)
SOc Feb. 1 Jan. 15
Common (extra)
$1 Si Jan. 2 Dec. 20a
Serval,
7% cum. preferred (quarterly)_
7c Dec. 28 Dec. 14
Inc..
Shattuck (F. G.) guar.)
25c Dec. 28 Dec. 14
Extra
r15c Feb. 15 Jan. 20
Shawinigan Water & Power (guar.)
10c Jan. 2 Dec. 17
Shawmut Assoc. (quarterly)
Sheaffer (W. A.) Pen Co.. $8 pref. (guar.)
$2 Jan. 20 Dec. 31
5113 Jan. 2 Dec. 15
%
Sherwin-Williams. Ltd.. preferred
10c Jan. 2 Dec. 13
(quar.)
Silver King Coalition Mines
$134 Dec. 31 Dec. 10
Singer Mfg. (guar.)
31 Dec.
3234 Dec. 31 Dec. 10
10
815 Dec.
Special
$1 34 Jan. 1 Dec. 21
Slattery (E. T.) Co..7% pref. (quar.)...,
1234c Jan. 2 Dec. 20
S. M. A. Corp. (quar.)
10c Jan. 2 Dec. 20
Extra
Smith (L. C.) & Corona Typewriter—
$111S4 Dec.. 31 Dec. 27
$6 preferred, new, initial (guar.)
Dec. 16
Jan.
South Carolina Power Co.. $6 pref. (guar.)._
/13 Jan. 2 Dec. 14
Southeastern Express Co. (8.-a.)
Southern Acid & Sulphur Co.. 7% pref. (qu.)._ $134 Jan. 2 Dec. 10
Southern California Edison Co.—
3734c Jan. 15 Dec. 20
Original preferred (guar.)
34Sic Jan. 15 Dec. 20
Series C. 5Si% preferred (guar.)
3734c Jan. 15 Dec. 31
Southern Calif. Gas. pref. A (guar.)
3734c Jan. 15 Dec. 31
Preferred (quarterly)
Southern Canada Power Co.
134% Jan. 15 Dec. 20
6% cum. partic. pref. (quar.)
Southern Indiana Gas & Electric Co.
134% Jan. 1 Dec. 21
preferrec
7% preferredquar.)
134% Jan. 1Dec.21
6% preferred guar.)
1.65% Jan. 1 Dec. 21
6.6%
(guar.)
(guar.)
$134 Jan. 15 Dec. 31
Southern New England Telephone
5134 Jan. 15 Jan. 2
South Pittsburgh Water,7% pref. guar.)
$134 Jan. 15 Jan. 2
6% preferred guar.)
50c Jan. 2 Dec. 12
South Porto Rico Sugar Co.(guar.)
Jan. 2 Dec. 12
Preferred (quar.)
Bell Telep.. pref. (guar.)
' Jan. I Dec. 20
Southwestern
Southwestern Gas & Electric Co
$2 Jan. 2 Dec. 14
8% preferred (quarterly)
$134 Jan. 2 Dec. 4
7% preferred (quarterly)
h50c Dec. 31 Dec. 18
Southwestern Light & Power, preferred
11 Dec. 31 Dec. 160
South West Penna. Pipe Lines
$I Dec. 31 Dec. 160
Extra
51234 Dec. 30 Dec. 16
Spang, Chalfant & Co.. Inc., pref
55134 Jan, I Dec. 16
Ph Preferred
40c Dec. 30 Dec. 15
Spencer Kellogg & Sons (guar.)
1234c Dec. 30 Dec. 13
Trask Fund (guar.)
Spencer
Feb. 1 Jan 15
Spiegel. May. Stern. 6Si% preferred (quar.)... $4I
$134 Jan. 2 Dec. 14
Springfield Gas & Electric. pref. A (guar.)
$2 Dec 31 Dec. 10
Springfield Valley Co. (liquidating)
55c Dec. 31 Dec. 20
Square D Co.. class A preferred (guar.)
5334 Jan. 2 Dec. 16
Staley (A. E.) Mfg.,7% pref. (semi-ann.)
20c Jan. 2 Dec. 6
Standard Brands, Inc.. common (guar.)
$134 Jan. 2 Dec. 6
$7 preferred A (guar.)
40c Dec. 30 Dec. 23
(special)
Standard Cap & Seal
Standard Coosa-Thatcher Co..7% pref.(guar.)_ 1134 Jan. 15 Ian. 15
4
11 5 Jan. 2 Dec. 16
Standard Fuel Co.. Ltd., 6Si% pref. (quar.)
50c Jan. 27 Dec. 26
Standard National (resumed)
Standard Oil Co. (Ohio),5% cum. pref. (guar.) SIN an.I 15 Dec431
Standard Oil Export Corp. 5% pref.(semi-ann.) $234 Dec. 31 Dec. 13
11 Dec. 31 Dec. 18
Standard Screw (guar.)
$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
Extra
3734c Feb. 1
Preferred (guar.)
35c Dec. 30 Dec. 18
Starrett (L. S.)
$?Z
Name of Company
Dec. 28 1935
Per
Share
When Holders
Payable of Record
Stearns (Fred.) preferred
14114 Dec. 31 Dec. 20
Preferred (quarterly)
$1 Si Dec. 31 Dec. 20
Steel Co. of Canada (guar.)
43 11c Feb. 1 Jan. 7
Feb. 1 Tan. 7
Extra _
Preferred (quarterly)
$Wt Feb. 1 Jan. 7
a
Stein (A.) & Co.. preferred (guar.)
$1 Si Jan. 2 Dec. 16
Stetson (John B.) preferred
$3 Jan. 15 Jan. 1
Sunshine Biscuit. 5% pre (guar.)
$1 Si Jan. 1 Dec. 180
Sunshine Mining (quarterly)
50C Dec. 30 Dec. 14
Superheater Co. (quarterly)
1234c Jan. 15 Jan. 4
Superior Portland Cement, class A
n5ec Jan, 2 Dec. 23
Supersilk Hosiery Mills. 7% pref. (5.-a.)
11 '4 Jan. 2 Dec. 13
Supertest Petroleum, pref. A (s.-a.)
$334 Jan. 2 Dec. 13
Preferred B (semi-ann.)
75c Jan. 2 Dec. 13
Swift & Co.(quarterly)
25c Jan. 1 3ec. 2
Special
25c Feb. 15 Jan. 27
Sylvanite Gold Mines (guar.)
5c Dec. 31 Nov. 23
Tacony-Palmyra Bridge (quar.)
50c Dec. 31 Dec. 10
Class A (guar.)
50c Dec. 31 Dec. 10
734% preferred (guar.)
1134 Feb. 1 Jan. 10
Tamblyn (G.) Ltd.. preferred (guar.)
$1 Si Jan. 2 Dec. 21
Taunton Gas Light (guar.)
SIN Jan. 2 Dec. 16
Taylor Colquitt Co.(quarterly)
50c Dec. 31 Dec. 20
Taylor Milling Co.(guar.)
25c Jan. 2 Dec. 10
Teck-Hughes Gold Mines
10c Jan. 2 Dec. 10
Telephone Investment Corp. (mo.)
25c Tan. 2 Dec. 20
Telluride Power Co.. 7% preferred
55131 Jan, 2 Dec. 15
Tennessee Electric Power Co.
$134 Jan. 2 Dec. 16
5% first preferred (guar.)
6% first preferred (guar.)
$1% Jan. 2 Dec. 16
7% first preferred (guar.)
$154 Jan. 2 Dec. 16
$1.80 Jan. 2 Dec. 16
7 2% first preferred (guar I
50c Jan. 2 Dec. 16
6% first preferred (monthly)
60c Jan, 2 Dec. 16
7.2% first preferred (monthly)
-a.)
Terminal RR. of St. Louis (s.
13 Jan. 2 Dec. 16
25c Jan. 1 Dec. 6
Texas Corp. (guar.)
Texas Electric Service, $6 preferred (guar.).— $134 Jan. 1 Dec. 16
Tex-O-Kan Flour Mills (guar.)
I5c Jan. 2 Dec. 14
15c Apr. 2 Mar.14
Quarterly
15c Dec. 30 Dec. 10
Texon Oil & Land Co., common
50c Dec. 31 Dec. 24
Textile Banking (guar.)
Thatcher Mfg Co. (guar.)
25c Jan. 2 Dec. 14
10c Dec. 31 Dec. 28
Third Twin Bell Syndicate (hi-monthly)
Jan. 2 Dec. 20
Tide Water Assoc. Oil Co., pref. (guar.)
Dec. 31 Dec. 20
Tide Water Oil Co
512 Jan. 2 Dec. 20
Tilo Roofing, $2 preferred
Tip Top Tailors, Ltd., 7% pref. (qua?.)
$1 1i Jan. 2 Dec. 14
Tobacco & Allied Stocks, Inc
$4 Dec. 31 Dec. 23a
Tobacco Securities Trust (final)
rw10% Dec. 28 Dec. 3
Toledo Edison Co.,7% preferred (monthly).— 58 1-3c Jan. 2 Dec. 14
Jan. 2 Dec. 14
63' preferred (monthly)
41 2-3c Jan. 2 Dec. 14
5% preferred (monthly)
Toronto Elevator preferred (guar.)
1 Si% Jan. 15 Jan. 2
Torrington Co. (quarterly)
$1 Tan. 2 Dec. 19
50c Jan. 2 Dec. 19
Extra
$2 Dec. 28 Dec. 16
Towne Securities, preferred
18 Dec. 31 Dec. 16
Travelers Fire Insurance
$16 Dec. 31 Dec. 16
Travelers Indemnity
Travelers Insurance (quarterly)
34 Dec. 31 Dec. 16
$1 Si Jan. 1 Dec. 14
Tr -Continental Corp., $6 pref. (quay.)
Trico Products (guar.)
6234c Jan. 2 Dec. 12
June 15 June 1
Troy St Greenbush RR. Assn. (s.
-a.)
$I
Jan. 1 Dec. 14
SI
Trumbull Cliffs Furnace, pref. (guar.)
Dec. 31 Dec. 16
h
Truscon Steel, preferred
Tuckett Tobacco, preferred (quarterly)
$1 14' Jan. 15 Dec. 31
Twin Dies Clutch (guar.)
25c Dec. 28 Dec. 18
Twin State Gas & Electric.7% pref. (quar.)
$1 11 Jan. 2 Dec. 14
Tubize-Chatillon 7% preferred (resumed)
$1 Si Jan. 2 DOC. 10
o
Dec. 17
$2.14
Tung-Sol Lamp Works, preferred
Twin Bell 011 Syndicate (monthly)
$2 Jan. 5 Dec. 31
6234c Dec. 31 Dec. 120
Underwood Elliott Fisher Co. (guar.)
Preferred (quarterly)
$1 Si, Dec. 31 Dec. 12a
2%
Unilever N. V., ordinary (interim.)
Union Carbide & Carbon Corp
50c Jan. 1 Dec. 6
4
Union Electric Light & Power of Ill
1134 Jan. 2 Dec. 14
6% preferred (quarterly)
Si Si Jan, 2 Dec. 14
Union Electric Light & Power of Mo.,7% pref._
Dec. 2
Jan. 2
$I
Union Pacific RR
Jan. 2 Dec. 20
Union Public Service (Minn.). pref. C & D.... $1
1114 Jan. 2 Dec. 20
7% preferred A & B (quarterly)
United Biscuit of America. preferred (guar.).
$1 34 Feb. 1 Jan, 16
60c Jan, 1 Dec. 16
United Carbon (quarterly)
75c Jan. 2 Dec. 10
United Corp., 13 preference
United Dyewood preferred (guar.)
SI 1i Jan. 2 Dec. 13
75c Jan. 15 Dec. 19
United Fruit Co
ut% Jan. 1 Dec. 16
United Gas & Electric Corp., pref. (guar.)
25c Dec. 31 Nov. 30
United Gas Improvement (quarterly)
SI St Dec. 31 Nov. 30
Preferred (quarterly)
United Gas Public Service $6 Pref. (quar.)
$1 Si Jan. 2 Dec. 21
United Gold Equities of Can.,std. shs. (guar.) _ 234c Jan. 15 Jan. 3
United Investors Realty Co.. class A
734c Jan. 10 Dec. 13
United Light & By. Co. (Del.)
50c Jan. 2 Dec. 16
6% preferred (monthly)
50c Feb. 1 Jan. 15
63" preferred (monthly)
50c Mar. 2 Feb. 15
6% preferred (monthly)
50c Apr. 1 Mar. 16
6% preferred (monthly)
58 1-3c Jan. 2 Dec. 16
7% preferred (monthly)
58 1-3c Feb. 1 Jan. 15
73' preferred imonthly)
58 1-3c Mar. 2 Feb. 15
73 preferred monthly)
7% preferred monthly)
58 1-3c Apr. 1 Mar. 16
6.36% preferred (monthly)
63c Jan. 2 Dec. 16
53c Feb. 1 Jan. 15
6.36% preferred monthly)
53c Mar. 2 Feb. 15
6.363' preferred monthly)
53c Apr. 1 Mar. 16
6.36%. preferred monthly)
United Loan-Industrial Bank (guar.)
11N Jan. 2 Dec. 20
Extra
$1 Jan. 2 Dec. 20
riv8% Jan. 17 Dec. 19
United Molasses (final)
United New Jersey RR & Canal Co.(guar.)
1234 Jan. 10 Dec. 20
United New York Trust Shares—
C-3 registered & bearer
4 .9955c Jan. 2
United Securities (guar.)
50c Jan. 15 Dec. 26
United Shoe Machinery (quarterly)
6234c Jan. 6 Dec. 17
Special
12 Jan. 6 Dec. 17
3734c Jan. 6 Dec. 17
Preferred (quarterly)
15c Jan. 2 Dec. 16a
United States Foil Co.,common CIA & B (qu.)_ _
Preferred (guar.)
Si q Jan. 2 Dec. 160
-a.)
$234 Jan. 2 Dec. 20
United States Gauge Co. (s.
Preferred (semi-ann.)
$1 fi Jan. 2 Dec. 20
Dec. 6
25c Jan.
United States Gypsum (guar.)
Preferred (quarterly)
$1.34 Jan. 2 Dec. 6
50c Jan. 2 Dec. 16a
United States Industrial Alcohol
United States Pipe & Fdy Co.. COM.(quar.)._ 12tjc Jan. 20 Dec. 31
c Jan. 20 Dec. 31
1st preferred (guar.)
25c Jan. 1 Dec. 21
United States Playing Card (quarterly)
25c Jan. 1 Dec. 21
Extra
$5 Jan. 15 Dec. 30
United States Smelting, Refining & Mfg.
Preferred (quarterly)
87 Sic Jan. 15 Dec. 30
11ii Jan. 2 Dec. 16
United States Tobacco Co.. common
Jan. 2 Dec. 16
Common (special)
Preferred (quarterly)
11 1f Jan. 2 Dec. 16
2 Dec 20
United States Trust Co.(guar.)
$15 Jan
United Verde Extension Mining
25c Feb. 1 Jan. 3
Universal Leaf Tobacco (qua?.)
60c Feb. 1 Jan. 17
Preferred (quarterly)
$2 Jan. 2 Dec. 20
40c Dec. 31 Dec. 20
Universal Products
Upper Michigan Power & Lt. Co.,6% pf. (gu.). 1134 Feb. 10 Jan. Si
558 1-3c Jan. 15 Dec. 14
Utah Power & Light,$7 preferred
h50e Jan. 1 Dec. 14
16 preferred
Valve Bag,6%Ipreferred
51134 Jan. 2 Dec. 20
Van de Kamp's,Holland Dutch Bakeries—
$15i Jan. 1 Dec. 10
$634 pref. (quar.)
141 yi Jan. 2 Dec. 20
Van Dusen Harrington. Inc.. 7% Prof
'AM
Volume 141
Financial Chronicle
Per
Share
Name of Company
Vlchek Tool (resumed)
10c
7% preferred
h$4
7% preferred
heS20
Victor Monaghan Co.,75 pref.(quar.)
0
$151
Virginia Public Service 7%, pref. (guar.)
$151
Virginia Railway
$2
Vogt Manufacturing, extra
50c
Vortex Cup (guar.)
37 c
Class A (guar.)
62 c
Vulcan Detinning (special)
Preferred (guar.
$131
Preferred (quar.
$1
Preferred (guar.
$174
Preferred (guar.
$1
Wagner Electric, preferred (quarterly)
$151
Walgreen Co .631% pref.(guar.)
$1%
Ware River RR., guaranteed (semi-ann.)
$3%
Waterbury Farrel Foundry & Machine
25c
Waukesha Motors. new (initial)
15c
New (extra)
10c
Weinberger Drug Stores (guar.)
25c
Wesson Oil & Snowdrift Co.. Inc
12;ic
Extra
37 c
Western Grocers, Ltd. (guar.)
Preferred (quar.)
$151
Western Maryland Dairy. pref. (guar.)
$134
Western Massachusetts Cos. (quarterly)
50c
Western Pipe & Steel (Callf.). 7%pref. (s.
-a.) . 35c
Western Union Telegraph (resumed)
$2
Western United Gas & Electric
% Pf.
.
$131
6% preferred (quarterly)
$1}i
West Jersey & Seashore RR.(s.
-a.)
West Kootenay Power & Light. pref.(quar.).__ 51%
$131
Westmoreland, Inc. (guar.)
300
Westmoreland Water Co.,$6 preferred (quar.).. sla
West New Brighton Bank (Staten Island)
West New York & Pennsylvania Ry
$1
5% preferred (semi-ann.)
$1 it
Weston Electric Instrument, A (guar.)
50c
West Penn Electric class A (quar.)
$151
West Penn Power.7% pref. (guar.)
$151
6% preferred (quarterly)
West Point Mfg. (resumed)
West Texas Utilities, preferred
75c
Westvaco Chlorine Products, preferred (guar.)... $131
West Virginia Pulp & Paper Co
10c
West Virginia Water Service Co.—
$6 cumulative preferred (guar.)
Weston (Geo.) guar.)
Whiteman (Wm.). Inc., pref. (guar.)
White Rock Mineral Springs (guar.)
1st & 2nd preferred (guar.)
White Villa Grocer. Inc.. pref. (qu.)
Wichita Union Stockyards
6% pref. (s.
-a.)
sla
When Holders
Payable of Record
Dec. 31 Dec. 26
Dec. 31 Dec. 24
Dec. 31 Nov. 16
Jan. 1 Dec. 20
Jan. 1 Dec. 10
Dec. 30 Dec. 20
Dec. 28 Dec. 18
Jan. 2 Dec. 14
Jan
2 Dec. 14
Jan. 20 Jan. 10
Jan. 20 Jan. 10
Apr. 20 Apr. 10
July 20 July 10
Oct. 20 Oct. 10
Jan. 1 Dec. 20
Jan
2 Dec. 20
Jan. 2 Dec. 30
Jan
2 Dec. 26
Jan
1 Dec. 14
Jan. 1 Dec. 14
Jan 2 Dec. 26
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Jan. 2 Dec. 20
Dec. 31 Dec. 16
Jan. 15 Dec. 31
Jan. 15 Dec. 27
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Jan. 1 Dec. 14
Jan. 2Dec. 17
Jan. 2 Dec. 14
Jan. 2 Dec. 20
Jan. 10 Dec. 31
Jan. 2 Dec. 30
Jan. 2 Dec. 30
Jan. 2 Dec. 19
Dec. 30 Dec. 17
Feb. 1 Jan. 6
Feb. 1 Jan. 6
Jan. 2 Dec. 17
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Jan. 2 Dec. 17
Jan. 2 Dec. 16
Tan. 2 Dec. 20
Jan. 2 Dec. 16
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 14
Dec. 31 Dec. 21
Jan. 15 Jan. 10
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDA
Y, DEC. 21 1935
Clearing House
Members
•Capital
*Surplus and Net Demand
Undivided
Deposits,
Profits
Average
Time
Deposits,
Average
$
8
$
$
Bank of N.Y. & Tr. Co0,000,000
10,747,300
142,066,000
5,755.000
Bank of Manhattan Co__
20,000.000
25,431,700
378,350,000
30.556.000
National City Bank__. 127,500,000
41,881,200 a1,366.221.000 141,026,000
Chemical Bk.& Tr. Co__
20.000,000
49,711,100
430,742,000
14,938,000
Guaranty Trust Co
90,000,000 176,613,400 51,358,195,000
38,500.000
Manufacturers Trust Co. 32,935,000
10,297,500
423,278,000
82,133,000
Cent. Hanover Bk.& Tr. 21,000,000
61,523,900
735,144,000
14,124,000
Corn Each, Bk. Tr. Co_
15,000,000
16,726,200 222,147.000
20,884,000
First National Bank__
10,000,000
91,767,600
483,220,000
3,423,000
Irving Trust Co
50,000.000
58,021,900 479.430,000
122,000
Continental Bk.&Tr.Co.
4,000,000
3,711,500
42,279,000
1.438,000
Chase National Bank__ 150.270,000
69,874,900 c1.767,175,000
55,590,000
Fifth Avenue Bank
500,000
3,377,200
46.410,000
Bankers Trust Co
25,000,000
63,748,200 d757,692.000
37.545,000
Title Guar.& Trust Co
10,000,000
5,314,800
16.122,000
289,000
Marine Midland Tr. Co_
5.000,000
7,825.200
76,442,000
3,187,000
New York Trust Co_ _ _
.
12,500,000
21,651,600
289,393,000
22,626.000
Comm'i Nat. Bk & Tr_
7,000,000
7,745,600
66,750,000
1.680,000
Pub, Nat. Bk.& Tr. Co.
8,250,000
5,433,500
75,204.000
40,282,000
is
- Totals
614.955.000 731_404.300 A IAA 9AR (Inn KI11100nnts
•1As per official reports: National. Nov. 1 1935
State, Sept. 28 1935: trust
companies, Sept. 28 1935.
Includes deposits in foreign branches as follows: a
$220,891,000; b $80,210.000;
$76,737,000; d $29.448.000.
The New York "Times" publishes regularly
each
returns of a number of banks and trust companie week
s which
are not members of the New York Clearing
House. The
following are the figures for the week ended Dec.
20:
INSTITUTIONS NOT IN THE CLEARING HOUSE
WITH
OF BUSINESS FOR THE WEEK ENDED FRIDAY, THE CLOSING
DEC. 20 1935
NATIONAL AND STATE BANKS—AVERAGE
FIGURES
Loans,
Other Cash, Rut. Dep., Dip Other
Disc. and Including N. Y. and Banks
and
Gross
Investments Bank Notes Elsewhere Trust Cos,
Deposits
Manhattan—
$
$
$
$
$
Grace National
20,691,500
90.300 3,909.800 2,669,800
Sterling National_
16,812,000
705.000 3.896.000 2,338,000 23,778,600
20,840.000
Trade Bank of N.Y. 4,032,712
307,185 1.822,623
304,807 5,529,532
Brooklyn—
peoples National_
4,773,000
118,000
736,000
380.000 5.524,00o
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
5
53,624,400
7.433,067
10,038,440
17.319.200
30,165,000
68,401,680
Cash
s
Res, Dep., Dep. Other
N. 1'. and Banks aal
Elsewhere Trust Cot
s
.8,550.300 8,486.300
158,047
619,684
*802,921 1.375.805
*3,516.700 1,549.900
.7.214,200 1,644.200
17,123.281 17,848,019
s
Gross
Deposits
s
3,289,900 62.830.800
2,183,406 8.596.537
10.257,047
1.528,200 19,399,990
36.961.300
73.361,668
78,720,000 3,407,000 35,205,000
89.000 109,681,000
90 0111 097
9 9111 IA., ,
Id, 002
— _
„
41
* Includes amount with Federal Reserve as follows: Empire.
$7,218,400: Fiduciary. $529,446; Fulton, $3,300,800: Lawyers County, 56,511.100.
4119
Per
Share
Name of Company
Wichita Water,
,7% pref.(guar.)
Wieboldt Stores (guar.)
Special
6% pref., new (initial)
Winn & Lovett Grocery, class A (guar.)
Preferred (quarterly)
Wisconsin Electric Power. 631% pref
6% preferred (quarterly)
Wiser Oil Co.(quar.)
Woodley Petroleum (quar.)
Woodward & Lothrop.Inc.(guar.)
Extra
7% preferred (quarterly)
Wright-Hargreaves Mines (guar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Special)
Vale &Towne Mfg. Co
Ymir Yankee Girl Gold Mines
Young (J. S.) (quarterly)
Preferred (guar.)
Young (L. A.) Spring & Wire (stock div.)
Quarterly
Youngstown Sheet & Tube, pref.(resumed)_ _
Zellers. Ltd.. 6% preferred
$131
25c
25c
750
50c
$1 K
$1K
81 if
25c
10c
30c
55c
$131
10c
5c
250
250
250
250
50c
15c
2c
$13i
$15(
e5%
750
$131
$134
When Holders
Payable of Rivard
Jan. 1 5Jan. 2
Dec. 30 Dec. 28
Dec. 30 Dec. 26
Jan. 1 Dec. 26
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan.
Jan. 2 Dec. 14
Jan. 2 Dec. 12
Dec. 31 Dec. 16
Dec. 28 Dec. 21
Dec. 28 Dec. 21
Dec. 28 Dec. 21
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
Feb. 1 Dec. 31
Jan. 2 Dec. 20
Jan. 2 Dec. 20
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:
d A reg. guar. cliv.'on the cony. pref. stock, opt, series of 1929, of Commercial Investment Trust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of corn, stock per share of
cony. pref. stock, opt, series of 1929. so held, or, at the opt. of
in cash at the rate of $1.50 for each share of cony. pref. stock,the holder.
opt, serial
of 1929. so held.
e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. j Payable in preferred stock.
it Lincoln Printing. pref. illy. of 1-5 sh. of pref. stock for each share held.
o Tung-Sol Lamp Works pref. div. payable five days after surrender of
old stock for new.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s McKesson & Robbins pref. special div. is payable upon delivery of
present stock in exchange for new preference.
I Payable in special preferred stock.
it Payable In U.S.funds. it Lees depositary =Velum
Less tax. v A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 24 1935,
in comparison with the previous week and the corresponding
date last year:
Dec. 24 1935 Dec. 18 1935 Dec. 26 1934
Assets—
5
Gold certificatee on hand and due from
1
$
1
U. S. Treasury_x
3,175,704,000 3.175,043,000 1,767,382,000
Redemption fund—F. R. notes
1,920.000
1,920,000
1,499,000
Other caah•
45,911,000, 48.392,0001 49,352,000
'
Total reserves
3.223.535,0003.225.356.000 1,818,233,000
Redemption fund—F. R. bank notee_
1.427,000
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
2,323,000
1,975,000
1,844,000
Other bills discounted
2,416,000
2,356.000
3,564,000
Total bills discounted
4,739,000
4,331,000
5,408,000
Bills bought in open market
Industrial advances
U.S. Government securities:
Bonds
Treasury notes
Treasury !Mk
1,781,000
7,754,000
1.795.000
7,764,000
1,983.000
810.000
55.842,000
498,307,000
187,668.000
55.842.000 140,955,000
498,307.000 475.234.000
187,668,000 161,566,000
741,817.000
741.817.000
777,755,000
Total bills and securities
756,091,000
755.707,000
785,956,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
277.000
4,990,000
140.314,000
12,173.000
27,893,000
262,000
4,795.000
161,976,000
12,136.000
27,300.000
300,000
5,415,000
99,171,000
11,624.000
29,668,000
Total U. S. Government securities_
Other securities
Foreign loans on gold
Total assets
4,165,273,000 4,187,531.000 2,751,794.000
Lk:Mattes—
F. it. notes in actual circulation
814,388,000 796,992.000 678.859,000
F. R. bank notes in actual circulation net
1
25,614,000
Deposits—Member bank reserve &col_ 2,552,621,000 2,544,900,000 1,659,964,000
. S. Treasurer—General account_.. 351,694,000 362,025,000
41,735,000
Foreign bank
12,677,000
7,825,000
12.544,000
Other deposits
177,133,000 187,427,000 114,650,000
Total deposita
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
3,094,125,000 3,106,896.000 1,824,174,000
130,087,000 157,090,000
96.754,000
51,001,000
54,620,000
61,000.000
49,964,000. 49,984.000
45.217,000
7,250,000
615.000
7,250.000
7,500.000
4,737,000
7,500,000
10,958,000
16,204,000
10,839.000
Total liabilities. _ ..........
4,165,273,000 4,187,531,000 2,751,794.000
Ratio of total reserves to deposit and
F. R. note liabilities combined
82.5%
82.6%
72.6%
Centingent liability on bills purchased
for foreign eorrespondents
354,000
Commitments to make industrial advances
9,997.000
10,012,000
2,881,009
•-Other cub- does not include Federal Reserve notes or•bank's own Feder*
Reserve Dank notes.
These are certificates given by the U S. Treasury for the gold taken
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from oval
100
cents to 59.06 cents, these certificates being worth lees to the extent of the MI
[ensure the difference itself having been appropriated as profit by the Trainer.
mitt' the proviricrs ..1 th. .old Reserve Actor 10%4
Dec. 28 1935
Financial Chronicle
C4120
Weekly Return of the Board of Governors of the Federal Reserve System
Mine following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 26,
ehowing the condition of the twelve Reserve banks at the close of business on Tuesday. 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."
24 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.
1934
Dec. 24 1935 Dec. 18 1935 Dec. 11 1935 Dec. 4 1935INov. 27 1935 Nov. 20 1935 Nov. 13 1935 Nov. 6 1935 Dec. 26
$
$
$
S
$
$
$
$
$
ASSETS
7,063,158,000 5,122,396,000
4 0
Goldoni!. on hand & due from U.S.Treas.s 7,553,849,000 17,553,853.000 7,530.3 9, 00 7.410,351,000 7,266,651,000 7,161,648,000 7,124,156,000
18,952,000
19,370,000
18.595,000
18,598,000
17.487.000
17,668.000
17,524,000
17,563,000 117,633.000
Redemption fund (F. R. notes)
213,620,000
219,896,000 233,371,000 235,413.000 225,445,000 227,249,000 242,110.000 234.585.000 333,634,000
Other cash •
5,354,968,000
7,791,308,000 7,804,856,000 7,773,249,000 7,653,320.000 7.511.568,000 7,422.358,000 7.377.338,000 7.306,160.000
Total reserves
1,677,000
Redemption fund-F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
4,820,000
3,773,000
5,569,000
2.500.000
3,022.000
3.634,000
3,200,000
2,380,000
3,782,000
direct and(or) fully guaranteed
4,461,000
3.028,000
2,922,000
3.497,000
3,084.000
2,832,000
3,008,000
3,286.000
3,373,000
Other bills discounted
9,281,000
6,801,000
9,066,000
5,422,000
6.106.000
6,032,000
6,920,000
5,368.000
7,155,000
Total bills discounted
5,611,000
4,678,000
4,677,000
4,674,000
4,674,000
4,679,000
4,671,000
4.675.000
4,657,000
Bills bought In open market
13,589,000
32,677,000
32,689,000
32,362,000
32,634,000
32,700,000
32,395,000
32,696.000
32,600,000
Industrial advances
395,582,000
218,172.000 215,615,000 215,116,000 219.948,000 219.940,000 225.753,000 230,001,000 235,447,000 1,507,141,000
U.S. Government securitlee--Bonds
1,641,597,000 1,641,602.000 1,639,097.000 1.630,725.000 1,651,757,000 1,646,009,000 1,644,009,000 1,638,588,000 527,475,000
Treasury note,
556,482,000 558,162,000 556.162,000
572,958,000 572,958,000 575,958,000 579.508,000 558,482.000
Treasury bills
2.430,197,000 2,430,198,000
Total U. S. Government secu Mos__ 2,430,727,0002,430.175,000 2,430.171.000 2,430,181,000 2.430,179,000 2.430,244,0002.430.172,000
181,000
181.000
181,000
181,000
181,000
181.000
181.000
181,000
Other securities
Foreign loans on gold
2,475,320,000 2,474,643,000 2,473.927.000 2,472,800,000 2.473.700,000 2,473,083,000 2,478,785.000 2,474,532,000 2,458,679,000
Total bills and securities.
Gold held abroad
Due from foreign bank,
Federal Reserve notes of other banks.-Uncollected Items
Bank premises
All other aesett
Total asset,
LIABILITIES
F. Ft. note, In actual circulation
F. R. bank note., in actual circulation.
804,000
641,000
645,000
641.000
641,000
645.000
644,000
22,614,000
21,829,000
22,139,000
23,945,000
20,038,000
18,550,000
0
10.477, 00
554,980,000 543,286,000 531,238,000 599,082,000 698,940,000 477,338.000 452,135,000
53,372.000
50,169,000
50,220,000
50,274,000
50,304,000
50,278,000
50,279.000
43,064,000
41.137,000
42,057,000
42,518.000
44,766,000
43,329,000
43.413,000
10,371,806,000 8,387,313,000
10980,900,000 11.046.381,000 10,917.344,000 10782,292.000 10,630,794,000 0,611,903,000 10,666,118.000
565,000
22,010.000
802,470.000
50,395,000
38,732,000
650,000
20,039.000
857,595,000
50,308,000
38,290,000
3,261,403,000
3,768,480,0003,698,393.000 3,653,741,000 3,648,243,000 3,626,782,000 3,570,416,000 3,562,087,000 3,563,254,000
26,603,000
.
Deposite-Member banks' reserve account 5,429,284,0005,436.894,000 61039.613 000 5,905,115,000 5,788,991,000 1.781.642,0005,745.948.000
77.772.000
24,031.000
50,458,000
53.768,000
42,672,000
. ,
U. S. Treasurer-General account-- -- 614 255 000 633.794,000
26,131,000
32,716,000
29,396.000
31,849,000
43,787,000
39,109.000
32,850,000
Foreign bank,
248.110,000 248,082,000 244,335.000 237.782,000 232,142,000 222.758,000
233,240.000
Other depoeits
Total depoolts
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratlo of total revereds to deposits anc
F. R note liabilities combined
Cmatingent liability on bills purchased foi
foreign correspondents
Commitment,to make industrial advance,
==
Maturity Distribution of Bills and
Short-terns Securiltes1-15 days bills discounted
16 30 days bills discounted
31-80 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
5,671.235,000 3,961,204.000
59,719,000 168,114,000
19,582,000
22.501.000
213,724,000 168,016,000
4.316,916,000
6,309,629,000 8,350,514.000 6.343,555.000 6,231,231.000 6,124,328,000 6,093,838,000 8,072,609.000 5,967,179,000
490,231,000 441,843,000
555,054,000 650,308,000 555,360,000 547,149,000 533,284,000 601,723,000 882,195,000
130,469,000 130.471.000 130,440,000 130,437.000 130,436.000 130,308.000 130,363,000 130,364,000 146,752,000
138,383,000
144,893,000 144,893,000 144,893.000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000
6,459,000
23.457.000
23.457,000
23.457.000
23,457.000
23.457,000
23,457.000
23,457,000
23,707,000
22,272,009
30,699,000
30,700,000
30,701,000
30.700.000 130,699,000
30,700,000
30.701.000
30,698,000
26,682,009
21,729,000
16,770,000 119,815,000
35,197,000
17,645,000
16,914,000
26,181,000
17,970,000
10960,900,000 11.046,381,000 10.917,344,000 10782.292.000 10.630,794.000 10,611,903,000 0,868,118,000 0.371,806,000 8,387,313,000
77.3%
77.7%
77.8%
77.5%
77.0%
76.8%
76.8%
78.7%
70.7%
675,000
27.745,000
27,691,000
38,084.000
t27,719.000
28,002,000
127,486,000
27,373,000
27.336,000
8,225,000
$
4,592,000
207,000
94,000
1,041,000
1,231,000
6
4,673,000
56.000
260,000
777,000
1,154,000
iS
4,399.000
64,000
264,000
206,000
1,173,000
$
3,718,000
94,000
250,000
192.000
1.114,000
$
3,761,000
784,000
231,000
118,00...
1,138.000
S
3,566,000
712,000
162,000
275,000
707,000
S
7,116,000
41,000
847,000
307,000
755,000
$
4.374,000
553,000
853,000
194.000
827.000
$
7,281,000
401,000
884,009
638,000
74,000
7,155,000
6,920,000
6,106,000
5.368,000
6.032.000
5,422,000
9,060,000
6.801.000
9,281,000
1-15 clayebills bought In open market
16-30 day, blii, bought In open market
31-60 days bills bought in open market....
01-90 days bills bought in open market...
Over 90 days bills bought In open market
302,000
656,000
1,609,000
2.090,000
1,730.000
859,000
1,328,000
754,000
2.006.000
489.000
808.000
1,376,000
615,000
1,768,000
721.000
1.571.000
532.000
1,958,000
713,000
1.471,000
1,524,000
644,000
2,350.000
156,000
781,000
532,000
403.000
2,981,000
156,000
722.000
407.000
3,391,000
1,165,000
695,000
1,027.000
2,724,000
Total bills bought in open market____.
4,657,000
4,671.000
4.679,000
4,674,000
4,675,000
4,674,000
4,677,000
4.676,000
5,611,000
1,529,000
339,000
653,000
927,000
30,152,000
1,512,000
418,000
664,000
936,000
29,166,000
1,651.000
334,000
683,000
1,053,000
39.069,000
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
1,685,000
295,000
812.000
773,000
29.017.000
1,512,000
363,000
749,000
845,000
29.220,000
1.566.000
370,000
690,000
937,000
29.114,000
32,000
71,000
211.000
865.000
12,419,000
32,600,000
33,696,000
32,790,000
32.395,000
32,634.000
32.562.000
32,689,000
32.677,000
13,589,000
22,760,000
23,360,000
32.550,000
,
34 250.000
27,750,000
91,024,000
33.830.000
90.084.000
1-15 days U. S. Government securities_
32,550,000
33,830,000
,
25 070,000
29,675,000
27,250,000
34,250,000 112.050,000 111,110,000
16-30 days Ti. S. Government securities
59,320.000 139.300,000 145,3(10,000
58,925,000
57,280.000
50,495,000
62,743,000
63.618,000
31-60 days U.S. Government securities
50,495,000
76.993,000
62.743,000
62,618.000
70,643,000
67.343,000
61-90 days U. S. Government securItioe ._ 120,384.000 124,344,000
2,179,032,000
Over 90 days U.S. Government securities_ 2,189,300,000 2.183.768,000 2.183.074,000 2.188.009,000 2,104,756,000 2,184,521,000 2,156,609,000
2,430,727,000 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
Total U. S. Government securities
38,399,000
27,500,000
83,199,000
90,570,000
287,807,000
Total bills discounted
1-15 days Industrial advances
16-30 days industrial advances
31-60 day, industrial advances
1-9(1 days Industrial advances
Over 90 days industrial advance,
Total Industrial advances
1-15 days other securities
18-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
Total other securities
181,000
181,000
181,000
181.000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
527,475,000
181,000
Federal Reserve Notes
3,846,465,00 3,551.542,000
Issued to F. R. Bank by F. R. Agent.-- _ 4,062.539,0004.022,187,000 3,966.374.000 3.942.712.000 3,897,108,000 3,874,197,000 3,863,624,000 283,211,000 290,139.000
294.059.000 323,794,000 312,633,000 204,469,000 270,326,000 303.781.000 301,537,000
Held by Federal Reserve Bank
3.768.480,000 3,698,393,000 3.653,741,000 3,648,243,000 3,626,792,000 3,570,416,000 3,562,087,000 3,563,254,000 3.261.403,000
In actual circulation
Collmetca Held by Ageni as Securtly for
Notes Issued to Bank
3,747,518,000 3,350,200,000
Gold ctfs. on hand dc due from U.S. Tress. 3.976,843,000 3,960,843,000 3,909,843,000 3,863,843,000 3,824,343 000 3,779,343,000 3,773,843,000
7,575,000
5,244,000
7,511,000
3,882,000
4,494.000
4,404,000
3,744,000
5,044,000
5,199,000
By eligible paper
109.000,000 121.100,000 109,100,000 125.900.000 124,500,000 129,500,000 238,000,000
127,500,000 110,000,000
U. S. Government securities
3,595,775.000
4.109.542.000 4.075.887.00014.023.247.000 3.988.687 000 3 937 937 00013.909.125.000 3.905.854.000 3.882.282.000
Total collateral
"Other cash- does not Include Federal Keiser,. Mee. t Revised figure.
•
from 100 cents to 59.06 sent.
a These are oartificaces given py Ohs U. S. Treasury for the gold taken over from the Reserve hanky when the dollar was devalued
as profit by toe Treasury under too
On Jan. 31 1934. these certificates being worth letie 10 the extent of the difference. the difference Itself (laving b gin appropriated
Provisions of the Gold Regerve •ct of 1934.
Volume 141
Financial Chronicle
4121
Weekly Return of the Board of Governors of the Federal Reserve Syste
m (Concluded)
WEEKLY STVI EMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINE
SS DEC. 24 1935
Two Csvhr s (00) Orsitted
Federal Reserve Bask of
Total
Boston
New York
Ckeetand RiChtl$0114 Atlanta
Ciirapo
St. Louts Ifinneap. Ka.. Cfts Dallas Sam Fran,
RESOURCES
$
Gold certificates on hand and due
from U. S. Treasury
7,553,849.0 519,894,0 3,175,704,0 375,587,0 508,992,0
243,486,0 175,580.0 1,434,435,0 235,219,0 142,857,0 198,991,0 125,174,0 417,930,
Redemption fund-F.R. notes_
17,563,0 3,017,0
0
1,920,0 1,216,0
1,090,0 1,067,0 2,889,0
570,0
806,0
Omer cash_•
545,0
856,0
686,0 2,901,0
219,896,0 29,937,0
45,911,0 29,453,0 14,046,0 10,491.0 9,475,0
22.583,0 15,823,0 6,502,0 15,625,0 5,629,0 14,421.0
Total reserves
7,791.308,0 552,848,0 3,223,535.0 406,256,0 524,128,0 255,044,0
187,944,0 1,457,588.0 251.848,0 149,904,0 215,472,0 131.489,0 435,252,
Bills discounted.
0
Sec. by U. S. Govt. obligations
direct st (or) fully guaranteed
3,782,0
677.0
2,323,0
473,0
10,0
45,0
75.0
100,0
Other bills discounted
18,0
59.0
2,0
3,373.0
54,0
2,416,0
102,0
33,0
13,0
26,0
41,0
15,0
58,0
571,0
19,0
25,0
Total bills discounted
7,155,0
731,0
4,739,0
575,0
43,0
58,0
101,0
141,0
33,0
58,0
630,0
21,0
25,0
Bills bought In open market_ ..
4,657,0
344,0
1,781.0
474.0
444,0
173,0
168,0
Industrial advauces
555,0
80.0
64,0
126,0
121,0
327,0
32,600,0 2,943,0
7.754,0 6,819.0 1,788,0 4,440,0
929,0
U. S. Government securities.
1,859,0
391,0 1,633,C
1,147,0 1,787,0 1,110,0
Bonds
216.172.0 14,420,0
55,842,0 16,848,0 19,069,0 10,209,0 8,240,0
Treasury notes
25,623,0 9,420,0 13,019,0 10,014,0 16,033,0 17,435,0
1 641.597,0 107,636,0 498,307,0 120,857.0 149.491,0
80,028,0 64,596,0 242,064,0 74,346.0 47,173,0 73,132,0 47,293,0
Certificates end bilks
572,958,0 35,615,0 187,668,0 39,415,0 49,464,0
136,674,0
26,479,0 21,373,0
88,002,0 24,434.0 15,439,0 24,198.0 15,649.0 45,222.0
Total U. 8. Govt. securities_ 2,430,727,0 157,671,0
741,817,0 177.120,0 218.024,0 116,716,0 94.209,0 355,689.0 108,200,0
Other securities
75,631,0 107,344,0 78,975,0 199,331,0
181,0
181,0
Total bills anel securities
2,475,320,0 161,689,0 756,091,0 184.988,0 220,299,0
121,387,0 95,407,0 358,244,0 108,704,0 77.386,0 109.428,0 80,904,0
200,793.0
Due from foreign banks_
665.0
49,0
277,0
67,0
61,0
24,0
Fed. Res. notes of other banks
23,0
78,0
4,0
3,0
17,0
22,010,0
17,0
45,0
344,0
4,990,0
869,0 1,207,0 2,751.0
Uncollected items
977,0
4,385,0 1.767,0 1,180,0 1,258,0
602,470,0 58,287,0 140,314,0 48,889,0
394,0 1,888.0
59,387,0 47,881,0 23,727,0
Bank premises
88,734,0 28,856,0 16,098,0 32,893,0 23,113,0 34,291,0
50,305,0 3,168,0
12,173,0 4,830,0 6,682,0 3,028,0 2,331,0
All other resources
4,967,0 2.628,0 1,580,0 3,453,0 1,686,0 3,869,0
38,732,0
498,0
27,893,0 3.818,0
1,445,0
906,0 1,488,0
528,0
243,0
448,0
262,0
829,0
374,0
Total resources
10980 900,0 776,883,0 4,165,273,0 649.717,0
813,209,0 431,021,0 311,897,0 1,914,524,0 394,050.0 246,599,0 362,783,0 238,432,0
676.512,0
LIABILITIES
F. R. notes In actual circulation_ 3,768,480,0 322,535,0
814,388,0 277.914,0 362.738,0 187,278,0 160,532,0 859,505,
0 164,991,0 112,111,0 143.029,0 77,819,0 285,640,0
Deposits:
Member bank reservo account. 5,429,284,0 314,789,0
2,552,621,0 266,859,0 319,706,0 163,614,0 104,152,0
U. S. Treasurer-Gen. acct.. 614,255,0
870,580,0 164,865,0 99,732,0 170,195,0 116,595,0 285,576,0
55,499.0 351,694,0 16,449,0 39,868,0 17,520,0
Foreign bank
6.310,0
56,107,0 17.669,0 4,000.0 6,545.0 7,666,0 34,928,0
32,850,0 2,298,0
12,677,0 3,160,0 3,033,0 1,181,0 1,149,0
Other deposits
3,703.0
958,0
766,0
233,240,
860.0
830,0 2,235,0
2,905,0 177,133.0 10,184,0 3,156,0 2,243.0
5,529,0
1,783,0 7,759,0 6,430.0
608,0 1,964,0 13,546,0
Total deposits
6,309.629,0 375,491,0 3,094,125,0 296,652.0
365,763.0 184,558,0 117,140,0 932.173,0 191,251.0 110,928,0 178,208,0 127,055,0
336,285,0
Deferred availability items
555,054,0 54,648,0 130,087,0 43,699,0
53,359,0 44,270,0 20.976,0
Capital paid in
79,916.0 27,530.0 14,561.0 31,740,0 23,095.0 31,173,0
130,469,0 9,430,0
51,001,0 12.333,0 12,299,0 4,588,0 4,168,0
Surplus (Section 7).....
12.009,0 3,760,0 2,996,0 3,912,0 3,775,0 10.198.0
144.893,0 9,902,0
49,964.0 13,470,0 14,371,0 5.186,0 5,540,0
Surplus(Section 13-b)
21.350,0 4,655,0 3,420,0 3,613.0 3,777.0 9,645,0
23,707,0 2.874,0
7,250,0 2,098.0 1,007,0 3,335,0
Reserve for contingenclue
754.0
1,391,0
547,0 1,003,0 1,142,0 1,252,0 1,054,0
30,698,0 1,648,0
7,500,0 2,995,0 3,000,0 1,411,0 2,516,0
All other liabilities
5,325,0
891,0 1,167,0
836.0 1,363,0 2,046,0
17,970.0
355,0
10,958,0
556,0
672,0
395,0
271.0
2,855,0
425,0
413,0
303,0
296,0
471,0
Total liabilities
10980 900,0 776,883,0 4,165,273,0 649,717,0
813,209.0 431,021,0 311,897,0 1,914,524.0 394,050,0 246,599,0 362,783,0 238,432,0
676,512.0
Ratio of total rem to dep. ds F. R.
note liabilities combined
77.3
79.2
82.5
70.7
Committmeuts to make industrial
68.6
71.9
67.7
81.4
70.7
67.2
67.1
64.2
70.0
advances
27,745,0 3,353,0
9,997,0
847,0 1,639,0 2,293,0
501,0
163,0 2,264,0
138,0 1,353,0
593,0 4,604,0
•"Other Cash does tine ILIOLUde r
edam Reserve smite
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers win Omitted
Federal Reserve A gen! at
-
Total
Brown
New York
Phila. Cleveland Richmond At.anto
Foam] Reserve notes:
3
$
$
$
Issued to F.R.Bk.by F.R.Agt_ 4,062,539
3
3
$
,0
Held by Fed'. Reserve Bank..... 294,059,0 344,330,0 920.867,0289.582.0 375,152,0 198,658,0 179.343,0
25,705,0 115,479.0 11,668,0 12,414,0 11,380,0
18.811,0
in actual cireuistion
3.768.480,0 322,535,0 814,388.0 277,914.0
Collateral held by Agent as se362.738,0 187,278,0 160,532,0
curity for notes Issued to tics:
Gold certificates on hand and
due from U. H. Treasury.3,976,843,0 356,617,0 938,706,0 290,000,0
Eligible paper.
376,440,0 186,000.0 133,685.0
5,199,0
706,0
3,016,0
540,0
U. S. Government securities
10,0
45.0
88.0
127,500,0
14,000,0 47,000,0
Tots)collateral.
4 Mg 012 0 107 "OR 0 e41 721 0 90110411 n 27n
on non,, naK n ,on ,,on
Chicago
Si. Louts Mtnneap Kan. Cif,
Dallas
San Pros
$
$
S
3
3
$
898.712,0 172,985,0 115,613,0 151,538,0 82,933.0 319,826,0
39.207,0 7,994,0 3,502,0 8,509,0 5,114,0 34.186,0
859,505,0 164,991,0 112,111,0 143,029.0 77.819,0 285,640.0
911,000,0 173,632,0 106,500,0 140,000,0 80,000,0 284,263.0
100,0
23,0
50,0
610,0
11,0
10,000,0 13,000,0 3,500,0 40,000,0
011 Inn n 17o coon i.e cut n 109 010 0 83 011 0
324 263 0
Weekly Return for the Member Banks
of the Feder
al Reserve System
Following is the weekly statement issued by the
Items of the resources and liabilities of the reporting Board of Governors of the Federal Reserve System, giving the principal
member banks in 101 leading cities from which weekly returns are obtain
These figures are always a week behind those
ed,
for
the Federal Reserve System upon the figures for the the Reserve banks themselves. The comment of the Board of Governors of
latest week appears in our department of "Current Events
Immediately preceding which we also give the
and Discussions,"
figures of New York and Chicago reporting membe
The statement beginning with Nov. 6 1935 covers
r banks for a week later.
reporting banks in 101
also been
MM
Qs
W
W..
W
NW..
,
1
.
00
oACA0W
4
,
12
, .
No NO
revised further so as to show additional items
leading cities, as it did prior to the
.
in "Other loans." The item "Demand deposits -adjuste The amount of "Loans to banks" was Included heretofor banking holiday in 1933, instead of 91 cities, and has
associations, States, counties, municipalities, &e., minusd- represents the total amount of demand deposits standinge partly In "Loans on securities-to others" and partly
to the credit of individuals, partnerships, corporations,
the amount of cash items
"Net demand deposits," furthermore, has been
changed in two respects in accordancereported as on hand or in process of collection. The method of computing the item
ment deposits, against which reserves must now be
with provisions of the Banking Act of 1935: First, it includes United
carried, while previously these
States Governfrom gross demand deposits, rather than solely from
deposits required no reserves, and, second,
not comparable with those shown prior to Aug. 23 amounts due to banks, as was required under the old law. These changes amounts due from banks are now deducted
1935. The Item "Time
make
banks, which are now included in "Inter-bank
deposits" differs In that it formerly included relatively the figures of "Net demand deposits"
a
small amount of time deposits of other
"Borrowings" represents funds received, on billsdeposits." The item "Due to banks" shown heretofore Included
only demand balances of domestic banks. The Item
payable and rediscounts, from
account," "Other assets-net," and "Other liabilitie
s." By "Other assets-net" the Federal Reserve banks and from other sources. Figures are shown also for "Capital
hand or in process of collection which have been
is
deducted from demand deposits. meant the aggregate of all assets not otherwise specified, less cash items reported as on
ASSETS AND LIABILITIES OF WEEKLY REPORT
ING MEMBER BANKS IN
101 LEADING CITIES, BY DISTRICTS, ON DEC
IS 1935 (In Millions of Dollars
Federal Reserve DistrictTotal
Boston New York Phila.
Cleveland Richmond Atlanta Chicago St. Louts
Mtnneap. Kan. CM; Dallas San Fran.
ASSETS
Loans and investments-total
20,970
1,149
8,866
1.116
611
1,746
532
2,707
603
390
628
454
2,164
Loans to brokers and dealers:
In New York City
909
4
891
Outside Now York City
9
177
1
24
61
2
2
15
Loans on securities to others (except
12
3
a
33
5
2
3
11
banks)
2,118
153
914
Acceptances and com'l paper bought_
148
224
68
48
217
357
60
42
33
43
173
170
21
Loans on real estate
3
7
5
31
1,138
12
9
86
241
28
24
Loans to banks
68
188
20
21
79
65 .
38
3
6
45
15
368
3
Other loans
4
1
10
3,410
7
282
1,3)0
5
169
1
U. S. Govt. direct obligations
180
108
148
349
8,643
115
128
383
129
3,648
361
300
Obligations fully guar. by U.S. Govt..
818
294
184
1,515
1,129
208
154
20
238
408
736
95
Other securities
74
38
41
147
3,010
58
14
152
48
1.175
135
288
243
73
78
339
100
44
117
356
Reserve with Federal Reserve Bank
4,492
268
2,336
193
Cash in vulut
241
110
57
762
116
387
56
103
106
77
177
17
Due from domestic banks
36
18
11
64
13
2,293
6
125
13
164
19
156
204
Other aMets-net
137
149
429
132
1,386
102
286
85
546
225
95
112
LIABILITIES
42
44
115
28
20
37
233
Demand deposits-adjusted
13,843
022
6.226
743
971
366
Time deposits
305
2,097
379
4,868
267
453
299
959
780
251
663
United States Govt. deposits
190
171
755
171
119
705
145
15
225
1.029
46
.55
Inter-bank deposits:
32
33
130
11
8
16
102
Domestic banks
5,336
228
2,239
287
301
Foreign banks
210
190
709
239
115
438
365
10
402
262
.5
Borrowings
1
1
5
1
11
12
Other liabilities
818
26
340
21
nan1011 fleIVIIIIIt
18
32
10
39
10
3.619230
6
2
1.007
294
30£
190
88
85
342
82
58
80
321
Quotations for United States Treasury Certificates of
-Friday, Dec. 27
Indebtedness, &c.
Figures after decimal point represent one or more 32ds of
a point.
Dec. 26 Dec. 27
Daily Record of U. S. Bond PricesiDec. 21 Dec. 23 Dec. 24 Dec. 25
115.7 115.5
{High
---Treasury
115.5 115.5
____
Low43is 1947-52
115.7 115.5
Close
1
129
-___
Total sales in $1,000 units_ __
110.30 110.30
-.
11T3.2i 110 Y7
{High
110.27 110.27
__ 110.21 110.26
Low_
as. 1944-54
110.30 110.30
110.21 110.27
Close
11
80
22
1
Total sales in $1,000 units.......
105.21 105.21
105.17
5. 105.12
(High
105.14 105.17
Low_ 105.11 105.10 105.13
4;is-3%,a, 1943-45
105.21 105.19
Close 105.11 105.12 105.17
10
11
25
38
5
Total sales in $1,000 units___
109.5
'High 108.31 109.2 109.3
109.5
109.2 109.3
Low_ 108.31
Ilyis, 1948-58
109.5
Close 108.31 109.2 109.3
100
2
2
1
Total ales in $1,000 units___
106.18
106.12 108.15
(High
106.15
____ 106.9 106.12
Low_
1943-47
8)1,,
106.18
106.12 106.13
Close
75
5
101
Total sales in $1,000 units_______
16Y-103
102.20 102.25
High 102
102.27 102.28
Low_ 102.17 102.18 102.20
31. 1951-55
102.29
103
Close 102.19 102.20 102.25
66
96
4
5
8
Total sales in $1,000 units___
103.2 103.2
{High 102.20 102.23 102.28
102.28 102.31
tow. 102.20 102.21 102.25
8s, 1948-48
103.2 102.31
Close 102.20 102.23 102.28
14
57
123
104
12
Total sales in $1,000 units_ _ _
107.24 107.26
igh
r
107.24 107.24
Low_
3W. 1940-43
107.24 107.26
Close
10
1
Total sales in $1,000 units _ _ _
107.30
108
107.24
illIgh 10-7-.15 10f.i
107.22 107.28
Low_ 107.18 107.19 107.24
334s, 1941-43
107.28
108
Close 107.19 107.19 107.24
6
17
43
1
5
Total sales in $1,000 units___
104
104
103.21 103.26
{High
103.30 103.28
____ 103.19 103.23
Low_
Ilyis. 1948-49
103.28
104
103.19 103.26
Close
25
7
76
2
_____
Total sales in $1,000 units___
104
104
103.19 103.23 IToll
103.31 103.30
103.15 103.21 day
(HighLow_
8)3s, 1949-52
103.30
104
- --- 103.19 103.23
Close
51
400
51
376
__
Total sales in $1,000 units___
108.15 108.18
108.7 108.11
{High
108.13 108.17
____ 108.5 108.11
Low_
tHis, 1941
108.13 108.18
108.7 108.11
Close
6
3
10
262
Total sales in $1,000 Units.......
105.9 105.11
104.31 105.7
{High 104.
105.8 105.7
Low_ 104.31 104.31 105.7
1111s. 1944-48
105.9 105.7
Close 104.31 104.31 105.7
4
6
1
2
6
Total sales in $1,000 units___
100.2 100
{High 99.28 99.29 99.30
99.29 99.29
99.28 99.26 99.28
Low_
2%. 1955-80
99.30
100.1
Close 99.28 99.29 99.30
76
860
36
58
3
Total sales in $1,000 units_ __
100.31
101
1 High 100.22 100.23 100.28
100.28
100.29
Low. 100.22 100.19 100.26
234s, 1945-1947
100.31
101
Close 100.22 100.23 100.28
89
346
20
1 1.006
Tota sales in $1,000 units__
102.18 102.18
High 102.9 102.12 102.13
federal Farm Mortgage
102.15 102.17
4Low 102.9 102.12 102.13
1944-84
1134s.
102.18 102.18
Close 102.9 102.12 102.13
10
122
10
16
3
Total sales in $1,000 units_ __
101.1
101
100.30
100.27
federal Farm Mortgage {High
100.30 100.31
100.30
Low_ 100.27
3e, 1944-49
101.1
101
100.30
Close 100.27
13
13
5
5
Total sales in $1,000 untts_
101.15 101.18
____ 101.11 101.14
federal Farm Mortgage {High
101.11 101.15
____ 101.9 101.14
Low_
Ds. 1942-47
101.15 101.18
101.11 101.14
Close
19
12
5
27
___
Total sales in $1,000 units___
_
Federal Farm Mortgage (High
Low
2s, 1942-47
--- _
Close
__
Total salmis' $1,000 units_ __
100.28 100:2g
_High 100.24 100.24 100.24
Home Owners' Loan
100.24 100.25
Si, series A 1944-62._._4Low_ 100.20 100.20 100.23
100.26 100.26
Close 100.24 100.24 100.24
66
20
76
8
13
Total 86152 01 $s,000 units___
99.21 99.22
{High 99.15 99.14 99.17
Home 0..ners' Loan
99.15 99.19
99.12 99.12 99.13
M s, series B. 1939-49_ Low_
99.20 99.22
Close 99.13 99.13 99.17
91
298
40
40
32
Total sales is $1.000 units___
',Deferred delivery sale.
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
105.15
105.15 to
100.00 to 100.00
1 Trees 340 1943-45
5 Trees 2%s 1955-60
United States Treasury Bills-Friday, Dec. 27
Rates quoted are for discount at purchase.
Bid
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%
0.20%
Bid
Asked
May 13 1936
May 20 1936
May 27 1936
June 3 1936
June 10 1936
June 17 1936
June 24 1936
July 1 1938
July 8 1936
July 15 1036
July 22 1936
July 29 1936
Aug 5 1936
Aug. 12 1936
Aug. 19 1936
Aug. 26 1936
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936
Asked
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0 20's
020%
0.20%
0 20%
0.20%
_-
0.24%
Sent 23 103110.20.7_
June 15 1936._
Dee. 15 1939_
Mar. 15 1939_
June 15 1940_
Sept. 15 1936._
Dec. 15 1940_
Mar. 15 1940-June 15 1939_
134%
14%
14%
14%
14%
14%
14%
24%
Sent IA 1098
2407.
Maturity
Int.
Rate
Feb. 1 1938___
Dec. 15 1936_
Apr. 15 1936_
June 15 1938___
Feb. 15 1937._
Apr. 15 1937_
Mar. 15 1938...
Aug. 1 1936_
234%
234%
24%
24%
3%
3%
3%
34%
Asked
100.25
100.23
101.12
100 25
101.7
100.21
101.11
103.10
,,
3 4 7.
11)426 Sent 13 1037
Asked
Bid
to -
Bid
O00000000
.
. .
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.
Int.
Rate
,
,:0000000
01010
Maturity
William Street, Corner Spruce. New York.
D00000000
PUBLISHED WEEKLY
WILLIAM B. DANA COMPANY, Publishers,
o woww
gob Sinannal.
are
° (.11rxillirlf&malt
Dec. 31 1935
Jan. 8 1936
Jan. 15 1938
jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 191936
Feb. 26 1936
Mar. 4 1936
Mar. 11 1936
Mar. 18 1938
Mar. 25 1938
Apr. 1 1936
Apr. 8 1938
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936
May 8 1936
Dec. 28 1935
Financial Chronicle
4122
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
Dec. 27 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tr11111
0 109
-No, of shares.
Stocks
Bonds
Government
State and foreign
Railroad & industrial
n99
Slli. 704
nnn
969,000
1,620,000
RA 841
nnn
115 AAR
1934
onn
6q7 401
nrin
Jan. 1 to Dec. 27
Week Ended Dec. 27
1935
Total
Bond
Salea
596,000 $6,285,000
2,020,000 13,339.000
579,000 11,091,000
IIOLID AY
2,591,000 12,912,000
572,000 13,867,000
$736,000
1,470,000
1,047,000
1,097,550 55,453,000
9,849,000
1,918,840
9,465,000
1,705,510
HOLID AY
9,352,000
2,335,857
2,134,266 11,675,000
Sates at
New York Stock
Exchange
Total
United
States
Bonds
State,
Railroad
Stocks,
Number If and Miscal. Municipal &
Forst Bonds
Bonds
Shares
1935
1934
9,192,023
5,275,261
376,428,547
322,058,208
$5,858,000
5,842,000
45,794,000
$8,294,000
6,806,000
34,905,000
5671,818,000
374,210,000
2,260.401,000
5883,085,700
599,834,000
2,227.813.000
57,494.000 $50,005,000 53,306,429,000 $3,710,732,700
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circula
Ron for National
Bank Notes
National Bank Circulation Afloa. on
Bonds
Legal
Tenders
Total
$
498,690,117
a498,090,117
b600,000
Nov. 30 1935
529.721,057
a529.121,057
13600.000
Oct. 311935....
573.028,022
a572,428,022
b600,000
Sept. 30 1935....
618,911.862
618.311,862
600.000
.900,000
Aug. 31 1935._
749.739,485
735.754.750
13,984.735
2.351,260
July 31 1935_ ___
769,095.645
548,490,215
220.605,430
141.945,660
June 30 1935._
794.982,175
550.975,223
244,000,952
May 311935.... 283.529.310
824,522.520
553,161.838
271.360,682
330.642.140
Apr. 30 1935._
849,257.455
418,780.298
430,477,157
478,777,490
Mar. 31 1935____
887.712,095
214,371.617
653.340.478
Feb. 28 1935____ 657,937,080
876,372,130
205,204.723
671,167,407
677,472.540
Jan. 311935....
887,936.475
209,127.752
678,808.723
Dec. 311934.... 684.354,350
898.904,788
212.667.960
686.236.828
690.752.650
Nov. 30 1934_
52,353.595 Federal Reserve bank notes outstanding Dec. 2 1935, secured by
lawful money. against $2,432,763 on Dec. 1 1934.
a Includes proceeds for called bonds redeemed by Secretary of the Treasury.
b Secured by 5600.000 U. S. 2% Consols 1930 deposited with U. S. Treasurer.
Includes $300,000 bonds which were on deposit although circulating notes had
been retired by deposit of that amount of lawful money.
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Nov. 1 1935
and Dec. 2 1935. and their increase or decrease during the
month of November:
National Bank Notes-Total Afloat
Amount afloat Nov. 1 1935
Net decrease during November
Amount of bank notes afloat Dec. 2 1935
Legal Tender Notes
Amount deposited to redeem National bank notes Nov. 1
Net amount of bank notes redeemed in November
3529,721,057
31,030,940
$498,690,117
$529,121,057
31,030,940
a$498,090.117
Amount of deposit to redeem National bank notes Dec. 2 1935
a Includes proceeds for called bonds redeemed by Secretary of the Treasury.
FOOTNOTES FOR NEW YORK STOCK PACES
• Eild and asked prices, no sales on this day.
I Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
z Ex dividend.
y Ex-rights
31 Adjusted for 25% stock dividend paid Oct. 1 1934.
33 Listed July 12 1934; Par value 10s. replaced El par, share for share.
I. Par value 550 lire listed June 27 1934; replaced 500 lire par value.
"I.Lsted Aug. 24 1933: replaced no par stock share for share.
"Listed May 24 1934: low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
7 Adjusted for 66 2-3% stock dividend payable Nov. 30
'
"Adjusted for 100% stock dividend paid April 30 1934.•
Adjusted for 100% stock dividend pald Dec. 31 1934.
"
Par value 400 lire: listed Sept. 20 1934; replaced 500 lire par value.
"
Listed April 4 1934: replaced no par stock share for share.
"Adjusted for 25% stock dividend paid June 1 1934.
'Listed under this name Aug. 9 1934 replacing no par stock. Former name
American Beet Sugar Co.
"From low through first classification, loan 75% of current.
From last classification and above, loan of 55% of current.
66 Listed April 4 1934: replaced no par stock share for share.
"
Listed Sept. 13 1934: replaced no par stock share for share.
5
. Listed June 1 1934, replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchanges on which low prices since July I 1933 wet(
made (designated by superior figures In tables) are as follows
22 Pittsburgh Stock
Cincinnati Stock
New York Stock
Richmond Stock
"
"
Cleveland Stock
New York Curb
"St. Louis Stock
"Colorado Springs Stock
New York Produce
It Salt Lake City Stock
New York Real Estate "Denver Stock
"San Francisco Stock
"
Detroit Stock
Baltimore Stock
17 San Francisco Curb
17 Los Angeles Stock
Boston Stock
2, San Francisco Mining
"
1 Los Angeles Curb
Stock
Buffalo
"Seattle Stock
11 Minneapolis-St. Paul
California Stock
"
1 Spokane Stock
"
New Orleans Stock
Chicago Stock
Washingtoa
Chicago Board of Trade 21 Philadelphia Stock
1, Chicago Curb
Volume 141
4123
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery
sales in computing the range for the year. sales are disregarded in the day's range, unless they are the only transactions of the day.
No account Is taken on such
HIGH AND LOW SALE PRICES
Jun/ 1
-PER SHARE. NOT PRR CENT
Sates
STOCKS
Range S sea Jac 1
1933 to Rase:for
for
NEW YORK STOCK
Os Basis of 100-shars Lots Nov.30 Year 1934
Monday
Tuesday
1Vednesday Thursday
Friday
the
EXCHANGE
Dec. 23
1935
Dec. 24
Dec. 25
Dec. 26
Dec. 27
Week
Lowest
Molten
Mel
Low Low
S per share
per share S per share S per share $ per share $ per
share Shams
*45
51
Par 3 per attars
•46
52
47
Per share $ Per sib
47
Per Oars
47
47
.4412 52
Abraham de Strang
50
*11218 11414 91218 11414 •11213 11414
No Dar 32 Apr 3 5212 Nov 20
30
35
43
*11218 11414 *11218 11414
Preferred_
7014 7014 6913 6912 6914 691,
100 110 Jan 10 116 Oct 23
89
89
111
59
69
693 6832
3
800 Acme Steel Co
11
1114 107 1114 107 1118
25 51 June 25 743 Nov 15
8
4
21
3
x103 1118 103 11
4
4
11,200 Adams Express
•10032i 1005s 1003 10012 1003 1003
No par
414 Mar 15 117 Dec 9
8
8
8
414
6
117
8
,
1003 1003 1003 1003, 1,160
3
8
8
Preferred
*3414 3513 3412 35
100 8424 Jan 2 10013 Dec 23
35
85
35
7014 285
3514 3514 •35
3512
400 Adams Millie
23
24
No par 28 June 6 3714 Nov 26
24
2414 2312 231,
16
1412
3473
233 24
4
2318 2353 2,400 Address Multigr Corp
18
1813 1814 1813 1813 19
10
8 Jan 12 243 Dec 11
8
8
2
ag4 1 13
183 193
4
3 19
19
4,400 Advance Homely
713 714
No par
413 Mar 18 193 Dec 26
8
73
4
3 73
313
75
3
8 74
313
714 712
753
714 714 5,600 Affiliated Products Ina
165 166
166 167
No Par
838 Feb 11
166 1663
472
6128cot 20
4
47
3
93
8
16612 16714 18712 168
4,500 Air Reduction IncNo par 1043 Mar 18 173 Nov 8
17
8
17
8
2
2
8
2
2
4
8013
912 113
173
17
8
134 2
1,800 Air Way Elea Appliance No par
•
81
75
*75
3
3 Apr 3
4
4
81
23 Dec 2
8
*75
81
las
31
3
*75
81
*75
81
Alabama de Vicksburg RR Co 100 74 Sept 28 74 Sept 26
1418 1414 14
143
8 14
143
74
8
1418 143
3 1413 143 11,300 Alaska Juneau Gold Mln
8
1314 Oct 17 12013 Jan 9
*313 33
1
4 *313 3 4
312 312
3
1634 337k
1314
*3
3 58
353 353
400 A P W Paper Co
212 25
No Ba r
8
112June 24
0
212 253
212 25
4 Dec 11
8
112
23
4
773
25
8 258
213 258 18,600 tAileghany Cory
11
1118 1118 115
No par
84
8 11
33 Dec 4
8
3 Mar 30
4
1112
114
514
11
1134 1114 113
4 3,600
Pre A with $30 warr
•10
11
10
22 Mar 21
8
100
1018 105 105
143 Dec 4
8
238
41
8 1813
8
8
1014 1014 1012 1012
Fret A with $40 warr
90
800
•I019 12
11
2 Mar 27 1418 Deo 4
100
10
2
4
105
1453
8
103 103
8
3 1014 103
3 1,200
Fret A without warr
•26
271s 2614 2614 *25
134 Mar 28 143 Dec 4
100
8
13
2614
4
37
3 143
8
2612 2678 •25
2512
400
25.5% prlor cony pref __No par
285 28 8 283 2914 29
8
658 Apr 2 3314 Dec 5
,
4
65
8
30
29 4 3018 3014 3014 4,200 Allegheny
3
14713 150
No par 21 Jan 12 3012June 19
15014 15213 151 152
Steel Co
1314
- - 13
16
;
1
151 15214 15112 15214 7,200 Allied Chemical & Dye
924 125
No par 125 Mar 18 173 Sept 18 10713 1154 1602
1243 1243 12414 12414
4
4
4
1243 1243 1233 1233
4
4
3
8
500 Preferred
23
24
223 2312 223 223
100 12212 Apr 18 139 Oct 31 117
4
12218 180
4
4
225 2453 24
8
2412 17,900 Allied Mills Co Inc
738
No par
221 Dec 20 245 Dec 26 ,2 312
:
8
714 712
7
73
8
713
7
7 14
17,500 Allied Storm Corp
No par
318 Mar 13
9 Nov 20 I
313
•721.4 73
•7212 73
7212 7212
72
72
7112 7112
5% pref
300
3412 3514 35
100 249 June 17 7514 Oct 21
353
4 353 363
49
2514 6312
4
4
363 3713 363 3714 30,200 Allis-Chalmers Mfg
4
4
1912 1912 20
No par
12 Mar 13 377 Oct 26
8
201
103
2012 203
8
s 23
102
4
*20
29
20
2014
rortNndCe Mnt No par 14 Mar 13 2234 NOV 20
1,400 AAmiphalagain
.33
4 4
1112
•33
4 4
*353 4
8
1112 202
312 312
312 353 1,000
Leather Co
*3512 38
1
.3512 38
21s Mar 14
412 Dec 6
218
35
218 734
3512
*33
38
•33
38
200
7% preferred
2114
763 78
4
50 26 June 2
40 Dec 9
4
773 781
78
25
48
7913
7814 79
7814 7912 5,000 Amerada Corp
51
51
No par 4812 Jan 11 7912 Dec 24
*5012 52
27
5018 5013
39
555s
51
51
5113 5118
900 Amer AgrIc Chem (Del) No par 4112June
4212 423
4 4212 43
572 Feb 16
4
20
42
2514 68
423
4
43
4314 423 43
8
3,000 American Bank Note
*64
10 1312 Jan 1
6514 65
473 Nov 14
8
651 *64
1113
6514
1112 254
*64
6514 6514 6514
Preferred
90
.4014 413 903 4118 4014 403
50 43 Jan 11 70 Nov 14
8
3
3412
40
2
5012
*4012 41
403 403
4
4
.12534 1271 •1253 1271 •12534 12712
500 Am Brake Shoe &
4
---No Dar 21 Mar 29 417 Deo 6
8
1913
194 38
9253 12711 •1253 12712
4
4
Preferred
132 1321 13234 1343 134 13614
100 119 Jan
129 Nov 6
88
122
96
135 13612 1343 13614 11,400 American Can
4
•16312 16412 *16313 1641 •16312 16412
25 110 Jan 15 1495 Oct 22
8
80
9014 1143
4
164 16412 96313 165
200
Preferred
2958 303
8 293 301
100 1513 Jan
4
168 May 3 120
4
293 30
4
12612 15212
3014 3012 30
305
3 5,200 American Car & Fdl
•5812 60
•5913 593 •5914 597
No par
10 Mar 1
323 Nov 20
8
10
12
3373
8
Stock
5953 597
8 59
6034 1,200
Preferred
3012 303
4 31
100 251s Mar 1
311
6453 Nov 18
303 31
32
4
2512
5613
31
3214 32
3314 7,100 American Chain
•110 113 *110 113 *110 113
No par
8 Jan 30 3314 Dec 27
4
413 1214
Exchange 112 112
113 113
500
77 preferred
8714 88
88
100 38 Jan 11 115 Nov 21
88
19
14
87
40
88
8714 8714 85
87
•34
2,200 American Chicle
50
No par 66 Feb
*34
96 June 8
45
4312
*34
45
4614 703
3
Closed
- *34
45
*34
45
Am Coal of N 3 (Allegheny Co)25 30 Mar 26 3414 Aug 2
73
77
4
8 73
3 83
8
20
22
351
,
:
814 8 8
8
87
8
812 8 8 3,400 Amer ColortyPe Co
28
5
9
2818 291
10
23 Mar 14
8
87 Dec 28
8
2
2814 2812 Christmas
213
613
283 3018 2918 297 11,300 Am Comml Alcohol Corp
4
8
1718 1718
1718 181
20 2212 Mar 18 353 Nov 2
4
2014
203
4 6212
173 1814
4
18
183
8 18
1812 16,100 American Crystal Sugar
10
612 Feb 5 1812 Dec 12 41 512
612 1312
Day
7% 2nd pref
100 5753 Jan 2 135 Sept 13
32
72 2
,
9012 9013 90
90
90
90
003 91
4
91
915
8
390
6% Nt pref
27
8 27
8
27
8 278
100 72 Aug 1 92 Dec 13
72
27
, 3
-_278 27
8
271; 3
•812
4,300 Amer Encaustic Tiling___No pa
54
85
8 *813 812
24
37 Dec 9
8
83
8 83
34May
5
8
812 812
914 914
400 Amer European See's____No pa
812 63
612 612
23 Apr 2
4
4
23
612 63
4
10
914 Dec 27
4
678 714
67
8 718 13,400 Amer & Porn Power
914 Aug 17
*263 2712 2614 2714 261s 27
4
No pa
2
Mar 13
37 1324
,
2
267 29
8
2812 2938 4,600
Preferred
/012 11
11
No pa
14 Mar 15 42 Aug 12
11
11
11*4 30
113
4
1158
11 8 1212 1134 1238 4,500
,
2nd preferred
225 23
8
23
No pa
23
33
7
37 Mar 14 17 Aug 19
23
3
618 1712
2314
2412 25
243 2514 2,000
4
$6 preferred
13
13 •
No pa
12 Mar 30 3814 Aug 12
I3
1014
11
1314 13
13
25
•
1314 1253 13
13
500 Amer Hawaiian S S Co
57
8 6
57
8 6
10
814 Apr 18 1513 Oct 5
814
57
3 6
1013 222
8
514 6
53
8 6,800 Amer Hide h Leather new
4 57
3612 3613 *35
36
_1
3 Oct 15
67 Nov 29
8
3
353 353
4
4
36
3714
37
36
700
6% cone pref naw
3414 3412 3414 3412 3414 345
28 Oct 14 40 Nov 29
5
28
8
3512 3512 2,700 Amer Home Products
3412 35
2 4 23
3
4
23
23
z 2913 Apr 12 3813 Nov 22
4
2434
24
4
1
234
25'4 36's
234 318
278 3
10,200 American Ice
•1714 18
1712 1712 1714 18
No pa
17 Oct 16
8
47 Jan 17
3
17
,
3
10
18
20
20
20
2,850
6% non-cum peel
97 10
8
10
1414 Oct 17 373 Feb 18
93 1018
97 10
4
8
4
252
1414
4 4514
10
1013 10
1018 8,200 Amer Internal Corp
2313 24
231 24
,
No pa
413 Mar 18 113 Nov 22
2314 2334
8
412
424 11
24
2453 243 2512 7,400 American Loromotive
4
7313 7312 7314 7314 727 727
No pa
8
9
9 Mar 13 273 Nov 20
4
3
1411 $85s
73
73
725 7314
8
SOO
Preferred_
277 283
8 2814 287
8
8 287 30
10
8
32 NIar 19 7514 Dec 9
32
3512 742
4
2912 303
s 283 291
: 5,500 Amer Mach & Fdry Co__ _No
4
103 103
1013 103
4
4
4 105s 11
1812 Mar 13 3314 Nov 18
12
122
8 2352
11
1114 1114 1138 2,700 Amer Mach & Metals____N pa
•1012 1112 •1012 11
No
o
105 1058
8
8
414 Apr 4 123 Dec 5
314 1014
3
10 8 107
,
8 11
1118
500
Voting trust ate
287 29
8
2913 293
4 293 303
par
4
412 Apr 4 1214 Dee 5
8
3
412 10
293 30
8
30
3012 3,100 Amer Metal Co Ltd
92814 131
12814 12814 *12814 130
1311 Mar 15 3214 Dec 5
No pa
127
1273 273
3
3
130 130
12912 12912
300
*3414 3512 *3414 3512 *3412 3512
6% cone preferred
10
63
72 Jan 2 13012 Nov 12
63
91
•34
351
35
35
100 Amer News, N Y Corp__ No pa 224 Jan 3 3614 Nov 25
77
8 8
77
8 8
7 8 83
,
8
203
21
4
343
4
812 87 23,000 Amer
812 87
3
,
Power & Light_No pa
113 Mar 13
95 Nov 8
8
112
3
121
4
4018 40 8 4114 4218 42
,
4312
4313 45
4412 453
4 8,100
$6 preferred
3414 35
34
353
4 35
No par
1018 Mar 13 4913 Aug 12
37
1013
113
8 z978
3713 383
8 3712 39
11,800
2318 233
8 2314 233
$5 Preferred
4 2318 235
No par
83 Mar 1
4112 Aug 12
2614
8
8
833
912
2312 237
8 2318 237 52,300 Am Had & Stand
8
•151 157 •151 155 951 155
San'y
1013 Mar 13 23 8 Dec If
No Dar
7
10
954
173
3
155 155 •152 155
10
291k 3018 297 3014 297 3012
Preferred
s
3
100 13412 Mar
159 Sept 28 10712 11112 1377
s
303 3053 3018 305 26,900 American
3
8
93
*92
93
Rolling Mill
9312 •92
9318
4
15 131 Mar 1
8
1312 284
323 Nov 16
121
8
9318 9318 •92
9312
200 American Safety Razor __No par 66 Mar 14 953
203 2058 203 203
8
4
4 205 203
8
4July 25
4
s53
4
333
3
86
205 205
8
8 2012 203
4 1,900 American Seating v t e_ __No par
2414 2414 2412 25
412 Mar 1
25
25
217 Dec 7
8
2
21s
7
2412 243
4 25
25
500 Amer Shipbuilding Co___No par 20 Mar 14 3614 Jan 7
5814 585
8 573 5812 573 5812
4
4
15
1722 3014
58
593
8 595 603 27,000 Amer Smelting
8
4
•134 137
137 137
& Refg-No Par 3153 Apr
13612 13 4
643 Dec 9
8
63
2812
3014 51
135 13512 135 135
1,000
104 10414 104 104 90312 10434
Preferred
100 121 Feb
144 May 8
71
100
12513
103 103
103 104
800
.1397 71
2nd preferred 6% cum
3
.697 70
8
*697 70
8
100 10158 Dec 11 11714 Aug 6
57
•
7114 109
697g 70
697 6978
2
30 American Snuff
•134 13714 .13418 13714 *13418 13714
25 63 Jan 16 76 June 26
43
l82
4 71 12
•13418 13714 •13418 13714
2214 23
Preferred
2318 2312 233 2412
2
100 125 Feb 20 143 July 1'; 106
106
12713
24 4 2478 2414 2434 6,500 Amer
,
11112 11112 *1043 11113 9043 11113
Steel Foundries____No par
4
4
12 Mar 14 2514 Nov 14
1013
•1043 11112 •10434 111 12
101s 26
4
50
3418 3418 34
Preferred
34
3334 3334
100 88 Feb 4 113 Dec 12
52
3313 34
5971 9254
3312 3414
1,200 American Store,
51
51
51
51
5014 51
No pa
3313 Apr 4 43 Jan 9 35 331,
44
5018 5012 5014 51
37
5,100 Amer Sugar RefinIng
128 12812 92813 12813 128 128
100 5018 Deo 26 7012 Feb 16
451
•126 12712 125 126
46
:
7218
600
•21
Preferred
2112 2314 237
8 24
24
100 125 Dec 27 14012MaY 6 102
'2312 2312 231g 2312 1,900
10312 129
1513 152
8
15112 153
152 153
1813 Jan 29 277 Nov 14
2
11
1523 15412 15314 1543 12,200 Am Sumatra Tobacco_ _No pa
4
132
4 2414
8
Amer Telep & Teleg
9212 93
9314 94
9412 9514
100 9873 Mar 18 16012 Nov 29
953 953
987
3 10013 125
4
4 9512 96
2,900 American Tobacco
953 9512 953 961
8
4
9612 973
25 7212 Apr 3 10414 Nov 19
4
97
6313
6514 8512
98
97
973
4 7,600
Common class B
•137 140
140 140
14012 14012
25 743 Mar 21 107 Nov 18
4
6473
141 141
89
67
1403 14034
4
400
Preferred
100 12913 Jan 18 141 Nov 19 105
10714 13034
814
73
8
4 8
773
712 712
75
8 758 2,100 tAm Type Founders
33
33
32
327
8 3214 3214
No pa
211 Mar 18 1014 Dec 14
21a
3113 317g 3018 31
13
180
Preferred
2013 203
4 2014 203
4 2014 203
_10
9 Mar 15 3812 Dec 16
4
71, 282
7
2118 2214 2112 2218 44,300
4
Am Water Wks & ElecNo pa
90
90
9014 9014 •90
91
71s Mar 13 2214 Dec 26
1251 275s
91
91
92
92
600
913
914
912 97
Int preferred
2 .914 93
8
No pa
48 Mar 19 9414 Nov 12
80
48
54
914 912
9 8 912 3,300 American Woolen
3
6234 6418 633 64
4
6213 63
No pa
47 Mar 13 103 sent 19
8
4
47
8
1713
7
63
633
4 62
6212 4,700
Preferred
158
153 18
15
8
13
4 2
10
3513 Mar 18 6834 Nov 19
8324
2
3513
36
218
17
3
178 5,900 :Am Writing Paper
•87
8 914
9
9'2
9
105
8
18 Mar 29
25 Dec 16
8
414
1
9
34 1012
34
9 8 958 4,900
3
Preferred
*45
8 47
No par
45
8 434
214Mar 15 113 Dec 16
43
4 43
4
4
214
2 2 1712
,
453 45
8
43
4 43
4 1,700 Amer ZIEM Lead & Smell___100
*41
471 *41
471 *41
4718
gs4
3 Mar 13
57 Dec 5
8
9
3
*40
44
•40
44
Preferred
4 273 2812 28% 293
2718 273
4
25 31 Mar 20 49 Aug 21
3612 5013
4
31
2812 30
287 2953 116,000 Anaconda Copper Mining
3
•
35
353
35
35
3534 36
50
8 Mar 13 30 Dec 9
8
4
10
173
343 353 .35
4
4
353
4
500 Anaconda Wire & Cable__No par 1818 Apr 1
1514 ISlz 15
4
15 8 143 15
3
37 Dec 6
753
145 15
8
914 1853
147 15
3
2,200 Anchor cap
No par
103 103 •10114 103
107 Sept 25 175 Jan 4
102 102
8
1318 2434
8
107
8
902 1043 10314 10314
4
140
$8.50 cone preferred-No Par 9612 Oct 2 109 Apr 26
1112 1112 1112 1112 12
•11
106
80
84
•11 8 1214 913 1238
,
4
1,500 Andes Copper Mining
403 403
4014 41
10
8
313 Mar 21
4133 4138
123
31s
101s
41s
4112 42
42
42
1.200 Archer Daniels MidI'd___No par 36 Jan 16 52 8 Dec 9
920 1201 920 12012 12012 1201z
Aug 1
21 2
,
2614 3918
12012 12012 121 121
30
7% preferred
•107 108 907 108 907 4 108
100 117 Aug 22 12214 July 19 106
3
117
10
108 10818 *106 107
200 Armour & Co (Del) pref
478 5
100 97 Apr 3 109 Deo 7
47
8 0
7614 1033
5
47
8
64
8
473 5
43
4 47 20,300 Armour of Illinois new
8
5
564 56
66
6614 6512 6553
314 Apr 3
31:
81s Jan 3
63
4
314
6514 653
2 05
8 3 1,800
53
$6 cony pre/
No par 6512May 1 703 Jan 10
•101 10312 *101 10312 *101 10312
664 7114
4614
8
•101 103 901 103
Preferred
100 85 Jan 2 110 Jan 30
447 4513 4512 4614 4514 46
8
31,
4
54
85
46
4614 4614 4814 10,100 Armstrong Cork Co
No par 2533July 19 4814 Dec 27 1 13
- For footnotes see Witte 4122
Saturday
Dec. 21
New York Stock Record-Continued--Page 2
4124
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 25
Thursday
Dec. 26
Friday
Dec. 27
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 28 1935
July 1
I 1933 to Banes for
Banos Slues Jan. 1
Os Basis of 100-shari Lots Nor. 30 Year 1934
1935 ----Low Low
HOS
SWIM
Lowest
$ per share $ per LS $ per skate
Par $ per share
Shares
24
8
88
$ per share 5 per share $ per share $ per share $ per share $ per share
4 Mar 6 9 18 Dec 9
5
8 4,100 Arnold Constable corp
734 77
74 8
74 8
8
818 83
1013
34
814 814
4
8
97 Oct 21
3
3 4 Mar 15
Vo par
200 Artloom Corp
814 814
*818 814
4 704
638
4
833
814 814 `84 84
Nov 2
*814 812
100 70 Apr 25 90
__
Preferred
_
93814
*8814 _ _
.._
4
/
714 181
714
- *8814
-- *8814
84
*8
4
/
71 Mar 13 1834 Nov 19
1
--- Associated Dry Goods
-38 ---4
8
- - 133 14 --145
14
90
46
4
4 ff38 133 1412
44
1512 1312 143 8
100 807 Apr 3 109 Sept 18
8% let preferred
100
10712 10712 *10412 109
8
847
36
36
*1044 108 *10412 108 .107 108
100 48 Mar 12 100 Dec 19
7% 2d preferred
100
100 100
•99 105
*98 110
*93 110
294 4012
26
•98 110
4
25 293 Feb 21 44 Dec 24
110 Associated 011
*4112 50
42
242
44
44
44
.42
1
/
4514 734
4
353
3914 41
4
28 593 Dec 9
4
14,400 Alch Topeka & Santa Fe__130 353 Mar
4 5614 57
4
/
,561 573
5718 5614 57
7018 90
5314
5512 5614 56
100 8653 Mar 28 0218 Dec 13
Preferred
4 1,900
913
91
9012 91
4
2412 54,
9014 9018 9038
*90
90
1912
90
4
1
/
100 1912 Apr 3 37 Jan 4
4 8,300 Atlantic Coast Line RR
4
2914 3014 283 293
4
293
18
29
5
8
3
3012 295 30
3018
3 Mar 6 1712 Dec 2
220 At 0 & W I SS Lince____No par
4
123
12
13
13
8 24
77
8
6
1234 1278 123 1238 *1258 13
6 Mar 5 194 Dec 2
100
Preferred
100
15
•14
15
•14
16
*15
16
*15
2112 85,
4
16
2012
16
25 2012 Oct 3 28 May 16
8
265 13,900 Atlantic Refining
26
8
265 27
4
8
267 2714 263 2718
3514 554
8
18
265 27
4
No vat 323 Apr 3 4812 Nov 7
474 4812 1.500 Atlas Powder
4312 46
46
*4318 43 4
3
107
75
83
4
4334 433 *43
4
100 1083 Jan 2 115 Sept 19
Preferred
30
113 113 *11212 _ __
•113
4
/
4
518 161
11318 1134 •113
4 Mar 13 1912 Dec 6
No par
4 8
185 1918 183 1914 3.400 Atlas Tack Corp
8
1914 193 lit:
15
1914 -161 2 571
4
/
19
19
No par 15 Mar 18 4512 Oct 21
4114 404 4218 19.500 Auburn Automobile
38
3914
4
8 363 3712 37
3614 363
2 Dec 7
Dec 23
184
Rts WI
31 400
4
---- ---17
- 12 765
44 is,
4
4
512May 6 14 Jan 2
No par
4 5,200 Austin Nichols
83
8
8
4 87
*83
834 9
84 914
3114 65
8
275
812 9
3512Mrty 7 63 Jan 2
No par
Prior A
220
*4218 4638
*4218 46
431
464 *4314 4614
46
43
4
1
/
2
514 Dec 26
4July 10
23
new 3
514 57,500 Aviation Corp of Del(The)
478
458 514
434
458
fic
8 472
43
412 478
112 111
8
65 Jan 9
118 Feb 20
No par
414 412 17,900 Baldwin Loco Works
438
414 412
414
414 438
413
414
4 644
16,
712
712 Apr 3 40 Dec 10
100
Preferred
2.400
37
8 37
3718 377
4 344
123
s
712
73
4
/
3714 371 374 3 4 37, 3714
Mar 13 18 Sept 11
4
1
/
7
100
3
8 15 4 1612 15,000 Baltimore & Ohio
8
1614
163 165
8 16
8
373
15
8 1618 163
918
163
16
94 Mar 13 2514 Dec 5
100
Preferred
2158 2214 2112 2214 3,700
8
8818 1027
4
/
2214 211 2212 *2112 22
86
22
4
100 1003 Feb 21 11012 Dec 16
100 Bamberger (L) & Co pref
•10712 10914 109 110
10912 110
294
3512 4818
*10812 11112 *10812 110
50 364 Mar 12 4912 Aug 9
200 Bangor & Aroostook
42
*4212 4278 *40
3
954 115
314
4
91 12
*4312 43 8 433 43 4 4314 4
7
100 10614 Mar 18 116 Dec 2
Preferred
•114 115 *114 115
4
/
61
4
/
21
214
*114 115 *114 115 *114 115
314 Feb 25 1512 Nov 25
No par
800 Barker Brothers
4
14
133 1334 1312 14
1412 14
*14
14
8
137 14
1618 3312
100 32 June 21 88 Nov 18
64% cony preferred
120
85
*82
83
*8212 85
8
57
8212 8212 83
54 10
85
*82
8
57 Mar 6 1434 Dec 23
5
1412 42,200 Barnadall Corp
1418 1412 14
4
1153
23
144 141* 144 1434 1414 1413
23
1
/
4
No par 3718 Mar 14 643 Dee 24
6212 6212 6218 623g 5,900 Bayuk Cigars Inc
6412 634 643
4
80
811
6214 63
10912
60
4
100 1073 Jan 11 115 May 16
60
Bit preferred
11112 11112
*11112 112
8
4
4
g
4
/
81
2
1014 1934
1117 1117 .11143 1117 1113 1113
Oct 10 2018 Nov 16
25 14
8 3,800 Beatrice Creamery
173
1718 1712 17
100
55
1712 1714 1712
55
1738 1738 17
100 10018 Jan 5 10818June 18
Preferred
100
•107 111 *107 111
10718 10718
36
27
31
•107 109 *107 109
50 33 Nov 6 3312Sept 24
Beech Creek RR Co
3614
3614 *32
032
3614
764
58
3614 •32
64
364 *32
Sept 12
*-20 72 Feb 2 95
1.000 Beech-Nut Packing Co
89
8812 8812 89
8814 8712 88
8 1514
4
1
/
87
7
8814 8814 88
4
143 Nov 16
1118 Mar 18
Hemingway Co__No par
134 1314 1318 1314 3.300 Belding
8
8 1314 133
1
/
8
133 134 1314 135
954 127
79
79 Sept 19 11712Mar 7
Belgian Nat Rye part pref
*8314 86
*8314 86
*8318 86
4
4
1
/
93
834
*83
934 234
*8318__
8
5 117 Mar 13 2412 Oct 21
4
223 2312 2258 2312 53,000 Bondi' Aviation
8 214
124 194
2234 - -14 227 - 3- 2212 2318
23
4
1518 Mar 13 223 Dec 26 3 12
par
2238 2234 2214 2212 37,600 Beneficial Indus Loan ____No
8
8
2214 223 223
40
29
21
2134 2178 22
30 5712 Nov 7
No par 84 Jan
4 3,000 Beet & Co
493
4834 5012 49
8
2418 4914
214
4
/
4 531 5418 513 5138
8
43
5 3 543
No par 215 Mar 18 5112 Nov 19
8
493 5012 70,200 Bethlehem Steel Corp
g
497 51
4
4
48 14 4018 483 505
4714 48
5478 82
8
443
4
100 553 Mar 18 12112 Nov 16
7% preferred
4 5,900
8
1167 12018 119 1203
194 40
4
143
115 4 1163g 11512 11638 115 11812
3
104 Mar 19 2712Sept 30
4 1,800 Bigelow-Sant Carpet Ina__ No par
233
23
1614
23
23
6
6
8
4 223 2314
2334 *223 233
4
23
8
93 Mar 14 17 Nov 14
No par
8,100 Blaw-Knox Co
1514
8 15
153
15
26
17
1514
15
18
8
147 15
8
1412 15
8Juno 19 237 Aug 16
165
Brothers___No par
Bloomingdale
8
217
8
109
217 .20
*20
88
2178
65
8
217 *20
2178 *20
*20
114 Dec 27
4
/
100 1031 Jan 22
Preferred
50
564
28
•112 114 *114 114
28
*11112 114 *112 114 *112 114
4
/
100 281 Mar 13 90 Dec 26
30 Blumenthal & Co pref
9312
*91
4 1114
63
618
08512 90
_
31 2*85
8
5 • 61g Mar 18 20 Dec 26
8
4
183 197 104.200 Boeing Airplane Co
4
163 20
4
441s 683
4
4
333
1678
1412.-315 4 164 - 8 1614 163
ö 305 July10 597 Jan 8
8
94
8
5178
76
515 5213 527 5514 6,800 Bohn Aluminum & Br
68
4934 5012 5014 5114 51
No par 90 Jan 31 100 July 18
320 Bon Aml class A
4
473 July 17
4 9312 9312
9412 943
94
94
95
4 94
3
94 4 943
4
383
No par 38 Dec 27
Class II
350
3912
38
39
39
,
s
- WI
nil
18
40
40
*39
.39
40
4
*39
15 21 Mar 29 273 Nov 8
8
253 17.300 Borden Co (The)
g 25
8
2514 257
1618 313
1112
2514 2512 2518 2512 2518 2534
10 2814 Jan 15 6312 Dec 23
8
673 19,600 Borg-Warner Corp
6812 87
67
514 1918
6812
8 63
3
34
624 633
4
8
623 63
87 Dco 17
4
33 Mar 27
100
3
4
712 2,900 Boston & Mahe,
4
7
714
74 712
7
84
4
23 Dec 10
7
4
12June 6
3
7 4 73
class A___50
300 :Botany Cons Mills
13
4
4 218 *114
*13
213 218
8
- -812
214 214 *218 23
813 Apr 30 1718 Nov 20
No par
1512 1578 8,900 Bridgeport Brass Co
8
153 16
Stock
3
13
153
- -3614
1518 16
18 8
154 15
15
s
2418 Feb 7 553 Oct 26
par
4
8
8 527 533 15,400 Briggs Manufacturing-No par 234 Jan 17 $5 Oct 26
2718
5318 537
14
1018
8
8
8
517 523
4 527 5314 5238 537
No
600 'Maga & Stratton
48
48
49
Exchange *4814 49
26
37,8
25
47
4712 4814 4814 49
4
3
5 30 8May 25 413 Oct 26
4 1,200 Bristol-Myere Co
4014 403
404 41
4114
4
/
81
14
8
33
8
*405 4118 41 12 4112 *41
512 Dec 4
138 Apr 18
300 Brooklyn & Queens Tr___No par
8
8 *412 45
*412 45
4
/
41 412 Closed4
314 58,
4
412 43
14
*412 5
14 May 9 38 Deo 4
No par
Prefcm d
200
3412
334 *32
*32
3314
2814 444
1
/
254
,
33 4 *32
4
8 33
334 35,
*
No POT 3618 Mar 15 463 Aug II)
4,400 BIlyn Manh Transit
8
395 41
41
8218 97
41
8
6914
4 413 42 Christmas
4218 *4114 413
42
No par 90 Jan 4 100 Aug 8
$6 preferred series A
600
3
8
9914 9914 987 987
8018
8
46
99 3 •984 9912
43
99
99
99
No par 43 Mar 18 7118 Aug 13
4
5312 513 5314 4,600 Brooklyn Union Gas
53
Day
52
8 51
4 504 507
4
503 503
61
45
41
3
No par 63 Mar 11 63 4 Aug 2
400 Brown Shoe Co
6314
621* *62
*62
8
107
4
82
8
62
33
62
62
4
*613 62
8July 5 1112 Dec I
33
No par
1,700 Bruns-Balke-Collender
4
4
8
113
914 93
312
318
10
10
934 93
10
10
10
8
10
87 Dec 14
14
414 Mar
10
812 838 2,900 Bucyrus-Erie Co
144
8 8'2
a
83
6
8
814 812
814 812
812 812
818 Mar 15 173 Dec 16
5
Preferred
4
4 163 1714 6,600
75
1618 163
50
1612
47
8
1612 1612 163 1612 16
4
823 Mar 22 9612 Dec 16
100
7% preferred
10
961g 9618
4
/
974 996_
71
3
*96 3
9712 996
*96
4
93 Nov 22
314 Mar 15
No par
44
4 918 13,800 Budd (E 0) Mfg
83
88
3 --783
16 . 16
8;
4 -.7
83
4 9
83
4 84
83
100 23 Mar 14 9712 Dec 16
7% Preferred
14
951 *8514 94
*00
92
*90
06
092
3 Nov 25
96
*92
14Sept 11
Rights
218 12,100
2
218 214
3
18
2
8
23
i
214
8
214 23
8
143 Nov 22
214 24
218 Mar 21
No par
37,100 Bunn Wheel
8
4
123 1313 127 13
64
2
212
34
8 1212 127
1212 1278 124 127
4May 13 1434 Nov 29
33
No par
200 Bulova Watch
4 1314 1314
•134 133
8 15,2
57
1313 1312
418
Nov 16
01312 1418
8
143
•14
4
/
81 Mar 13 2112
No par
2212 2212 3,800 Bullard Co
227
21
6
4
/
I1
4
1
/
4
4
/
2s4 Jan 25
204 2114 2012 2114 201 203
14July 9
No par
Burn, Bros class A
11/4
11
*114
*114
34
1
1
112
8
112 •13
112 Nov 2t
112 *138
*138
4
1
/Mar 20
No par
Class B
620
1
1
8
*7
1
1
8
7
1615
1
8
7
3
4
8
97 Jan 23
1
4
*3
3 'Mar 16
100
7% preferred
1,490
4
8 73
75
8
85
8
104 s194
712 712
1012
3
74
7
4
1
/ 8
*7
par 134 Mar 19 28 Nov 23
11,600 Burroughs Add Macb____No
34
2412 25
„ „
2412 25
8
3
34 Jan 21
2518 2514 254 25 8 245 2518
1 Apr 8
No par
214 212 1,300 :Bush Term
218 21
2
1
/
24
94
218
2
218
218 218 *2
514 Apr 3 104 Jan 22
100
Debenture
300
814 814
518 21
418
8 8'2
*75
3
84
818 81s
7
8 8 84 *8
Mar 28 2212 Jan 21
100 10
510 Bush Term Blau pref ctfs
4
1
/
3
1712
17
8
118
•163 177
118
17
17
312Nov 22
*1612 18
1714 18
118 Mar 12
5
1.000 Butte Copper & Zino
8 278
27
g
g 27
27
454
118
4
1
134 Jan 3
4
3
2 4 23
8 2
25
4
1
/
4
38June 3
218 23
No par
118 3.500 tButterick Co
113
1
*1
1
1
/
1
8
113
134 324
8
14
1
205 Jan 7
118
1
8
113 Mar 14
No par
4 3,300 Byers Co (A M)
1814 183
1812 19
8
677
32
40
1854 175 1812
4
1814 1812 18
100 32 Mar 14 66 Dec 6
60
Preferred
59
59
5812 59
1834 443
4
1
/
18
3
5812 *5812 61
4212 Feb 18
58
61
*58
No par 3012 Aug 1
1.200 California Packing
35
*35
3514 34
35
344 3418 •344 344 344
14
4
/
11
12
118 Jan 3
8
14Ju1y
)
53
4 4,400 Callahan Zinc-Lead
3
4
3
4
3
64
212
4
1
/
2
4
63 Oct 8
34
8
3
4
3
213 Mar 13
53
4
3
4
3
618 614 11,200 Calumet & Heola Cons Cop-25
154
614
6
6
6
6
64
54 8
7
58 6
8
4
7 Mar 13 331 Nov 2
3,700 Campbell W & C Fdy____No Par
4
314 303 31
1212 2918
31
818
3178
4 3112 3214 31
8
313 313
818Sept 27 1712 Dec 21
5
164 26,000 Canada Dry Ginger Ale
1512
164
4818 5618
16
44
1672
8
1678 1712 167 1718 16
100 50 Apr 9 5612 Oct 5
Canada Southern
*5312 57
*5312 57
84
5714
104 18 14
4
1
/
5714 *55
5714 *55
*55
8
85 Oct 2 13 Jan 9
25
4
8
2 105 103 33,000 Canadian Pacitlo
8
105 107
2214
281s 3814
8
8
8 105 107
4014 Oct 15
8
105 107
3
10 4 11
No par 30 June 1
1,100 Cannon Mille
39
39
3812 39
44
4
/
51 104
14 Nov 6
*3714 3712 3712 3712 3714 3712
8
43 Mar 21
1
800 Capital Adminls al A
1
/
1314 *1318 134
13
4 39
263
20
13
1272 1278 13
10 324 Feb 25 48 Nov 7
1278 1314
Preferred A
110
4
4
04634 4712 *463 473
85
74
(10
48
48
4
1
/
4
/
*471 4812 463 48
& Ohio Ry__100 824 Feb 27 88 Aug 20
Carolina Clinch
87
*85
87
•85
9218
87
70
•85
70
87
•85
Mar 20 95 July IS
87
•85
100 85
Stud
•____ 90 *____ 90
818 Deo 5
9012 *88
904
9019 •86
7 Dec 21
*88
1
718
718 2,700 Carriers & General Corp
7'.
7
35
863
- 4
74
7
74 71.2
74
7
3
100 45 4 Mar 18 1114 Nov 16 35
9812 9612 9818 5,300 Case (41) Co
584 93
8
567
97
4 9712 984
9612 9712 983
96
100 8312 Apr 11 12612 Nov 6
Preferred certificates
70
4
4
•1153 117 *1153 117
23
4
383
15
115 11512 117 117
117 117
No par 3618 Jan 18 60 Nov 8
Tractor
4
553 564 6512 5612 11,500 Caterpillar
8
174 417
1718
5614 554 5578
4
1
/
55
56
55
1912 Apr 26 35 Jan 7
/Vo par
19,000 Celanese Corp of Am
274 2719 2738 29
---- -___
16'8
284 2812 2712 2818 274 2712
No par 1618 Nov 30 2114 Nov 18
6,200 :Celotex Co
8
1814 173 1914
18
55
4
1814 1814 1814 1812 173 184
100 55 Nov 20 6234 Nov 21
5% preferred
58
*57
58
•57
58
*57
1884 itili -1C114
58
*57
53
2214 Feb 13 29 May 8
*57
par
2612 1,300 Central Aguirre Asso
26
4
253 26
92
2612
53
281
34
26
2612 26
•26
New Jersey -100 34 Mar 18 6212 Aug 17
1.100 Central RR of
46
44
46
46
4
1
/
12
512
48
47
518
4713
8
123 Jan 16
5018 48
618July 31
.48
700 Century Ribbon MIlis___No par
8
814 85
818 84
82
,
110 2
75
812
818 814
4 *8
*814 83
100 964 Mar 14 10918 Jan 2
20
Preferred
•100 103 *100 103
4
304 4418
4
4
233
1023 1023 *100 103
102 102
5838 Jan 151 654 Dec 7
5012 531. 5318 5434 27,700 Cerro de Pasco Copper___No Par
4 5014 5214
533
5314 5352 52
1
/
74
314
8
25
358 Mar 13 1218 Dec 27
par
4
1112 118 113 1238 6,800 Certain-Teed Producte_No
1718 35
4
104
8
4
/
8 107 1114 1118 11,
3
10 4 107
100 23 Mar 12 801 Doc 11
7818
78
em
420
80
7% preferred
80
418 1612
4
/
41
7818 7818 •78
80
4
/
*78
41 Mar 27 201 i Deo 4
5
400 Checker Cab
1812
18
19
•18
19
8
487
*17
34
17
2918
17
•1614 19
No Dar 36 Mar 12 6114 Nov 27
4 3,600 Chesapeake Corp
5614 563
571
57
3718
612
394 484
4
553 5614 5618 5612 5618 5
25 371i Mar 12 5314 Dec 4
8
8
8 497 503 16,600 Chesapeake dk Obto
504 505
504
7
14
8 50
1
24 Jan 12
5012 507
504 51
1 Apr 26
100
700 :Chic & East III Ply Co
118
118
112
*114
112
8
4
/
11
8 •118
15
4
314 Dec 18
8June 3
112 *1 18
•118
7
100
6% preferred
212 212 1,700
8 238
23
54
214 212
112
5s
24 Jan 7
4 24
23
4 24
23
8
5 Feb 23
100
; 1,300 Chicago Great Western
13
8
13
8
13
8
13
138
8
13
8
8
15
313 117
112
112
134
538 Deo 2
Feb28
3
•13
158
100
1,100
Preferred
3 4
37
7
334 4
8 34
37
4
13
I
8 372
37
9 Dec 12
4
4
1 Mar 30
,
!Chic Ind & Lone's prof __100
7
*5
7
*5
834 19
7
4
*6
7
*5
*412 7
1918June 7 235 Nov 7 I 83
5
1,800 Chicago Mall Order Co
31
311 4 314 231
32
812
2
4 32
14
3 Jan 3
5
324 32 8 3218 323
14 Mar 29
8 8,600 :Me Milw SIP & Pao_ -_No par
15
8
13
112
112
1314
112 158
318
112
34
113
4
1
/
4 Jan 4
8
4
/
11 15
4
1
/ Mar 29
100
Preferred
212 212 9,600
212
8 212
23
214
4
1
/
2
214
212
34 15
8
55 Jan 7
14
212
138June 28
8
232 25 10,200 Chicago di North Western_ 100
8 212
23
4 28
53
8 212
23
35,
3
8 212
23
103 Jan 8
212 212
353July 1
100
8 74
1,000
62
Preferred
64 7
94
8 612
63
352
8
35
614 614
8
614
*6
453 Mar 14 197 Dec 27
8 9,300 Chicago Pneumat Tool__ _No vat
197
19
1818 1914
2834
1814
18
1414
18
4
1
/
1414
3
173 1712 17
No par 20 Mar 13 51 Dec 27
Cony preferred
2,800
54
53
5114 53
5114 5114 5114
*51
4
/
81
4
/
11
24 Jan 9
51
34
51
4July 9
3
Pacific__100
8 5.100 :Chicago Rock lel&
13
114
112
114
94
8
13
114
24
8
15
114
14
114
114
414 Deo 10
8
15 Mar 30
100
7% preferred
3,300
314 4
3
24 3
3
2
318
8
114
3
4 Jan 10
8 314
*27
114July 22
100
6% Preferred
3 12 3,000
3
4
1
/
8 2
25
4
1
/
3
24 2
8 34
27
94 sla
8
94
*212 27
914July 19 181 4 Doc 27
No par
1814 2,800 Chicago Yellow Cab
8
165 164 17
2
1314 144 1412 163
*1214 1314
For footnotes see Page 4122
Volume 141
New York Stock Record-Continued-Page 3
mau AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
4125
..2 I
Sales
STOCKS
nailed Simi Jan. 1
1933 to /taupe /or
for
NEW YORK STOCK
On Basis of 100-shari Lola Nov.30 Year 1934
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
Dec. 21
1935 ---Dec. 23
Dec. 24
Dec. 25
Dec. 26
Dec. 27
Week
Lorest
Highest
Low Los
High
----S per share $ per share $ per share
3 Per share $ per share $ per share Shares
Par $ per share
$ per share I per el I per share
2812 2812 29
29
*29
295
8
2912 2912 294 2912
800 Chickasha Cotton 011
10 25 Sept 17 313 Dec 12
4
15
194 3014
74 714
718 712
712 734
73
8 73
4
63
4 74 5,000 Childs Cs.
No par
312 Mar 15
9 Dec 4
*237 26
8
34
24
25
34 114
25
25
*237 25 .237 2512
8
8
40 Chile Copper Co
25
9 Feb 23 26 Nov 25
8812 90
9
104 175
907 93
8
8
923 937
s
8
915 9314 915 9312 240,900 Chrysler corp
8
8
5 31 Mar 12 9373 Dec 24
1338 1312 1358 14
2614
2914 601
1312 1358
8
133 134 1358 14
4
4,400 City Ice & Fuel
12 Oct 8 247
Vs par
8May 24
12
7318 7318 73
174 3438
73
'7318 74
723 733
8
4 71
7218
Preferred
330
100 6934Sept 10 100 May 3
.3812 51
834
*3812 _ __ *3812
87 0212
__
*3812 -_-- *3812 _ - ...
City Investing Co
100 35 Oct 7 37 Oct 29
35
514 53
3714 52
s
54 518
5 _4 54
518 514
5
-54 ..... City Store, new
5
314 Apr 30
612 Nov 18
4
2634 263
24
4 263 2714 263 27
4
34
4
2612 27
26
2612 4,800 Clark Equipment
No par 124May 15 2738 Dec 18
.80_
612
*80
83
4 2114
_
*80
*SO
- .80
.
_
C C C& St Louis pref
100 80 Nov 2 89 Aug 23
45 - 3- 2463 - - 8 4614 - -12
71
4i 4
71
4 4779 4
03
46
.,--- 6,200 Cleve Graphite Bronze Co(The) 1 275
46 - 46 4634 4634
8July 3 4812 Dec 12
*8218 87
275
8
*8218 87
*8218 87
*8218 87
*8218 87
Cleveland & Pitteburgh
50 80 Dec 26 87 Oct 31
*43__ __ *43
60
704 71
__ *43
_
*43
. _ *43
_
__
Speolgrt 4% betterment stk 50 48 June 25 48 June 25
5358 55
31
5412 1712 57 - 3
38
45
5/4
55 5i
5312 -- , 12,600 duets Peabody & Co____No par 20 July 27 523 Dec 24
553
*121 124 *120 124
4
20
244 45
12012 12012
*120 124 *120 124
Preferred
20
100 110 Aug 19 126 May 20
90
834 8412 8412 9012 8712 89
95
115
88
8812 86
87
6,300 Coca-Cola Co (The) w 1_ _ 57opar 7212 Nov 16 93 Dec 9 "2l'
*5512 66
*5512 56
*5512 56
--5512 554 *553 56
4
200
Class A
No par 5314 Apr 20 584 Dec 9
195 20
454
197 20
8
5018 - 67
195 2018
8
20
2014 20
203 12,800 Colgate-Palmolive-Peet No par
8
1518June I 21 Dec 16
10512 10512 *1043 11512 105 105
9
4
94 1818
*1043 10512 *1043 10512
4
4
Preferred
500
6%
100 101 Jan 3 10714 Dec 9
4634 4714 4612 4714 4612 47
66
6812 10211
464 50
4814 4912 23,000 Collins & Alkman
No par
9 Mar 13 50 Dec 26
9
10
284
•108 10812 108 109
109 109
•108 109
109 109
240
Preferred
100 693 Mar 13 109 Dec 23
4
*812 9
698
*812 9
4
0812 9
74
94
812 812
814 814
30 Colonial Beacon 011
Vo per
03 Jan 10
4
*37
8 4
94 Nov 9
4
5
6
4
334 37
9
4
45
8
44 478 3,800 :Colorado Fuel & Iron
4 Mar 13
25
No par
2512 257 2578 25
12
012 Jan 21
352
8
814
25
25
255
8 253 2712
4
Preferred
530
100
•1712 19
5 Mar 14 284 Jan 21
5
1712 1712 *1712 18
1012 32
1712 18
1712 1814
940 Colorado & Southern
.1414 18
100 103 Feb 28 2212 Dec 5
4
4
*15
103
173 .14
1652 6038
4
1734
18
18
1678 17
120 -1,1% 1st preferred
*15
100
16
7 Feb 28 21 Dec 5
*15
16 .15
7
13
3314
16
15
15
.1012 147
8
50
4% 3c1 preferred
100
65 Mar 9 1712 Dec 7
8
65
8
11
96
95
93
30
4 9512 •94
951
•94
4
96
93 4 933
3
800 ColUmblan Carbon v to __No par 07 Jan 15 10114 Nov 6
4312 4334 44
774
53
45
443
4 4312 431
43 43
4014 41
3.500 Columh Piet Corny t 0-- No Par 4014 Dee 27 497 Dec 10
483 49
4
8
*4812 49
483 49
4
49 49
4812 49
1,400
32.75 cony pref
1234 1318 123 1318 124 1338
No par 41 Dec 18 50 Dec 17
4
-- 1312 1414
1312 1412 60,100 Columbia Gash Eleo
No par
34 Mar 13 154 Oct 30
8518 8512 853 8512 86
8
- 8
33
87
.8612 88
88
89
900
Preferred series A
100 3512 Mar 13 90 Oct 23
81
81
*653 81
4
354
52
*653 81
4
783
4
.653 81
4
*653 81
4
10
5% preferred
46
100 31 Mar 15 83 Doe 11
4614 454 463
31
8 453 46
al
71
4
4512 46
4 9,600 Commercial Credit
433 443
4
.11012 113
10 394 Jan 2 58 Oct 18
11158 1114 11214 1121
11'4
185
2 4014
*11012 11218 110 1103
4
400
5S4% preferred
110 Oct 23 11912 Aug 10 110
597 603
8
4 6014 6012 5912 601
5818 6012 583 593
8
4 9,800 Comm Invest Trust
.111 11218 •111 112 •111 112
5014 Feb 7 72 Aug 15 3 224
No par
3554 01
11012 111
11014 11014
500
Cony preferred
No par 11014 Dec 27 1154 Jan 29
99
9912 100 100
8412
100 100
91
114
993 100
4
9912 994
800
$4.25 cony pf ser of 1935 No par 9778 July 29 105 Oct 15
2014 2012 20
2012 197 203
974
.8
-8
204 207
8 205 2114 63.200 Commercial Solvents
8
23
No ear 1812 Oct 3 237 Jan 7
8 212
23
8 212
2
153
4
1534 303.
24 24
e
23
4 27
8
24 27 168.400 Commonvelth & Sou
8
No par
13214 63
3 Mar 8
4
63
3 Nov 8
6514 6512 673
34
1
4
33
4
683 6912 69
4
69
4,100
36 preferred eerlee
*912 10
No par 294 Jan 4 71 Oct 30
0912 10
1738
314 524
*912 10
*912 10
912 912
100 Conde Nast Pun Ino
No par
54 Mar 18
404 403
11 Dec 2
8 4018 401
5
4014 4012
3
134
/
1
404 41
4012 423
4 6.900 Congoleum-Nairn Inc
No par 27 Mar 15 4514 Nov 20
1612
32
355
8
•1418 17
*155 16
8
16
16
*1512 16
16
16
400 Congress Cigar
No par
1612 164 165 17
9 Feb 7 2112Nov 9
8
714
714 144
17
17
163 17
4
16
165
8
310 Connecticut ay & Ligntlug_100 1458 Nov 19 49 July 19
.27
29
2812 29
1453
32
*28
61
29
.28
29
283 283
4
4
Preferred
70
100 24 Nov 20 5812Sep1 20
.95
8 97
8
24
97
8 97
55
8
95
58
8 94
9
93
8
914 91
8 1,800 Consolidated Cigar
7 Mar 14 114 Nov 25
No par
.63
663 *6312 663 *6318 663
4
514
514 133
4
8
4
*6312 6634 .634 668
4
Preferred
100 62 Mar 28 74 Jan 24
.70
71
70
3014
71
31
707 71
75
8
71
71
71
7112
190
Prior preferred
100 69 Nov 1 82 Feb 28
.70 110
*69 110
4514
454 We
*7018 110
.6918 110 .6918 110
Prior Dref ex-warrants
100 7211 Oct 23 80 Mar 6
512 512
4514
49
512 5
70
4
512 53
4
54 54
5 2 54 1,900 (3onsol Film Indus
3
314 Slay 17
1
1778 1818 18
152
712 Jan 16
61,
18
158
18
1818
174 18
177 18
8
1,300
No par
Preferred
297 3012 30
1414May 31
8
224 Feb 15
307
73
4
3 3014 304
104 203
8
304 324 303 32
4
60.800 Consolidated Gas Co
No par 157 Feb 20 343 Nov 20
10312 10358 10314 1033 102$4 10314
2
4
157
2
1812 474
4
2102 10212 10214 10214 1,700
Preferred
No par 7218 Feb 23 10518 Nov 20 271
5
5
5
5
271
47
95
8 5•
43
4 434
43
4 43
4 2.800 Comm! Laundries Corp
No par
104 1118 11
112 Mar 12
64 Dec 6
1114 11
112
14
41
8
1118 1114 1118 114 94,200 Consol 011 Corp
No par
.11112 1113 11112 1111 *11112 114
64 Mar 13 1114 Dec 23
4
64
74 141e
11134 1113 11112 11112
4
300
8.6 preferred
.101 10114 10118 10118 *101 1114
100 10812 Feb 5 11212 Oct 28 103
108
10114
1124
Stock
101 101 *1003 101
4
1614
200
Preferred new
10012 Dec 19 10118 Dec 18
7
7
7
64 7
7
7
.614 67
2 1.800 Comm SR 01 Cuba pref
100
212 Jan 25
814 Dec 10
3
4
- -18
2
3
4
3
4
1
7
s
111
- -44
6
3
4
7
11 Exchange
34
7
8
3
3
4
4 5,100 :Ooneolidated Textile ____No par
18
4 Aug 10
138 Nov 21
19
193 201
8
2018 203
4
4
218
4
2034 2312 22
227 22.900 Container Corp class A
8
834June 5 2312 Dec 26
20
414
74 74
618
74 • 74
134
Vs 8
Closed8
0
84 9
36.500
Class B
No par
2
78Ju1ie 10
9 Dec 20
2
94 94
94 93
3
4 10
/
1
4
1112
51
/
4
11
117
8 1112 114 19,700 Continental Bak class A No par
13
8 138
412 Mar 13 117 Dec 26
138
8
14
44
54 144
112 17 Christmas
8
13
4 178
158
178 22,000
*64
Class B
No par
ss Apr 1
6414 64
17 Dec 24
8
61
66
4
72
24
6712
68
6812 6814 69
1,600
Preferred
83
84
100 464 Jan 28 69 Dec 27
8134 833
6414
4 8214 834
444 64
Day
817 823
8
4 814 843 19,300 Continental Can Inc
4
20 024 Jan 15 9914 Nov 20
37
563
8 6411
1834 1834 1814 183
4 1813 1831
1S3 183
4
4 1812 19
1,500 Cont'l Diamond Fibre
43
43
7 Jan 15 2012 Dec 11
6
6
4314 4312 434 434
112,
6
43
435
8 425 4373 6.000 Continental Insurance
8
2.50 284 Mar 13 444 Dee 11
24 213
20
218 212
234 3614
214
212
23
8 212
24 238 15,100 Continental Motors
2
4
1
304 321
34 Jan 2
23 Nov 29
4
317 3312 334 3478
8
24
24
4 333 3414 69,800 Continental Oil of Del
333 343
4
8
5 154 Mar 14 344 Dec 24
6514 6553 66
1214
6618 643 65
153
4 224
4
4
6514 633 6412
65
4
780 Corn Exchange Bank Trust Co 20 413 Mar 11
68
4
694 Dec 12
6012
684 674 685
4012 51
8 687 693
8
8
6812 6952 6812 693 10,300 Corn Product, Refining
4
•1604 163
25 60 Oct 2 783
8July 10
5512
161 161 .16014 163
5512 844
.16154 163
161 161
400
Preferred
100 14314 Oct 8 165 May 23 133
65
8 63
4
65
8 7
135
612 64
15012
63
8 6
4 63 13,600 Cot, Inc
53
4
8
37
412 Mar 13
No par
37
75 Dec 9
8
37
37
34
8
35
94
37
374
37
37
37
37
2,900 Cream of Wheat Mrs
•18
No par 357 Jan 15 397 Mar 4
181 •175 18
8
2
8
23
28
3614
173 183
4
8
174 184 18
1812 1,700 Crosley Radio Corp
*4312 44
No par
113
4Sept 24 1918 Dec 12
4314 4314 4314 454
7
8
1712
453 4718 4612 4714 7,200 Crown Cork & Seal
4
.45
2312 Mar 14 487 Nov 16
No par
471 *46
8
47 .46
183
183
4
4 3614
47
.46
47 .46
4653
$270 preferred
100 100 •100.
No par 434 Jan 4 48 Nov 20
32
354 4414
•100
_
•1004 _ -- .100
_ 10 Crown W'mette Pap lst DIN° par 741:Mar 13 100 Dee 21 7 40
852 8 8
'
,
47
8 4 - .7.
, 88
84
84 _-9
87
918
84 9
9.500 Crown Zellerback vs c
3414 3434 344 35
No
312 Mar 18
918 Dec IS
31e
3414 3514
34
65
8
3518 3512 3514 3614 4,700 Crucible Steel of Amerloa____ par
10412 10412 103 103 *103 105
100 14 Mar 15 3614 Dec 27
14
17
383
8
*103 105
10412 10412
500
0138
Preferred
138
13
15
8
100 4712 Apr 12 10514 Dec 16
14 0
2
30
44
71
112 15
8
112 15
8 1.600 Cuba Co (The)
•11
1312 all
No par
11
1 Jan 28
218 Dec 9
12
12
7
8
44
312
•1014 1212 *10
134
30 Cuba RR 6% pref
53
4 534
100
53
4 618
5 Jan 5 14 Dec 11
3
53
4 6
314 1012
53
4 57
8
54 618 5.300 Cuban-American Bug a
5812 1(853 5912 6012 *5912 60
10
518July 22
812May 13
212
34
94
60
60
6012 6112 1.080
Preferred
404 405
8 4018 41
100 4012 Jan 3 80 4May 13
3
3912 40
1412
2012 es
374 395
8 37
377
8 8.800 Cudahy Packing
214 2112 21
2138 204 2118
50 37 Dec 27 4712 Jan 2
3518
37
5258
203 2118 203 2114 5,000, Curtis Pub
8
4
.10134 102
Co (The)
1017 102
No par
8
15 Mar 15 2414 Nov 25
10218 10218
1312
134 294
10218 10218 102 1024 1,1001
Preferred
/Vo par 8912 Mar 14 10514June 13
3812
4313 954
353 37
3
3
4 37
8
33
1 37
2
378 418
4
4 14 134,900 Curtiss-Wrigh8
912 1012 1014 1053
2 Mar 12
1
414 Dec 27
97 1038
8
2
34
54
1038 1112 104 1114 142,900
Class A
.85
87
*85
87 .85
614 Mar 15 1112 1)80 26
1
87
34
514 12,
,
•85
87 .85
87
Cushman's Sons 7% pre
.63
70 .63
_100 73 Mar 23 295 Nov 15
70
63 63
73
7514 91
6318 6318 .63
701
20
8% preferred
443 4514 .443 46
4
No par 61 June 8 75 Nov 8
_4
4514 454
61
6412 90
46
49
4612 47
1,300 Cutler-llammer Inc
914 914
9
9
No par 16 Mar 13 47 Dec 27
.9
10
912
11
21 12
•83
4 912 .83
4 012
200 Davega Stores Corp
5014 5012 51
54
5314 5412
6 June 7 1012 Dec 14
5
512
6
84
53
5412 5414 5453 6,900 Deere & Co
27
27
2714 273
No par
8 27
2234 Mar 18 584 Nov 15
1012
1012 3412
274
27
2718 27
2718 2,900
Preferred _
225 23
8
23
2312 2212 2314
20 19 Jan 15 28 Sept 5
1014
104 194
2212 2258 2258 23
2.900 Dlesel-Wemmer-Gilbert Corp _10 187 Deo 2 2112 Deo 5 l•
37
3712 3534 3712 3618 365
8
8
44
- 363 3712 3512 3614 7,010 Delaware
4
1558 1578 154 1578
& Hudson
100 2312 Nlar 26 434 Jan 7
1512 1534
2312
35
-/3
155 157
12
8
8 155 16
8
16,100 Delaware Lack & Western-50 11 Mar 13 Ms Jan 7
.358 412
35
8 34 *35
8 4
11
14
331
,
34 34
312 33
600 Deny & Rio Or West pref
.125 130
124 125
100
12412 12412
112 Feb 27
5 Dec 9
112
3 4 1314
3
128 128
127 12914 1,100 Detroit Edison
05
64 .5
7
100 05 Mar 13 1294 Dec 27
5
5
65
634 84
*512 63
4 *512 83
4
90 Detroit & Mackinac Ry Co 100
.14
15
15
15
*1212 15
2 Aug 12
6 Jan 17
2
6
15
7
153
4 16
16
70
5% non-corn preferred__ _100
.404 41
4012 4012 .4018 41
518 Oct 2 16 Dec
112
10
.4018 403
1814
4 4018 401
200 Devoe & Reynolds A ____Iio par 3512 Aug 28 503 Jan 27
*1171
.11714 ___ .11714
_
2
,
20
•11714
29
5514
-•
1174
1.1 preferred
*374___3712 37 100 11412 MAI. 8 12012July 8
374 37
8912
37
_99
117
3714 - - 14 367 3712 1,100 Diamond
37
8
.3634 3712 *3634 38
Match
No par 2512 Jan 2 41 Nov 19
*37
374
21
294
21
• 8 374 *365 3712
365
8
Participating preferred
344 347
8 3412 347
8 33
25 343 Jan 7 4112May 3
34
2
274
284 344
334 35
3418 343 18,800 Distill Corp-Seagrams Ltd No
4
4334 4334 43 4312 4353 434
par 33 Dec 24 3812 Dec 9 1 84
43 433
4 423 433
4
8 3,600 Dome Mines Ltd
812 85
8
814 8 8
19.0 par 3418 Jan 15 444 Dec 10
,
83
8 83
8
25
32
- ,
461
814 812
814 83
8 2,600 Dominion Stores
403 44
4
443 463
No par
4
4 4512 4
634May 29 12 2 Jan 28
5
812
63
, 11
493 5412 514 533 102,700 Douala, Aircraft Ltd
4
33
4
Co Inc No par 174 Mar 12 5112 Dec 26, 1118
1414 2
.29
31
02914 31
.294 31
.2958 30
2912 30
20010reseer(SR) Nth/ oonv A No par/ 1318 Mar 15 32 Nov
.16
1612 1612 1612 .16
814
25
174
8
20
1618 1618
16
1612
*5
8
600
7,
Convertible class 11._ No par
4.58
i
s
43
8
78
64 Mar 18 1712 Dec 5
8
33
5
1 14
.
5
8
7
8
5
8
52
100 Duluth 88 & Atlantic
1
*1
1
114 .1
100
114
14June 13
14
1 Dee 11
•I
114 .1
5
8
14
114
100
Preferred
.634 7
100
7
7
14June 21
7
7
4
13 Dec 12
8
12
218
1 4 67
3
612 612
8
700 Dunhill International
153 1534 1518 155 .1418 16
4
1
2 June 6
8
814 Dec 10
3
2
.1478 16
113
4
•15
153
4
400 Duplan Silk
•1127
No par
8 ___ *1127
8 _
•I13
123
_
4May 21
19 Aug 6
123
4
•113
13
237
2
_
•113
__
_..
Preferred
136 137
100 103 Mar 20 110 Nov 16
13612 13f 8 1364 1373
- 34
- -92
92
11012
137 137
- 4 13734 1397 18,550 DuPont deNemoure(E
-- 8
.I.)&03.20 865 Mar 18 14612 Nov 20 11 597
.13014 132 .13012 13112 *13012 13112
8
103
2 100
13014 13078 •130 131
400
6% non-voting deb
114 114
100 1267 Feb S 132 Oct 28 10414 115
114 114 .114 115
2
•I14 115
128
114 114
120 Duqueene Light 1st pre
100 104 Feb 18 115 Aug 5
.20
27 .20
20 .20
26
85
90
•20
10714
26 .20
20
Durham [foolery Mills prat_ _100 12 Nov 29 2712 Dec 10
*612 63
4
63
4 63
4
64 65
304
8
12
21
63
4 67
8
63
4 63
4 2.500 Eastern Rolling Mills
15412 15512 15334 15412
_5
1553 156
33 Mar 13
4
4
8 Jan 7
312
15512 15712 156 157
64 13
3,600 Eastman Kodak (N .1)___No par 1104 Jan 10 17214 Nov 18
159 159 *153 160 •15653 160
6512
116
79
•15614 160 .15614 160
6% cum preferred
30
100 141 Jan 4 164 July 26 120
8 274 284 273 2814
2718 275
4
120
147
28
284 283 2912 14,700 Eaton Mfg Co
8
67
No par
8 678 .634 67
165 Jan 15 304 Oct 23
8
8
67
8 7
10
124 22
7
7
97
8 74 1.400 EitIngon Schild
No par
314 Mar 27
83 Nov 1
8
3512 354 354 374 363 373
4
314
4
0
19
363 375
4
8 3612 3718 49,700 Flee Auto-Lite (The)
5 193
8June 1
0112 11312 •112 11314 21103 1114
384 Oct 21
115
8
8
13
31
•11038 112
1104 11018
Preferred
10
100 107 Jan 23 11312Sept 2.5
124 1214 1212 1312 123 1318
75
80
4
110
123 143
4
4 14
145 75,500 Electric Boat
8
3
34 Mar 15 143 Dec 26
4
3
63
4 7
4 07
3
6
64 64
3
7
612 65
8
64 65
8 5,200 Elea & Mum Ind Am !hares
518 54
54Sept 21
514
52
512 6
8
85 Feb 18 . 212
8
4
414
9
6
638
618 612 42,000 Electric Power & Light __No par
118 Mar 15
712 Aug 17
2553 255
8 253 283
4
118
2912
8 28
214
9
2978 3118 3114 324 27,500
37 preferred
No par
3 Mar 13 3214 Dec 27
22
224 2414 243 2512
22
3
8
64 21
257 2738 2714 283 18.400
8
8
$ei preferred_ __ _ _ No ea
,
24 Mar 13 283 Dec 27
8
24
8
19
For footnotes see page 4122.
.1
- 19
6-,„ -,,
New York Stock Record-Continued-Page 4
4126
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Dec. 21
Monday
Dec. 23
, Tuesday
Dec. 24
Wednesday
Dec. 25
Thursday
Dec. 26
End*
Dec. 27
Safes
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 28 1935
Rasps Stud Jan. 1
Oa Basis of 100-1411rs Lots
Lowell
Highest
July 1
1933 to Rows for
Nov.30 Year 1934
1935 ----High
Low Low
$ per share $ per sk $ PIT share
Par I per share
S per share $ per share $ per share S per share $ per share $ per share Shares
52
1
/
34
1
/
No par 39 liar 21 584 Nov 30 3, 334
4,300 Eleo Storage Battery
5413 563
55
3 543 5614 55
5518 54
55
4
5512
4
4
/
11
4
1
/
s
7 Jan 10
4 Mar 29
12
12
12
12
800 :Elk Horn Coal Corp__ No par
52
*12
N
*12
N
4
1
/
334
1
8
17 Aug 17
8
5
8
5 Apr 1
50
6% part preferred
600
118
118
158
*118
138
114
138
114
8
13
138
63
45
45
5234 Jan 16 66 Sept 5
50
300 EndIcott-Johnson Corp
•6118 6212 6118 6118
63
63
63
6218 6218 .62
128
120
4
100 1253 Jan 10 132 Apr 23 112
Preferred
*130 135 *130 135
_ .*130 135
•130
•130
4
/
81
2
118
4
/
11 Mar 16
814 Nov 8
4
1
/ 734 1,500 Engineer, Public Sere __ -No par
7
612 714
614 614 *512 612
7
8 *57
1018
1012 23 2
,
No par 14 Mar 19 50 Nov 8
$5 cons preferred
4412 2,000
43
43
43
4314 4314 4212 4314
43
43
244
11
11
1412 Feb 7 53 Nov 8
No par
1,700
48
$514 preferred
4
1
/ 4718 4713
47
4
4612 4612 4613 4613 463 47
12
254
13
15Is Mar 19 5512 Nov 8
No par
86 preferred
400
5318 5318
52
51
51
51
52
*51
52
*51
413
1013
712 Dec 6
5
413 Aug 8
No par
653 658 1,200 Equitable Office Bldg
4
612 63
4
4 63
63
612 68
4
4 63
63
1
/
3 244
93
718
4
/
71 Mar 20 14 Jan 4
100
Erie
4
8 113 1214 3,500
4
/
111 117
4
/
4
/
1113 111 111 1214 1114 111.1
4
/
81
1912 Dec 4
4 284
143
4
1
/
8 Mar 26
100
First preferred
4
1714 163 1712 3,800
1
/
16
1612 1534 154
16
1578 16
23
9
4
1
/
6
4
63 Mar 12 1312 Dec 5
100
Second preferred
100
1112 1112
01118 12
8
117 *1012 1114
•1014 1114 *11
68
50
50
1
/
50 6912 Feb 18 854 Nov 1
_
Erie & Pittsburgh
_ __ _
4
/
8
141
7
3
63
5 1013 Mar 19 147 Aug 17
-12 1,000 Eureka Vacuum Clean
*ii 1212 H 12
;I134 Tit; -HT.' -114 -ii- 122
2714
9
1
/
5 15 May 7 384 Dec 19
22,900 Evans Products Co
8 3613 38
373
36
37
4
1
/ 36
8 3618 37
4
373 383
2
1012
3
6 Nov 18
2 Apr 30
100 Exchange Buffet Corp___No par
*412 518 *418 51g
8 433
43
4
/
4
1
/ *41 5
*438 5
1
/
24
358 Dec 11
1
8
5
8
5 Mar 28
25
130 Fairbanks CO
*238 212 *134 278
4 *11 27
8 23
23
8 *13
4
/
4 212
312
121 1
4
33
4 Mar 19 15 Dec 11
100
Preferred
270
8
12
4
1
/ *1118 123
12
12
4
/
12
1238 1113 111 12
184
7
1
/
44
Dec 27
3912 10,900 Fairbanks Morse & Co__ _No par 17 Jan 11 3912
3812 38
37
347
3114 3214 34
1
/
344 364
1
/
100 115 Dec 16 120 Dec 27
6% cony preferred new
300
119 120
*120 130
4
/
1181 11813
*116 11812 *116 119
,
,
Ti
A
4
4
/
4
1
/
5 Mar 15 211 Nov 25
15
1,900 Federal Light & True
20
1
/
194 204 20
1914
4
/
191 19
19
19
19
4
/
341 82
33
No par 48 Jan 8 285 Aug 16
Preferred
20
4
1
/
84
8
8
847
847 .82
*82
•82
8478 82 82
*82
107
62
40
Federal Min & Smelt Co____100 40 Apr 3 72 Apr 26
64
*60
64
64
*60
*60
64
*61
64
*60
98
82
51.1
100 54 Apr 1 95 May 28
Preferred
100
8417
1
/
8412 824 8212
*80
*80
*82
86
*84
86
1
84
812 Deo 4 II 2I4
Vs
354 Mar 23
4
1
/ 1,900 Federal Motor Truck....--No par
7
7
74
7
7
7
3 724 *64 714
•67
1
/
VI
1
4
/
41 Jan 7
2
2 July 6
1,500 Federal Screw Works____No par
418
4
418
4
4
4
418
4
418
*4
a
1
2
7
318 Aug 19
4
1
/ Feb 25
No par
,
4 3,200 Federal Water Ben I
212 25
8
8
238 23
214
218
4
1
/ 23
2
214
218
31
20
1618
No par 1612 Mar 29 25 Aug 8
2118 2,400 Federated Dept Stores
4
4
203 2118 21
2013 203
4
/
4
/
211 211 2114 22
2
1
/
234 35,
201,4
_2.50 2812 Mar 14 4514 Dec 9
4.500 Fidel Phen Fire Ins N
44
4312 44
4318 4334 43
4314 4313 43
4
1
/ 44
16
30
23
16 Apr 9 25 Sept 26
110 Fllene's(Wm)Sons CoY.._No par
23
23
*2018 23
2112 211
4
1
/ 23
8
•197 23 •19
106
87
100 10614 Mar 6 114 July 3 285
614% preferred
20
*11014 11112 11112 11112
*11014 112 *11014 112 *11014 112
13
1318
2514
10 1318May 2 2438 Dec 27
4
223 2314 2318 2438 21,600 Firestone Tire & Rubber
4 2214 223
4
1
/ 22
8
223 22
4
1
/ 223
4
/
711 92,4
6713
8
1
/
100 844 Apr 8 1027 Dec 21
Preferred settee A
4 1,400
10214 10214 10214 1023
8
1027 1027 1017 10212 10212 10212
3
8
694
1
/
444
53
8
Stores____No par 4438 Nov 20 587 Aug 12
4
/
461 5,800 First Natlonal
4
1
/
4
4518 45
453 464 46
8 4518 46
455
45
25
15
1
/
124
3
19 Feb 21 303 Dec 11
300 Florsheim Shoe class A___No par
2978
293 *29
*29
*2912 295
*29
4
293 30
30
1712
2
2
4
1
/
6 Jan 7
214 Mar 6
No par
414
418 1,700 :Follansbee Bros
4
4
4
1
/ 41
3
418
4
4
4
1012 21
4
2014 Jan 15 793 Dec 16 I1 EN
771* 1,300 Food Machinery Corp-No par
7512 7814 76
8
757 767o
77
77
78
78
812 2233
812
1
/
94 Mar 15 2853 Dec 27
No par
;
8 2712 285 16,000 Foster-Wheeler
2712 283
2614 26
8
275
8
255 2614 26
4414
3
803
55
4
1
/
No par 60 Mar 15 10812 Dec 27
130
Preferred
10812 10812
*10814 115
106 106
13102 106 *102 106
614 17
8
25
4
/
258June 7 101 Jan 7
No pa
__ _ __ _,
f
.
Foundation Co
4
/
171 27
4
/
161
3818 Nov 18
4
193 Mar 21
1
s 333
I 311-i . - 2 -5ii - 8 2,600 Fourth Nat Invest 11 W
-12
-5ii2 -HI; "Hit 13 "aiis -3-374
84 17,4
4
/
81
2
85 Mar 15 1734July 15
No par
____ ____ ____ ___ ______ Fox Film class A
_ ____ ____ ____
63
20
20
40 FkIn Simon & Co Inc 7% of-100 3014 Apr 2 70 Nov 8
69
69 •64
*64
70
*62
*6512 70
67
67
3
2112 503
1714
1
/
10 1714 Mar 18 304 Nov 20
8 2812 2913 8,600 Freeport Texas Co
295
28
2778 2758 28
8 27
2718 273
100 11212Jone 27 125 Nov 19 11212 11312 1605°
Preferred
30
*122 16018 *122 16018
*122 16018 •122 16018 122 122
4
/
331
14
1211
15 Mar 13 55 Dec 27
350 Fuller (0 A) prior pref_No par
55
53
4978 52
*4713 497
48
8
195
3
5312 46
50
5
4
/
41
4
43 Mar 13 4614 Dec 27
No par
56 2d pref
4614 1,100
39
38
36
3712 35
3612
3718 3812 35
4
/
41
4
/
11
538 Nov 23
2
7
78May 21
700 Gabriel Co (The) el A__ No par
8 32
8 *33
3 35
33
313
318 314 *314
314 314
20
8
7
7 Mar 30 1314 Dec 27
No par
1314 1,030 Gamewell CO (The)
1112 1318 1278
1112 1114 1112 1114 1 114
11
4
/
4
1
/ 111
5
512
1
/
512 Mar 13 104 Dec 11
No par
1014 4,000 Gen Amer Investors
1014 1014 10
1
/
104 104 10
4
1
/ 1012 1014 103
1
/
8
87
73
8412
4
No par 843 Jan 10 10018Sept 16
400
Preferred
9912 9912
100 100
*99 100
9912 9912 *99 100
4353
30
4
'253
1
/
5 324 Mar 12 4813 Deo 9
5,900 Gen Amer Trans Corp
4
1
/
4734 473
4
4 4712 47
1
/
464 4712 4714 473
4612 47
4
/
'231
12
4
/
111
4
10 113 Mar 15 2212 Nov 20
2178 6,100 General Asphalt
21
2138
2114 22
4
/
4
/
2114 211 211 2112 21
1
/
612 144
612
4
1
/
8
73 Mar 29 213 Oct 17
5
8
1
/
8 124 125 13,300 General Baking
123
12
4
11
4 113 1214
4
/
111 1153 113
4
/
1081
100
No par 115 Jan 10 146 Aug 13 100
10
$8 preferred
8
4
/
*1311 143 *1315 143
140 140
•140 143 •140 143
1013
5
5
8
1
/
54 Slur 4 103 Nov 20
5
8 1,800 General Bronze
4
1
/ 85
8
812 84
8
1
/
84 83
*818 814
8
814 83
4
/
61
214
2
8
63 Nov 16
2 Mar 20
No par
4 2,400 General Cable
53
4
53
4
53
Stock
512
514
514
8
8 57
55
4
4 53
53
44 12
4
4 Mar 26 1813 Nov 18
No par
900
Clasa A
8
8
165 165
1612 17
4
1614 1614
4 163 17
1634 163
14
1411 33
100 19 Mar 14 76 Nov 16
7% cum preferred
500
7012
6814 6814 70
70 Exchange
6614 6614 .67
*68
594
70
27
2414
No par 4813 Nov 16 8414July 27
2,300 General Cigar Inc
55
8 53
4
1
/ 5634
8
555 555
5612 564 5712 55
56
1
/
1275°
97
97
4
/
100 1271 Jan 2 14512 Oct 7
10
7% preferred
Closed- *141 143 *141 143
141 141 *141 143
*141 143
°
2 255
167
1
/
No par 2013 Jan 15 404 Nov 13 I 16
71,800 General Electric
4
2363 37'8 3612 37"8
4 3612 37
4
/
361 3614 363
36
3675
'28
28
No var 30 Sept 17 377 July 8
333 22,600 General Food,
8
327 3333 33
8
8
4 323 335 Christmas
4
1
/ 3214 323
3214 32
4
4 Feb 25
1
4
1
/
112 Aug 22
No par
7
8
7
3
7,
8
7
8 6,000 Genq Gas & Eleo A
7
8
7
8
7
8
7
8
7
8
7
614 19
514
8 Oct 16 1513 Aug 19
Cony pref eerie. A____No var
*1012 13
*1012 13
Day
*1012 13
•1012 13
*1012 13
21
11
4
1
/
6
18 Aug 20
No par 11 Mar 5
$7 pref class •
20
13
13
18
•11
18
1311
18
*11
18
*11
22
13
4
/
71
3
No par 15 4 Jan 15 18 Apr 6
$8 pref class A
*1053 20
8
*105 20
8
*105 10
1
/
*104 20
8
*105 20
4
/
621
50
'
4
/
32 Oct 7 611 Feb 5 4 32
Gen hal Edison Elea Corp
4
1
/
57
1
/
574 *33
*33
4
1
/
57
8
575 *33
4
1
/ *33
57
*33
6412
51
51
4
1
/
2
No par 597 Feb 8 72 Oct 25
2,000 General Mills
67
6412 65'z 66
4
1
/ 643
4 6412 65
3
64 4 6512 64
118
-Dec 9 10012 103
100 118 Jan 3 212012
70
Preferred
11814 11814 11814 11814
8
4
/
8
•11814 1187 1181 11853 •11814 1187
2452 42
1
/
10 2852 Mar 13 594 Nov 18 "225°
8
5618 565 168,700 General Motors Corn
5618 57
1
/
554 5653 5614 57
1
/
554 56
4
893 109
84
1
/
No par 11074 Jan 4 120 Nov 21.
$5 preferred
1.500
4
1163 117
4
1163 117
4
4
4
1
/
*11714 11814 1173 1173 117 117
21
4
85
814
No par 10 liar 20 21 Dec 17
1,000 Gen Outdoor Adv A
19
8
1914 1914 *185
4
1
/ 1914 2012 1914 20
19
•18
314
3
63
3
64 Dec 17
Aug 9
3
No par
2.200
Common
4 6
53
4
4 53
53
4
1
/
3 5
57
4 614
53
*513 6
1012 '25,
2
1012
8Noy 7
4
1
/
17 Feb 5 425
No par
200 General Printing ink
4114
*41
41
41
*4018 4114
4114
4114 4114 •40
6
61,
7312 0
4
No par 9312 Jan 22 109 Oct 16
70
86 preferred
10612 10612 10613 10612
10612 10612 *10612 107
•10612 107
3
53
'2
1 18
412 Nov 8
118 liar 13
No par
4 1,600 Gen Public Service
4 33
33
4
4 33
33
4
33
312
4
*312 33
4 33
33
4
4
/
231 453
8
135
1553 Mar 13 4114 Dec 11
No par
4012 3.10 Gen Railway Signal
4013 4114 40
41
*3912 4014 3914 4012 41
4
/
1011
90
80
100 80 Jan 2 109 Oct 2
Preferred
4
*993 108
4
*993 108
4
*83 1091 *83 10912 *993 10912
8
35
1
4
3
318 Dec 5
4
1
/ Apr 2
1
4
1
/ 12,700 (3en Realty & Utilities
4 2
23
2
213 27
234 3
278
4
1
/
2
7o
4 2
23
3
263
10
10
1434 Mar 20 3918 Dec 7
No par
1,900
58 preferred
3714 3512 36
37
3713 3612 37
37
37
36
1
/
1018 234
811
4
/
161 Jan 30 3112 Dec 7
No par
4,500 General Refractories
8 2913 313
3014 303
8
4 295 304
293
29
1
/
2834 29
20
10
714
1618 Jan 15 23 July 9
No par
Voting trust certifs
4
1
/ 4812
17
14
14 Apr 13 51 Nov 19
750 Gen Steel Casting! pre: No par
_ _48i2 1912 *4612 1953
12
4
711 4834 -483 16 -igTZ 16.2
812 147
4
/
1913 Aug 7 I 71
12 Mar 14
No par
8
1612 167 14,900 Gillette Safety ilaser
8
167 17
1714
8 17
173
8 17
1718 173
72
47
6512
4
/
1,200
No par 701 Jan 4 93 Aug 6
Cony preferred
8
4 887 8912
3
89 4 893
4
/
8
4 8912 9018 *893 891
4
893 893
8
63
252
'PR
834 13cc 10,
212 Mar 13
No Dor
713 738 14,700 GImbel Brothers
4
714 73
75s 8
4 818
73
4
1
/ 814
7
1614 30
4
/
131
100 18 Mar 27 7534 Dee 191
1,700
Preferred
7012 6912 70
69
7214 7214 7213 7212
73
73
4
/
12
1558 281
8
NO par 233 Feb 7 4912 Dec 21
5,600 Glidden Co (The)
4
4
1
/ 473 48
4814 48
1
/
4912 484 4914 4812 49
49
83
8
805
2
107,
2 111 Oct 14
1
/
100 1044 Jan
70
Prior preferred
108 108
*108 109
4
•108 10912 10712 1073 *10713 10912
1 18
914
332
4
45 Jan 25
118 Apr 26
5
8
33 334
312 37
8 8,700 :Gebel (Adolf)
35o
334
314
8
334
314 33
23
16
1438
8May 2 22 Nov 25
143
par
No
1914 1912 1878 1914 17.900 Gold Dust Corp vie
8
1958 197
8
8 193 20
1958 197
4
/
981 1211
0612
No par 11112May 3 120 June 29
86 cony preferred_ _
4 2.500
4
4
4
1153 1153 1153 1153
4
4
4
4
5
11558 115 8 1153 1153 1153 1153
77
77
77
_ __ ___ Gold & Stock Tel'ph Co
*10513
100 104 Dec 6 105 Dec 6
410513
_ *105__ 105 _ _
•105
In
8
713
liar 13 133.1 Dec 27
712
No par
4 - -34 39:600 Goodrich CO(BF)
13 8 123 43
13 -- -38
11713 1271134 1218
1218
12
4
/
261
4
1
/
, 62
51
100 40 Mar 15 791 2 Dec 21
7912 7.800
Preferred
76
78
76
7112 7112 7134 757g
*7012 71
1102 .1113
1
/
154
3
3
37,200 Goodyear Tire et Rubb___No par 15 4 liar 13 2672 Jan 7 5753l
2112 2218 2114 2278
4
203 2114 2012 217
8
2034 21
64
4
86,
No par 70 Apr 11 92 Jan 10
let preferred
8412 1,200
4 84
843
84
8318 8414
84
84
*8312 84
213
4
/
1012 Dec 9
4
1
/ 111
3
212 Apr 4
No par
4,800 Gotham Silk Hose
8 10
95
3
9 4 10
4
1
/
953 9
8
97 1018
3
103
10
4
/
381 7112
20
Apr 3 85 Dec 20
100 20
110
Preferred
4
4
7812 8012 793 793
8214 8214
84
*77
85
85
413
112
114
412 Oct 25
114June 25
I
11,500 Graham-Paige Motors
23.4 3
273 .3
4
1
/ 3
2
3 3
27
3
3
1
/
134
a
4
8
514 Mar 19 135 Nov 29
914 9,400 Granby Cons M Sm & Pr__100
9
4 9
83
918
9
4
1
/ 9
8
914
*9
1
/
84
4
24
5 Jan 7
214 Mar 15
1
5
3 8 334 1,700 Grand Union Co Sr elfs
4
2 33
33
8 33
358 358 *35
8
378 37
40
23
4
/
141
3May 20 2914 Jan 3
143
No par
Cony pref series
1914 1934 3,400
1914 20
4
183 1912 1812 19
1912 20
24
3118
1818
8
Ms Mar 29 353 Nov 25
pot
No
4 1,000 Granite CRY Steel
4
313 313
3112 32
•
3118 3118 3112 3113 3112 3112
4
223
No par 2234 Oct 2 3314 Nov 22
Part paid rcts
8
333
333 *30
*30
4
1
/
33
•30
31
*30
31
*29
25
4
0
-1
4/
8
2
-No par 26 Mar 26 3814Sept 7
5,700 Grant (W TI
2914 304 2833 29
31
30
3014 3012 3012 31
4
/
812 161
754
4
1
/
94 Mar 19 15 Dec 6
1534 5,500 GI Nor Iron Ore Prop-No par
15
1514
15
4
143 1518 1434 1518
15
15
124 3212
1
/
94
4
1
/
9 Mar 12 3518 Dec 18
100
8
4
1
/ 3234 337 26,200 Great Northern pref
4
333 34
4
4
1
/ 34
8
343 34
3433 333 3418
25
25
8May 20
554
8
263 Jan 15 347
: 8,109 Great Western Sugar___-No par
301
3013
7
8
297 30 3 30
3018 3012 3018 3012 30
102
99
118,
2
100 119 Jan 2 140 May 4
Preferred
350
134 l3,
136 136
*134 136 •134 135 *134 136
II
Green Bay & Western RR Co-100 21 Apr 12 36 Nov 25
.9
*40
50
*40
50
*40
50
50 •40
•40
8
- 8
- -2558
1 255 Nov 26 285 Dee 9
2612 7,400 Green (11 L) Co Inc
4 26
2618 263
4
/
2612 2614 261 2614 27
26
59
- 18
18
100 34 Feb 8 95 Dec 24
110 Greene Cananes copper
91)
081
90
90
95
91
90
85
8212 821
5 461s July17 7412Nov 14 I 5
11.600 Greyhound Corp (The)
68
67
6714 68
67
6712
4
1
/ 69
66
4
1
/
1
4
2
69
67
234May 13
58
1 Feb I
No par
8 1.200 I Uantanamo Sugar
17
172
8
17
8
17
13
17.3
8
17
4
4
13
178
*134
74 31
714
100 19 Feb 16 4314May 14
28_.,
Preferred
4 28
8
*257 293
8
4
4
3
4 257 293 *257 293
8
*257 293
4
1614
6
4 Mar 7 1112 Dec 12
100
4 1,700 wilt Mobile & Northern_.
4 83
83
4
1
/
813 8
4
4 83
83
n
9
9
9
6
3554
12
6 Apr 3 3414 Deo 9
100
400
Preferred
2812
28
*2812 30
*29
30
4
1
/
30
30
•2813 30
1514 62
12
12 liar 29 3312 Nov 25
No par
400 Gulf Slates Steel
28
2812 2812 28
4
4
283 283
*2713 30
02713 30
83
47
264
100 48 Mar 29 108 Dec 3
Preferred
90
106 106 *105 108
104 104
104 104
103 103
2011 2614
1
/
194
4
25 2114 Jan 15 303 Dec 10
Hackensack Water
3
3
*29 4 3012 *29 4 3012
4
*293 301
.2934 31
4
/
*2934 31
31
27
26
25 30 Jan 18 35 Dec 4
435 _ __ .35 _ __ ___ ___
7% preferred class A
*35 ... . *35 .. __
*35_ _
4
93
312
8 Oct 28 5 314
4 Mar 19
10
600 Hall Printing
6
578 6
6
6
6
0
*618 - -14
61
*6
4
/
4
1
/ 111
3
4
1
/
3
613 Apr 30 1412 Nov 16
No par
400 Hamilton Watch Co
1312 1313 1312
•13
4
1
/
1312 1338 13
131 •13
•I3
63
25
20
100 63 Jan 4 111 Dec 18
Preferred
4
*111 1123 *111 1123
4
4
4
115 •111 1123 .111 1123
*111
10134
84
77
108 June 3
Hanna MI e4; Co $7 pf___No par 101 Jan
_
4
/
No
55 preferred
150
-14
.ioi" fcili- 6574 163 3,000 Harbison-Walk Refrac No par 1001:Sept 26 105 4 Nov 20 1001 -if- -iii4
6 -3- i
.
- 2
*10514 1631- 10314 1- 3 4• 15a- 10112
16 Mar 11 283 Dec 11
par
8
4
273 285° 2818 283
12
100
2714 2714 2714 2712 2714 27
87
82
4
1
/
100 99 Jan 7 121 Dec 5
Preferred
360
118
118
119 119
119 119 *118 119
753
120 120
4
/
11
112
512 Feb 6 1418 Dec 23
4
1
/ 1318 1314 3,400 Hat Corp Of America el A____1
1313 13
1353
1418 13
14
14
14
4
/
191 92
1412
100 81 Feb 6 11312 Dec 26
6Si% preferred
500
113 11312 113 113
113 113
112 113
*110 112
for footnotes ,ee page 4122.
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LO1V SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 25
Thursday
Dec. 26
Friday
Dec. 27
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
per share S per at
Par
per share
612 Oct 5 45 1
158 Mar 1,1
2
Hayes Body Corp
65
25 85 Jan 2 11912 Dec 27
Haxel-Atlas Clam Co
94
25 127 Jan 5 141 June 4
Helms (0 W)
100 14212 Jan 10 162 June 19 120
Preferred
514
11 Jan 8 3612 Dec 26
No par
Hercules Motors
40
No par 71 Mar 12 90 Oct 16
Hercules Powder
100 122 Feb 9 131 Dec 26 10418
$7 cum preferred
44
No par 734 Apr 4 81% Jan 19
/
1
Hershey Chocolate
80
No par 104 Jan 25 118 July 17
Cony preferred
4
/
4
53 Mar 15 301 Dec 4
4
Ns par
Holland Furnace
512
11 Jan 2
65 Mar 29
8
Hollander & Sons (A)
5
/
1
Vs par
1918 Dec 17 224 Dec 9 7 812
Holly Sugar Corp
100 338 Feb 5 49018 Dec 26 200
Homestake Mining
/
1
Houdaille-Hershey el A __No par 304 Mar 14 42 July 31 . 7
218
/
4
:Mar 13 311 Dec 18
61
No par
Class B
43
Household Finance part of-50 49 Jan 2 73 Nov 19
018
4
91 Mar 15 173 Jan 2
/
4
Houston 011 of Tex tern atfs_100
112
112 Mar 13
7 No v 25
25
Voting trust Ws new
618 6 4
,
61 6 4 10,700
/
4
,
20
/
4
5 63 Jan 15 601 Dec 9
52
53
.53
5312 6,700 Howe Sound Co
4
23
2 Feb 27
/
1
4
100
512 Jan 21
3
/ 358 2,700 Hudson & Manhattan
1
4
3 2 32
,
,
612 Mar 1
612
133 Dec 6
4
100
10
Preferred
10
10
10
800
614 Mar 2
1712 Oct 23 II 6
No par
1614 161 1614 164 21,300 Hudson Motor Car
/
1
/
4
37a Jan 7
84 Apr 5
10
218
218
214 7,600 Hupp Motor Car Corp
214
912
912 Mar 14 2214 Dec 4
100
193 203
4
8 1914 20
10,800 Illinois Central
15
100 15 Apr 11 3814 Dec 7
serlee•A
33
6% pre
*32
35
33
100
40
40 Mar 21 5914 Dec 9
10
57
Leased lines
5814 59
59
430
414
414 Mar 30 15 Dec 4
13
1212 1312
13
RR Sec etre series A____1000
200
218
10
21 Mar 1
/
4
412 412
514 Dec 13
200 Indian Refining
*312 43
4
1314
363 Oct 21
8
No par 2312May
2918 3018 2914 3014 7,600 Industrial Rayon
45
No par 6012 Mar 13 121 Nov 6
116 116
11514 11512 1,300 Ingersoll Rand
130 July IS 105
100 109 Jan
*126
Pr sferred
*126
26
No par 4614 Mar 22 103 Nov 18
101 10158 9712 101
- 4,700 Inland Steel
212 Feb 27
83 Oct 8
8
21s
20
63
6%
8 63
4 2,000 Inspiration Cons Copper
6%
2
8
7
712 Dec 10
4 Mar
1
*67
8 718 *62
800 Insuransharee Otte Inc
612
2358Sept 11
83 Mar 1
4
1714 1712 1714 1712 2,100 :Interboro RapidTran v t a -100
2
43 Jan 25
2
2 Oct
/
1
4
38 3
5
210 Internet Rya of Cent Amer__100
,
312 3 2
13
4
No par
5 Jan 3
4
Certificates
13 Oct 14
3
3
*212 312
20
914may 2
65
8
2012 Dec 21
100
*19
Preferred
2014 1914 1914
290
11
/
4
3 Jan 7
112May
No par
2
/ 238 1,300 Intercont'l Rubber
1
4
23
8 23
8
4
414 Mar 7 1338 Dec 24
No par
13% 1338 12 4 1318 39,700 Interlake Iron
,
112
2 July 11
/
1
4
5 Jan 2
No par
4
4
3
/ 4
1
4
2,600 Internal Agricul
10
100 26 June 1 4284 Jan 25
3414 36
34
Prior preferred
36
1,500
4
177 177
177 177
1,100 Int Business Machinee___No par 14912 Jan 15 1901* Dec 11 1253
358
3 Mar 12
/
1
4
1
8 Nov 29
Internet Carriers Ltd
1888
3453 343
-3313 34 -51 - 4 -51 3433
/
1
/
1
4
341/
4
4 341 35
2,300 International Cemeni ___ _No par 22 Mar 15 364 Nov 15
231s
/
1
4
6014 605
8 593 603
No par 3412 Mar 18 654 Nov 15
4 6018 603
4
6013 62 4 601 62
15,200 Internet Harvester
/
4
,
15314 154
*1523 155
4
100 135 Jan 2 134 Dec 23 110
15214 15312
Preferred
153 153 *149 155
600
114
43 Aug 19
4
338
114 Mar 15
25
314
3
/ 312
1
4
314 3
/
1
4
312 33
3
/ 3
1
4
/ 5,700 Int Hydro-El Sys el A
1
4
4
11
/
4
418
418
8
17
8June 20
412 45
612 Oct 3
414 414
412 412 2,400 Int Mercantile Martne___No par
43
8 458
,
/
4
/
1
43 8 44 4 434 4412 433 443
3
,
4414 45
4
4
4434 455 112,200 Int Nickel of Canada___No par 2214 Jan 15 471 Dec 7 53 14 8
8
*128 130 •128 130 *128 130
100 123o July 11 13012 Nov 21 101
Preferred
128 128
*128 130
200
4
5 Dec 7
112
412 412
4
112 Mar 15
43
8 438
412 412
414 412 1,400 Inter Pap & Pow at A ____No par
318 Dec 7
8July 11
3
No par
214 214 *218 212
214 214
214
214
Class B
*214 2
/
1
4
600
158
23 Dec 10
8
1 8 13
,
15
8
/
1
4May 7
,
r1
18
,
158
No Par
11 17
4
Class C
/
4
178
11 3,600
/
4
8
412
8
27
4 Mar 13 287 Dec 24
/
1
4
283
8 273 287
271 27
/
4
100
4
Preferred
2714 2812 2714 2814 25,000
8
9
42
40
42
4
41
4012 41
,
800 Int Printing Ink Corp___No par 2112 Jan 15 423 Dec 20
404 4038 40 8
/
1
*40
65
•10814 10912 10814 1093 1093 1093
4
4
100 9812 Jan 2 110 Dec 10
4
Preferred
1093 1093 •109 1093
4
4
200
4
20
257 254 26
8
/
1
26
26
No par 25 Dec 2 3614May 14
26
25
Stock
2512 257
/ 26
1
4
8 1,400 International Sall
38
4814 48
48
48
48
/
1
4
No par 42 Mar 19 4912 Nov 20
4814
4734 48
1,300 International Shoe
16
1812 1914 •1712 177
8
8 175 173 Exchange
100 16 July 19 28 Jan 4
4
1718 1814 1,900 International Silver
173 18
4
40
5818 5818 56% 5812 5738 58
/
4
100 561 Dec 23 78 Oct 19
59
581 62
/
4
61
900
77. preferred
5
/
1
4
123 1318 123 1318 123 1318 Closed4
4
5 Mar 13 14 Dec 6
/
1
4
4
No par
13
1338 127 1314 36,553 Inter Telep & Teleg
8
234
135 133
8
878.May 8 1658Sept 9
8
4 135 133
4
4 1358 133
1312 135
8 1278 1318 3,200 Interstate Dept Stores. _No par
164
*8214 827
823 823 *8214 823 Christmas
4
_100 7012June 27 90 Aug 19
4
8
Preferred
4
8212 8212 8214 8214
130
484
*1414 15
143 1412 *135 1412
8
No par
8
tils Mar 13 16 Nov 19
1412 1412 14
14
400 Intertype Corp
201
/
4
*27
2814 *27
28
/
1
4
1 24 Oct 22 36 Jan 8
*2612 273
4
Day
*2612 27
2614 2612
200 Island Creek Coal
85
*115
*115
1 110 Jan 22 12012 Apr 9
*11312
*11312
Preferred
*11312
26
6012
60
603
8 60
6014 60
No par 49 Mar 13 37 Aug 8
5934 60
- -593 60
4
2j00 Jewel Tea Inc
361,
92
/
4
92, z92
No par 3812 Mar 13 991 Nov 18
9212 9112 93
4
94
933 95
4
93
7.400 Johns-Manville
87
•12214 125 *12214 1247 •12214 1244
100 11712 mar 15 12612 Dec 6
/
1
8
Preferred
*12214 12412 •12214 12412
•____ 153 *-___ 153 *____ 153
*____ 153 *____ 153
Joliet & Chic RR Co 7% gtt1.100 130 Feb 19 130 Feb 19 115
45
74
73
737 737
8
100 50 Apr 4 93 Nov 20
4
8 723 737
77
73
/ 7418 75
1
4
8
850 Jones & Laugh Steel pref
977
8
*118 12014 12014 12014 *118
•118
*118
10 Kansas City P & L peter BNo par 11514 Mar 20 12014 Dec 11
33
4
1214 1214 1212 1212 1218 1218
/
1
4
100
3 Mar 13 1412 Dec 10
117 1218 12 -- 18
1i4 2,200 Kansas City Southern
632
1914 1912 1912 19
*19
658 Mar 12 22 Dec 12
100
19
•18
1812 19
Preferred
1,200
19
614
18
18
1818 1814
1814 1814
712 Feb 6 2014 Nov 18
1814 183
8 1734 183
8 1,600 Kaufmann Dept Stcrea $12-50
12
2914 2914 *287 29
2812 29
8
5 153 Jan 17 30 Oct 13
4
28 8 28 8 2814 2812 1,400 Kayeer (J) & Co
,
,
15
85
*80
85 .80
*80
85
Kelth-Albee-Orpheum pref _100 34 Mar 7 9018 Oct 23
•80
85
*80
85
24a Jan 17
/ Apr 4
1
4
:Kelly-Sprliagfield Tire
5
5
6 Apr 4 22 Aug 12
No par
6% preferred
2714
31
/
4
-2613 i&8 -2612 27
2814
6 Jan 25 3114 Nov 7
2 2814 7,300 Kelsey Hayes Wheel cony.c1A__I
24
112
2412 2412 2412 2412 25
2412 2412 2412 24 4 2,300
3 Mar 1 2814 Nov 6
/
1
4
-1
Claes B
,
2
1334 13% 133 1414 1418 143
4
8
1478 1514 15,400 Kelvinator Corp
1412 147
/
1
4
No par )0 Aug 27 1814 Jan 9 II 67
8
55
89
*8612 89
*8612 89
*87
84 Mar 21 96 July 9
88
*8612 89
No pa
89
30 Kendall Co lit pf set A
1384
2758 28
2814 285
8 273 2812
4
Dec 9
28
8
13°i Mar 13 303
284 2814 285 42,700 Kennecott Copper
/
1
No par
8
988
*183 193 •183 2018 1812 184
4
4
/
1
4
*1812 193 *1812 193
8
10 Mar 5 21 Nov 6
No pa
8
200 Kimberly-Clark
4
612 63
5
514
214
512 512
4
618 Dec 18
5
5
5
,2 53
24 Oct 4
/
1
No pa
1,800 Kinney Co
12
38
3814
39
4014 4014 38
38
37
/ 3312 37
1
4
23 Mar 29 41 Dec 18
No pa
Preferred
400
/
4
2518 25 2 25
2512 2434 241
1014
,
2412 243
/
1
4
4 9,600 Kresge ( )Co
4
4 2412 243
10 193 Mar 13 27 Nov 22
88
1063 1063 107 107
•1063 107
4
9914
4
4
10514 10514 107 107
100 10312 Apr 26 113 Apr 9
601 7% preferred
*5
6
2
53
4
*5
53
4 *5
612 Nov 22
•5
5
/
1
4
2 May 21
No pa
100 Kreege Dept Stores
5,
4 514
12
*72
DO
•72
90
*72
DO
*72
*72
90
90
100 42 Jan 11 80 Oct 31
Kree (s
Pr
Preferred &
.
76
*70
27
/
1
4
*70
7618
7618 *70
*70
7618 *70
7618
5612 Apr 5 80 Nov 1 2
No pa
Co
2618 26
2614 2618 2
26
19
2614 265
8 2578 2614 12,300 Kroger Groo & Bak
08
2214May 16 3218 Aug 12
No pa
2212 2212 22
22
*2212 23
12
2412 *22
2512
22
110 Laclede Gam Lt Co St Louis _100 12 Mar 22 2712 Dec 9
1914
4112 4112
*3712 42
*37
42
*37
40
42
42
1914 Mar 27 46 Aug 20
40
2212 2212 225 223
8
8
4 223 2212
193
8
22
/ 223
1
4
4 2218 2238 4,900 Lambert Co (The)
8
No par 213 Oct 3 281s Jan 8
712
*63
8 8
*758 8
*75
8 8
418
Jan 3
*63
8 7
9
100 Lane Bryant
5 May 13
No par
712
1278 13
123 123
8
4 1278 13
13
518
1273 1338 2,900 Lee Rubber & Tire
1314
/
1
5
84 Mar 14 134 Dec 9
/
1
1478 15
1434 15
*1518 153
8
9
15
1518 15
151
/
1
50 104 Mar 14 17sa Jan 7
2,400 Lehigh Portland Cement
•10418 107 •10433 107 *10418 107
•104% 107 *10418 107
73
7% preferred
100 89 Jan 3 107 Dec 13
/
1
4
83
8 84
/
1
85
8 8
/
1
4
85
8 85
8
5
8
/ 10,200 Lehigh Valley RR
1
4
83
8 9
8
/
4
5 Mar 13 111 Jan 71
50
212 2
212 212
112
/
1
4
314 Aug 14
214 212
214 212
214 2
/ 4,500 Lehigh Valley Coal
1
4
112 Mar 13
No par
1312 13
1318 1314 13
13
1312
13
14
4
13
3 000
1: 0
9
153 Nov 26
4
Preferred
512May 1
50
91
9114 9112 93
923 93
4
9212 9318
923 9314
4
4
4
Lehman Corp (The)
No par 67 Mar 28 953 Nov 18' 583
/
1
4
12
1112 11 8 1112 111
12
1218 1134 12
12
,
1012
1.400 Lebn & Fink Prod Co
5 1012 Oct 1
1714 Jan 251
443
4 44
4414 443
443 447
8
8 4358 441
4
4 4412 443
7,300 Libbey Owens Ford Ohms_ No Par 2112 Mar 30 4914 Oct 281 21
912 03
4
9
9
9 18
914
9
/ 93
1
4
4
93
8 938 6,000 Libby, McNeill .14 Libby.No par
/
4
61Sept 10 101 Nov 19' 5 214
/
4
2918
*2812 2918 *2818 29
27
2712 2712 2713 28
8
1,200 Life Sayers Corp
/
1
4
5 21 Mar 14 29 Nov 22: 155
10812 10812 *108 110
10534 105
/ 107 10712
1
4
•105 106
7112
700 Liggett & Myers Tobacco_ -__25 9414 Apr
120 Aug 11
10814 109
/
1
4
1053 1053 10514 1053 1064 10812
4
4
109 110
7314
Series B
3,800
122 Aug 6
25 933 Apr
4
8
*15614 161 *15712 161
*15614 1607 1607 161 1•15614 16412
8
Preferred
100 15112 Jan 3 16712May 4 123
200
201 2012 20
/
4
4
8
*205 203
8
4 2012 205 *2014 203
1414
20
700 Lily Tulip Cup Corp___Nopar
/
1
1512 Oct 16 284 Nov 20
4
2512 2512 243 2514
25
25
2514 2514 2412 25
1312
1,300 Lima Locomot Worke__--No par
8
1312 Mar 14 273 Nov 18
/
4
4112 4112 41
*41
4112 4114 4114 *411 411
4114
1u s
1712 Mar 1
No par
1,100 Link Belt Co
43 Oct 16
3512 36
3612 3578 3614
3618 3612 36
1618
No par 2412 Mar 1
3512 36
4,400 LIQUId Carbonic
3714 Dec 4
521
517 523
8
8 51
5218 24,000 Loew's Incorporated
8
513 513
8
4 515 5214 52
1912
No par 3114 Feb
5518 Nov 25
*107 10712 107 107
•107 10712 *107 10712 107 10714
66
Preferred
No par 102 Feb
300
1083 Oct 18
4
2
2 18
218
2
218
2
2
2 14
2
218 9,300 Loft Incorporated
No par
2 Oct 28
/
1
4
1 Mar 15
4
3
/ 33
1
4
312 3
/
1
4
3
3
/ 33
1
4
4
/ 33
1
4
4
No par
41 Dec 17
/
4
31 312 5,400 Long Bell Lumber A
/
4
114 Mar 1
39
39
39
/
1
3814 384 3812 3912 39
33
25 33 Apr 25 4153 July 25
391 3912 2,000 Loose-Wiles 1118cuit
/
4
•10712 10912 •10712 10912
•108 111 *108 10912 *10712 10012
5% preferred
100 1073 Nov 27 112 Dec 4 1073
4
4
8
/
1
4
2378 24
235 23
4
24
8 233 24
23 8 237
,
2418 8,100 Lorillard (Pb Co
14.4
10 1812 Mar 26 2612 Nov 14
145 145 •14314 146
145 145 *145 146 *145 146
7% preferred
.812
x14933 Dec 12
100 124 Apr
210
:Louisiana 00
No par
8July 1
112 Jan 7
3
-1312 1334 1313 14
;i5- 1312 -1314 1312 lIta 1334
612
Preferred
412June 19 15 Dec 6
100
250
201 21
2078 21
/
4
2012 2033 201
103
8
2012 2012 *20
900 Louisville Gas & El A -_No par 101 Mar 18 23 Aug 19
/
4
5714 58
577 5818
8
56
573 58
4
34
58
58
100 34 Mar 29 64 Dec 12
5612 3,500 Louisville & Nashville
244 25
/
1
4 2418 243
1
2412 243
71
/
4
4 2412 243
26 Sept 18
123 Mar 2
4
2412 243
4 2,000 Ludlum Steel
129 129 *129 134
50
Cony preferred
No par 9014 Jan
•127 128 •127 12812 129 129
200
135 Scot 13
12
3
4
8
4
12
5, 28,400
8
8
/
1
4
12
5
/
1
4
Rights
/ Dec 19
1
4
3 Dec I
8
4112 411
•403 42
4
•4034 42
4
4134 4134 *403 42
10 377 Nov
48 Feta 19
8
200 MacAnarews & Forbes
*12714
*12714 ---875
8
8% preferred
100 113 Feb 8 130 May 13
*12714 ---*12718 -- •12714
$ per share $ per share $ per share
434 4
5
/
1
4
514
4
/ 513
1
4
11312 11312 114 11514
113 113
130 130 *128 131 *12812 131
15818 15818 *15134 159 *1513 159
4
34
/ 3614
1
4
4
34
3412 343 35
84
84
84
*85
8512
84
13012 13012 13012 13012
130 130
77
77
77
7618 7618 *76
116 116 *116 118
*115 117
2914 293
283 29
4
4 295 30
8
/
1
4
*9
918
8
/ 9
1
4
*84 83
/
1
4
2018 2014 1978 2012 20
20
/
1
4
*464 490 *460 490 *475 485
413 413
4
4 4112 4112 4012 4113
/
4
293 3018 291 3014 2912 3014
4
/ 7312
1
4
*655 7312 *6553 7312 *65
3
--;;
613 -- -3g
6
o1 613 --614 612
/
4
54
5412 5134 53
54
54
3
/ 31
1
4
312 312
312 33
4
/
4
938 10
10
10
97 10
8
*
4
163 1612 163 1612 1614 163
8
218
214
214
218
218 214
1918 1938 1938 1978 195 191
8
/
4
*3212 35
*31
34
*3112 34
*56
*55
57
57
573
4 57
123 123
*1212 13
•1212 13
4
4
*438 47
5
5
8 *43
4 47
8
3012 305
4
8 293 305
8 2958 3012
116 116 *11514 11614 11512 1153
4
•127
*126
*126
10218 10218 1017 103
10134 102
8
614 612
8
61 612
/
4
61 63
/
4
63
4 67
*67
8 7
8 *64 7
/
1
•175 183
8
8 1712 1712 1714 1712
312
352
312 312
,
*312 3 4
314 314 *212 312 *212 312
1914 2012 19
1912 1812 1912
*218
238 *218 238
214 23
8
1214 123
4 1212 127
8
8 1234 133
37
8 37
8
3
/ 31
1
4
33
4 31
/
4
/
4
*33
35
3314 3314 3414 3412
179 170
17812 179
177 177
per share $ per share $ per share Shares
514
634
513 612 18,700
11612 118
1183 11912 1,100
4
*130 13118 13012 13012
200
*1513 158 *15134 158
4
210
3612 3618 3612 8,100
36
8418 854 865 863
8
4
/
1
1,000
130 131
130 13012
420
*7712 783
78
78
300
4
*116 118
116 116
200
2912 301 291 293
/
4
4 7,300
/
4
9
918
1,400
8
/ 9
1
4
/ 2114 2112 22
1
4
20
/ 8,500
1
4
48518 4904 *48018 492
600
/
1
*4112 413
900
4 4014 4112
293 3014 2958 30
4
15,000
*60
7318 *60
7318
-H.F8
For footnotes see page 4122
4127
!sty 1
11 1933 to Range for
liasgs Mace lam 1
Oa Basis of 100-s5are Lots Nov. 30 Yaw 1934
1935
Highest
Lowest
Hiok
Low Lo
per store
114
61
4
74
961
/
4
101
145
1231 153
/
4
51 1218
/
4
69
815
8
111
1253
4
481 73
/
4
/
1
4
83
10518
43
4 101
/
4
53
4 13
11611
252
43
1212
21
/
4
34
81
/
4
54
291
/
4
55
8
351,
5714
4.
9
/
4
61
11
/
4
13%
21
483
4
712
23
8
191
/
4
4912
105
3414
2
/
1
4
21
/
4
54
/
1
2
215
75-,
218
4
2
15
131
412
181
/
4
331
/
4
110
21s
2
21
11514
2
/
1
4
1218
2614
241
/
4
734
381
/
4
50
68
2414
43
4
32,
4
73
/
1
4
11614
56
61
/
4
4
/
1
4
1712
7
Vs
223
4
5
111
/
4
61
/
4
3714
1641s
1312
$71
/
4
467
2
137
91
/
4
8
2914
130
812
312
'11
813
0
24
,
247
2
25 2
,
66
21
38
19
59
Vs
313
215
2
5%
204
I%
32
5018
4514
84 2
,
17'4
16'11
81,
2
10
39
90
110
33
5718
39
WI
101
21
135
40
45
77
977
8 1412
62, 193
4
1014 2718
6
10%
134 181
/
1
/
4
20
371
/
4
412
1
5
20
10
3
71
/
4
2
/
1
4
111 211
/
4
/
4
151 94
/
4
16
2318
/
4
94 181
/
1
3
714
1311 41
13
/ 22.
1
4
14
101 z114
212
714
19
55
651
/
4
36
/
1
4
2314 33
631
/
4
20
27
80
/
4
2214 311
5 141
/
4
141
/
4
7
11
20
735
8 90
94 211
/
1
/
4
212
5 161,
644 78
2312
IZIs 43 a
7
1733
73
741s
139
16
1514
1112
161
/
4
201
/
4
72
lii
1
3314
110
1114
1521
,
2618
36,
4
353
8
37
103
3
3
z‘41
/
4
11 4
- 3- WI;
102 3130
3
/
1
4
3
4
714 2312
12
21
37
/ 8212
1
4
814
1915
97
80
30
95
iir4
11114
New York Stock Record-Continued-Page 6
4128
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 25
$ per share $ per share $ per share $ per share
2714 273
4 2714 275
8 27
2712
48
483
4 47
4812 4612 477
8
*10
1138 •10
11
*10
11
34
34
3412
34 '3418 34
.13
8 13
4 *14
13
4 *138
112
714
*7
7
74
7
7
•1018 107
8 10
1018 10
10
58
58
*55
58
•55
58
22
22
2114 2134 2138 2131
184 1818 *18
19
*173 183
4
4
214 214
214 214
24 212
914 914
9
9 14
94 914
114
114
14
118
14 14
*74 9
*6
912 *6
812
1934 2012 20
20
2018 2018
*214
218
27
8 *214 2 4
3
218
*4119 42
*4212 44
4312 4312
117 114 11
8
113
113s
4 11
4 *814 11
913 93
4
93
4 93
295 30
8
8
297 30
295 297
8
9
*149 150 '
3149 150
150 150
524 53
53
54
5438 5438
1534 1534 15 4 16
3
*15 8 1618
5
*4934 50
4914 4934 *4913 50
*48
4814 4814 4814 "48
50
*102 1024 10212 103 *103 105
315 3158 3112 32
8
3214 3212
133 135
8
8 1312 135
8 13
135
8
•1318 1313 *13
133 *1314 1312
4
*106 110 13106 110 31106 110
'1918 193
8 1938 193 *19
1934
4
41
4114 405 413
8
8 404 4118
12078 1207 "1183 1203 119 119
8
4
4
914 9 3
1
93
8
93
4
93
8 95
8
394 3918 3812 39
387 387
8
8
•1234 13
123 13
8
123 123
4
4
115 115
11313 11312 11313 11312
115 1178
8
1178 1218 1214 1318
62
6214 6212 6212 * 8 63
615
7
718
7
7 14
7
718
*55
563 1055
4
563
4 56
5 4
63
*33
34
*33
*33
34
373 3812 3812 4
3812 38
3812
518 53
8
54 538
512 513
1712 1814 1838 187
8 184 19
2014 203
4 203 21
4
21
217
8
*11014 112 3111034 112
11012 111
*8514 --- *8514--- *8514 _ _
•14258 14514 14213 143 •132 142
- .106 109
4
1083 1083 •1073 109
4
4
2 653
4
4
65
8
-, 5
6014 6014 *5912 61
60
60
Thursday
Dec. 26
Friday
Dec. 27
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 28 1935
Rase, 3•11.4 Jais. 1
Os Baste of 100-share Lola
Lowest
Highest
Ally 1
1933 to Ravel for
Nov. 30 Year 1934
1935 -----Low Low
High
S per share $ per Share Shares
Par $ per 'hare
5 per shard $ per sh 5 Vi? share
27
274 2718 274 9,700 Mack Truck, Inc
8June 1 2813 Dec 6
185
No par
185
33
414
45
4758 454 4612 13,600 Macy (R H) Co Inc
No par 304 Apr 1 5714 Nov 18
3514 621,
3012
10
10
*10
200 Madison So Gard v I o
113
8
No par
512 Jan 2 1114 Dec 12
212
24
7
*33
3412 33
3312 1.200 Magma Copper_
10 185 Jan 18 373 Dec 6
4
8
154 :334
1214
13
8 138 *114
13
200 :Menai] Sugar
4
100
2I4May 14
38 Feb 8
33
4
78
4
*63
8 73
64 658
4
Preferred
70
100
1
a Jan 7 10 May 24
13
4
914
•9
10
*9
300 Mandel Bros
914
No par
3 Apr 29 1214 Dec 11
3
3
512
*55
58
*55
58
20 :Manhattan Ry 7% guar ___10U 29 Apr 23 6618 Oct 16
al
20
14
21
2114 2013 21
Mod 6% guar
4,200
100 1314 afar 15 30 Sept 11
103
4
103
4 291
/
4
185 185 •1818 184
8
8
300 Manhattan Shirt
25 10 Mar 28 1913 Nov 25
10
104 203
8
218
238
51aracalbo Oil Ezplor
24 24
900
1
1 Feb 23
3 May 23
1
33
3
14
913 912
94 94 8,700 Marine Midland'Corp (Del)
5
514 Apr 1
978 Dec 11
5
9
54
•118
158 •1
150 Market Street Ry
118
32
100
38June 14
17 Dec 9
8
11
24
/
1
•6
812 *6
Preferred
8
100
2
213 Oct 24 10 Dec 9
814
2
20
Prior preferred
2012 20
550
2014
100
354 Mar 1 2334 Der 10
3
3
124
2n6 preferred
*212 314 '214 314
30
100
1 Mar 15
37 Dee 13
8
7,
1
414
4212 4212 *4112 42
300 Marlin-Rockwell
12
No par 20 Mar 13 4514 Dec 14
17
32
1034 1114 1012 107 10,100 Marshall Field & Co
8
No par
63 Mar 14 1414 Nov 7
4
851
83
, 195
8
*814 10
600 Martin-Parry Corp
*814 94
No par
4 June 27 11 Dec 7
4
214
123
8
2912 3014 293 30
5.900 Mathleson Alkali Works No par 233 Mar 14 33 8 Nov 22
4
4
7
2312
2312 404
•150 155 *150 155
10
Preferred
100 136 Jan 2 156 Nov 16 1064 110
136
54
543
4 527 5412 4,600 May Department Storea
8
10 354 Mar 29 5734 Nov 20
23
4
30
453
16
16
16
1,200 Maytag Co
17
No par
512 Jan 30 20 Nov 4
314
Cs
83
4
*4938 50
300
*493 50
8
Preferred
No par 33 Jan 15 54 Oct 11
4
10
83
36
"48
50 '4S
10
Preferred ex-warrants No par 3212 Jan 7 55 Oct 11
50
9
8
3284
•103 105 *103 105
120
Prior preferred
No par 841 Jan 4 103 June 17
27
,
49
924
33
33
3212 33
1,600 McCall Corp
No par 28 Mar 14 351,June 17
22
24
32
13
1338 13
1312 5,800 :McCrory Stores classA No par
714 Apr 3 147 Dee 7
8
Ps 1212
3
4
*125 1358
8
_ ___ ___
Class B
612 Apr 3 143 Dec 7
No par
8
14 1238
118
*108 110
110--200
110 111
Cony preferred
100 5714 Feb 5 111 Dec 7
54 633
312
8
*1812 193
500 McGraw-Hill Pub Co__ No par
4 1912 1938
714 Mar 26 193 Dee 23
4
4
4
101
,
404 4138 393 41
8,800 McIntyre Porcupine
4
285
8
_5 333 Nov 1 4518Sept 28
4
381
, 5058
1203 1203 11912 120
4
600 McKeesport Tin Plate___NO par 9012 Jan 15 131 Nov 20
4
Mines8714
79
954
,M9y 22 103 Dee 10
912 93
57
4
4
914 912 9,600 MeKesson & Robbins
312
CA
914
383 3878 3838 39
8
2.400
S3 cony pref
No par 3812 Dee 19 40 Dec 13
117
2 4234
912
123 123
8
4 1212 127
8 3,200 McLellan Stores
34
84 Apr I 15 Jan 3
/
1
4
1
No par
1718
11313 114
430
*94
8% cony pref ser A
99
0
Mar 13 1153 Dee 14
100 851,
8
958 9258
1358 143
4 133 1412 13,800 Mead Corp
4
'Vs par 11 Dec 20 143 Dec 26 a 313
4
800 Melville lanoe
6212 63
61
61
1258
Au par 41 Jan 2 8514 Nov 6
as
38
718
7i4
718 738 2,400 Mengel Co (The)
3 Mar 12
83 Nov 14
1
8
3
3 12 11
60
563 563 "55
4
4
7% pr,frrred
2(i3
4
563
4
3
100 20 4 Mar 20 6034 Oct 21
24
52
Merch & Min Trans!) Co_No par 22 Apr 12 3312 Deo 7 • 22
*33
334 *33
3312
251
, 333
4
3812 39
3,100 Mesta Machine Co
384 39
8
5 24Is Jan 15 413 Nov 20 31 83
4 220'8 253
4
4 2,200 Miami Copper
512 53
4
512 53
24 Mar 13
5
27
8
212
63 001 8
4
Vs
183 19
10
94 Mar 15 1918 Dec 27
4
4
8
183 193 27,400 Mid-Continent Petrol
918
918 145,
22
23
224 2314 7.700 Midland Steel Pr..d
814 al ar 12 247
8Sept 20
013 217,
812
No par
480
*11012 112
8% rum let pref
111 112
8558
64
100 6018 Mar 6 11818 Oct 9
44
*8514
__ •854
_ ____ -- Milw Elec Ry & Lt Co 6%pref100 85 Nov 4 85 Nov 4
50
50
70
500 Minn-Honeywell Regu___Ao par 68 Jan 15 150 Dec 2
•135 110
140 141
12
115
36
205
8
20
108 108 *106 109
0% pref series A
107
100 105 Jan 9 211114June 19 • 68
87
63
8 63
4
63
8 63
4 5,000 Minn Moline Pow Imp) __No par
178
11,
34 Mar 15
57
.
75 Nov 25
8
500
593 593
4
4 60 60
Preferred
15
151
, al
No par 31 Mar 14 68 Nov 18
*38
12
*38
38
12 *3
8
3
8
13
1,
8
3 38
300 :Minneapolis & St Louis ____100
34 No v 21
18 Mar 4
14
It
*13
8
15
8 *138
158
138 13
8
114
114
4
200 Minn St Paul & 5E3 Marle__-100
158
•114
8
25 Dec 9
3 Apr 24
4
34
/
1
14
212 212
212 212
212
212
258 25
600
8 "258 23
4
1
1 Mar 6
4 July 10
1 14
512
'27
g
312
234 3
214 25
8
212 25
8
25
8 238 1,390
4,': leased line etts
14
114 Mar 24)
100
412 Dec 12
11
,
712
1618 1612 1634 17
167 1718
8
17
2,000 Mission Corp
17
17
*16
1038
No par 103 Apr 9 1718 Dec 24
8
5
5
5
518
47
8 5
Stock
47
8 518
478 514 10,000 Mo-IS an-Texas RR
212
212July 22
63 Nov 25
8
438 No par
11
133 1334 1314 1312 1314 133
8
1318 137
8 1318 137
8 8,400
8
Preferred merles A
34
87.lay 7 1614 Deo 4
100
12
57
e
57
178
178 •17
8 2
17
8
17 Exchange
8
14
17
8 1,000 :Miseourl Pacific
17
8
17
8
Di
1
1 July 8
6
100
3 Jan 4
318 318
3
3 18
27g
3
5,000
Come preferred
314
3
3
318
413 Dec 5
218
II,
112 Mar 30
100
94
2038 207
8 207 214 21
8
21
Closed207 2114 2112 2238 7,200 MOhawk Carpet Mills
8
103
, 224
4
4
/
1
20 103 Mar 13 23 Nov 7
121
8613 8612 874 8812 8714 8814
8713 8838 8714 8834 5,100 Monsanto Chem Co
61
10 65 Feb 29 943 Nov 14 *11 24
351
4
3812 39
3812 3914 385 39 Christmas
8
3818 3918 3812 3914 45,800 Mont Ward & Co Ino--No par 213 Mar 12 404 Dec 10
4
20
1514
353
4
44
4413 *44
4412 4234 44
417 42
4312 45
8
2,200 Morrel (4) & Co
No par 414 Dec 26 88 Feb 25
37
3472
034
/
1
61
61
*61
6112 61
61
40 Morris & Essex
Day
'6012 6112 "6012 6112
50 60 Dec 12 85125lay 24
58
553
4
71
3
4
3
4
3
4
.7
8
3,100 Mother Lode Coalition-No par
4
3
4
7
8
4
3
118May 1
3
4
4
4
/
1
4
14 Apr 4
3
1
65
6512 6312 6512 6314 64
6312 6334 6012 6312 3,900 Motor Products Corp____No oar 1718 Mar 13 69 I)eo 10
1614 41111
1614
3234 33
334 3318 *3158 3214
1,500
32
When Issued
32
313 32
4
No par 3134 Dec 27 3318 Dec 23
1314 1314 1318 1438 1414 1458
143 1412 14112 1414 15,800 WWI Wheel._
8
8
614
74 Mar 12 147 Oct 15
6
1
52 16C4
1478 15
147 147
g
8 1434 1478
147 147
8
8 1458 147
8 1,700 Mullins Mfg Co Class A____7.50
914 Aug 21
1614 Oct 22
94
---- -1434 147g
1434 143
4 1412 1412
1412 143
4 143 143
8
4
912 Aug 23 153 Nov 25
4
1
1.500
Class B
---- -- -912
78
78
7812 80
*7712 793
793 80
4
390
79
Preferred new
4
79
02
4
No par 62 Sept 4 813 Nov 211
*211g 2314 *21
2314 *2012 23
*203 23
4
200 Munsingwear Inc
2113 23
10
-25
.
13
1314 Mar 26 2612 Deo 13
No par
19
194 1918 193
8 10
193
8
1938 2012 197 203 27,900 Murray Corp of Amer
8
8
35
1
1114
8
374
43 Mar 13 213 Nov 22
4
10
*4214 4314 43
43
*4214 43
43
43
300 Myers F & E Bros
4214 4214
335
8
11
131
,
No par 30 Jan 12 4712 Oct 25
1738 175
8 1714 175
8 1714 1712
17,000 Vash Motors Co
173g 173
4 1714 173
4
11
124 32
,
11 Apr 3 191 Jan 7
No pal
*2213 23
2113 23
22
22
22
90 Naetville Chats & SI Louis __100 14 Mar 14 2712 Jan 8
22
2113 2118
193
14
4 484
13
13
123 13
1234 13
4
13
135
8 133 133
4 8,000 National Acme
8
3
1
3, 84
,
413 Mar 13 14 Nov 20
103 1118 11
4
115
8 11
1114
1114 1312 1278 1358 25,100 Natior.al Aviation Corp.__No par
514 134
514
63 Feb 26 113 Dec 27
4
3218 323
4 317 325
8
8 3218 33
3212 33
315 3214 23,400 National Biscuit
8
2514 4E14
2214
10 2214 Apr 1
3659 Nov 6
158 158
157 157
_
*153
'153
500
1484
__ 4
___
7% cum pref
100 14118 Mar 7 1581,3 Dee 18 1291, 131
2214 2213 217 2212 *153- 12
213 21
8
4
2212 1318 223 8 2314 32.100 Nat Cash Register
8
14
12
1312 Mar 14 2314 Dec 9
No par
235
204 2014
1931 2014 20' 2012
2014 2012 2012 203 34,200 Nat Dairy Prod
8
Dec 27
8
1114
No par 124 Mar 21
203
13
184
1084 1083 *10718 1083 1083 1083
4
4
4
*10718 10834 *10718 109
4
30
7% pref class A
8f1
100 108 Sept 28 1134 Nov 6
•107 108 *107 108 *107 108
•10718 108
10
10712 10712
7% pref class 13
100 2108 Sept 3 108 Aug 19 2108
27
8 3
2 4 27
3
8
25
8 233
2 4 23
3
212 238 4,200 Ma,DepartruentStoree__No par
4
I,
lls Mar 7
I
Wm
45 Jan 17
8
3134 317s 3134 317
8
8 307 3112
307 31
8
1,060
3014 3078
Preferred
100 17 Apr 2 343 Feb 18
3
2818
4
5
31
313
8 3058 3118 3014 305
3014 3114 305 307 17,800 Nall Distil Prod
8
8
8
16
No Par 2345lay 2 3412Nov 2
315,
18
*273 29
4
*2734 29
283 283
4
2812 2812 2818 2818
4
300 Nat Eriam & Stamping_ No par
32I2Ju1y 8
21 Slay 31
or
i di, 3278
•198 201
200 201
203 203
*203 205
600 National Lead
203 203
100 146 Jan 18 205 Nov 15
87% 133
170
•1607 165 *1607 165
8
g
160 1607
8
159 160
1,200
180 160
Preferred A
100 150 Jan 18 16212May 23 122
124
1484
.139 140 *139 140 '
5139 140
139 139 •139 13912
60
Preferred 13
100 1214 Jan 28 140I2July 30
993
4 1004 1211,
83
4 97
8
97 104 fo
8
95
8 97
95
8 97
8
8
1014 15,700 National Pow & LI
47 Mar 15 143 Aug 17
,
,
8
65
8 151
44
No par
.4 114
•7
8
114
•78
114
*78
114
78
100 Nat Rye of Me: 1s14% vt-100
58
12 July 12
112 Nov 29
23
8
3
4
/
1
4
12
12
*3
3
*3
8
12
23
12
2
12
3
8
3
8 1,100
2.1 preferred
4
34 Nov 29
14 Mar 19
100
Is
1
7314 7312 7314 737
74
8 73
724 737
9,700 Na:lonal Steel Corp
8 7012 72
8
25 403 Mar 13 834 Nov 14
33
344 584
•1814 1812 183 183 *1813 1812
8
4
184 19
8
187 1918 2,900 National Supply of Del
,
9
9 Mar 13 '207 Aug 17
25
10
2118
7113 7113 7213 7212 7213 73
723 7412 74
4
400
75
Preferred
100 38 Mar 20 773 Aug 17
8
33
334 80
914 . 94
94 95
4,300 National Tea Co
978
8
012 94
918
8
94 95
No par 2814 Mar 13 113 Jan 4
8
9
2814
1814
1114 1114
1138 1112 1112 1134
1112 113
8 1114 115
8 5,000 Nat.:alma Co
No par
712 Jan 15 1318 Deo 9 51 33
8
714 103
8
*3612 3812 •36
3812 •36
38
37
37
100 Nelsner Bros
•3614 37
4
No par 2114June 6 4134 Oct 21
4
8', 30,
*5813 59
*5813 50
5813 5812
400 Newberry Co (2 2)
4 59
583 583
4
59
No par 434 Jan 2 81 14 Dec 9
15
31
697
,
*112 113
112 113
11213 113
•112 113 *112 113
30
7% preferred
100 109 Jan 25 11812 Apr 23
80
112
100
*9
1012 *9
1012 *9
35 July 13 1112 Dec 5
*9
:New Orleans Texas & mex_loo
1038 '9
1012
103
8
38
5
8
25
912 93
93
4 97
03
4
4
9
978
g
07 1012 1012 107 30,500 Newport Industries
8
43 Mar 12 107 Deo 27
2
1
8
8
54 13
43
*34
35
3514 347 35
35
8
•3212 35
34
1,200 N Y Air Brake
35
Mg Mar 12 3612 Nov 20
No Par
Ws 283
1112
4
273 273
8
4
4 263 273
27
8 267 275
273
8
4 263 273 41,650 New York Central
8
4
8
1214 Mar 12 2914 Dee 9
No par
1214
1822 4514
163 163 *1613 173 .1614 163
4
4
163 17
4
8
4
1714 1712 1,100 N Y Chic & St Louis Co
8 Mar 12 19 Dee 5
100
6
I
Ms
34
35
34
3412 35
34
343 3513 34
4
3512 3,000
140
Preferred series A
97 Mar 12 39 Dec 4
,
972
16
4314
*47
8 6
47s 518
5
5
5
.5
413 434
400 New York Dock
614 Dee 5
2
2 Mar 14
100
24 32
/
1
154 1512 1512 153
15
1478 1514 14
4 15
570
15
8
Preferred
4 Mar 29 167 Dec 16
100
4
5
9
•124 125
12413 12412 12212 12212
30 N Y & Harlem
*12014 12212 12014 12014
50 112 Mar 11 139 June 12 101
108
10814
1
14 .1
118
1
1
118
14
118
118
451ay 31
118 1,700 IN Y Investors Inc__. __No pa
114 Dec 9
, 14
11
*____ 91
•__ 8912 *__ 8913
N Y Lackawanna & Western_100 98 Nov 18 99 May 22
01 ... 91
7812
83
90
•---34 33
4
8
4
34 33
312 3
312 33
34 37 56,916 :N Y N H & Hartford
4
25 Oct 23
8
4
100
81 Jan 4
,
258
0
24'8
75
8 83
8
8'8 814
814 812 11,100
Cony preferred
4
74 8
3
53 Oct 23 165 Aug 13
712 73
8
100
8
54
1013 374
434 5
458 47
514 514 •44 514
8
434 47
8 1,400 NY Oatarlo & Western
612 Nov 25
2 Mar 15
58
100
24
41
, 114
25
8 258
238
23
4 27
238
8
238 234 2,900 N Y Railways prof
212 234
334 Dec 17
No par
12 Mar 29
5
8
13
4
4
•118
_
__
138
133
•112 212
Preferred stamped
2
400
24
14
I4May 22
218 Nov 18
__
- -•118--12
12
12 125
1258 1338 1212 1318 6,000 N Y ShIpbldg Corp part.1k.
8 1214 1214
61851u 14 181, Jan 7
._1
818
91, 127
,
85
65
65 65
65
60
65
*65
7% preferred
.6514 697
8
100 51 Oct 9 87 Jan 7
607
8
51
72
8914
893 90
4
8914 90
8912 8913 8913 90
370 NY Steam $8 pref
8912 8912
No par 69 June 5 021* July 15
69
73
9912
.10014 102
102 10218 *10212 10214
30
10214 10214 *10014 10238
$7 1s1 preferred
No par 79 May 28 1024 Dec 23
79
90
1097
1
•112 2
*112 2
*112 2
13
8
600 :Norfolk Southern
112
3 Aug 6
4
14 112
100
212 Dec 9
44
14
34
.210 213
210 210
210 210
20914 210
210 210
1,200 Norfolk & Western
100 158 Mar 13 218 Dec 13 138
187
181
*10514 1053 *105 1054 *105 1053
4
*105 1053 *105 1054
4
4
190 99 Jan 10 108 June 18
4% Dret
77
10012
82
A 14190 .
25
254 2512 254 2514 254
26
274 263 2718 58,000 North American Co
4
9 Mar 13 28 Nov 8
No par
9
104 2514
*53
5314 53
53
800
534 5313 5312 5312
*53
Preferred
5314
50 3512 Mar 15 65 Dec 4
65
81
34
7
64 64
614 658
62, 714 144.100 North Amer Aviation
612 7
2 Mar 13
733
1
2
74 Dec 26
24
84
4 9514 9512 95 95
*9418 953
9512 951
96
600 No Amer Edison pref.. .No par
96
57 Jan 3 102 Nov 21
474 744
39
No German Lloyd Amer shs____
8 *312 44 *312 44
*33
*312 44
4 47
*312 47
314 Nov 14 1018 Nov 26
74
74 16
*95
971 *95
Northern Central
9712
*
60 8612 Mar 29 99 Aug 20
9513 9812 *---- 9812 •-___ 9812
9414
51
71
For footnotes see page 4122.
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 23
Thursday
Dec. 26
Friday
Dec. 27
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
4129
Amigo Sines Jae. 1
On Basis of 100-ehare Lots
LOtOL81
Highest
Jail 1
1933 to Rases for
Nov.30 Yam 1934
1935 ----LO.,, Low
High
- 3 per sh $ Par short
141 3614
/
4
1318
33
33
43
41
/
4
13
8
118
20
29
4014
812
812 1574
1614
- - - 312
- 52
3
fills
70
95
70
43
4
514 1458
1118
121s 191
/
4
92
92
108
3
8
3e
25
712
9
30
47
28
97
97
11412
94
60
60
cr 5
1
--18
1
- -31,
6
31 1114
/
4
312
1
2
612
124 2312
/
1
124
/
1
19
204 37
/
1
12
19
34
77 681
: 69
85 2
,
116
991.4 103
3 5
512
93
8
3 25
. 8
65
8
204
104 12
/
1
814
12
83
213
612
7
2112
$ per share $ per share $ per share $ per share $ per share 5 per share Shares
3 per Mare
Par 5 per shard
22
4
8 2312 2412
2258 223 233
2458 2514 2418 25
100 13N Mar 28 2514 Dec 26
67,700 Northern PacIfic)
8
.515 52 .515 52
8
52
52
8
50 357 Jan 18 5212 Devil
.518 5212 515 515
8
8
80 Northweetern Telegraph
112 13
4
112
118July 12
112
214 Jan 4
.134 IN
15
8
13
13
4
4 218 5,200 Norwalk Tire & Rubber __No Dar
8
2018 2018 *2118 253 *2112 25N
Prelerred
.2114 253 .2138 253
50 220 Mar 20 3212 Jan 3
8
10
1318 133
13
1314
8 1318 1312
94 Mar 18 1418May 17
/
1
1314 1358 1318 138 40,700 01210 Oil Co
No par
25
25
25
26
2614
26
2512 2434 *2434 2512 1,300 Oliver Farm Equip new_No par 1614 Oct 2 2714 Dec 13
17
173
4 175 183
8
4 1814 1853
4
312July 23 183 Dec 23
1734 1812 177 1812 45,200 Omnibus CorP(The)vto- No par
8
•105 1067 1067 1067 .105 107
8
8
8
Preferred A
100 75 Jan 16 107 Nov 26
.105 107 *105 107
100
812 812
814 812
88 8N
43 Apr 3 11N Nov 8
4
.818 812
818 814
800 Oppenheim Coll & Co____No par
2458 25
243 2514 243 2514
8
4
x247 2514 2412 25
8
NO par 1118 Apr 4 2652 Dec 6
6,500 Otis Elevator
.123 12312 .123 12312 .123 12312
x12158 1215 .12218 123
8
Preferred
100 106 Jan 7 125 July 5
40
153 15N
8
1512 1534 153 1614
8
414 Mar 14 1758 Sept 7
16
1612 15,900 Otls Steel
163
8 16
No par
9114 92
917 92
8
8712 8712
00
00 .87
4
prior preferred
100 223 Jan 16 02 Dec 21
900
89s
*41
493 .41
4
493 *41
4
493
4
.42
Outlet Co
No par 38 Mar 12 55 Dec 4
493 .42
4
493
4
___ .116
*116___ _ .116
__
Preferred
100 11412 Mar 23 11512 Mar 29
_ _ _ ___
11
.116
_ _ *6
125 12514 125 12514 12512 129
-127 1273
12712 118
25 80 Mar 12 129 Nov 12
---- 7,700 Owens-Illinois Gleam Co
4
1412 1458 145 147
15
8
1518
15
15
1412 143
4 2,800 Pacific Amer. Fisheries Ino____5 14 Aug 5 1734 Nov 13
s3
358 *3
38
5
23
1 Mar 26
4 3
10
38 Dec 7
130 Pacific Coast
318 31.5
.
318 35
8
012 012 *812 014
83
4 834
312 Apr 22 10 Dec 6
812 812
171 preferred
No par
812 812
110
47
*4
*4
*4
5
5
53 Dec 7
8
1 Mar 27
412 412 *4
No par
412
2d preferred
20
3014 305
4 3014 3059
8 3018 303
305 3115 10,300 Pacific Gas & Electric
8
3014 31
25 131s Mar 6 3118 Dec 27
51
51
51
52
5014 51
19 Mar 18 56 Nov 6
No par
32
5258 2,500 Pacific Ltg Corp
5112 52
•1558 157
16
8 16
*1512 157
1512 1558 1514 153
8
No par 12 June 19 21 Jan 2
4 1,800 Pacific Mills
•115 11912 11912 11912 .116 11912
.115 11912 118 118
100 70 Jan 2 123 Dec 14
30 PacIfle Telep & Teleg
•140 143
14212 14212 *137 14212
6% preferred
•137 14212 .137 14212
100 11112 Jan 14 14212 Dec 19
10
1212
12
1114 1112 1112 12
6s July 11 1212 Dec 24
117 1214 113 12
,,
4
7,600 Par Western Oil Corp____No par
634 7
7
67
7
63
4
3 Mar 13
/
1
4
63
4 7
7 Oct 22
/
1
4
No par
44,800 Packard Motor Car
6N
7
15
1518 15
20
15
•138
1612 1612 1712 1712
4
5 103 Jan 9 1712 Deo 27
000 Pan-Amer Petr & Trans
0
2 112
11 112
/
4
112 112
17 Dec 4
12June 20
114
114
114
114
600 Panhandle Prod & Ref__ .No par
18
•17
1812 17
.17
18
•1612 17
61 Mar 12 20 Nov 22
/
4
*163 1712
8
8% cony preferred _____ __100
50
79N 798 7918 793
79
7918
8
79
79
No par 7118 Dec 10 807 Dec 16
78
7814 1,100 Paraffine Co., Inc
95
8 ON
912 9N
95
8 98
9513 10
8
8 Aug 28 12 Sept 12
1
95
8 9 8 14,800 Paramount Pictures new
7
7718 7712 78
*7514 76N 76
4Sept 19
78
67
78
100 67 Nov 30 1013
7612 7712 3,800
First preferred
94
/
1
1133 111 1139 113
/
4
4 115 1134
8
914 Aug 28 1414 Sept 18
113 11N
4
Second preferred
10
115 12
9.100
18
.18
19
18
18
18
11
if - -12
8Nov 14
*1712 18
15
1 11 May 20 215
1712 1712
500 Park-Ttlford Inc
439 413
438 412
414 412
2
67
6 Apr 26
438 45 13,800 Park Utah 0 M
414 412
212
214 Mar 21
1
8
/
1
4
33
4 37
8
3N
4
43 Dec 5
8
38 4
Is
2
2 Apr 18
4
3,200 Parmelee Transporta'n___No par
4
378 3N
3e
77
734
714
75
8
73
8 74
/
1
_
4N Oct 3
75
8 78
47,1
- -77 Dec 26
9
No par
75
8 77 20,100 Pathe Film Corp
8
1314 127 13
•1234 1312 .13
8
912 II- 2
1
1212 127
814
814 Feb 28 15 May 23
8 1214 12N 3,000 Patine Mines & Enterpr No par
.118
114
14 July 12
118
118
1N
118
3
4
1
13 Nov 30
4
.118
114
678
8
IN 681s
1
500 Peerless Motor Car
68
68
6714 6714 6712 68
444
/
1
4458 67
*68
70 .67N
No par 6412 Feb 5 81 July 8
400 Penick & Ford
79
8 7812 7983 77
783 785
8
773 7818 7714 78
351
/
4
5112 7414
4
4
No par 5714 Apr 3 843 Sept 18
12,100 Penney (.1 C)
5
/
1
4
IN
478 4N
45
43
4 5
8
.
214 Mar 13
48 45
612 Aug 21
10
139
45
8
458 5
700 Penn Coal & Coke Corp
414 414
4
4
43
8
27
7
414
254
512 Aug 6
3 Mar 9
No par
414 4N
414 414 8,100 Penn-Dixie Cement
27
27
27
27
8
2714 28
10
1214 337
4
*2714 28
100 18 Mar 11 303 Nov 22
Preferred merles A
2712 2712
600
2018 37
4
297 3014 293 3018 295 30
8
1714
2934 3014 295 3018 30,249 Pennsylvania
50 1714 Mar 12 3212 Dec 5
31
313 *3014 32
.2914 32
No par 30 Feb 5 391 Apr 1 . 1012
3
/
4
32
33
33
1958 55
3318 1,000 Peoples Drug Stores
86
•11412 11612 *11412 1161 *11412 11612
80
11214
8
100 1083 Oct 7 1164 Mar 28
Preferred
.11412 11612 .11412 11612
373 3858 39
4
38
39
17
/
1
4
/
1
4
1914 437
173 Mar 7 43 Aug 17
4
8
100
393 41
39,
2
4014 4014 5,300 People's G I. & 0 (Chic)
33
3N
8
8
*314 35
3
3
2
2
4 Nov 22
218 Feb 26
100
4
8 *35
500 Peoria & Eastern__..
353 37
29
29
29
29
38
*2613 2314
914
12
94 Mar 13 3412 Nov 23
/
1
29
100
29 .27
288
500 Pere Marquette
60
*573 60
4
18
5112
60
61
61
1412
593 60
100 1612 Mar 13 63 Dec 6
4
Prior preferred
5918 60
900
5312 .51
•51
5312 .51
1318 43
52
12
100 13 Mar 15 538 Dec 9
51
51
Preferred
52
53
500
*1512 1612
16
16
.1512 16
914 177
8
914
8may 4
1312 Oct 7 193
*1512 1618 *1512 1618
NO par
100 Pet Milk
7;08 Mar 14 125 Dec 13
5
12
1212 1214 1212 1214 1212
814 1414
75
8
8
123 1212 1214 123
8 4,500 Petroleum Corp of Am
1718 173
8 1712 173
4 1714 1712
11 Oct 2 1914 Dec 16 11 2
1714 1712 17
173
8 7.500 Pfeiffer Brewing Co _____No par
8 2512 2638
25
25s 2512 257
113
4
-1314 --18N
4
25 123 Mar 15 2818 Dec 9
2638 277
8 2614 267 14,400 Phelps-Dodge Corp
4314 4314 4314 4314 4314 44
2414 37
2112
50 23 Feb 27 4518July 13
Sotck
44
4413 445 44 8 1,100 Philadelphia CO 6% pref
8
.77
80
*75
83
*78
80
3814
49
641
4
NO par 3812 Mar 5 8514 Nov 12
.75
8318 80
36 preferred
100
80
45 Nov 29 31 114
.
12N
4
*318 37
.3
37 Exchange
8
2
6
15
8July 26
3
.27
3
50 tPhiladelphia Rap Tran Co___50
8 4
*818 0
4
83 10
8, 93
4
3
412 16
312July 30 10 Nov 27
50
.814 9
87
8 9
r f rred
7
1,500
61/4
214
238 Closed214 23
8
218 23
8
314
43 Jan 9
8
13
4
14 Mar 21
No par
214 2u
218 28 11,900 Phil, & Read C & I
4
8 62
62
6212 613 625
6312
1018
1112 483
8
10 3514 Mar 12 6718 Dec 27
6334 6678 6614 6779 12,900 Phillip Mores .3 Co Ltd
13
.1234 1334 13
13
5
/
1
4
7
21
1334 Christmas
4
1483 1418 143
512 Mar 22 143 Dec 27
14
No par
4 2,000 Phillips JOIRSO Corp
.7712 80
*80
83
80
80
48
747
2
48
100 5312 Apr 1 85 Dee 7
83
83
7% preferred
*7712 83
20
363 3714 3714 383
4
8
8 375 3814
11
133, 3203
4
4
Day
No par 133 Mar12 38N Dec 27
373 3S12 3814 387 44,100 Philips Petroleum
4
7
413 1312
3
111
1014 Dec
912 9N
9
.
912 07
8 *9
3 Mar 21
5
*93
4 97
8
600 Phoenix Hosier,
97 10
8
50
66
•73
88
44
.7212 78 .7212 86
/
1
Preferred
100 50 July 8 7812 Nov 22
*7212 8312 .7212 884
14
3
4
54
18
11
/
4
114 Nov 25
3
4
7
8
14 A pr 27
3
4
7
8
3
4
7
8
25
7
8 2.200 Pierce 011 Corp
3
4
54
14
4
•7
41 103
/
4
24
712 7N
712
8 Nov 23
4July 24
7
23
7
Preferred
100
800
7
7 14
712 712
34
2
112
113
112
112
112
158
58July 16
13 Dec 13
4
112 112
N
No Dar
138
138 2,400 Pierce Petroleum
1812 3414
18
/
4
*3518 353
4 351 3512 3512 3513
31 Apr 8 38 Nov 16
35
3514 3512 3512
No par
900 Pillsbury Flour Milla
7014 87
.50
.50
60
655
8
60 .50
GO
6558 Aug 26 7612 Jan 25
Pirelli Co of ltaly Amer shares__
*50
GO
*50
60
71 Iels
/
4
9
7
/ 1034 1.800 Pittsburgh Coal of Pa
1
4
9
/ 912 .9
1
4
912 934 .914 'J'2
1012
8
7 Mar 14 127 Aug 13
100
424
/
1
26
3512 3512 .3418 373 *33
26
4
4
36
.33
100 2614June 6 443 Aug 13
3612 3612 3612
Preferred
200
•176 181 *176 181
176 176
100 172 Feb 14 180 Aug 21 14114 14112 169
*17612 181 .17612 181
30 PRO Ft W & Chic pref
418
612 111
/
4
87
8 914
9N Dec 13
834 9
5' Mar 13
812 87
83
4 87
8
83
4 9
8 6,800 Pittsburgh Screw & Boll__ No par
*43
.43
45
154 43
45
45
45
154
4414 4412 44
100 2218 Mar 13 55 Oct 1
45
100 Pitts Steel 7% rum prof
.112 2
•112 214 .112 2
1
112
31r
27 Nov 25
Mar 21
13
4
1
100
14
*13
4 2
100 Pitts Term Coal Corp
8
8 147 147
•1414 147 .1412 147
818 1911
618
*1412 157 .1412 155
8
100 1014 Apr 4 16 Sept 13
20
6% preferred
21 • 212
/
4
212 25
8 *212 27
312 Sept 11
8
25
8 258
212 212
1N
Ds
5
114 Mar 20
25
800 Pittsburgh United
.5412 583
2412
4 55
2558 597s
56
50
*5514 58
Preferred
100 2412 Apr 4 62 Noy 18
55
150
56
56
•1912 2112 *20
.20
221
22
67
8
10
27
*2018 2212
8June 4 25 Nov 23
.2012 22
P1ttsburgh & West Virginia 100
67
112
134
13
4
4 2
15
8 .13
13
4
5
1
23 Aug 31
8
• 4 2
13
I Mar 21
IN 2
No par
600 Pittston Co (The)
12
1214 1218 1234
1178 12
1658
61
/
4
714
4
1212 123
4 1214 1212 12,300 Plymouth Oil Co
6 Mar 15 123 Dec 24
/
1
4
5
113 1218 12
4
1112 115
12
6
6
167
8
4
113 117
4
8 113 113
4 2,400 Poor & Co clam B
618 Mar 15 1234 Nov 20
No par
.418
412 .418 412
418
41
IN
2N
81
,
4
*4
418
418
58 Nov 9
153 Mar 19
-Am TOb Cl A
No par
400 Porto 1110
114
114
114 .114
114
112
374
14
1
118
IN
218 Nov 12
114 1,400
14 Feb 28
Clans 13
No par
158
1018 1018
97 10
8
93 1018
4
97 103
8
8
41a
101
: 2 3
9
8
8June 13 165 Jan 7
95
8 939 3.215 /Postal Tel & Cable 7% pref_100
43
312 4
338 :312
414 Dec 5
38 334
,
a
114
5
NMay 14
33
8 31
. 6,200 :Preseed Steel Car
313 3341
NO par
258
4
26's 25
2212 2418 24
558 22
/
4
514
2414 251 2412 243
612May 14 261 Dec 23
Preferred
100
4 6,600
4458 453g
4418 45
447 45
3318 4458
331a
4July 23
45N 4534 45
45
/
1
No par 424 Jan 12 533-8,800 Procter & Gamble
•119 120 .119 120 .119 120
10212 11712
119 120
.119 120
5% pref (ler of Feb i'29).100115 Jan 2 121 Nov 7 "101
110
8
3
4238 4212 425 43 8 427 43
45
25
201
/
4
427 445
8
8 4414 447 13.300 Pub Ser Corp of N .1
4
8
/
4
No par 201 Mar 5 463 Nov 18
103 1031 .10212 103
•103 104
84
8
67
Dec 10
103 103
597
1035 104
8
/
1
4
700
55 preferred
No zsar 62 Feb 20 10418
9784
.11534 11614 116 116 .11618 117
78
73
11614 11614 11614 11614
6% preferred
100 73 Mar 14 117 Dec 12
300
13018 13018 .128 131 *125 131
88
106
130 130 *129 131
84
7% preferred
100 8518 Mar 18 132 Deo 6
200
148 148
.145 149 •145 148
11912
105
.147 149
99
148 148
200
8% Preferred
100 100 Mar 14 148 Dec 9
8711 1041
/
4
8
11034 1107 1117 1117 11012 1101
8
*110 112 *1103 11212
4
800 PubSerEI&Oa,pf$l.,__Nopar 99 Jan 5 113 JulySOj 8378
363 373
4
8
353 37
4
35
353
1
4
3514 5 /
3618 3714 357 363 19,500 Pullman Inc
8
4
2
No par 2912 Oct II 527 Jan 9j 2912
1534 16
1 558 16
155 16
8
147
8
57 Mar 21
6N
153 16
4
57
8
15N 16
1614 Dec 12
34.600 Pure 011 (The)
No par
115 115
115 117
'11458116
11518 11518 11518 11518
80
69
49
8
8% cony preferred
220
100 4953 Mar 18 1197 Dec 12
10212 10212
*101 104 *100 104
101 101 *100 103
3312 63
3312
6% preferred
100 65 June 25 103 Dec 16
400
531# 1312 1439 1412 1514
1314
15
153
8 145 1518 16,800 Purity Bakeries
8
8N
193
4
8
/
1
4
4
814 Feb 1 173 Oct 15
No par
12
1238
1112 13
123 13
4
91
/
4
41
/
4
1218 13
1214 127 263,000 Radio Corp of Amer
4
8
4 Mar 13 1338 Deo 18
No par
55
547 55
8
5514 5554 55
2314 5618
55
55
22
543 55
4
Preferred
2,400
50 50 Mar 18 6211 Jan 25
8514 904 8612 8738
8812 89
874 8914 873 89N
/
1
46
4
15
133
8
Preferred 13
7,300
No par 8514 Mar 12 92 Dec 18
5
518
5
514
5
53,
5
5 18
112
41
/
4
5
.,N 11,200 Sltadlo-Ketth-Orph
114
6 Oct 21
114 Mar 13
No par
2814 2814 2812 2814 2812
•28
288 2912 2912 297e 4,100 Raybeetoe Manhattan
1412 23
1118
8
No par 1612 Mar 13 297 Dec 27
4
•3512 361 •3512 3612 353 3534
3512 36
3412 34'2
3518 564
/
1
Reading
7
2972
8
500
50 297 Mar 28 43% Jan
.3612 401 .3912 4012 *3912 4012
3914 393
4 3914 391
3313 ills
28
1st preferred
1,000
50 36 Apr 8 4318 Nov 6
.3612 37
.3612 37
•3612 37
/
4
.3612 37
*3612 37
27
2918 391
26 preferred
50 33 Apr 17 38 Dec 6
10
1039
10
10
93
07g
.95 1054
8
.10
10N
3 Apr 4 II Aug 16
/
1
4
10
1,200 Real Silk Hosiery
312
5
14
70
71
71
71
71
71
70
70
35
.70
Preferred
2018
160
60 4
,
100 2018 Apr 2 72 Nov 13
73'2
2
2
2
218
.238 21
2
2
218
2
158
6
3 Oct 25
2,600 Rein (Rohl) & Co
1
1 Mar 26
No par
151 1584
*1512 16
*1512 17
16
16
1512 16
/
4
4
5
/
1
4
51 383
1st preferred
700
8 Mar 12 18 Nov 7
100
105 2014
8
191 l'JSo 1918 20
/
4
20
2014 193 2018 14,800 Remington-Rand
4
6
514
133
8
7 June 1 2014 Dec 12
1
8412
4
84
8412 843 85 .84
.84
85
85
85
36 preferred
1,300
25 69 Aug 22 88 Nov 27 69---2312 2312 2318 2338
•2314 24
*23
231 .23
Prior preferred
2118
25 2118 Oct 15 2514 Nov 19
600
2312
117
117 *__
•__117 •-•
117
_
Renns & Saratoga RR Co -__100 9812June 1 110 Mar 1
--- 117
9812 1
-14
26
.7
4 L, 5
ii8 5
. 78 5
147
8 5
47
8 5
2
'
512
55 Dec 4
8
9,800 Reo Motor Car
214 Mar 13
5
173 1812
8
175 18
8
1738 17N
1814 183
4 1818 1812 29,500 Republic Steel Corp
9
1018 253
4
9 Mar 15 203 Nov 20
4
No par
85
4 85
853 853
4
.8414 86
8418 847
8 847 8478 1,100
19
334 671
/
1
/
4
8
6% oonv preferred
100 285 Mar 18 97 Nov 14
8
90
907 *9018 0112 90
8
9018 01
•9014
88
6% cony proir pref ser A.-100 7812 Oct 2 0512 Nov 22
700
7812
90
133 137
137 14
8
123 1314 1314 14
8 13N 143
1
14
- -12
5
512 Apr 3 16 Dec 11 44 3
4 3,900 Revere Copper & Brass
*3012 35 . 4 33 2
303
32
•2914 35
323
4 34
,
1114 281
/
4
Class A
34
10 13 Apr 17 3414 Dec 11 .. 10
400
11312 114 *11312 114
.11311 114
90
Preferred
100 75 Apr 9 115 Nov 26
46
8
11358 11358 1135 1135
35
70
8
29
/ 297
1
4
2678 26) 268 2712 2718 2984
8 297 3012 12,300 Reynolds Metals Co __--No par
1512 273,
171 Apr 29 3012 Dec 27 4 958
/
4
8
'
1131 11314
*111 118 .111 114
•110 11314 *109 113
100 101 June 10 11314 Dec 24 101
100
-- - 54% oonv pref
30
3014
303
8
8 30
- / 16
81
4
303 303
4
307 307
4 30
1 1214 Mar 20 313 Dec 12 47 6
3012 1,400 Reynolds Spring
4
5414 548
5412 5514
543 55
4
5414 547 11,500 Reynolda (R 2) Tob class B__-10 4318Mar 26 585 Nov 23
8
545 55
8
393
4
39114 53 4
,
8
.58
60
59
59
5612 58
5274
187
.58
5514
Class A
60
10 5514 Apr 22 67 Nov 12
180
60
60
12
*1012 13
121 .11
•____ 1214 *--- 1214
•I1
Rhine Westphalia Elec & Pow_ _
1112 Dec 19 1312 Mar 13
121
/
4
1258 23
•1634 171 .1612 171 *1612 1712
16
16
0,
8
818 5312
19 Oct 29
1654 1712 1.000 Ritter Denial MIg
514 Mar 26
No par
1314 3014 301
3314 .31
3318
•30N
20
217 Feb 25 33 Dec 5
8
*31
20
3114 3158
'30* 31
SOO Roan Antelope Copper Mtnes __
For footnotes see page 4122.
New York Stock Record-Continued-Page 8
4130
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 25
Thursday
Dec. 26
Friday
Dec. 27
$ Per share
4638 4633
8512
85
83
4 83
4
225 2318
8
118
118
13
4
17
8
812 812
*1412 19
317 323
8
4
109 109
11114 11114
12
12
5014 503
4
33
8 312
•1612 1713
87% 877
8
7
8
7
8
24 214
327 333
9
4
37
8 37
8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 28 1935
gauge SW. Jac 1
Oa Basis of 100
-share Lots
Lowest
Hwang
Sale 1
1933 to Ramos for
Nov.30 Year 1934
1935 ----Lot
, Low
Mob
$ per share $ per share $ per share $ per share Shares
$ per share 3 per oh 3 per shore
Par $ per Shari
4614 , 4614
4638 4658 4714 473
1,000 Royal Dutch Co (N Y abareen_
2912 Mar 12 48 8 Nov 26
,
2
852 3918
2838
8614 5613
87
90
9213 9912 1,300 Ruberold Co (The)cap stk No par 82 Nov 20 9913 Dec 27 a 25
813 83
1,100 Rutland RR 7% met
814 812
8
3
8
3 Apr 18 10 Dec 16
100
413 1/225 227
8
227 233
8
8 2212 2314 10,600 St Joseph Lead
1014
10 1014 Mar 13 254 Dec 6
1514 277
8
118
138
%June 6
13
8 1,800 :St Loule-San Franclsoo____100
114
114
114
2 Jan 8
3
4
14
45
2
138
17
8
134 2
3,500
let preferred
I% 2
1 Apr 3
1
100
3 Nov 29
112
54
77
812 813
130 231 Lou% Southwestern
7%
*54 812
20
6
100
8
8 Apr 15 14 Jan 12
*1313 18
*1412 18
Preferred
*1412 16
12
100 12 Mar 4 2312 Nov 29
13
27
32% 3338
32
327
8 315 3212 15,700 Safeway Stores
8
315
No par 31% Dec 27 46 Jan 2
4
3814 57
1081 10812
80
6% preferred
10813 10812 *10812 110
80
100 104 4 Mar 11 11314June 29
841 108
/
4
,
11114 11113
200
7% preferred
111 11112 111 111
904
100 109 Oct 1 11412June 19
984 1134
*12
12'4
8 127 1314 3,100 Savage Arms Corp
8
123 127
8
6 Jan 15 1318 Dec 9
412
No par
518 1214
49
49
5113 51
5112 21.000 Schenley Distillers Corp
5018
5718
5 22 Mar 12 5614 Nov 2
174 38%
314 33
8
1,700 Schulte Retail Stores
418 Nov 25
3
13 Apr 4
4
8
1 84
1
8
3
4 314
314 33
16
16
900
•1614 18
1614 1614
8 Apr 4 204 Jan 18
Preferred
100
8
15
30 4
,
*8433 85
87% 87%
170 Scott Paper Co
85 85
374
No par 55 Jan 2 91 Nov 26
411
6038
7
8
1
7
8
78
7,600 :Seaboard Air Line
14June 29
114 Dec 3
7
s
1
No pr
2
14
58
2
2
214
1,600
2
2% 2%
5 Aug 1
8
Preferred
100
3 Dec 2
8
I
31/1
5
334 3338
33
333
4 335 35
8
13,100 Seaboard 011 Co of Del ___No par 204 Mar 12 357838ay 9
/
1
19
20% 3833
*35
8 418
200 Seagrave Coro
8
4 43
27 Oct 14
212
No par
4 *33
47 Jan 26
33
312
4 33
538
647 653
8
8 643 653
4
8 643 6518
4
5114
31
No par 31 Mar 12 697 Nov 20
647 6512 6414 6518 17,800 Seam Roebuck dt Co
8
8
30
3
334 33
5
3 4 33
4 *338 4
300 Second Nat Inveelore
112May 8
Ds
*3
4 334
418 Nov 25
4
1
1%
414
3 4 33
4
66
66
6512 66
6713 6713
320
6812 6812
Preferred
68
32
40 Apr 3 70 Nov 19
68
52
30
1
15
15
1518 1513 1538 164
35,200 Serve! Inc
1614 1612 1633 17
433 9
7 8 Mar 13 17 Dec 27
5
313
I
103 11
4
1114
105 107
8
3 11
107 1114 10% 1114 9,300 Shattuck (F 0)
o
714Mar 14 127 Dec 6
2
6
No par
6 / 137
8
1
4
2112 2214 2214 225
8 2214 2312
231a 237
9 Mar 14 253 Nov 6
1314
8 227 2314 7.100 Sharon Steel Hoop
4
8
No par
4
15 18
5
5
45
8 43
4
5
5
77
412 438 3,600 Sharpe & Dohme
433 47
8
No par
53 Nov 25
4
314
4
314 Mar 12
*42
427 4278
8
4338 43 43
200
Cony preferred tier A
42
*4118 4338 *41
No par
4012 Nov 12 50 July 23
384 49
30
*30
31
300 Sheaffer(WA) Pen Co_ _NO par 30 Oct 5 3114Sept 21 , 712
*3014 31
3038 *30
*3013 31
3033 3058
.373 39
4
*3713 39
*3712 39
Shell Transport •It Trading ___E2 203 Jan 2 385 Nov 25
*3713 3812 *3712 3812
--19
/612
10
8
8
1514 1538 15
1512 1514 153
8
154 153
1112
8 1518 1558 13,000 Shell Union 011
6
512 Mar 19 1612 Dec 10
512
No par
10812 10812 1103 1103 *11014 111
4
4
600
Cony preferred
11012 11012 *10914 1093
4
89
100 631 Mar 21 111 Nov 14 ,7 4512
57
4 1014 1012 10
1033 1133 1112 12
108
24,400 Sliver Ring Coalition MInes___5
1033 103
8
124
83 Feb 15 1932 Apr 26 23 514
8
1833 187
1812 187
8 1812 183
4
183 1912 1918 1912 14,600 Sitnmone Co
812 2418
4
6 Mar 15 1912 Nov 6 6
No par
5
.54
5
518
518
*5
5
5
518
43 Oct 24 1814 Jar 9
518 2,500 Simms Petroleum
43
10
714 1713
1834 19
1914 1933 1938 2
2014 2013 1938 2014 12,200 Skelly 011 Co
4
012
1118
6
25
612 Jan 15 2012 Dec 24
11413 115 *115 120
115% 11512
Preferred
500
116 11614
•115 117
42
100 60 Jan 22 11614 Dec 27
5112
68'3
58
58 .5613 6212 *58
60
70 Sloss-Sheff Steel & Iron
*58
6212
60
12
60
15
100 13 Mar 20 60 Dec 20
2712
65
65
65
65 12 65
65
470
6518
7% preferred
65
64 4 65
,
15
100 24 Mar 12 7012 Nov 16
1812 42
65
65
65 13 664 655 6714
8
6312 3,900 Smith (A co) Corp
6418 6412 63
Vo par 4613 Nov 30 6812 Dec 18 , 1518
2614 2614 26'4 2614 2614 27
2634 27
4 2,700 Snider Packing Corp_ __No par 1514 Apr 3 30 Nov 7
263 263
8
312
- -1 1/
64
/
1 114
1334 1414 133 1414 135 137
4
8
4
133 14 105,600 Socony Vacuum 011 CoInc _ _15 1038 Aug 30 15 4May 24 40 912
133 14
4
8
,
1212 1938
11012 11012 11014 1101 *11014 11013
400 Solvay Am Invt Tr pret_-_-100 10712 Jan 15 112 Oct 1
*11014 11112 11013 11012
76
86
10812
25
2518 25
2514 2458 2514
25 8 5,900 So Porto Rico Sugar
,
25
25
25
8May 24
20
No par 20 Jan 30 283
243
8
2
0
•150 151
151 152 *150
40
_
Preferred
150 150 *150____
132
116
100 132 Feb 4 152 Dec 23 112
2414 2414 237 2418 233 - 4
2
4 241
2414 247
243 247
8 6,200 Southern Calif Edison
8
3
25 1058 Mar 13 27 Nov 8
1012 2218
223 227
8 22% 2318 2212 2313
237 31,500 Southern Pacific Co
23% 237
8
8 23
1254
14% 3314
4
100 123 Mar 18 2513 Dec 4
123 1318 13
4
1314 127 1318
8
8
13
1112 3612
133
512July 8
4 1318 135 11,800 Southern Railway
512
ma Jan 4
100
1714 177
8 1712 1818 1713 1738
4114
7
173 183* 1713 183 11,000
8
14
4
Preferred
7 July 8 2138 Dos 4
100
*297 33 .297 33
8
8
500
Mobile & Ohio stk tr oils _100 15 July 23 33 4 Dec 4
30
30
*3012 32
*3010 32
15
,
3112 473
*714
712
.73
8
71
71
2 *714 914
712
700 Spalding(AG)& Bros __No par
73
8 73
6
6
4
13
834 Nov 22
5 Mar 14
66
66
2607 6612
8
66
56
*6618 694 *66
100
6934
let preferred
3014 74
304
100 42 Apr 2 7013 Nov 22
*105
*105 . __ *105 _
20 SDang Chalfant & Co Ina pref 100 5912 Apr 3 107 Dec 11
_
*105
30
_ __ 105 105
55
20
.
27
77
3 814
77
8 31 Mar 13
818
8
27
2
8
- 18
i
8
73
4 77 23,100 Sparks Withington
No par
814 Dec 19
77 8 3
*718 73
4 *712
712
712
712
400 Spear & Co
112
812 Oct 18
314June 25
No par
2
712 7%
73
4
713 718
*77
.50
7912 7913 80
80
80
80
Preferred
80
81
304
*80
100 65 Mar 23 81 Oct 21
39
6413
3412 333 333
.3312
3312 3312 3312 3312
500 spencer Kellogg & Sons __No par 31 Nov 13 3614May II
4
4 3312 337
8
1214
1554 3318
141
1334 14
14
143 1514
8
1513 1612 16
Stock
1612 118,100 Sperry Corp (The) v I a
35
8
54 118
714 Mar 14 1612 Dec 26
1
300 Spicer Mfg Co
*1313 1414 1318 1318 *1318 135
,
8
*1318 135 *1318 13 8
8
6
6
813 Mar 14 1512 Oct 22
13
No par
*4514 46
20
4514 4514 '
1451 46 Exchange *4512 46
4512 4512
Cony preferred A
18
No par
3.314 Feb 14 48 Nov 22
2154 4114
6614 663
4 66
6614 6614 693
4
70
723
4 7012 7131 9,400 Spiegel-May-Stern Co
764
714
2
No par 437 Mar 27 84 Oct 21
19
*100 103
1023 1023 *1013 10212 Closed- 1023 1023 10218 10218
300
6.)i % preferred
4
4
4
4
4
'
45
100 101%July 26 10518 Nov 1
145 1454 14% 1514 1514 153
3514
,
1513 153
-14 4 1518 15 8 119,000 Standard Brands
1212
17
4
1212Sept 18 1914 Jan 3
No par
*124 125
30
125 125 *124 125 Christmas *124 125 *124 125
Preferred
No par 1225sJune 4 130 Apr 9 120
12114 127
1034 1118 107 11
2,300 Stand Comm Tobacco
8
1012 1012
107 11
2
1012 11
3
8
218
1
213 Mar 15 1212 Dec 14
513 53
55
533 57
35
17,000 29tandard Gas & El Co-No par
45'
11 Mar 15
Day
538
614
53
112
4
17
914 Aug 17
814
83
852
4
9
512 9
17
87
I% Mar 15 113 Aug 17
Preferred
9
No par
912 15,800
3
138
45*
938
2113 2213 2214 2233 22% 2213
2514 2,800
24
35 cum prior pref
438
23
24
No par
43 .Mar 15 2858 Dec 27
4
33
10
2514 261
26
263
4 26
57 cum prior prof
2613 2814 2714 2838 18.900
114 3812
6
2638
No par
6 Mar 15 2712 Aug 17
7s
*214
Stand inveating Corp
23
8
7
4
218 214
600
17
4
2% 218
218
218
218 218
212 Nov 18
%July 17
No par
113 113
964 114
800 Standard Oil Export pref____100 111 Jan 3 116 Apr 6
9412
1113 112 *11114 11318
4
1134 11414
•11212 115
264
4238
363 3714 3718 375
26[3
85.1ay 24
8 3718 3712
3714 375
8 37
18 385 30,300 Standard 011 of Calif
8
270 Mar 15 387
4
No par
7
3078 3118 3012 30
2312 2714
23
3018 303
4
4 30
3018 303
304 32.050 Standard 011 of Indiana
25 23 Mar 15 3118 Dec 21
*2314 2812 *25
1,100 Standard 011 of Kansas
281
19
25
29
*2414 2612 28
26
2812
AI
10 20 Oct 2 32 Feb 18
8 4838 4918 4858 4918
485 487
8
4812 4878 4838 4914 38,200 Standard 011 of New Jereey
3914 6018
,
334
25 35 4 Mar 18 5013Nlay 23
3013 31
3112
3112 31 12
31
6
*3118 3138 3112 3112 1,100 Starrett Co (The) L S____No par
6
15%
1212 Mar 14 3212 Nov 16
64
64
64
645
8 64
6414
644 65
6412 6514 8,500 Sterling Products Inc
453
4
4714 tifOr
10 585 Jan 15 68 Nov 12
9,100 Sterling Securities el A___No par
114
3
4 Dec 27
33* 33
1
8
333
338
33
4 4
33
4
37
8
4
33
4 33
138 Mar 19
918
9
918 93
9
9
8
8 2,700
7
Preferred
3
93
238
4 97
97 Dec 26
8
318 Mar 28
No par
93
4 94
*49
5012 4914 494 '4914 5012
4914 4914 50
300
50
31,
Convertible preferred
2814
384
50 36 Mar 5 50 Dec 27
15,400 Stewart-Warner
65 Mar 6 185* Oct 22
1634 16% 163 1714 1718 1733
4
1714 183
2 173 18
44 10's
.412
5
125 13
127 13% 127 1314
50,700 Stone & Webster
8
8
143* 15
3% 1338
212
No par
212 Mar 14 15 Dec 26
133* 15
938 1018 10
38,800 :Studebaker Corp (The) new__I
101*
93 10
4
214
4
93 10
93 10
4
214 Apr 17 1034 Nov 25
*697 7134 *697 72
8
71
8
900 BUD OH
71
42
6912 7114 6912 7012
nil, 14
No par 6012 Mar 20 77 Nov 21
14
119 119
11812 119 *11812 1183
220
96
1183 11854 119 119
100
4
118
Preferred
100 1151 Jan 10 121 Mar 23
*261 28
*2612 2812 *28
27
29
27
2612 273* 1.100 Superheater Co (Tbe)____No par 211 Apr 4 3058 Dec 9 sit
Illt 3514
3
318
318 16,600 Superior 011
3
318
3
3 18
314
3
3
114
3 18
114
312 Dec 13
1
152 Jan 2
10
1014
8 1,800 Superior Steel
4
1012 1012 103 107
93
4 938 10
ate
1012
45* 153
100
5 Mar 18 1232 Aug 27
4
24
24
233 24
4
*2312 24
2313 233* 2312 2312 1,300 Sutherland Paper Co
..... --10 17% Oct 8 25 Dee 9 , 514
Sweets Co of Amer (The)
*614 714 *
554
3%
9 Sept 30 I
314
614 714 *614 73
Mar 6
*63
50
8 714 *633 74
314
4
217 2214 213 2218 2133 22
17,300 Swift & Co
213 22
4
213 22
4
25 15 Sept 16 2214 Doc 21 , 11
33
33
327 33
8
32 9 33%
7
3318 2,600 Swift Internet Ltd
327 3318 33
8
3212 Dec 17 33% Dec 18 , 1958
- •118
114
*118
114
1,000 :Symington Co
118
118
118
1
•118
114
No par
113 Nov 27
I;
14 Apr 15
- -12
41
14
513 512 *518 55
*518 55
4
5
112
Class A
500
518 53
114
4
14 Apr 29
*54 5 4
No par
614 Doe 2
533
8
8
818 812
814 8 9 4,500 Telautograpb Corp
813
8
614
853 813
9 4 Jan 9
7
5
ns 1514
614Sept 20
814 812
814 812
4
814 83
4
814 88
318
4 Mar 15
833 83 18,000 Tennessee Corp
83 Dec 26
5
4
34
61
/
4
-.
277 2814 28
285
8 2
8
29
2912 285 2913 66,400 Texas Corp (The)
1612
195
8 2918
833 294
25 1612 Mar 13 2912 Dec 26
3012 31
3012 31% 303 31
14,600 Texas Gulf Sulpt ur
4
307 311
30
8
3138 33
223
No par 283 Apr 4 36 Feb 19
4
4
/
1
4
4314
77
77
8,700 Texas PacIne Coal & 011
8
77
8 818
78
5
73
8 77
8
75* 778
914 Oct 7
10
314 Jan 2
2 12
34
512
10% 1012 1033 1058 1038 1012
8
103 105
8
8 103 1012 4,600 Texas Pacific Land Trust
6
51 12
/
4
812 Jan 15 1212May 14
I
2210 2212
2212 2212 227 2278
g
23
243
4 2413 2612 2.500 Texas & Pacific Ry Co
1312
100 14 Apr 12 2614 Dee 5
1312 4314
3812 387
8
8
383* 3812 38% 39
443 13,600 Thatcher Mfg ___ _ __ ___No par
41
38
8
1318May 8 4418 Dec 27
40
18
8
*5813 60
.587 60
8
*587 593
8
4
900
33.60 cony pref
8
605
•587 593
5218
4 59
29
No par 50 May 4 61 Nov 8
3838
*11
1112 *1118 1112 11
11
100 The Fair
*1013 113 *1013 11
4
4
__No par
514 Apr 10 125s Oct 19
1218
*95
99
•95
99
*95
99
10
Preferred
*95
99
9514 9514
_100 6118 Jan 7 100 Oct 16
50
83
45
87
912
912 97
8
95 1014
8
1014 1012
914 1018 17,700 Mermaid Co
1
212 Mar 7 1013 Dec 20
24
212
918
*318 4
33
8 33
800 Third Avenue
8 *318
312
2
a
2 June 28
100
5 Jan 5
84
313 318
3
3 14
*2614 27 .2614 27 .2614 26%
Third Nat Investor,
•264 27
*2614 27
1311 2213
13
1 15 Mar 15 29 Nov 15
813 818
8
8
8
8
300 Tbompeon (J R)
•8
814 *8
814
472 11
471
8% Nov 29
25
818 Jan 7
2312 24
24
24 3
244 2414
2414 244 243 254 5,300 Thompson Products Inc__ No par 1312 Mar 13 2614 Nov 22
4
10
10
2014
4
4 18
4% 438
43
8 412
412 45 13,800 Thompson-Starrett Co ___No par
8
412 45
8
114
152 Mar 15
512
138
4% Dee 26
25
25
2518 2612 *2512 27
$3.50 turn pre
2714 2778 2714 2714
700
No par 17 Apr 23 277 Dec 26
17
3412
8
17
1314 1414 1418 1412 1433 143
4
143* 144 1414 147 49,800 Tidewater Aesoe Oil
o
8
752 Mar 18 147 Dec 26 . 712
1482
7
No par
8
*10034 101
4
1003 1007 1003 101
4
8
101 101
100 1003
Preferred
8 1,700
100 84 Jan 8 10412 Nov 18 *74333
87
841 1
,
42% 431
45
45
45
*4518 50
45
440 Tide Water 011
x4418 4412
/
1
24
AU
No par 264 Mar 15 45 Dec 23
18
1118 1114 113 1218 113 1214
8
37
1214 123
121 70,800 Timken Denali Axle
/
4
4 1214
4
415 Mar 15 123 Dec 21
812
10
3
4
63
64
64
647
8 6412 557
6.53 675
4
65
673 22,100 Timken Roller Bearing___No par 285s Mar 15 7212 Nov 18
41
34
21
1218 1238 123 1212 1212 123
8
47 Mar 12 131 Nov 20
17,100 Transamerica Corp
47
123 127
8
8 127 13
3
4
No par
4
5,
4
811
14
14
1378 141
Trantmon dr Western Air Ino___ 5
135 133
8
133 144 1414 1413 5,800
4
4
714 Mar 29 1514 Nov 6
74
- - - •14
1414 14
1453 14
1438
1418 1414 1414 1538 5,500 Trannie & Williams SEI- No par
514 Mar 14 1512 Nov 6
-412
14 134
74 73*
718 714
74 73*
718 11,500 TrI-ContInental Corp
67
No par
718
3
17 Mar 13
74
8
6'4
17s
814 Nov 25
9113
9113 9112 91
*9314 95
400
6% preferred
*91
93
91
91
_.No par 69 Apr 4 9718 Nov 2
8014 78
51
514 514
518
514
5
5
47
3,700 Truax Traer Coal
5
47
8 5
No par
358 Oct 14
67
23fay 10
112
152
512
7i8
•63 712 *67
35
8 7
714 *718
95,
500 TTUACOD Steel
7
718
714
10
312 Mar 13
814 Nov 18
33*
237 2418 24
24
23
8,200 20th Cent Fox Film Corp_No par 13 Aug 28 247 Dee 13
2314 233* 2214 23
24
8
13
---- -323 327
4
8 3218 3314 3214 323
Preferred
4 3134 3231 8,900
3212 323
3
No par 2433 Oct 3 3313 Dec 13
2458
- - - 3 1018
*9 4
914 93
4
914 912
1012 1112 1018 1114 2,800 Twin City Rapid Trans- No par
212June 5 12 8 Nov 29
,
"
I'll
I
II
38
663 68
8
67
67
66
740 Preferred
68
70
7112
693 73
4
41.
n
39
100 18 Mar 18 73 Dec 26
4
4
33
4 4
378
412
412 43
4
412 431 2,400 Ulen & Co
i
No par
513 Nov 1
1
112June 10
a
86% 86
*85
j
8612 86
86
1,500 Under Elllott Fisher Co No par 5354 Mar 29 8714 Dec 10
*86
867
8 857 867
8
2212
36
587
*125 133 *125 133
40
Preferred
125 125
•125 133 *125 133
100 125 Dec 21 133 Apr 5
102
95
12872
493
45% 457
8 46
4914 49
4878 493* 8,200 Union Bag & PAD Corp___No par
4912 497
29
394 5071
4
29 May 28 501t Jan 22
693 7012 694 7114
6912 70
713 717
8
7012 7112 9,800 Union Carbide & Carb___No par 44 Jan 16 751 Nov 20 1134
354 507s
22
2214 2214 223
Union 011 California
,
4 22% 2258
2212 223
215* 22
4
1112
114 2011
4
25 1414 Feb 6 223 Dec 24
$ Per share
.4618 47
849 543
813 8%
23
23
118
118
•17
8 214
*813 1012
*1413 19
32
3212
•109 110
•111 11114
1 133 1134
4912 5014
3 8 33
3
8
16
1718
88
88
% 1
238
3318 3312
*33
4 37g
ni,
51,
For footnotes see page 4122
4
New York Stock Record-Concluded-Page 9
Volume 141
l'HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday
Dec. 25
Thursday
Dec. 26
Friday
Dec. 27
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Amass Stiles Jas. 1
Os Baste of 100-share Lots
4131
./sly 1
1933 tel Ramos for
Nov. 30 Year 1934
NM
Low Lee
Hieb
Lowest
Highest
$ per shard 5 per sk 5 per shays
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par S per ghats
10412 10514 10418 10514
10412 105
8212
100 8212 Mar 28 11112 Jan 10
90
1337
8
105 10512 10612 1077
8 5,000 Union Pacific
7144 89
6278
.88
883
8 8818 883 *883 8912
8
8
100 7912 Mar 14 9012July 3
893 8912 *895 897
8
8
8
400 Preferred
2214 *22
2158 22
133
4
22
23
22
22
No par 2014 Oct 16 2812 July17
22
22
155
8 25 4
900 Union Tank Car
,
8
818
25
28
267 2818 265 273
8
8
8
28
297
5
97 Mar 13 297 Dec 23
818 1514
4
8 2778 2938 117,100 United Aircraft Corp
1214 13
1218 125
8
1178 13
412 Mar 13 1314 Dec 26
314
123 133
8
4 13
135 47,000 United Air Lines Transp v I 0_6
8
314
612
*17
187 *17
8
1812 *17
187
8
7 Mar 29 20 Nov 20
7
*17
183
4 1712 1712
8
17
100 United American Bosch_No par
2412 2412 24
2418 2438 2412
19
2114 2914
2412 2412 2414 2438 1,700 United Biscuit
No par 2014May 16 2612 Jan 9
4
*11414 11712 *11414 1163 *11414 117
Preferred
100 111 Oct 1 118 Aug 7 10414 107
120
*11414 117
114 114
10
2014
6714 6712 6712 6814 6712 6812
68
No par 46 Jan 28 78 'Nov 16
35
503
8
6812 6812 69
2,900 United Carbon
2312 *22
2212 22 22
*22
1712 Oct 3 2414 Dec 5 3 518
2214 2212 22
2212 1,300 UnIted-CarrFastener Corp No par
- - - 612 65
8
4
112
63
8 612
112 Feb 27
73 Nov 21
612 63
No par
4
63
4 718
7
718 83,900 United Corp
ils
-9
8;
4198 417
4114 4218 4112 4214
2034
4
4
2114 3778
42
43
415 43
8
Preferred
No par 203 Mar 13 453 Nov 21
13,800
4
4June 14 133 Dec 21
618
83
1312 133
4 133 133
s
4 1314 135
8
123 1314 1212 127 21,300 United Drug Inc
4
5
914 1814
8
17
1714 173 173
8
4 1712 1814
23
4
412 Mae 13 1914 Dec 27
33
1812 1938 19
United Dyewood Corr/
10
2 107
193
4 7,600
8
5934 754
4
*91
06
90 14 01
90
50
100 65 Mar 21 96 Dee 11
90,
4
92
Preferred
*9112 94
92
110
74
314
412
412
458 43
43
8 412
3
314July 18
712 Jan 9
4
412 412
412 412 1,500 United Electric Coal
No par
627 6314 607 6212 6112 6212
8
8
4May 14
4912
1 923
62
63
6212 6314 12,200 United Fruit
59
No par 6012 Oct
77
167 1714 17
8
171
167 1714
8
914
1112 2014
17
175
8 173 173 26,600 United Gam Improve
914 Mar 18 1812 Nov 8
No par
8
4
1075 1077g 1073 1073 *107 10812
8
8
8
8212
86
*107 108 *107 108
Preferred
No par 8712 Mar 15 110 Nov 26
993
8
300
10
107
8 107 1114
8
912 10 2
154
358
1
10
,
107
8
100
218 Jan 28 1114 Dec 23
912 1018 8,600 :United Paperboard
53
312 Apr 4
712 Jan 3
214
814
218
4 57
8
53
4 57
8
53
4 57
8
4 7,100 United Stores class A__-No par
53
4 53
4
55
8 53
*6912 75
*6912 75
*6912 75
46
54
76
*6912 75
Preferred clams A
No par 46 Apr 3 78 Oct 28
*6912 75
37
*66
673
4 6712 6712 66
4014 113
51 Mar 15 7312 Nov 29
6612
645 66
8
65
6512 2,000 Universal Leaf Tobacco No par
*157 15912 15812 15812 *157 15812
Preferred
100 13314 Feb 9 215912 Dec 19 10814 11214 140
*157 15812 *157 15812
10
58
*58
59
58
573 573
4
15
167
4 4611
4
5712 5712 58
100 29 Aug 3 73 Nov 25
58
130 Universal Pictures let pfd
74
112 112
112 112
112
218 Jan 18
3
112
112
7 Oct 16
8
7
8
138
112 3,400 :Universal Pipe & Rai
1
112
414 24
8
414
125 1258 1312 1312 *125 1412
8
93 Oct 19 193 Mar 6
8
8
Preferred
100
14
14
1338 133
4
70
2018 203
8 205 21
8
2012 203
12
1512 33
2012 21
2038 21
20 1484 Mar 14 22 Jan 7
4
4,400 U S Pipe & Foundry
2114 2114 2114 2114 *21
2114
1314
4
2114 2114 2114 2114
No par 1914 Jan 7 213 Dec 4
lst preferred
1612 1952
500
2
8
4
*17
8 214 *178 2
58June 24
312 Oct 4
214
ha
214 212
238 23
No par
214
8 1,000 US Distrib Corp
a
15
16
15
1514
15
15
5 July 26 2038 Oct 4
4.
14
Preferred
100
1518 1778 17
18
1,130
3112 317
8 32
33
11
33
34
11
No par 11 Mar 14 39 Dec 27
3712
3414 37
37
39
14,400 U S Freight
1378 14
137 137 *135 133
2
8
8
412
412 Mar 12 15 Nov 29
4
135 133
8
4 133 133
No par
6
8
4 2,700 US & Foreign Samar
1514
*9112 0314 *9112 93
*9112 93
60
6314 78
*9112 93
Preferred
No par 6514 Mar 26 96 Nov 27
*9112 93
8312 8518 8214 8418
83 4 85
,
3414
3414. 5114
20 4012 Mar 12 87 Nov 7
83
835
8 82
8312 6,700 U S Gypsum
*16212 165 *163 165
163 163
150
115
146
7% preferred
100 143 Jan 11 165 Dec 19 110
*16212 165 *16212 165
85
8 85
5
5 Feb 6 1018Nov 7
314
458
1011
8 *83
4 9
*83
4 9
600 U S Hoff Mach Corn
8
4
85
8 85
83
4 83
42
4312 43
44
4212 427
8
32
32
4218 4412 4212 4314 11,900 US Industrial Aloohol___No par 3518 Mar 13 5018 Nov 20
6434
812 812
318 Mar 15
912Sept 18
814 814
518 117
314
812 85
814 83
8
814 814 1,100 U S Leather v I e-______No par
,
8
1312 133
4
7
4 135 133
7
4 133 133
712 Mar 16 1614 Sept 18
19;
8
133 133
4
Clams A v I a
No par
4
4 133 137
8
8 2,900
71
71
ati
*71
7312 *71
73
65
80
*71
72
71,
_100 53 Jan 22 73 Sept 11
71
200
Prior preferred v I e
1114
107 113
8
2 105 113
8
8 11
3 Mar 13 113 Dec 21
8
3
4
123
.
107 1114 103 1118 16,600 U S Realty et Inapt
8
No par
4
143 143
4
4 143 147
4
2 143 1512
918
4
No par
914 Mar 13 1714 Jan 3
11
24
1512 153
4 153 153 17,700 U El Rubber
8
4
42
4212 4218 4214 4218 435
27
1718
2414 614
4
4314 443
lst preferred
100 2412 Mar 14 443 Dec
8 4312 443 16,500
4
8
97
98
9612 98
5314
965 141
8
9512 97
50 92 Sept 11 12412 Apr 25
96
9812 29238 9412 13,100 US Smelting Ref & Min
3
5112
5412 651
7018 7018 7018 7018 *69
71
8
Preferred
50 627 Jan 3 73 4July 14
705 705 x70
8
8
70
500
4514 457
8 4514 4578 4512 47
8
2712
100 2712 Mar 18 505 Nov 18
293
2 597
47
4778 4638 4718 47,200 U S Steel Corp
11212 11212 112 113
11212 1133
6714
6714 991
8
113 1133 11238 11312 4,500
Preferred
100 735 Mar 18 11914 Nov 20
4
4
*13734 140 *1373 140
4
140 140
3
813
4
No par 11918 Jan 4 140 4May 16
99
140
*137 140
138 138
500 US Tobacco
126
*16212
*1603 _ __ •1603 _ __
4
4
100 1493 Feb 11 165 Aug 3 12458
4
150
*1603 _ __ *1603 - - . . Preferred
4
4
__--,
414 Aug 13 1
25
8 29
1 Mar 15
7
8
325s - 8
25
1
112
252 2 4
2% 318
5
3
2% - 3Is 7,61/0 Utilities' Pow & Lt A
12
12 Mar 15
2 Nov 9
13
8
112
13
8
112
112
112
1
4
17
112
112
112 112 4,900 Vadsco Sales
No par
1914
1914 221
*40
423 *40
4
43
*40
4234
Preferred
100
1914 April
5612Nov 9
41
41
40
4012
80
1814 183
8 18
183
8 1838 1914
1114 Apr 11
213 Jan 7
4
1114
14
3134
1914 1912 1914 1912 5,400 Vanadium Corp of Am___No par
412 121
334
29
2912 30
3114 3058 3112
1114 Feb 7 33 Nov 14
b
3118 3112 303 3112 6,100 Van Raalte Co Inc
4
5414 2544 98
11012 11012 *11012 113 *11012 1123
100 91 Feb 20 114 Nov 18
4
011012 11278 11012 11012
7% lst prof
20
423 423
4
6 34 Slay 28 4418 Dec 13
2318
4 4212 4212 423 423
2452 363
4
4
*42
423
4 4218 4214
700 Vick Chemical Inc
*5718 73
*5718 73
80
RO
*5718 73
80
Stock
*5718 72
*5718 72
Vicks Shreve & Pac Ry Co pf_100 68 Dec 9 70 Aug 6
60
*543 6512 *543 6512 5543 66
8
63 Dec 17 63 Dec 17
8
8
Common
100
76
80
*63
66
*63
66
4 Jan 3
52
17
4
4
4 Exchange
212 Mar 18
17
4
53
358 33
4
33
4 33
4
41s 414
414 414 8,100 Virglnla-Carolina Chem --No par
343 Dec 27
4
10
10
293 297
4
8 30
3012 3012 3112
26
100 1712June 1
3118 3412 3334 343 34,200
6% preferred
4
114 11412 *114 115
115 115
5714
593
100 85 Jan 4 12012 Oct 31
4 84
Closed- 11712 11712 *116 119
400
7% preferred
60
*112 11212 112 112
112 112
65
80
*11218 114
11212 11212
50 Virginia El & Pow $6 pf __No par 7212 Jan 4 11212 Dec 16
*43
8 6
3
2
43
8 *312 43 Christmas
73 Nov 14
4
100
2 June 22
352
le
4
*314 4
*314 4
70 Virginia Iron Coal et Coke
.2112 263 *2112 263 *2114 25
15
4
1618 27
4
100 16 Feb 19 33 Nov 20
*22
25
*22
6% pref
25
36
*7518 79
52
8
*7518 80
*7518 79
100 6312 Mar 29 83 May 10
Vulcan Detinning
*751a 79
*7518 79
Day
•118
__ *118
__ •I18 _
4
95
95
112
100 10914 Feb 5 1173 Dec 18
Preferred
_ __
__
*118 _
_*118
214 *214 ..21
314 Nov 27
1
214 .214 -214
1 Apr 1
13
2
41
100
2
1
18
2
__214 1,700 :Wabash
81
4
5 4 Dec 5
3
13
4
*412 43
4
412 45
8
414
412
13 Mar 1
23
4
100
Preferred A
43
4 434
43
8 43
4 1,900
DA
61
*3
414
43 Dec 10
8
1
*2
414 *212 41
1 Slay 22
414
Preferred 13
100
*2
414 *2
014
97 Nov 19 3 37
8
9
4
4
81
8 9
Cs Mar 15
87
*87
2 9
93
8 93
8
914
938 1,100 Waldorf System
No par
3214 32
3212
2614June 1 3314 Dec 14 • 1518
2214 291
323 32'2 32
8
No par
32
323
8 313 32
4
3,600 Walgreen Co
8412 1161
•1113 1187 *11612 1181 *11612 11812
8
100 114 Jan 7 120 Apr 24 3 80
11612 11631 *1163 117
8
634% preferred
40
638 Nov 25
114
412 434
412 43
434 55
8
214
61
114 Feb 28
53
8 534
No par
514 538 31,400 :Walworth Co
5
*97 1014 *97 103
8
8
8 103 107
3
8
5
12
5 Mar 14 11 Dec 4
1034 107
8 1014 103
No par
4 1,800 Ward Baking class A
214
114
114
*214
3 Dec 4
3'
214
23
8 25
8
212 25
8
No pa
114 Feb 28
238
212 212 2,000
Class B_
24
*44
447
8 447 45
8
45
24
36
4612 463
4612 47
Preferred
100 2812 Jan 12 47 Dec 7
4 2,500
4634
984 97
984 97
984 10
214
23
4
81
95
8 97
8
912 93 29,300 Warner Bros Pictures
214 Mar 15 1018 Dec 10
8
8
4
6
*45
5118 *45
511 *4512 5118
lb
12
*46
513 *46
311
4
1412 Mar 13 52 Dec 9
$3.85 cony pref
No par
51,
8
114
1
118 *1
1
118
15 Dec 6
8
1
1
se Mar 15
5
8
1
3
.
1
118 2,300 :Warner Quinlan
No par
212
45
8 45
8
414 41
414 47
8
314 131
43
4 518
212 Mar 16
WS Jan 7
43
4 518 7,900 Warren Brom
No par
15
*13
15
*125 15
8
15
15
16
77
4
8
28
153 16
8
No par
77 Mar 20 17 Aug 6
8
Convertible pref
1,200
2212
*2214 223 *2212 23'2 2212
4
1312
2238 2212 2214 2212 1,500 Warren Fdy & Pipe
1312 31
2038 Aug 7 32 Sept 19
No pa
253 2614 2638 26'2 2614 2714
4
263 '2712 27
4
2712 5,700 Waukesha Motor Co
5 2518 Dec 19 3014 Dec 3 9 21
614 612
612 638
614 614
7 4 Nov 22
3
3
612 612
4 Mar 14
638 694 1,209 Webster Elsenlohr
No par
_
*80 . _
*80
___ *80
*80 _ __ *80
60
66
90
_ __
Preferred
100 85 Apr 29 90 Feb 18
24
*134
214 _21
*13
4 --3
28
*13
4 - 2 *13
3 Nov 26
23
3
4
2
1 Jan 6
30 Well's Fargo & Co
1
4 - s
23
44
4438
4418
443 45
8
15
1514 35
44
4412 4414 4412 6,000 Wesson 011 & Snowdrift __No par 3012 Jan 15 5512 Nov 23
*823 823 *817 8234
8
4
8
*823 83
4
49
524 74
4
8
4
Cony preferred
No par
72 Jan 29 8414 Oct 31
8
*817 823 *817 823
8 877 877 *87
8
8
883
4
586
877
34
4412 71)
883 89
4
88
90
200 West Penn Elea alms A _No par 34 Mar 6 91 Nov 26
92
92
91
92
92
92
397
4
'9212 9212
811
93
93
4
4 80
260
Preferred
100 397 Mar 6 9914 Nov 8
87 87
87
87
86
8612
36
8712 8712 87
45
88
268
200
100 36 Mar 14 92 Nov 29
6% preferred
*120 12012 120 120 *1193 12012
4
8812
119 4 1193 *119 12012
3
4
8912 110
50 West Penn Power pre
100 10412 Jan 17 12038 Dec 20
115
1133 114
8
11312 11312 *11314
114 114 *11312 115
783
4
783 106
4
100
6% preferred
100 95 Jan 2 114 Aug 14
83
4 83
4
87
8 9
812 83
4
85
8 87
512
8
818 87
612 Mar 15 1018 Dec 4
718
1738
8 3,200 Western Maryland
100
*1618 17
1618 1618 16
16
1618 1618 *153 1714
8
712 Mar 30 1934 Dec 4
914 23
2d preferred
100
712
300
218
218
*2
218
17
8 2
178
17
8
33 Jan 7
3
118
13
4 17
254
8
8 1,700 Western Pacific
1'8 July 19
100
8
45
8 458
484 43
4
438 47
412 43
4
412 47
78 Jan 7
7
23
8
23 Feb 26
8
452 17
8 2,000
Preferred
100
8 7414 7512 743 753
747 753
8
8
8
272
7318 7218 7234 21,300 Western Union Telegraph
205
8
8
2912 66
100 205 Mar 14 7714 Nov 18
:1312 337
8 3312 337
8 337 3414
8
8 3358 3434 16,400 Westhigh38e Air Brake___No 28.r
333 345
4
4
18 Mar 27 3518 Nov 19 33 153
157
8 36
4 9384 9512 93 8 9414
1137 943
8
,
9338 9438 94
2778
96
8
4
50 325 Mar 18 983 Nov 19
3774 47
39.300 Westinghouse El & Mfg
4
0
_ _ 12314 12314 1233 1233
4
•124
_
*124 125
_
77
82
95
120 preferred
60 90 Feb 5 1233 Dec 24
4
30
1233018 3012 30
3014
299 31
8
303 iils 32
8
33
5
15,600 Weston Elea Instrum'S.-No par
10 Mar 18 3318 Dec 26
0
1612
*3614 3712 3712 3712 3712 3712
3814 3814 3814 3814
15
16 8 29I2
,
80
Class A
No par 29 Jan 4 3814 Dec 2:3
225 23
8
227 23
8
23
23
2212 23
2258 225
8 1,600 Westvaco Chlorine Prod No par
1214
182 Mar 13 2512 Nov 19
4
1474 2714
*33
35
35
*33
34
*33
•33
34
*33
34
18
2412 29
Wheeling & Lake Erie Sty C0_100 18 Jan 3 3512Sept 9
50
*44
4912 *44
50
*44
*44
50
45
45
21
24
50
6% non-onm preferred___100 25 Mar 14 50 Nov 2
33
31
305 307
8
8 31
3038 31
31
31
31
31
1112
1114 25
2,200 Wheeling Steel Corp
1414 Mar 28 3214 Nov 14
No par
11834 *9512 983
4 983 99
4
*95
*96
99
98
98
300
Preferred
34
100 4612 Jan 12 10212 Nov 13
34
57
1814 1878
1878 19
1812 19
185 19
8
187 1912 30.000 White Motor
8
67
4
8
15
2l1 12
67 Mar 15 1912 Dec 11
.50
4 1414 1412
•14 8 1484 1412 143
,
145 143
8
4 1412 1412 1,800 White Rh Min Spy elf ____No par
125
8
2114 31
1258 Oct 4 2412 Jan 9
414
418 414
4
418 414
418 414
4
418 1,300 White Sewing Machine___No pa
114
8
414 Dec 11
112
27
114 Mar 15
173 173 *1714 177
4
18
18
8
1758 175
8 1712 1712
4
Cony preferred
8
5
11 14
500
6 Jan 11 185 Dec 11
No par
25
8 234
25
8 25
8 23
4
*25
23
4 272/ *25
8 23
4
1
2
1
GOO Wilcox Oil & Ow
318 Dec 13
5
1 Mar 14
---- ---- --- ---- ----- ---- ---- - --_ ___ Wilcox-Rich Corp class A _No pa
227
8
2718 39 l
, 34 Feb 5 3512May 27
814 83o
8
814 812
814
818 814
810 814 18:400 Wilson & Co Ina
43
4
1
37 Apr 3
8
914 Nov 22
318
Nova
,
1114
1214 3' II
Class A
4
No par 2512 Feb 7 313 Jan 3
-4
-1- 3-41 "77i- -7ii -ii(2 -iiT2 -7
n
2
-772
7712 7712 7714 7734 1,100 $6 pref
58
100 58 Apr 2 79 Nov 22
5218 523
523 533
4
5218 527
8 5212 53
4
4 525 5412 43,800 Woolworth (F W) Co
8
35
- 4 - 14
611- 51
10 51 Jan 15 6514June 18
22
22
8
2214 2334 2312 233
2178 2178 215 22
113
4
1312 31
4 4,300 Worthington P & W
100 1154 Mar 12 2514 Nov 19
54
54
54
543 *53
4
54
54
58
5614 5814
2512
Preferred A
3114 52
790
100 2512 Mar 13 61 Nov 21
46
46
46
4
*4412 453 *4412 46
4714 47
2352 42
47
Preferred B
8
20
700
100 20 Apr 4 515 Nov 21
8
59
583 597
4
5814 58
5912 6614 63
55
12
167
4 71
6512 3,250 Wright Aeronautical
No par 3512 Mar 13 6614 Dee 26
7818 7614 77
78
78
77
78
77
77
77
4
473
4
1,700 Wrigley (Wm) Jr (Del) No par 73 4 Mar 13 823 Apr 26
3
5412 73
34
33
*33
33
33
33
34
33
3414 35
4
1,200 Yale & Towne Mfg Co
25 173 Apr 9 3514 Nov 8
11 8
,
14
21
712 784
7 2 77
,
s
75
s 77
8
8
83
8
818 914 64,600 Yellow Truck & Coach al B
25
8June 6
25
8
10
914 Dee 27
23
4
I
*82
85
83
83
*80
85
85
85
86
8712 1,030
Preferred
100 3112May 8 96 Nov 20
25
28
6;
4534 453
4534 453g 4512
4 443 455
45
4512 45
4
18 Mar 18 53 8 Dec 7
,
1018
13
8 3,400 Young Spring & Wire_.No par
21
41
1918 397
403
8 4018 4112
427
8 4212 4438 35,400 Youngstown Sheet et T--_No par
8 40
13 Mar lb 4438 Dec 27
125
8
1252 3:
*104 10412 10412'10412
*102 103 *101 103
103 10312
100 3812 Apr 11 10412 Dec 27 "30
34
51
300
5.8 preferred
1
4 1338 133
4 1338 137
135 1414
8
135 133
8
1338 137
No par
114Nlay 6 143 Nov 25
4
118
8 4,500 Zenith Radio Corp
112
,
63
4 7
612 612
612 612
65
8 684
67
8 718 8,500 Zonite Products Corp
1
25
8June 7
73 Dec 12
8
258
Vs
1
1,
For footnotes see page 4122
-a
4132
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Dec. 28 1935
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and (nterest"-escept 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 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 far
the year.
7:
Weer,
July 1
Wars
Ana 1
Z,
:1
Banos or ; 1933 to
Rana.
BONDS
Banos or ; 1933 to
Ramos
r. o
1 ii 7...
Friday's
,•:1 Noy.30
Since
N. Y. STOCK EXCHANGE
:It
pridw,
„,...
Nov. 30
Sine.
...lit Bid & Askid al 63 1935
Jan. 1
Week Ended Dec. 27
:7,:i. 8141 it Askiti alto
1935
Jan. 1
---U. S. Government.
Low
ill. No. Low Low
,
Mal
Foreign Govt. & Munk.(Cos.)
Low
Mice NO. Low Low
111,8
130
Treasury 445
Oct 15 1947-1952 A 0 115.5 115.7
113.8 117.7 Cuba (Republic) Soot 1904
1
681
,
101
9412 101
1944 M 8 101
Treasury 3448
Oct 15 1943-1945 A 0 105.10 105.21 114
102.18 108.28
External 5s of 1914 ser A
1949 F A 100
100
90 101
8312
5
89
Treasury 4s
Dec 15 1944-5954.1 D 110.21 110.30
108.24 112 8
External loan 43.4s
92 ---1949 F A *90
985
8
84
817
8
Treasury 334.
105
Mar 15 1946-195638 S 108.31 109.5
107
100
31
61
110.25
Striking fund 514s __ _Jan 15 1953 .11 .1 99
77 10014
103.38 101.29
Treasury 334s
June 15 1943-1947 J D 106.9 198.13 181
88. 1984
.8111111c wke 5348 -June 30 1995 J D 3518 38
2312 42
179
Treasury as
Sept 15 1951-1955 M S 102.17 103
100.20 104.10 •Cundinamarca 614s
81,
812 140
9 4 25
1959 MN
3
8
914
Treasury 3.9
310
June 15 1948-1948 J D 102.20 103.2
100.20 104.10 Czechoslovakia (Rep of) tis
10114
9512 10714
1951 A 0 101
7744
3
Treasury 33.48
11
June 15 1940-1993 l D 107.24 107.26
104.15 108.23
Sinking fund 88 sec B
9512 108
1052 A 0 *10012 102 ---77
rre.asury 34s
72
Mar 15 1941-1943 M S 107.18 108
104.14 108.28 Denmark 20-year esti 68
11814 10518
1942 1 .1 10412 10518 21
397
8
Treasury 34a
110
June 15 1946-19493 D 103 19 104
101.28 106.11
External gold 544e
93 101 8
8 ,,,.,
,
1955 F A 210118 1013
8
75
Treasury 330t
Dec 15 1949-1952 .1 D 103.15 104
878
101.15 105.9
External g 448__Apr 15
8212 864
93 8 ou
1962 A 0 93
,
61
Treasury 3448
Aug 1 1941 F A 108.5 108.18 281
104.18 108.28 Deutsche Ilk Am part et! 613 _. 1932
Treasury 3119
Apr 15 1944-1946 A 0 104.31 105.11
19
102 24 108.19
13 118tamped extd to Sept 1 1935._ M 5 *____
39
70
4412 ---39
Treasury 231s
Mar 15 1955-1950 5I S 99.26 100.2 1.033
444
98.28 101.28 Dominican Rep Oust Ad 540_1942 M 8 6512 675
8 12
6114 72
Treasury 2 Ns
Sept 15 1945-1947 M S 100.19 101
1,462
lat eer 54e of 1926
99.28 1045
1940 A 0 6012 63
67
55
3
36
Federal Farm Mortgage Corp20 Pollee sink fund 544e
1940 A 0 625
8 625
547 67
8
8
1
36
334s
Mar 15 1044-1964 ,1 8 102.9 102.18 161
101.14 104.5 *Dresden (OW externa, 75
4
29
2512 433
1945 MN 29
8
2539
35
May 15 1944-1949 SIN 100.27 101.11
36
99.18 102.20
35
Jan 15 1942-1997 J J 101.11 101.18
100. 109.24 *El Salvador (Republic) 8s A
63
6512 6512
623 ---:
8
1948 1 1 *___.
36
240
Mar 1 1942-1947 M S *100.7 100.17 ____
A
34
98.24 101.20
46
J J 42
*Certificates of deposit
323 62
4
Home Owners' Mtge CornEetonla (Republic of) 7s
94
1987 J J 94
844 07
484
2
Is series A
May 1 1944-1952 SIN 100.20 100.20 183
99.18 102.18 Finland (Republic) ext 13e
107
1945 M 5 106
70
10312 108
5
234s
Aug 1 1939-1949 F A
99.12 99.22 501
9620 101.8
External sink fund 6445
4
1956 M 5 10412 1040
7011 10118 1093
4 ,„
9
*Frankfort(City of) e f 1344s
26
2614 .
2118 3514
1953 M N
0
20
Stmt. & City-Sea sots below.
French Republic eat! 74e
16512 190
1941 J D 171-2 1734 1,„ 126
1
. 12718 16912 190
External 7s of 1924
1949 I D r17912 180
Foreign Govt. A Municipals
German Govt International
Agricultural Mtge Bank (Colombia)'54,of 1930 stamped_
206
213
8
8 29
214 3712
1995 1 D 273
*Sink fund 65 Feb coupon on__1947 F A •1634
18 ---,
•544s unstampod
1414
2612 2812 105
1414 3339
2612 32
_
_
*Sink fund 6e April coup on _ _1948 A 0 1658
163
8
32
16
5
154
*German Rep ext1 76 stamped 1990 A0 3912 4012 92 .
19653114
3014 4739
9714 9714
1963 M N
Akershus (Dept) ext 5e
•____
904 97
3512 ________
2
64
3414 3712
53
•7s unstamped
1999
1945.1 .1
714
R
•Antloqula (Dept) coll 72 A
23
653
838 1184 German Pro, & Communal Bks
1945.1 1
'External s 1 78 ser B
714
71 1
1
652
65 Ills
8
•(Cons Attic Loan) 13448
483
11
8
38
1958 1 D 4412 4518
234
1945 .1 J
'External s f 78 tier C
7
612 034 Graz (Municipality ot)6i2
75
8 13
7
1945 .1 .1
•External a f 79 set D_75
8 23
612
612 1053
.8e1 unmatured coupons on _,1954 M N *9412 98 ---84 10812
49
7
1957 A 0
*External s f 7s lot tier
718 46
63
8
612 1014 Glr Brit rk Ire(U K of) 548
4
42 1064 10612 11611
1937 F A 1063 107
7
1957 A 0
*External sec. f 70 20 ser
718
8
614
614 10
1990 MN a1137 all5
+4% fund loan E opt 1950
00
8
9509 105 119
7
1957 A 0
*External sec .178 30 set
714
9
612
614 94 *Greek Government I I ser 78
3539 ---3912
30
1994 M N *28
22
1958 1 13 210112 101 12
Antwerp (City) external 59
744
88 128
3
2
2718
26
.79 part paid
2412 37
26
1469
1960 A. 0 98
Argentine Govt Pub Wks 68
9854 17
*13 I secured Is
44
9018 0512
29
2512 26
loss F A
2338 33
1639
1959 1 D 98
Argentine 13e of June 1925
9812 70
8
993
44
90
Os part paid
205
8 204 12
204 2514
1968
23
1959 A 0 98
Esti a f Is of Oct 1925
983
8 39
9839
4458
90
External a f 131§ aeries A
9014 9878 Haiti (RepublIc) e 1 Be ser A
1957 M 5 9818 9812 16
44
67
7
82
1952 A 0 9212 9314
95
1958 I D 98
External 618 series B
4414
904 987 *Hamburg (State) Be
8
9812 24
8 263
2212 364
8
1946 A 0 263
3
2018
441,
9812 13
go
1960 M N 98
982 *Heidelberg (German) esti 7148_1950 J J
Extl s 1 Is of May 1926
4
2338 233
3
16
31
2
16
1960 5 5 98
4
External 8165 (State Rh)
9812 42
8
985 Heisingtore (City) ext 645
4414
90
1
6614 10114 10112
1980 A 0 10412 10412
1961 F A 98
Eat'Is Sanitary Works
9812 21
985 Hungarian Cons Municipal Loan8
4413
90
1961 MN 98
Esti Is pub wk* May 1927
984
nSiei unmatured coupons on 1946 3 1 *28
984 23
90
34 ---2412
2112 38
45
Pubito Works esti 544s
1962 F A 9518 9553 18
na unmatured coupon on
844 96
4114
3258
7
2512 374
1996 .1 1 3214
2512
1955.1 l 10418 1047
Australia I30
-year 55
a 28
8
7758
98 1067 •Hungarlan Land M Inst 7%, 1961 31 N *27
_ _35
7
25
25
1957 M S 10414 10454 22
External 5e of 1927
4
98 1083
1961 MN
78
•SinkIng fund 714s sec B
275
8 2.7
- -8a
25
2
35
25
External g 444/1 01 1028
1956 M N 987
8 9918 123
924 9958 Hungary (Kingdom on_
737
2
1957.1 J
Austrian (Govt) a t 7a
94
9812
9414 25
81
4212
•74s February coupon on
3614
3612
1944 F A
2
3112
3418 4918
Irish Free State esti 8 t Se
115 -..-92
10812 116
1960 MN •111
•Ilavarla (Free State) 6445
1945 F A 314 315
8
5
29
37
Italy (KInglom of) ',it' 7s
2639
4 62
184
5014
1
5014 9412
1951 . 111 583
Belgium '25-yr esti 644s
1940 M S 10914 10912 12
9314 11012 Italian Cred Consortium 76 A ____'37 M 81 83
884
1
68
68
99
83
1955 .1 .3 10812 109
External 8 f Is
8618
13
9314 10914
External sec. f 7eser 13
44
89
il
44
557
1047 51 8 53
8
1956 J D 118
External 80-year,f 713
11914 35
9214 10118 11939 Italian Public Utility esti 78
51
21
404
4012 85
1952 1 .1 50
1956 MN 1073 108
Stabilization loan 75
4
43
97 11014 Japaneee Govt 30-yr e f 648
91
99
9978 104
90 100
1954 F A
77
1960 M S 10018 10018
'Bergen (Norway)Cots' 5s
93 102
Ertl sinking fund 534e
6214
4
4 8812 98
8
474
7714 897
1965 M N 873
19511 A 0 2812 2812
•Berlin (Germany) a f 6 4s
3
Jugoslavia State Mortgage flank
22
2518 38
'External sinking fund 68
1958 J D 27
273
8 12
2012
.7a with all unmet coup_ _1957 A 0 2512 2618 65
2118 3812
25
43
23
1945 A 0 113
*Bogota (City) esti of 88
4 12
912 18
912
5
1
*Bolivia (Republic of) esti 86.._ _1947 M N
712
814 771
518
518 912 •Lelpzig (Germany) a 1 78
3114
3114
1947 F A
447
4
8
293
8
31
*External secured 718
1958 J 1
67
8
718 30,
Lower Austria (Province of)8
4
4
1969 M S
*External sinking fund 79
64
,
718 731
•7448 June 1 1935 coupon on_1950 J D 10012 10012
4
4
814
1! 50
97 106
1941 J D 2614 275
•Brazil (U Sot) extenal 8e
8 61
217
23
397 *Medellin (Colombia) 614e
8
3
614
614 1014
714 46
1954
0
7
18
3118 *Mexican Rile Aestng 4
1957 A 0 2139 22
*External a 1 64s of 1926
24, 18
3
4
_ ---1
818
1943 NI N---3.4s
1967 A 0 2112 22
'External,1634' of 1927
10
1758
1752 3114 *Mexico (US) e011 5s uf 1899 6_1945 0 1 •83 .-- 8 ---4
95
4
4
4
1962 1 D 2114
. (Central RY)
1713
213
4 15
1812
*Assenting 513 of 1899
1812 3114
658 1134
a
2
47
84
8
87
1945 0 J
*Assenting 58 large
___
*4
614 11
0,
8
7
5 8 ---1935 M S 3218 35
•IBremen (State of) atti 74.
31
4112
17
29
*Assenting 56 small
- ---- ------- -1957 M S 95
Brisbane (CRY) 9 f 5.1
955
8
8718 9714
6
68
*48811904
412
414 53
1954 J 13 64
4 53
4
1958 F A 943
Sinking fund gold 58
4 9.5
7
6812
855 974
8
*Assenting 48 of 1904
514
53
1054 J D
4 19
3
414 8
1950 J D *10318
20-years II!
97 103
*Assenting 45 01 8910 large
74
418
3
314
418
314
7
Budapest (City of)•Assenting 4s 01 1910 small.-.318
7
2
318
1962 1 D 354 3578 17
.13s July 111)345 coupon on
29 4
,
3218 3914
.
11Treas.of'13 aslant ilirge0.1 933 5 5 .---512
---- ---5
4 8
9712 97 4 20
1955 J J
Buenos Aires(City)8348 B-2
84
,
99
4014
•ISrriall
J .1 •
44 8 4
,
------------439
1960 A 0 *93
External 8168 ser 0-2
95
Milan (City, Italy) esti 6148 __-_1952 A 0 47 2 5012 133
36
82
,
39
39
8512
External s f 138 ser C-3
1960 A 0 924 - -3
,
02 8 10
92 4 Minas Geraes (State of. Brazil)
82
3514
1961 511 8 *65
'Buenos Aires (Prov) esti 8s
78 _2914
•61-48 Sept Coupon off
6618 774
8 30
13
1958 M 8 1412 155
13
193
8
1961 M 8 5412 5512 44
•fis stamped
255
.64s Septcoupon off
8
511 65
/
4
157
1959 M S 15
8 18
1318
1318 1012
1961 F A
*External 8 f 644e
___ ____
2711
47
78
1961 F A *67542
•6148 stamped
4 5512 32
6514 *Montevideo (City of) 78.
254
52
4 4618
1952 1 D 453
8
271.4
314 4618
Bulgaria (Kingdom of)'External 816,(video A
2959 MN 42
43
29
43
6
25
*Sinking fund 7s July coup off1_967 1 J
1318
137
8
8
185 New So Wales (State) extl 5e
12
3
12
10212
1967 F .4 102
8
7384
963 105
4
*Sink fund 714s May coup off_1988 M N
1312 1312
19
3
12
External 8 1 5s
A98 1958 A 0 102
12
_102
4
7312
963 10518
4
Norway 20-year ext1 I.
1943 F A 10612 10712 24
88
10312 10811
*Calder) Dept of (Colombia)748_1946 J J
914
20-year external 68
97
858 14
8 22
858
1944 F A 10618 10612
2
874 1034 108
Canada (Dom'n of) 30-yr 4s
1960 A 0 1053 10614 37
4
30-year external Iii
8612 101 10812
1952 A 0 103
8318 10014 10512
10.139 32
55
1952 MN 112
8
40-year e f 53.4,
11239 18
1011 1145
9912
1985 J D 1025 103
8
16
781
4
993 1041
8
.
-- .1938 F A 10014 10014
9612 964
4N5
4
External sink fund 59
8
106399 13 1025 10314 25
75
984 1043
8
Aug 15 1945 1 A 9612 964 20
10
-year 2450
Municipal Bank 60110158
984 10014 10312
1970 J 0
804
98 103
_ --__
6
*Carlsbad (1...ity) s I 58_
1954 1 -1 35
9338
9212 6212 •Nuremburg (City) ext1 (is
4212
1952 F A *10214--26
2614 32
22
2214 3584
84
73 1312 Oriental Dared guar 6s
4
4 14
77
8
*Cauca Val (Dept) Colom 748_1946 A 0
83
1953 M S *84
8412 -___
64
7714 90
*Cent Agri° Bank (Ger)
_1950 M 8 3618 37
Ertl deb 53-4e
5818
25
2912
34
1958 MN
7912 80
10
5914
745 8558
8
*Farm Loan s f 6s
75_- __- 1960 3 J
July 15
Oslo (City) 30-year I f (is
2614 47
324 33
5
26
1955 M N 10112 10112
3
99 10314
73
*Farm Loan 9 1 88
Oct 15 1980 A 0 33
3318 13
2614
2614 9814
*Farm Loan loser A _ Apr 15 1938 A 0 374 3712
35
5,539 Panama (Rim) esti 3342s
2711
7
1953 1 D •106
107 ____
89
10212 1074
1942 MN
*Chile (Rep)-Exti a f 7e
*Ertl a f Ber A
13
137
8 25
17
7
12
106399 N •657
8 67 ___
2472
40
70
*External sinking fund 68___ _1960 A 0 123
4
1312 79
*Stamped
1012 1514
5
5718 5812 10
27
3618 60
Feb 1961 F A
•Ext Milking fund Be
13
1318 26
618
1012 1512 Pernambuco (State cf)Jan 1961 J .1
*By ref ext s f (Ss
123
4
135 113
8
.78 Sept coupon off
618
1012 1512
1947 111 8 127
8
124
3
84
1112 157
8
104 154 •Peru (Itop of) external 75
•Ext sinking fund 6s_ _. Sept 1961 51 1 127
els
8
134 24
1959 31 S 1932
1524 30
7
12
2114
10, 153
196299 5 123
4
8
*External sinking fund I8
4
*Nat Loan ext!. f 681st set
13 .
1312 27
64
I960 J D
11
1134 172
78 1712
8
5
1963 MN
*External sinking fund Bs
123
*Nat Loan inti s f 89 20 ser
4
1312 83
103 1512
4
13
1961 A 0 11
1112 130
74 173
8
44
1957 J D
1118
*Chile Mtge 8k 6 913
1112 35
103 1412 Poland (Rep of) gold Is
4
784
1940 A 0 7812 79
3
8318
56
71
1961 1 D 11 18
*Sink fund 63.4. of 1926
117
8 29
1484
978
Stabilization loan a 1 78
11
1947 A 0 107
1077
8 17
997 12612
8
83
1951 A 0 11
'Guars 168
1112 25
External sink fund g 8s
712
1058 1414
1956 J .3 9212 9314
11
634
797 964
8
1982 MN
*Guar a t Be
104
1112 34
712
1012 1414 Porto Alegre (City of)
1960 M 5 104
'Chilean Cons Munlo 78
.88 June coupon off
1112 22
5
1961 J D
984 1212
1424
15
6
1212
1212 22
*745 July coupon off
1969 J .1
15
15
22
4
12
12
1951 .1 D 3912 40
*Chinese (Hukuang RY) 511
Prague (Greater City) 714s
11
3338 47
22
1962 MN 9934 1001.
5
774
98 1054
*Cologne (City) Germany 648_1950 M 8 2712 2712
'Prussia (Free State) esti 6142_1951 M 5 28
2
32
38
26
28:
; 37
1
2212
2212 37
Colombia (Republic of)*External a f 85
1952 A 0 28
2812 72
2212
2212 36 4
,
•68 Apr 1 1935 coupon on__Oct 1961 A 0 1814
187 159
8
3612
18
18
.
1814
•68 July 1 1935 coupon on_Jan 1961 1 J
Queensland (State) extl 217B
183 137
4
177 37
8
177
8
1941 A 0 110
110
1
94
10578 11118
ecolornma Mtge Bank 8459
1947 A 0 1612
1612
25
-year external Is
1
1312
1312 3412
1947 F A 109
109
3
8.539 10318 110
1945 34 N
1614
*Sinking fund 78 of 1926
1612
8
12
1358 2412 'Rhine-Main-Danube 78 A
1950 M S *3714 45 ___
324
3214 4312
1947 F A
*Sinking fund 78 of 1927
1612 1612
1318 2512 RIO de Janeiro (City of)
4
1318
1952 1 D 93
0314 16
Copenhagen (City) 5s
•88 April coupon oft
6012
85
1948 A 0 1414
943
2
1558
6
1311
1358 1939
MN 8712 8814 12
-year g 4145
1953
25
•614e Aug coupon off
5512
8114 9112
1903 F A
125
8
1318 71
1124
1139 181s
1957 F A .58
*Cordoba (City) exti e t 78
60 ____
12
444 5912 Rio Grande do Sul (State 0038% 5612
1957 517
4, April coupon off
.7s stamped
8s
a
5212 20
1946 A 0 153
4
1614
18
14
14
2312
1937 MN 66
'External sink fund 7s
66
*65 June coupon Mt
1
294
1968 J D
50
66
122
4
1312 45
125
8
125 22
8
1937 _
464 5514
*5758
*7e stamped
•72 May zoupon off
1966 31 N
14
147
8 45
123
4
124 21
(Proy) Argentina 78
1943 J .1 75
Cordoba
75
1
•78 June COLUKal oft
2518
70
1967 1 D
81
14
1439 28
124
1258 2112
Costa Rica (Republic of)Rome (City) esti 6 48
1952 A 0 50
5312 205
4012
4012 8714
1951 M N
3514
351 4
1
'78 Nov 1 1932 coupon on
Rotterdam (City) extl tie
1712
3018 38
1964 M N •110
120 ____
9218 110 1394
8 237
8
1 _-__
.74 May 1 1936 coupon on__ 1951 .._-- 237
1712 327
s
BONDS
N. Y. STOCK EXCH A stGE
Week Ended Dec. 27
1
For footnotes see page 4137.
NOTE-Sale, of State and City scour the, occur very rarely ou the New York Stock Exchange. dealings In such securities being almost entlrely over the counter
Bid and asked quotations, however. by active dealers In these securities. will be found on A subsequent Page under the general head of "Over-the-Counter SecurItles."
New York Bond Record-Continued-Page 2
Volume 141
Jan
,
--1 Rang'
Wier,
.
r
.
01
Range or ; 1933 to
BONDS
t2 ,t.
;
.
?ridgy's
!It_ Nov. 30
6
1935
Z1 s.." Bid et Atkis *3.
N. 'Y STOCK EXCHANGE
Week Ended Dec. 27
Lova
Foreign Govt. &Murals.(Cowl.)
Roumania(Kingdom of Monopolies)24
1959 F A
.7s August coupon off
•Saarbruecken (City) (is
1053 1 1 2710
Sao Paulo (City of. Britain1458
1952 MN
08e May coupon off
*External 8%n May coupon of! 1957 M N
1212
San Paulo (State of)
1936 1 1 224
0843 July coupon oft
MO 1 J
153
4
*External 8s July Coupon oft
8
*External 7e Sept coupon off -1956 51 S 153
1312
*External On July coupon off-1968 J J
1940 A 0 8018
*Secured If 78
11101 NO.
Low
S1nca
Jan. 1
Low
11101
2512
2712
6
3
205
8
50
2318 3612
2712 78
1458
13
1
6
1312
1112
1312 193
8
1112 1974
2218
16
1512
14
81
1
13
4
62
20
1518
1212
123
4
103
4
61
aElanta Fe (Pro, Ara Rep) 7s
8 75 ____
1942 51 5 .617
8
*Stamped--- *6018 645 _
3212 325
8 16
*Saxon Pub Wks(Germany) 79_1945 PA
*Gen ref guar 6 Ha
1951 M N 314 3214
8
3612 13
*Saxon State Mtge Inst 7a
1946 1 D 35
•Slnking fund g 84s
1946 J 0 .324
Serbs Croats & Slovenes (Kingdom)•8s Nov 1 1935 coupon on
1962 M N 2312 24
13
4 24
•713 Nov 1 1935 coupon on
1962 MIN 223
12
7114
72
Silesia (Proy on eat) 7e
3
.1958 1 D
•Sileelan Landowners Assn 6s _1947 F A
5118 5112
3
Solesons (City of) coal 13s
1935 M N *163
Styria (Province of),
873
4 873
47s Feb coupon off_
1946 F A
1
4
Sydney (City) a 1 5 Hs
1955 F A 11)218 10212
8
17
38
2912
28
35
35
Taiwan Elea Pow e f 514s
Tokyo City be loan 01 1912
External. f 514s guar
*Tolima (Dept of) esti 76
Trondhlem (City) let /Hs
1971
1952
1061
1947
1957
1 1
111 S
A 0
61 N
MN
81
81
7112 7112
8014 8118
9
9
9912 100
1914
17
42
2514
117
4714
75
1
1
29
7
6
58
533
4
59
84
631
4
*Uruguay (Republic) eat! 88-- -194 F A
7
395
8 40
0
371g
3812 28
*External I t fis
1960 M N
3712 38
8
*External it f 6s
1964 6 N
8
Venetian Pro, Mtge Bank 7s
1952 A 0 a5318 a5318
1
Vienna (City on92
•84 Nov coupon on
1952 SIN 92
8
1965 F A .69 4 715 __-Warsaw (City) external 7s__
3
8
1961 3 0 854 8512 10
Yokohaesa (City) extl Ils
33
2612
2652
51
5258
41
63
RAILROAD AND INDUSTRIAL
COMPANIES.
•1 tAbltibl Pow & Paper lei 51-1953 1 D 3859 4014 72
153
8
1945 M S 984 99
Adam:Mxprees roll tr g 4s
61
14
99
Coll trust 49 of 1907
1947 1 D 91
8
9612
547
8
1962 A 0 *5314
Adriatic Eiec Co ext
7e5018
1943 J D .10812 110
Ala 01 Sou let cons A be
8012
103
1943 1 D 103
1
let cone 4s eer B
74
56
*Albany Perfor Wrap Pap (is__ 1948 A 0 53
4
38
'Os assented
1948 -_.
56
56
1
4412
Alb & Suaq let guar 3%,
1946 A 0 10178 1017
8
83
1
8434 857 124
8
1944 F A
IAlleghany Coro coil tr be
4714
Coll & cony 58
1949 1 D 76
783 120
4
41
*Coll & cony be
1950 A 0 46
4918 35
13
•51intamped
334 37
1950
8
335
Allmg At West let gu 4e
1998 A 0 89
89
5
62
Altai/ Val gen guar g 4s
1942 M 8 2109
1093
4 16
93
Allied Stores Corn deb 414,
1950 A 0 9912 993
4 25
925
8
Allis-Chalmers NItg cony deb 4s 1945 MN 1135 11712 419 1093
8
4
*Alpine-Montan Steel 7s
_1955 M S 90
90 18
2
60
Am Beet Sugar 6s ext to Feb 1 1940 F A
Am A Foreign Pow deb ba
2030 M 8
American Ices!deb be
1953 1 D
Amer 1 0 Chem cony 54*
1949 M N
Am Internal Corp cony 5%8,...,.1949 1 J
Am Rolling Mill cony deb 44s-1945 M 8
Ani Telco & Teleg cony 412
1936 M 8
30
-year coil tr 52
1946 J D
35
-year, t deb 54
1960 .1 J
20-year sinking fund 54.
1943 MN
Convertible debenture 4%e.._1939 J -1
Debenture 5s
1985 F A
t•Ani Type Founders 62 otta
1940 A 0
Amer Water Works & ElectricI /eb g 6s series A
1975 MN
19-year 5.3 cony coil trust
1944 M 8
t•Ani Writing Paper let g 8s
1947 .1 J
*Certificates of deposit
Anaconda Cop Min s f deb 4%s_1950 A 0
*Anglo-Chilean Nitrate 7.
1946 M N
t•Ann Arbor let o' 4a
19115 Q J
Ark & Mem Bridge & Ter be
1964 31 8
Armour & Co (III) let 4%
1939 1 D
,
1st 518 f 4s sec 11 (Del)
1955 F A
Armstrong Cork deb 4s
1950 J J
etch Top & S Fe
-Gen g 4s
Adjustment gold 4s.
Stamped 48
Cony gold 4,01 1909
Cony 4s of 1905
Cony g 4s issue of 1910
Cony deb 4 Hs
Rocky Mtn Illy let 4s
Trans
-Con Short L let 4s
Cal-Ariz 1st & ref 4%. A
Ati Knox & Nor 1st g 5s
Atl & Cloud AL 1st 4%. A
let 30
-year be aeries B
AU Coast Line let cons ts July
General unified 43.4e A
L & N coil gold 4s _....Oct_
10 yr coil tr bs
May 1
10112
633
4
693
4
111
1004
120
10012
10912
113
113
11212
113
894
10212
2
667 186
8
7112 32
112
109
102
66
12212 354
10012
2
110
59
1133
8 98
1137
8 62
11312 23
1133
8 35
927
8 88
9912 993
4
11014 1123
4
38
43
4112 42
994 993
4
2412 2c12
6918 717
8
947
8 95
104
10418
9412 95
10512 10614
1995 A 0 1093
4
1995 Noy 10412
1995 M N 1045
8
1955 1 D *1035
8
19553 D 10418
1960 I D *102
1948 1 D 1083
4
1966 1 .1 1043
4
1958 J .1 11034
1962 M 8 112
1948 J D *11213
1944 J J 10114
1944 J J 10512
1952 NI 8 963
s
1964 1 D 8314
1952 M N 81
1945 MN 954
80
32
82
764
65
1024
1003
4
10112
1003
4
103
105
100
20
58
52
410
80
18
118
6
204
249- _..81
-- 14
3
27
30
5
7814
37
75
116
90 4
3
9 103
11012 118
1044
.5
105
9
10418
2
104 ___
109
14
10514
9
1103
4 10
11314
8
IIS
10112
7
1057
8 14
97
42
85
42
8212 80
9612 30
8414
75
7518
75
7414
78
884
79
89
8714
991
4
884
88
714
6112
57
8912
9514
5
1940 MN 10418 10412
:Baldwin Loco Works let 5s
30
8214
8
233 Bait & Ohio let g 4s-July -_1948 4 0 1015 10214 75
4
54
7312 , 743
4 92
1995 J D
Refund & gen 5e series A
21
941s
__1948 A 0 1075s 10818 98
let gold be
July
21
59
119
1995 J D 8314 84
Ref & gen 65 series C
9114
764
9912 10014 87
P L E & W Va Sys ref 4e
1941 M N
7414
8 9912 77
Southwest Div let 314-5s
1950 1 1 987
7314
52
61
. 13
8 871
1959 1 1 873
To!& CM DIY let ret 4s A
474 70
5212
2000 m 8 7212 733; 95
2912 4214
Ref & gen 64 series D
3812
5912 6012 195
1980 F A
28
Con• 4 He
40
1996 M 8 7234 74
5212
66
Ref & gen 61 be aer F
35
55
9412
1943 1 J *11312____
35
5212 Bangor & Aroostook let be
7418
35
104
1951 1 1 103
Con ref 4a
34 11112
1951 :-..., 10912 110
4s stamped
2312 36
944
2218 36
Batavia,, Pete guar deb 4%e_.._1942 1 J *10812 115 ____
80
6512 __-1989 J D .64
6512 75
Battle Crk & Slur let gu 3e
43
6114
88
10114 ____
1931 3 1 .101
158 17512 Beech Creek let gu it 4a
8912
____ ____
1936 .1 1 ____
24 guar g be
-----86
1951 A 0 898
88 10114 Beech Creek ext let g 3%s
8 103
11912
1948 1 1 119
95 10212 Bell Telep of Pa Ss series B
4
1960 A 0 1243 12514 16 10314
let & ref be merles 0
1943 1 J *101
7412 8738 Belvidere Delaware cons 31.4s
82
MO M S 11014 ffi 232
Beneficial Indus Loan deb de
6012 76
273
s
3214 33
1951 1 D 32
*Berlin City Elec Co deb 6%.
743 86
8
244
7
2918 2912
*Deb sinking fund 648
1959 F A
812 1214
2412
5
*Debentures 6s
1956 A 0 2812 2812
91
100
275
8
8
s 323
4
*Berlin Elec El & Underg 614a_ _ _195a A 0 325
9918
1960 J 1 1033 10412 298
3618 47/8 Beth Steel eons St 440 ser D
4
3414 4112
--------90
1944 .1 D .109
Big Sandy let Ce
3418 42
25
__
i
Bing le Bing deb 64e
1950 M S .3712
51
83
6914
8
1917 61 11 774 797 143
Boston & Maine lot 5s A C
604
go
08
7812 80 4 58
3
1955 M N
let Id be aerie, II
56
97
75
1981 A 0 73
let g 44s ser JJ
7418
63
1814
2212 25
28
:Boston & N Y Air Line lst 4s- -1955 F A
8014 90
1934 A 0 24
54
1
2512 37
1;•Botany Cons Mille 134e
6
2412 27
---- 22
*Certificates of deposit
it*Bowmau-1311t Hotels let 7s _ __1934
m 8 4.6412
-- _--Stilly as to pay of $435 lit red
884
26
1T10 ____
1941 1 1 .8714 4112 Brooklyn City RR 1,1 54
27 103
4
1949 1 1 1073 108
Edison Inc gen ba A
85 100
Bklyn
7 1024
9612 9914
1952 1 3 10714 108
Gen mtge be aeries E
864
5018 10014 Bklyn-Manb R T sec 8s A
1986 1 1 10714 1075s 70
98
8 31
104 109
15-year let 6s, aeries A
1949 1 D 10118 1043
525
8
.
70 ____
9812 1033 Bklyn Qu Co & Sub con fad 56_1941 MN
4
38
571
4
_ _...„
1s1 5s stamped
1941 1 1
645
8
724
4412 56
10812 10912 52
13klyn Union El let g bs
1950 F A *7418--3 10312
119
1946 MN 119
99 10418 Skirl Irn Gas let cons g 5s
4
____ ____ 1054
1947 MN *124
644 89
let lien & ref 6s series A
5212 793
4
158
Cony deb g 5%e
1936 1 1-1950 1 D ioii 105
93
8 -7
7
13
Debenture gold 58
55
las7 ANN 1093 10912
6 10012
8
let lien & ref to 2or122 B__
8
3912
8412 94
5 10414
4
4
Brown Shoe s 1 deb 3 US
1950 F A 1053 1053
10512 10934
884
____
1938 1 .1 ____
92 100
54
Bruns & West let gu g 49
964
2
4
_3
1981 F A 1103 110 4
1093 11712 Butt Gen El 44* eerie, B
4
91
87
1937 M 5 10412 10412 25
9714 Buff Roch & Pitts gen g fie
50
1957 MN 6312 6514 45
Consol 4%
,
98 10312 it*Ruri C R & Nor let & con 5s 1934 A 0 .1912 21 ---155
8
14
21 ____
•18
49
7612
*Certificates of deposit
39
1
82
6914 884 t•Ilush Terminal let 4s
1952 A 0 82
104
10412 116
•Consol 58
1955 1 3 4812 5212 61
31
6012 18
854 10314 Bush Term Bldg. 5s go tax ex-1960 A 0 58
54
26
91
10212 12912 By-Prod Coke 1st 54e A
90
1945 SIN
10012 104
__ 1024
10714
1937 MN .107
10712 11012 Cal0& E Corp tint & ref Se
85
9
8
10412 1045
Cal Pack cony deb 5s
19403
11118 114
914
8
Ds
9
1942 A 0
*Camaguey Sugar 7e Ws_
1111 114
4
11162 A 0 .11134 --------79
Canada Sou cons gu 58 A
10618 117
914
1083
8 42
111 114
108
Canadian Nat guar 414e
1957 J
981
4
8 16
31 10712
1123 1133
4
Guaranteed gold 5s
July 1969 1
961a
4
Guaranteed gold 50
Oct 1969 A 0 1133 11412 19
4
983
6378 10012
1970 F A .11414 115 ____
Guaranteed gold 5s
943
4
6
80 11312
Guaranteed Sold 011-June 15 1955 1 D 11114 11112
5
915
193 44
8 39
4
1956 F A 10914 1097
Guaranteed gold 44s
914
4
2012 43
Guaranteed gold 41
44__Sept 1951 M 5 1093 11014 31
8
9 10512
Canadian Northern deb 6Ms_1946 J J 12218 1225
9814 100
744 2934
6234
99
8614 87
Canadian Pay RY 4% deb stk perpet__ J J
8 't 73
0
88
1
4
4
873 97
4
Coll trust 44*
1946 61 5 1023 1023
944
20
113
102 1044
1944 J J 112
bs equip trust ctis
734
904 9614
Coll trust gold 5s
Dec 11964 1 Ill 10512 10612 20
841
4
57
10312 10614
Collateral trust 44*
1960 J J 10012 101
19
Mar Cent lot guar g 4.
1949 .1 .1 .4918 51 ____
9512
_ __-1067 11112 Caro Clinch & 01st 5s
1938 1 D .1071
8
8914
2-- 4 12
let & cons•8a ,sr A _ __Dec 15 1952 J D 10912 1093101 10612
68
10134 10618 Cart & Ad let gu g 4s
6
71
724
1981 J D
24
2
10012 10412 *Cent BranchU P let g 4,
1948 1 13 2712 2712
1
100 106
4
1943 J D *10714 1083 __-_ 1035
Cent Dist Tel let 30-yr be
811
7
4812 4914
100 10312 ;.Central of Ga ist g 59-- -Nov 1945 F A
13
26
27
10412 110
45
•Consol gold 5a
1946 MN
64
10014 1057
*Rd & gen 514a series B
1959 A 0 1412 1514 12
8
7
*Rat keen 5s series C__ ___ 1359 A 0 1412 1518 58
10712 11212
1712
22
6
*ChattDivpur money g 4e._ 1951 J D 22
1084 1141 1
19
24 ____
110 11312
*Mac & Nor DI, let g be
1946 J J •
99 106
22 8 ____
7
15
*Mid Ga & AU Div pur m 56_1947 J J •____
*Mobile Div let g 5e ...
100 1103
8
19
5
2312
1946 J J 22
9011 1934 Cent IIudson G &E lot A ref 34,1985 M S 105
10512 22 10418
7134 9212 Cent 111 Ewa et Gas 1st 8a
43
98
9812 90
1951 F A
6812 84
397
8
V.Cent New Eng! lat au 41,
8 4212 25
1961 J 1 405
894 100
100
central of N 3800 g 5a
983
4 92
1987 I J 98
General 4,3
78
8
1987 J .1 8512 86
2218
1458
1234
13
724
F(1, footnotes see OUP 4137
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members - New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Telephone HAnover 2-7900 - A. T. S, T. Teletype NY 1-911
Private Wires to Chicago. Indianapolis and Si. Louis
.•
4133
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BONDS
?riday's
la Nov.30
3411cv
i LN. Y. STOCK EXCHANGE
....3. Bid & Askid ea *a
1935
Jan. 1
Week Ended Dec. 27
Eno1 N,. Low Low
Low
Moe
27
27
4214
1948 1 1 3812 4014 16
At! ea Dan let g 4e
23
357
8
23
5
3218 3234
1948 J J
2d 413
3514 62
354
20
1959 1 1 6058 62
At! Gulf & W I SS coil tr be
10534 10814
13 101
4
. 19:37 1 1 1053 106
Atlantic Refining deb 5P
10018 10812
____
Auburn Auto cony deb 41.,is w 1_1939 J J 10018 10212 127
76
90 101
8
1941 1 1 997 10012 12
AMID & N W let au g oe
9514
9512
54
101
6314
9314
86
753
4
5212
3812
5212
110
1004
103
103
64
105
10412
7712
10912
867
8
10014
991z
88
76
6214
7612
1143
8
10514
1124
118
68
100
100
95
11314
1161
4
103
102
98
12012
1265
8
10714
2712
2412
2412
30
9918
1134
44
3912
394
4158
10412
1025
8
3412
5912
6012
6912
1814
4
53
6
111318
45
805
8
8212
75
404
2718
2014
434
82
1063
8
106
10418
104
55
65
10058
4
1143
1185
8
7
93
11012
110
1074
10558
71
77
3
11012
121
128
115518 1014
.
10758 111
101 1054
1015 10314
8
1083 1 115
4
8
103 107
514 70%
1558 24
21
14
78
9212
35
5318
5212 70
773 9412
8
107 109
1034 1055
8
21 18
4
1064 11318
1025 1135
8
8
107 118
10814 1204
107e 1197
s
105 11714
10314 1154
8
10318 1145
1165 123
8
814 8912
9914 10414
109 113
10114 10713
9512 10338
40
46
106 109
1064 11112
7012 78
24
39
8
10714 1095
39
51
29
13
7
163
8
6 4 1614
,
1712 234
20
19
15
15
19
25
10418 10512
714 98,2
397 674
8
98 10834
8478 9872
4134
N
BONDS
T. STOCK EXCHANGE
Week Ended Dec. 27
New York Bond Record-Continued-Page 3
W eek's
i 1st, 1
i
',..3
Range OF
.7; 1 1933 to
2_1 ...
Friday's
.• .. Nov.30
4..
4 tr. 884 & Asked ra4 1935
Low
Cent Pat, let ref gu g 4e
1949 F A 10258
Through Short List gu 4e
1954 A 0 10034
Guaranteed g 5a
1980 F A 853
8
Cent RR & 13kg of Ga toll be
1937 M N 65
Central Steel let g a 188
1941 MN 122
Certain-teen Prod 5 lie
__ _19451M Si 9412
Champion Pap & Fibre deb4 ns_1950 7.1 S 1013
A_4
Criarieetoz] A davit' let is
1936 1 J
Chesap Corp cony be
1947 MN 11414
19443 D 10914
10
-year way oollbs
Chee & Ohio let con g 5s
1939 MN 11112
General gold 4%s
1992 M B 118
Ref A impt 43-4s
1993 A 0 11012
Ref & Impt 44e set B
8
1995 .1 J 1105
Craig Valley let bs_May ___..1940 J ..1 *109
Potts Creek Branch let 4s
1946.7 1
R & A Div let eon g 4e
1989 J .7 11212
211 consol gold 48
1989 J J 10712
Warm Spring V let g be
1941 M B •110
Ranee
Sines
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 27
Dec. 28 1935
E`4
21:.
Week's
818558 0?
Friday's
4.'r'r. ma et
/sip 1
4
1933 to
Range
c..• .4 Nov.30
.,
.
1
Since
Asked el. 1935
Jan. 1
Mob No
Low Low
Hiok
Iliol No.
Hip'
Low Low
Low
1027
8 91
6558
973 10338 •Consolidaterl Hydro-Elec Work*
8
10034
9712 10218
2
of Upper Wuertemberg 75
6312
30
30
5
1956 1 .1
29
87
68
6914 9012 Consol Gas (N Y) deb 54e
65
1946 F A 10458 105
50
99
65
11 49
52
6812
1083
Debenture 445
4 56
1951 1 D 108
88
122
124
114
1 100
Debenture bs
8
93
1957 1 J 1053 10512 19
9512 102
42
6312 9612 2•Consol RY bop-cony deb 48_1954 J .1
20
21
18
16
1013
4
6
1013 1013
4
4
*Debenture 4a
204 2012
1
175
1955 1 .1
8
1955 A 0 *20
11212 10212 10438
•Debenture 45
24 ---233
4
11512 108
94
1956 J J *20
102 11912
'Debenture 4a
223 --,,
8
16
11012 109 1014 1014 1123 2•Cons Coal of Ml let & ref 58_1950 J 0 3412 3512 88
4
10
112
35 104
1105 11318
8
*Certificates of depoeit. 3414
35
84
10
11918 16
9114
1143 12018 Consumer.Gas of Chic gu be _ _1936 :1-- 1027 1027
2
0
8
, 4
98
111
16
8312 108 112
Consumers Power Co__
11114 65
84
8
1077 112
1st lien & unit mtge 33is
1075
8
9
1965 MN 107
--------96
105 108
lot lien & unit mtge 334s
_
1965 M N 10418 10438 24
2
85
1027 105
Container Corp 1,1 6*
10412 31
1946 J D 104
di
112121
1
904 10515 1123
1943i D 10012 101
26
4
15
-year deb be with warr
494
10712
10514 108
1
87
96
Copenhagen Telen 5s Feb 15 _ _1954 F A
9612
5
693
8
--------99
107 110
8
Crown Cork & Seals f 4s
1950 M N 1027 10318
_
Crown Willamette Paper 65
17
4 36--2
75
1951 J J 105, 1053
Chic & Alton RR ref g ca
1949 A 0 3912 4012 49
334
3314 504 Crown Zellerbach deb Sew w
10214
4
65
1940 M F 102
Chle Burl 04 Q-Ill Div 345
1949 J J 10538 1053
4
7
84
10112 106 4 Cuba Nor Ry let btie
,
553 116
4
15
1942 J D 52
Illinois Division 4s
8 11
1949 J J 10812 1085
9234
1053 1094 Cuba RR lat bs g
8
133
19523 1 4814 4938 17
4
General 4s
8
1958 AI S 1075 108
38
8414 104 11012
let ref 745 aeries A
1318
1936 .1 0 474 4812 17
let & ref 434s eer B
1977 F A 10612 107
26
77
1034 I095s
2
15
453
4 46
let lien dr ref 6s ger B
1938 J D
let A ref Meer A
1971 F A 11112 112
8
8412 10714 1145* Cumb T & T let & gen 55
1937 1 J 1043 1045
8
8 21 102
1934 A 0 82
4:Chicago A East Ill let 6s
8212
3
63
73
88
2•C & E Ill Ry (sew 00) gen be
154
1951 M N
16
48
53
8
53 173 Del & Hudson let & ref 48
8
7612 7814 159
4
67
1943 61 N
134
•CertifIcatee of deposit
14
24
512
515 1614
953
8 9912 96
Goa 534s
894
1937 MN
Chicago & Erie let gold be
1982 MN all5 a115
4
7
8212 11112 117
4 --------938
Del Power & Light let 4134e
1971 J J •1063
Ch G L & Coke let gu g bs
19373 1 10514 10514
1
97
1033 1064
s
8
let A ref 4.46
88
1969 J J •1043 105 ---_
213Cbicago Great West let 48-1959 M S 2312 243 146
4
1858
184 35 8
3
let mortgage 434*
93
1969 11 1 •10412 106 -___
2•Chte Ind & Louley ref 68
1947 J 1 29
29
15
7
15
1936 F A
2912 D RR & Bridge let g 4s
_ ---96
*Refunding g 5a ser B
1947 J J 274 2712
7
105
155
8
155s 2712 Den Gas & El L let & ref 8 1 53
1067
8
85
1951 M N *10012-- - 15
•RefundIng 48 series C
1947.7 J 2818 2814
5
14
281 1
14
3
Stamped as to Penne tax
8312
1951 MN 10714 10714
1512 1712 86
'let & gen foi series A
1986 MN
934
43 173 *Den & R 0 1st cons g 4s
4
4
27
2834 265
2031
1936 J J
•18t & gen 6aserlea Biqa,'
1514
1966 J J
1712 58
418
418 1712
1936 J J
273
4 2912 58
21
•Consol gold 43-4*
Chic Ind & Sim 50-year 4*
1956 J J 92
9212 10
1038
864 933 ('Den & 110 West gen 5s __Aug 1956 F 6
70
4
1214 58
64
___.
95
8
12
205
'Assented (sub) to plan)
514
Chic L B & East let 434e
1969.7 D
- - ,,
99
10612 1113
4
'Ref & impt be ser B
1112
Apr 1978 A 0 2112 2238 43
4118 4314
•Chle M &St P gen 4s ser A
1989 J J *111--- 192
3212
3312 581/4
*Gen g 334s ser B may 1
1989.7 J 3912 3912
1
3212
3212 55
2•Des M & pr Dodge 48 cm__ _1935 1 J
_ -218
4 47
*Gen 44e series C__May I
1989 .1 J 443
133
38
36
623 2•Dee Plaines Val 1st mil45_ .1947 M. *62
s
*318--- ---7214
63
'Gen 43-4e series E_May 1
1989 J J 45
4712 106
364
364 6284 Detroit Edison gen & ref Is ser C 1962 F A •I09
1093 ____
8
93
*Gen 430,series F_ _May 1 _ 1989 .1 ./ 45
48
44
3618
3618 643
4
11312 14
8512
Gen & ref 434e series D
1981 F A 113
2•Claic Milw St P A Pat be A
15
1975 F A
163 845
4
95
8
95* 26
Gen tk ref tis series E
905
8
1952 A 0 10814 10912 16
"Cony all be
Jan 1
_2000 A 0
512
65* 853
218
212 7511
1965 A 0 109
Gen & ref M 48 ser F
10918 17 10 7
3614 3814 79
2•chic & No Weet gen g 3411-1987 M N
2838
2838 484 •Det A Mac let lien g tia
--------20
19951 D .30
3812 4012 59
*General 4s
1987 M N
304
3018 53
•let 413 assented
1995 ---_.: *30
---- ---•Stpel 4e non-p Fed Inc tax _1987 M N
3814 39
3018 53
7
3018
1118
"Second gold 45
__ _.1995 1 u •157
'Gen 4e4e awl Fed Inc tax--.._1987 M N 40
40
33
5
33
577 Detroit River Tunnel 44s
8
8
1081 al N •1123 1125 ____
s-- 8
84
39
1987 MN
•Gen 55 stpd Fed Inc tax_
4312 50
35
8112 Donner Steel 1st ref
*10414 --------87
35
383
4 383
*44s stamped
1987 M N
4
3884 47
3
41
7594 A 0 1063 1074
4
Dui A Iron Range 1st be
1937
2j .1
4 102
1936 M N
474 4812
*Secured 56%.
9
38
38
70
Dui Sou Shore & Atl g 58
6
20
1937 J 1 52
53
193
8 20
•Ist ref g 5a
May! _2037J D
26
13
13
31
1818
'let A ref 44e stpd_May 1 _2037 J D
19
69
13
28
13
•lEast Cuba Bug I6-yr a f 73is -1937 M $ 1112 12
53
614
•15t& ref A tis ser C-Mal 1 -2037 .1 D
184 1914 103
124
1258 28
East Ry Minn Nor Div let 4e _1948 A 0
8912
___ ____
"Cony 4428 series A
93
4
1949 M N
104 653
712
712 2212 East T Va A Ga Div let be
1956 MN •103121035 10358
8
1
79
12•Chleago Railways 1st 5a stpd
Ed El III Bklyn let cons 4e
1939 1 J •107
99
108 ____
F A
7012 7012
Aug 1 193325% part pd
1
423
4
684 80
Ed Elea (N Y) let cons g 5s
1995 J J •1265 131 ____ 1073
8
4
353
8 71
34
2•Chic RI & PRY gen 4s
321$
1988 1 .1
31
4572 •El Pow Corp (Germany) 645_1950 m S 3212 3212
8
3118
'Certificates of deposit_ .3318 40 ____
324
30
43
1953 A 0 3212 3212
'let sinking fund 634*
2
30
I•RefundIng gold 45
1613 343
1 - 0 145
1939 -1 104
1014 1712 Elgin Joliet & East lst g be
89
1941 M N *10958 ---- ---_ __
1418
15
'Certificates of deposit
110
10
1965 A 0 101
10
1812 El Paso & SW 1st be
101
4
8112
4
1952 M S 143
16
('Secured 414s series A
92
1014
1014 18
Erie dr Pitts g gu 3tis ser B*105
5
8 -------90
___
144
'Certificates 01 deDoelt
15
15
1612
1018
1949 j j •1055
90J J
10
Serial C 34e
8-_ ____
90
1960 M N
6
*Cony g 434,
65 276
8
412
412 10
1996 1 J
99
Erie RR let cons g 4e prior
9934 61
69
1996 1 .1
let consol gen lien g 45
75
40
62
77
Ch Bt L & N 0 5s__. _ __June 16 1951 J D *10218 --------75
96 1057
8
1951 F A *104
Penn coll trust gold tie
106 __
99
Gold 334,
1951 J D
June lb
_._ --8812
Cony 4e serial A
7412 38
501s
1953 A 0 73
L 6312 75 89
8212 831,
1951 .1 D *8012Memphis Div let g 45
88
59
Series B
12 7412 30
5012
1963 A 072
Chic T H & So East let be
1960 .1 D 7312 7412 20
254
2578 76
Gen cony 48 merles D
1953 A 0 *____
74 ____
62
Inc gu 5a
1960 M B 60
6034 25
Dec 1
1312
1312 63
1662 M N
Ref & impt be of 1927
68
4612
69
136
Me Un Stan let gu 434s A_ __ _1963 .1 J 10812 10812 12
933
4 1063 1095*
8
1975 A 0 6714 6834 157
Ref & !rept be of 1930
463
4
16 100
1st be series B
1963 I J 10719 108
1063 1104
8
Erie & Jersey 1st s f 68
1955 J J 1163 118
8
4
904
1949 .1 D 10814 10814
Guaranteed g be
5
95
1064 10938
1957 J .1 1163 11634
4
Genessee River 1st e f f)e
2
924
1949 1 J 1064 107
Guaranteed 4s
21 10512 10512 107
NY & Erie RR ext let 4e1947 M N *110
--------86
8
1963 J .1 1083 1083
1st mtge 99 series D
4 19 10718
10718 1003
4
36 ratge 4 4s
8 9978 60
1952 I J 993
Grim A West Ind con 4s
6372
4
92 1003 Ernesto Breda 7s
413
1954 F A *37
4
____ ____
1962 51 S 106
107
-at ref 53.4e series A
43
82
102 107
1962 5.1 S 1064 10618
let &ref btis series C
2 103
103 10758 Federal Light & Tr let be
60
1
1942 81 e 9712 9712
Chllas Co deb be
1942 A 0 72.8 7418 49
3014
51114 764
be International merles
8 98 ---,
75
1942 M F *953
Chile Copper Co deb 55
1947 1 .1 100
10012 73
46
let lien 5 f 5e stamped
79 10114
1942 M F 9612 9714
3
59
2•Cboc Okla & Gulf cons 5a
1952 611 N *29
39 ____
36
37
41 14
1st lien 6s stamped
5912
4
1942 NI e 10114 102
CM 0 & E 1st M 4s A
1988 A 0 10412 10514 15
877
2 10138 107,
4
30-year deb 68 (miles B
95
10
4614
1964 J 0 94
Cln H & D 36 gold 4 %s
1937 1 J •103
8
--------887
, 10212 1033 Flat dens f g 75
1946 J .1 61
5012
61
1
C I St L & C 1st g 4s__Aug 2 __ ....1936 Q F *102
____ ____
9712 10112 103
2•Fla Cent A Peal,, be
1943 J 2 *5138 --------45__
CM Leb & Nor let eon gu 4s
1942 M N *1023 --------82
4
1007 10314 2•Florlda East Coast let 4%s_ --1959 J D
2
59
59
50
VI
CM Union Term lat 44s A
20203 .1 *11014 104 __-975
8 109 1113
4
'1st A ref be eerie, A
984 172
64
818
1979 M 3
20203 .1 1111e 11114
1s1 mtge re series B
7
994 110 113
'Certificates of deposal
712
512
83 126
4
1957 M N •11212 --------100
1st guar be series C
1113 1144 Fonda Johns dr Glov 44e
4
1953
____ ____
Clearfield lilt Coal let Cr.__
1940 1 .1 .80
6912 7812
5218
(('Proof of claim filed by owner_M 6
618
412
8
12
Series B (small)
.1 .1 '731s ____ _
1940
(Amended) let cons 2-4s
1982
Clearfield & Mah 181 gu 45
1I•Proof of claim filed by owner_ MS
312
3
312
2
____
*Certificates of deposit
312
312
7
2
Cleve-Cliffs Iron lot mtge 454s_1950 M N 10118 10134
6
_
_ 10118 10134 Fort Sit 11 D Co 1st g 44e
8__ __
83
1941 1 J *1043
Cleve ta u chi a lit L emu es
1993 1 D 9618 97
19
61
89 4411
Ft WA Den C 1st g 54s
. 944
1961 J D *1044 10512
General 55 aeries B
1993 1 D 110
110
10
9212 108 112
Framerican Ind Day 20-yr 7348
8
9454
1942 1 1 •1073 10712
Ref & impt 68 ser C
1941 1 .1 1013 1013
4
4
1
73
93 1013 2•Francisco Bug it a f 7345
4
3314 335
8 15
15
1943 M N
Ref A Impt be ser D _ _ ____
1963 1 .1 8512 87
21
87
60
60
Ref & impt 434e ser K
1977 J .1 7718
783 110
4
50
783 Gal, Roue & Bend let 6%. A_..1938 A 0 75
4
60
3
72
76
Cairo Div let gold 4e
1939 J J 106
106
1
8818 1033 107
8
Gas & El of Berg Co cone g 5s-- 1949 J 17 •118
119 ____ 1035
8
Cl,, Wabash & M Dl, let 48_1991 J .1 94
94
8714 944 •IGelsenkirchen Mining 65
3
58
3512
1934 M F *5118 60 ___
St L Dl, 1st coil tr g 46„. __ _1990 MN *94
9512
66
88
96
Gen Amer Investors deb be A _ 1952 F A 1013 102
4
11
7312
sor A Col Div let 4 is
1940 M S *10014 --------85
10312 104
C/en Cable lst 5 f 534s A
4
1947 1 1 1003 1007
46
8
8
W W Val Div let g M.__
1840 .1 1 '96
95
--------72
9538 *Gen Elec(Germany) 7e Jan l5..1945 1 il
3212
6
33
33
Cie,& Pgh gen 3u 43-4e set B___. 1942 A 0 *11112 ____ ---- 109
109 1103
4
•s f deb 64*
32
4
33
1940 J 0 32
Series B 34a guar
1942 A 0 .1023
8 --------105
105 105
'20-years f deb 6s
313
8 3212
7
3014
1948 M N
Series A L3 guar
1992 J J •1114
-4e
1004 10758 112
Gen Pub Sery deb blie
4
3
76
1939 J J 1034 1033
Series C 3%,guar
1948 M N 510212 --------90
____ ____ Gen Steel Cast btis with warr
8812 90
66
54
1949 J J
Series D 34a guar
1960 A F 105
__
_
f
1814
187
8
212
Gen 44* set A
1977 F A '10614
lif 1054 10512 2•Gen Theatres Equip deb 68_ _1940 A (I 1814 1878 236 21 1
_
*Certificates of deposit__
138
Gen & ref mtge 44s tier 13
1981 J 1 •10512
-- 2•06 A Ala Ry let cons bil
1945 J 1
15
15,
3
3
V
(Ma Caro A Nor 15t ext 6a
22
2218
3
18
1934J J
Cleve 13/ 0 Line let gu 4 he
3
1961 A 0 1053 1053
4
4
2
734 1004 1074
Cleve Union Term gu 5348
1972 A 0 105
1053
4 26
9272 1053 *Good Hope Steel& Jr sea 7s
74
4
8 35 ___
1945 A 0 *323
33
lst a 1 85 Series B guar.
1973 A 0 1003 1003
8
4 47
71
85 101
Goodrich(B F)Co lst 6 tie
1947 J .1 1074 108
8
80I,
lets f 43.4* series C__ _____ __ __1977 A 0 93
9334 69
94
66
80
Cony deb 6s
1945 1 0 10312 104
9:
63
Coal River Ry 1st gu 4e____ __ _1941 1 D
____
9212 104 10712 Goodyear Tire & Rub 181 6*
1957 61 N 104
1041
31
833
4
2'Colon 011 con• deb 6e
1938 J .3 •1073,- -3657
8 657
8
38
6
88
38
Gotham Silk Hosiery deb 6e
1936 J D 1004 10018
7
8212
:'Colo Fuel & Jr Co gen 5 t Os
1943 F A
984 993
8
3
6612 100
2612
12•Gould Coupler 1st s f 65
5578 571" 12
1940 F A
8
12•Col Inane let & coils, gu _ _1934 F A
46
4812 52
5112 Gnu,& Oswegatchle let be
155
5
22
1942 1 D .97
1003 ____ 101
4
Cob & South 4144 ser A__ _ . ___.1980 M N
555
8 5614 58
4812
4
4.911 733 Or R Al ext let gu a 410.___ _1941 .1 .1
9194
___ __
Columbia 0 At E deb 5,__. May 1952 M N
983
4 997
8 67
510$
69 100
Grand Trunk Ry of Can guar 68_1936 M $ '108- 8 if) MN
1034 1033
Debenture 65
Apr 15 1952 A 0 99
100
25
604
6852 100
Grays Point Term let gobs
1947 J D .
_ ____
90
Debenture 55
9712 98
Jan lb 1961 J J
81
58
68
9812 Gt Cons El Pow (Japan) 75
937
8 937
1944 F A 60-- 8
1
5818
Col & H V let ext g
_. __M b A 0 8110
----4
let & gen a t 5349
10214 1103
94
881.1
1950 J .1 85
14
56
Columbus Ry P & L4e_-15te145 __1957 .1 ./ 105
105
3
73
9812 1073 Great Northern gen 7e ser A
8
8
1936 J 1 1027 1034 78:
714
Col & Tol lst ext 4s
1950 F A *11013
91
1054 11258
let & ref 454s series A
1961 J 1 10612 10712 46
684
Comm I Invest Tr deb 543
1949 F A 111
112
30
9512 11012 11212
General 548 series B
1952 1 J 10812 10912 102
64
CODO & PISMO] HIT let 4e
1943 A 0 *10318
92
100 10312
General be series C
1973 J J 10314 105
57
57
Conn Ry & L lat & ref iltis
1951 J J *10612
10612 1093
881e
8
General 44* series D
1976 1 1 9612 98
46
534
Stamped guar 430
1951 J .1 *10612 1074
96 8 106 169
5
General 414s series E
953
4 9738 283
1977 1 1
532
For footnotes see page 4137.
29
10412
99
1023
4
16
1758
233
4
16
29
29
1623
4
4114
1067
8
10S38
1071 1
3514
323
4
25
295
8
4412
44
1053
s
10612
103
9912
83
92
10212
1013
4
9714
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29
28
233
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8
1075
8
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1043
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100
103,
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108
103
553
4
51
52
47
11.174
7214 947
e
8912 1023
4
105 1074
10634 105
10412 11212
101 101
10214 10712
103 10714
203 3914
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2114 3968
612 1312
54 124
8
1112 247
24 318
113
72
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10612 1133
4
10815 111,4
107 10918
26
30
211
30
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8
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,
102 10412
18
1065 108
8
3112 6112
714 21
10114 105
96 111 12
10812 1083
4
12372 128
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4
32
40
10414 10012
92 1013
4
10172 10612
1013 10612
4
9534 102
80
70
104 106
65
78
115
78
68
76
5212 7414
52
7418
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11212 11714
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43
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634
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51)
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512
912
83
09
9612
98
10212
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117
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67
12%
12
8
312
3
1015
5
10314
106
23
5
4
10.438
1067
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75
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99
80
3258
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9018
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18
84
11712
75
105
1013
4
50
50
4912
1037
8
94
193
4
1914
18
24
33
10734
9212
10312
8312
17
101
1044
1033
85
808
783
5
82
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63
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443
4
1093
8
104
106
1004
58
101
1084
10718
90
97
934
10313
107,
3
1001 2
103
98
9738
New York Bond Record—Continued—Page 4
Volume 141
4135
West'i
1-... Wesrs
7.t.
July
Jule 1
BONDS
'ti a
Range or ; 1933 go
Range
BONDS3..7!, Range of ; 1933 to
_
Range
N. Y. STOCK EXCHANGE
•,.' •Friday's
, Nov.30
117
-1
Since
N T. STOCK EXCHANGE
.
2 Z.*
•
Friday's
. 17 Nor. 30
. i
Since
Week Ended Dec. 27
.... C. Rid & Asked ei•ii
1935
Jan. 1
.r..Z.: Ma & Asked rii•3
I
Week Ended Dec. 27
Jan. 1
1935
--Low
Enna No. Low Low
High
Lose
Riot No. Low Low
Illo'
*Green Bay & West deb ette A
Feb .50
--------26
3818 60
f.eb Valley Term RI let gu g 1Se __1941 A 0 1051 106
4
/
4
8918
102 1077
/
1
4
8
*Debentures ctfe B
Feb
S
8
10
3
3
/ 812 Lox & East let 50-yr 5s gu
1
4
1960 A 0 *11434 115 -___
8914
11318 117
Greenbrier Ry let gu 4e
1940 MN *10612
8814
Liggett & Myers Tobacco 78
1944 A 0 13218 13314 26 117
130 136
Gulf Mob & Nor 1st 61 B
/
4e
1950 A 0 86
8734 14
50
534 8312
/
1
5e
4
1951 F A 1213 122
7 103
1157 1234
2
/
1
let mtge be series C
1950 A 0 80
8114 47
491
/
4
50
82
Little Miami gen 46 series A
--------8111 104 104
1962 MN *106
Gulf & 8 I let ref & ter be ____ Feb1952 J .1 *54
664 661 Loewe Inc deb s f 6s
/
1
-- - --/
4
55
1941 A 0 103
/ 10414 21
1
4
76
1034 106
/
1
Stamped
1 J
57
571(
) 4912
4912 57
Lombard Elec 7e ser A
8012
46
1952 .1 D 4314
13
38
33
Gulf States Steel deb 535e
1942 2 D 10218 103
27
50
90 1033 Long Nand gen gold 4s
8
1938 1 D 10414 10414
8
9814 104 10614
Hackensack Water let 48
1952 J 1 10712 1074
..
/
1
3
9512 1054 108
/
1
TJnified gold 4e
2
8714 100 105
102
1949 M 5 102
*Hansa 55 Lines 68w w (Oct'33 cu)'39 A 0 4018
4018
3712
2
3712 4638
1937 M N
20-year em deb be
98
99
21
98 1043
921
/
4
8
Gs (Apr '36 coupon on)
1939 28
2912
4
2618
2618 2912
Guar ref gold 48
1001* 18
1949 M 5 100
853
4
9712 10518
*Hamm Mining 6e
1949 1 J *3514
3314
3314 49172 Lorillard (P) Co deb 7e
1944 A 0 12914 1291
/
4
7 110
8
12514 1323
Hocking Val let cone g 434e
.3 *11512
19992
91
1123 11712
8
be
120 ____
983
8 11212 11912
1951 F A •117
*Hoe (It) & Co let mtge
1944 A 0 4214 43
/
1
4
4
30
30
4618 Louisiana & Ark let be ser A
8218 837
1969 J J
3812
8 44
58
837
8
*Holland-Amer Line 6e (flat)._ 1947 MN
_
4312 ---1212
13
15
Louisville Gas & El (Ky) be
20
1952 M N 11112 112
86
10714 114
/*Housatonic Ry cons g 5s.
1937 MN •-6512 6512
2
5414 95
5414
Louie & Jeff Bdge Co go g 4s
10712 ___.
1945 M 5 *106
751 102 107
/
4
H & T C let g 5s lot guar
1937 2 2 •105
903
8 1048 1063 Louisville & Nashville Se
8
4
1937 M N *1041 106 ____ 100
/
4
103 10734
Houston Belt & Term let 58
1937 2 1 •104
1043 4
89
101 1043
8
17nifled gold 4s
8
4 48
1940 J 1 1073 1073
8812 10413 1081
/
4
Houston Oil sink fund 51 A _ _1940 MN 101
/
4e
10114 44
61
86 10114
let refund 534e series A
81
/
1
2003 A 0 *1044 10518 --__
103 10712
/
1
4
Hudson Coal let a f 5sser A
1962 2 D 3614 40
66
35
35
447
8
let & ref 58 series B
12
807
2 1033 10734
2003 A 0 10612 107
4
Hudson Co Gas let g Se
1949 MN 1193 120
8
4 1011 113 120
/
4
/
1
4
let & ref 41 series C
9813 104
/
4a
74
81
2003 A 0 10212 103
Hod & Manhat let 6e ser A
1957 F A
797
8 80
79
633
4
79
903
8
Gold 5s
10812 ____
9812 10614 109
1941 A 0 *107
*Adjustment income be __Feb 1957 A 0 32
103
34
253
4
253 397
4
8
Paducah & Mem Div 4e
1946 F A 10512 10512
82
3
102 1051 2
St Loulm Div 211 gold 3e
4
5412
/ 80
1
4
1980 M S 79
7412 8312
Illinois Bell Telep 31 3's ser B1970 A 0 10318 10312 120 10212 10212 103.2
,
Mob & Montg let g 41
1081 III
1945 M 5 *11012 11114 ____
/
92
4
/
48
unnots Central let gold 4e
1951 2 2 *10312
83
103 10611
South Ry Joint Monon 4e
/ 85
1
4
21
1952 J J 84
567
8
77
86
let gold 334e
1951 2 2 •1011
/
4
7612
99 103
Atl Knoxv & Cin D1• 48
22
1043 108
80
8
8
1955 M N 1073 108
Extended 15t gold 31
/
4s
1951 A 0 *10218 --------78
9918 102
*Lower Austria Hydro El 6 34e. _1944 F A *873
844 99
/
1
6412
4 88 ____
let gold 3s sterling
1951 M 11
_ --, 66
__,_
_
Collateral trust gold 4e
1962 A 0 *7512--767
57
8 7712 24
67 - -12 I•3McCrory Stores deb 5/ _ _1941
13
1
4a_
Refunding 4e
1955 M N
7712 8118 129
5618
66
MN 113
Proof of claim filed by owner
863
8
8134 11512
4612
11512 52
56
__
71
Purchased lines 31
/
4e
1952 J J *68
66
71
McKesson & Robbins deb 510_1950 M N 10214 1023 121
53
4
933 103
4
/
4
Collateral trust gold de
1953 MN 663
64
4 69
523
4
57
751 4/*Manati Sugar lets f 734e........1942 A 0 *2012 22
/
4
__
11
9
35
Refunding be
1955 MN 89
90
7014
14
747 9412
8
*Certificates of deposit
_ •18
222 212—
814 34
711
_15
-year secured 61
/
4
1936 2 1 9934 10212 241
82
82
89 10212
It•Stmpd Oct 1931 coupon- __1942 -- *81
818 32
813
A 0
2212 ____
40-year 41
/
4e
Aug 1 1966 F A 6212 65
174
4212
42
/ 67
1
4
*Certificates of depoeit-4
12
2112
--- ---- ---Cairo Bridge gold 4s
1950 2 11 10218 10218
1
701
/
4
984 10212
/
1
Ii•Flat stamped modIfiefl____1942 A 0 *18
4
223 __
914 3012
8
Litchfield Div let gold 3e
1951 2 2 *86
733
8
/ 1814
1
4
8012 13812
*Certificates of deposit19
2
712
712 35
Loulev Div & Term g 31 _ _1953 2 1 91
/
48
1
91
6512
8618 9234 t•Manhat Ry (NY)cone g 45 _1990 236
126
50
783
8
-1 0 7012 72
Omaha DI• let gold ils
1951 F A
6812 69
/
1
4
7
60
6518 77
47
*Certificates of
36
751
/
4
--- 6714 6812 44
St Louie Div & Term g 38
1961 J 1 75
75
10
61
74
76
deposit- D
•2d 4e
3712 65
27
501 523
/
4
2013 1
4 21
Gold 393e
1951 J 1 *
82
624
/
1
78
8714 Manila Elec RR & Lt s 1 Se
82
9412
98
90
1953 M 5 *90
Springfield Div let g 31
1951 2 2 •9812 1001*
/
413
971 9834 Manila RR (South Lines) 4s
67
/
4
1939 M N *7114
7912 ---4914
80
68
Western Lines let g 48
1061 F A *82
75
85
8912
51
let ext 45
61
70
66
1959 M N *61
III Cent and Chic St L it NO—
f•Man 0 B & N W let 314e_
1..
33
50
39
38
1941 J 2 38
Joint 1st ref 5s seriee A
196312 0 691 73
/
4
5211
298
5212 781 Mfrs Tr Co ctte of pantie In
/
4
let & ref 414e series C
198312 0 66
68
/ 170
1
4
493
4
49
/ 733
1
4
4
50
5
7114 101
A I Names & Son lot 6/3
1943 .1 D 9911 9912
Illinois Steel deb 43/s
1940 . 0 10818 10814
A
3 10114 106 109
41
1
Marion Steam Shovel a 16*
55
84
/
1
4
1947 A 0 8114 8114
•Ileeder Steel Corp mtge 6e.
3214 324 13
/
1
3214 4314 Market St Ry 75 ser A_April
31
9912
2 I 60
63
1940 Q 2 9914 9914
Ind Bloom & West let eyt 48
1940 A 0 *102
8912 104 104
6
47
Mead Corp let 6e with warr
101
79 101
/
1
4
1941 M N 101
Ind III & Iowa 1st g 48
1950 2 1 *96
98
72
95 .!, 10012 Merkllonale Elec let 7e A
1957 A 0 46
4112 98
47
4112
11
*Ind & Loultiville let gu 45
1956 1 .1
20
217
8
3
7
7
/
4
1953 J J 1047 10514
217 Metr Ed let & ref be tier C
8
3
10218 1081
77
8
Ind Union Ity gen be ser A
19652 2 •1053 107
4
96
104 10813
1081*
13
95 1083
/
1
4
67
let g 43.53 series D
8
1968 M 5 108
Gen & ref be sake B
1965 2 2 *107
984 106 107
/
1
74
9
Metrop Wat Sew & D 5353
96 1013
4
4
1950 A 0 9912 1003
Inland Steel let 41 ser A
/
4
1978 A 0 103
/ 1034 15
1
4
/
1
79
1033 10738 If•Met West Side El(Chic)48 _1938 F A
3
914 1712
9
1114 10
1114
let Met 41 ear B
/
421
191 ' F A 1023 1023
.
4
4
7
80
10234 10614 •Mex Internet let 48 asetd
1977 l',1 5 *__
11
/
4
2
2
33 _-_4
*Meg Mill Mach 1st a f 7e
2918
5
29
33
1956 4 D 2912 2912
:Interboro Rap Tran let 51
1966 3 J
8912 9014 128
564
/
1
8113 9412 Michigan Central Detroit & Bay
*Certificates of deposit-, 8714 881s 68
867
8
867 9212
8
City M Line 4e
Alt
10012 10414
1940 J .1 *1027
8 --------9314
§•10
-year 65
1932 X 0 6034 6514 198
191
/
4
60
8412
M5 *80
92 ___
8318 9012
Jack Lane & Sag 31
831
/
4
/
4e
1951
*Certificates of deposit
,,-, 60
61
6
2014
4812 81
let gold 3345
8412 10012 1054
/
1
1952 M N 10414 10412 li.
3510
-year cony 7% notes
1932 m 5 92
9312 61
5712
84
97
70
J J 99
9912 17
9312 9912
Ref & Impt 41 series C
/
4s
1979
*Certificates of deposit
rr -9112 9212 47
5712
82
941 Mid of NJ let ext be
/
4
663 80
611
8
/
4
1040 A 0 *5514 67 ___
Interlake Iron lot be B
1951 m N
8218
8519 41
60
57
72
86, Milw El lly OC Lt let be B
7712 10314
/ 50
1
4
4
1961 1 D 10214 102
Cut Agric Corp let di coil tr 55—
56
7612 10312
let mtge bo
1971 J J 10212 10314 18
Stamped extended to 1942
MN
9912 991 11
/
4
52
*4l
9118 10014 1/*Milw&Nor let ext 434e (1880)1934 1 D
6214
7---lot Cement cony deb 55
1948 M N 10318 1033
8
9
74
971/ 10412
58 58
1
/
4e
let ext 41
69
77
1939 ---- 69
:•Int-Grt Nor lot Os set A
1952 2 2 3512 37
/ 76
1
4
25
2512 9312
5612
5814 5814 10
Con ext Site
55
_1939
65
/
1
4
*Adjustment Os ser A____July 1952 A 0
812
958 112
4
/
1
4
478 1114 7•Mil Spar & N W let gu 41
3018
3612 30
3018 53
1947 Iii 5 33
•Ist 55 series B
10562 .1
3512 3612 39
23
23
4212 f•Milw & State Line let 3)40._ _1941 2 2 *55
6012
/
4
643 641
8
•let g bs series C
---- ---1956 2 1 3512 35
/ 15
1
4
23
23
4212 f•Minn & St Louis be etfs___
43
8 21
4
4
4
818
1934 M N
Internet Hydro El deb 6s
1944 A 0 44
47
190
2814
281 5614
/
4
12 212
*lei & refunding gold 48
11 14
/
4
/
1
4
12
1949 M 5
lot Mere Marines t 65
1941 A 0 673
4 673
4
2
37
464 72
/
1
1
•Ret & ext 50-yr 58 ser A __ _1562 Q F *215
1
11
/
4
5 ---Internet Paper 55 ser A dr B
1947 1 J 92
923
4 51
17
58
963 m St p & SO M con g 4elnt gu
8
264
/
1
263 37
4
115
1938 .1 1 3012 33
Ref St Os series A
1955 FA 5 7512 7714 84
3114
354 82
/
1
197
4
197 31
let cone be
8
8
8 287 ___
1938J J *263
lilt Rys Cent Amer tot 58 B
1972 M N
78
14
80
4518
70
83
31
1935 J J 36
let cone be gu as to lot
4218
39
31
48
let coll trust 6% g notes
888
8 89
1941 M N
6
491
/
4
7418 89
6
16
1812 2712
let dr ref 6s Bartel A ______
/
4
1946 J 1 191 20
lot lien & ref 61
/
4s
1947 F A
7812 8012
5
4312
68
8112
15
1518 26
25
-year 511e
4 2114 20
1949 M 5 183
Int Telep & Teleg deb g 4/
1
4
s__1952 J 2
743
4 783
s 90
37
50
761
/
4
1978 J J
let ref 533s eerie, 11
511
/
4
6712 8512
81
8112 18
Cony deb 430
1939 J J 8612 8714 154
42
581 883
/
4
4
85
let Chicago Term,t 4s
-------1941 M N *76
Debenture 55
1955 F A
79
80
162
40
5513 8012
Investors Equity deb 5.5ser B w w 1949 A 0 10012 1003
82
8 22
99 1034 2•Mo-Ill RR let 5s series A
12
/
1
2
3512 3612
18
3612
19514 J J
Without warrants
1948 A 0 10012 10012
7
82
99 10314 Mo Kan dr Tel let gold 42
724 7312 46
/
1
1990 2 D
5012
5012 895
(*Iowa Central R let & ref 4_1951 M S
8
.5y
118
24
13
8 22
/
1
4
11 Mo-K-T RR pr lien be Her A
/
4
3112
3112 73
57
594 235
1962 J J
/
1
James Frank & Clear 1st 45
1959 .1 D 84
8412 16
0/
61
4
74
40-year 4e aeries B _______ __ 1962 2 2 47
27
853*
/
1
4
4912 52
273 62
4
Prior lien 41 aeries D
/
4e
2812
2812 64
1973 J 3 4914 Ills 32
Kan & NI let gu g 4.5
1990 A 0 101
101
2
70
97 103
•Cum adJuat 53 err A
Jae 1957 A 0 2714 29
1114 3612
111
/
4
/ 173
1
4
1•K C Ft 8 & AI fly ref g 4s
1936 A 0 3612 3812 42
29
/
1
4
2914 41
I•Mo Pad let & ref be ser A
20
30
20
243
4 2612 100
1961 F A
*Certificates of deposit
A 0 341 3612 15
/
4
28
28
3918
5
19
*Certificates ot deposit
19
It C Pow dr Lt lot xntg0 4/
2712
4 25
243
s__1961 F A )1218 11212 13
1
4
96
11018 114
73
4
*General 4s
5
/
1
4
914 290
5
/ 1114
1
4
Eon City Sou 1st 6016 33
1971 M h
1950 A 0 7314
74
65
611
/
4
6112 783
4
*let & ref be eeriee F
191
/
4
659
Ref & lmpt 55
1912 30
1977 M S 2412 27
Apr 1950 2 J
63
/ 643 113
1
4
4
52
52
7412
*Certificates of deposit
1812
1812 2712
1Cansas City Term let 4s
10
2412 25
1960 2 J 107
1073
8 39
8412 10514 109
*1st & ref 51 series 0
193
4
194 293
/
1
2434 27
121
Kansas Gas dr Electric 41
4
1973 MN
/
4s
1980 2 I 10412 10514 52
703
4 10014 10
•Certiricates of depodt
512
187
s
•Karstadt (Rudolph) 1st Os
6
187 271
8
2412 2414
/
4
1943 MN
4212 4212
5
133
4
32
45
*Cony gold 51
/
4e
•Ctts w w stmp (par $645)
6'2 306
3
03
/
1
4
0
1949 M N
31 71
/
4
/
4
1943 ---- *29
32
13
-26
42
'let & ref g Se series H
124
1912 30
1912
*Ctrs w w stmp (par $925)
1980 A 0 2414 27
1943 ---- 35
35
1
254
/
1
2514 38
--------195
*Certificates of deposit
191 26
/
4
25
•Ctfe with warr,(par $925)
•
1943 ---- 2918 30
26
23
23
31
*let & net 5s series 1
191
/
4
1912 3 /
241* 263 483
Keith (13 1)Corp lot 68
1981 1-A
8
,
04
1
1946 M 8 92
9238
2
44
671 954
/
4
/
1
18%
*Certificates of delimit
Kendall Co 553e
187 29
71
_
2
2418 25
1948 M 5 102
1023
8 18
68
4s•Mo
10112 103
/
1
4
Pee 3d 7s ext at 4% July _1938 KIN
Kentucky Central gold
7618 7618
2
76
691
/
4
83
1987 2 1 *10614 --------80
10412 10712 /*Mobile & Ohlo gen gold 4e__1938 M S *____
Kentucky & Ind Term 41
88 ____
30
/
4s
1961 2 J *89
73
77
9512
*mcntgomery Div let g be__ _1947 F A
20
Stamped
1212 15
9
9 -1
812
1961 1 2 *98
101 80
95 10112
*Ref & Impt 41
Plain
412
/
4e
818 19
412 101
718
1977 M S
/
4
1961 J J•I0193
99 10212
Kings County El L & P5*
*Sec b% notes
5
101
1933 M 8
/
4
812
1037 A 0 *1063 106 ____ 103
9
28
5
8 - -7g
10612 1083
4
Purchase money 68
1997 A 0 151
151
1 118
14513 155
Mohawk & Malone let gu g 45_ _199) 51 S 833
Kings County Elm/ let g 48
70
79
8513
8 8512 53
1949 F A 103
10318
7
66
94 10312 Monongahela Ity let M 4s ser A 1960 MN 1044 105
Kings Co Lighting 181 53
29 10212 10212 105
/
1
19543 3 •1103
-- --__ 1003
4 110 115
Mont Cent let gu 6e _ ______ __ _. 1937 J J 103
First and ref 693s
10412 20
87
10012 10412
19542 J .1183
8
4-1051 11712 122
/
4
1st guar gold be
Kinney(OR)& Co 793% notes 1936 J D *1027 119
973 103
7914
8
8
10
1937 J -1 1027 103
8 1031 __7712 1004 105
/
4
/
1
Montana Power let Se A
Kresge Foundation coll It 45
934 108
77
10712 57
19433 .1 107
1945 J J 109
110
5- 110
1
.
/ 109 11312
1
4
Deb be series A
1962 1 D 964 9714 37
t•Kreuger & Toll cl A Us ctfs____1959 M H
67 100
601
/
4
/
1
3112 3212 31
104
/
1
261 374 Montecatini Min & Agile—
/
4
Laclede Gas Light ref & ext 5s_1939 A 0 10112
Deb g 7e
9
1937 J J
65
04
65
71
271
102
45
90
9714 10212 Montreal Tram let & ref 5.
Coll & ref 5335 series C
G
1941 J J 102
88
1953 F A
102
9614 103
7212 73
/ 22
1
4
463
4
591 Si
/
4
Gen & ref a f 5s series A
Coll & ref 5348 series D
86
86 ___
1951 A 0 •____
701
8
1960 F A
77
702 7212 10
46
59
80
Gen & ref 2 t 511 series B___ __ _1955 A 0 ------------7254
Coll tr 6s series A
1942 F A
82
8512
7314
7414
5
7114
7114 7612
Gen & ref e t 434e seller! C
Coll tr 65 series B
8
1951 A 0 ------------4938
734 783
/
1
4
1942 17 A *72
--_75
75
77
Gen & ref e f be series D_____ _1959 A 0 ____
Lake Erie & West 1st g Is
_ __ ____
74
703
4
82
1937 J J *102
1025
---8
_
77
10114 103
/ Morris & Co let s f 4142
1
4
2d gold 5s
82
3
101 1054
1939 J .1 10418 10414
1941 J 1'
/
1
3100
10014
81
Cl
85 10038 Morrie & Essex let gu 31
Lake 8h& Mich Bo g 31
/
48
/
4e
2000 J D
91
48
857 9512
92
70
8
1997 1 D 097 100
8
15
79
Conine IQ Se ser A
574 1024
*Lantana Nitrate Co Ltd fle
195/ M N
77
8
887
8 9018 36
887 102
1954 J J
18
20
224
43
4
7
2114
Constr NI 41 aeries B
/
45
Lehigh C & Nay e f 431e A
1959 M N
8338 8412 43
8312 Ws
853
3
1954 1 .1
96
963
4 48
771
/
4
954 10618 Mutual Fuel Gas let gu g Be_ __ _.1947 M N 109
/
1
Cone elnk fund 41 err C
/
4e
1954 1 J •9611
109
1033 110
95
4
8
97 ____
go
9512 106
Mut Lin Tel gtd 6s ext at 5.,,
Lehigh dr New Eng RR 48 A
1941 M N •10812 10912
1965 A 0 *10312 105 ____ 104
891 102 10812
/
4
10312 10514 Names (A I) & Son—See Nitre Tr—
Lehigh & N Y let gu 114e
1945 M S .5612 59 ____
5212
55
7314 Nash Chatt AC St L de ser A
1978 F A
Lehigh Val Coal let & ref a f 158_1944 F A
14
6
84
811 97
/
4
78
97
97
1
64
871 971 Nash Flo & 5 let gu g be
/
4
/
4
let & net a t Se
1937 F A •103_ _ ____
10218 10514
91
1954 F A
65
68
8
33
55
80
Nassau Elec gu g 42 stpd
let & ref e f be
1951 1 -I
5712 - 58
5014 621
5014
7
1964 F A
4
63
633
8
5
3112
51
72
Nat Acme let a t 613
let & ref a f Se
1942 J D 10212 1023
2
581, 10314
5512
4
1974 F A
61
6112
4
32
52
7312 Nat Dairy Prod deb 51
Secured 6% gold notes
/
4e
1948 F A 10312 104
193
744 10218 105
/
1
1938 1 J
981 9814
/
4
2
73
911 9812 Nat Distillers Prod deb 41/e
/
4
Leh Val Harbor Term gu be
1945 M N 103
45
104
99
99 1(4
1954 F A
84
8412 15
79
84 104
Leh Val N Y 1st gu g4/
1
48
1940 J J *80
813 __
4
754
/
1
7814 99
Lehigh Val (Pa) cone g 48
2003 M N
31 12 3312 114
304
/
1
3014 504
/
1
General cone 454e
2003 M N
334 35
/
1
135
33
33
5414
General cone be
2003 M N
38
40
/ 39
1
4
381s
38
60
For footnotes
see
page 41:17
4O
IL
4136
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 27
New York Bond Record—Continued—Page 5
Jule 1
F.
Wurs
1033 to
4;
.
: Rang. or
Z
ili :"._ Noo. 30
PrIday's
13:
:ii
1935
.7.Z BM & deka £2,
Mob No
LOW
1957
Net Ry of Mee Dr lien 434e
I
I%
134
-T J
*Jan 1914 coupon on
312 10
312
---*Assent cash war rd t No 4. on ---- ----3'2
*Guar 4s Apr '14 coupon
4 ..----- *3
•Assent casb war rot No 5 on_
l'iii
Nat RR Met pr lien Cie
1
44
418
---*Assent lash war rct No a on
_1iii
•1111 consol 48
5
314
314
war rot No 4 on____ -- _
*Assent cash
48
4
1053 106
19415J
Nat Steel 1st coils f 48_
1954 M N *50
:•Naugatuck RR let g 48
19483 D *118__ __-Newark Consol Gas cone 58
0
6
-19403 J *49
•vow England RR guar 55
8 45 __-1945 J .1 *433
•Coneo1 guar 45
1952 J D 12112 12312 19
New England Tel & Tel Os A
4
9
4
1961 MN 1193 1203
let g 434s series B
2
8 9913
1986 F A 993
N J Junction RR guar lot 4s
8
1960 A 0 1053 10512 27
NJ Pow & Light 1st 4340
3
74
_1983 J J 74
New Orl Great Nor 55 A
4734 11
NO & NE 1st refltimpt 434s A_....1952 J J 47
8812 29
1952 A 0 87
:New Orl Pub Berv lot Is A
4 33
873
1955 1 D 87
B
First & ref be series
19133 J 8018 8112 19
New Orleans Term let gu 4s _
8
0 Tex & Max n-c Inc be__ _1935 A 0 *2114 297 ____
/1•N
1954 A 0 3018 3114 25
•Ist be series 13
5
1956 F A 3018 32
*let be series C
30
1959 F A
0181 44* series D
41
1954 A 0 3014 32
*let 54s series A
19453 J *10718
N & C Brigs gen guar 434*
Low
14.swoo
Moe.
Jug. 1
Low
Illel
Dec. 28 1935
Juip 1
Wou's
Rasp'
Range or ; 1533 to
Since
111
, Nov.30
,
1 71e1Ws
:I I"
Jog. 1
42`.; BM & Asked 0337 1936
—
Moe
Low Low
Low
3I101 No
4
1003 104
_ ___. 90
4
1936 1 D *1013
8
1015 1044
87
103
1937 A 0 ____ TIP_-- ---1384 21
10
8
147 ---1044 F A *1114
109 11312
99
3
1943 F A 11114 112
4
9412 1083 1174
1945 M N •11114 11312 ---,
105 111
8314
8
111
1949 1 D 111
11418 1i9
15 100
4
1946 J .1 1183 119
11518 1 20
8
995
11912 21
1946 1 .1 119
7714 101 106
8 67
1961 1 J 10414 1053
65%
94 1, 2
3
1963 M 8 10112 102
6914 10233
20
8
1941 M e 1017 1028 72
BONDS
11. Y STOCK EXCHANGE
Week Ended Dec. 27
Ohio River RR let it be
214
General gold 513
011 Ben coal 1st (le
20
5
Ontario Power N P let 58_
2
47 Ontario Transmission let be
2
112
Oregon RR & Nay come 45
8
8 65 Ore Short Line let cons g Is
27
2
()oar etp-1 cons 55
4
43 Ore-Wash RR & Nay 40
2
284
4
8
1025 1063 Oslo Gas & El Wke eat] be
4
Otis Steel let mtge 6s ser A
45
65
45
10112 11312 12018
9
28
8
547
1946 1 D 53
4712 81
8
Pacific Coast Co let g be
635
9812
8 46
1942 J J 10412 1047
Pacific Gas & El gen & tel 55 A
4318 70
45
80
99 14 11
99
1938 F A
Pac RR of Mo let eat g 4s
1
104% 115,124
84
8
,
19383 1 *93 8 963
•2d extended gold be
8
994 1123 12318
20
1937 1 J 10414 10412 ---- 1034
Pacific Tel & Tel let 69
8812 100
8212
3 10414
1952 M N 10912 10912
Ref mtge be series A
94 106
6812
93
_ ---1955 1 1 *1051
Paducah & Ills 1st s 1 g 44s
4838 77
484
251e
5278 80
2-_4
if•Pan-Am Pet Co (Cal)conv 14_1940 J D 50,
53
35
35
25
5234 176
50
____
*Certificates of deposit
4
5511 883
38
555 88
Paramount Broadway Corp—
38
5418
9
1st
• 1\1 e I g 3s loan etre------195.5 P A 5614 .57
6934 87
5834
4
813
Paramount Pictures deb Os__ _1955 1 J 914 9212 92 104%
8
153 30
1214
11
146
1969151 H 144
3814 3612 Paris-Orleans RR ext 3 tie
14
8
5
3512
1953 J J 34
cite
8
f•Park-Lexington 63.4s
197 36
1414
14
10
50
1944 A 0 47
Parmelee Trans deb Us
8
187 34
1418
1949 M S *11818 11912 __-- 102
3614 Pat & Passaic0& E cons be
20
1412
46%
8
763 ---1942 M 8 *64
1021* 10712 •Paulista Ry 1st ref s t 78
92
1937 NI S *1024 --------94
Penn Co gu 34s eon or A
9834 114
4
983
1944 MN 11212 11312 212
8
815
NY Cent RR cony 6e
2
8
8
1941 F A 1043 1043
Guar 34e coil trust ser B
4
7312 883
84
1998 F A 8718 883 290
4
(.300501 45 series A
83114
_ __-,
1942 1 D *102
Guar 334s trust etre C
4
4314 753
118
4314
74
2013 A 0 73
8133
Ref & Inlet 44* aeries A
_-103
1
1944 J D 103
D
8
Guar 13.4s trust Otte
4612 817
4612
8
4 797 169
2013 A 0 783
Ref & inapt Is aeries C
1
8418
.
1952 51 N 10433 1041
Guar 45 .er E trust etre
4
983
92
8
737
8 9712 27
1997 1 1 867
re Y Cent & Bud Ely M 334o
4
1963 F A 10112 1013- 91 100
-year 49
28
9834
88
67
4 10
983
19423 1 98
66
9
Debenture 45
4 93
NI S 913
43
1941
7512 Penn-Dixie Cement 1st 60 A
43
145
4 74
2013 A 0 723
78
Ref A impt 43.4, ger A
8
A 0 1047 10514 18
8
64
8 97
7838 893 Pa Ohlo & Del let & ret 44e A 1977 J J
1998 F A 8818 893
4
Lake Shore coil gold 34e
_ ____ 1013
1981
414s series B
.
887
79
8 8714 46
65
863
1998 F A
7512
Mich Cent coil gold 334*
4
1053 10614 131
1981 A 0 *10738--8
1003 10212 Pennsylvania P & L let 4%s
77
1937 A 0 10078 10112 30
N Y Chic & St List g 45
9814
3
1943 M N *109 4 III --8114 Pennsylvania RR cone g 4,
57
4312
8114 163
1974 A 0 79
2
9412
Refunding 545 series A
1948 MN 11238 11238
70
Coneol gold 4e
47
3844
476
4 70
1978 NI S 683
*1111
Ref 4345 series C
96%
4- ---49 *ter! stpd dollar May 1 _J948 MN
4385 98
4113
128
1935 A 0 9512 97
9812
812 13
11-Yr 8% gold notes
•113
1960 F A 118
Consol Finking fund 41.4o
4
783
52
4 7712 65
753
52
193.5 •Deposit receipts for 6s
RON
1995 1 D 10812 10914 61
General 434s series A
2
9212 10814 10814
4
1953 F A 1073 1077
N Y Connect let gu 441 A
8
873
1968 .1 D 11414 11518 28
4
General Os scrim B
8
1067 1083
99
1
8
8
1953 F A 1077 1077
lot guar 58 Belief B
1936 F A 100% 10012 23 10078
. Secured 6%.
8
595 747
414
1951 F A 6512 6612 17
N Y Dock let gold de
81
8 73
8
1964 MN 106, 1065
Bemired gold Se
4212 604
30
9
A 0 5714 5812
1939
00
8
Serial 5% notes
1970 A 0 9812 993 364
Debenture g 445
1941 A 0 10914 10978 27 108% 10938 114%
4
753
N Y Edison let & ref 634s A
46
1981 A 0 1054 106
General 44e serlee D
1
4
1944 t 0 1063 10714 28 102, 10512 10938
9112
155
let Hen & ref bs series B
106
1984 J J 105
Gen mtge 44e Her E
106 11014
29 102114
1951 A 0 10712 108
2 IOU
let lien & ref Is series C
4
1153
1943 A 0 115
80
11 Y & Erie—See ErieER.PeonGas L & C let cone 8e
1947 NI S 10633 10612 11
Refunding gold 5s
6 10418 11618 124%
1949 J D 12212 12212
N Y Gas El Lt H & Pow g Ss
50
M
75
4
1940 A 0 74,
Peoria & Eastern let cons 48
10738 115
1941. F A 11318 1137
18
95
4
8% 14
Purchase money gold 4s
8
Apr
*Income
9212
8214 97
61
1946 eil N *90
8512
N Y Greenwood L gu g 5e
-___ ____
(
99
197.1 F A *108
Peoria & Pekin Co 151 54*
8314
98 103
49ril
INN *10114 102
2000
N Y & Harlem gold 345
6851
99
_1956 1 1 97
8
9314 1027 Pere Marquette let set A be _
8 96
4
923
32
1973 51 N 953
£812
N Y Lack & West 45 set A
4 8812 44
1956 J 1 873
8
1st 43 series B
89% 100 1085
4
1972 MN 10114 10214
68
414s series B
146
1980 M 8 8812 89
lot g 434s series C
94 101
7512
39
101
N y L E & W Coal & RR 5%e_1942 MN 99
101 107
2
87
101
N Y I. E & W Dock & Impt 58_1943 J 1 101
11114
5
98%
Ni A
11997443 F N
9512 1014 1044 Phila Bait & Wash let g 4e_
1041 M S *10418
9512
N Y A Long Branch gen 45
1
10
12114 120
General be aeries B
____ -___
-------- - ____ ____
NY & N Eng (Bost Term)4s1939 A 0 *62
87
--_
8
1977 J J *1133
General g 434s series C
4
3 1003
- -14
1981 J D 11014 110
39
General 43.4e series D
25
4 294 11
25
1947 NI 8 283
f•N Y N 11 & *1-c deb 48
614
4
1967 J D 1023 10312 84
Co sec be series A
1812
22
22
2914 37
1947 51 8 29
Non-cony debenture 3tie_
15 100
8
1967 NI N 10712 1075
Phila Elec Co let & ref 434s
2114 37
3014 48
214
1954 A 0 2914
8038
•Non-conv debenture 34e
1971 F A 10612 10712 12
let & re( 4s
4
223 40
46
4 30
2234
273
1955 1 J
•Non-cony debenture 412
4833
3912 Phila & Reading C & I ref Be __ _1973 1 1 4533 4812 05
20
20
195(i 51 N 22812 2912 30
"*00-cony debenture 48
3012
1949 M 8 2755 2912 159
Cony deb 6e
8
20% 365
2078
J ..1 2812 2914 33
1956
•Con• debenture 34e
2014
5
8
277
1 .1 27
1937
62
Philippine Ry let s e 4e
25
25
1948 1 J 2914 3112 401
•Conv debenture 6s
3 10214
4
1073 108
Pillsbury Flour Mills 20-yr 85_1943 A 0
347 83
8
347
55
1940 A 0 4112 42
Collateral trust S,
75
____
1952 MN
3014 Pirelli Co (Italy) cony 75
. 153
4 67
1214
141
124
1957 M N
•Debenture 4s
8
.62-_-1940 A 0 *11Pa 1127 ___ 100
Pitts C C& St L 44e A
2312 45
23%
19673 D 281* 3118 241
09
•Ist & ref 434s ear of 1927
5
111
1942 A 0 111
Series B 484s guar
954
80
4 8933 21
80
4
•Harlem It & Pt Ches 1st 4e __ _1951 MN 883
112 ___ 1003
1942 M N *111
Herten C 43.4* guar
3931 81
3
41)
4
9734
June 1992 NI S 39 4 413 120
NY 0& W ref g 48
111 ____
N *109
1945 54
49
Series D 48 guar
31
4055 1 D
8 10
3414
343
31
89%
General 49
1049 F A *10312 ...._ — Series E 34s guar gold
10112 10112
8118
96%
3
1•1 1 Y Providence & Boston 4e_ _1942 A 0 *85%__-___ __-_
1953 .1 le 0108
8714
Series F 4s guar gold
684
75
__
82
.893 A 0 *7919 -N Y & Putnam 1st con gU 4s
--------98
1957 MN *108
Series 045 guar
2912
8
283
4 52
26
4
I985 Apr
9618
_
,1N Y Rye Corp Inc fle___Jan
1
1960 F A *108
Series II cons guar 45
,
1014 29 8
79
1014
28
27
1965 -99
7
___•Ine 69 assented
-1
1963 Ir A 11518 1 7051 9912
Series I cone 44e
99
56
1965 1 J *92
9612
Prior lien 13e series A
4
1964 MN *1153 11_ ___
9934
Series 3 0005 guar 43.4*
90
9618 10
90
11)65 ---- 96
4
Pr. lien (Is assented
8133
6
8
57
1970 1 D 115
General M 55 series A
8514
7
116
1975 A 0 116
Gen mtge be 8er 13
10514 11012
1951 MN *108
96
-109
N Y & Richm Gas let 65 A
75
4
1977 J 1 1063 10712 28
11 I'
Gen 43.4s series C
108
148
-4
1947 M N *1093 110
N Y Steam Batteries A
N *10518 --------94
& Char let 4e guar
,
4
1043 107 4 Pitts Vt.1943M D 72
4
90
4
1
1951 M N 1063 1083
53
let mortgage be
5
72
ISM J
8
8
1956 M N 1063 1063
3
9112 10412 10733 *Fitts & W Vs 1st 41121 set A
4
513
let mortgage 55
16
,
1958 A 0 70 8 72
1st M 44e series B
83
46
4014
5
4
523
1937 1 J 52
N Y Ilusq & Weet 1st ref be
47
7212 10
1960 A 0 71 18
62
1st M 434* series C
41
4 443
41 I
4
443
1
1937 F A
26 gold 4 tis
8 --------9214
1948 1 D •1073
VA Ash let 4e ser A
3734 5112 PItte
3134
47
1940 P A *44
General gold 5e
--------187
10442 I A •118
let goo 55 series it
9712 100
—
4
723
100
1943 M N *98
Terminal lot gold be
1074 A D *11212
let gen 5e eerie C
,
'
4
4
18 10218 109 1113
1939 II N 1103 111
N Y Telco let & gen of .4 tis
D *10714
I977
86
let 449 series D
66
83
-455k
19483 D *80
NY Trap Rock 1st 6ti
85
76
78
10
8212 83
1946 -___
6114
68 stamped
7814 ---1953 F A .---Port Arthur Can & Dk (Se A
32
10
14
3
15 4 292
10
N Y Weetch & B 1st eer 143.4* _1946 J J
66
80 -1953 F A ...- -1st mtge 63 series B
3712
_102
71
1960 NI S 7014
Port Gen Elee let 43.4. ger c
10412 108
90
8
1955 A 0 *10714 1077 ..--7
8
Niag Lock &0 Pow let 56 A
J .1 10718 10718 10 1065
1s1 51 1995 extended to 1950
.
6214 100
48
41
61.1 98
1950 M N 9
2814
Niagara Share(Mo) Cele 5tie
6212 6314 11
38
63
8933 Porto Rican Am Tob cony 84_1942 1 .1
2518
•Norddeutecbe Lloyd 20-yr s f 99_1947 NI N 885 89 ___6
367,
42
5212 t•Poetal Teleg & Cable coil 5e. __1953 1 1 3512 367 340
*48% 50
1947 M N
3814
New 4-6%
221
87
74
1f•Preesed Steel Car cony g 5s. __1933 1 .1
4 10512 135 171
1950 A 0 15212 155
Nord fly eat sink fund 6340
8
197
1112
3
11
1912 t•Providenee See guar 'lob 4a ____1957 51 N *6412 79 ___
10
5
1712 20
16
8112
II•Nortolk South lot & ref 541_ _1981 F A
1956 M S
912 18% *Providence Term 1st 48
7
4
4
1412 143
88%
•CertifIcatee of deoneit
le.
1071 A 0 10712 108
4
357 503 Pub Serf El & 0 let & roe 4s
.5312 - - 1414
1941 M N *50
I:•Nortolk & South 1st g 5e
9518
1950 J J 10812 10914 356
914 110% 117
Pure 011 Cost 4 tie w w__ _
1996 0 A 11412 11514 22
78%
N & W Ry 1st cons g 4e
9912 10012 60
194/1 1 J
96
1011 10812 Purity Bakeries 51 deb 59
4
1941 1 0 *1062 1073 Pocab (134 (I Joint 4s
8114 10433
6118
57
8
F A 1033 104
1961
North Amer Co deb Se
pheUMIA pa ate
59
744 1034 2•Raf110-103101-Or
2
8
1957 M 8 1025 10318
35
No Am Edison deb 55 ger A
8
1015 ___
J Li 5100
710, 11)4
for deb Rs & corn etk (65% pd)_
8
56
Aug 15 1983 F A 1033 10312 19
lb
Deb 5 tis ser B
78
37
74
1941 J D
7112 1023
4
f*Debenture gold 6s
54
Nov 16 1989 M N 10118 10112 33
73
Deb be ser C
8 70
4 965
4s 1951 A 0 943
Reading Co Jersey Cent coil
118 120
138
12114 __-1974 M 8 *116
29
North Cent gen & ref 5s A
23
1097 1 .1 10612 107
Gen & ref 43.4o sertee A
110 113
88
M 8 •113
1974
Gen & ref 434e series A
1997 3 3 10612 107
7914
6
Gen & ref 43.4e aeries 13
60
40
*42
J6
1946 93
:•North Ohio lot guar g 641
Rem Rand deb 545 with wan. _1947 MN 10438 10412 31
8
697 ___
65
45
*55
30114
•Ex Apr'33-Oct'33-Apr'34 cons-___
9933
1947 M N 10412 10412 ___ 5
Mis without warrants
astmpd as to sale Oct 1933. &
1941 M N ____---.
Rensselaer & Saratoga 68 VI
38% 59
3438
65
__
*55
*Apr 1934 coupons
0
8
4 --1940 A 0 10614 10614
4
7472 1043 110% Repub I & 8 54981_
8
1947 M S 10833 10812
Nor Ohio Tra e & Lt 6s A
8112
16
10414
1953 J 1 104
& gen 5%s Belles A .
Ref
101 107
79
8
1997 Q 1 10333 1045 127
North Pacific prior Ilen 45
178 102%
3
M S 109 4 112
08
8
767 Republic) Steel Corp 43.4* set A..... 19.50
50%
747 174
2047 Q F 74
Gen lien ry Aid g 3e Jan
Purch money 1s1 51 cony 548..1954 51 N 10814 10914 52 10612
744 93
98
93
80
20473 1 01
Ref & impt 434e series A
76
8 27
1948 51 ki 1074 1077
88% 108
Revere Cop & Brame 65 set A
6102
133
108
2047 J J 106
Ref & impt 613 series B
29%
3314 12
1946 1 .1 33
82 1001 1 •Rheinelbe Unions f le
64
10014 50
20473 1 98
26
Ref & impt be series C
5
1001 1 *Rhine-Ruhr Water eerier! 6s.._ _1953 1 J 2812 2834
01
82
2047 J J 984 10014 51
Ref & Impt Os series D
3233
1950 NI N •324 35 ____
8
105 1083 •Rhine-Weetphalla El Pr 75
100
1938 A 0 *108
Nor Ry of Calif guar g5e
31%
3
3212
1952 MN 32
*Direct mtge Os
103 108
8
88
1053 1057
8 40
_1941 A 0
317
Nor States Pow Senor A
4 37
1953 F A 3212 323
1928
*Cons mtge es 01
10514 10813
93
1941 A 0 10614 10612 20
let & ref 6s ser ft
31%
4 14
*Cons M 68 of 1930 with wart _1955 A 0 3214 323
101 101%
_ ____ 100
29
Northwestern Teleg 433s eXt___ _1944 .1 J
8
467 197
1944 M N 42
It•RIchfield 01101 Calif fle
102
88
6814
12
210112 102
1957 MN *103--1912
Norweg Hydro-El Nit 534e
407
M N
41
45
*Certificate@ of deposit
9
0
8
1952 3 1 *11367
8
19147 194 5014 Richm Term Ry let cu be
3412
1948 J .1 3333
Og & I. Chem let gu g 48
45
8 51 _ __ _
1055 F A *523
e t 78
*Rime Steel 1st
4
1053 108
105%
1943 M S *108
Ohio Connecting Ry 151 48
70
2
8911
1930 1 0 8914
_ Rio Grande June lot gu Is
____
__
_ ____
_Apr 1 1933 Q J *96
008
Ohio Indiana & West
7812 77
l•RIO Grande West 1st gold 48_ _1939 J 1 7412
10914 iii
19
I
fii
1948 A 0 112
5s_-2412
Ohlo Public Service 745A
324 111
1949 A 0 30
*let con & coll trust 4e A
107% 11214
78
6
_1947 F A .11138 112
let & ref 7s series B
For footnotes see Page 4137.
218
112
134
218
36
10.111
8
957
91
10114
109
104
331e
3314
60
109
8
1015
100
107%
11312
.
1051
52%
5234
5418
,
84 4
13014
1712
23
116
89
63
2
973
163
3612
50
11814
94
8
102 1027
8
101) 1043
4
983 10234
98 10414
4
903 10412
100 101
'4
7112 9312
103 10612
10412 109
%
2
983 10614
107 III
108 11412
106 11311
114% 11912
10433 10912
109 115%
10018 106
106 1118
8
903 9033
8
1003 107
9972 1097
8
8
1105 118
,
9834 1071
6012 75
914
4
102 113814
75
9933
8812
69
894
88
108 1,2
113 120
10812 11358
107 11212
7912 10314
105 110
10114 108,
4
4518 76
278 51%
2214 30
1054 10914
75 10412
8
1083 112%
10812 112
109 11 hg
4
1(173 110
10414 1047,
108 1081 1
8
1055 10913
107 II()
5
1135 11818
8
1135 117
8
1113 11014
8
1113 11614
104 108
1074 10714
75
53
518 74,2
47
75
107 10034
114 118's
74
74
6014
8
1065
42
25141
3814
12
8858
104
9518
4
823
8533
82
80
10712
67
52'4
87
35
91 12
108 14
109 4
,
101%
454
2612
03
104%
1044
99
9912
____
161
883
4
10012
1081/3
10812
10514
104%
_
--10314 107
8
4
943 1053
8
1025 115%
10612 1091 i
10714 1194%
43
32
2614 3912
32is 94
314 4312
,
317 43
3118 43%
411,s
25
2412 45
10438 10714
60
48
85% 1154
,
80 8 9234
2411 4733
-61==.•
New York Bond Record—Concluded—Page 6
Volume 141
BONDS
14. V. STOCK EXCHANGE
Week Ended Dec. 27
Week,'
Range or
Friday's
sea 844 & Asked
lane 1
1933 to
.Vor. 30
1935
&foe No
Low
Roch C/&E gen M 5 Hs ear C___1948• S 1053 10534
4
4
Gen mtge 434e series D
1977 MS •11214
Gen mtge 613 series E
5
1962 M
10812
t•R I Ark & Louis let 44e
1939 MS 13
1312 48
Royal Dutch 413 with warr
4
1945 * 0 11312 11412
•Ituhr Chemical a f 68
2
1948 * 0 3212 3212
Rut-Canada let gu g 4s
323
12
1949 J J
4 34
Rutland RR let con 434e
35
1941 • J
3714 27
St Joe & Grand Islet let 4e
1947 J
St Jos 117 Lt Ht & Pr let 58
1937 MN
St Lawr & Adr let g 5e
1996 J J
211 gold 6e
1996• 0
St Louis Iron Mt & Southern—
•1111• & 0 DI, let g 4e
1933 MN
*Certificates of depo4t
t•it L Peor & N w let go 5s___1948 J J
St L Rocky Mt & P 5s stp
1
1955
f•St L-San Fran pr lien 4s 4
1950 ,2
•CertIficates of deposit
*Prior lien Se series B
1950 J
*Certificates of deposit
•Con M 410 merles A__ __ __I978 M
•Ctfs of deposit stamped
2•Rt L H W let 4i bondWs__ 1989 MN
•Lag 48 Inc bond ctfs
No. 1989 J J
•let terminal & unifying 5e_ _ ..1952
•aen & ref 5s ser A
1990 J J
Si Paul City Cable cons Se
1937• J
Guaranteed Se
1937 J J
St Paul & Duluth let non g 4e_ 1988 J D
2•St Paul E Or Trk let 4 Ha__ _1947 J J
: Paul & K C Sh L gu 4348_ _1941 P A
851
St Paul Minn & Man 5
1943 J
Mont ext let gold 4e
1937• D
tPacific ext gu 4s (large)
1940 • .1
Si Paul Un Del) 5sguar
1972 1
10612 10618
1033 10312
3
*75
89
*74
80
6512
6412
3512
75
1418
125
8
1412
1312
1212
1152
6
55
67
6
65
3,
8 4 20
5
75
1514 151
1312 98
1512 27
147
8 54
1378 243
226
13
7012 73
40
4518 465
8 22
3414
375
8 95
243
4 2714 137
*10114 10112
10114 10114
3
*10314
"i64
16
1073
4
104
102%
11914
18
10918
104
10314
11914
56
17
7
7
5
BA & Ar Pass let gu g aa
1943• J 877
8 893
8 56
Han Aneonio Publ Sery let 6e
.• 1 1073 10812 12
1952
4
Santa Fe Pres & Phen let Ss
.
1942 13 1 S
/lobate° Co guar 834e
1948 J
547
8 57
37
Stamped
5812 126
51
Guar a I 6348 series B
1946 * 0 60
3
60
Stamged
57
57
3
soloto V & N E let gu is
1989 MN •1123g 11412
I t•Seaboard Alr Line let g 4s
1950 A0 •153
2
•Certalcatee of depoeit
*1512
I•Gold 48 stamped
1950 * 0 *1612 1712 _
*Centre of deposit stamped
* 0 153
4 153
11
4
*Adjustment be
Oct 1949 FA
318
S
3*
l•Refunding 4e
lou £ 0 7
712 60
*Certificates of deposit
712 47
618
•Ist & cone (le series A ___ _____ 1945 hi-B
812
,
9 2 104
*Certificates' of deposit
714
R78 75
WAS!& 131rm 1st g as
1933 MS 1518
17
18
2•Seaboard All Fla Ile A ctfe
*Series li certificates
Sharon Steel Hoop at 1334e
Shell Pipe Line a 1 deb 15e
Shell Union 011 or f deb 5e
Shtnyetsu El Pow let 634s
•2Siemens & Hatske 8 t 78
•Debenture 81 834e
Sierra & San Fran Power Se
*Silesia Elan Corp a f (334s
Silesian-Am Corp coll tr 7e
Skelly 011 deb 534s
Socony-Vacuum 01133is
South & Nor Ala cons gu g 5s_
Gen cone guar 60-year 5s
1935 40
378
•372
1935 P A
1948 P A 102%
MN 10312
1962
1947 MN 1023
4
195352
19 ID 8412
"4 593
4
1961 MS *4214
1949 P A *11212
1946 P A
3018
1941 P A 7312
1939 MS 101%
1950 A0 104
1936 P A *10214
1963 A0 •11418
418 64
514
10378 13
104
24
103
15
84%
2
6112
4
0112
11278
14
3014
76
35
10218 25
10412 150
1034
South Bell Tel & Tel let a I Se_,1941 1
10714
Southern Colo Power 6s A
1947 J
1023
4
Ho Pao coil 4s(Cent Pao coil)
1949 J D 78
let 4 Hs (Oregon Linea) A
1977 M
853
4
Gold 414s
1968 M
75
Gold a vie
1969 MN 7518
Gold 414e
1981 MN 75
San Fran Term let 4s
1950 * 0 1061.
So Pao of Cal let con gu li 6s
1937 MN *106,
8
Ho Pao Coast let gu g 48
1937 J J
So Pao RR let ref guar as
1955• J 9812
let 4s, Stamped
1955
107% 37
103
24
797
8 48
88
130
7614 316
77
83
75% 207
107
27
108
99
498
Southern Ry let cons g Se
1994 J J 89
91
105
Day] & gen 4e series A
1956 * 0 5018 5134 228
1/eyl& gen 6s
1956 * 0 665
8 6712 44
Devi & gen 634e
1956 AO 6812 694 128
Mom Div let g 58
1996 J J
8212 83
18
St Louie Dly let g 4e
1951 J J
7758 77%
1
East Tenn reorg lien g 58
1938 • S 9714 98
'
Mobile & Ohio coil tr 48
1938 MS 53
57
32
Sweet Bell Tel let & ret Se
1954 P A 10514 10538 15
t•SPokane Internet let g Ss
1955 J
1212 13
6
Staten 'eland Sty let 434e
1943 1 I)
12•44tevens Hotels &eerie, A
1945 J J 20
2018
6
*Studebaker Corp cony deb 6c._1945• J 844 8714 163
Sunbury & Lewiston let 4e
1938 .1
*1001*
Swift & Co let M3e
1950 M
104% 10514 85
Tenn Cent let 8e A or II
1947 * 0 72
75
11
Tenn Coal Iron & RR gen Se
1951 J J 119
11912
9
Tenn Copp & Chem deb 8813 .,._1944 M
104
104
2
Tenn Elea Pow lat Se ear A
1947 J D 96
9 4 59
83
Term Assn 01St L let g 434e
1939 * 0 .10972 Ill
let cone gold Se
1944 P A 116
118
1
Gen refund a t g 4e
1953 1 .1 105
10512
6
Texarkana & Ft 8 gu 530 A_ __ _1950 P A 87
87
8
Texas Corp cony deb Se
1944 A0 10318 103% 165
't el & N 0 con gold 15e
1943 4" 99
99
Texas & Pao let gold 5e
2000 J D 11612 117
()en & ref Se series 13
1977 *0 95
9512 18
Gen & ref Se series'
(
1979 AG 9312 9412 61
Gen & ref Se eeriee D
1980 JO 9312 9412 34
'lox Pan-Mo Pao Ter 53.4e A
1969 M
105
105
4
Third Aye Ry let ref 413
1960 J J 55
•AcH Inn Se tax-ex N Y_Jan _ A960 * 0 22
Third Ave RR let g 5e
1937 J J 101%
Toho Eleo Power 1st 7s A
1956 MS 9212
Tokyo Elan Light Co Ltd—
let 86 dollar aeries
1953 ID 79
Tol & Ohio Cent ref & Inlet 3)0_1900 J
9812
Tol St L & W 1st 4a
1950 A0 947
8
Tol W V & Ohio 40 ear C
1942 MS *108
Toronto ham & Buff let g 4s
1918 ID 102
Trenton CI & El let g 5e
1949 MS 11838
Tr -Coot Corp fis cone deb A _ _ _1953 J J •11713
Truax-Traer Coal cony 6(4*
1943 MN z90
Trumbull Steel let a t 6e
1940 MN 1023
4
*Tyrol Hydro-Eleo Pow 734e_ 19M MN 8212
*Guar sec s t 7e
1952 P A •753
4
UJIgawa Elea Power e f 78
1945 MS 93
57,
4
23
1013
4
925
8
51
91
4
2
80
987
8
953
4
47
23
12
102
1183
3
118
901
10318
8212
5
2
93
10
42
1
Range
Since
Jan. 1
BONDS
N. V STOCK EXCHANGE
Week Ended Dec. 27
4137
.F.Q•
Week's
Range or
to 1931
74
0
Friday's 'Nor,30
310 & Asked 44 1935
Range
Since
Jan, 1
Low Low
FRO No
Low
11(98
Low Low
Mgt
3
1957 A 0 10614 10614
98
1053 1097 Union Elec Lt & Pr (Mo) 58
4
8
10412 1093
941a
8
88
108 11218 17n EL & P (III) let g 534e A _ _1954 1 J 10514 10612 22
101 14 10612
991.4
8912 10812 110
_
2•1Union Kiev Ry (Chita 1511
1945 A 0 01712 20
13
2512
1014
8 32 105
75 1512 Union Oil of Calif Cs series A
8
942 F A
1181 121
1947 JI 11938 1195
/
4
11514 116
39 10913 10912 11712
903
2 1051k 1364
12-year 4s cony deb
1123 11318 40
4
3218
Union Pac R R let & Id gr 4e
3218 38
107 11312
/
1
4
94
1812
1812 4014
let Lien & ref 4e
107% 47
June 2948 NI N 107
1007 M S
804 10334 108%
22
22
Gold 434s
103 108
1987 J J 10514 106% 31
Cl
81
1
51 S
let lien & ref Se
June 2008 1 D 11612 11612
113 120
99
10332 1037
8314 103 107
8 21
Gold 48
785
s
13 105%
107
96 104% United Biscuit of Am deb 58 — 1 96 A 0 106
511
70
189',1055 10 7
8 104
8
8414
United Drug Co (Del) 5s
M 1
983
M
4 83
8612 90
1953 ., 2 98
99
87
53
1113 11138 10
8
70
U N 1 RR de Can gen 4e
8014 85
1944
8
9712 1073 11212
*1712 20
WM/Red Rye St L let g 4e
25% 35
153
4
5412 71
4518
8
1934 1
0 Rubber 1st & ref 5eser A __l947 U 1 10112 1023 143
9012 10212
56
54
*1003
8
69
62
United S S Co 15
-year (3s
98 10114
854
30
30
5618
37
60
3214 43
37
1951 MN
7714 •Un Steel Works Corp 8 Hs A__ _1 9 I D 33212 3318 21
26
93
4
*324 3412
'Sec. 8 f (3)4s aeries C
33
4212
27
93 173
4
4
812 16
812
3218 33
10
*Sink fund deb 6 He ear A
23
93
4
lal 4 O
A
9 4 1812 Un Steel Works (Burbach)76 __1951 I D
32'8 413
126
3
983
4 120 141 4
934
26
16
3134
13
283
4 37
9% 1612 /'Universal Pipe de Ftad deb 130 _1936 1 D
73
4
33
•Unterelbe Power & Light 6s._ 1953 A 0 *32
62
35
663
41..
32
8
73 16
4
504
953
4 9614 51
712
Utah Lt & Trac let ck ref 56
74 15
9732 9814 70
Utah Power & Light let 5e
89
/ 9814
1
4
55%
96
51
Mil Power & Light 514e
64
63
l 4 J i'
85
l14 ;' 0 61
7
20%
4112
1064 F A
5712 605 204
40
Debenture 6s
6012
18
8
8 8614 30
351s
3318 6414 Vanadium Corp of Am cony 58
1941 A 0 843
69
*10718
27
16226 10966367:1:444
2312 5412 Vandalla cone g 48 series A
043114
80
99
*10718
45
Cons s t 48 series B
10214 107
1
7
9 10 1.1
814 01
85
16
23
2
4
457
2
412
'1 Vera Cruz & P let gu Cis
942 4.11 i
954 1 Nt
375
5
1%
A
84
4
3.4 164
1014 10412
• uly coupon MI
3
4
IJ
912
45
•Verttentes Sugar 7e ctfe
3
10
11
11
1055 106%
8 78
,
8
184 Virginia El & Pow 45 ser A
1955 MN 106 4 1065
9211 10412 10912 Va iron Coal & Coke 1st g Se
70
0612 70
1949 141 cl 061
50
88
101 1043 Virginia Midland gen Se
99 10272
4
91
1936 M N 10018 10015
21
85
103
99 4 1034 Va & Southwest let Bit 5s
8
94 103
757
2
21109901 1 N0 103
pfi J
A
98
113 11914
let ons Se
83% 84
4 8118 12
55
c 803
11114 11112 22
Virginia Ry let Se series A
11018 113
89
62
55
7412 9078
*1033 10412
4
let mtge 434e series B
841
, 10314 106
70
100 1094
14
/
1
96
95
8912 98 2
20
98
108 1123 :Wabash RR let gold Ss
8
,
571
/
4
193 61 N
93 191 A
62 F
9
34
34
835
4
8 85
•213 gold 5s
577 85
s
57
48
2811
29
let lien g term Ls
5312
4*9 1 .1 *6818 86
1954
1 39
50
1
29
3214 60
Det & Chic Ext hat 15e
531 165
98
1 02
1941 J J 5993
70
4
28
28
Des Moines Div let g
69
7178
69
80
45
90
5s 5834 16 38
Omaha Div let g 334e
10918 115
e134
Toledo & Chin thy g 4e
11
s
:.1 6 B *85
l97!_g44
18
68
1014
28
43
29
1312 174 /*Wabash Ry rat & gen 534s A 124
10
*certificates of deposit
26
45114727:: 688 i
2
3
10
30623711
2
26
11
20
1014
*Ref & gen Se twice B ______ __197e '' A
107 20
2714 2914 29
3
12
2
12
1012 213
*Certificates of deposit
26
5
2
478
3 4
1012
8
26
414
'Ref & gen 434s series C
414 91 1
111 297
107> 4 0 2614
/
4
8
2812 82
11%
334
*25
137 26
8
*Certificates of deposit
11
334 8
412 117
1
411e & gen 58 series D
11% 31
79
4,
2
29
113
4
1981 4 0 27
3
/ 10
1
4
*Certificates of deposit
1012 2212
312
104
812
/I•Walworth deb 6348 with warr_193: 4 0 90
12i2
-9
9- 30
33
4813 99
99
812 18
512
•634s deposit receipts__ ________
91
4812
99
85
214
24
*Without warrants
1212
101
38
815
- -.. *99
4 0
8
214
*1st striking fund fie ser A
381 105
41
/
4
Isle
24 43
1941 4 0 9512 105
4
35
227
*Deposit receipts
80 10378
96
5914 105
5914
105
86
10234 10514
785
8 10218 10414 Warner Broe Pict deb (3e
481g 8912
86
24
8714 170
68
I•Warner-Quinlan Co deb 6s
21
40
4 61
7612 88
21
1931- N S 2912 313
93 M
39
Warren Bros Co deb (3e
53
31
30
58
76
1941 M 5 4014 4418 90
36
*Deposit receipts
39
3518 4212
3518
503
3 4 4212 17
93
4
88% 103% 113
Warren RR let ref gu g 3He_ _2000 F A
80
80
79
78
257
8
79
257 3912 Washington Cent let gold 4e __ _1948 Q M *9212 94
8
33
1015 106
93 8 9412
1941 F A 1057 106 --io
4518 8212 Wash Term let gu 304e
8
86
80
let 40-year guar 4s
*10712
1067 10674
8
94
9104 10312
9812 10
Water
100% 1005 10412 Wash War Power a f 5s
1103 1 1- ; 11
8 -9
1
165 121 2154
0
514 12
8
99
8 10314
1207
1623 1043 Westchester Ltg Se stpel gtd -- _19 595 .1 D 120
8
8
F
19340 J A1
4
89
112 11812 West Penn Power ear A 58
10712 40 10014
1946 M S 107
let 5e series E
4 1017
2 11414 122
1983 i1 D 12014 12014
5956 M S
10312 106 110
1st sec 6s series 0
10714 10712 53 101
6014
let mtge 4, ear II
05 4 1 1114
110
82 103
9014 19512 1 10 8
1961 1 J *107
46
8012 831
/
4
55
Western Maryland lot 4e
8713 98
133
614
40
73 2 88
,
19771952 3.1 95% 96
44
let & ref 5)4s series A
105
1053
4 52
5812 77%
66
43
Weat N 7 & Pa lst g 5s
554 78
1 100
104
106 107 %
94
95
1937 1 J 104
42
56
7712
102 1087
1943 M O 10812 1087s 27
78
A s
8
8018
2•Ge p terldPa let Se ser A
Wee gon 4ec
33
994 107
25
3538 42
23
1946
100
•ISs Asaented
9
10812 107%
25
3414 35
3818
1946
84
95
10012 10012 Western Union coil trust 5s
1063
2 42
10112 1063
4
1938 1 1 106
604
Funding & real est g 450
89
g
82 10312
99
674
1950 MN 1027 10314 52
119930 F A
6
97
15
-year 6348
103
10318 37
97
100 103%
97
92
25-year gold Se
8212 10414
4 73
6e
71%
1951 .1 D 1034 1033
Ai
74
30-year 59
77 10318
1023 104
80 10418
77
72
4
28
9
28
3212 32%
27
6212 *Westphalia Un El Power (le__ _1953 1 J
3512
West Shore let 4s guar
3512 81
74
3112 8 1
86
8414 37
8
2361 1 J 83
431
3518
Registered
3518 88
79
704 82 4
15
SI
2361 J J
,
60
9212
69
531
/
4
Wheeling & L E Ry 48 ser D_1966 NI S *103% 104
8912 88
4
103 1043
103
73
ItH let coneol 4e
95 103
108
10214 109
1949 M 5 105
83
29
Wheeling Steel Corp let 514s
29
87
10014 105
1948 J J 103
103 4 25
70
,
104
let & ret 434e series B
10514 Ill
8 39
60
90 10318
1953 A 0 102% 1027
6
6
18% White Sew Mach 13e with warn
65
0612
1936 J .1 *9818 101
4318
91 12
Without warrants
99
3
45
9912
1 J
66
9912
12
Panic 8 t deb Os
13
91
2
914
9112
4212
84
39
39
893 2•Wickwire Spencer Stl let 7s _1935 M N
4
40
9
983
4
•Ctf dep Chaae Nat Bank
84 227
1 .1 2112 227
414
8
8 32
10112 ioiT2 16 -1.;
•Ctfei for col & ref cony 76 A ___1935 MN
.
5
203
7
4 227
227
8
2 77
3114
Wilk & East let gu g 65
38
50
19421 D 42
33
4412
4314
544 75
10118 113 12134 Will & S F let gold 55
1938 1 D *10714 10734
36
10212 107
80
Wilson A Co lot M 45 eerie, A
ppis 997 108
914 104
9978
98
1955 J J
s
98
5412
Winston-Salem 8 B let 4e
90 104
1044 1084
1980 J 1 *10612 108
33
99
2•Wie Cent 60-yr let gen 48
1084 112
1314 1414 46
7%
1949 J J
74 173
4
98
*Certificates of deposit
10912 11814
1218
4
71g 1612
714
1212
71
*Sup & Dul di• & term let 48__1938 M N
10112 108
712
418 1114
8
3
41
:
6414
*Certificates of deposit
7818 96 4
4
4
,
9
*7 2
,
9312 102% 10434 t•Wor & Conn East let 4348___1943 J 1
88
64
Yo Jratatown Sheet & Tube 58_1978 1 .1 10318 104
83 100
8911 101
104
8314
82
1st mtge a 1 5a tier B
113 120
1970 A 0 103
8912 10412
10412 74
6314
55
79
951,
6312
7912 951,
64
7912 95
67
8912 105
r Cash sales not included In year's range. a Deferred delivery sale not included in
year's range. n Under-the-rule sale not Included in year's range. S Negotiability
38
5012 5912 impaired by maturity. t Accrued interest
payable at exchange rate of 84.8665.
185
8
18% 2612
8514 10014 103
Companies reported as being In bankruptcy, receivership, or reorganized under
7014
8812 9514 Section 77 of the Bankruptcy Act, or securItJe4 castlined by sun com9ante4.
5712
• Friday's bid and asked price. • Bonds selling flat.
72
85 8
3
9714
9714 09
e Cash sales In which no account is taken In computing the range, are shown below;
80
81
953
4
103
103 103
No sales.
82
9614 10211
Deferred delivery sales in which no account is taken in computing the range. are
1015
8 11214 118%
11212 11212 1183 given below:
8
35
70
94
Alleg. Val. 45, Dec. 27 at 10334.
8712 100 1043
Antwerp 5s, Don. 24 at 100H.
4
3513
75
96
Denmark 5.34s, Dec. 23 at 100H•
6318
71% 9012
French Rep. 70, Dec. 23 at 179%.
694
87
hlontecatini 7s, 37, Dec. 27 at 72.
984
Norwelgan lIydro Elec. 5)4s, Dec. 24 at 100H.
Truax-Traer Coal 6(-4s, Dec. 21 at 88(4.
Un. Steel Wks. 6335, sec A. Dec. 23 at 32.
,
4138
Dec. 28 1935
New York Curb Exchange Weekly and Yearly Record
of the week, and when selling outside of
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions
of such sales in computing the range for the year.
the regular weekly range are shown In a footnote in the week in which they occur. No account is taken
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. 211935)and ending the present Friday (Dec. 27 1935). It is compiled entirely
security, whether stock or bond, in
from the daily reports of the Curb Exchange itself, and is intended to include every
which any dealings occurred during the week covered:
July 1
Jtay 1
Range Since
Week's Range Sales 1933 to
STOCKS
Week's Range Sales
for
of Prices
Week
High Shares Low
Par Low
635
Wire ye c com_ _211
30 6634
Adams Millie 7% lit 0100 11035 11031
5
200
Aero Supply Mfg ci A _ _ _ _• 1234 1294
SS
2% 331 3,300
•
Class B
3
Agfa A 11EICO Corp com_ _1
5
400
Ainsworth Mfg Corp-_10 4831 5031
3
1.
1,800
•
131 3
Air Investors corn
9
1,600
• 2231 2531
Cony pref
31
800
31
, 111,
Warrants
175 30
37%
Mahan:1MA Southern _ -_50 35
100 26
• 75
7631
Ala Power 37 pref
40 25
67
• 66
Ea preferred
200 21
1ie
34
36
Algoma Consol Corp com_•
200 21 1 1
316
2r6
•
7% preferred
'16
200
%
%
Allied Internatl Invest_ _ _•
3,,
Alliance Investment corn.*
54
•
Allied Mulls Inc
100' 335
Allled Products cl A corn 25 2231 2231
1,550 82
Aluminum Co co mmon__ _• 8535 87
200 54
100 109 10935
6% preference
8
200
,
• 1534 1535
Aluminum Goods Mfg100 2 6
*
934 934
Aluminum Ind corn
100 17
• 4631 4631
Aluminum Ltd corn
300 37
100 8731 8831
6% preferred
231
C warrants
5
D warrants
1
300
434 434
American Beverage com _ _1
41
American Book Co_
_100
Amer Capital1
100
4
4
10c
Class A corn
31
1,400
31
%
10c
Common class B
•
934
$3 preferred
46
•
35.50 prior pref
>m Cities Pow & Lt4535 2,225 2331
25 45
Class A
14
534 5% 26,500
1
Class B
123.5
Amer Cynamld class A _ _10
831
2934 11,000
10 28
Class B n-v
7321
Amer Dist Tel NJ oom_ •
98
7% Cony preferred_ _100
1
1,000
325 334
Amer Equities Co com_ __I
150 1534
Amer Fork & Hoe Co com • 1731 1831
134
300
335 3%
Amer & Foreign Pow wart_
Amer Gas & Elec oom___• 3635 3831 14,500 1631
350 5735
• 106 10734
Preferred
731
2,700
7
734
American General Corp 10c
__
550
3034
1 30
$2 preferred
4
1,250
Amer Hard Rubber corn _50 2431 33
650 103-1
Amer Laundry Mach-20 1931 20
731
9,600
25 16% 19
Amer L & Tr corn
2834 4,600 15
28 25
6% preferred
335
75
Mfg Co eom_ _ _100 1334 153-1
Amer
34
% 8,300
35
1
Amer Maracaibo Co
• 18
534
675
19
Amer Meter Co
•
%
Amer Pneumatic Service_*
250 11
Amer Potash & Chemical _• 2334 26
34
235 37,200
235
,
A m Superpower Corp com •
600 14
• 7635 79
1s1 preferred
735
3831 5,400
• 35
Preferred
3
100
434
435
5
Amer Thread Co pref.
Amsterdam Trading
1131
•
American shares
700
134
1
•
31
Anchor Post Fence
Anglo-Iranian 011 Co Ltd9
reg_ _£1
Am dep rcts ord
400 3 231
43-4 4%
Angostura wripperman_l
'' 3%
Apex Elec Mfg Co coat_ •
80 5734
,
Appalachian El Pow pref_• 105 10536
4
% 3,000
'is
Arcturus Radio Tube _ _ _ _1
15
335
39-4 4,100
Arkansas Nat Oas corn_ _ _.
31
335 8,400
•
394
Common (*lass A
131
1,600
731
7
10
Preferred
10 2594
Arkansas P & I, 57 pref.._• 9031 9031
131
931 1034
1, 0
40
Art Metal Works corn _ _ _5
Associated Elec Industries
4
200
109-4 1035
Amer deposit rots ___ _CI
Memo Gas & Elea600
3.4
35
35
1
Common
.4
PI 10,700 •
,
)
34
Clam A
134
2,200
•
334
53-4
preferred
$5
154
135 15,400
164
Option warrants
%
Assoc Laundries of Amer.*
%
•
V t c common
350 • 8%
Associates Investment Co • 30% 3034
1
300
1%
134
Associated Rayon corn __ _•
13
ASSOC Teiep $1.50 pre
, .
•
2
.
Atlantic Coast Fieherlea _ • 1431 1574 4,200
18
Atlantic Coast Line Co-_ 50
735
• 1231 1335 24,100
Atlas Corp common
800 35
• 50% 5135
preference A
$3
335 6,200
1%
33.4
Warrant,
234
1,000
735 77-4
•
Atlas Plywood Corp
134
700
123.4
Automatia-Voting Mach_' 12
Axton-Fisher Tobacco130 4376
5035
10 45
Class A common
500 1835
Babcock & Wilcox Co_ _ _ _• 7131 7435
600
1%
13-4
Baldwin Locomotive warr_
190 11
59
Baumann(L)&C07%rifd100 52
134
3,100
231 3
Salience Aircraft corn ___1
25 10434
100 13835 13834
Bell Tel of Canada
131
100
2% 2%
Benaon & Hedges com____.
1%
Cony
434
100
pref*
Bickforda Inc cora__ ___• 1435 1435
23
•
$2.50 cony pref
__
1,300
Black & Decker Mfg Co__* 2235 23
Inc12
13Iauners
125
3,300
Mine(E W)& Co com____: 1435 1474
1
336 3,800
3
Blue Ridge Corp corn_ _ _ _1
800 2834
44%
• 44
53 out cone pref
2
• 17
193-4 4,400
Blumenthal (8) & Co
5
135
7
6
Bohack(H C)Co com __ •
140 40
4334
100 43
7% lat pref
35
300
34
3/1
Botany Consol Mills com_•
3
100
435 435
•
Li our.lots Inc
6
1,000
1535
Borne Scrymser Co_ _ _ _ .25 12
1,800 13 634
28
Bower Roller Bearing__ 5 26
Bowman Blitmore Hotels
135
100
lot pref
7%
2;4
931 10% 3,400
BrazIlllanTr U & Pow.,__
• 1231 133-4
26
3,700
Bridgeport Machin"
21
1
900
•
34
Brill Corp clue B
•
14
400
23-6
29-4
Clam A
250 23
3755
100 30
7% preferred
731
731
•
200
554
Brillo Mfg Co corn
2235
Class A
800 1244
• 16
l'
163-4
011 coup
Brit Amer
1434
•
Registered
For footnotes see page 4143
Acme
Range Since
Jan. I 1935
1933 to
Nov.30
1935
STOCKS
(Continued)
High
Low
8% Jan 4694 Nov
Nov
Feb 113
103
1235 Dec
July
5
Mar
4
I% June
1234 Dec
334 Jan
Dec
1831 Feb 52
Dec
3
35 Mar
1234 Mar 2531 Dec
11 16 Dec
3
,‘ Feb
Nov
Apr 43
30
4135 Jan 8034 Dec
7014 Dec
Jan
37
3,6 Dee
% Feb
35 Dec
1 p, Aug
"is Nov
May
g
2% Nov
11, Feb
6
Dec
1235 Jan 24
2331 Nov
Nov
21
Nov
Mar 95
32
Nov
6935 Mar 114
931 Feb 1635 Nov
Dec
mar 11
734
Mat 5935 Nov
17
aon Apr 91 Nov
Apr
7
231 Jan
634 Mar
5
Apr
535 Oct
Feb
174
Dec
Jan 76
57
135 Apr
31 Jan
1634 May
July
76
29
34
2031
15
76
111
125
1534
135
1635
8035
7
30
435
123-1
735
1735
334
15
8
1
1235
35
44
735
4
Dec
4
34 Aug
28
Dec
8731 Nov
Mar 47
634
mar
Apr 28
Mar 30
Jan 109
Apr 116
311
Feb
Sept 2234
535
Mar
Feb 4234
Feb 11135
874
Dec
Dec 33
33
Apr
mar 2434
Mar 19
Feb 2835
Apr 16
"of
Mar
Mar 2034
234
Jan
Apr 30
334
Mar
Feb sn
3831
Mar
431
Jan
114 Jan
34 Mar
1531 May
135 Nov
153-4
1431 May
621
May
4
13
431 Apr
Jan 1064
71
%
31i Mar
335
15 Mar
334
25 Feb
735
234 Mar
9031
4135 Jan
1294
331 Mar
535
Feb
31
31
131
164
34
34
29
135
22
434
18
235
47
I%
835
5
Apr
Mar
Feb
Oct
Aug
Dec
Nov
Sept
Apr
June
Mar
Mar
Apr
Mar
Mar
Jan
437-4
28
34
15
134
123
135
5
834
3334
22
16
331
I
3535
231
5
38
%
3
6
16
135
234
331
35
1
23
64
2434
1425
16
Oct
Nov
Oct
Deo
Nov
Nov
Dec
Oct
Aug
Nov
Nov
Nov
Dec
Dec
Oct
Dec
Dec
Nov
May
Dee
D e
Oct
Aug
Dec
Dec
Nov
Aug
July
Nov
Nov
Aug
Dec
Dec
Dec
Dec
Oct
11
Dec
2
235
1094
'ix
34
%
3635
235
26
16
3534
14
54
431
835
1435
Aug
Aug
Aug
Aug
Dec
Dec
Oct
Jan
Oct
Dec
Dec
Nov
July
Aug
Nov
Nov
Feb
May 60
Mar 743; Dec
334 Jan
Feb
Dec
May 60
54 June
Apr
May 14235 Deo
4
July
Feb
Dec
Mar 15
1531 Dec
Feb
Apr 3634 Nov
Dec 2334 Dec
Nov
16
Nov
1535 Nov
Mgr
435 Nov
Mar
May
Mar 46
1996 Dec
Jan
Jan
June 11
Feb
Dec 65
35 Dec
May
635 Nov
June
1534 Dec
Mar
Mar 3534 Oct
3
Jan
Aug031
1335
Jan
%
Mar
334
Jan
Nov
373-4
731
Apr
Nov28
1631
Mar
16
June
Jan
Nov
Dec
Nov
Nov
Dec
Dec
Aug
Dec
June
of Prices
for
Week
Jan. 1 1935
Nos.30
1935
Low
High Shares Low
Par Low
British Amer Tobacco
100 243.4 2631 Oct
Am dap Ma ord bearer£1 2834 2834
2694 Apr
2495
Am den rcts ord reg_ _.£ I
British Celanese LtdMar
2
2
1,500
3%
reg__10,
334
Am lap ices ord
21% 2131 July
British Col Power cl A_ •
235 Sept
234
1231 1,700
jot) 10
Brown Co 6% pref
30
Dec
400 __
31
Brown Fence & Wire B....... 30
635 Oct
535
600
Brown kerma!,Distillery _1
734 734
1294 Dec
3 5
*
Bruce (EL) Co corn
1735 Oct
_1735
Bruck Silk Mills Ltd
•
100 26
3034 Jan
50 3935 40
Buckeye Plpe Line
1431 Jan
700 1431
Buff Niag & East Pr pre! 25 2331 24
6931 Jan
1,300 7 66
• 100 10131
851,1 preferred
2431 Mai
100 1631
Bulova Watch $335 pref_ • 5234 5235
30
Mar
425 26
Bunker Hill& SUillvan_10 4831 51
34 Feb
•
%
100
131
174
Bureo Inc corn
Feb
20
20
•
$3 cony pref
34 Jan
116
200
34
%
Warrants
136
200
134 Mar
234 2%
Burma Corn Am dep Ms_
634 Aug
231
700
831
8
10
Butler Brother,
Cable Elec Prod vie
1,
000
•
%
%
.' Aug
4
34
Cables & Wireless Ltd
31 Mai
"Is
1,500
131 1%
Am dap rcts A ord she_ £1
4,800
21,3 Ma3
316
54
Am dep rcts B ord she £1
316
334 Mat
394
200
535 534
Amer dep rots prefab, £1
Eel
20
23 1534
Calamba Sugar Estate__20
531
1,700
734 Oct
Canadian InCus Alcohol A• 1094 1194
631 Jar
431
400
B non-voting
935 934
=
134 Mat
I%
231 6,300
Canadian Marconi
2
1
135 Mar
134
Carib Syndicate
231 2% 6.600
25e
Carman & Co
831 Jar
6
100
Convertible ciass A ____• 1434 1431
Nov
2
134
300
334 434
*
Class B
17
Jan
1334
•
Carnation Co corn
5431 Jar
60 33
92
Carolina P & L $7 pref__' 92
Feb
57
27
•
36 preferred
894 Oct
434
Carrier Corporation
• 1031 II% 5,000
4134 Aug
2 10
Castle (A M)& Co
10
434 Apr
3%
4,000
11
Catalin Corp of Amer_ _ _I 10
Celanese Corp of America
Mai
90
150 81
7% let partio pref___100 10931 11131
9735 mar
75
7% Prior preferred_ _100
Oct
7
63-4
100
1031 1034
II
Celluloid Corp cool
2435 Oct
1635
57 div preferred
•
6934 May
40
in preferred
•
834 Mal
8
1,200
1535
Cent Bud 0 & E•s e__ • 15
Oct
63
63
Cent Maine Pr 7% pref 100
20% Jan
100 11
42
Cent P & L 7% pref_ __too 42
5, Mat
",,,
700
1% 131
Cent & South WtUSIA
. 31 Mat
31
7,900
134
1
Cent States Elea corn__ _ _ i
1
Mar
1
700
6% prof without ware 100 1431 17
Mar
2
2
1,175
30
100 25
7% preferred
134 Mar
135
50
100 20
20
Con v preferred
21 Mar
Si
550
Cony prof op ser *29_ _100 1434 17
435 June
315
1,000
524
,
•
531
entrifugal Pipe
12.35 Ma,
9
100
17% 17%
1
Cherie Corporation
115
Mar
100 105
Ctesebrough Mfg
26 118 11934
3535 Nov
• 7
Chicago Flexible Shaft Co 5
1235 Jan
4%
200
Chloago Rivet & Maoh_ • 35
25
Apr
16
53.4
450
3431
33
100'
Childs Co pref
34 Jan
34
200
%
Chief Consol Mining Co_ _1
%
34 mar
Si
235 331 185,600
Cities Serylce corn
•
634 Mar
635
• 4135 4731 5,100
,
Preferred
34 Mar
35
•
434 1,500
Preferred B
33-4
Mar
6
6
40
43
• 40
Preferred BB
Cities Serv P & L $7 pref.*
43
• 43
$6 preferred
II%
City Auto Stamping
• 11
City & Suburban I lornes HI
%
216
Claude Neon Lights Ina _ _ I
4835
Cleve Elan Ilium oom____• 44
Cleveland Tractor corn__' 1235 1331
Clinchfield Coal corn_ _100
Club Alum Utensil Co _ •
334 3%
Cockshutt Plow Co corn..•
Cohn dr Rosenberger
•
1
135
•
Colon 011 Corp core
Colt's Patent Fire Arms_25 5131 54
Columbia Gas & Elan
Cony 5% pref
9331 95%
101
Pis
Columbia Oil & Gas vim_ •
35
• 4235 46
ColumblaPictures
•
New
Com m013w eaith Edison _10(, 955-4 96
Commonwealth & Souther!
316
Warrants
316
Community P & L 55 met• 1194 12%
135 2
Community Water fiery_ _•
_. ,
13-4
135
Como Mines
1231 1235
Compo Shoe Machinery__ 1
Conn Gas & Coke Sec $3 pf•
18
16
Consolidated Aircraft_ _ i
Consolidated Automatie
31
31
Merchandising pre( . .*
535 535
Consol Copper Mines_ _ __5
cone°1 G E LAP Balt corn• 8134 843-4
Consol Min & Smelt Ltd_25
47-4
47-4
5
Consol Retail Stores
8% preferred w w__10(
231 231
Coneol Royalty Oil__ p
Cont0& E 7% °nor of 100 8
6% 8611
Continental Oil of mex _1
% 134
Continental Securitlee_ •
. . 634 634
635 934
Cooper Bessemer com____•
• 3134 34
53 pref A
Copper Range Co
•
534 534
Cord Corp
4% 535
5
Corroon & ReynoldsCommon
5% 6
1
56 preferred A
*
35
131
Coeden 011 corn
1
435
Preferred
2
100
Courtaulde Ltd
Am dap me ord reg-/I 1431 143-4
Cramp ,Vrn) dc Sons Shin
(1
& Eng Bldg Corp_ _ _ _100
Crane Co corn
25 2531 2634
Preferred
100
CreolePetroleum
5 1934 4034
Crocker Wheeler Elec___ _•
835 934
135
35
Croft Brewing Co
1
Crowley Milner & Co_
615 635
•
135
Crown Cent Petroleum I
134
Crown Cork Internet! A • 1134 1134
Cuban Tobacco con, yes •
1,200
900
2,100
5,300
10,400
2,725
350
6,700
120
'2,000
9
4
2834
13
3335
921
1231
18
4234
2434
10434
5234
57
234
36
31
3%
934
1
June
Nov
Dec
Dec
Jan
Dec
Oct
Nov
Nov
Nov
Dec
Dec
Nov
Nov
Aug
Nov
Dec
Jan
134
35
535
2734
1311
11%
234
4%
Juno
Nov
Nov
Nov
Nov
Nov
Nov
May
1435
431
1931
95
86
1931
45
1231
Dec
Dec
July
Deo
Nov
Feb
Nov
Nov
Dec
115
11131 Oct
Jan
15
4831 Nov
9234 Nov
ng Aug
Nov
73
4331 Aug
234 Nov
2
Aug
204 Nov
3435 Nov
2434 Nov
203-4 Nov
63-4 Oct
1934 Nov
Feb
157
3535 Nov
2735 Nov
3831 Dee
134 Apr
334 Nov
4734 Dec
43-4 Dec
Dec
43
4235
43
1335
4
134
50
1834
2
4
835
7
235
56
32
32
35
14
-4214
38
11;g
4731
3014
Mar 100
134
Mar
Dec 46
73
Jan
osn
Jan
Nov
Sept
Dec
Nov
Nov
35
20%
2
24
1835
47
18
Aug
Aug
Dec
Apr
Mar
Sept
Dec
35
42,500
8
375
34
3,800
14,400' 130
8
800
46
6
27,500
Mar
Mar
Jan
Nov
Mar
Jan
Jan
May
Aug
654 Oct
544 Mar
34 June
Jan
25
34
535
31
1
935
46
7
Jan
Jan
May
Sept
Oct
July
June
35
34 Jan
'1
6
1
Jan
62c
90
164 5234 Jan
115
13494 Feb 218
531
June
2
14
300
124 3494 Jan 100
3
Feb
1
1
100
Mar 8034
36
75 29
135
35 Mar
A
800
6%
Apr
2
2
100
9%
3% Apr
24
1,500
1631 Jar, 3531
600 12
5%
July
3
3
700
5
234 Ma
9,500' 2
200
1,800
3,200
4,600
10,163
4,300
100
7,000
29,600
1,900
29,400
100
20,600
1,900
Aug
Dec
Deo
Apr
Dec
Dec
Apr
735
631
334
331
"is
2334
535
131
31
734
63.4
3
3
"is
213-4
134
131
31
635
535
35
15
50
1,500
High
3131 Jan
2994 July
1
10
34
21
8
34
5
32
53-4
334
35
234
35
531
131
ig
22
6
Mar
Mar 56
114
31 jr,,,,
34 Nov435
1135 Mar
JUTIO
Deo
Aug
Mar
Sept
Deo
Deo
Dee
Nov
Dec
Nov
Deo
Nov
Nov ,
Dec
Dec
Dee
Nov
Oct
Dec
Dec
Deo
Dec
Dec
1434 July
34
34 Mar
Mar 2794
7
Feb 120
87
Mar 2334
10
10
Mar
4
135
35 Oct
9
231 Feb
135
% Feb
12
721 Mar
5
14' July
Aug
Dec
Dec
Nov
July
Jan
Nov
Dec
Nov
Aug
al
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
High
• 37
Cuneo Press corn
384
655% preferred
100
Curd Mexican Mining__50c
14
1
Darby Petroleum corn_ __O
84
8
1155
Davenport Hosiery MIlls_• 10
Be RaviIland Aircraft Co
Am Pep Ras ord reg
Detroit Gray Iron Fdy___5
8
84
Derby Oil& Ref Corp corn•
Preferred
•
Diamond Shoe Corp
•
Pictograph Products.
654 8%
2
Distilled Liquors Corp
1151 124
45
Distillers Co LtdAmer deposit rote __LI 2335 2334
Doebier Die Casting__ _ _• 2555 284
Dominion Steel da Coal B25
Dominion Tar dr Chemical*
Dominion Textile Ltd corn.
Douglas (W L) Shoe Co
7% preferred
100
Dow Chemical
• 93 9531
Draper Corp
Driver HarrisCo
10 3535 35%
7% preferred
100
Dubliier Condenser Corp_l
. . "16
3
4
Duke Power Co
71%
10 70
Durham Fro•lery class B__•
134 134
Durham Duplex Razor
$4 prior pref w w
•
Duval Texas Sulphur
9% 10
•
Eagle Pieter Lead New _10
74 8
East Gas dc Fuel Amos
•
Common
355 3%
414% prior preferrefl_100 58
58
6% preferred
41
100 34
Eastern Malleable Iron___5
4
455
East Slates Pow eom 13_• 131 155
$6 preferred merles B___• 21% 254
244 254
$7 preferred series A___
Easy Washing Mach "B".•
634 7
Economy Grocery Stores_•
Edison Bros Storm corn__• 3851 3851
Eisler Electric Corp
255 251
•
Elm Bond & Share corn
5 1455 1655
• 63
$5 Preferred
66
$6 preferred
• 7334 7654
Elm Power Assoc com
855 954
I
Class A
7% 854
t
Elm P & L 26 pref A
• 16
174
Option warrants
155 2
Electric Shareholding
Common
1
434 615
$6 cony pref w w
• 934 95
Elm Shovel Coal $4 pref'
Eiectrographic (.erg; corn /
Elgin Nat Watch Co...15
Empire District El 6% _100
Empire Gas & Fuel Co
6% preferred
mg) 39
504
655% preferred
52
100 42
7% preferred
100 4134 51
8% preferred
5635
100 44
Empire Power Pars Stk__• 20
20
Emsco Derrick & Equip_ _5
Equity Corp corn
hoe
134 24
Eureka Pipe Line
50
European Electric Corp
Option warrants
516
516
Evans Wallower Lead_ •
.511
3,4
7% preferred
100
Ex-cell-0 Air & Tool
3 1755 19
Fairchild Aviation
1
734
734
Fajardo Sugar Co
100
Falstaff Brewing
43.4 451
1
Fanny Farmer Candy
1 1355 1355
Fansteel Metallurgical
* 1555 17
FED Corp stamped
Fedders Mfg Co eom__ _:• 26
26
Fed Compress &Warehse_.
Ferro Enamel Corp corn • 2855 32
Fiat Amer deo recta
Fidelio Brewery
1
54
916
Film Inspection Mach34
_ _•
34
Fire Association (Phila-)10 78
79
.First National Stores
7% let preferred____100 117 117
Fisk Rubber Corp
534 634
1
$6 preferred
56
100 52
Flintokote Cool A
• 39
3935
,
Florida P & L 57 Dref
524
• 51
Ford Motor Co LtdAm dep rote ord reg_41
835 854
Ford Motor of Can Si A • 234 2554
Class B
• 28
29
Ford Motor of France
American dep Ms _100
3
% 335
Froedterl Grain & Malt
Cony preferred
16 16
1655
General Alloys Co
•
251 254
Gen Electric Co LidAm dap rots era rag __ £1
174 1754
()en Fireproofing cow
• 1034 11%
(Ian Gm & Rico
38 cony pref B•
(len Investment oom
1
34
"16
an eonv prof clam B • 40 40
Warrants
332
IS
Gen Outdoor Adv 6%pf100 69
70
(Ian Pub dery $6 Pre! __• 66
68
Gen Rayon Co A 'loci_ •
1
1
General Telephone corn.20 1314 1334
• 47
$3 convertible pref
4755
General Tire & Rubber_25 70
8451
6% preferred A
100 95
95
Georgia Power $6 pref___' 86
8734
$5 preferred
•
•
Gilbert (A C) oom
54 555
Preferred
•
• 1435 • 164
Glen Alden Coal
Glebe Underwriters Inc_..2
New common
254
2
G tochaux Sugars Chian A.
•
Class B
•
8
8
Goldfield Consol Minee_10
35
34
Doll Seal Electrical
1
715
3
6
Gorham Inc class A oom_•
34 3%
$3 preferred
• 2451 244
Gorham Mfg CO
16% 1854
c agreement extended
()rand Rapids Varnish_ •
955 955
Gray Telep Pay Mallon • 20
224
Great All & Pao Tea• 12434 13055
Non-vol corn stook
7% let preferred____100 12751 128
25 234 27
(It Northern Paper
Greenfield Tap & Die___•
8
834
Grocery Stores Prod v ic26
3-6
616
Guardian investors
716
716
footnotes see page 4143.
For
.
A
July 1
Sales 1933 io
for
Nov.30
Week
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Shares Low
Low
High
500 1551
30
Feb 39
Oct
6954 87
Feb 107
Nov
t1
,
13,100
255 Jan
Dec
1
2,700
4
4
Oct
84 Dec
500
June 16
8
8
Jan
4
134
51
20
931
1%
11
3,100
1,700
500
3,600
13
Jan
4
may
34 Apr
20
Feb
10'1 Jan
255 July
11
Aug
1551 Apr
Aug
11
2
May
20 Feb
Nov
18
84 Nov
1655 Apr
1751
3
2%
351
SOO
21
Mar
1055 Mar
44 Oct
455 Jan
70
Dec
2454
2855
54
7
70
12
1,500 52 36%
52
94
500
1,100
325
100
51
33
400
1,000
751
2
351
12
8035
62
13
9135
34
37
h
Dec
Dec
Feb
Mar
Dec
Mar 18
Nov
Mar 1054 July
Nov
Oct 67
Apr 37
Dec
Mar 105
Oct
Feb
131 Apr
Jan
74
Dec
151 Dec
June
24
54
364
34
55
4
5
3
164
2455
54
355
34
3735
251
255
24
34
Mar
Oct
Oct
Nov
Jan
Ma
Apr
Jan
Aug
Jan
Jan
Ma
Jan
Jan
Mar
Mar
Feb
Mar
5
664
6355
555
134
254
2535
751
20
3955
254
20%
69
78
954
855
20
255
Jan
July
Aug
Nov
Aug
Dec
Dec
Sept
Jan
Nov
Dec
Aug
Aug
Aug
Dec
Dec
Aug
Aug
31 Mar
40
Jan
Jan
1
6
Jan
23
July
14
Jan
754
954
12
16
3151
40
Nov
Nov
Dec
Aug
Oct
Nov
30
1,700
125
16
Dec
1254 Feb
851 Nov
64
124
1,300
100
2,000 •
500
1,000
2,800
600
900
6
100
5,400
84,200
2,200
1,900
2.600
4,400
175
500
12
Aug
631 June
355 Mar
754
8
8
851
9
12
14
3351
5051
52
51
5654
224
14%
255
38
Dec
Dec
Dec
Dec
Nov
Dec
Sept
Feb
24
53
36
351
54
5
254
15%
6
34
25
264
234
2;4
231
34
34
375
75
1,255
400
100
8,800
34
X
35
2
6,300 15 255
251
2,500
59
251
400
500
" 251
151
900
34
355
6
651
71
255
74
151
5
194
27
104
18%
54
5-4
67
1,300
100
194
27
7%
1554
7,300
34
200
Si
150 5I 31
100
4,600
Mar
Mar
Mar
Mar
Apr
June
Jan
May
Ili June
,
Nov
Apr
54 Nov
9
Aug
Nov
Feb 2034 Oct
Dec
954 Sept
,
Jan 15914 Nov
651 July
Jan
Mar 1355 Dec
Mar 1855 Dec
Nov
Nov
Oct 2855 Dec
Nov 2834 Nov
Feb 32
Dec
Aug
Sept 26
34 Jan
Sept
Oct
55 Feb
Jan 8151 Dec
112
30 110
Jan 117
Aug
44
4,900
44 Oct 114 Jan
525 354
454 Oct 88
Jan
2,200
1151 Mar 40
33-4
Dec
250
834
1055 Mar 61
Nov
8,400
3,700
375
455
8%
145s
400
251
235
Jan
455 May
800
2,200
1434
31
1431
51
Apr
Apr
1755 Aug
255 Oct
100
1,600
94
114 Mar
555 June
1834 Dec
11% Dec
534
8
Oct
al Mar
,
15
Jan
'Is Jan
60
Nov
24
Ma
55 Oct
134 Dec
47
Dec
34% Oct
89
Apr
62
Jan
60
Apr
134 May
2455 Ma
1355 May
7
Jan
2% Dec
1655 Ay
635 Dec
h Jan
55 Aug
14 May
1151 July
1555
134
40
'`u
70
73
155
1534
48%
8454
99
89
72
751
40
24
154
255
28
11%
25
1231 Mar
554 Mar
855 Mar
21% Nov
11% Sept
26
Nov
3.500
100
2,600
75
40
140
1,100
500
5.015
60
150
500
10,700
a
Its
'52
60
20
54
'15%
4855
3434
56%
85
60
1
22
10
634
1,500
100
1,800
700
100
100
600
200
1,900
104
44
8
74 Mar
23% June
2635 June
,
121
240 116
12255
20 120
850 194 20
355
1,000
44
600
55
4
100
54
4
931
324
3955
1
Mar 140
Jan :135
May
27
Mar 104
Feb
34
Mar
%
Jan
Jan
Oct
Apr
Aug
Dec
Aug
Dec
Nov
Feb
Nov
Dec
Dec
Mar
Dec
Nov
Dec
Oct
Jan
Dec
Dec
Ma
May
Apr
Feb
Dec
Dec
Aug
July
Dec
Nov
Aug
(
Week's Range
of Prices
Par Low
Gulf 011 Corp of Penna_26 6954
Gulf States Util $6 pref,_'
Gypsum Lime & Alabast_•
555
•
Hall Lamp CO
Handley Page Ltd
Am der) rote pref___8 sh.
Hartford ElectrIc Light_25
Hartman Tobacco Co__ __•
131
Harvard Brewing Co
• 11
Hazeltine Corp
935
Hecla Mining Co
25
25
5
Helena Rubenstein
10 524
Hayden Chemical
Hires (C E) Codl A
•
Hollinger Congo'0 M___5 1354
FIolophane Co corn
•
Holt (l(enry) dr Co dl A....
Hormel (Geo A) & Co_ •
• 3251
Horn & Harden
100 107
7% Preferred
HullBay Min & Smell__• 214
• 5951
Humble Oil& Ref
Huylere of Delaware I00Common
1
h
pref stamped _ __100 3654
7% pref unstarnped__100
Hydro Electric Securities,..
2%
HYgralle Food Prod
Hygrade Sylvania Corp • 35
Illinois P & L $6 oral
• 33%
6% preferred
100 33%
Illuminating Shares cl A__•
Imperial Chem Industries
Amer Claposil rcle____£1
Imperial oil (can) coup_.• 1034
• 19
Reg
Imperial Tob of Canada_5 1351
reci
Imperical Tobacco of Great
3855
Britain and Ireland___£1
535
Indiana Pipe Line
10
Ind'polis P & L 6349'6 P1100
Indian Ter Ilium 011
Non-voting class A ____•
3
Class B
351
•
Industrial FlnanoeV o common
1
1
100
7
7% preferred
Insurance Coot N Amer_10 z7434
International Cigar Mach • 3251
135
Internet Holding & Inv__•
Internet Hydro-Elee934
Pref $3.50 series
Internal Mining Corp...! 12
50
Warrants
355
International Petroleum.
• 3255
Registered
4
International Products__ _*
151
Internal! Safety Razor B_•
Internal'I Utility
Class A
•
716
1
prior
$7 4B pref
C1"
•
Warrants
1
Interstate Hoe Mills
• 3257
Interstate Power $7 pref_' 18%
Investors Royalty corn_25
Iron Cap Copper com___10
34
Iron Fireman Mfg v t c__10 27%
15
Irving Air Chute
1
Italian Superpower A
•
Warrants
34
Jersey Central P & L534% Preferred
100 72
6% preferred
100
7% preferred
100
155
Jonas & Naumburg
2.50
Jones & Laughlin Basel _100 29
Kansas City Pub Service
Vtcpref A
•
7-4
Kansas G & E
pref_100
35
Kingsbury Breweries.....!
Kings County Lighting
pref It
100
2%
Kirby Petroleum
1
Kirkland Lake 0 M Ltd I
55
Klein(Emil)
• 1934
8
Kleinert Rubber
10
554
Knott Corp corn
1
Holster Brenda. Ltd ____£1
55
Koppers Gas & CokeCo6% preferred
100 974
Kress (Sh) & Co pref. _100 12%
1355
Kreuger Brewing
4139
Sales
for
Week
July I
1933 to
Nov.30
1935
High Shares Low
9,000 43
73
40
64
655
1,300 16 3
11
1134
294
5235
1,500
6,600
300
6.800
3,600
100
14
3,800
131
1,325
3334
50
108
224 21,800
11,300 51
61
Range Since
Jan. 1 1935
Low
5031 Mar
55
Jan
6% Nov
3% Mar
34
131
4855 5055
51
34
24
25.‘
2%
7
4
6
.14
55
37
14
22
18
855 11%
2
1%
5%
3
1631
16
20
1531
834 10255
1155
7%
2254 44
,
11415
744 May
87
Sept
Jan
7
734 Oct
Mar
755 Dec
July
Jan 71
155 Nov
Apr
Oct
3% Dec
June 13
Nov
1251 Apr
,
Feb
235 Dec
Jan
Nov
Jan 58
2555 July
Nov
Oct 2014 Jan
6
Jan
Aug
735 Aug
Feb
18
July
Aug
Feb 3355 Dec
Jan 108% Nov
Jan
244 Dec
Jan 64
May
155
,
42
26
6
3%
40
4135
40
53%
204
26
255
155
17
10
10
3455
55
2055
26
255
155
26
1351
14
344
20,000
2,800
500
6
1035
1154
9%
8
Oct
15% Mar
1555 Ma
12
Apr
955 Jan
2234 May
2235 May
1455 July
38%
5%
300
400
2355
355
48
3155 Ma
3% Ma
55
Jar
3855 Dec
Nov
8834 Nov
351
351
700
300
1%
1
7
7631
33
154
100
150
1,700
200
100
54
1
8455
18%
55
1
52
29
54
2,075
1054
1,200
1254
355 5,700
10.700
34
34
734
251
154
23
'
116
1
37%
4,600
700
2%
36
36%
36%
1,700
100
2,850
200
2034
1955
134
1
Mar
Apr
Aug
Mar
Oct
Jan
Jan
Jan
Jan
Ix Jan
14 Feb
Oct
Nov
Aug
Dec
Oct
Nov
Nov
Nov
Nov
431
851
Apr
Apr
July
May
Mar
May
Aug
155
8
77
344
154
Feb
Aug
Dec
Nov
Nov
354
1055
254
28
29%
24
51
Mar
Aug
Nov
Mar
Feb
Jan
July
13%
1534
651
3951
3755
555
151
Aug
Jan
Jan
May
Nov
Dec
Aug
134
31
35
'is
22
8
1
4
14%
351
4
116
Jan
Jan
Apr
Ma
Jun
Jan
Jun
Jun
Apr
Jan
Ma
De
Aug
Aug
Apr
Aug
Dec
Apr
2% May
54 Nov
29% Dec
17
Nov
Aug
34 Aug
42
60
6054
34
15%
43
60
60%
%
18
x75
Fe
Dec
May 80
Nov
Apr 924 Nov
154 Oct
Apr
Mar 3651 Nov
7-6
8355
51
Dec
51 Dec
83% Mar 110
Nov
255 Jan
51 July
75
Mar
75
135 Mar
55 Aug
15
Jan
Aug
14 Jan
'le Oct
534 14.200
100
14
31
55
3,700
131
51
35
334
1
18%
1,200
2,200
80
13
7
%
28%
16
200
600
1,800
h
100
72
50
30
200
150
56
1
2%
55
1931
8
64
54
9735
124
14
200
1,000
600
100
200
100
400
200
36
33-6
24
34
3-1
955
5
45-4
74
35
51
3534
27
95
3
Nov
May
Jan
22
May
104 Nov
655 Dec
51 Nov
72
Ma x100
Sept
25 at 54
12% Mar
z11% Al)
100 10
154 Nov
434 Ma
454
1,200
5955
Lackawanna RR of NJ 100
2,700 a 3235
Lake Shore Mines Ltd_
514 53
1,500
Lakey Foundry & Math_l
34
54 534
25
Lane Bryant 7% prat 100
1
300
355 3%
Lefeourt Realty corn
600
7
Preferred
• 234 254
Lehigh Coal & Nay
63i
651
•
635 4,100
1,500
Leonard 011 DeveloD_25
716
%
1,000 1054
Lerner Stores common
• 7435 7551
40
0% pref with warm.,100
Lion Oil Development
200 t 3
7
74
•
Lit Brothers
1
•
Loblew Groceterlas cl A _ _•
15
1454
Class 13
•
"
7,700 90c
Lockheed Air Corp
855
Lone Star Gas Corp
955 935
3,300
43-1
•
Long Island 1.41f
Common
351 4
3,400
•
7% preferred
360 38
100 7351 7831
Prof clam B
725 32
7035
100 64
Loudon Parking new ___•
655 751 2,100• 235
Louisiana Land & Explor_l
954 1035 11,900
1%
Lucky Tiger Comb G 3.1 10
2
Lynch Corp corn
500 • 15
34
5 33
Mangel Stores Corp
84 955 2,500
1
•
70
4% Dref w
12
100 5955 6255
Mapes Congo! Mfg
214
•
Marconi Internal Marine
84 8%
300
655
American deprecelpte_41
Nlargay Oil Corp
4
•
Marion Steam Shovel
300
155
751 755
•
335 35g
Maryland Casualty
800
,
1
Masonite Corp corn
400
831
• 60% 62
Mass um Aesoc vtc
1% 2
600
1
mammy-Harris corn
531 64
800
3
•
Mayflower A/610n155101
38
•
May Hosiery Mills
22
54 Drefw w
•
Mc(7oll Frontenac 011 corn.
12
8
McCord Rad & Mfg B •
84
400
134
McWilliams Dredging- • 514 5655
2,050 • 124
mean Johnson & co
100 4431
• 84% 8451
.5
5
!demons Nat Gas com a
150
14
Mercantile Stores coal_ • 2031 21
700
831
90
7% preferred
1110
7531
4555
51
67
14
18
6
31
40
9155
335
255
17%
1651
54
455
May
Feb 78
Mar
Oct 58
6
Mar
Dec
Jan
Jan 80
451 Dec
Oct
2751 Dec
Jan
8% Aug
No
51 May
Apr
Jan 7654 Dec
Fe 1084 Nov
8.31 Dec
Ma
255 Dec
De
19 July
Feb
Dec 174 Feb
8% Dec
Nov
Mar 10% Nov
2
48
37
654
44
255
2655
54
47
214
Mar
Jan
Jan
Dec
Jan
Nov
Mar
June
July
Oct
Aug
6
924 Nov
8355 Nov
651 Oct
1195 Dec
Apr
414 July
1054 Nov
6555 Oct
3335 Jan
June
Feb
Mar
Jan
Oct
Feb
Mar
Jan
855
19
831
334
72;5
2
731
GO
Nov
Oct
Nov
Dec
Nov
Aug
Nov
Dec
4034 Feb
12% Sept
aq Apr
214 Jan
55
Apr
15( Mai
954 July
70
Jan
44
1554
955
5655
904
6
27%
95
Mar
Jan
Nov
Dec
Dec
Nov
Nov
Oct
8
4
134
155
.58
1
34
41
4140
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 3
Julg 1
Week's Range Sales 1933 to
Nov.30
of Prices
for
Week
1935
Range Since
Jan. 1 1935
Low
Par Low
High Shares Low
434 414
500
16
61 Jan
Merritt Chapman & Scott•
8
mar
634% A preferred_ _100
531
116
7, May
6
Mesabi Iron Co
•
Metropolitan EdisonJan
464 80
•
$6 preferred
•
134 1%
800
4
4 Jan
Mexico-Ohio 011
100
1% Oct
•
2
2
Michigan Gas & 011
134
lc,
li
900 19
•
Michigan Sugar Co
34
34 Mar
100
236
3
Feb
531 534
10
Preferred
Middle States Petrol•
264' 214 1,600
14
4 Mar
Class A v to
li
%
400
31
4 Mar
•
Class B vie
34
316 9,400
Middle West Util corn___•
gir
gm Jan
34
31 Apr
234 2% 1,300
$6 cony pref ser A w w__•
Certificates of dep..'
200
34
lie Apr
234 264
Midland Royalty Corp1064
400
4
731 Nov
•
9
52 cony pref
Mar
• 20
22
1,500
464
5
Midland Steel Prod
50 18%
Jan
• 464 47
as
Midvale Co
IN,
191, Mar
Mining Corp of Canada..,.'
134
134 2,000
225 4 7%
12
Jan
Minnesota Mining & Mfg • 21
2234
8834 8834 Nov
Alinnesota P & L 7% pf 100
li•
Ili July
Miss River Fuel rights
Feb
65
82
Miss River Pow 6% ptd 100
200
64 104 Mar
Mock Judson VoehrInger_. 1534 1531
81
675 304 304 Mar
Mob & Hurl Pow let pref.. 76
650
9
Mar
• 34
9
40
2d preferred
1
104 1134 4,800' 2k
Molybdenum Corp
734 Jan
220 9 56
127
Jau
Montgomery Ward A__• 141 1424
2634 May
2634
Montreal LS Ht & Pow_ •
Jan
23
1634
Moody's Invest Service_ _•
12
1834 Feb
Moore Corp Ltd cora- •
Jan
90
125
Preferred A
100
Mtge 11k of Columbia334 334
600
14
331 Dec
American Shares
31 Feb
716
200
34
1
7,6
Mountain & Gulf Oil
414
514
2,200
Mountain Producers_ _ _ _10
43.4 Jan
334
4 Jan
34
Mountain Sts Pow corn •
10 100
10531 Mar
Mountsin Sts Tel &Te1100 140 140
26% Dec
Mueller Brass Co corn_ ___1 2716 284 5,300 __
100 314 72
Jan
• 153 153
Murphy(0 01(30
Dec
105
110
100
8% preferred
STOCKS
(Continued)
High
534 Nov
4934 Nov
.4 Nov
98
2%
366
134
8
May
Nov
May
June
June
374 Dec
ig,6 Nov
916 Aug
33-4 Oct
311 Nov
1134
2234
48
1%
2434
8834
64
108
1831
83
4434
1434
14434
354
x40
2634
143
Dec
Dec
Nov
Apr
Dec
Nov
Feb
Nov
Nov
Nov
Nov
July
May
Nov
Oct
Dec
Dec
434
34
54
1
1404
2914
154%
116
A or
Dec
Dec
July
Nov
Dec
Dec
Apr
Mar 1431
100• 451
6
Nachman-Sprinfilled Corp. 124 1234
2
National Baking Co corn _1
% Sept
%
2%
14 116 6,100
134 May
Nati Belies Hem coin _ ___1
134
500 284 2931 Feb 4434
Nat Bond & Share Corp_ _• 4134 4234
National Container Corp• 2234 2434
300 10
1834 June 26
Common
35
July
29
30
•
52 cony pret
• 184 1964 3,700 1134
National Fuel Gee
1134 Mar 20
234
64 Mar
64
National Investors oom _ _1
164 1% 2,200
Mar 86
35
55
1
$5.50 preferred
1
64
64
1,000
34
14 Feb
Warrant,
•
134 14
300
4 4
Mar
114
Vat Loather nom
1% Dec
1%
100 __
1%
1%
Nat Mfg & Stores com___*
Nation. P 4 1 In vr.L.- • 79
4664 Feb 8434
650 82
81
II 274
564
434 Dec
National Refining com__25
1,100
2
414 Oct
•
634 634
94
Nat Rubber Macn
M
Nat Berylce common
116
116 Nov
I
%
% 6,900
Yy
31 Apr
4
200
Cony part preferred...'
9ie
•it
II% 1414 Nov 164
National Steel ('Sr I td
•
Oct 35
21
National Sugar Refining__• 2116 2334 2,900 21
914
50
9
834 Dec
Nat rea Co .534% pf _10
836 834
National Trannit__12.50
94 1034
1,400
634
661 Feb 104
May
134
%
Nat Union Radio Corp_ _1
3.5
% 2,800• %
Nov 11331
9654 113
Nebraska Pow 7% pref _100
6
•
431 431
100
31
24 Mar
Nehl Corp com
5131
July
31
50
•
1st pref
Feb 1134
25 204 90
Nelener Bros 7% pret__100 111 111
10
434 Apr
700
2
831 10
Nelson(Herman)Corp___5
13
634 May
33-4
Neptune Meter clams A_ •
19 1
531
Nestle-Le Mur Co cl A_ •
234 Dec
12
534 June
60
534
12
Ney Calif Ewe com _ _ _ _100 10
35
35
Mar 60
7% preferred
100
331
Feb
131
2
New Bradford 011
2% 3
800
5
June 111
102
g 75
New Eng Tel & Tel__ _100
76
1,450 4731
Apr
71
49
New Jersey Zino
25 69
234
May
I
900
61
New Mex & Arts Land___I
1% 2
11
100
114
New Haven Clock Co_ __•
.
914 934
331 May
3461 Mar 704
3,400 34
Newmont Mining Corp_10 7136 75
• 2534 26
2816
Jan
1,700 104
12
New Proems corn
3%
16
111 Feb
•
34 334
100
N Y Auction Co corn
3531
15
N Y Merchandise
254 Jan
•
33%
450 174 33
Feb 6934
33
NY & Honduras Roeariol(
59
6136 Jan 107
N Y Pr & Lt 7% pref. -100
96
10 5354 5334 Jan
• 9534 9534
56 preferred
N Y Shipbuilding Corp434
1361
400
Founders shares
94 10
1
434 Mar
22
May
12
17
500 12
N Y Steam Corp corn____• 16
11334 May 121
75 113
N Y Telep 614% pref _100 118 11834
4%
Apr
3
3
N Y Transit
100
8
434 434
20
4634 Feb 774
NY Wat Serv 6% pfd__100
Niagara Hue Pow104
234 Mar
234
Common
864 13,700
11
8
616
34 Jan
Class A opt warr
x 3,000' Si
31
2
36 Mar
Clams B opt warrants____
200
34
131 134
Niagara Share964
264 Mar
23.4
Class It common
714 1,300
5
7
Oct 82
82
Class A preferred_ _100
7 34
Niles-Bement-Pond
• 2834 3434 5,500
834 Mar 343-4
754
3
July
Nipissing Mines
2
5
27-4 234 3,400 9 164
53-4
Noma Electric
1
434 434 2,000
61
14 Jan
Nor Amer Lt & Pr464
4 Mar
36
Common
1
3
334
1,700 9
411 Mar 41%
• 3434 38%
1,350
3
iti preferred
244 Jan 68
48
25 18
North American Match....' 48
5
No Amer Utility Securttles•
3
34 Jan
.5
X
2,800
4
Jan
154
2
Nor Cent Texas 011 Co 5
7us
6,
6
Nor European 011 corn _ __1
% 8,000
'16
'is Jan
Feb 80
32
80
30 21
Nor Intl Pub Ser 6% pfd100 78
7% preferred
100
2034 383-4 Mar 84
Northern NY Utilities
4534 Jan 103
6534
7% let preferred_ _100
8
454
531 Jan
Northern Pipe Line
10
Nor Ste Pow com clam A100 194 224 6,100
631
84 Mar 27%
3
Northwest Engineering__' 154 1634
500
53-4 Jan 20
4,200 7 144 184 May
.
4034
Novadel-Agene Corp....,.* 3534 3734
Jan 33
Ohio Brass Co el Boom..- 2834 29
19
325 7 10
'
Feb 10331
Ohio Edison $6 pref
• 10134 10154
50 4554 70
Jan 10734
100 10431 104%
Oblo 0116% pref
500 8134 89
100 11131 11134
Ohio Power 6% pret
8534 Jan 11134
50 80
71
Ohio P S 7% 1st met_ _100
9054 Apr 10461
12.14
5
631
°Betook' LW cam
964 Feb
231
Outboard Motors B corn.'
% Mar
136 I%
300
%
400" 34
4
Jan 123.4
Class A cony pref
• 1174 1134
6
400
Overseas Securities
•
531 534
131
13.1 Am
54
Mar
Pacific Eastern Corp
I
2
434 534 2,900" 131
1,300 1854
2034 Jan
2954
Pacific° & E6% let pf _25 2834 2934
500 l• 164 184 Jan
2734
534% lit pref
25 26% 2631
Pacific fig $6 pref
• 10616 10631
Feb 107
150 75 6661 71
_70
70
Oct 78
Pacific)P & L 7% pref._100
Pacific, Tin spec stir
1,950 10
25
Jan
4734
• 43
4736
June 4934
36
Pan Amer AirwilYN----JO 40
493-4 9,900 3134
44
131 Mar
Pantepec 011 of V enes
1
3
314 27,200
61
6
I
35-4 Mar
Paramount Motor
334
4734
Parke, Davis & Co
• 4334 4464 3,400 1934
3231 Jan
• 4
17
June 274
Parker Pen Co
10
39
Sept 80
Parker Runt-Proof Isom._• 72
77
2,900" 39
For footnotes see page 4113
Nov
Dec
Jan
Nov
Nov
Mar
Nov
Nov
Nov
Nov
Jan
Dec
Aug
Apr
Mar
Jan
Jan
Aug
Feb
May
Dec
Oct
Nov
May
Aug
Nov
Deo
Oct
Jan
Dec
Oct
Aug
Oct
Nov
Dec
Oct
Dec
Dec
Aug
Nov
Apr
Deo
Dec
Jan
Aug
Mar
Sept
Aug
Nov
Nov
Nov
Nov
Oct
Dee
Apr
Oct
Aug
Nov
Deo
Dec
Nov
Nov
Dec
Dec
Oct
Nov
Nov
Nov
Nov
Sept
Nov
May
Oct
Nov
Dec
Nov
Nov
Nov
Deo
Nov
Oct
Dec
Nov
Dec
Dec
Dec
Dec
July
Nov
Nov
Week's Range
of Prices
Par Low
High
Patchogue Plymouth Cp.•
Pender D Grocery A
•
Class B
531 6
•
Peninsular Total: corn__ •
,
Preferred
100
Pa Cent Lt & Pow $2.80 Pf•
•
$5 preferred
8
8
Penn Me:Fuel Co
1
331 3.61
Pennroad Corp vie
1
Pa Gas & Elee class A_
•
• 107 10764
Pa Pr & Lt $7 Dret
36 preferred
•
Penn Salt Mfg Co
50 11634 1164
Pa Water & Power Co
_• 874 874
100 614 64
Pepperell Mfg Co
Perfect Circle Co
•
Philadelphia Co eom
• 1231 14
Phila Elee Co $5 pref
*
Phoenix Securities
1
434
434
Common
$3 cony prat ler A_ _ _10 3816 39
•
934 94
Pie Bakeries Inc com
Plerce0overnorcom
*
Pines Winterfront Co_ 5
Pioneer Gold Mines Ltd__I
934 9%
Pitney-Bowes Peerage
Meter
•
73-4 8
Pitts I3essemer & Le RR _50
1
Pittsburgh Forging,
Pittsburgh & Lake Erle.50 69
72
Pittsburgh Plate Glass._25 9064 9434
Pleasant Valley Wine Col
234 334
Pond Creek Pocahontas,.*
34 44
6
Potrero Sugar corn
Powdrell & Alexander..._.' 244 244
Power Corp of Can com__• 1134 1134
3634
Pratt & Lambert Co_ _ _ _• 36
1%
1 7.4
Premier Gold Mining....!
•
PrentIce-Hall Inc
Pressed Metals of Amer_ •
,f,
1
Producer, Royalty
Properties Realisation
17
17
Voting trust ctte.33 1-3c
61
34
Propper McCallum Tros'y •
Prosperity Co Inc II com..•
•
Providence Gas Co
964 931
Prudential Inveetors
•
•
$8 preferred
Pub Serv of Ct106% let preferred_ _100
Pub tiery of Indian 37 pref• 3534 3711
•
$6 preferred
53
Public Serv Nor III corn. • 53
Common
81)
6w preferred
100
7% Preferred
100
Public Service Okla
Inn
7% pr L pref
6W prior lien pref. __100
Pub UM Secur $7 Pt pf_*
2
24
'
Puget Sound P & L
• 4534 4831
55 preferred
SR preferred.
• 1734 214
Pyle-National Co
5
54 5%
Pyrene Manufacturing-10
• 132 133
Quaker Oats corn
141
6% preferred
100 141
• 1434 1434
Quebec Power Co
1734
tty & Light Elecur corn. • 17
Rainbow Luminous ProdClass A
36
36
•
%
%
*
Class B
Raymond Conereta Pile•
Common
$3 con v JrtIble preferred • 2434 25
336
Raytheon Mfg VI c__ __We
274
2% 274
Bed Bank ()II Co
•
Reed Roller Bit Co
•
631 64
•
Reeves(D) corn
•
Reiter-Foster 011
1634
• 114 11%
Reliable Stores com
316 4
10
Reybarn Co Inc
114
116
Reynolde Investing
1
914 1034
Rice SU'Dry Goods
•
Richfield 011 pref
231
2%
25
534
1
5
Richmond Rad corn
Rochest (1 &E 6% n p1100
Rogers-Majestic class A..'
211
216
8
Roasevell Fiala, Inc
I
431
466
Root Petroleum Co
$1.20 cony pref
20 134 13%
Roselle International
%
gie
•
Royalite 011
Co. 374 3834
•
Royal Typewriter
Runneks Fifth Ave.
5
314 4
•
Rustless Iron & Steel
164
2
•
R11611 coneol Petrol._
Safety Car Heat & Liglit100 75
75
'16
'16
St Anthony Gold Mines_ _I
364 4
St Regis Paper corn
10
100 64
66
7% preferred
64
34
Salt Creek Coneol 011__ _ _1
614 634
Salt Creek Produoers___10
•
131
134
Savoy 011
• 30
31
Schiff Co corn
34
lis
Schulte Real Estate eorn__•
32
Scoville Manufacturing_26 32
Scranton-Spring Brook
Water Co $6 pref
•
Securities Corp General.,'
• 45 ,46
Seeman Bros Inc
111 164
Segal Lock & Hardware..'
161 231
Selberling Rubber corn-•
• 3134 3116
Selby Shoe Co
Selected Industries Inc
-234 264
Common
1
7936
28 77
58.50 prior stook
764 79
Allotment certificates__
Selfridge Pros Storm
Amer dep roe
£
Sentry Safety Control._ _ _1
35
916
•
664 7
Scion Leather corn
44 5
Shattuck Dann MlnIng___5
Shawinigan Wat & Power_• 2034 2014
Shenandoah Corp corn _ _ A
164
234
$3 cony pref
25 4914 4914
Sherwin-Williams com__25 12061 12361
6% preferred A A. ._100 106% 10816
Sherwin-Williams of Can_•
Simmons Boardman Pub Co
Convertible preferred_ •
100 330 330
Singer Mfg Co
Singer Mfg Co Ltd
Amer dep rec ord rert.E1
434
464
Alma City 0& E 7% p1100
•
Smith (A (3i Corp com
Smith (L C) & Corona
21
Typewriter•to com__.• 19
234
114
Sonorous Corp
1
Dec. 28 1935
July
-1
1933 to
Nov.30
1935
Sales
for
Week
Range Since
Jan. 1 1935
Low
Low
434 1216 Oct
34
Feb
2434
54
534 Dec
200
531 Mar
6
6634 7934 Apr
Feb
24
24
Nov
65
65
536 July
24
200
134 Mar
131
13,100
934 Apr
6
70 7436 804 Jan
Jan
7234 77
50 424 7634 Apr
300 414 534 Jan
120 524 6261 Apr
Feb
9 21
31
4
Mar
4
4,700
al 90
1123-4 Nov
Shares
High
124 Oct
40% Nov
7
Feb
1434 Nov
10734 Nov
4134 July
70
July
11
Jan
416 Nov
204 Nov
10734 Dec
103
Oct
1164 Dec
8934 Nov
894 Jan
4336 Oct
14
Dec
11334 Nov
11
834
161
2731
811
2
36
811
Feb
Feb
Apr
Jan
Jan
Mar
414
48
12
834:
431
1234
Nov
Aug
Aug
Nov
Oct
May
24
29
2
380 51
2,300 304
2
600
• 10
64
2,200
74
100
25
654
800 1534
11
2,700
514
931
34
5,000
5
334
234
51
4634
1%
183i
61
711
634
23
134
31
911
34
Mar
Mar
Jan
Feb
Apr
Dec
Aug
Jan
Jan
May
July
Jan
July
June
Jan
84
37
8
7334
99%
3%
2534
431
25
1164
3836
214
34
204
gin
Dec'
Sept
Dec
Sept
Nov
Dec
3 ob
Deo
Dec
Nov
Dec
Apr
Nov
Dec
Jan
100
900
1231
4
900
1034
44
59
1231
54
8
104
434
83
Apr 1934
Mar
114
Dec
8
May
1234
Mar 104
Jan 100
Dec
Feb
Dec
Sept
Dec
Sept
75
8
5
150• 911
9 9
9 28
• 38
75
8
5
1734
le
7834
77
Afar 08
Jan 3731
Jan
15
Feb 54
Feb 524
Apr 102
Jan 83
Dec
Dec
Nov
Deo
Nov
July
Feb
4
1631
33.6
5,000
300
700
9
3,300
1
3,500
130
81
64
Si
275
RI
May
87
Nov
% Feb
13
634
9
264
300
127
30 9 106
50 111
13234
13 .
25 13
411
661
150
74
5
4
134
825
3,200
%
200
100
114
275
500
100
1,500
400
100
1,600
10,500
2.300 ••
6,200
1,700
500
2.000
200
300
300
4,500
700
25
500
12,800
180
500
1,500
600
400
400
175
400
2,200
1,800
50
1,900
1,050
1,650
116
'16
34
1034
64
14
41
464
331
104
4
14
40
464
'is
in
161
114
4
611
34
234
65
0
61
4
8
%
234
834
214
61
64
85
%
1
1734
461
2
Si
9
A
234
85
6
134
134
8
14
2331
157
4
334
314
44
6034
34
1
1734
7ii
5
9
16
13
%
17
514
61
2531
%
111%
27
4
34
3.1
27
4
4334
51
34
3
97
92
4
Nov
Nov
Nov
Mar 494 Nov
Mar 21 61 Dec
Nov 1416 Deo
Jan
74 Sept
Jan 14154 Nov
Feb 147
July
Oct 1634 Dec
Nov
Mar 18
June
June
Isis Nov
% Nov
Aug
8
Dec
Jo,.
Oct 25
Feb
334 Dec
Feb
4
Nov
Dec 434 Oct
Oct
Feb
8
Apr
34 Dec
Mar 1254 Deo
434 Dec
Apr
134 Jan
Apr
Dec
July 13
2% Deo
July
564 Dec
Aug
Apr 10334 Nov
Mar
24 Jan
Apr
331 Deo
Aug
5
Dec
Aug
1534 Dec
Feb
34 Apr
Aug 2634 May
May 4434 Nov
9
Apr
Oct
Dec
4
Nov
Al.u
.
234 Dec
Mar 85
Nov
34 Jan
Aug
Mar
4% Dec
Mar
74
Dec
Sept
1
Jan
Mar
74 May
Jan
14 Nov
Mar
3334 Jan
June
% Dec
Mar 36
Oct
1564
28
Mar
Mar
Mar
Mar
Oct
Jan
38
Dec
361 Aug
50
May
13i Oct
2% Jan
34
Apr
%
38
3754
% Mar
48
Mar
4034 Mar
214 Oct
Nov
86
8534 Nov
1
1
131
234
St
V,
400
500
34
334
1,100
134
1%
100 1434 144
2,300
%
%
1,600 12
1231
5,350 7 3254
84
1,000 3 9034 106
144
20
5
40 119
100
2
40
1554
600
3,700
EY
1
8
235
236 Jan
Sept
16 Nov
Jan
Mar
834 Dec
Jan
6
Dec
2234 Nov
May
Apr
234 Dec
Mar 4934 Dec
Jan 12816 Nov
Aug 11314 Mar
Dec 1831 Dec
1031 Deo
Jan
Deo
Mar 336
461 Dec
234 Feb
7434 Oct7936 Deo
May
Jan 72
29
6
1
Feb
APr
2434
34
Oct
Oct
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
High
So Amer Gold & Plat
4)4 44
1
Sou Calif Edison
5% original preferre6_25
Preferred B
2711
25 27
25 25% 2534
54% Pre Berle' C
Southn Cob Pow cl A_..25
Southern N E Telep __100 135 135
Southern Pipe Line
10
Southern Union Gag com_•
Southland Royalty Co..__15
651
6
South Penni:III
324
25 32
So'weet Pa Pipe Line_50
Spanieh & Gen Corp
Am deo rcts ord bear_£1
Am dep rote ord reg £1
Square D class B com____1 3734 40
Class A pref
• 304 304
Stahl-Meyer Inc com
•
234 3
Standard Brewing Co
34
.•
3-5
Standard Cap & Seal corn _6 3414 354
Standard Dredging Co
Common
•
34 334
Cony preferred
•
Stand Investing $5.50 of _• 31
33
Standard Oil(KY)
10 2034 214
Standard 011(Neb)
25
Standard 011 (Ohio) corn 25 2114 224
5% preferred
100 944 95
Standard P & L corn
•
234 3
Common class B
•
234 234
Preferred
•
Standard Sliver 1.eaa
1
7
1e
)i
Starrett Corporation
1
35
34
6% preferred
10
234 23-5
Steel Co of Can I.td
• 56
564
Stein (A)& Co corn
• 134 134
614% preferred
100 108 103
Sterchl Bros Stores
•
Sterling Brewers Inc
1
Stetson (J B) Co corn
• 23
26
stinners(Hugo) Corp
Stroock(S)&Co
•
Sluts Motor Car
134 1 3.5
Sullivan Machinery_ _ _ _ .• 164 17
Sun Investing corn
•
554 531
$3 cony preferred
• 4736 4734
Sunray .1 24 24
Oil
Sunshine MinMg Co__10e 20
2334
Sutherland Paper Co_ _10
SwanFinch 01)Corp___ 15
534 514
Swiss Am Elea pret____100 53
53
Swiss 011 Corp
1
334 4
Syracuse Ltg 6% pref.. _100
Taggart Corp corn
•
614 614
Tampa Electric Co corn_ _• 3451 3531
Tastyeast Inc Cl A
1
314 34
Technicolor Inc corn
• 164 1734
reek-Hughes Mines__ _ 1
434
Tenn El Pow 7% lot Pt 100
Tenn Products Corp com•
4
SS
'retail Gulf Producing
.•
454 4,51
Texas P & L 7% pref__100
Texon 011 & I.and Co...,-•
54 6
Thermold 7% pre
O0 654 69
Tobacco Allied Stocks _ •
Tobacco Prod Exports_ __•
34 37.4
Tobacco Securities Trust
Am dep rcts ord reg _El
Am dep rcts dot rag _ _E I
Todd Shipyards
• 3214 324
Toledo Edison 6% Pre 100
Corp--7% Preferred A
100 10631 10814
Tonopah Belmont Devel_l
14
34
Tonopah Mining of Nev_l
54
34
Trans Lux Piet Screen
Common
1
3
334
TS-Continental warrants__
131 2
Triplex Safety Glass Co
Am dep!TM for ord reg.,..
Tri-State Tel&Tel 6% pf 10
Irony Pork stores
•
Tublze Chatillon Corp_
534 611
Chula A
1 254 2534
Tung Sol Lamp Works_ 1 1014
1174
800 div pref new
• 14
1474
Unexcelled Mfg eo
lb
24 24
Unlon American Inv'g__-•
Colon Otte of Can
•
8
834
Un 011 of Calif rights
Union Tobacco eorn
•
Union Traction Co
60
United Aircraft Transport
Warrant.
10
16
United Chemicals corn_.•
•
$3 cum & part pre
tia.0 'ore warrant,
14
134
United Dry Docks corn _•
54
35
United Gas Corp oom___I
4
251
Pref non-voting
• 774 7934
Option warrants
Si
fit
United (I & E 7% pre( 100
United Lt& Pow corn A __•
24 34
Common elms 1)
•
44 634
$6 cony let pref
• 2134 304
United Milk Produots •
5
8
$3 preferred
• 42
45
United Molasses Co
Am den rote ord ref__ _ Cl
5
54
United NJ Rif & Canal 100
United Profit-Sharing- •
134
131
Preferred
10
United Shoe Mach com_25 85
86
Preferred
211
US Dairy Prod class A_ •
Class B
"
31
fit
U S Flee l'ow with warr 1
3114
'16
Warrants
0 S Finishing corn
•
Preferred
100
[IS Foil Co class B
' 1034 2234
U 13 Intl Securities
•
134
131
let pref with wart
• 784 7811
U S Lines pref
•
1
19-4
IT S Playing Card
10 3334 35
1715 Radiator Corp com___•
54 511
100 31
7% preferred
33
IT S Rubber Itecialming...•
11
34
United Stores v t is
' 34
31
tin Verde Extension_500
3
334
United Wall Paper
2•
331 44
ithiversal Consul 011_ _ _ _10
84 83.4
!Universal Insurance
8 18
204
liniversal Pictures corn _ 1
linivereal Products
• 2434 26
Utah Apex Mining Co
5
34
51
Utah Pow & LS $7 pret_• 4454 454
l'tain Radio Products_
•
Utica Can k Flee 'VI, uf too 01
93
For footnotes see page 4143
July 1
Sales 1933 to
for
Nov.30
Week
1935
Shares Low
15,100
131
Range Since
Jan. 1 1935
Low
3.4 Ape
High
535 Nov
2814 Jan 3911
1711 Jan
2834
154 Jan
2654
1
Jan
434
104
Jan 135
334 Jan
5
I
Si Oct
44 Jan
434
6%
1514
2154 Mar 32%
344
4434 Nov 56
26
154
1436
9
3,4
40 100
3%
1,100
1,300
900
• 2,000
35
1,000 I. 70c
50 13 3
400
154
34
600
550 23
4
'
Is
17
29
134
11
294
100 9
▪
24
7.4
13-4
531
104
1034
18
134
751
731
1,500 1114 114
150 7634
89
1,900
1
1
34
2,100
54
8
8
2,500
31
16
11,800
31
34
1,100
34
Si
424
1,050 32
5
100
934
103
10 80
24
234
3
234
375
1034
794
1
64
1,400
34
31
10
900
531
234
100
40
100 34
7,000
04
33,900 '• 2.10 104
1814
• 534
231
14
200
50 324 44
2
3,000
ag
89
300
1,400
3,800
900
9,300
5,500
3,700
400
9,500
900
450
1,500
100
90
1,600
100
10,000
2,000
2,200
400
3,800
2,000
100
2,700
214
35
74
34
45
24
75
454
zo
374
3-4
184
5
18
51
584
34
14
34
114
734
634
3
914
231
2
16
3
34
51 3g
3,200
2.800
1.800
03,700
3,100
7,300
46,000
3,700
26,300
975
125
214
13
34
•la
/4
15
34
48
1
34
8
20
June
Apr
May
May
Apr
Aug
Ma
fl
"is
44
40
33,1
34
36
July
Oct
Oct
Aug
Dec
Sept
Apr
July
Dec
Dec
Oct
Sept
Oct
Oct
(let
Dee
Dec
44 Nov
Au
17
July
Oct
Apr 35
Dec
Jan
24
Nov
12
Ma
May
2354 Dec
Ma
Sep
994 May
Ma
5
Aug
4.4 Aug
Apr
Oct 23
Dec
'Si June
,
An
Oct
Apr
1
Ma
3% Apr
Ma
564 Dec
144 July
Ma
Jan 108
Dec
No
3h Dec
Oct
4
Apr
June 274 Deo
2
Dec
Jan
Jan
22
Nov
Sept
314 Feb
Mar 1734 Dec
651 Nov
Mar
Mar 4834 Nov
234 Oct
Apr
Jan
25
June
19
Sept
Sept
Mar
63-4 Dec
Oct 5834 Fats
4
Feb
Dec
Apr 100
Aug
634
June
2234 Mar
3834
July
3%
114 Jan 27
34 Jan
54
48
Feb 7934
,
July
31
431
234 July
75
Feb 104
Mar
634
2235 Ma) 694
80
Mar 734
13-4 Feb
4
.31
194
434
234
68
83
'16
3-4
STOCKS
(Concluded)
Dec
Nov
Nov
June
Dec
July
Jan
Dec
Oct
Jan
Nov
Dec
Nov
24
Apr
Jan
7
Dec
Jan
34
Jan
Nov
Jan 104
Nov
Jan 109
Oct
De
34 Apr
Fe
131 Apr
2
Apr
14 Ma
434 Nov
234 Sept
164
104
634
3
104
34
134
214
1934
4
11
34
4
July
Jun
Oct
Apr
July
Apr
Dec
Dec
Mar
May
June
Jan
June
20%
11
9
811
29
12
144
4
264
334
234
214
%
'is
74
35
34
54
54
1
334
3
29
Mar
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Jan
16
8
40
1 34
14
44
84
'fie
88
34
7
2954
8
45
Dec
Aug
Jan
Oct
Nov
Nov
Dec
Sept
Dec
Nov
3-5 June
34 Jan
a
Apr
Dec
Dec
Aug
Aug
Dec
Sept
Sept
Aug
Dec
Aug
Sept
Dec
Dec
Dec
211
411 Jan
54 Jan
194
251
Oct 251
Oct
200
34
14 Mar
134 Apr
8
731 Feb
Sent
.550 ▪ 47
70
Jan 8814 Dec
36
80%
Jan 404 Aug
34 Oct
1
34
Dec
900
34
34 July
134 Dec
20,800
)4
Si Jan
54 Aug
' J11 11
32
135 Jan
51 Mar
2
Jan
5
Oct
531 Nov
1014 Mar 2234 Dec
534
16,500
200
54 Mar
2
Aug
100 3914 414 Ape 804 Nov
35 Apr
1,000
134 Nov
500 1631 8035 Mar 384 Stay
13.4
900
14 June
531 Nov
375 65
10
July 39
Nov
100
4 Feb
)4
134 Aug
4 Mar
1,800
14 Jan
2,300
234 Oct
234
June
16,200
14 Aug
434 Dec
34 Jan
200 n 1.20
834 Dec
Jan 2034 Dec
600
7
2
Aug
8
Nov
450 II 434
13
July 2754 Oct
,
400
Si July
34
134 Jan
175 134 16
Jan 524 Nov
•
h
1
Aug
Oct
3
R4
40 77
Apr 100
Aug
600
Ireek's Range
of Prices
Par Low
34
Utility Et:initial Corp____•
• 7811
Prlority stock
•
4
Utility & Ind Core
•
334
Cony preferred
1
34
Util Pow & Lt corn
7% preferred
100 13
Venezuela hies 011 Co _ _10
Venezuelan Petroleum__ _5
131
Va Pub Serv 7% pref__100
Virginian Ry
100
• 18
Vogt Manufacturing
Waco Aircraft Co
•
6
Wahl (The) Co corn
5
•
Waitt & Bond el A
•
9
•
Class
Walgreen Co warrants__
34
Walker Mining Co
1
134
Walker(Fliram)-Gooderh'm
& Wort. Ltd com
• 30
Cumin' preferred
• 1714
Wayne Pump corn
194
1
Wenden Copper
1
fit
Western Air Express
434
I
Western Auto Supply A • 35
Western Cartridge pref.100
Western Maryland Ry
7% let preferred_ _100
Western Power 7% pref 100
Western Tab & Stet v t c_• 16
West Texas Util $6 pref_ •
Westvaco Chlorine Prod100
7% preferred
West Va Coal & Coke.'
334
Willisail(R C)& Co
•
8
Whims 011-0-Matic Heat _•
WII-lew Cafeterias Inc
4
1
Cony preferred
•
911
Wilson-Jones Co
• 30
Wise Pow & Lt
pref 100
Woodley Petroleum
I
534
Woolworth(F W)Lull
Amer deposit rcts _ _5s 2834
-Hargreaves Ltd •
Wright
73.4
11
154
Yukon Gold Co
BON DS
Abbott', Dairy 6s_ _1942
Alabama Power CO
1946
1st & ref 51
1951
let & ref 6e
1956
lit & ref 154
1968
lst & ref 5e
1967
let & ref 434,
Aluminum Co.f deb 5.52
Aluminium Ltd deb 55 1948
Amer Com'ity Pow 53-4, 53
Am El Pow Corp aeb 65'57
Amer G & El deb 56_2028
Am Pow & LI deb 61_2016
Amer Radiator 454e_1947
Am Roll Mill deb 65_1946
Amer Seating eonv 68_1936
Appalachian El Pr 5s.1956
Appalachian Power 58_1941
2024
Deb 65
Arkansas Pr & Lt 58_1956
Associated Elea 414s_ _1953
Associated Gas & El Co
Cony deb 514.
1938
Cony deb 434s 0.__194
Cony deb 434e
194
Cony deb Is
Deb 55
1968
1977
Cony deb 541
ANIoo Rayon 5.
1950
Assoc T & T deb 534e ASS
Awe Teiep URI 53.4a1944
Certificates of deposit_
Os
1933
Ctte of aeposit
Atlas Plywood 534e_1943
Baldwin I.oco Works
61 with warrants,__1938
13e without warr____193a
Bell Telep of Canada
let M 58 series A___1955
let M 5e series B___1957
5e seem C
1960
Bethlehem Steel 6s
1998
Binghamton L H & P5.
'46
Birmingham Elec 4 46 1968
BirmIngham Gas 54-1959
Boston Consol Gas 5.,1947
Broad River Pow 5s_1954
Buff Oen Elea Si
1939
Gen & ref 5.
1956
Canada Northern Pr 5e '58
Canadian Pao RD 63_1942
Capital Adminis 561_1953
Carolina Pr & Lt 501__ _ 1956
Cedar Rapids Si & P 5s 53
Cent Ariz Lt & Pow 64 1960
Cent German Power 6s1934
Cent Ill Light &R.__ _1943
Central Ill Pub Service& aeries E
1958
let & ref 414e say w_1967
53 series G
1968
44% series ti
1981
Cent Maine Pow be 1).1955
414s series E
1957
Cent Ohio LI tk Pow 581950
Cent Power be ser D_ _1957
Cent Pow & LI tel 58_19511
Cent States Elea 51
1948
514s ex-warr
1954
Cent States P & L5%.,'53
Chic Dist Elee Oen 634e'70
Chic Jet Ry & Union MI
Yards 61
1940
Chic Pneu Tools $341_1942
Chic Rye 5s etre
1927
Cincinnati St Ry 5.4s A '52
60 series 11
1955
Citlea Service 6s
19611
Cony deb .5s
1950
Cities Service Gas 54s '42
Cities tinvice Gas Pipe
Line 65
1943
Cities Serv P & L 534e 1952
54e
1949
Cornmerz & Privet 54e '37
Commonwealth Edison
let 3.1 be series A
1953
let M as series B
1954
let 44s series 0_111513
let 43.41 eerie( D 1957
15t 111 de series F
1981
34e series II
1965
4141
July 1
1933 to
Nov.30
1935
Sales
for
Week
High Shares Low
44 1,200
3i
475
794
30
1
1,600 9
314
900
'
34
134 9,900
325
16
351
135
36
7,600
1
.)4
'
3 3134
67
231
800
20
334
5,100
8
100
' 35
5
331
300
9
14
31
34 6.200
200
151
"is
• „
32%
1734
2034
34
44
38%
16
9,000
300
5,200
8,200
400
800
100
Low
34 Mar
4331 Jan
34 May
1
Mar
31 Feb
331 Mar
14 Slur
712 Jan
84
Dec
Nov
67
8
Jan
334 Mar
2
Aug
431 Feb
34 Mar
Dec34
34 Jan
224
1651
1234
fit
2
35
98
Oct 344
184
Jan
Aug 22
June
31
534
Jan
Dec 6054
Jan 102
Nov
Mar
Nov
Man
Oct
Mar
July
35
65
634
22
4634 Mar 80
7434 Mar 107
12
Feb
1731
28
Jan 634
Dec
Nov
Sept
Dec
60
14
7
252
99
3
7
3
34
gq
18
6231
3%
June
Oct
Jan
Nov
Dee
Dec
Dec
Nov
Sept
24
Ma
631 Aug
34 Mar
14
114
324
634
300
24
9
2631
2
2831
734
24
500
7,800
5,700
1734
531
31
94
8634 102
1024 10334 45,000
973.4 994 35,000
97
9731 5,000
8,000
87
88
8154 8234 33,000
106 1064 10.000
7.000
1034 1034
34 334 7,000
17,000
13
13
10611 106.4 59.000
9234 217,000
91
7,000
10254 10334
10334 1034 56,000
1004 1014 13,000
21,000
10531 106
108 10834 2.000
2,000
112 112
37,000
9714 98
534 5634 135,000
Jan 105
June
531
174
July
134
Apr
Sept
1111
Jun
3214
Jan
No
6251
Jan
654
Jan
884 Jan
63
544 8331 Jan
834 Jan
55
Jan
474 73
444 6614 Jan
9234 10531 Jan
9734 Jan
59
14 July
134
734 Mar
894 Jan
64
8834 5031 Jan
9711 10234 Dec
944 Apr
62
74
41
Jan
101
Jan
64
10534 Feb
99
8414 Jan
58
7331 Jan
50
2034 2934 Feb
2.000
7,000
8
134
1311
47
144
13
11
124
12
1434
60
6734
1414
1435
20
20
78
794 12,000
78
7234 7415 124,000
324
304
3214 Apr
3034 Apr
314
24
244
2534
2534
30
744
774
28
284
3531 26,000
284 55,000
2734 203,000
294 167,000
294 163,000
8,000
34
7534 9,000
7734 3,000
5,000
2811
284 3,000
774 7734
9534 9534
12
931
935
11
114
11
3834
34
98
97
974
102
764
454
3854
10234
29
10234
102
71
98
65
464
943'
1054 10534 7.000 724
3331
1074 10834 46,000 99
1144
116 31
11634
133
1064
89
7434
10711
89
107.4
10514
1024
1104
1044
9814
11431
11614
11634
13494
10611
gog
754
10711
9011
10714
10534
103
111
10534
994
7,000
2,000
5,000
15,000
2,000
40,000
26,000
1,000
13,000
6,000
5,000
15,000
17,000
48,000
62,000
10034
9331
9934
934
10111
9411
99.31
934
28,000
40,000
44,000
15,000
10334
98
88
8111
6134
614
694
10434
104
9834
8634
8134
6334
65
71
105
9,000
10,000
17,000
119,000
181,000
238,000
72,000
45,000
High
54 Nov
7931 Dee
134 Aug
44 Aug
154 Aug
174 Nov
4
Dec
24 Oct
88
Nov
76
Nov
20
Dec
8
Dec
6
Dec
11
Nov
2
Nov
131 Feb
14 Sept
2034
124
124
'Is
2
17
62%
700
500
•
2,100
3,600
700
44
834
Range Since
Jan. 1 1935
ao
4534
49
46
80
72
554
374
374
25
2534
29
62
Mar
Feb
Mar
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Mar
2834 Nov
10
Mar
234 July
107
Oct
1054
101%
101%
954
90
108
104
534
174
107
9631
100
105
10134
10634
109
11311
98
644
Nov
July
July
July
July
Sept
Aug
Aug
July
Oct
Oct
Feb
Dec
Dec
Dec
Nlar
Dec
July
Nov
4534
37
37
394
39
44
77
79
33
33
784
78
96
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Dec
Nov
Nov
Dec
Der
Dec
89
Nov
8131 Nov
Mar 3154
Feb 11834
Jan 120
Jan 138
Jan 1074
9134
Jan
Jan 8034
Slay 109
Jan 914
Aug 10331
Apr 110
Apr 103
Slar 11214
Jan 10531
Jan 1004
Aug1134
Jan 106
Mar 44h
Apr 1094
Apr
Apr
July
July
Oct
Aug
Aug
Jan
Aug
Jan
MaY
July
Jan
Nov
May
Aug
Dec
June
Mar
7634 Jan 10131
67
9434
Jan
Jan 994
75
674 Jan 944
Jan 106
101
963.4 Jan 104
Jan 984
72
91
Jan
59
5954 Jan 8451
Mar 66
26
2534 Mar 6731
4834 Jan
7134
924 Jan 10514
Dec
Dec
Dec
Nov
Oct
Dec
Dec
Dec
Aug
Nov
Nov
Aug
July
1094
1114
11211
12654
1024
6911
66
106
70
10634
105
97
105
8834
8331
109
89
39
108
109 109
2,000 90
1054 Jan 1104 Man
'
10234 1034 28,000 514 874 Jan 10334 Dec
June
72
70
70,000 43
654 Jan 80
87
Feb 894 Aug
8734 8,000 4014 58
Aug
92)4 93
16,000 47
6634 Feb 93
6931 7011 56,000 2834 304 Mar 7031 Dec
6914 704 443,000 284
2934 Feb 7034 Dec
96
9711 75,000 434 634 Jan 974 Dec
10331
6611
65%
36
10394 3,000
6734 240,000
72,000
68
3611 5,000
111
11134 6,000
11234 11231
3,000
11031 111
7,000
1104 11034 10,000
10514 106
75,000
10334 1034 38,000
55
2634
274
33
844 Jan 1034 Dec
264 Feb 674 Dec
Dec
2731 Feb 68
Feb
334 Aug 47
8634 1094 Jan 11334
8634 109
Jan 1134
ao3i 10534 Jan 1134
79% 10431 Jan 113
694 9431 Jan 106
984 9831 Aug 104
July
Nov
Nov
Nov
Dec
Dec
New York Curb Exchange-Continued-Page 5
4142
BONDS
Week's Range
of Prices
(Continued)
Com'wealtb Subsid 6345'48
Community Pr & 1.1551957
Connecticut Lighl & Power
1951
71 series A
4318 series 0
1958
1962
Si serial D
Conn River Pow Si A 1952
Consol Gas (Balto City)1939
Si
1964
Can mtge 4318
Consol Gas El Lt& P(Balt;
1981
lst refolds
Consol Gas Util Colit & troll as ear A 1943
Cony deb 630 w w _1943
Congo)Pub 730stmp.1939
Consumers Pow 490_145i
1931
let & ref 155
Conti Gas & El6s__ _195 I
Crane Co 58____Augi 1940
1940
Crucible Steel Si
Cuban Telephone 7311 1941
Cuban Tobacco 5s_ __I944
Cumberld Co P& 1. 4,3056
Dallas Pow & LI Si A..1949
1952
Si merles 0
Delaware El Pow 54s__'59
Denver Gas & KM:1513.1949
Derby Gas & Eleo 55__1946
Del City Gas Slier A.191.7
1950
Sc lat series B
Detroit Internal Bridge
Aug. I 1952
634e
Certificates of depoeit_
Aug 1 1962
Deb 78
Certificates ot deposit_
Dixie Gulf Gas 610_1937
1967
Duke Power 4111
July 1
Sales 1933 to
Nov.30
for
Week
1935
Range Since
Jan. 1 1935
BONDS
(Continued)
Low
High
$
Low
10391 10434 42.000 64
65,000 3334
64
63
High
Low
Oct
Jan 105
85
5134 Mar 7334 Aug
112
9831
7,000 102
2,000 8795
11915 Jan 12634 Dec
July
Aug 110
108
May 10934 Jan
106
10334 Jan 10634 June
10895 10895
106 10611
122
2,000
11035
103
9936 11414
Oct 113
Jan 122
May
July
10835 109
12,000
8836 10634
Jan 112
July
122
1,000
8731 8734
29
2934 15,000
10734 1084 20.000
8331 8434 431,000
103% 1034 6,000
88
88
1,000
10531 10534 15,000
10831 10834
104 10454
1074 10815
9891 984
10511 10534
102 10231
Sept 11034 Mar
4,000 10094 106
94
10414 Feb 1074 Aug
8631 Jan 10434 Deo
38,000 66
July
24,000 9234 10534 Jan 110
Jan 9936 Nov
7,000 5634 83
Nov
Jan 106
99
27,000 76
47,000 6734 9134 Jan 10234 Nov
334 415 24,000
334 3% 26,000
31
35 7,000
15
54
1,000
10134 10115
5,000
Eaetern Util Invest 50_1954 2835 31
Eleo Power & Light55.2030 6834 7334
Elmira Wat,LI & RR 55'56 102 103
El Paeo Elm Si A _ _1950 103 10331
El Paso Nat Gas6)4I-1943
With warrants
a10634 a10631
1938
Deb 630
Empire Dist El 0____1952 9754 98
Empire Oil & Ref 530 1962 7734 81
Eroole Mareill Elea Mfg1953
630 A es-wanr
Erie Lighting 58
1967 106 10634
European Elea Corp Ltd1965
630 x-war?
European Mtge Inv 750'67 374 3791
Nov
Jan 89
51
33
491 Jan 3114 Dec
491
Nov
87
Mar 100
70
10631 Sept 10934 Mar
88
Jan
Dec 104
1004 100
Jan 864 Nov
42
33
Jan 10434 Nov
102
7736
6031 9531 Apr 10334 Oct
Dec
6111 Mar 89
50
Aug 61% Dec
38
35
Dec
9554 Jan 107
65
711 Apr
Jan
234
3
Apr
7
2
Jan
134
211 Apr
35 Jan
4
111 Apr
31 Mar
31
10134 Aug 1034 May
76
10494 Dec 10834 Mar
85
Dec
32
Nov
76
Dec
103
10454 Deo
10
22
55
64
June
10
3394 Feb
8554 Jan
8931 Jan
48.000
75.000
5615
25
45
61
91
904
67
54
20,000
46
78
3,000
65
24
Aug
65
31% Apr
58
3854
134
15
July
9611 Jan 104
4591 Aug 5554 Jan
211 May
14 Feb
Nov
3131 Jan 78
9,000
358,000
10.000
10,000
1,000
40
100
Jan 10631 Dec
Dec
Jan 105
Dec
Jan 98
Dec
Jan 81
Dec 69
Jan 10631
Jan
Oct
98
5511
Apr
Jan
Fairbanks Morse 58_1942 1024 103
3,000
Farmers Nat Mtge 70_1963
Federal Sugar Ref 130__1933
191
1,000
134
Federal Water &my 548'54 7354 74
58,000
Finland Realdential Mtge
Banks 68-55Stamped1961 9934 10031 2,000
Firestone Cot Mills 50.'48 10354 10454 48,000
Firestone Tire & Rub far'42 104 10431 32,000
First Bohemian Glass 70'57
Fla Power Corp 590..1979 99 10054 100.000
Florida Power & Lt 5a 1959 9234 93 208.000
Gary Elea & Gas 15s ext _'44 8831 89
11,000
92
Gatineau Power let Si 1956 90
62,000
Deb gold fla June 15 1941 80
8134 23,000
Deb(Wearies B
33,000
1941 784 81
9814 Mar 10034 Dec
88
10254 June 10534 Mar
85
Apr 10534 Mar
103
89
90
Dec 9234 Oct
61
Jan 10034 Dec
75
48
Dec
4431 684 Jan 93
Nov
634 6331 Jan 91
Oct 9934 Jan
714 78
Apr 9931 PIO
60
50
5934 5915 Apr 9894 Jan
1940 9734
General Bronse Si
General Pub dery 13a _1953 100
Gen Pub Mil 654. A-1966 77
General Rayon 6s A__1948 30
Gen Vending 68 ex war '37 2335
24
Certificates of deposit__
Gen Wat WM & El 55_1943 84
55
54
2334
36
2
2
8834
Georgia Power ret 50_1957
Georgia Pow & LS 55__1978
Gestural as x-warrants 1953
Gillette Safety Razor 5a '46
Glen Alden Coal0_1965
Gabel (Adolf) 6348-193o
with warrants
Grand Trunk Ry 634.1936
Grand Trunk West 48_1950
Gs Nor Pow 55 strap_ _1951.
Great Western Pow Be 1946
Guantanamo & Weal Si'58
Guardian investors Es_1948
1947
Gulf 011 of Pa 5s
Gulf States Utll 58_ -1956
1961
430 series B
Hackensack Water 55_1938
1977
tis serial A
Hall Print 68 stmp
1947
Hamburg Eleo 7e___1935
Hamburg El Undergrouno
1938
& St Ry 590
Hood Rubber 514e--1936
1936
71
Houston Gult Gas ds 1943
1310 with warrants.1943
Houston Light & Power1953
let 6s ear A
1978
let 430 ser D
1981
let 4145 ear E
Hungarlan-Ital Bk 74s '63
Hydraulic Pow .5s__1950
1951
Ref & impr 58
Hygrade Food 68 A _ _ _1949
1949
Si series B
98
10011
78
30
2454
2495
8531
15,000
6,000
13,000
1,000
29,000
8,000
33,000
9691 9711 136,000
80
10,000
81
87
88
225,000
Nov
8134 Mar 99
74
Mar 10036 Dec
AUg
81
5135 Jan
Dec 674 July
30
2411 Deo
4
Jan
2434 Dec
4
Jan
5631 Jan 8531 Dec
July
5434 8134 Jan 100
Nov
40
564 Jan 83
30
3134 May 5694 Jar
93
10136 Sept 1054 Feb
Sept
53
8411 Jan 93
70
8315 83,000 59
10095 4.000 9851 10031
8634
8,000 63
92
1,000 1024 10211
10831
10831
1,000 9311 107
10
1714
25
55
5695 9,000 24
10636 10634 4,000 97
105
11,000 62
10415 105
9434
8734
10231 102% 8,000 55
79
10031
91
10831
108%
1104 11034
105 105
73
7431
4136 4191
4,000
3,000
9,000
1,000
4,000
1.000
5,000
9334
10591
95
10831
1094
5294
63
10734
10511
10336
Feb
Jan
Aug
Aug
Oct
May
Aug
Jan
Nov
Dec
9834 10834 Jan 11115 July
1044 Nov 10611 Feb
98
July 7735 Apr
60
60
Feb
June 51
37
37
28
55
10431 10436
10334 10354
97
974
Apr
Dee
Oct
Feb
Jan
Jan
Mar
Apr
Jan
Jan
65
40
2931
30
84
87
93
76
Aug 4131 Feb
Jan 10134 July
Jan 106% Dec
Nov
Jan 105
Mar 9936 June
Aug 107
Sept10531
Jan 10654
Aug55
Jan 114
Feb108
Apr 6431
Sept63
Mar
Nov
Dec
Jan
July
Sept
Jan
Apr
1947 10791 10736 8,000
Idaho Power Si
Illinois Central RR 611987 7331 85 337,000
5,000
III Northern U11150_1957 106 108
64,000
Ill Pow & L let0ear A '53 10035 102
let & ref 530 ser B_1954 9731 9831 21,000
let & ref Se ser C...._1956 9331 944 271,000
St deb 510 __May 1957 86
8891 4.000
Indiana Electric Corp1947 9495 9534 13,000
fis series A
1.000
1953 9836 98%
530 series B
1961 8595 8634 39.000
Si series C
Nov 109
86
105
60
50
Mar 85
8291 1024 Jan 10734
48
7534 Jan 102
48
8935 Jan 9815
4234 6654 Jan 943%
3291 67
Jan 8915
May
Deo
Aug
Dec
Dec
Deo
Sept
Indiana Gen Serv 50_1948
Indiana Hydro-Elea 5s '58 9131 9131
Indiana & Mich Elee fis '55 10534 10,534
1957
51
Indiana Service 511.--1950 644 6536
lat lien & ref 5e_ _1962 644 6494
96.91
Indianapolis Gas 50 A.1952 96
Ind'Dolts P & L Slier A '57 1054 10531
Intercontinents Pr 68_1948
454
456
For footnotes see page 4143.
93
1064 Oct
44
624 Jan
Jan
70
99
8815 1074 Jan
2331 3631 Jan
353
, Jan
4
22
68
80
Jan
73
9756 Jan
14
131 Mar
9134
79
80
42
10011
100
55
57
24,000 4031
5531 55.31
1,000 42
10554 10531
103 103
105 10534
5,000
1,000
4,000
6,000
10,000
6.000
3,000
38.000
29,000
13,000
544
58
45
10334
101%
104
42
11191
10531
47
60
64
68
60
Jan
Jan
Jan
9614 Nov
9931 Nov
Nov
88
Week's Range
of Prices
.
High
Low
Internallonal Po wer Sec
1955
0143 series 0
54
1957 .54
7s series E
58
1952 56
7s aeries F
International Salt 55_1951 107 1074
9931
International Sec 6s._I947 99
Interstate Irn & SU 430'48 10311 10311
Interstate Nat Gas 63_1938 10334 10334
Interstate Power 58..1957 814 8231
1952 6931 70
Debenture as
Interstate Public Service5520106D.
1956 8334 8534
1958 789' 80
4%a series F
Invest Coot Amer
1947
Si series A w w
101 101
without warrants
Dec. 28 1935
July 1
Sales 1933 to
Nov.30
for
Week
1935
3
5,000
5,000
20,000
53,000
11,000
1,000
53,000
27,000
Low
Low
High
414 414 Oct
46
Oct
46
4711 Dec
49
8311 10414 Apr
684 Jan
48
Apr
5335 89
10134 Dec
103
Jan
57
87
Jan
2691 38
7
734
8591
8,391
108
10011
1044
10534
8334
72
61
42
52
4734
Jan
Jan
3,000
67
67
92
91
Jan 101
Jan 101
88
Jan
55
Jan
5634 85
Jan
100
72
5734 8234 Jan
39
Nov
39
55
Aug
55
10135 10534 17,000
10434 10415 1,000
10531 105% 18.000
29,000
10131 102
9,000
4234 44
1,000
80
80
Kansas Gas dr Elea 68_2022
1947
Kansas Power 5s
Kansas Pow & Lt 6s A_55
1957
5aseries B
Kentucky Utilities Co
lit mtge 5s tler H__1961
1948
64s series D
1955
534s series F
1959
13s aeries I
1943
Kimberly-Clark 5s
Koppers0& C deb 5s 1947
Sink fund deb 5141_1950
Laclede Gaa Light 5411935
20,000
11434 115
10054 1014 4.000
108% 10694
6,000
9111 9231
10334 10354
97
9711
9131 92
104 104
10334104
1053410134
85
87
60,000
2,000
2.000
19,000
6,000
57,000
21,000
5,000
Lehigh Pow Secur 65_2026
Lexington UtIlities5s.1952
Libby MoN & Libby 15s'42
1942
Lone Star Gas 56
Long Island Ltg 65_1945
Los Angeles (.1& E Si 1939
1961
Si
1942
61
1947
5348series E
1943
530 aeries F
Loulalana Pow & Lt 51 1957
Louisville G&E 434101961
77.000 54
14,000 544
36,000 57
7,000 8294
18,000 65
1,000 100
8734
106% 106% 1,000 9934
94
1,000 94
10434 10454
105 10536 38,000 614
79
394 404 23,000
21,000
35
35
Oct
Jan
Feb
Feb
Apr
Dec
Dec
Jan
Aug
Aug
8734 Nov
834 Nov
20,000
36,000
lowa-Web L & P 58-1957
1961
54 aeries B
Iowa Pow & Lt 490_1958
1957
lowa Pub Serv 5s
Isarao Hydro Eleo 71_1952
Isotta Franshini 7a _ _ _1942
Italian Superpower of Del
Deb tis without war_1963
Jaoksonville Gas 58-1942
Stamped
Jamaica Was SUP 5;455
Jersey Central Pow & Light
1947
58 series B
1981
4118 series C
Jones & Laughlin SO 5o '39
5011 52
Range Since
Jan, 1 1935
10534
105
106
10215
8334
95
Oct
Nov
Dec
Nov
July
Deo
Apr
June
6691 Feb
48
May 57
48
9614 1054 Apr 108
June
Mar
1014 Jan 106
Oct
1044 10431 20,000 77
July
1024 1034 59,000 7091 934 Jan 105
1064 10695 4,000 10254 1064 Dec 10734 July
10815
10235
10334
10334
10591
10531
6134 90
7751
55
8034 105
100
70
Aug
Dec
Nov
July
914 Jan 10954 Deo
Jan 10211 Deo
75
9854 Jan 10434 Aug
Jan 10511 Aug
101
9591 Jan 107
Oct
10534 Feb 10891 Mar
10331 Jan 10754 Aug
106% Dec 110
Feb
Jan 10911 Feb
107
10454 Dec 1074 May
884 Jan 10531 Deo
Jan 10834 Apr
104
July
75
2211
50
33
70
80
35
July 37
Aug
June
82
Oct 96
8734 Mar 10214 Jan
83
70
63
73
46
Dec
May 98
67
9054 Jan 10431 June
Jan 105
Oct
89
10031 Jan 10791 Oct
Jan 934 Oct
66
334
394
334
335
53
91
67
M
5854
3531
40
5
Jan
494 Jan
434 Jan
454 Jan
6231 Jan
2494
2411
2434
2431
82
Dec
Nov
Nov
Nov
Nov
July
10254 Oct 10854 Jan
9454 Jan 106
Aug
991 Jan 9836 Dec
7
8831 Jan 1024 Dec
6291 Jan 93
Nov
72
Jan 934 July
Milw Gaa Light 4%8_1967
Mintieap Gas Lt 4115_1950
Minn P & L 430
1978
1955
Its
Misslasippi Pow 58_ __1955
Miss Pow & Lt 5e_,,_1957
Mississippi River Fuel
1944
65 ex warrants
Miss River Pow 1e155 1951
Missouri Pow & Lt 594e'55
Missouri Pub Serv 58_1947
Mont-Dakota Pow 5345'4
Montreal L H & P Con
let & ref Sc ear A.1951
MUnson S B 69fs ww_1937
1034
10431
97
10194
87
9131
10335
104%
9836
10234
8834
924
10491
10735
107
5734
9231
16,000
105
5,000
1074
5,000
107
13,000
58
5,000
93
1054 1064 33,000
54 64 20,000
491 Mar 10731 Jan
9434 10
2
June 11
Nov
3
Narragansett Eleo 58 A '57
1957
50 series B
Nassau & Suffolk Ltd 196'45
Nat Pow & Lt 6s A
2026
Deb Se aeries B____2030
Nat Pub Serv 58 etre_ _1978
Nebraska Power 448.1981
2022
68aeries A
8
Netsner Bros Realty 135 '4.
Nevada-Calif Else 50_1956
New Amsterdam Ga 55248
N E Gas & El Assn 58_1947
1948
Cony deb Si
Cony deb 65
1950
New Eng Pow Assn 5s_1948
Debenture 510____1954
New ON Pub Seri
,
1942
5s stamped
190
es series A
N Y Central Elea 5315 '50
N Y Penn Jr Ohio 4%s 1950
N Y P&L Corp let 410'67
N Y State0& E 4%0_1980
lit 530
1962
N Y & Westeh'r Lig 4s 2004
Debenture Si
1954
105
10531
102
9831
86
174
1054
107
10254
100
8734
1811
15,000
3,000
4,000
24,000
39,000
125,000
1064
8431
109
7031
704
7094
83
86
107
8691
109%
73
72
73
834
89
22,000
51,000
6,000
85,000
13,000
117,000
78,000
67,000
9154
9391
98
51
42
334
83
7031
35
54
85
84
3314
3334
4614
50
Niagara Falls Pow 68_1950
55 series A
1959
Nippon El Pow 690_.1953
No Amer Lt& Pow 54_1936
5315 series A
1958
Nor Cont UtiI 534e__1948
No Indiana G & E 68_1952
Northern Indiana P 8
1966
5s series0
fis series D
1969
6348 aeries E
1970
No Ohio P 41 L 549_1951
Nor Ohio Trao & Lt lis '56
No States Pr ref 430_1961
554% notes
1940
10791 Mar
96
Nov
10634 Sept
July
112
Nov
69
6831 Nov
10534 Aug
10534 Dec
491 De cW'wetwern Elect 65_1945
13,000
17,000
56.000
11.000
44,000
34,000
1154
1014
10834
107
6215 Jan 95
46
Nov
73
Jan 105
July
55
69
Jan 100
Nov
50
4534 624 Jan 95
Nov
Jan 10434 Sept
8234 102
10131 Feb 105
72
Nov
103
Feb 10534 June
76
Nov
5634 Apr 87
50
109
10291
104
104
106
10534
7431 7.000
Manitoba Power 544_1951 74
Mansfield Min & Smelt
7s with warrants_1941 3691 3611 5.000
1965 8954 924 79,000
Mace Gas deb S.
510
1948 9291 95 163,000
McCord Radiator & Mfg
9611 6,000
1943 95
Se with warrants
&Samuels P& L 58 A,.194$ 10136 10115 49,000
26,000
Metropolitan Ed 48 E..1971 103% 104
1962 10636 10615 3,000
58 aeries F
Middle States Pet 630 '45 9131 9131 1,000
Middle West Utilities
Si one of deposit 1932
1933
Malts of deP
1934
Is(Ufa of tleP
58 efts of deposit-1935 1931 244 953,000
12.000
Midland Valley 5s--.1943 7614 78
Jan
Jan
Jan
Jan
Mar 105
8591 94
9534 10631 Jan 10831
7091 10114 Jan 1074
4131 Mar 62
33
474 5791 Jan 93
Deo
May
Sept
Nov
Dec
10291
10231
10031
714
614
334
1074
10131
90
67
10031
4731
48
47
5434
5734
Apr
Oct
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Mar
Mar
10634
107
10431
101
9035
194
111
11811
10731
87
1094
7931
7914
7934
8595
9094
Feb
Dec
May
Dec
Dec
Nov
May
Nov
Dec
Nov
Dec
Nov
Nov
Nov
Dec
Dec
60
39.000 60
304
3,000 25
77
6,000 56
10334 10354
,
15,000
894
55,000 73
50,000 584 85
77
9934
9911
10334 1034 3,000 81
10431
11211 11231 2,000 96
Aug
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
7431
7411
103
1074
105%
10394
10834
106
112.91
Deo
Nov
Dec
May
Nov
Oct
June
May
Oct
7131
6854
102
10735
10531
1024
7331
69
103
107%
105%
1024
Mar
1064 Sept 110
10731 10734 8,000 104
4,000 9994 10534 Apr 10991 Feb
10711 109
June
823,4 Feb 90
8991 894 1,000 63
10094 10054 3,000 8191 10056 Jan 1024 June
8811 8934 51,000 254 4431 Mar 904 Nov
2094 Mar 5391 Dec
53
5334 4,000 1891
Nov
9931 Jan 107
1004 106% 8,000 71
101 102
101
102
9731 9851
10591 105%
10554 10554
10515 10534
10391 10331
100
17,000
28,000
41,000
7.000
1,000
20,000
21,000
10091 14,000
77
5134
5294
7894
4991
7156
69
10134
100
65
9091
71
88
69
97
97
1034
103
9911
108
108
106
104
Dec
Deo
Nov
Oct
Sept
Deo
July
Sept10331
Oct
Jan
Jan
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
July 1
Week's Range Sales 1933 to
Nov.30
for
of Prices
Week
1935
Range Since
Jan. 1 1935
BONDS
(Concluded)
Week's Range
of Prices
4143
Sales
for
Week
July 1
1933 to
Nov.30
1935
Range Since
Jan. 1 1935
Low
High
Low
Low
High
Low
High
Low
High
Low
8156 Jan 100% July
48
23,000
91
Dec Tennessee Elm,Pow be 1956 90
Jan 50
3,000
84 28
N'western Power 6e A _1960 494 50
7551 Feb 8536 July
19,000 40
78
494 Dec Tenn Public Seevice be 1970 77
834
Jan
28
4936 494 1,000
Certificates of deposIt__
7636 Feb
3616 Nov
6,000 3636
45
9934 Dec Tern! Hydro Elec 614e 1953 42
Jan
72
9816 12,000 474
N'weetern Pub Serv5e1957 97
85% Jan 1014 Dec
61,000 60
Jan 1054 July Texas Elea Her rice 58_196'. 9916 100
1940 10234 1034 8,000 734 96
Ogden One 5s
Dec
33
134 Jan
5,000 12
33
974 Jan 10676 Oct Test! Gas Uill 68____1945 31
1960 106 1064 27,000 6354
Ohio Edison let be
9436 Jan 1054 Dec
,
10414 Apr 10816 Jan Texas Power & Li Ey_ 1956 10434 1054 69,000 65
1,000 88
Ohio Power let be B 1952 1054 10536
Dec
8314 Jan 104
8,000 51
2022 104 104
8e
let de ref 414s ser D 1956 105 10536 3,000 834 10336 Oct 10634 May
Nov
Jan 100
67
9631 35,000 55
Thermoirl Co Se stp(1.1937 95
Ohio Public Service Co9856 July
7636 Jan
23,000 49
Nov Tide Water Power 59_1979 9636 97%
3,000 70% 10514 Jan
1953 109 109
tt! series C
Feb 404 Feb
32
25
5,000 604 9934 Jan 10516 Nov 'Netts (Leonard) 748_1946
1954 105 105
58 merles D
Sept
1054 Jan 108
1962 10736 10734 24,000 79
10036 Jan 1074 Sept Toledo Edison 58
1961 10616 10616 2,000 63
5.48 aeries E
4534 Jan 81% Nov
804 143,000 19
Jan 10554 Sept Twin City Rap Tr 54s'52 79
75,000 6834
99
Okla One & Elm, 5e„.1950 10434 105
Nov
78
42% Apr
1,000 33
1944 7316 7316
June Ulan Co deb as
5,000 63
9034 Jan 104
104 104
68 mice A
1940
Aug 7734 Nov
54
1,000 54
73
1949 73
48
91
Jan
Dec
6s 2(1 stamped
6,000 40
91
Okla Power & Water th '46 90
Dec
734 Dec 75
2,000
Nov
Stamped ctfs of deposit._ 7376 7376
1941 924 9334 6,000 454 6554 Jan 96
uswego Falls 68
Oct
9416 Jan 102
78
2,000 80
994 Jan 1064 Dec Union Amer Inv be A.1948
Pacific Corot Power 5191940 1064 10634
Union Elea Lt & Power
Pacific One & El Co
10556 Nov 1084 Feb
2,000 99
1954 10636 10516
9,000 101
11136 Jan 1204 July
1941 nosi, 11934
series A
let Me merles 13
be
Apr 1084 Feb
2,000 9236 104
1967 105 105
Jan 109% Dec
1957 10636 10736 29,000 8236 101
Se series B
let & ref 614e E
1957 10514 105% 6,000 9074 105% Sept 10756 Mar
32,000 82% 10016 Jan 109% Dec
1960 10634 103
41
let & ref 416e F..
July
7,000 964 10854 Jan 116
1949 11316 114
87
Elect NJ 43
Ma
July
984 6,00
69
994
United
Pac Invest 5a mer A _1948 9736
Jan
3536 Oct 75
10,000 354
45
Jan 117
Apr United El Serv 7e x-w_1956 45
2,00 102
110
Pacific I.tg & Pow Se_ _1942 113 116
42% July
3254 Nov
1,000 3234
57% Jan 87
Nov United Industrial 64s 1941 3234 324
35
Pacific Pow & Ltg 58_1956 84
8534 54,00
Feb
32% Dec 43
5,000 32.36
1945 3236 3236
Jan 10436 June
102
1938 1024 10234 2,00
Palmer Coro 68
85
1st s f as
77% Dec
Jan
28
1,00
9234 Jar 101
Oct United Lt & Pow 68_1975 6934 7736 191,000 26
62
Park & Tilford 68._ ..1936 10036 10035
29
Mar 8036 Dec
8016 82.000 2616
1974 74
64,000 57
8454 Jan 10034 July
Penn Cent L de P434! 1977 994 100
83.4.
Dec
Jan 101
78
10034 14,000 60
Apr 1 1969 994
4,000
9316 Jan 10536 June
5168
1979 10416 10434
be
Nov
39% Mar 84
98
July Un Lt & Rye (Del) 534e '52 794 8216 151,000 31
Penn Electric 48F____1971 9534 9636 33,000 51% 7414 Jan
,
Penn Ohio Edison
United Lt & RY1(Me)
9,000 5114 824 Jan 1054 Dec
1952 10436 105
1950 103 10434 31,000 3934 684 Jan 105
Dec
series A xyr
6e eerier' A
Dec
30
Feb 76
22,000 25
76
1959 974 983-4 43,000 35
_ _1973 70
614 Jan 9936 Dee
Deb 54sseries B
68 eerier( A
1,000 93% 93% Nov 100% Dec
1034 Jan 10676 Mar U S & Brit Internet 551948 984 9834
Penn-Ohio P & L 6168 1954 1037-410336 6,000 74
Apr 1084 Feb
1956 10614 10636 3,000 9254 105
Penn Power be
U S Rubber Co9934 Jan 1034 Sept
60
July
Jan 108
Penn Pub Serv 68 C _ _1947 107 10736 33,000 6014 100
ati% serial notes._1937
98% Jai 10334 Nov
60
95
Jan 10634 Dec
2,000 60
1954 106 106
% serial notes___1938
68 series D
Nov
Jan 106
98
5,000 69
11016 Jan 11436 Sept
63-4% serialnotes___1939 10416 105
Penn Water Pow 68_1940 11216 1134 11,000 103
9816 Jan 1064 Dec
10534 May 109
3,000 89
814% serial notee__1940 106 10634 2,000 60
1968 106 107
Sept
4165 series 13
Jan 92% Dec
55
3
6 9236 19,000 45
Peoplee One L & Coke
Utah Pow & LI 68 A2022 90.
9515 Dec
Jan
2,000 524 62
9556
Jan 89
1944 95
July
48 eerie! B
1981 85
8614 95,000 5634 72
436s
May 10834 July
104
92
Jan 104
89
Oct Utica Gas & Elec 55 D_1956
6s series C
1957 10316 MI
81,000 88
1044 Jan 10934 July
1952 10734 10716 3,000 91
14 Mar
14
84 Aug
436 .5
49,000
Peoples Lt & Pr 5._ 1979
5s Series F
Oct
9054 Mar 100
1,000 75
96
1937 96
Mile Electric Co 55_1960 11136 11116 22,000 10454 11016 May 114% Mar Valvolive 011 5s
9534 Jan 10334 June
75
1074 Apr 112
Dec Yamma Water Pow 54157
56,000 100
Phila Elec Pow 5419_1972 11034 112
Jan 9934 July
73
28,000 52
754 Jan 904 Sept Ya Public Seri 54s A_I946 9434 96
,
44%
Phila Rapid Transit(Se 1962
July
95
6836 Jan
7,000
93
1950 92
106% July 109
Mar
1,000 96
Phil Sub Co U & It 448'57 107 107
Sot ref be ser B
5656 Jan 884 July
7,000 45
8434
1946 84
4316 11,000 3516 3516 Nov 7536 Jan
Pledm't Hydro-El 634s '60 42
Se
9336 Jan 105
Nov
15,000 89
Waldorf-Astoria Corp
Piedmont & Nor 54_1954 10234 103
30
Nov
Mar
5
7,000
4%
10536 Jan 1084 Feb
89
Pittsburgh Coal 6s_ __.1949
7s with warrant_ _l954 2116 22
6,000 92% 10411 Feb 106% Aug
1937 106 106
Apr 9854 Nov
89
9636 14,000 79
Ward Baking Ss
Pittsburgh Steel 61._ _1948 96
10056 Jan 1064 Aug
26,000 76
Jun
35
25
1. eb
2,000 25
Wash Gee Light 58_1968 10536 10611
Pomeranian Elec 68_ _1953 2736 2716
Nov
Jan 106
99
9856 Apr 105
Oct Wash By & Elect 68_1951 10536 1054 3,000 83
1939 104 10414 .3,000 80
Poor dr Co fle
964 Jan 106% Oct
674 Fe
884 July
81
Wasp Water Power be_196( 1054 10634 13,000 75
27,000 671
Portland Gan & Coke S!'40 SO
6356 Jan 9936 Oct
993.4 Jan 1074 Dec West Penn Elec 58_ _ _2030 9734 9854 28,000 4636
Potomac Edison 5._ 1956 10534 1064 4,000 72
Jan 10516 Nov
84
934 Jan 10716 July
1961 107 107
3,000 65
4168 series F
West Penn Traction 55_'60 104 10416 8,000 so
63
Jan 8834 Dec
1024 Nov 10554 Jan
1,000 101
Potomac Elea Pow 58_1936 10254 102%
West Texas URI be A.1957 8536 8636 67,000 61
21
July 594 Feb
11,000 21
34
Jan
13
71
1947
Oct West Newspaper Un 6s '44 3416 35
Potrero Sugar 78
'6 Jar 10536 Nov
10536 10534 13,000 64
June 7016 Nov
41
19,000 41
West United G & B 5 168'55
Stamped
67
66
May
10614 Ma 108
1,000 100
7836 Mar 90% Den
5,000 63
l'owerCorp(Can) 4168 B'51 90
90
Wheeling Elec Ca 5s_ .1941 107 107
103% Dec 1064 Mar
Feb 99
Nov
14,000 414 76
l'ower Securities ile___1949 98
98
Mac Elec Pow be A.._.1954 1033610336 2,000 97
.14.P 10636 Nov
94
4,000 61
2916 Aug 42
Feb Wise-Minn Lt & Pow be'44 10536 10516
l'runelan Electric 68..1954 31
32
6,000 29
Nov
7634 Jat 102
Pub Sere of N II 416e B '67
8236 10316 Dec 106% May
Wise Pow & Lt be E 1956 1004 1014 21,000 52
Jan 1024 Nov
75
44,000 51
118
1958 1004 101
Jan 13336 Sept
SeeerieeF
Pub Here of NJ 8%pet ctfr 13216 1334 18,000 102
964 Jan 10616 Oct
1,000 783.4
Pub dery of Nor 1111noisWise Pub Serv be A_ _ _1952 106341061-4
Oct
5,000 63% 9534 Jan 107
904 Jan 109% July Yadkin RP" Pow 50_194 10656 10636
1956 10836 109
let & ref 56
17,000 62
94% Jan 10414 Sent
103,00
70
Jan 10516 July
193 1034 104
1966 10516 10514
2,000 584 89
5s series 0
York Rye Co Si
Jan 104
July
1978 102 102
2,000 53% 81
434e series D
1980 10216 1023-4
July
6368 merles F
5,000 524 8036 Jan 103
Jan 1024 July FOREIGN GOVERNMENT
let & ref 4 Sis eer F_1981 10134 10234 66,000 524 80
l'ub Sere of Oklahoma1961 10436 10416 3,000 604 9454 Jan 10536 Nov AND MUNICIPALITIES
5seeriee C
Dec Agricultural Mtge Bk (Coll
1957 1034 105
Miseries I)
24,000 55
9351 Jan 105
Jan
Nov35
15
15
78.___1934-1946
Suborn 5368_1949 1014 10211 46,000 4034 794 Jan 1024 Dec
-year
Pub Herv
20
Apr
Oct26
20
‘Vith coupon
Puget Hound P & L 5368'69 8451 86% 102,00
3756 5536 Jan 89% Nov
153-4 Nov3516 Jan
1534
1947
-year 78
31,00
3616 5316 Jan 854 Nov
let & ref be series 0A95(
83
81
20
Jan
2134 Aug34
2,000 21
1951 2
3334 5034 Jan 8134 Nov Baden 78
let & ref 4148 ser D_195(
634 2634
78% 79% 47,00
Apr 105% July Buenos Alm (Province)
101
1960 10416 1044
1,000 85
Quebec Power be
June
Apr 66
7,000 254 54
Jan 107
57
102
1952 56
Stamped
Oct
88
& E 4148'68
Queens Boro0
7e
June
5734 Dec 70
Jan 105
1947 5734 583.6 20,000 274
Dee
548sodas A
1952 10316 1034 15,000 6134 86
73.45 stamped
Jan
Dec 11
6
7
716 22,000
1948
Reliance Nlanagernt te 1959
6
Cauca Valley 78
Jan 101
82
Dec Cent Bk of German State &
With warrants__ ______ 100% 10051 1,000 554
5516 Jan
Dec
6,000
33
Oct
224 3136 Mar 83
Rochester Cent Pow 591953
Prov Banks 61 13.__1951 32
Feb
N
Aug 49
3216 5.000 N
1114 Oct 1134 Mar
100
1962 32
68 series A
Rochester Re & Lt 58_1954
904 Jan
17,000 883.4 9216 May
96
Ruhr (las Corp 6165_1953 32% 3216 3,000 2834 324 Dec 434 Feb Danish 5364
1956 96
9314 Jan
Apr
86
254 Aug 3434 Feb
1,000 23
Rube Housing 614.- 1958 274 2716
1963 8934 894 1,000 al
bs
10536 May 1094 June Danzig Port & Waterwaye
Hate Harbor Water 4168'76 10S 108
5,000 91
Feb
544 Aug 72
as%
6
June 144 Aug
1952
316
External 614e
St Louie Gael & Coke 68 '47 13% 13% 8.000
Aug 3816 Feb
23
92% Jan 105
July German Cone Muni° 78 '47 28
2836 36,000 23
San Antonio I'S bs 11_ _'58 101% 10216 39,000 64
Feb
2214 Aug 37
10716 Jan 126
88
2836 21,000 2136
June
194) 25
San Joaquin L & P (38 1) 52
Secured So
3034
23
Jan Hanover (City) 79
108
Sept 111
101
1939
1956
Salida Falls Ifts
n
i
1n
ja"
Aug 34Veb
21
21
3014 Aug 424 Feb Hanover(Pro v)6 45 1949
11,000 3051
Saxon Pub Wke
_ _1937 324 33
July
12
634 Mar
434
1016 13,000
schulte Real Estate
Lima (City) Peru 6 Sie_ _'58 10
1016 July
516 Mar
2134 Dec
11
34
Jan
7
1,000
18
74 74 2,000
68 with Warrants.._1035 18
Certificates of deposit__
104 Sept 174 Jan
1014
104 Feb 214 Sept Marinello 78
1936
414
195E
Se ex-warrants
174 184 4,000
1554 Jan
1036 Aug
Jan 10316 Nov
1036
(E WI Co 541.1943 1024 1024 19,000 6634 96
1958
78 coupon off
Halm)
Feb
13
836 Nov
28% Jan 67
816
3,000
Dec Medellin 78 ser E
916
8,000 17
Seattle Lighting 68_1949 65% 66
1951
94
7631 Nov
9654 Nov 100% Dec Mendoza 7141
10,000 2636 524 Jan
15,000 9634
76
1951 76
Second Intl Sec 5.9._ _ _1948 9836 99
Dec
70
101
Jan 10736 Deo
61
24,000 2334 444 Jan
1948
70
1951 69
Here& ine be
es stamped
Apr 10156 Aug Mtge Bk of Bogota 71_1947
Hhawinlgan W & P 410'67 100 1004 25,000 6334 90
J
Oct 24
13
90
Apr 1004 Aug
5,000 13
1,000 63
1968 993.4 9916
414e eerie! B
16
16
Issue of May 1927
Oct 2414 Jan
13
98
Apr 1064 July
1,000 13
1970 9934 9916 7,000 73
15
let Miseries C
15
Issue of Oct 1927
Dec 1316 Jan
1014
716
Aug Mtge Bk of Chile 68_1931 104 11
20,000
6,000 6334 9116 Apr 101
let 4148series D__ _1970 9916 100
Jan
47
38
Jan 63
Aug
Sheridan Wyo Coal 136 1947
Mtge Bk cf Denmark 4511 '72 9076 9136 3,000 6236 824 Oct 04
1431 Fe
916 Nov
Jan 99
73
11
Nov Parana (State) 7!. ,1958 104 104 22,000
Hon Carolina Pow be_1957 964 9731 6,000 41
914 Aug 1434 Feb
914
Southeast P & L 68_ _ _2025
Coupon off
1036 Sept 154 Jan
8,000 log
Without warrants
10114 102 119,000 3736 644 Jan 1024 Nov RR) de Janeiro 6 361._1959 114 12
Apr
104 Aug 14
104
Southern Calif Edison CoCoupon off
454 Jan
Sept
1
1
llet NI 356s May 1 1960 994 1004 123,000 9616 964 Oct 10036 Dec Russian Govt 648_1919
2
236 30,000
44 Jan
34 Sept
1 1960 9936 10036 83,000 96% 0676 Oct 10036 Dec
5.4
Ref M 34511 July
134 216 63,000
6348 certificatee„...19111
Jan
5
Sept
1
1
2,000 784 974 Jan 10854 July
1921
Hou Calif Gas Co 448_1961 106 105
2
55S
236 59,000
44 Jan
Si Aug
Aug
7516 9616 Jan 105
54
Hon Counties Oat 4341_118
154 234 33,000
192!
534s certificatee
Nov
Jan 60
16
Jan Santa Fe 7e
13
1945
Sou Indiana 0& E 545'57 10736 1074 3,000 96% 10514 July 110
Dec
25
63
Ma
434 Oct 58
Aug
5534 10,000 25
55
1945 .56
Sou Indiana By 41---1951
78 Stamped
5734 5,000 4316
1116 Aug
94 Mar
1949 1036 11
27,000
Hou Natural Gas 65._194e
516
Santiago 71
mat. 1214 July
81
Feb 1024 Nov
10
534
Unntam peel
1013-4 1014 68,000 53
8,000
1961
1036 11
7s
8014 Feb 101% Nov
58
Stamped
• No par value. a Deferred dellvery sa es not Included In year's range. n Under
9434 Dec
4 Jan
9134 9394 13,000 40
63
Wweetern Almon Tel 51 '61
93
Jan 104% Aug
he rule sales not Included In year's range. r Cash sales not included In year'!
Southwest(I & ES!A_1957 1034 1034 8,000 60
ange. z Ex-clivIdend.
92% Jan 10414 Aug
1957 10336 1034 3,000 60
Sondes B
7116 Jan 9854 Dec
is Price adjusted for eplit-up.
S'weetern It & Pr 56_1957 984 0836 10,000 45
Jan 9614 Aug
60
as Price adjusted for stock dividend.
S'western Nat Gas 65.1945 9216 9314 7,000 25
49
Jan 1024 Nov
Ho'West Pow & It 68.2)122 9016 0016 7,000 37
s Deterred delivery sales not included in weekly or yearly range are shown below:
77
Jan 10234 Oct
4,000 55
WWeet Pub Hera' De_ _ _1945 1014 102
No sales.
July 106
103
Mar
1962 10334 10436 12,000 83
Staley Mfg 61
Abbreviations Used Abore-"cod." certificates of deposit; "cons," consolidated;
3714 Feb 6916 Dec "cum," cumulative; "cone," convertible; 'na," mortgage; "n-v," non-voting stock.
Stand Gan & Filen fie_ _1936 6736 6916 51,000 3714
48
Oct 6776 Dec "v t c." voting trust certificates; "w I," when issued; "w w." with warrants: "x W."
Certificates of deposit. 6614 6736 80,000 48
_____
1935 684 6934 11,000 3716 374 Feb 6916 Dec without warrants.
Cony fie
Certificates of deposit- 6616 6734 71,000 474 474 Oct 6814 Dec
The National Securities Exchanges on which low priced /since July 1 1933 were
32
Feb 674 Dec
1951 63
6514 166,000 30
Debenture 6.
follows:
31
Mar 67
Dec made (designated by superior figures in tables), are as
654 131,000 2814
Debenture es_ Dec 1 1966 63
u Pittsburgh Stock
97
,
l Cincinnati Stock
New York Stock
8234 Jan 98
Dec
31,000 84
Standard Inveetg 534s 1939 97
15 Richmond Stock
1, Cleveland Stock
New York Curb
99
Jan
11,000 64% 85
Dec
1937 97
9736
Sass warrants
l• Colorado Springs Stock 14 St. Louis Stock
New York Produce
Dec
_ 1957 6234 64 176,000 254 25% Mar 66
Stand Pow & LI
3, Salt Lake City Stock
1
New York Real Estate ' Denver Stock
234 Jan 4814 Oct
5145-1943 45
4616 5,000 16
Standard Telep
aa San Francisco Stock
'a Detroit Stock
Baltimore Stock
Htinnee (Hugo) Corp
Cl San Francisco Curb
,
i Los Angeles Stock
Boston Stock
344 May 51
Feb
19,000 26
47
stamped_ 1936 47
7-4%
31 San Francisco Mining
', Los Angeles Curb
Buffalo Stock
2916 May 534 Sept
6,000 25
45
7-4% stamped_ _ HMO 45
31 Seattle Stock
Paul
u Minneapolis-St.
California Stock
86
Jan 10534 Nov
Super Power ot III 44s '68 105 10534 32,000 69
u Spokane Stock
3, New Orleans Stock
Chicago Stock
8516 Jan 10534 Deo
1970 105 1054 10,000 56
let 441
I
, Waahington(D.C.) Block
Chicago Board of Trade u Philadelphia Stock
10316 106
Jun 108)4 Feb
1954
Syracuse Ltg 516e
Chicago Curb
97
10616 Apr 10934 July
1957
11
5e serlee
4144
Financial Chronicle
Dec. 28 1935
4
Other Stock Exchanges
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday. Dec
27
Unlisted Bonds
1Veek's Range
of Prices
Ask
Alden fle
1941
Berkshire (The)6s
1941
13rierfreict Apt bum ctts___.
Carnegie Plaza Apte
Bldg 13s
1937
Dorset 6a Ws
1941
80 Broad St Bldg 6355..1950
0th Ave .429th - Corn ris'48
/
1
4
Lincoln Hotel Props 64s'41
Park Lane Corp 655s___1964
Pennsylvania Bldg 6s__1939
Prudence-Bonds Corp
555s any maturity ser 14_ _
Unlisted Bonds (Concluded)
644
46
3
5
1712 21
79 Madison Ave Bldg 6.'48
2124-34 13waY hildgs ars- --
17
19
40
31
1412 17
57
9
10
3
23
Unlisted Stocks
Beaux Arts Apts Inc units__
Ito & stuntman num.__
Lincoln Bldg Corp v t c
Tudor City
2c1 Unit Inc units
4th Unit Inc units
5th Unit Inc units
Ask
22
18
358
3
10
12
8
6
8
28
Orders Executed on Baltimore Stock Exchange
6.S. Calvert St.
Established 1853
39 Broadway
BALTIMORE, MD.
NEW YORK
Hagerstown, Md.
Louisville, Ky.
York, Pa.
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Baltimore Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
1011
StocksPar Low
Arundel Coro
• 20
Atlantic Cot Line(Conn) 50 3151
Balt Trar]sit C com v t c .
15
lot preferred v t c
•
2
Black & Decker corn
• 221
/
4
Preferred
25 334
High Shares Low
/
4
201
317 114
314
505 18
55
739
35
215
585
115
23
216
41
/
4
15
3315
/
1
74
Range Since
Jan. 1 1935
Low
154
20
4
14
74
/
1
234
Mar
Mar
Aug
Nov
Jan
Feb
High
234 Oct
Dec
36
115 Nov
3
/ Sept
1
4
25
Dec
Aug
34
Apr 120
Mar
Jan 90
Aug
Jan 117 . Sept
11 Dec
/
4
Sept
1955 Sept
July
July 26
Sept
Sept
Feb 90
/
1
Jan 434 Dec
Feb 1631 Nov
Mfrs Finance cons v t_ _ _25
Nlerch & Miners Transp__.
Monon W PennPS7% p125
New Amsterdam Cos_ _ _ _5
Northern Central Ity_ _ _50
Penna Water di Pow cons_*
Seaboard Comm c m A.10
U 8 Fidelity & Guar
2
Western National 13ank.20
100
60
261
772
49
5
50
1,585
25
3-4
21
124
551
71
4134
2
/
1
4
24
24
34
21
1533
6
884
53
5
54
/
1
28
Oct
Nov
Jan
Mar
Mar
Jan
Apr
Jan
May
134
334
25
13
9833
90
9
1511
3451
Apr
Dec
Nov
Dec
Aug
Nov
Dec
Dec
Dec
Bonds
Bait Transit Co 4s flat 1975 1334 15 379,000
A Is flat
1975 151 16
/
4
8,400
13 5s flat
1975 8433 844 1,500
Read Drug & Chem 534s'45 101
101
6,000
13
1351
79
99
13
134
79
99
Nov 1834
Dec 1935
Sept 85
Aug 101
Aug
Dec
Dec
Nov
Boston Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales
lists
J ilLy
Week's Range
of Prices
1
Sales 1933 to
for
Noo.30
1Veek
1935
StocksPar Low
High Shares Low
Amer Pneumatic Serv Co
Common
25
24 24
100
55
6% non-cum pref._ 50
551 515
195
2
1st preferred
50 2373 2373
124 10
Amer Tel .4 Tel
100 151
/
4
1541 1,361 I 9855
Boston & Albany
100 11773 11851
45 88
Boston Elevated
100 644 644
240 55
Boston & Maine-Common stpd
100
15 13
735 8
Preferred stpd
100
34 34
40
134
Prior preferred__ ._ too 24
241
/
4
50 12/
1
4
CI A let pref stpd-100
835 9
296
315
CIA lot prof
100
74 815
190
3
Class B lot pref
100
7
755
110
3
CiDistprefstpd.1O0 1134 114
55
6
Boston Personal Prop Tr.• 141 15
/
4
175
815
Brown-Durrell Co corn-- -•
355 334
.50
11
/
4
Calumet & Ueda
25
54 61
/
1
/
4
227
Copper Range
25
54 514 2,324
East Boston Co
•
700
31
200
East Cask Fuel Amur
Common
•
335 34
529
6% rum pref
100 38
40
857
455% prior preferred 100 59
88
5911
Eastern Mass St fly
Common
100
2
2
80
1st preferred
100 35
36
14
Adjustment
100
34 3%
20
Eastern SS Lines com____•
84 9
335
2d preferred
• 55
55
5
Economy Grocery Stores_• 17
52
17
Edison Elec Ilium
100 15851 159
1,052
Rights
*is "is 39,934
Employens(Irene
• 2011 22
470
Georgian Inc(The)
CIA pref
20
1
155
295
Glicnrist Co
•
54 51
/
1
/
4
240
u Mena Safety Raso r _ _ _ _ • 161 1714
/
4
370
Hathaway Bakeries
Class 13
•
2
2
20
Preferred
• 28
28
5
lale Royale Copper____25
72c
34
600
Loew's Theatres
25 1035 1055
Maine Central
Common
100
7
7
Preferred
100 18
184
NT nca VtIlltf., v tn
. 1
“ 2
or footnotes see page 4147.
50
40
140
45()
21
/
4
3
35
Range Since
Jan. 1 1935
Low
High
14
2
1234
9873
88
5834
Mar
24 Dec
June
51 Oct
/
4
Jan 25
Nov
Mar 16011 Nov
Mar 122
Sept
Apr 7115 Aug
/
4
81
2
1251
355
3
41
/
4
6
955
134
Dec
Feb
Mar
Apr
Apr
Nov
Mar
Jan
July
255 Mar
3
Feb
70c Dec
81
/
4
3A
264
955
84
8
15
1531
5
Dee
Dec
Aug
Dec
Dee
Feb
Deo
Oct
Dec
655 Oct
534 Deo
334 July
2
3755
53
2
36
54
Mar
Oct
Oct
4
434
76c
44
33
1473
9734
614
15
5
76e
44
34
1473
9731
715
111
/
4
May
2
/
1
4
Jan 38
July
534
Apr
933
Mar 55
Apr 204
Feb 171
Dec
15a
Jan 22
54
21
/
4
7)5
35 Aug
Apr
3
1231 Mar
2
Nov
635 Nov
1915 AMC
15
1035
300
15 July
1735 May
/ Mar
1
4
215 Nov
40
Oct
154 Ott
535 Jan
1055 Dec
44 Jan
114 Jan
1
Feb
951 Oct
23
Sept
254 Aug
4
451
8
1
10c
10c
10
12c
35
%
200
31
85
86
1,329 47
39
39
9 301
/
4
150
"I6
34
16
% 65c 18,985
48c
3
45
3
1
935 913
20
333
415 473
465
' 24
/
1
10c
51
70
3555
216
28n
1
41
/
4
255
Bonds
East Mass St fly
Series A 4 3.3s
1948
gm,. it 5s __ _ _ _ _1048
70
73
4955 Jan
50
Mar
70
$5,000
754 5.350
321
/
4
34
Dec
35c
Mar
155
Jan 8814
Inn
404
Dec
153
Dec
235
Feb
4
Mar
94
/
1
Sept655
Oct
Aug
Dec
Sept
Jun
Jan
Dee
Nov
Jan
7634 Nov
8244 Nov
CHICAGO SECURITIES
37 111
111
882 454 53
/
1
39 91
10431
1,120
90
%
1,505
153
64
130
331
11
109 1511 411
/
4
96
8
2255
750
4
5
/
1
4
33
244
13
961
/
4
8733
9
1511
341
/
4
Stocks (Concluded) Par Low
High Shares Low
Low
High
Mergenthaler Linotype....
• 37
38
470 2034 24A May
411g Dec
New Eng Tel& Tel____100 1171 1191
/
4
/
4
229 75
881 Mar 1204 Dee
/
4
/
1
New River Co
Preferred
100 85
15 2455 55
85
Dec
Jan 88
NY N riaven&Harstord100
3% 31
/
4
373
254
24 Oct
834 Aug
North Butte
•
4 33e 4,761
20c
205 Apr
350 Dec
Northern RR (N II) _ __100 1061 10651
/
4
5 83
103
Feb 112
Aug
uni Colony Elk
lei. 41
4454
424 4615 41
Dec 72
June
Old Dominion
25
34 80c
5.50
4
51 Feb
155 Oct
Pennsylvania RR
50 294 301 1,242 1715
/
4
174 Mar 321 Dee
/
4
Pond Creek Pocahontas...* 22
20 10
22
19
July 27
Jan
Quincy Mining
25
70c 70c
100
4
55 Jan
11 Oct
/
4
Reece Butt Hoe Mach 10 1515 16
230
8
1331 Mar 164 July
Shawmus Assn Sr otts____• 101 114
/
4
368
651
8
Feb
12
Dec
Eitone & Webster__
_ ...• 123-4 15
613
24
24 M. r 15
Dec
Suburban Elec See e0m---•
25
151 1%
15
35 Aug
2
Oct
'4orrington 3.:o
* 90
9215
190 35
69
Jae 9515 Dec
1
Sales 1933 to
for
Nov.30
Week
1935
Ches & PT If Bait pref _100 118 119
COW301 Gas E L & Power_ _• 82
84
5% preferred
100 113 114
Davison Chemical Co_.•
/ 1
1
4
Eastern Sugar Assoc com.1 104 1135
Preferred
1 16
16
Fidelity & Deposit
20 85
89%
Fide & Guar Fire Corp_ _10 42
4211
Houston 011 preferred _100 15
154
51
324
24
114
9615
874
9
1351
34
Range Since
Jan. 1 1935
Union Copper Ld & Min_25
United Founders Corp.__1
U 81100 Mach Corp ......15
Preferred
100
Utah Apex Mining
5
Utah Metai h Tunnel.... 1
Venezuela Mexican 011..10
Waldorf System Inc
•
Warren Bros Co
•
STEIN BROS.Sz)BOYCE
Week's Range
of Prices
'Lay I
Sales 193310
for
Nov.30
Week
1935
41 Jan
/
4
5353 Aug
684 July
Oct
Nov
Oct
Deo
Dec
Jan
Nov
Dec
Aug
Listed and Unlisted
Paul FLDavis &
øk
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for
Nov 30
Jan. 1 1935
Week
1935
StocksPar Low
High Shares Low
Low
High
Abbott Laboratories com_• 100 1011
480
855 60
/
4
Jan 127
Nov
Adams (J D) Mfg corn__• 1655 1755
170
5
12
Mar 22)3 May
Adams Royalty Co corn_
6
/ 631
1
4
800
355 May
155
61 Dee
/
4
Advance Alum Castings...5
41 651 11,750
/
4
14
134 Mar
6
% Dec
Allied Products Corp el A..' 211 2234
/
4
12
Jan
450
355
364 Oct
Altorfer Bros cony pref_ __• 41
41
915
18
20
Jan 41
Dec
Amer Pub Clary Co pref_100 234 234
110
3
734 Jan 37
Nov
Armour & Co common.
.3
4% 5
1,900
311
31 Apr
/
4
615 Jan
Asbestos Mfg Co corn__..l
451 44 1,650
155
143 Mar
551 Nov
Associates Invest Co
New common
• 3013 314
/
4
Nov
1,200 081 29
361 Oct
/
4
Automatic Products nom
Jan
800
911 91
/
4
/
4
21
5
1051 Oct
Automatic Washer cony pf
•
100
23,5 235
355 Nov
3i
31 June
I3ackstay Welt Co corn_ ....e 1655
455
210
11
May
2211 Nov
19
Balaban & Katz pref_ _ _100 100 100
90 20
8753 Feb 100
July
liastlan-Bleasiug Co corn ..5
215 July
233
500
534 6
/
4
71 Oct
',tenths Aviation oom
• 2234 2334 8,950
Mar 2415 Oct
12
9%
Berta:ion Brewing Co_ _ _ .1
/
4
2
61 755 5,200
234 Jan
71 Dec
/
4
blinks Mfg Co A cony pref •
11
/
4
34 335
14 Jan
110
411 Nov
Borg Warner Corp cow 10 6215 6815 10,800 1133 2855 Jan
6815 Deo
7% preferred
100 10851 10834
100 87
1071 Oct 113
/
4
Mar
Brach & Sons(E J) cont..* 16% 16A
150
134 Jan 17% Oct
631
Brown Fence & ire
Class A
• 28;5 29
1415 Jan 3034 Oct
200 05
Class B
• 30
4
304
Jan
500 0155
331 Dec
/
4
Bruce Co(E Ll cons
• 12
12
Apr 17% Nov
5
150
Bucyrus-Monighan cl
10 10
1.534 Feb 22
191 191
/
4
/
4
Sept
Butler brothers
us
/
4
5% Aug
84 84 3,600 • 21
/
1
/
1
955 Dec
Castle & Co(A M)corn.JO
Cent III Pub Seim °ref__•
Cent Ill Seciir common _ _I
Convertible preferred...*
Central SCommon
1
•
Prior lien prof
Preferred
Central State Pow .tc Lt Df *
Chain Belt Co corn
•
Cherry Burrell Corp com_•
Chicago Corp common
•
Preferred
•
Chic Flexible Shaft corn_ _5
Chicago Mall Order com _ _5
Chit,& No West By cornI00
Chic Rivet & Mach cap f
Chin Yellow Cab Int cap.*
Cities service Co corn .
•
Club Aluminum Uten Co.•
Coleman Lamp dr St com-•
Commonwealth Edison 100
Consumers Co
Common
5
Continental Steel
Common
Cord Corp cap stook
II
Crane Co common
25
Preferred
1111_.
Cudahy Packing Co Pf 10
0
Curtis Lighting Ins corn.."
•
Dayton Rubber Nth; corn_•
Cumul cl A prof
35
Deep Rock Oil cony pref__*
De Mets Inc preference..
Dexter Co (The) tom... _5
Econ-Cun'hara Drug corn
Eddy Pap Corp(The) come
Elea Household UM cap-5
Elgin Nati watch Co_ ....l5
FitzSims & Con D&Deom
414 424
53
55
1
134
134 1351
/
1
114
42
18
635
3651
41
434
4254
3311
32
234
25
1334
21
/
4
3
,14'
31
9534
Si
250
1.510
200
100
3,,
155 5.750 I
2
750
4931
2
23
510
60
151
655
100 14
3651
100
41
5
455 8,900
1
4435
950 2044
150
31
7
350
3251
811
155
650
24
43,3
251
/
4
70
5,150
1855
933
4-3
334 32,600
400
333
31
31
100
51
/
4
7,550 301
9651
/
4
/
1
4
900
3951 4135 2,450
41 .533 11,100
/
4
2534 2615 5,050
11815 120
170
108 108%
350
304 304
50
9%
1911
8
1914
9
/
1
4
17
29
161(
3011
16
10
1031
Si
511
104
2055
8
19%
9%
1715
2955
171
/
4
31
17
6,900
1.400
100
30
80
300
320
950
.550
400
3-3
5
2
5
53
90
2
215
4155
3
12
3
/
1
4
41
/
4
6
fi 4
855
1715
1314
/
1
4
715
Jan
Jan
Jan
Feb
46
5931
11
/
4
1553
Nov
Nov
Nov
Nov
54 Jan
121 Jan
/
4
314 Mar
14 Jan
21)3 Jan
1815 Jan
1
Apt
29
Jan
131 Jan
/
4
1533 Mar
11 June
/
4
13
Mar
934 May
34 Am.
Pi May
1734 Apr
47
Jan
2
51
251
/
4
12
40
41
41
/
4
4633
3635
35
515
2755
1835
3
/
1
4
4
33
98
Nov
Nov
Nov
Aug
Dec
Dec
Nov
Nov
Oct
Nov
Jan
Nov
Dec
Nov
Deo
Nov
Oct
34 Feb
115 Sept
6
Feb 43
Nov
2
Mar
5% Deo
7
Mar 2715 Dee
83
Jan 120
Dec
10435 Oct 10811 Deo
Jan
2
34 Dec
215
81
/
4
3
1833
455
17
1335
12
144
81
/
4
May
May
May
Jan
Jan
Dec
Jan
Apr
Feb
Jan
194
2135
9
2031
10
1755
31
184
/
1
32
181
/
4
Nov
Nov
Nov
Nov
Oct
Dec
Dec
Nov
Oct
Oct
4145
Financial Chronicle
Metrop Ind Co allot airs__
MIckelberry's Food Proci1
Common
Middle West Utilities
Common
•
$6 cony Prof A
Midland United Co
Common
•
Cony preferred A
alidland Util100
6% prior lien
100
7% prior lien
100
6% preferred A
100
7% preferred A
•
Miller & Hart cony prof,
•
Medina Mfg corn
Monroe Chemical
•
Common
•
Preferred
38
28
584
57
1%
25%
12
62
26
Rath Packing Co corn_ _10
Raytheon Mfg
50c
Common v t o
6
6%profcrredvto
Reliance atig Co com_10
Rollins Hosiery NI cony pf•
Sangamo Electric Co com •
Signoile Steel Strap Co
•
Common
30
Preferred
•
Steel Cstgs corn._ _
Shryer
Standard Dredge
•
Common
Convertible preferred..
15
Swift International
25
Swift & Co
Jan 284
Oct 114
Jan 24
30%
Ma
741
May
8%
Oct
124
Sep
20
July
3135
Ma
10%
Sep
Jan 102
70
Feb
30
Fe
May
May
Oct
Dec
Oct
Nov
Dec
Nov
Dec
Dec
Dec
Dec
Dec
1534
3115
335
3
6
724
22
31
34
25
Jan
Sep
Jan
Jan
Jan
Aug
Mar
July
Jan
Oct
50
4035
10
13%
40%
82%
804
234
335
46
Bonds
Chicago City Rys 5s ctfs'27
Oct
May
Dec
Dec
Nov
Dec
Dec
Jan
Dec
Nov
6
5
Feb
Mar
I
4
51
334
34
Jan
Jan
Mar
Sept
Oct
Ma
Ma
Jan
Ma
Jan
Apr
Oct
Ma
De
Jan
July
41
31
6034
57
4
33
144
684
64
27
15
Wire System-First Boston Corporation
Cincinnati Stock Exchange
from official sales lists
Dec. 21 to Dec. 27, both inclusive, compiled
July 5
Range Since
Week's Range Sales 1933 to
Jan. 1 1933
Nov.30
for
of Prices
1935
Week
Nov
Nov
Aug
Dec
Nov
Jan
Nov
Nov
Oct
Nov
Dee
10
Jan
22
934
1%
2
45
st
Apr34
34
2%
% 31,050
950
235
116
34
34 Jan
Si Mar
%
135
1,350
120
34
34
4 Jan
Si Apr
10
10
100
70
300
50
34
34
34
34
134
7
Apr
Apr
Mar
Mar
Jun(
Jan
2
Dec
234 Aug
134 Aug
Deo
44 Nov
39
Dec
834 10
504 5035
180
30
2
204
500
431
6
Mar
1434 Nov
700
50
2,600
200
34
34
34
4
6
A'
Aug
Feb
Mar
Ma
Aug
1 34 Aug
424 Dec
135 Jan
17
34
10
264
Si
1334
235
3%
534
Feb
Ma
Apr
Feb
Ma
Jan
Jan
100 23% 24
Champ Paper
100 10535 10535
Preferred
* 1234 1335
Churngold
14
•
134
pre(
Cin Ball Crank
102
CM Gas & Elec pref.__ _100 101
535 554
Cincinnati Street Ry _ _ __50
8835
Cincinnati Telephone_ __50 86
8
6
50
Cln Tobacco Ware
Yard_ __. 234 234
Cin Union Stock
• 175-4 174
Crosely Radio
•
731
734
Dow Drug
3-4 Aug
234 Deo
14 114
14 14
31
34
134 2
2% 3
38
38
High
Par Low
Stocks94 93-4
Aluminum Industries_ _ _ _•
Amer. Laundry Mach___20 194 20
2% 235
•
Amer. Products
90
160 90
Baldwin preferred
Si Aug
34 Oct
34
1%
5% Dec
37
Aug
Nov
34% Nov
534 Oct
11
Dec
2034 Nov
rs
570
50
1,750
650
400
2,350
1,050
1%
24
3
30
250
650
1.870
750
300
250
100
2,650
4
54
5335
103%
1124
450
300
170
10
52%
5235
103
1123i
Oct
6% Jan
42% Jan
3
Ma
4% May
2
3
274 28
14 24
1734 174
3735 39
2.4 3
3
3
234
2
36
4
31
34
4
11
1634
11
Jan
Jan
Ma
Fe
Jan
Jun
Sep
11
54
Oct
Sept
32
10
Dec
Deo
28
235
204
44
43-4
435
,
43i
Nov
Dec
Nov
Oct
Nov
Oct
A pr
14
34
8
31
4
14
135
914
9
28
38
16%
1634
61%
7334
Jan 56% Oct
Jan 5634 Oct
Jan 1054 Nov
July
Jan 115
120 106
320 I 11
28
33
Jan 141
Fab 148
Nov
July
150
17
Dec
30
Jan
Apr
Jan
Feb
Apr
Jan
334 Dec
Dec
16
Oct
18
Nov
38
Dec
134 Jan
1134 Jar
5
Mar
12
Aug
3734 Aug
184 Oct
400
34
1%
750
1,250 19%
6,050 • 11
34
335
274
144X
Mar
Mar
Sep
May
4% Oct
1734 Oct
36
Feb
224 Dec
44
534
44
4
%
Mar
Mar
Mar
Mar
Nov
534 Nov
1% Aug
4% Aug
Jan
1734 Dec
34
21
hi
4 .1
130% 135
142 14234
1934 20
14 335
135 234
134 154
154
14
3735
37
9
94
27
27
1434 15
20
4,670
2,570
1,550
60
70
10
220
3% 34
143i 14%
1434
3234 33
2134 2235
For footnotes see ',age 4147.
8%
4
so
1%
6%
3
Si
Si
4
94
8
834
34
1
334
200
400
1.300
1,300
1634
80
635
1735
33
54
3231
15
142
23
113.4
434
50
150
1,400
1,000
2,360
140
250
300
3,650
15
31
1
264
34
127
11
24
2
a
3'
34
24
154
5634
93'
2%
114
20
Jan
354
Jan
(134
Apr
June 334
135
Oct
Jan 14334
Feb 23
14
Mar
June
o
74% June
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
8% Oct
4135 July
9
18%
51
224
A
22
651
60
Si
20
Jan
62
36
72% 72% $1.000
High
334, Nov
1434 Nov
Members Cincinnati Stock Exchanne
UNION TRUST BLDG., CINCINNATI
Dec
474 Dec
635 Nov
84 Dec
7
26
Low
Si Slay
14 Apr
BALLINGER & CO.
435 Nov
30
Deo
1034 Nov
H July
Range Since
Jan, 1 1933
High Shares Low
Stocks (Concluded) Par Low
150
Si
134 14
Yates-Amer Mach r,t pf..•
134
Zenith Radio Corp com-• 1334 1435 4,550
124 15
8
Thompson (J K) corn.
334
Utah Radio Product come
•
Utli & Ind Corp corn
34
•
Convertible pref
Viking Pump (20
• 1634
Common
Vortex Cup Co
• 1735
Common
• 33
Class A
5
•
Wahl Co corn
Walgreen Co common_ _ _• 3134
Si
Stock purchase warrants
Ward(Montgom)& Co cl A* 141
Wieboldt Stores Inc corns 223.4
-Matic com• 11
Wililams-011-0
43.4
WhiconsinBankshares com•
154
64
17%
17
4
5%
10
16
6%
5
60
30
1331
2
80
1,050
10 243p
200 1235
6,780
34
100 22
64
2,650
1,400 2 8%
10.80
34
250 20
Nachman Sorinefleld corn* 1135 12
Natl Elea Pow
•
Si
Si
Class A corn
7% cum preferred_ _ _100
Si
Si
Nati Gypeurn el A coin_ 5 404 414
14 14
National Leather corn. .._b0
Nat'l Republic Invest Tr
5%
5
•
Cum cony preferred
32
National Standard com
• 32
Nat'l Union Radio corn..1
%
44
Noblitt-Hparks Ind corn_• 31% 3231
3% 34
•
North Amer Car corn
0% 10%
•
Northwest Eanoorp oom_.
1634
Northwest Eng Co corn _• Hi
Northwest UtilPrior lien preferred_ 100 264 27
94 9%
Ostikoelz Overall Co corn*
Parker Pen (The) com_10
Peabody Coal Co B corn_ _•
Penn Gas & Eleo corn__•
Perfect Circle (The) Co__
Pities Winterfront com___5
•
Potter Co (The) com
Prima Co corn
•
Public Service of Nor lii•
Common
Common
60
100
6% preferred
100
7% preferred
quaker Oats Co•
Cunintoa
100
Preferred
High
394 Dec
74X• Jan
July 1
1933 to
Nov.30
1935
Sales
for
Week
Aug
Juno
Dec
Dec
Jan
May
Dec
Nov
Nov
735
20
• 2235
• 2935
14
*
8
12
• 43
• 21
100 8935
40 19
• 2635
50 102
Eagle-Picher Lead
Formica Insulation
Gibson Art
Hatfield-Campbell
Hatfield prior pref
Hobart class "A"
Julian & Kokenge
Kahn 1st pref
Kroger
Little Miami Guar
Magnavox Ltd
Moores "A"
National Pumps
P&G
Randall "B"
Rapid
U S Playing Card
U S Printing
Prafarrn4
2 50
•
•
•
•
•
10
•
150
GI
Q.
...
Q
10.4..-.1
w
No-.OWN
IWO,WW0 WO.W.a
WWZW ,
.W00..00000 COM...
Low
Feb
17
1% Oct
High Shares Low
Stocks (Continued) Par Low
9i4
11
Gardner Denver Co com_. 3934 3935
141
335 4;i 17,550
Gen Household Util coin_•
Sugars IneGodchaux
210 10
234
• 22
Class A
3%
100
834
8
•
Class B
835
400
Goldblatt Bros Ino corn _• 2234 2335
3,950 12%
29
Great Lakes D & D com • 28
34
150
Hall Printing Co cam_ _ _10 .5% 6
64
7% 8% 1,750
Heileman 13rew Co G cap.1
800 10
• 113.4 124
Horders Inc com
150 16
Hormel & Co (Geo) corn A• 1735 1834
24
Houdallle-Heraney CI B _• 2934 304 3,650
34
55
25
8% 9
Illinois Brick Co
10 424
III North Uttl Co Pref._100 102 102
9
1
-• 674 674
Independent Tool v t
331
40
• 274 28
Iron Fireman Mfg v t a
73 14 7
Kalamazoo Stove com___• 434 45
30
3335
1 33
Rats Drug Co corn
14
10
834 834
Kellogg Switchboard comb0
134
Ken-Rad T & Lamp oom A• 124 134 2,50
30
3735
50 35
KY util jr cum met
4
723i
100 8234 8234
6% preferred
1,55
74
75
• 74
Keystone Sti & wire corn.
135
250
1
Kingsbury Brew Co cap...1
27
,
235 24
31
La sane Ext Unit com_5
230 21
31
Lawbeck Corp6%cumpf100 29
Leath & Co
500
24 3
•
Si
Common
3
150
* 26
2835
Cumul preferred
1,550
9%
9
' 234
Libby McNeil& Libby__ it
Lincoln Prtg Co
34
7% 835 2,400
Common
•
130
50 3834 394
7% preferred
2
100
54 535
10
Lindsay Light corn
3
450
734
734
Lion Oil Kenning Co com-•
Loudon Packing
100 e234
7
7
•
New corn
200 26
5 33
3334
Lynch Corp corn
• 3735
McCord Rad & Mfg A
5 2734
McGraw Electric oom
MeQuay-Norris Mfg corn• 534
McWilliams Dredg Co_ _• 55
Wanhattan-Dearborn corn. 1 134
• 25
Mapes Cons Mfg cap_
Marshall Field common_• '10%
• 6034
Masonite Corp com
Mer & Mfrs Sec cl A com..1 IS
• 2434
Prior preferred
Week's Range
of Prices
Range Since
Jan, 1 1935
74
2235
29%
14
8
4334
21
8935
19
2635
102
23.4 2%
3% 34
134
,
13
453.4 4534
535
535
47
47
334 35
534 6
21
20
Low
534
1 104
1
49
Low
54 July
1235 Mar
Nov
2
Apr
80
High
Sept
11
Oct
24
334 Star
Aug
90
Sept 2715
20 20
1011, 10035 Sept 1074
4
1435
235 Jan
1
235
15-4 Dec
134
62 7234 Jan 103
8%
24 Apr
,
235
604 624 Jan 91
8
Nov
5
5
Feb 28
1634 21
7 1234 Sept19
1
9
.534 July
2
Nov
Nov
Nov
Jan
Nov
Dec
Aug
Dec
Slay
Dec
Jar
835
Mar
Mar 23
Jan 31
134
Feb
9
Aug
Feb 46
Feb23
Apr 94
June 1934
May 32
Feb105
Not
Dec
NON
Dec
Dec
Nov
Dec
Dec
Dec
Aug
Aug
2%
,
335
24
5335
735
493-4
39
74
25
Nov
Din
Aug
Juli
Mai
Noi
Mai
Mai
Jun,
W
bDWNW
.C, 14W
0.00WWWWV.000
July 1
Week's Range Sales 1933 to
Nov.30
for
of Prices
1935
Week
Ng>
•-• t.,
......Q0
oWN
,
,
0 1-40T. 0Ww0
Volume 141
335
334
94
8
164
TA
134
1
7
7
2235 27
4 10
50 65
10 104
19 2334
75 100
1
10
1
3'5
34
34
3334
234
12
14534
2
44
,
35
2
1
4334
4
274
294
3
10
Jan
Ma
Apr
Jan
Oct
Jan
Jan
Jan
Jan
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
WOODeo.
G L
Union Trust Building, Cleveland
A. T. & T. CLEV. 595
Telephone CHerry 5050
Cleveland Stock Exchange
official sales lists
Dec. 21 to Dec. 27, both inclusive, compiled from
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1933
Nov.30
for
of Prices
1935
Week
Par Low
Stocks• 17
Allen Industries Inc
• 3934
Preferred
• 11
Apex Electric Slfg
• 1334
City Ice & Fuel
434
Cleveland Builders Realty.'
_• 53
Cleve-Cliffs Iron pref
100 62
Cleveland Ry
Certificates of deposit100 6035
• 1935
Cliffs Corp v t c
.• 61%
Electric Controller & Mfg
•
sy,
Foote-Burt
High Shares Low
194 2,650 17
50 17%
3934
3%
26
1131
222 12
134
1
200
434
500 15
5435
10 3535
62
241 3435
62
5
2034 4,086
250 1435
6135
4
120
93-4
Low
Dec
17
Apr
39
Jan
4
Oct
12
2% Oct
Mar
15
5335 Apr
Apr
50
Apr
5
Jan
21
Jan
5
High
193i Dec
Feb
45
13% Nov
24% May
43.4 Nov
5735 Dec
Nov
68
Nov
67
Nov
23
6335 Dec
1135 Nov
Goodyear Tire & Rubber_• 21% 214,
13
Great Lakes Towing. _.t00 13
40
100 40
Preferred
37
Greif Bros Cooperage A _ _• 36
Hanna (II A)$7 cum pref • 103% 103%
• 104 104
Jaeger Machine
Kelley Island Lim & Tra.s_ * 2235 224
434 435
•
Lamson & Sessions
• 10
10
Leland Electric
100 5134 214 Dec 2134 Dec
Apr
14
18 124 124 May
May
Jan 50
101 34% 40
Dec
Jan 37
27
16
320
10 10035 10035 Sept 1044 Nov
44 Jan 114 Oct
30 11 1
Jan 2435 Oct
11
634
100
54 Nov
24 May
235
75
435 May 13% Oct
3
100
McKee(AG)class B____•
Medu.sa Portland Cement•
'Metropolitan Pay Brick__•
Miller Wholesale Drug__•
•
Murray Ohio Mfg
•
!Monarch Machine
25
National Refining
Preferred
100
•
National Tile
50
National Tool
Nestle LeStur cum cl A _ __•
2235
17
635
15
%
191
18
735
65
834
333
,
535
Dec
June
June
Nov
Oct
Dec
Apr
May
Nov
Sept
Jan
2135
15
5
1334
174
18
435
52
651
234
24
2115
15%
5
144
1814
18
435
52
7
24
34
155
250
100
155
310
59
26
25
601
100
100
135
3
231
124
24
40
1
9
12
2
34
3
1235
234
40
1
3-5
2
Jan
Jan
Jan
Feb
Mar
Sep
Mar
Sept
Ma
June
Sep
• 2935
Ohio Brass B
6% cum'preferred_,i00 105
• 23
Patterson-Sargent
• 56%
Richman Bros
•
135
SelberlIng Rubber
535
8% corn preferred___100
1 12%
SM A Corp
2935
105
23
5714
24
6
12%
117
68
206
252
880
82
26
10
48
104
38
1
3
84
19
96
19
46
1
3
9
Sept
Jan 33
Mar 10535 Nov
Nov
Apr 28
Dec
May 60
Jan
3
June
Nov
9
Aug
1434 Oct
Jan
5
31
1
4146
Financial Chronicle
J WY
Week's Range
of Prices
Stocks (Concluded) Par Low
Stouffer class A
• 32
Trumb-Cliffs F cum pfd100 102
Truscon Steel 7% pre(_100 77
Weinberger Drug Inc _ _ _ _. 16
West Rai lava‘7., or Tref100 50
1
Sales 1933 to
for Nov.30
Week
1935
High Shares Low
32
10
9%
10234
75 60
78
37 25
17
102
7
50
200 20
Range Since
Jan. 1 1935
Week's Range
of Prices
Low
High
20
Jan 33
Nov
95
Jan 10234 Dec
25
Apr 83
Dec
1254 Jan 17
Dec
20
Jan 50
Dec
WATLING,LERCHEN oSt HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for
Nov.30
Jan. I 1935
Week
1935
Cl
4 4
NOMM..M
VM=0.[
.
..N
4• M
064
3
51
1434
2034
5%
7
44
7454
1754
5
5%
6%
25%
1634
1255
5%
7
234
134
51
15
4554
2
c44 M44
COMMWRM M ,
MOOM.1.)00W00..)
,
000MOWMO,
M.1.000
2%
51
13%
1934
534
634
4334
7234
1754
434
5
634
25
16%
1131
431.,
6%
2%
51
%
15
4534
.MM MO.,MO
...0.0MVMM0
U
,CAN
4
McAleer Mfg corn
•
Mich Sugar com
*
Motor Wheel corn
5
Murray Corp corn
10
Midwest Abr
a
Packard Motors com
*
Parke-Davis & Co
•
Parker-Rust-Proof cora...*
I Miter Brew corn
•
Reo Motor Car corn
5
Rickel (11 W)
2
River Raisin Paper
•
Scotten-Dillon corn
10
Stearns corn
•
Timken-Detroit com_ - _ _10
Tivoli Brew corn
1
Universal Cooler A
•
B
*
Warner Air Corp
1
Whitman & Barnes com2.50
Wolverine Tube corn
Young(LA)S & Wire_*
Low
1
651
t 634
1 104
4
634
51
1 55
1
%
751
1 6%
254
3
254
I 1
351
I 134
3
1
21 6
1 10%
1
1
21
%
192
54
1351
3%
3
2%
z 1634
2 36
la 2
2
231
1
1734
451
3
1%
151
55c
%
%
4
103-',
Low
1
Sept
6% Mar
25
Feb
14
Apr
Feb
4
1234 Jan
51 Mar
65
Mar
Feb
1
%
Mar
734 Dec
1054 Mar
5% Feb
3% Mar
3% Mar
234 June
31% June
154 June
3% June
3% Feb
634 Mar
20
Mar
51 Aug
1%
%
754
5
3
33.4
33
40
7,34
2%
23',
2%
2051
734
41%
1%
334
1
34
%
12
1851
June
Apr
Mar
Mar
Aug
Apr
Jan
Sept
May
Feb
Feb
Jan
Jan
Mar
Mar
Sent
Feb
Apr
July
Oct
July
Mar
Mph
Jan
2
43
Dec
Nov
53
2754 Nov
Dec
23
2554 Oct
2% Nov
12734 Dec
534 Nov
351 Nov
851 Dec
1454 Aug
Oct
20
11% Nov
834 Dec
434 Jan
Dec
7
454 Oct
Oct
7
1234 Dec
17t4 Oct
2734 Nov
654 Dec
434
1%
1454
2134
654
754
47
80
19
53.1
5%
634
27
17
12%
5%
7%
23-1
134
1%
17
Si
Oct
May
Oct
Nov
Nov
Oct
July
Nov
Dec
Dec
Dec
Nov
Nov
Dec
Dec
Dec
Nov
Nov
Nov
May
Aug
Dec
Los Angeles Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
A
W.
Range Since
Jan. 1 1935
Low
Low
High
15c
450 Dec
1.05 Jan
2
2% Sept
Apr
4
194
5% Nov
234 Oct
42
60
Jan 97
Dec
4c
4o Oct
240 Feb
6c
10c Sept
60c Feb
Sc
80 Oct 57340 Feb
20
20
Jan 31
Dec
1
634 Mar 2351 Nov
1
1.10 Dec
354 Feb
1 2634 31% Mar 92
Dec
18
19% Apr 33
Aug
July
10
734
16% Nov
1 634
ON Mar 11% Dec
90c
1.10 Feb
351 Dec
4%
451 Mar 15% Dec
1 1154
1954 Mar 54
Dec
214
7
Jan 15A Nov
10c
100 Sept
140 Apr
275
340
Jan 440
Dec
ii
274 Sept
26
334 Dec
Mar 5934 Nov
2234 27
454
4% Mar 1354 Nov
5
551 July
10
Dec
1 15% 16% Mar 26
Jan
2
NN
1894
Sc
80c
Ilc
854
234
111
3
60c
17c
55c
751
19
1351
11%
1034
30%
29%
2634
19
1834
11%
BP. 00
MN.W.W .
M4>14,
70...M
Hancock Oil A corn
* 18%
Jade Oil Co
1
8c
Khmer A trpl & Motor_
1
60c
Langendorf Un Bak 13._ *
11c
1.ockheed Aircraft Corp.-1
731
Los Ang Indust Inc
2
251
Los Ang G & E 6% pref 100 111
NIenasco Mfg
1
2%
Mascot Oil Co
1
60e
Nordon Corp
15c
5
Oceanic-011 Co
550
1
Pacific Clay Products_ _ _ _.
754
Pacific Fiance Corp
10 1854
Preferred A
10 13
Preferred C
10 1151
Preferred D
10 10%
Pacific Gas & Elec Co -25 3034
6% 1st preferred
25 29
554% 1st preferred-25 2631
Pacific Indemnity Co._ _10 18K
Pacific Pub Serv 1st pref... 18%
Pacific Western Oil
• 11%
17,,,,,h11,.. Pat rnlaitm (7n In
1
21
For footnotes see page 4147.
N1.01
MI410;01
StocksPar Low
High
Ambassador Petroleum_ _1
45c
45c
Bandini Petroleum
1
354
334
liolsa Chica 011A
10
554 534
Broadwy Dy.ptStlst pref100 9634 97
Buckeye Union Oil v t c-1
Sc
Sc
Preferred
1
10c
10c
Preferred v t c
1
9c
10c
California Bank
25 31
31
Central Investment -...100 22
22
Chapman's Ice Cream--..•
1.10 1.20
Chrysler Corp
5 92
92
Citizens Nail Tr & Say_ _20 28% 29
Claude Neon Elec Pr d * 14
14%
Consolidated 011 Corp_' 11% 113-4
Consolidated Steel
•
2% 351
Preferred
• 14
15%
Douglas Aircraft Inc
• 4534 54
Emsco Der & Equip Co.._5 13% 14%
Exeter 011 Co A
1
100
10c
Farmers & Mer Nail Bk100 450 450
Foster & Klelser Co- _ _ _10
354 3%
General Motors
• 56% 5654
Cladding alcBean St Co-* 11% 11%
Globe Grain & Mill Co_ _25
9
Goodyr T & R (Akron)---* 20% 20%
.10..N.
.
,
b2
1 3000 Mmw,
,
E888888888888888;1888888 88888.,888888888888888888a
Week's Range sales 1‘ to
433
of Prices
for
Nov.30
Week
1935
5
lc
10c
Sc
90c
50c
7394
19c
6c
35c
254
634
9
63.4
8
1 123.4
a 18%
26 1634
734
154
2 5
1 Le
954 Jan 22%
20 Jan
14c
38c Jan
800
90 Oct
80c
1.10 Jan
83-4
600 Feb
2%
81
%
Jan 1141
2% Dec
351
260 Jan
650
7c June
290
350 Jan
600
25.1 Jan
774
9% Jan 22
10% Jan
14
9
Jan
1154
934 Jan
11
1334 Feb 30%
2034 Feb 2954
1834 Feb 27
854 Jan
19
734 Jan
2051
734 Jan
111
%
111Z
Stocks (Concluded) Par Low
Rice Ranch 011 Co
1
Sc
Samson Corp B corn
•
37e
6% preferred
10
294
Security-First Nati Bk 2) 4931
Security Co units
* 43
Sierra Trading Corp_25c
2c
Signal 011 AG Gas A com_ _ _a
11
Sou Calif Edison Co_ _ _ _25 24
6% preferred
25 2754
554% preferred
25 25%
Southern Pacific Co._ _100 2254
Standard 011 of Calif
a 37
Taylor Milling Corp
5 1734
Transamerica Corp
* 1234
Union Oil of Calif
25 22
Universal Cons Oil Co_ _ _10
851
Weber Chowcse & Fix pref•
451
Wellington Oil Co
1
4%
Mining
Calumet Mines Co__ _ _10c
Zenda Gold Mining Co.1
Detroit Stock Exchange
StocksPar Low
High
Auto City Brew com
1
1%
1%
Baldwin Rubber A
* 3934 43
Briggs Mfg corn
• 53
53
Burroughs Add Mach_ _ _ _* 24% 241
%
Capital City Prod corn '21
21%
Consolidated Paper com_10 22
22
Continental Motors corn_ _*
254 251
Detroit Edison com_ _ _ _100 125 12734
Detroit Forging corn
•
4% 451
Detroit Mich Stove com I
5
Detroit Paper Prod cora _ _*
751
83-',
Eureka Vacuum
5 1234 1234
Ex-CII-0 Air con)
3 1754 1834
Federal Mogul corn
* 10
1055
Federal Motor Truck com•
7
7
Federal Screw Works corn *
4
4
Goebel Brew com
1
634 7
Graham-Paige Mtn com_l
3
3
Hall Lamp corn
•
5.54 6
Hoover Steel Ball com_10 1131 11%
Hudson Motor Car
• 18% 1634
Kresge (58) corn
10 24% 24%
Lakey Fdry & Mach com.1
554 6
Dec. 28 1935
A 'In
213A
May
Dec
Dec
Fob
Dec
Dec
Dec
Dec
Dec
Dec
Apr
Nov
Aug
Aug
Aug
Dec
Dec
Nov
Oct
Aug
Nov
Dec
A.1
Jut/ I
Sales 1933 to
for
Nov.30
Week
1935
High Shares Low
5c 2,000
18c
37c
30
350
234
100
2
50
1,700 25
4334
81 13
2c 12,000
lc
11
100
151
1,000' 10g4
2434
6002 1534
2751
26
800 1434
2354
400 I 1251
3834 1,400 2654
200
1734
8
1334 14,400
434
22% 5,900 1 1154
854
1,400 27 1.20
451
40
33-4
434
4,900
50c
6340
Sc
7c
Sc
Unlisted
American Tel Jr Tel _ _ _100 15234 15494
Aviation Corp(Del)
5
5
551
Cities Service
*
251
334
Cord Corp
5
5% 551
General Electric
* 3654 3654
Montgomery Ward
a 3851 38%
Packard 'Motor Car Co_ - _*
634 674
Radio Corp of A merlon_ _ _* 1154 1234
Tide Water Assoc 011_ _ _ _a
14% 14%
w,,,,,,, 1*,•,-.7 IntlIroct
,
,
S
n,.g
nu
3,000
9,000
3c
Sc
160 3
900'
1.900
200 a
100 6
200 1
100
3.700'
600 2
6
son 1
9834
234
92
2
18
1531
234
4
754
912
Range Since
Jan. 1 1935
Low
5c Dec
37c Aug
2
Nov
33
Apr
1554 Mar
lc Oct
554 Mar
10% Mar
1734 Jan
1634 Jan
1351 Mar
2851 Mar
11
Jan
474 Mar
15
Jan
2
Jan
5
July
55c May
High
45c Jan
38c May
3 June
5034 Dec
46
Nov
2c Oct
15
July
2034 Nov
2834 Oct
263", Oct
2551 Dec
3851 Nov
Sept
21
1351 Nov
22% Dec
934 Nov
5
July
554 Dec
30 July 13340 Jan
4340 Dec
22c Jan
9951
354
94
2%
21%
22
334
43.4
854
v12
Mar 160
Mar
554
Mar
354
June
551
Mar 40%
Mar 4034
Mar
754
Apr 13%
Apr
1451
xfsr
111 3/
Nov
Jan
Nov
Be
Nov
De
Oct
De
Dec
rwr
Established 1874
DeHaven Sa. Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Philadelphia Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Week's Range
of Prices
StocksPar Low
American Stores
• 33%
Bankers Securities pref _ _50 23
Bell Tel Coot Pa met_ -100 12034
Budd (E G) Mfg Co
*
834
Rights
2
Budd Wheel Co
• 1254
Electric Storage Battery100 55
Horn &Harden(Phil)coma 10731
Lehigh Coal & Navigation •
ON
Lehigh Valley
50
831
Mitten Bk Sec Corp pre 25
1%
5J U3 I
Sales 1933 to
for
Nov.30
Week
1935
High Shares Low
Low
High
3451
745 3354 33
Oct
4254 Jan
24
625
551
11
Feb 24
Dec
12354
289 10951 11434 Apr 12451 Dec
9
422
3
954 Dec
334 Mar
254 1,097 1
51
54 Sept
334 Nov
510 1 2
1334
234 Mar 1434 Nov
5
611 3334 4034 May 59
634
Nov
109
16 68
8134 Feb 109
Dec
4.134
634
5
831 A ug
434 Oct
854
295' 5
554 Mar 1154 Jan
151
287
34
51 Aug
234 Nov
Pennroad Corp v t c
•
354
334
Pennsylvania RR
51) 2934 3054
Penne Salt Mfg
50 11451 116
Phila Elec of Pa $5 pref.__* 11531 11534
Phila Elec Power pref _ _ _25 333-4 3351
PIAUI Rapid Transit__ _50
3
334
7% preferred
50
851 934
Plaila & Read Coal & Iron_•
251
234
Philadelphia Traction_ _50
974 1094
Scott Paper
• 8734 87%
2.6762
2,404 1
1133 2
89
374
135
367 1
185'
2,041
11
T n pah-Belmont Devel_l
'vs
34
Tonopah Mining
1
7111
I6
Union Traction
50
454
4
United Gas Impt com___* 18% 1734
Preferred
• 10754 108
US Dairy class It
*
51
51
Westmoreland Coal
•
794
734
1,395
354
3,697 1 934
96 1 8254
5.000
54
51
451
Bonds
Cleo & Peoples tr ctfs 45'45
(1)-, I_.*. man
Range Since
Jan. 1 1935
67
5
850 2
131
154 Mar
431 Nov
1751
1751 Mar 3234 Dec
42% 70
Mar 11734 Nov
90
10374 Jan 11551 Dec
2934 3154 Mar 34% Aug
151
454 Nov
134 Mar
3
Nov
334 Mar 10
151
134 June
434 Jan
934
974 Oct 2254 Jan
3734 58
Jan 91
Dec
'16
M
954 1034 $90,000
9
119
1110 210412
119
i,
, May
'16 Feb
% Feb
134 Apr
3% Mar
674 Jan
934 Feb
1854 Nov
8754 Feb 110
Nov
54 July
51 Dec
534 July
1054 Oct
9
Nov
1111U Xtr.,,
21
11212
Jan
1,1,
Pittsburgh Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales
lists
July 1
Ireek's Range Sales 1933 to
Range Since
of Prices
for
Nov.30
Jan. 1 1935
Week
1935
StocksPar Low
Arkansas Nat Gas pref_100
734
Armstrong Cork corn
• 45
Blaw-Knox
* 14%
Carnegie Metals
3%
1
Columbia Gas & Elec Co_ _
13
Devonian 011
10 16%
Duquesne Brewing Co_ _..5
7
High Shares Low
30 2 I%
751
46
920 2 13
15%
504
6
4
3,050
90c
14%
275 1 3%
1615
100
8
7
300•1
Low
2
Mar
17
Mar
974 Mar
154 Jan
334 Mar
10% Jan
35j Jan
Electric Products
*
Follansbee Bros pref, _ _100
Ft Pittsburgh Brewing. 1
Ilarb-Walker Refrac corn.'
Koppers Gas & Coke p1_100
Lone Star Gas Co
•
McKinney Mfg Co
•
Mesta Machine Co
5
Mountain Fuel supply---Natl Fireproofing pref-100
4
15
1
27%
9654
951
1
38%
454
1
4
1631
134
2734
9854
9%
1
3854
4%
1%
100
2
415
5
4,950
151
70 1 12
270 54
2,313
451
765
1
60 1 85i
3,649
4%
525
80c
2
8
1
1654
73
4%
50o
24%
4%
80o
Jan
5
Apr 17
Dec
254
Mar 28
Mar 100
Mar
11
Dec
1%
Jan
4154
Nov
5%
Nov
2
Phoenlx 011
250
Pittsburgh Brewing Co.-.5
.
Preferred
Pittsburgh Forging Co. l
Pittsburgh 011 & Gas
5
Pittsburgh Plate Glass_ 25
Pittsburgh Screw & Bolt -•
Plymouth 011 Co
5
Ruud Mfg Co
5
Shamrock Oil & Gas
•
Standard Steel Spring---•
United Engine & Fdry--
2c
2%
1531
7
1
92
8%
12
14
2%
18%
29%
2c 15,000
2c
3
320
1%
1854
415 15
7
100
2
1
100
1
92
4 a 30%
954 2,172 1 434
114 1 6%
1251
15
280
7
4,147
3
75e
99'
18%
8
995 18%
29%
20
2
15
254
1
4751
5%
9
7
750
9
1831
Nov
50 May
Jan
4
May
Mar
2554 Apr
Mar
751 Dec
Ayr
134 Des
Apr 10034 Nov
Mar
951 Dec
May
12% Nov
Feb
16
Nov
Jan
3
July
Feb
18% Dec
July
3154 Dec
High
734 Deo
46
Dee
1734 Nov
554 Oct
15% Oct
1654 Dec
8
Apr
Nov
Dec
Jan
Nov
Sept
Nov
Feb
Nov
Nov
Jan
4147
Financial Chronicle
Juts
Week's Range
of Prices
1
Week's Range
of Prices
Range -Since
Jan. 1 1935
Sales 1933 to
Nov.30
for
1935
Week
Low
550 Dec
1816 Mar
32% Mar
Unlisted
Lone Star Gas 6% pref_100 1003% 10091
n
*
RSA
:14.6
59
Mar 1015 Dec
4
431 Nov
194 Apr
33 64
12 1 V
High
116 Jan
3514 Nov
98
Nov
ST. LOUIS MARKETS
I. M.SIMON & CO.
Business Established 1874
Enquiries Incited 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. 21 to Dec. 27, both inclusive, compiled from official sales lists
JUly
StocksPar Low
American Invest B
* 13
* 463%
Burkart Mfg corn
Coca-Cola Bottling com_.1 53
Ely & Walker D Grd com25 20
436
Falstaff Brewing com_ _ _1
I1ussmann-Ligonier com_•
634
Hyde Park Brew com_ _ _10 18
International Shoe corn * 48
Joh nson-S S Shoe com
*
936
Hey Boiler Equip corn •
8
Laclede-Christy Clay corn •
694
20 26
Laclede Steel corn
High
13
4631
53
20
5
631
18
48
93%
8
63-4
26
Mo Portland Cem com-25 1031 10'/,
Natl Candy corn
. • 10
103%
Rice-Stix Dry Goods corn* 103.4 1016
100 10034 10034
2d preferred
Sc
Sc
St Louis Pub Serv corn_ _ _*
5
5
Scruggs-V B DO corn_ _ _25
lot preferred
100 5034 5034
13%
Scullin Steel pref
* 90c
Securities Invest corn_
• 373% 38
Southwstn Bell Tel Prof 100 124 124
Stix Baer & Fuller com_* 10
10
Waoner Electric cool
15 30
32
Sales
for
Week
1
1933 to
Nov.30
1935
0
Q
Q
..4
. .
IN
.....
0
OiA
0.2
.
.WQ ql .0 14..1 'C.. 0QW W
0 .0
N
00000000000.
o0'.--0'..-40'o.p....00
Week's Range
of Prices
Low
3
1
8
13
23%
1
"10
38
9
416
4
1214
DEAN WITTER &CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
San Francisco
Los Angeles
Oakland
Portland
New York
Seattle
Beverly Hills
Honolulu
Tacoma
Sacramento
Stockton
Fresno
Range Since
Jan. 1 1935
Low
7
Mar
6
Jan
25
Jan
1731 Jan
23% Jan
2
July
15
Sept
423-4 Mar
9
Oct
431 Aug
43% Apr
153% May
6
616
83%
83%
83%
634
70
92
Sc
5c
116
13%
7
7
400
36
1516 28
11516 119
716
83%
631 1231
High
1316 Nov
463% Dec
53
Dec
2114 Dec
536 July
616 Dec
Apr
20
4936 Nov
10
Sept
834 Dec
616 Dec
26
Dec
Apr 1134
Nov 1631
July
1234
Apr 102
Dec 20c
53%
Jan
Jan 5014
Oct
23%
Jan 3934
May 12536
May
1016
Jan 34
Nov
Feb
Dec
Dec
Jan
Nov
Dec
Sept
Atig
De(
Jan
Dec
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
NewYork Coffee 4 Sugar Es.
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
JUJU
Week's Range
of Prices
1
Sales 1933 to
for
Nov.30
Week
1935
Range Since ,
Jan. 1 1935
la
StocksPar Low
High Shares Low
Low
High
Anglo Calif Nat 13k of S F20 17
12
392
173%
1716 Dec
Jan
75-4
%
Assoc Insur Fund Inc__10
434 436
%
1,955
45 Nov
116 Jan
Atlas Imp Diesel Hug A..5 17
173
842
8
Aug
134
1894 Nov
%
Bank of Calif N A
100 180 180
10 1203% 143
Jan 187
Aug
Byron Jackson Co
• 143% 153%
1,817
73% Jan
33%
173% Oct
Calarnba Sugar corn
20 23
600 153%
24
19
Jan 263% Nov
7% preferred
20 213% 213
%
155 1796
213% Apr 223% Sept
California Copper
76
1
10
1,260
96 Feb
34
1
Nov
Calif Cotton Mills com_100 27
310
273%
103% Jan 30
4
Nov
California Packing Corp_* 3436 35
31
1,411 17
Aug 423% Yet,
Caterpillar Tractor
* 563% 563%
363% Jan 5916 Nov
571 I 15
Claude Neon Elea Prods_.* 14
578 7 634
1416
163% Nov
10
Aug
Clorox Chemical Co
36
• 36
200 1816
293% Jan 37
July
Consolidated Aircraft
* 16
3,370, 6
18
1416 Nov
1716 Dec
Cons Chem Indus A
* 30
30
235 2116 273% Jan 33
Nov
Crown-Willamette
* 100 1013%
99
125
Dec 1013% Dec
crown Zellerbach v t c
8% 9
•
3,171' 33%
9
Dec
331 Apr
Preferred A
• 913% 923%
165 27
503% Mar 95
Nov
Preferred B
* 9194 91%
10 26
5094 Mar 96
Nov
Di Glorogio lrult com_ -10
162
314
296
416 July
334
23% Oct
33 preferred
100 32
155 16
33
223% Jan 38
Jan
5 14
143%
Emsco Der & Equip
350' 23%
153% Aug
1234 July
Fireman's Fund Insur_ _25 100 10
40 44
713% Jan 102
03%
Dec
76
Food Mach Corp com__* 76
547 103% 203% Jan 7794 Dec
396 396
Foster ,Sc KleLser com_10
94
150
1
Feb
5
Sept
Galland Mere Laundry_ _ _• 483% 483%
40 313%
* 5514 563%
General Motors
1,057 53
* 3416 3416
290
Gen Paint Corp A com
5
•
11 common
54
53%
53% 3,155
* 10
4
Golden State Co Ltd
103% 2,337
* 163% 163%
8
370
Hale Bros Stores Inc
28
Hawaiian Pineapple
• 28
519 28
25 243%
Homo 1.' & M Ins Co_ _10 463% 4616
210 103%
Honolulu Oil Corp Ltd.* 203% 2014
15 243% 243%
7
50
Hutch Sugar Plant
520
Langendorf Utd Bak A_ _ _• 103% 11
53%
*
336 33%
134
306
13
* 26
360 21
2634
Leslie-Calif Salt Co
•
714 816 10,380 7 90c
,
'
Lockheed Aircraft
5 75
L A Gas & Eiec pref____100 112 112
8
8
150
*
6
Lyons-Magnus Inc A
21.1
236
1,313 12
36
Magnavox Co Ltd
23%
940 66
(I) Magnin & Co com--* 173% 1831
1
Marchant Cal Mch com..10 133% 143% 2,635
60'
100 . 134
%
Market St Ry tom
134
Nat Automotive Fibres_ _ _* 363% 3734 2,205 27 3
33%
520
* 113% 1116
Natomas Co
4
160
994
99/6
100
No Amer Inv corn
50 1 14
68
preferred . . 100 65
.,..,
6%.,
.
-- ...
" '''
^
pre
8
39
53
1416
116
4
836
28
313%
143%
7
534
111
223%
53%
8134
63%
%
736
2
.
3
4
13
734
5
41%
Range Since
Jan. 1 1935
Jan 53
Dec 5614
Mar 36
Mar
63%
Mar 113%
Jan
17
Dec 2914
Jan 4794
Jan 223%
Jan 25
Mar 123%
May
416
Ap. 273%
Oct731
Jan 11436
Jan
93%
Jan
234
Jan 1831
Jan 1416
July
13%
Feb 383%
Jan 123%
Mar 113%
Ma
72%
Aug
Dec
Nov
Aug
Dec
Nov
Dec
Nov
Nov
Dec
Dec
Nov
Nov
Dec
Dec
July
Nov
Dec
Nov
Dec
Nov
Dec
Nov
Nov
OV
Stocks (Concluded) Par Low
North Amer Oil Cons___10 15
Occidental Insur Co____10 29
* 12
Oliver Utd Filters A
* 1334
B
15 3014
Paauhau Sugar
%
25 288
Pacific G & E corn
25 2634
6% 1st prof
25 5134
534% preferred
• 106
Pacific Lighting corn
*
43-4
6% preferred
Pac Pub Ser(non-vot)com* 1816
* 118
(Non-voting) prof
Pacific Tel & Tel corn_ l00 3834
High
Low
High Shares Low
99-4 Mar 15% Dec
65%
153% 2,985
123% Jan 3934 Nov
465
5
2914
Oct
2
Apr 13
13
3,857
134
Nov
5
4
414 Jan 15
1334
1314 Feb 3114 Nov
1,5272 1296
,
31
,
1,861 7 183% 203% Jan 2996 Oct
2934
18
Jan 2716 Oct
2676
698 1614
876' 19
52
203% Mar 5716 Nov
Jan 1063.4 Dec
75 6654 71
10614
54 Feb 5 Nov
416
1,265 87 %
512
17
/
716 Feb 2116 Nov
18%
75 6816 7034 Jan 12234 Dec
11934
Dec
Jan 142
200' 9934 111
3834
5
Ry Equip & Rlty 1st com_*
• 19
Series 5
* 8134
Series 6
Rainier Pulp & Paper Co.* 34
1 2796
Roos Bros corn
St ,11.&P 7% pr pref_100 116
14
Schlesinger & S(B F)corn*
396
Preferred
100
* 15
Shell Union Oil corn
Southern Pacific Co _ __100 223%
*
3
So Pac Golden Gate A_
•
13%
B
Spring Valley Water Co *
654
* 3716
Standard Oil of Calif
High Shares Low
Stocks (Concluded) Par Low
333 3
16
55e 60c
1
Victor Brewing Co
343%
335 1531
Westinghouse Air Brake_* 34
76 1 273%
W'house Elec & Mfg---50 933% 95
Panrnarl nrhrn 87 t
July a
Sales 1933 to
Nov.30
for
Week
1935
5
19
8134
34
2816
116
%
414
15%
23
3
13%
634
3816
3
1631
793%
30
9
8834
14
194
%
55
13
13.4
36
514
28
5
Dec
Dec 20
Dec 85
Jan 363.4
Jan 29
Jan 121
Jan
54
516
July
Mar 1616
Mar 2531
43%
Jan
Jan
3
Jan
9
Mar 3
85%
Dec
Dec
Dec
Aug
Nov
Nov
Nov
Nov
Dec
Dec
Nov
Oc
.
Dec
Nov
42
120 28
* 41
33
Telephone Inv Corp
1,573
714
71
%
Tide Water Assd Oil com_• 1414 1431
30 4396 83%
100 100 101
6% preferred
47
%
Transamerica Corp
• 1254 1316 40,330
43%
1,917 1116 1476
/
25 21% 223.4
Union Oil of Calif
51 16
1716
Union Sugar Co 7% pref_25 23% 2394
•
87
% 894
625 27 1.20
65-4
Universal Cons Oil
230
40 179
Wells Fargo Bk & U Tr..100 296 298
10 25
26
394
714
1031
Western Pipe & Steel_
vpric,, Checker Cab A50 243% 26
,
,
65
231
6
Jan 4216
Mar 149%
Feb 104
Mar 1334
Feb 223/a
Jan 26
9
Oct
Jan 305
Jan 28
Feb
2916
Dec
De,
No
,
No
,
De
Mai
No,
Do
Oc
No.
290
45
5
220
538
10
100
133
1,100'
619'
655
300
100
2,768'
9/
2
114
15
5
6731
16
1
516
123%
54
16
4
2616
STRASSBURGER & CO.
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
San Francisco Curb Exchange
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of prices
for
Nov.30
Jan. 1 1935
Week
1935
Par Low
High
Stocks5
7c
7c
Alaska-Mexican
25c
Alaska-Treadwell
25
25c
8c
5
80
Alaska United Gold
100 152 15416
Amer Tel & Tel
1
350 36c
Amer Toll Bridge
• 15
16
Anglo Natl Corp
5 1434 143%
Argonaut Mining
% 12%
* 123
Atlas Corp
5 14% 14%
z Atlas Imp Diesel B
3
5
514
Aviation Corp
Bancamerlea-Blair
1
6
616
1.60 1.60
5
Bishop 011
51
Bunker Hill & Sullivan__10 51
• 2.25 2.40
Calif Art Tile B Y
AL
• 133/4 1434
*
2% 316
Cities Service
1
50c 660
Claude Neon Lights
Columbia River Packers_ _•
510 51c
Si
Crown Will 2d pref
5 81
29
DOMILIQUOZ Oil
* 29
20 48
48
Ewa Plantation
General Metals L
• 17
185%
Gladding-McBean
• 1116 1131
Great West El-Chem pf * 6474 653%
Hobbs Battery A
• 1.60 1.65
15c
B
•
15c
Idaho-Maryland
1
3.10 3.40
Inter Tel & Tel
• 12% 1316
15c
20c
Italo Petroleum
1
Preferred
1
1.35 1.50
z Khmer Airplane
1
580 75c
t.
..
w
.1a-aM.
ri
0
WI 0.W ..
.ww.. 0..W wW. § .
.N.
,
P.O.Qa
10Q0MW.W14000W. 0000000.
000.0,00000.00.W.Q..0QW .Q 00 IP.,
i
000000000.000
00000=0.000000.40000W00 00 00 000000.00000.00
,
Volume 141
Low
it
10c
2c
1 9854
20c
3
1%
7 79/4
1
1 23%
534
1.30
1
75c
Ns
1.00
1616
17
4014
1434
17 49-4
17
50c
10c
2.50
1 59%
Sc
47c
7
10c
2
Low
High
2c Oct
10c Apr
15c Oct
80c Jan
2c Oct
15c Apr
99
Mar 160
Nov
21c Mar
47c July
716 Jan 16
Dec
10
Jan
19
July
11
Oct 139,6 Nov
2
Feb
1616 Nov
3
July
514 Dec
7
554 Oct
Nov
1.60 Dec
1.60 Dec
51
Dec 51
Dec
2
Dec
2.40 Dec
4
July
1414 Dec
75c Mar
334 Nov
32c Apr
13-4 Dec
50c Dec
75c Apr
38
June 85
Dec
2214 Feb 30
Aug
4016 Jan 5116 Nov
14
Dec 1836 Dec
5
Apr 133% Nov
48
Aug 70
Aug
50c June
1.85 Oct
25c Dec
40c Oct
2.90 Nov
3.95 May
594 Mar 135% Nov
130 Jan
28c Fel
660 Jan
1.50 Nov
45c Oct76c Sep.
M J 4,131 .3cM Oil
12c
14c
3c
30 Mar
15c Nov
1
Marine Bancorporation _.• 21
21
9
Nov
1194 Apr 23
Menasca Mfg
2.20 Dec3.30 De
• 2.75 3.00
Montgomery Ward
39
1 153.4 223% Mar 3854 De
* 39
Mountain City Copper_ _ _• 3.95 3.95
3.95 Dec3.95 De
Nor Am Aviation
*
7
716
7
Dec716 De
% Jan 36
Oahu Sugar
20 30
15
201
No
30
O'Connor-Moffatt
*
2.00
3.00 Jan
7.75 No
754 714
Packard Motors
*
7
7
I 296
494 Aug
796 Oc
Pac Amer Fisheries
5 15
15
5
1734 No
934 Jan
Pac Eastern Corp
1
494 454
1
Mar
534 No
134
z 5
Pao Western Oil
* 1114 113-4
July
11
De
7
Park Utah Mines
1
43%
416
6
Ap
I 2
33/4 Oct
Radio Corp
• 113/4 13
4
4
Mar 13
De
Republic Pete
1
2.70 2.70
7 154
2.00 May
3.50 Alt
MI prof
•
216
216
216 Dec
23-4 De
Riverside Cement
*
9
9
516
516 Aug 10
De
Schumarcher W Br pref_.• 15
1716
3.05
3.50 Mar 2311 No
Sou Calif Edison
25 24
2414
1 103-4
No
105% Mar 27
/
25 257/4 257/s
534% prof
1616 Jan 265% Oc
17 1484
6% prof
25 2714 2796
2 1516
1716 Jan 289-4 Oc
SoCountiesGas 634 %pf100 107 107
75
10416 Sept 10734 No
Standard Oil of NJ
25 49
49
Dec 49
De
1 3354 49
United States Pete
1
240 24c
16c
17c Sept 27c Ma
United States Steel_ _ _ _100 46% 463/4
1 2736 463/4 Dec 491.6 No
• No par 'moue c Cast. sale s e.x-divideud . Ex-tIgtits z Listed r in detest.
f Flat. o Price adjusted because of stock dividends, split-ups, ike.
r New stock. I Low oriee not including cash or odd-lot sales
The National Securities Exchanges on which low prices since July I 1933 were
made (designated by superior figures in tablem are as tollows.
New York Stock
17 Cincinnati Stock
33 Pittsburgh Stock
New York Curb
15 Cleveland Stock
75 Richmond Stock
,4 Colorado Springs Stock 27 St. Louis Stock
New York Produce
New York Real Estate Is Denver Stock
'
2 Salt Lake City Stock
Baltimore Stock
n Detroit Stock
u San Francisco Stock
Boston Stock
', Los Angeles Stock
. San Francisco Curb
7
Buffalo Stock
II Los Angeles Curb
u San Francisco Mining
California Stock
' Minneapolis-St. Paul
7
27 Seattle Stock
Chicago Stock
7, New Orleans Stock
•• Spokane Stock
• Chicago Board of Trade" Philadelphia Stock
71 Washington(D.C.)Stock
1 Chicago Curb
Financial Chronicle
4148
Dec. 28 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta—
be
Jan
1 1948
11966
Oct
4%s
Prov of British Columbia
Feb 15 1936
43e
July 12 1949
51
Oct
4134e
1 1953
Province of Manitoba
Aug 1 1941
434s
June 15 1954
lie
Dec 2 1959
521
Prov of New Brunswick
June 15 1938
434s
Apr 15 1960
431e
Apt 15 1981
4348
ProvInee of Nova Scotia
Sept 15 1952
41348
mar 1 19an
ne .
8t4
92
89
Ask
94
91
Province of Ontario
534e
Jan
3 1937
58
1 1942
Oct
Se
Sept 15 1943
1001 1 100May 1 1959
5e
June 1 1962
ea
98's 9912
Jan 15 1965
4303
98
97
Province of Quebec,
101
Mar 2 1950
4349
Feb
104
ee
1 1958
May 1 1961
10412 1061.2
4348
Province of Saskatchewan10114
434a
May 1 1936
10912
June 15 1943
Sc
Nov 151946
105
534e
Oct
434e
1 1951
107 108
113 115
Toronto Stock Exchange
Bid
Asd
104 10412
11012 111
114 115
114 115
1013 1023
4
4
106 107
110 4 111
,
10612 108
10912
10012 101
100 101
10112 103
931, 9412
Canadian
Bonds
Wood,
Gundy
14
& Co., Inc.
Wall St.
New York
Private wires to Toronto and Montreal
Bid
st
But Ask
Abitibi P & Pap ctfs ISe 1953 1'393 40 4 Int Pow & Pap of Nfid Is '68 101 12 10212
,
4
Alberta Pacific Grain 69 1946 96
97 Lake St John Pr & Pap Co
Asbeetos Corp of Can 911942 91
92
634s
Feb 1 1942 1381 3912
:
Reauharnole L 11 & P534973 79
5012
6358
Feb 1 1947 179
Beauharnois Pr Corp 68 1973 3112 3212 MacLaren-Que Pow 534581 74
78
Tel Co of Can bs__1965 11414 1143 Manitoba Power 530_ _1951
Bell
4
7312 75
British-Amer Oil Co 58_1946 10412 10512 Maple Leaf Milling 5%81949 /48
Brit Col Power 5348_1960 103 1033 Maritime Tel& Tel 88..1941 109
4
giMarch 1 1980 100 101
Massey-Harris Co Ss_.1947 87
58
British Columbia Tel 58 1960 105 1053 McColl Frontenac Oil es1949 10414 0514
4
Burns & Co 5359-3345.1948 70
Minn & Ontario Paper as'45 2912 30
72
Calgary Power Co 58._.1960 983 9912 Montreal Coke & M 534s '47 10412 0512
4
1941 10612
Canada Bread 88
Montreal Island Pow 5348'57 104
043
4
Canada Cement Co 5348 '47 10414 10014 Montreal L It & P
Canadian Canners Ltd 68'50 105 106
par value) 38
1939 /4912 50,4
Canadian Con Bubb 88_1946 104
bs
Oct 1 1951 1053 106
4
Canadian Inter Paper 68 '49 7812 7914 Montreal Tramway 59_1941 10212
Can North Power be... _1953 10212 103 New Brunswick Pow Is 1937 87
- 4
58___1949 90
Can LI & Pow Co
Northwestern Pow Ga_ _1960 4912 561Canadian Vickers Co 68 1947 81,
Certificates of deposit_ _ _ _ 5912 5014
4
Cedar Rapids M & P 58 1953 11134 11214 Nova Scotia L & P 58._1958 10214
Consol Pap Corp 53.4e._1961 f2714 2814 Ottawa Lt Lit & Pr bs__1957 10514 16697
Dominion Canners 88._1940 108 110 Ottawa Traction 5%8..1955 96
1940 1033
Dominion Coal 5e
Ottawa Valley Power 5348'70 83
85
4
Dom Gas & Elea 83.48_1945 85 4 86 Power Corp of Can 434s 1959 8912 90
,
1949 10112 10212
Dominion Tar 68
55
Dec 1 1957 97 4
,
Donnaconna Paper 534e '48 56
58 Price Bros & Co 65
89
1943 87
Duke Pric Power fis_ __1966 1033 10418
Certificates of deposit_ _ _ _
8
89
87
Kootenay Power 7e '42 75
East
78 Provincial Paper Ltd 5348'47 10112
1949 8312 8412 Quebec Power 58
Eastern Dairies 68
1968 10312 10414
Eaton (T) Realty 5e_ _ _1949 9914 10014 Shawinigan Vat dr P 4346'87 100 100 4
,
Fara Play Can Corp 6F1- 1948 102 103 Simpsons Ltd 68
1949 101 102
Fraser Co 13s unstamped '50 81
Southern Can Pow Is. 1955 10312 10412
1950 76
Steel of Canada Ltd 68_1940 111
stamped
Ss
Gatineau Power 5e
1956 9012 9114 United Grain Grow 5s_ _1948 99 100
.
General Steelwares 88_1952 9912 100 2 United Securles Ltd 53.4862
,
Great Lakes Pap Co let 68'50 f4114 4112 West Kootenay Power Sc '56 165; 16114
- -1
Smith H Pa Mille 5340.1953 104 105
Winnipeg Elec Co 5s_ _ _1935 9712 100
Cs
Oct 2 1954 7412 7514
DUNCANSON, WHITE & CO.
STOCK BROKERS
Members
Toronto Stock Exchange
Canadian Commodity Exchange
Now York Curb (Associate)
15 King St. W.
Canadian Canners 1st pf 100
Cony pref
•
Canadian Car
Preferred
25
Canadian Dredge
•
Canadian Ind Alcohol A •
•
Canada Life
100
Canadian 011
Preferred
100
Canadian Pacific
25
Canadian Wineries
•
Cockshutt Plow
•
Cons Bakeries
•
Cons Smelters
25
Consumers Gas
100
Cosmos Imperial
•
Preferred
100
Crows Nest Coal
100
631
634
13%
4234
11
15
10%
734
16%
205
18834
19%
34%
85
85
8% 6%
8% 6%
13% 14
42% 43
10% 11%
934 10
510 510
1434 15
125 125
10% 1134
2% 3
7% 734
18% 16%
203 207
188 190
1934 1931
107 107
3334 3534
Dom Steel & Coal B _ __25
434 4%
580
Dominion Coal pref ___.25 15% 15% 15%
216
Dominion Stores
834 831 2,130
•
835
Economic Invest
20
50
5
20
Fanny Farmer
13% 13% 13%
1,585
Ford A
• 2431 24
25% 3,090
Frost S & W let pref.__100 89
89
100
89
64
Goodyear Tire
•
77
64%
Preferred
55
50
5534
100
Gen Steel Wares com__•
4% 434
65
Gr West Saddlery
1
•
1
5
Gypsum
•
63.4
6% 734 1,940
Hinde & Deitch
• 1334 1331 1334
635
•
Hunts A
6
110
734
•
6
240
7
Imp Tobacco
14
14
14
620
Int Milling pref
10434 105
100 105
105
Int Nickel common
• 4531 4334 46
28,802
• 55
lot Utilities B
50
55
400
7
Kelvinator
7
25
TORONTO
18
Lake of the Woods
* 1831
18%
Laura Secord
65
• 66
87
Loblaw Groc A
1834 18%
• 18%
B
1734
1734 1734
Maple Leaf Mill
1.50
1.50 1.50
Preferred
100
4% 4%
Massey Harris common_
8%
5% 5%
1231 12%
McColl 011
• 12%
Preferred
9734 97% 98%
Moore Corp corn
• 27% 2734 28
A
145 148
100 145
Nat Sewer Pipe A
16% 18%
•
National Grocers
8% 6%
•
6%
Ont Equitable
100
7
7
Orange Crush 1st prof.
.190
6
6
Page Hersey
•
78% 7934
Pantepec Oil
1
334
334
334
Photo Engravers
25
• 26
26
Porto Rico pref
83
100
85
Pressed Metals
•
19
19
•
Simpsons Ltd A
12
•
Preferred
77
100 78
Standard Chemical
834
•
Steel of Canada
58.3.4 56%
Preferred
25 48% 48%
Sterling Coal
4
4
100
Tip Top Tailors
9
•
9
Preferred
99%
100 100
Twin City
9%
•
Union Gas
834
•
74
United Steel common_ _ _ _*
3%
334
Walkers Hiram corn
• 33
3034
Preferred
• 18
17%
West Can Flour pref___100 57
55
Westons, Geo, corn
• 14% 14%
Preferred
100 110
110
•
Zimmerknit
12
78
6%
56%
48%
4
9
100
10
831
3%
33
18
57
14%
110
231
Banks—
Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
53
150
18734
20234
200
270
162
225
50
100
100
100
100
100
100
100
53
52
14934 149
185
200
200
198
270
268
162
225
225
Loan & Trust—
Canada Permanent _ _ 100
Huron & Erie
100
100 192
National Trust
Toronto Gen Trusts_ _.100 85
50
Toronto Mortgage
Toronto Stock Exchange
138
8334
192
85
115
138
83%
192
8534
120
Range Since Jan. 1 1935
Low
20
185
240
55
380
8,460
531
10
340
30
3.181
140
140
363
687
192
50
5
3,425
5
Industrial and Public Utility Bonds
5th Floor
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week
Stocks (Concluded) Par Price Low
11195 Shares
75
431
4%
1034
1934
635
8%
450
11
113
834
234
834
11%
12534
184
14%
102%
13%
1.30 1.30
• 1.30
Abitibi
100
6
734
6
6% preferred
26
Alberta Pac Grain pref _100
26
2831 29
American Cyanamid B_ 10
11
11
•
13eatty Brothers
Beauharnois Power
3% 331
•
100 140% 13931 140%
Bell Telephone
29% 29%
2.5
Brant Cord 1st pref
•
9% 10%
Brazilian
94
1.25
1.25 1.30
Brewers & Distillers
16%
16
British American 011
16%
31% 32
32
Building Products A
25
3835 38%
Burt, F N
•
Canada Bread
50
B preferred
Canada Cement
100
Preferred
Canada Packers
100
Preferred
Canada Steamships Pf-100
Canada Wire & Cable A_ •
53-4
6%
5834
82%
731
23
6%
37%
6
5831
81
11131
7%
23
534
37%
634
5934
82%
111%
731
23
Range Since Jan. 11933
Low
mot
372
2.00 Jan
.55 JUIY
.595
934 Jan
4
,
Nov
Jan
25 15
Sept 29
405 1631 Oct 2931 Dec
Jan
21
834 Oct 15
Feb
275
7
234 July
Dec
220 118% Apr 145
Nov
20 27% Jan 31
9,397
734 Sept 10% Nov
1,135 50
1.65 Nov
Jan
8,717 1434 Apr 16% May
Dec
100 2534 Oct 32
80 28% Apr 3934 Dec
2
375
20 17
5
780
247 49%
130 50
12 110
50
6
10 1334
June
614
Apr 38
Oct
831
Oct 6434
May 8234
Sept 115
July
11%
23
Nov
Dec
Dec
Jan
Jan
Nov
July
Jan
Dec
Jan
94
9% Jan
8% Jan
17
Jan
44
Dec
13% Nov
1134 Nov
510
Dec
15
Dec
127
Mar
13% Jan
6
Mar
9% Nov
1734 Nov
220
Dec
193
Aug
2034 Nov
108
May
38% Dec
3% Apr
6 r Jan
1434 Sept 18% July
6% July
1234 Jan
1434 Jan 20
Dec
7% Mar 13% Dec
2334 June 32% Jan
68
Jan 89
Dec
59
Oct 72% July
51% June 5534 Dec
3
Aug
5% Feb
75
May
134 Sept
434 Oct
7% Jan
10
Oct 133g Dec
,
6
Dec 11
Jan
6
Dec 11
July
12
Oct 1431 Dec
99
Oct 105% Dec
2234 Feb 47% Dec
25
July 80
Aug
6% Oct
8% Feb
7
July
150
18% Dec
65 59
Oct 67
Dec
Oct 1931 July
988 17
225 16
Oct 1834 Mar
255 40c
Oct
1.65 Dec
1
July
21
5
Mar
1,835
334 Mar
7% Nov
374 11% Oct 15% Jan
July 100% Mar
90 94
219 17
Jan 29% Dec
51 118% Jan 149
Nov
5 1431 Oct 22
Jan
431 July
585
734 Nov
5
6
Dec
834 Feb
10
6
Dec 17
July
255 75
Aug 88 June
250
3
Dec
4% Dec
Oct 26
230 21
Dec
May 91
50 70
Jan
8
Mar 20% Dec
66
9
50
115 62
4
20
400 42
245 41
2
5
30
7
155 90
2
60
4
2,356
2
225
2,459 23
869 16%
93 20
950 1331
50 108
28
2%
60
228
29
59
40
30
4
25
5134
122
141
157
153
245
13334
183
2 118
40 82
14 175
14 80
19 105
May
15
June 90
July
7
Mar 5834
Air 49
Aug
4
Oct 12%
Jan 100
Mar 12%
May
10
Aug
Oct 35%
Jan
1834
Apr 57
Sept 17
May 115
Dec
534
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jan
Dec
Mqy
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
ofPrices
Sale
Week
Stocks—Par Price Low
High Shares
High
July
Sept
Oct
Oct
Mar
Aug
Oct
June
Oct
May
Oct
Oct
Mar
Jan
Mar
Oct
Apr
Jan
Apr
Dec
Jan
Nov
Dec
Nov
Dec
Jan
Dec
Nov
Nov
Jan
Nov
Mar
Dec
Sept
Aug
Jan
66%
16934
20134
208%
203
305
173
230
May
Jan
Feb
Mar
Jan
Jan
Jan
Slay
150
103
204
125
121
Feb
Feb
Feb
Feb
June
Toronto Stock Exchange—Curb Section
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Friday
Jain
Last Week's Range for
Range Since Jan, 11033
Sale
ofPrices
Week
par price Low
High Shares
Stocks—
Low
High
Biltmore Hats
Bissell (T E)
Brewing Corp
Preferred
Canada Bup
Canada Malting
Canada Vinegars
•
•
•
•
•
•
231
1334
6%
33
2631
Canadian Wire Box A _ _ _ ..• 21
Corrugated Box pre(___100
• 32
Dominion Bridge
Dominion Tar & Chem_ •
100
Preferred
• 1934
Imperial 011
Internet! Metal Indust _ •
43.4
100 30
Preferred
Internatl Petroleum
• 34
• No par value. f Flat price.
2934 2934
335 334
23-4
214
1331 14
og 674
32% 33
2631 27
21
85
31%
434
55
1934
434
29
3334
20
20
350
360
1,310
370
135
13
334
1
8
531
29
24
Apr
Dec
Oct
Oct
Oct
Apr
Sept
2934
4
4%
2231
8%
36
29
Dec
Oct
Slay
May
May
Nov
Slay
2134
115
85
10
32
310
4%
305
57
30
2031 14,055
434
290
30
302
3434 7,485
15
30
24%
331
42
1534
2
25
2834
Apr
Jan
Mar
June
Jan
Feb
Oct
Nov
2134
90
3434
7%
70
2234
6
45
3934
Dec
July
Dec
Mar
Mar
Nov
Apr
Mar
Nov
3
-far
4149
Financial Chronicle
Volume 141
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Mining Section
Toronto Stock Exchange-Curb Section
Friday
Sales
Last Week's Range for
ofPrices
Sale
Week
Stocks (Concluded) Par Price Low
High Shares
Mercury Mills pref
Montreal Power
National Steel Car
Ontario Silknit
Power Corp
Rogers Majestic
It Simpson pre(
•
•
•
•
•
•
100
7
314
High
Low
7
32%
154
14
11
64
110
10
7
280 264
75 1234
40
8
913
13.4
2,605
531
12 103
Dec 10
Apr 364
Oct 1831
18
Jan
June 12%
9
Oct
Apr 1104i
Mar
Nov
Jan
Nov
Nov
Jan
Dec
20
20%
1
1
15
15
2
2
117 117
24
24
2% 2%
2%
1.50 1.50
475 14%
100 70
25
9
25
2
30 108
10 15%
255
2
1
2
May 23
July
1.75
July 15
Dec
6
Mar 129%
May 29
Oct
44
July
24
Nov
Jan
Dec
Jan
Jan
June
Jan
Jan
14
11
6
Shawinigan
"
Standard Paving
Preferred
100
Thayers
•
Toronto Elevators pref _100
United Fuel prof
100
Walkerville Brew
•
Waterloo Mfg A
*
7
31%
154
14
10
6
110
20
Friday
Sales
Last Week's Range for
Week
Sale
ofPrices
Stocks (Concluded) Par Price Low
High Shares
Range Since Jan. 1 1935
Towagmac Explor
1
Ventures
•
Waite-Amulet
•
Wayside Consolidated _50c
•
White Eagle
Wiltsey-Coghlan
1
•
Wright-Hargreaves
*
Ymir-Yankee Girl
Toronto Stock Exchange-Mining Section
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1035
Sale
ofPrices
Week
StocksPar Price Low
High Shares
Low
High
.
1
1
1
•
•
*
1
1
1
1
1
•
1
•
1
1
•
.50c
1
14c
lc
58e
331c
4.35
97c
18c
Sc
4c
40c
36.31c
1.50
71c
1734c
5.50
4.00
l4cj 14e
1601 65c
52c1 52c
Ici 14c
580 158c
33101 34c
4.35,4.40
970 1.00
18c 1834c
2401 2%
501 54
40 434
42
37c
34e' 38c
1.48 1.5
620 71
17c184
5.20 5.5
80
8
3.90 4.0
2,500
9,830
1,500
3,500
5,250
11,500
484
3,950
8,500
1,000
10,700
5,000
41,007
2,700
6.450
24,083
20,500
3,850
700
10,146
13e 1 Dec
26e Mar
38e,NlaY 7731c Sept
40c Sept
1.09 Mar
%e Aug 231e Jan
350 Nov
58c Dec
Jan 834e Mar
234e ,
3.60, Oct
4.75 Dec
950;Dec
1.19 Sept
c Sept
32c Jan
20 Oct
9c Mar
334c July
14c Jan
2340 May 834c Sept
13c Oct
94c Apr
14c i Feb
1.06 Aug
1.251 Oct
2.16 Jan
31c Feb
76c Dec
160 Nov
38c Jan
4.30 July 12.50 Jan
2% July
24c Apr
2.35 _Oct
4.07 Dec
Canadian Melanie
Cariboo Gold
Castle-Trethewey
Central-Patricia
Chemical Research
Chibougamau Pros
Clericy Consolidated
Commonwealth Pete
Coniaurum Mines
Dome Mines
Eldorado
Falconbridge
Federal-Kirkland
Franklin Gold
God's Lake
Goldale
Good/Ish Mining
Graham-Bou.squet
Grandoro
Greene Stabell
Gunnar Gold
•
Halcrow-Swayze
Hard-Rock
Harker Gold
Hollinger Consolidated
Homestead Oil
Howey Gold
J M Consolidated
Kirkland-1lUdson Bay
Kirkland Lake
Lake Shore Mines
Lamaque Contact
Lebel Oro
Lee Gold Mines
Little Long Lac
2e
1
2c 234c 5,600
2c June 8340
1
28c
26c
26c Dec
30c 14,000
49c
1 6344 54e 63.44 19,242
4c June
10c
5 13.70 13.70 14.00 8,477 11.65 Oct204
1
12c 1131c
12c 2,000 431c Oct
14c
66e
1
65c 69c 10,900 5934e Oct
1.10
1 2834e
260' 29c 47.905
931 Sept
29c
27310
20e Nov
28c 1,100
30c
48c
480 49c 8,601 334c July
65c
1 52
52
805 4634 Oct 58
53
1
4c 4344 16,000
4344
1340 Oct
fic
1 12344 834c 1234 117,564
70 Dec
180
1
2,000 24c Jan
2340 234
8e
• 6.50
6.15 6.85 41,970
7.25
4.50 Aug
Macassa Mines
Manitoba & Eastern
Maple Leaf Mines
McIntyre Porcupine
McKenzie-Red Lake_ _ _
McMillan Gold
McVittle-Graham
SION atters Gold
Mining Corp
Moneta Porcupine
•
1.12 1.20 40,806
340
1.15 1,15
1.28
1.12 1.32 35,250
2.78
2.55 2.88 69,865
76c
760 76c
800
20c 1634c 2234c 133.100
234c 2310 2344 41,450
434e 4344 2,500
1.85
1.81 1.90 1,250
556
4334 434 4334
1.20
1.01 1.21 26,125
7.20
6.75 7.30 13,286
3c
3e 3,000
3e
534c
50 5310 32,500
1.29
1.16 1.29 4,236
14.31c
14c 1431c 9,800
7c 731c 2,400
3c
3c 1,000
6c
6c 19.000
27c 22344 30c 22,900
80c
740 82c 32,840
1.15
1
3.35
• 6344
1
5 4034
_ 1
1.36
4344
1
1 1934c
•
1.60
•
1.30
1
Newbec Mines
Nipissing
Noranda
North Can Mining
O'Brien Gold
Olga Oil & Gas
Paymaster Consol
rerron Gold
Peterson-Cobalt
Pickle-Crow
Pioneer Gold
Premier Gold
Prospectors Airways
Quemont Mining
•
5
•
2.68
4434
26e
1
50c
•
4c
1 4034c
1.23
Sc
4.02
9.70
1.81
• 2.75
•
3.28 3.38 45,685
43.441 6344 86,100
63401 She 1 3,400
9034 4134 2,984
1.29 1.37 18,200
331c1 634c 154,750
184194c 11,155
1.56 1.63 15,500
1.20 1.30 6,16
5401 6344 2,50
54c
05c
56c
1.12
70e
8o
2c
Sc
1.35
35
1.00
3.25
2e
3c
1.16
lc
40
2e
50
Mc
48c
Feb
1.20
July
1.50
Jan
1.34
Jan
2.88
Oct
2.35
Jan
270
Jan
8e
Sept 53,10
July
2.60
Jan 454
Dec
2.93
Jan
8.60
Jan
431c
Oct
400
Dec
2.24
May
20c
June
140
7c
July
Dec
12c
Oct35c
Feb
97c
Dec
Jan
Apr
Dec
Jan
Mar
Apr
Dec
Jan
Dec
Apr
Dec
Feb
Aug
Jan
Jan
Oct
Mar
Jan
Jan
May
Jan
Oct
Jan
Mar
Dec
Jan
Dec
Jan
Mar
Mar
Jan
Nov
Apr
Feb
1.31 July
3.38 Oct
3c Feb
12c Jan
24c Sept 134c Jan
Nov 46
34
Mar
96e Sept
1.45 Jan
334e'Dec 46340 Jan
10c June
40c Jan
45c )Jan
2.15 Mar
98c Mar
1.63 Dec
Sc 10ct
160 Jan
24c 234c 11,10
1%ciJim
2.65 2.75 4,42
2.05 1 Oct
4434 45
6,225 31 (Jan
2601 32
16c July
3.300
49c1 50
1,200 30%4May
331c 434c 49,700 234c Sept
44
16c Feb
4101 50 224,703
1.17 1.2 12,600
50c Sept
3
7,000 131c Feb
234c1
3.80 4.2 78,315
2.10IMay
9.25 9.90
910
9.00 Jan
1.76 1 1.81 6,050
1.36 Aug
2.60 2.85 3,800
1.25 (Jan
734c1 734c
500
3c Apr
4c Apr
2.95 Apr
4734 Dec
330 Dec
75c Mar
63.44 May
50c Dec
1.25 i Dec
9344 Apr
4.20'Dec
1.25 May
2.05 Apr
3.35 Nov
Sc June
1
1.41
Read-A uthler
1.20 1.46 27,918
55c Jan
1.48 Dec
Reno Gold
1
1.00
970 1.00 2,925
73c Oct
1.67 Mar
97c
Red Lake-Gold Shore.._ _*
41c1 48c 130,425
25c Aug
48c Dec
Roche-Long Lac
1
5e 434c 531c 7,500 24c I Oct 1040 May
Royalite 011
• 2831 284 29
805 18
Mar 304 Dec
1
San Antonio
3.05
3.00 3.15 10,99
2.00 (Oct
5.20 Mar
50c
Sheep Creek
70c
70c 4,600
55o I Jan
1.25 Apr
1.12 99c
Sherritt-Gordon
1
1.14 23,573
45c Mar
1.23 Nov
1
2.90
Siscce Gold
2.61 3.00 41,700
2.40 Oct
3.28 Mar
* 3344
South Tiblemont
Sc I 3%c 32,000
2c I Oct
15c Mar
Stadacona-Rouyn
•
20c 19%c
21c 37,750 13344 I Jan
32c Mar
1 1734c
17c
18c 10.100 1434c July
St Anthony Gold
49c Jan
• 3.28
3.00 3.30 5,585
Sudbury-Basin
1.25 I Jan
4.10 Dec
1
Sudbury-Contact
5 Mc 5%01 6c 1,500
3c Sept
Ilc Mar
79c 8431c 63,700
83c
Sullivan Consolidated _ 1
38c Jan
91c Dec
1
2.50
Sylvanite Gold
2.45 2.54 7,340
2.01 May
2.70 Mar
Tashota-Goldfields
I
29e
29c
32c 7,000
25c Sept
67c Apr
4.95
4.95 5.00 6,455
*
Teck-Huglies Gold
3.70 Jan
5.30 Dec
. 1.40
-Canadian
1.32 1.40 5,125
Mc Feb
Texas
1.41 Nov
1
1.30
1.13 1.30 1.150
Toburn Gold
1.00 Aug
1.45 Jan
21c
20c
1.58 1.75
99c 1.22
16c 1731c
3c 331c
3c
3c
7.65 7.95
490
46c
High
Low
12c
80c
50c
7c
14c
24c
6.90
26c
2,308
44,212
12.260
37,700
19,100
1,500
2,222
5,100
Oct 304c Jan
1.93 Dec
May
1.22 Dec
July
Jan
24c Mar
July 10Sic Jan
7c Jan
Dec
Aug
9.90 Mar
850 Mar
July
Toronto Stock Exchange-Mining Curb Section
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
sates
Friday
Last Week's Range for
Sale
Week
ofPrices
High Shares
Par Price Low
Stocks-
Acme GM & 011
Afton Gold
Ajax Oil& Gas
Alexandria Gold
Algold Mines
Algoma Mining
Anglo-Huronian
Arntfield
Ashley Gold
Astoria-Rouyn
Bagamac-Rouyn
13arry-Hollinger
Base Metals
Bear Exploration
Beattie Gold Mines
Big Missouri
13objo Mines
Bralorne Mines
13 R X Gold Mines
13uffalo-Ankerite
20c
1.73
1.22
17e
33.4c
3c
7.75
48c
Range Since Jan. 1 1935
Aldermac Mines
Brett-Trethewey
Canadian-Kirkland
Central Manitoba
Coast Copper
Cobalt Contact
Dalhousie Oil
East Crest 011
Home 011
Hudson Bay Mining
Lake:Waren
•
1340
1
1
3c
1 13390
5
1
131e
36c
•
•
1350
•
* 214
• 331c
734c
14c
24c
9e
4.50
She
350
640
65e
214
2340
500
7344
13.44 4,500
3310 87,100
14e 92,200
175
4.50
500
134c
37c 2,450
8c 1,000
600
65c
1,064
224
331c 38,000
Malrobic Mines
Mandy SiInes
Night Ilawk Pen
Norden Corp
Oil Selections
Osisko Lake
Parkhill Gold
Pawnee-Kirkland
Pend Orielle
Porcupine-Crown
Preston-East Dome
Ritchie Gold
Robb-Montbray
Sudbury Mines
wood-Kirkland
1
*
1
5
*
40
120
Sc
16c
434c
6340
190
2o
980
4o
234e
lc
5340
Sc
3%c
lc
130
1340
18c
Sc
634c
200
231c
1.09
431c
24c
Sc
7c
4c
331e
1
lc
12e
1340
434c
1 19340
1
1.09
1
1
4c
1
1
1
1
1
7c
4c
Range Since Jan. 1 1935
Low
High
4344 June
131c Oct
lc June
3c July
1.50 Mar
1310 Apr
200 Aug
50 June
50c Apr
11.50 Jan
2c Oct
10,000
7,500
6,500
20,600
7,000
1,500
6,000
3,500
4,260
12,300
5,500
2,500
101,200
199,500
2,000
340
6e
.140
34c
331c
3e
180
lc
450
Sc
Sc
340
20
Sc
34c
llo
3c
3%c
14c
5.30
8c
50e
120
90c
2434
70
Apr
Mar
Dec
Dec
Dec
Apt
Dec
Jan
Dec
Dec
Am
Sc Jar
Jan
140 Dec
Apr
May .4.4c Jar
Mar 2834e Dec
Jan
7c Mal
Pc Fel
Oct
32c Fel
Aug
Feb 434c Ap
1.15 De,
Mar
Jan 64c Aui
June 34c Sep
Nov
2340 .3w
Apr 9310 Ain
Jan 93.40 No'
Oct 734e Au
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
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Stocks-
Sales
Friday
Last Week's Range for
Week
Sale
ofPrices
High Shares
Par Price Low
•
Agnew-Surpass Shoe
931
331
Alberta Pee Grain A
Preferred
26
100 26
Anglo- Can Tel pref
51
•
11
•
Associated Breweries _
10%
Bathurst Power & Paper A* 1231
1.60
Bawlf Nor Grain
Preferred
23
100 23
100 14031 139
Bell Telephone
Brazilian T L & P
•
931
934
Brit Col Power Corp A._ _• 2831
Range Since Jan. 1 1935
Low
High
84
4
26
51
11%
1234
1.60
23
14031
10%
28%
4%
154 16
3131 32
5
734
85
2
10 15
20 51
75
8%
434
2.295
200 600
3 17
15 118
4,38
731
32
21
231
50
144
25
95 26
Jan
10
Aug
4
Aug
Dec
Sept 28
Jan
Dec
Dec 51
Sept 134 Jan
Mar 1234[Dec
July
3
Jan
Oct 40
Jan
Apr 1443.4 Dec
Aug 1031 Jan
July 3034 Jan
Apr
Jan
5
Jan 18% Sept
Oct 32
Dec
Canada Cement
6% 6%
634
Preferred
60
59
100 59
22%
Can North Power Corp__•
22
731
Can Steamship pref .100
74 7%
Canadian Bronze
• 2934 2934 294
Can Car & Foundry
634
634 7
Preferred
1331 14
25 14
Canadian Celanese
26% 26
26%
Rights
2014 2
•
034
Canadian Converters _I00 24
24
24
47
Can II ydro-Elec pref .100 45
44
Can Indust Alcohol
1031 114
• 11
•
Class 13
93.4
934 1031
Canadian Pacific Ry _ _25 1034
10% 1131
•
Cockshutt Plow
74 7%
734
Con Mining .9.; Smelting_25 205
202 207
1,050
5
290 50
280 1734
90
5%
80 26
505
454
460 10,54
305 1831
815 18
1
24
577 37
7
5,05
2,06
6
84
2,06
12
6
51 126
Oct
834
Oct 64;i
2434
Mar
11%
Jul
May 32
Sept
84
Oct 17
Apr 26%
May 21
Dec 32
Apr 82%
Jan 13%
12
Jan
Oct 13%
8%
Mar
Mar 220
Jan
Jan
Nov
Jan
Aug
Jan
Jan
Dec
Dec
Mar
Jan
Nov
Nov
Jan
Jan
Dec
• 3134 3134 323.4
Dominion Bridge
Dominion Coal pre ____100 1531 1534 1534
Dom Steel & Coal 13._ _ _25
431 4%
44
Dominion Textile
•
71
71
Preferred
100
145 145
Dryden Paper
44 431
5
Distillers Corp Seagrams_* 35
33% 3534
Foundation Co of Can_ •
13
1331
Gurd (Charles)
531 534
5%
Preferred
100
100 100
Gypsum Lime & Alabast_•
64 734
7
Hamilton Bridge
•
43.4
43'4 4%
Hollinger Gold Mines_ _ _5 13.75 13.75 14.10
Howard Smith Paper_
114 1134
•
Preferred
100
105 107
2434
69
14%
37
943
534
135 60
100 135
30
3
1,045 1331
9%
180
4
215
5 80
44
2,810
25
3
1,475 11.65
9
530
102 84
Mar 3434
Aug 18%
Apr
6
8234
Sep
July 150
5,4
Jul
39
Ma
Oct 14
631
Oct
Sep 100
74
Jul
5%
Jun
Oct 20.30
13
July
May 115
Dec
July
Jan
Jan
Dec
Jan
Dec
Nov
Jan
Oct
Jan
Jan
Mar
Feb
Nov
14%
47%
6
64
3331
1834
5
7%
15%
Aug
Nov
Jan
Jan
Dec
Dec
July
Nov
Jan
Bruck Silk Shills
Building Products A
•
•
1534
32
•
Imperial Tobacco of Can.5
Internatl Nickel of Can__•
International Power
•
Preferred
100
Jamaica Pub Serv Ltd_ •
Lake of the Woods
•
Lindsay (C W)
•
•
M assey-Ilarris
McColl-Frontenac Oil __.•
*No par value.
14
454
331
58
18
3%
124
13%
4331
334
47
33
16
3%
54
124
14
705
13,108
96
40
4
58
10
3331
706
1831 3,128
150
3%
6%
800
12%
315
12
224
1.00
40
22
7
2
331
12
Mar
Feb
Apr
July
Apr
June
Mar
Mar
Oct
4150
Financial Chronicle
Dec. 28 1935
Canadian Markets-Listed and Unlisted
Montreal Stock Exchange
Friday
Sales
Last Week's Range for
ofPrices
Sale
Week
Stocks (Concluded) Par Price Low
High Shares
Montreal Curb Market
Range Since Jan. 11035
Low
High
Mitchell (J S)
27% 27% 2735
Montreal L H & Pow Cons* 3135 3155 32%
Montreal Telegraph_ _ _ _40 56
56
56
Montreal Tramways___100 100
100 102
National Breweries
39% 39
3935
25
Preferred
42
42
National Steel Car Corp--• 15
15
15%
Meg Wire Weaving pref__•
52% 5255
Noranda Mines
45
4454 45
eel di
Ogilvie Flour Mills
•
195 •200
Ottawa L H & Power100
8835 88%
Preferred
100
10935 110
Ottawa Traction
100
21 4 21
Power Corp of Canada__ _• 11
10% 1134
Quebec Power
• 15
14% 15
Regent Knitting
5% $51.4
St Lawrence Corp
1.70
1.70 11.85
A preferred
50
8%
8% .11.935
25
26%
5434
80
31
38
1234
4534
31
Jan
2755
Apr 36%
Jan 5834
Jan 102
Jan 40
Mar 44
Sept
1835
Feb 53
Jan 4734
Dec
Nov
Dec
Dec
Nov
Nov
Jan
Dec
Dec
110 140
5 74
10 ;100
10 14
7
1,075
177 13
130
434
892 60c
1,481
3
Mar 204
Sept 8835
Apr 111
Feb 22
Apr 1235
Oct 1734
Sept
634
July
1.90
955
June
Dec
Dec
Dec
Feb
Nov
Jan
Dec
Jan
Dec
St Lawrence Flour Mills100
St Lawrence Paper pref 100
Shawinigan Water & Pow _°
Sherwin-Williams of Can_*
Preferred
100
Southern Canada Power__*
Steel Co of Canada
•
Preferred
25
100 30
1.981
834
1,574 15
175 10
100 100
325
934
1,170 4234
1,285 41%
Sent 3934
July 2235
Apr 22%
Sept 17%
Jan 118
May
1434
Mar 5834
Feb 49
Jan
Dec
Nov
Dec
Dec
Jan
Dec
Nov
20
5
15
1,345
50
55
32
125
Nov
Aug
Jan
July
Dec
May
Apr
Nov
Apr
Mar
Mar
Dec
Apr
Nov
Nov
Jan
Tooke Brothers pref___100
Viau Biscuit
•
Preferred
100
Wabssso Cotton
•
Windsor Hotel pref_ _ _100
Winnipeg Electric
•
Preferred
100
Woods Mfg Tref
100
Banks
Canada
Canadienne
Commerce
Montreal
Nova Scotia
Royal
39 f. 39
20 12235
19%1203i
15% P1634
118 .5118
12
12 Iv 12%
56% 5634556%
48% 48%,(4831
ty.4
i
10
10
2
2
18
isq
27
31%
1.00 1.00
2% 2%
14
14
45
50
50
20
20
16%
10
3,726
3
69
860
90
490
20
2,746
50 5235 5235 52%
100 133% 133 13335
100
149% 150
100
19754 199
100
263 270
100
16155 16135
20
25
50
225
56
91
10
1.00
12
16
1.00
1.00
4
45
15
2
2034
3155
8
334
1434
70
May
52
Sept 66
Nov
125
Jan 135
120
Sept 1693-4 Feb
Jan
152
Oct 204
Jan
24634 Oct 304
13334 Sept 17335 Jan
HANSON' BROS Canadian Government
INconpo
RATED
ESTABLISHED 18113
255 St. James St., Montreal
56 Sparks St , Ottawa
330 Bay St, Toronto
Municipal
Public Utility and
Industrial Bonds
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Stocks-
Asbestos Corp vot trusts_..•
Bathurst Power & Pap B_•
Brit Amer Oil Co Ltd____•
Brit Col Packers Ltd
Preferred
100
Canada Vinegars Ltd
•
Cndn Dredge & Dk Ltd_ •
Canadian Vickers Ltd.._ •
Cum preferred
100
Canadian Wineries Ltd__ _
Catelli Mac Prods pt A_ _30
Commercial Alcohols Ltd..
17%
4
16
Range Since Jan. 1 1935
Low
17
18
3% 4
16
1634
fi
:41
20
20
27
27
42% 4234
155 1%
12
12
3
3
20
21
850 90c
1,394
145
1,006
100
15
20
5
25
10
45
160
190
6
1.00
14%
500
13
2435
1934
1.00
644
2%
9
450
Mar
Apr
Mar
Feb
July
Oct
Mar
Mar
Jan
Dec
Jan
June
26%
834
4%
56
7%
6%
65c
20
18
34
95
90
105
25
12
6
1,200
2,701
45
1,052
17
635
33-4
44
234
1.75
440
15%
17
2855
Apr
July
June
Jan
June
July
Oct
Mar
Jan
Mar
Melchers Dist Ltd A
• 12
10% 12
e
Ii
4,34 4
4%
Mitchell & Co Ltd (Robt).
535 555
5%
Rogers Majestic Corp
*
5%
5% 5%
Thrift Stores Ltd
• 1.25
1.25 1.25
United Dist of Can Ltd.
...°
85c 85c
Walkerville Brewery
234
•
235 3
Walker Good & Worts pl_" 17%
1734 17%
Whittall Can Co Ltd
8%
835 834
Cum preferred
100 121
121
121
350
55
15
100
75
200
1,125
118
13
628
7
255
355
534
1.00
500
2
1634
1.50
75
Mar
Apr
Mar
Oct
Feb
Apr
Oct
Jan
Mar
Jan
Public UtilityBeauharnols Power Corp_*
335
3%
C No Pow Corp Ltd pf_100 109
109
City Gas & Elec Corp
•
1.75
Ea Kootenay P cum pf_1013
6
6
Inter Utils Corp class B _ _1
55c
45c
Pow Corp of Can cum pf100 97
95%
Sou Can P Co Ltd pref_100 07% 97
276
94
15
6
2,250
122
60
3
9834
1.50
5
30c
80
80
Apr
May
Jan
Oct
Mar
Apr
May
64o
70c 6,417
30c 31c 4,500
3535 36
200
1.78 1.78
100
44
44%
80
6.90 7.30 2,535
230 24c 76,800
270 290 8,800
300
20e
30
1.58
36
3.25
50
9350
Feb
Jan
Nov
Oct
Feb
Jan
May
Oct
52% 53%
500 50c
1835c 1955
1.22 1.25
3.81 4.20
900 99c
1.25 1.45
4634
370
180
560
2.10
9350
600
Oct
July
July
Aug
May
Jan
Jan
Dominion Eng Works Ltd *
Dominion Stores Ltd
•
Dom Tar & Chem Co Ltd.*
Cum preferred
100
Fraser Co Ltd
•
Voting trust
Home Oil Co Ltd
Imperial Oil Ltd
•
Inter City Baking Ltd_100
jot Petroleum Co Ltd____*
MmmiiBig Missouri Mines
Brazil Gold & Dianaond
Bulolo Gold Dredging_
Coniaurum Mines
Dome Mines Ltd
Falconbridge Nickel
Francoeur Gold
J M Consolidated
Lake Shore Mines
O'Brien Gold
.
Parkhill Gold Mines _
Perron Gold
Pickle-Crow
Quebec Gold Mining
Read-Arthur Mine
1
1
_5
•
•
•
1
20
3
21
8%
65c
19%
3335
70c
30c
7.25
24c
28%0
1
1
52%
1
1
1
1
1955c
1.25
4.00
99c
1.39
25%
855
4%
56
7%
6%
650
19%
18
33%
3%
110
1.75
6
60c
97
97%
185
200
3,050
4,000
9,100
9,300
6.716
Siscos Gold Mines
Sullivan Consolidated
Teck-Hughes Gold
Range Since Jan. 1 1935
Low
High
1
1
1
2.90
84c
5.00
2.60 3.00 12,560
780 84c 31,972
4.95 5.00
70
2.40 Oct
3.29 Mar
38c Jan 91550 Dec
3.67 Jan
5.25 Dec
Ventures Ltd
•
Wayside Con Gold
500
Wright
-Hargreaves Mines*
1.75
1.64 1.75
170 17340
7.95 7.95
1,100
2,600
50
810 June
1.92 Dec
90 Feb 2434c Mar
7.00 Aug
9.85 Mar
Unlisted Mines
Central Patricia Gold____1
Eldorado Gold
1
Howey Gold
1
2.80
2.69
1.14
630
2.87
1.15
63c
8,906
350
300
1.15 Feb
1.01 Dec
600 Oct
San Antonio Gold
1
Sherritt-Gordon Mines_ 1
Stadacona-Rouyn Mines_•
Sylvanite Gold
1
3.10 3.10
1.00 1.15
1.15
20c 19550 21c
2.46 2.46
300
1,525
1,600
400
2.40
45e
140
2.00
Oct
5.00 Mar
Mar
1.23 Nov
Jan 3134c Mar
2.65 Mar
June
1.25 1.40
6
7%
6
6
235 23-4
1334 14
735
610
25
195
330
550
255
5
1.05
735
July
Sept
Apr
Oct
Oct
Unliseed
Abitibi Pow & Paper
Cum pre 6%
100
Ctf of dep 6% pref
100
Brewing Corp of Can._*
Preferred
630
1.25
6
6
2%
13%
Canada & Dominion Sugar*
5934 593-4
Canada Malting Co
33
• 33
3334
Canada Bud Breweries
6%
•
63-4 6%
Can Canners cony pref_ •
634 6%
Cndn Industries B
• 227% 22734 22734
Cons Bakeries of Can
* 16% 1655 1634
Consol Paper Corp
• 1.75
1.65 2.00
Dom Oilcloth & Lino
3554 353.4
•
Donnacona Paper B
3
•
334
3%
Ford of Can A
•
General Steel Wares pref100
Loblaw Groceterias A_
•
Massey-Harris pref____100
McColl-Frontenac pref_100
Price Bros Co Ltd
100
Preferred
100
Royalite Oil Co Ltd
•
•No par value.
24%
52
36
97%
3
22
28%
24
52
1834
36
9734
3
22
283-4
2534
52
isy,
3655
9734
334
22
2955
2.87 Dec
2.90 Apr
1.09 Jan
2.00 Jan
9% Jan
7
Nov
4% Jan
2234 May
10 55
Aug 6055 Apr
130 29
Apr 36
Nov
25
534 Sept
834 Jan
435 Sept
9
115
Jan
10 17835 May 22734 Dec
405 11% Jan
1734 Nov
1,485
650 July
2.25 Nov
Mar 36
50 32
Aug
142
1.00 Apr
33-4 Dec
824
125
20
365
10
695
5
330
2334
35
1734
1834
9534
1.50
14
18
June 3255
Oct 55
Oct 1934
Apr 37
Apr 100
June
33-4
Nov 34
Aug 3034
Jan
Feb
July
Nov
Mar
Feb
Jan
Dec
Railway Bonds
Bid
Ask
Ask
Bid
Canadian Pacific RyCanadian Pacific Ryes perpetual debentures_ _
454s
Sept 1 1946 10214 103
4
86, 863
z
68
Sept 15 1942 11012 111,
58
Dec 1 1954 10118 106
,
4
434s
Dec 15 1944 9712 9818
July 1 1960 100 8 101,8
451s
,
6a
July 1 1944 112, 1127
4
8
Dominion Government Guaranteed Bonds
Montreal Curb Market
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week
Par Price Low
High Shares
Friday
Sales
Last Week's Range for
ofPrices
Sale
Week
Stocks (Concluded) Par Price Low
High Shares
High
18
434
1634
1.75
25
2835
43%
2
16
6
23
950
Aug
Nov
Aug
Jan
Nov
May
Dec
2634
1234
734
72
8
8
900
2234
2034
3934
Dec
Jan
Feb
Feb
Nov
Nov
Dec
Nov
Sept
Nov
MO
Ask
Bid
Ask
Canadian National Ry Canadian Northern Ry434s
Sept 1 1951 109,t 110
July 1 1946 122 12211
634e
414*
June 15 1955 111,8 112 Grand Trunk Pacific Ry4348
Feb
1 1962 100 102
Jan
1 1956 10912 11014
48
4348
38
July 1 1957 108 108,
I 1962 97
9'J
Jan
2
5s
July 1 1969 113 113 2 Grand Trunk Hallway
,
5e
Sept 1 1936 10312 10334
68
Oct
1 1969 1141z 1147
8
5,8
Feb
1 1970 11414 1147s
Summary of Business Conditions in Canada by Bank
of Montreal
In reviewing conditions in Canada, the Bank of Montreal,
ill its "Business Summary" of Dec. 2:3, said that -"the final
Aug month of the calendar year has been remarkable for a numJan
ber of important happenings which bear upon the welfare
Feb
Nov of the country." The bank stated, in part:
Nov
In addition to the continued evidence of industrial progress, and a rise in
employment to the highest level in five years, there have been significant
developments in the wheat trade and in the tariff relationship between
Canada and other units of the British Empire. There has also been a conference between representatives of the Dominion and of the Provinces with
the object of determining in a constructive manner a number of questions
of grave concern to every part of Canada. . . .
At the conference between the Dominion government and the heads of the
Provincial governments one of the principal quastions discussed had to do
with the cost of unemployment relief. Although the total gain in employ•
1434 Nov
ment during the year is estimated at being in the neighborhood of 50,000,
Nov
7
-more than 1,000,000 are still receiving direct unemployment relief. At the
735 Nov
Jan same time it appears that the per capita relief costs are increasing, a fact
9
234 Oct which suggests the need of greater supervision, particularly in urban areas.
1.50 Mar
454 Jan At the conference it was decided to carry out the earlier intention of the
1834 Apr Dominion government of creating a Dominion Employment Commission for
835 Sept the purpose of co-ordinating existing agencies and to take an unemployment
Dec census in which those coining within the general
121
designation of "unemployables" will be classified. In the meantime, the Dominion will continue, and
734 Feb to some extent increase, unemployment relief allowances to the various
Nov Provinces.
111
2.50 Apr
Business generally has been more buoyant than at this period of last year.
Feb
14
85c Aug Both urban and country retailers report that the public is buying on a
Nov larger scale than a year ago, and that the demand for Christmas
99
specialties
Jan
100
is noticeably brisker. There is clear evidence of greater purchasing power
in the Prairie Provinces for, although to date the returns from wheat have
750 May been unsatisfactory, the farmers' revenues from beef cattle, dairy products,
610 June eggs. &c.,
have been substantially higher. The mining industry continues
3855 May
2.30 Mar to show great activity; the production of newsprint for November, at
4434 Dec 262,854 tons, was the highest ever recorded for that month ; and in lumber
8.70 Dec the exports of planks and
boards in November amounted to 121,444,000
250 Dec
290 Dec board feet as compared with 120,558,000 feet in November 1934. Manufacturing activity is being maintained at a satisfactory level and many
5734 Mar firms have recently found it necessary to increase
their working forces
560 Apr
320 Feb instead of decreasing them as often happens at this season. In November
1.25 Dec the automobile industry produced 13,496 units as compared with 8,313 in
4.20 Dec October and 1,697 in November 1934, but this large gain was due to an
99c Dec earlier start upon new
models.
1.48 Dec
4151
Financial Chronicle
Volume 141
Over-the-Counter
Insurance Stocks • Bank Stocks
Public Utility Stocks & Bonds
STOCKS & BONDS
Horr,Ro Dona
dsE
Bought - Sold
Established 1914
74 Trinity Pl., N. Y.
Inquiries Invited
Whitehall 4-3700
Members New York Securtill Dealers Association
a • Open-end telephone wires to Baltimore, Boston. Newark and PAiladelPeta- • Private wires to principal cities in United Stales and Canada. •
m
Quotations on Over-the-Counter Securities—Friday Dec. 27
New York City Bonds
Bid l Ask
9414 943
4
,
1003 10112
4
1003
4,10112
10014'1003s
10012 10114
10412 10514
10412 10514
10412 10514
10312 10414
10312110414
107141108
10714 108
107141103
10714 108
ands July 1 1975
4334a May 1 1934.
a334s Nov 1 1954
a3lie Mar 1 1960
aMs July 1 1975
848 May 1 1957
848 Nov 1 1958
ale May 1 1959
ats may 1 1977_
44s Oct 1 1980
oaks Sept 1 1960
a434s Mar 1 1962
a434e Mar 1 1964
143411 April 1 1966
New York State Bonds
Bid
Canal & Highway
5e Jan & Mar 1946 t 1971 r3.00
Highway Imp &lie Sept '63. 130
Canal Imp 412e Jan 1964_ -- 130
Can & Imp High 434e 1965 12612
Bid
Ask
World War Bonus
434e April 1940 to 1949__
Highway Improvement
413 Mar & Sept 1958 to '67
Canal Imp 4s J & J '60 to'67
--- Barge C T 4e Jan 1942 to '46
Barge C 4145 Jan 1 1945__
Ask
r2.30
12312
12312
11214
1113
4
Ask
leo. Washington Bridge
48 series B 1936-50___J&D
103
VAR ser B 1939-53__M&N
10114
9918 inland Terminal 4148 err
1936-60
M&S
Holland Tunnel 43 2 series E
,
1
M&S
1938-60
10414
Bid
Ask
10212 10312
110 11112
10512
104
1103 112
4
United States Insular Bonds
Philippine Government—
de 1946
43.48 Oct 1959
lie July 1952
158 AprIl 1955
5s Feb 1952
53.4e Aug 1941
Hawaii 4 litiOct 1956
Bid
100
103
103
101
106
110
112
Ask
10112
105
105
103
10712
111
115
Bid
Honolulu 5e
r3.5O
U S Panama 38 June 1 1961_ 117
Govt of Puerto Rico
112
43.4e July 1958
112
55 July 1948
U S Conversion 3s
1946 112
Conversion 3s
1947 112
Ask
3.00
119
115
114
115
115
Federal Land Bank Bonds
35 1955 optional 1945._ Jeri
3s 1956 optional 1946___J&J
3143'55 optional'45 __M&N
43 1946 optional 1944
4s 1957 optional 1937_M&N
43 1958 optional 1938_M&N
Bid
937
8
0812
1007
8
1073
s
10418
1043
4
Ask
9918
987
8
10118
1075s
10412
10518
4)-(5 1956 opt 1936___J&J
43-4e 1967 opt 1937____J&J
4I4e 1967 opt 1937__M&N
43de 1958 opt 193S__M&N
43-4s 1942 opt 1935_M&N
43-4, 1956 opt 1936____J&J
Bouphl, Sold and Quoted
MUMS WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks
Par Bid
Ask
Bank of Manhattan Co__10 2912 3112
Bank of Yorktown_ 66 2-3 40
Benionhuret National__ 50 38
43
13.55 41
Chase
1234
3612 3813
CitY (National)
Commercial National Bank
Trust
100 173 179
100 1050 1080
Fifth Avenue
First National of N Y_.A00 2025 2065
100 20
30
Flatbush National
Kingeboro Nat Bank
100 60
ec
Port of New York Authority Bonds
Bid
Port of New York
Gen & ref 48 Mar 1 1975_ 10258
3eserles F March 1 1941__ -_
Gen & ref 2nd ser 33s 65 9834
'
krtnur Kill Bridges 434e
Berta, A 1936-46
M&S r.50%
Bayonne Bridge de Belles C
1938-33
J&J 3 1025s
Bank and Insurance Stocks
Ask
Bid
1075s 1083s
(Aide April 15 1972
1075s 108%
04A5 June 1 1874
108 1083
a494a Feb 15 1976
4
108 1083
o4 )4c Jan 1 1977
4
4
103 1083
a4Ide Nov 15 1978
10812 109
a4tes March 1 1981
4
a4348 May 1 & Nov 1 1957._ 110 1103
11014 111
a4 34s Mar 1 1963
11012 11114
a4 SO June 1 1965
111 11134
a43.4e July 1 1967
11114 11214
a434e Dec. 15 1971
112 113
a4 lie Dec 1 1979
_
1003.8
Ms Jan 25 1936
10514 1051a65 Jan 25 1937
2
1184
1017
s
10312
1037
8
1061s
10112
100
Asit
1021
1037
1041
10638
1013
10058
Par
Merchants Bank
100
National Bronx Bank____60
Nat Safety Bank & Tr_1234
Penn Exchange
10
Peoples National
50
Public National Bank &
Trust
25
Sterling Nat Bank & Tr__25
Trade Bank
1212
Yorkville (Nat Bank 013_100
bed;
70
23
1512
912
42
Ask
85
28
17
1012
48
44
23
1612
30
46
2412
1812
40
New York Trust Companies
Par
&ROI Comm Italians-100
,ink of New York & Tr _100
10
ankers
20
ank of Sicily
7
lonz County
100
rooklyn
Bid
Ask
105 115
515 525
66
64
10
12
93 11
4
115 120
;antral Hanover
20 116 119
55
ihemical Bank & Trust __10 53
50 61
64
union Trust
25 1412 --;cranial Trust
2012
10 19
iontinental Bk & Tr
locri Fizeh Air A- Tr
nn 6311 RV,
Ask
Par Bid
10 2214 2314
100 z220 230
06
100 301 3
10 1714 1814
100 1700 1 750
25 44
47
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Manufacturers
30 4412 461.,
New York
25 117 120
Title Guarantee & Truel20 1214 1314
Underwriter.
United States
100 73
MO 2190
83
1 240
Chicago Bank Stocks
Bid
American National Bank &
Trust
100 190
Continental III Bank &
3314 127
Trust
Ask
195
Par; Bid Alt
100'z21512 220
First National
Harris Trust & Savings__1001 300 315
1001 565 575
Northern Trust Co
131
We specialize in
Underlying Inactive Railroad
Bonds
Also in Public Utility Bonds and Insurance Stocks
,JOINT STOCK LAND BANK BONDS & STOCKS
MUNICIPAL BONDS
e2e2kincion
'
romiia/ny, tgr tc.
P
MUNICIPAL BOND DEALERS-COUNSELORS
State 0540
Teletype CGO.437
120 So. LaSalle St.,Chicago
Bid
093
4
100
100
100
117
100
86
First Carolinas tal
First of Fort Wayne be
First of Montgomery
First of New Orleans 55
First Texas of Iloueton
First Trust of Chicago be
Fletcher be
Fremont 58
Greenbrier fie
Greensboro 55
Illinois Midwest be
Illinois of Mouttallo
Iowa of Sioux City 58.
Kentucky of Lexington
LaFayette be ______.
9712 9912
100 101
92
94
9612 9812
99 10012
100 10112
100
98
96
100 101
100 101
90
93
98 100
100
100
98
99
-12
Ask
10012
101
101
101
18
101
90
Lincoln M
Louisville be
Maryland-Virginia be
Mississippi-Tennessee be_
New York be
North Carolina be
Ohio-Pennsylvania he
Oregon-Witehington 55
Pacific Coast of Portland be
Pacific Coast of Salt Lake 55
Pacific Coast of San Fran.be
Pennsylvania 55
Phoenix 4133
_
5s
Potomac be
St. Louis be
San Antonio 58
Southwest be
Southern Minnesota 5e
Tennessee be
Union of Detroit rd
Virginia-Carolina be
Virginian M
Bid Act
98
99
100
100
100 161"
9912 10012
9914 00
98
9912
98
99
100
01
100
100
0912 1661:
10312
106
100
f48
100
90
/30
100
98
100
99
10712
101
51
101
93
33
101
9912
101
100
Joint Stock Land Bank Stocks
Atlanta
Atlantic
Dallas
Denver
Des Moines
First Carolinas
Fremont
Par Bid
100 27
100 38
100 67
100 14
100 83
100 13
100 12
For footnotes eee page 41.43.
Ask
32
43
72
17
87
17
14
Lincoln
North Carolina
Pennsylvania
Potomac
San Antonio
Virginia
Virginia-Carolina
Railroad Bonds
Bid
Joint Stock Land Bank Bonds
Atlanta be
Atlantic be
Burlington 58
California be
Chicago be
Dallas; 55
Denver 5e
JOHN E. SLOANE & CO.
Nfembers New TorkSecurity Dealers Association
HAnover 2-2455
41 Broad Si., New York
Bought—Sold—Quoted
Par Bid
100 15
100 24
100 23
100 20
100 58
12
5
100 28
Ask
20
26
27
23
63
1
32
Akron Canton & Youngstown 5345. 1945
65. 1945
Augusta Union Station let 45, 1953
Birmingham Terminal let ds, 1957
liwton & Albany 1st 4 tits, April 1 1943
Boston & Maine 35, 1950
Prior lien 4e, 1942
Prior lien 4345. 1944
Convertible 55, 1940-45
Buffalo Creek let ref 55, 1961
Chateaugay Ore & Iron let ref le, 1942
Choctaw de Memphis let 5s, 1952
Cincinnati Indianapolis & Western 1st M. 1965
Cleveland Terminal & Valley let ts, 1995
Georgia Southern & Florida let be, 1945
Goshen & Deckertown let 534s, 1978
Hoboken Ferry 1st be, 1948
Kanawha & West Virginia let 55, 1955
Kansas Oklahoma & Gulf 1st 55, 1978
Little Rock & Hot Springs Western 1111 4s, 1939
Macon Terminal 156 be. 1965
Maine Central 65, 1935
Maryland & Pennsylvania let 45. 1951
Meridian Terminal let 45. 1955
Minneapolis St. Paul & Sault Ste. Marie 24 4e, 1949
Montgomery & Erie let bs, 1956
New York & Hoboken Ferry gen be, 1946
Portland RR 1st 33-4e, 1951
Consolidated 55, 1945
Rock Island-Frisco Termins 434e, 1957
St. Clair Madison & St. Louis let 4a, 1951
Shreveport Bridge & Terminal let be, 1955
Somerset fly 1st ref 45, 1955
Southern Illinois & Missouri Bridge bit 45, 1951
Toledo Terminal RR 4545, 1957
Toronto Hamilton & Buffalo 43-4e, 1966
Washington County Ry 151 334s, 1954
.16513
166
90
9512
9914
57
77
77
83
9912
77
/55
9112
89
50
100
87
9712
99
35
99
80
57
75
60
ao
77
66
83
80
90
71
54
74
10612
89
56
Ask
67
16"
80
89
80
60
9312
9012
52
16"
166"
40
100
8115
60
Ji"
84
83
If"
76
5712
Financial Chronicle
4152
Dec. 28 1935
Quotations on Over-the-Counter Securities-Friday Dec. 27-Continued
Guaranteed Railroad Stocks
Joseph Walker A Sons
Members Nrw York Sock Exchange
120 Broadway
NEW YORK
(mak.In
GUARANTEED
srocits
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO.
Members New York Curb Exchange
160 Broadway, New York
Tel. RE ctor
2-6600
75 Federal St., Boston
COrtiandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
„Since1855„
Public Utility Bonds
Guaranteed Railroad Stocks
(Guarantor in Parenthesis.)
Par la Dollar..
100
Alabama & Vicksburg (Ill Cent)
tibany & Susquehanna(Delaware & Hu5.on).100
100
tileghany & Western(Buff Roth & Pitts)
50
Beech Creek (New York Central)
100
Soeton & Albany (New York Central)
100
Swaim & Providence (New Haven)
100
'analla Southern (New York Central)
'aro Clinchfield & Ohio(L & N A CL)4%.._..100
100
Common 5% stamped
Utile Cleve Mc & St Louis mei(N Y Cent)__J00
, ileveland & Pittsburgh (Pennsylvania)
50
50
Besterman stook
25
°waivers(Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)____100
100
...Morals RR & Banking(L & N. A CL)
i.ackawanna RR of NJ (Del Lack & Western)_100
Michigan Central (New York Central)
100
50
Sdorris & Eases (Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
00 Colony (N Y N El & Hartford)
100
Oswego & Syracuse (Ds, Lack & Western)_ _ _ _ 60
50
o'ittaburgh Bess & Lake Erie(U E3 Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)_---100
100
Preferred
.100
riensselaer & Saratoga (Delaware & Hudson)
-it Louie Bridge lit pref (Terminal RR)
100
100
2nd preferred
runnel RR 81 Louis (Terminal RR)
100
100
United New Jersey RR & Canal (Penns)
Utica Chenango & Susquebanna(D L & W)....100
100
Valley (Delaware Lackawanna & Western)
vicksburg Shreveport & Pacific (Ill Cent)......,100
100
Preferred
50
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
6.00
10.50
8.00
2.00
8.75
8.50
3.00
4.00
5.00
6.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.60
1.50
3.00
7.00
7.00
6.90
0.00
3.00
3.00
10.00
8.00
6.00
5.00
5.00
3.50
3.00
Bid
Asted
75
178
90
33
117
140
55
85
88
82
82
47
44
75
165
72
960
60
88
98
41
64
36
73
157
176
97
143
72
143
247
83
90
64
69
40
60
80
184
95
35
120
145
68
88
91
87
85
49
48
80
170
76
1050
62
91
98
43
68
38
162
179
101
148
75
148
210
87
68
73
45
63
EQUIPMENT TRUST CERTIFICATES
Quotations-Appraisals Upon Request
STROUD & COMPANY INC.
Public Utility Stocks
Railroad Equipment Bonds
SW
r1.50
r275
73.50
7350
7375
7375
T1.27
r360
7360
r350
r2.75
r2.00
rl 50
r2.75
r2.75
93
94
8812
8812
70
70
78 75
713 75
16.75
73.50
r3 50
r3 50
/3.50
r221
r229
12 25
,325
se
r3 25
5)4s
r200
12.00
6)4a
lnternat Great Nor 434... t6.(0
Long Island 434s
7300
7300
5,
,225
Louis, & Nash,43.45
5.
r 2 00
r2.00
634s
Maine Central 5a
r4.25
74.25
534s
MinnStP&SSM M.
r6 50
4t4.
r6 50
Bid
Ask
0 50
200
225
2 25
275
275
3.24
275
275
250
2 00
.50
2 00
2 00
98
98
92
92
76
76
8.00
6.00
6 00
2.75
2.75
2.75
2.75
175
175
160
225
2.25
1.00
1.50
5.50
2.00
2.00
1.75
1.00
1.00
3.75
3.75
5.75
5.73
Par Bee
Ask
Nfetrop Edison 42 ser G 1965 10312 10331
Monongahela W P Pub Serv
lot & gen 410
1960 1007 10118
8
Mtn States Pow 1st ihs 1938 95
96
102 104
Nassau El RR let 5s 1944
Newport N & Ham 5s 1944. 10512
New England CI & E 55 1982 71
73
New York Cent Elea 5s 1952 98 100
N Y & Queens Electric Light
& Power 334s
1965 103 10314
Northern N Y
51 1955 103
Northern gtates Pr 5s 1964 108 109
-Ohio Edison 1st & cons 4s'65 1007 10118
8
Oklahoma Nat Gas Os A1946 99 100
1948 9012 92
Ss series B
Old Dom.Pow.5s May 1561 6712 69
Pacific G & El 4s.ser 0_1964 1053 10618
4
Parr Shoals Power 65 1952.
94
96
Pennsylvania Elec 5, 1962
10312 10412
Penn Telep Corp lot 4s 1965 105 10538
63
Peoples L & P 5141 1941_ _. 102
10514 1061 1
Public fiery of Cob fle 1901
Pub Sony of N 11 3Sis C 19611 10218 10212
Pub Serv of Nor Illinois
let & ref 4%a July 1 1960 10212 1027
8
Public Utilities Cons 545'48 7312 7412
Rochester Ry lst 55 1930_ 122 24
San Diego Cons G & E 4s'65 10718 1071.2
10
Schenectady Ry Co let 5546 17
SMux City Gas & Elea 65 '47 105 106
75
70
Sou Blvd RR it 55 1945.
'flu Calif Edison 4s._ __1960 1053 1061s
4
1960
Refunding 314s
601Debentures 334s,,_1945 91- 2. 1007s
1965 10138 10158
Sou Calif Gas let 4s
,
qou Cities Utilities It. A 19s , 4934 5034
S'western Bell Tel 334s B '64 10312 10334
rel bond & (share 5s 1959
7612 781 2
88
Union Ry Co N Y 55 1942
84
7
(In Traci Albany 434u 2004
15
Utica Gas & Elea Co 58_1957 120
Virginia Elec & Pow 44_1955
Virginia Power 5. 1942_ __
1(T(c1- 1671.;
- 4
87
Waeh & Suburban 5We 1041 85
75
Westchester Eleo Rit 55 1943 70
8912
Western P 5%s 1960____
88
Wisconsin Pub Serv 510 '59 105 10512
65
Yonkers RR Co iittl 55 1940_
62
Philadelphia, Pa.
Private Wires to New York
Atlantic Coast Line 1334a__
4)45
Baltimore & Ohio 4%1
55
Boaton & Maine 434s
55
334s Dec 1 1936-1944
Canadian National 43s
5s
Canadian Pacific
Cent RR New Jer
Chesapeake & Ohio 534s_.
6)4s
4)511
5.
Chicago & Nor Went
55
Chic Maw & Si Paul 535s_
58
Chicago RI & Pao 1%a___
5,
Denver & R a West 434s
6I
54,
Kris RR 5351
6a
414a
68
Great Northern alie
58
Hocking Valley 15a
IRMO' Central 4346
Par glI .455
Albany Ry Co con Si 1930._ f 30
General 5s 1947
/25
if
Amer States P S 5%5 1948_
59
Amer Wat Wks & Elec 55'75 8514 8612
Arizona Edison lat 5a new'48 91
9212
Eat (Is series A new 1945. 97
9814
ArkMissouri Pow let 6s '53 66
Associated Electric 55 1961.
5812 5912
Assoc Gas & Elea Co 4%,
'58 27
2812
Associated Gas & Eleo Corp
25
Income deb 3)4a_1978 24
26
Income deb 334s__1978 25
1978 27
28
Income deb 44
32
Income deb 4345._ 1978 30
Cony debenture es 1973
4812 50
Cony debenture 4341 1973 5012 52
5412 56
Cony debenture 5. 1973_ _
63
Cony debenture 5%a 1973 60
96
Participating 8s 1940.... 94
Bellows Falls Hydro El 5558 10214 103
Bklyn C & Newt'n con 55'39 85
90
Blackstone Vy 0 As E 4s 1965 10612 1067a
9312
Cent Ark Pub Serv tot 1948 92
Central0 & E 53.4s 1946.... 7034 72
1st lien ooll tr 6s 1948____
7334 7514
84
Cent Ind Pow let 85 A 1947 83
Cent Maine Pow 44 ser 060 9914 9912
Cleve Elea Ill gen 3348_1966 108 2 1087
,
8
Colorado Power 5a 11153
1053
4
Columbus Ry, Pr & Lt 4s '65 10112 161
-7Z
75
Con laid & Bklyn con 45 '48 70
Conaol Elea & Gag 5-8a A 62 4012 4112
Dayton Pr & Lt 3"/68.....1060 1037 10414
8
Duke Price Pow (is 1988_ _ 10312 10418
Duquense Light 3345..1985 1041s 1043
8
Edison Eleo Ill(Boa)3Sis'65 1033 103%
8
Federal Pub Serv let as 194/ f40
4
Federated Util 5345 1957... 743 753
4
42d St Man & Si Nick fis'40 85
Green Mountain Pow be '58 102 103
98
9912
low• So Utll 53441950
-Kan City Pub Eierv 3s 1951
30
303
4
Kan Pow & Lt lot 43-4s '65_ 10638 1065s
K systons Telephone 5 Sis 55 100
01
Lehigh Van Trans ref 55 '60 47
49
Long Island 1.1ghting 55 1959 107
Los Angeles G As E 45...1970 10212 162
-34
Missouri Pacific 6341
55
545
New Orl Tex & Men
New York Central 4)455s
N Y Chlo & St L 434s..
5a
NYNH& Hartford 434a_
65
Northern Pacific 4%e
Pennsylvania RR 43.45
5a
42 series E
due Jan & July '36-49
23.1s series G
non-call Deo 1 1936-50
Pere Marquette 4345
Reading Co )45
ba
St Louis
-San Fran as
'34.
5s
St Louie Southwestern Sa_
5345
Southern Pacific 434s
55
Southern Ry 4%5
55
5)410
Texas Pacific Ls
SZei
se
Union Pacific 4%,
55
Virginian By 4345
5,
Wabash Ry 434,
55
5)55
65
Western Maryland 434s__
be
Western Pacific 51
545
Ast
76.00
76.00
/6.00
r8.50
r3.50
73.60
13.85
r3.85
90
91
73.00
72.00
r2.10
5.25
5.25
5.25
5.50
2.75
2.75
3.25
3 25
94
95
2.60
1.25
1.40
r3.00
2.00
r2.75
73 65
r3 00
r3 00
70
70
70
75.50
75.50
72 75
12 75
74.50
r4.40
74.40
r3.50
/3.50
r3.50
r2.00
r2.00
r2 25
r2 25
92
93
03
98
74.00
r4.00
78.50
r6.50
2.00
3.00
2.50
2 50
75
75
75
4.75
4.75
2.00
2.00
3 76
3.75
4.00
2.50
2.50
2.60
1.00
1.00
1.50
1.50
96
97
97
90
3.00
3.60
5 75
5.75
455
Par 81.
751s 7712
Alabama Power 17 pref_._
9034
, 89
Arkansas Pr & Lt $7 pref..
112 3
Aesoo Gas & El orig
•
4
3
10.50 preferred
6
4
17 Preferred
Atlantic City Elea 86 pret.• 105 107
Bangor Hydro
-E17% pf _100 108 111
4
4
Birmingham Elea $7 pref....• 623 643
Broad Riv Pow 7% pf _ _100 24
Buff Ntag & East Dr Prst _26 233 2412
4
94
92
Carolina Pr & Li $7 pref..
• 87
6% preferred
883
4
Cant Ark Pub Seri pref_100 87
,
Cent Maine Pow 8% 0_100 6212 65
17 preferred
100 6912 72
Cent Pr & Lt 7% Prat - -100 4112 4212
Columbus Sty. Pr & Lt
lit $8 preferred A. _100 10312 105
100 10112 103
$6.50 Preferred B
44
Consol Traction(N J)_ _ _100 41
4
1013 1023
4
Consumer! Pow 15 pref._
100 10412 10512
0% Preferred
,
100 10514 106 4
6.00% preferred
Contlnentai Gas & El
88
100 86
7% Preferred
Dallas Pow & Li 7% prat 100 11212 114
Dayton Pr & Lt 6% Pref100 11012
61
Derby Gas & Eleo 17 pref.• 58
100 190 198
Essex.11 Orion Gam
95
Foreign Lt & Pow units__
0as & Else of Bergen_100 120
Hudson County Gee_ _100 190 198
• 99 101
Idaho Power 56 pref
100 108 110
7% preferred
4
,
Illinola Pr & Lt 1st pref. • 35 4 363
2212
Interstate Natural Gas..._• 21
1712 1914
Interstate Power $7 prof -Jamaica Water Supply p1.54) 5312 5512
8712
Jersey Cent P & L 7% num 86
Kansas Gas & El 7% pf 100 109
6iKings Co LIE 7% pref-100 95
72
Long Island Mg 6% Dr- 10
0 70
80
100 78
7% oreferred
14
Loa Angeles0& E 8% pf 100 112
83
Memphis Pr & Lt $7 pref._• 81
Metro Edison 17 pref B.. • 10512
6% Preferred ser C____• 10212 0312
mbialsainoi P & L 16 pref.. • 58 60
09
Mies Riv Pow 6% pref-J00 107
Par
Mo Pub Set / $7 pref ,_100
,
Mountain States Pr com__•
100
7% Preferred
Nassau & Suffolk Ltg pf 100
Nebraska Power 7% pref100
Newark Como!Gas
100
New Engl 0 & E 534% PE•
New Eng Pow Assn 6% pf100
New England Pub Serv Co
$7 prior lien prof
New Jersey Pow & Lt $6 Pt •
New Orl Pub dery $7
N Y & Queens E L P pf 100
Northern States Pr $7 pf 100
N Y Pow & Lt $6 cum pt..*
7% cum preferred..__ _100
•
Ohio Edison $6 pref
$7 preferred
•
Ohio Power 6% pref____100
Ohio Pub Bey/ 6% pf..._ 100
100
7% preferred
Okla G & E 7% Pre
100
Sae Gas & Else 6% pf_25
Pacific) Pow & Lt 7% pf. 100
Penn Pow & Light $7 preL•
Philadelphia Co $5 pref._ _•
Pub fiery of Colo 7% pf_.100
Puget Hound Pow & Lt
•
$5 prior preferred
Queens Borough G&E
8% preferred
100
Roth Gas & Kleo 7% li_ _100
10(1
0% Preferred C
Sioux City 0 & E $7 pt. .100
Sou Calif Ed pref B
25
South Jersey Gas & Eleo_100
Tenn Elea Pow 0% pref_100
7% preferred
100
Texas Pow ,k Lt 7% pf. .100
Toledo Edison 7% pf A_100
United 0& E (Conn) 7% 1/1
United LI & E(N J) pref 100
Utah Pow & Lt $7 pref_ ___•
Utica Gas & El 7% pret_100
Util Power & Lt 7% pref100
Virginia Railway
100
Washington Ry As Ele0
100
6% Preferred
Western Power $7 prat_ .100
Bid
8
1
21
43
11212
120
21
56
Ads
9
3
23
45
11312
125
22
5612
3812 39,2
98 100
38
37
10312 105
8112 8112
9512 97
10312 105
103
100 101
109 110
9412 96
100 102
9i) 102
2812 2914
741.1 76
10612 108
7012 7312
101
4712 49
80
8112
107 10912
103 10412
78
7912
2612 2712
190 198
6312 6412
72
71
101 103
107 10818
86
88
6312 65
46
45
93
95
17
15
94
10712 10912
10412
Sugar Stocks
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
r or footnotes see page 4153.
Par
Cache La Poudre Co__20
Eastern Sugar Assoc
Preferred
Haitian Corp Amer__ ....•
Par Red
Savannah Sugar Ref
• 1031v
7% pref-rred
100 11 1 3
4
West Indica Sugar Corp
114
Asd
1-3S
Realty, Surety and Mortgage Companies
Par l Pia I Ask
Pa? Bid l AsS
i
20
7
5 1,
4
Bond & Mortgage Guar...20
14
118 Lawyers Mortgage
1
2
Lawyers Title & Guar.. 100
Empire Title & Guar._ _100
7
12
4153
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities—Friday Dec. 27—Continued
Specialists in
OVER-THE-COUNTER SECURITIES
BOUGHT—SOLD—QUOTED
PRUDENCE BONDS
RYAN & McMANUS
Statistical Information Furnished
Title Company Mortgages ct Certificates
Members New York Curb Exchange
PU LIS CO U LBO U RN & CO.
New York City
39 Broadway
25 BROAD ST., NEW YORK
A.'T & T. Teletype N. Y. 1-1152
Digby 4-2290
Private IVire Connections to Principal Cities
Tel.: HAnover 2-6286
Real Estate Securities
Specialists in —
Reports—Markets
WATER WORKS SECURITIES
Public Utilities—Industrials—Railroads
Complete Statistical Information—Inquiries Invited
AMOTT, BAKER & CO.
SWART,BRENT& CO.
INCORPORATED
B Arclay 7
2360
IN CO R PO RATE
A. T. & T. Tel
N Y 1-588
150 Broadway, N.Y.
BROAD STREET, NEW YORK
Tel.: HAnover 2-0510
Teletype: New York 1-1073
25
Real Estate Bonds and Title Co. Mortgage Certificates
Water Bonds
Alabama Water Serv 55, '57
Alton Water Co 58. 1956___
krkensaw Water Co Zs, 1956
kehtabula Water Wks Si,'58
ttlantic County Wat 55, '58
Birmingham Water Worke—
rs. series C. 1957
5s, series B, 1954
530,serifs A. 1954
liutler Water Co M.
California Water Serv 55,'58
Chester Water Sen 4)-4q,'58
,
citizens Water Co (Wash)—
Es. 1951
53is, series A. 1951
City of New Castle Water
5s. 1941
City W (Chat) 55 B____1954
let Is series C
1957
Clinton W Wks Co 5e. 1939
Commonwealth Water (N J)
5a. series C. 1957
53-40, series A, 1947
Community Water Service—
S3-4e. series B, 1046
60, series A, 1946
Connelleville Water 5s_1939
Consolidated Water of Utica
4 tie, 1958
let mtge Se. 1958
Davenport Water Co 5e, '61
E Si L & Interurb Water—
Es. series A, 1942
65, eerie! II, 1942
ts, series I), 1960
Greenwich Water & Gas
5e. series A, 1952
55, series B. 1952
flackeneitiok Water Co 5s.'77
530, series IL 1977
Huntington Water 55 B,'54
65. 1954
fis
1962
Illinois Water Serv M A,'52
Indianapolis Water 43-48. '40
let lien & ref tie, 1960___
1st lien & ref ts, 1970____
let lien & ref 5)-4e. 1953._
let lien & ref 53-40, 1954._
Indianapolis W W Securities
5s. 1958
Interstate Water 65. A. 1940
Jamaica Water SUP 5 tie.'55
Joplin W W Co 5e. 1957
Kokomo W W Co 5e, 1958_
Lexington Wat Co 5545. '40
811 Ask
94,2 97,2
105
10412 106
10212
1013 104 4 105
102
10312 165
105
105 1063
4
101 106
102
1031:.
102I,
101
105
1013 104
4
10514
103 105
72
73
101
75
76
98
96
9912 10112
105 10612
102
1041
10214
166
-
9412, 9712
9212
104 107
109
102
10212 10412
102
100 103
10412
612
10412 16- .
10412
104
_
104
9412 0612
102
106
105 107
10412 106
10134
Long Island Wat 530, 1955
Middlesex Wat Co Vie.'57
Monmouth Consol W ts,'56
Monongahela Valley Water
53is. 1950
Morgantown Water 5s. 1985
Muncie Water Works 5a.'65
New Jersey Water 55, 1950_
New Rochelle Wat 5a, 13, '51
54is, 1951
New York Wat Serv 5e, 1951
Newport Water Co 5a, 1953_
Ohio Cities water 534s, 1953
Ohio Valley Water ts, 1954_
Ohio Water Service 58. 1958
Ore-Wash Wat Serv 55, 1957
Penne State Water S3e.'52
Penns Water Co 5s, 1940
Peoria Water Work!
& ref 5s. 1950
let consol 4s, 1948
1st consol 5s, 1948
Prior Len 15e, 1948
Plum Suburb Wat 4s, 1965
Pinellas Water Co 5 tie 1959
Pittsburgh Sub Water 5s,'58
Plainfield Union Wat 55, '61
Richmond W W Co Es, 1957
Roanoke W W 5a, 1950
Roch & L Ont Wat Si, 1938
St Joseph Water Si. 1941
Scranton Gas & Water Go
43
-4s, 1958
Scranton Spring Brook
Water Serif 5s, 1961_
let & ref M. A. 1967___
Sedalia Water Co Pie, 1947
South Bay Cone Wat 5/3, '50
South Pittsburgh Wat M.'55
Es. series A. 1960
Is series B
1960
Terre Haute Water 5s, B,'56
68. series A, 1949
Texarkana Wat 1st Is._19S8
Union Water Serv 53-4s, 1951
Water Serv Cos. Inc. 5s.'42
West Virginia Water 55, 'Si
Western N Y Water Co
5a, series B. 1950
let mtge 5s, 1951
let mtge. 53-45. 1950
Westmoreland Water 5a. '52
Wichita Water Co 5e, B,'56
Es. series C. 1960
6s, series A, 1949
W msport Water M. 1952
Bid
1021 1
107
9712
Ark
1041:
109
100
102
102
104
10112 104
91
93
93
95
9812 10012
10412
8412 8612
107 109
9312 9512
85
87
99,2 10112
106
9812 10012
9813 100,
2
100,2
10312
10514 106
- -171
96
93
10212 10412
107
105,2
3814 9 -,1
0
10012
101 16610212 104
92
90
92
90
10112 103,2
7612 78,2
10314
103
1013
4
102 104
10212
9912
9912 10113
87
101, 11::U12
2
9712 100
9712 100
9912 10112
10012 10212
102
104
104
10212 164
Par
Diet Teleg(NJ)corn •
Preferred
100
Bell'Felon of Canada _ _100
Bell Teiep of Penn pref_100
CIncin & Sub Bell Telep _50
Cuban Telep 7% Dref
100
Empire & Bay State Tel_100
Franklin Teleg $2.50
100
Gen Telep Allied Corp $6 P
list Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
Mount States Tel & Tel_100
New England Tel & Tel.100
814
100
115
138
121
85
37
55
40
76
9814
105
137
11712
Asi
III
117
140
323
88
43
___
78
102
141
11012
Par
New York Mutual 'fel__100
Northw Bell Tel pf 6A% 100
Pao & Ati Teleg U 13 1%.2i
Peninsular Telephone com_•
Preferred A
100
Roth Telep 36.50 lat pf_100
So & Atl Teleg $1.25____25
Sou New Engl Telep___ _100
S'weetern Bell Tel,
100
Tri States Tel dr Tel
Preferred
10
Wisconsin Telep 7% pret 100
Bid Ask
23
11612 11i19
17
1512 1712
10812 11012
1103
4
1912
13411 16612
1223 12484
4
ION 1112
11412 11612
Miscellaneous Bonds
American Meter tla ____1946
1951
Amer Tobacco 45
1937
Am Type Fdre 60
1939
Debenture 68
am Wire Fabrics 75 ._1942
Bear Mountain-litulson
1953
River Bridge 7s
ButterickPublishing 6341936
Chicago Stock Yde 55._1961
Consolidation Coal 4 tie 1934
Cudahy Pack cony 48_1950
1955
let 33is
1937
Deep Rock Oil 75
Fed F'm Mtge 1 %Sep.' 1939
1938
ifeytian Coro 85
Internet Cement Cony 45 '45
Bfol
103
104
190
/00
94
Ask
92
92
,
921. 941,
24
122
99 100
139
41
10268 10318
4
9914 993
59
157
100.14 100 18
15
13
11112 112
BM
/4512
14912
/2812
f29,1
Art
4812 Majestic Apte 1st 6s, 1948__
5212 Metropolitan Playhouses Inc
s f deb 5s 1945
3112
303 Munson Bldg let 6 tie. 1939
s
N Y Athletic Club—
let & gen 65. 1946
/4012 43
503 517 N Y Eve Journal Ste, 1937
8
5
NewYork Title & Mtge Go
66
53 aeries BK
59
6
.17
-4e
911, 931, 1534s series C-2
63 series F-1
-is
49
/46
53-45 series Q
19th Sr Walnut Si (Plilla)13012 33
1st 65. July 7 1939
/8
9 Oliver Cromwell. The—
let 6e, Nov 15 1939
61
63
1 Park Ave 65, Nov 6 1939.,
47
49
103 East 57th St let 6s, 1941
_ _ 165 B'way Bldg let 5
'51
/2112 2312 PrudenceCo 53-iestmpd.1981
/38Prudence Bonds—
134
36
Series A to 18 inclusive_
44
51
Prudence Co otfe—
Hotel Taft
7012 73
Hotel Wellington
7612 8012
Fifth Avenue Hotel
380 Central Park West
43
145
422 East 88th Si
Realty Aff300 Sec Corp
fl 1
13
61
5e, income. 1943
50
4712 Roxy Theatre—
145
let tee & leasehold 6 Sim '40
70
68
43
4512 Savoy Plaza Corp.-.
Realty ext let 5Ae. 194586
89
53, 1945
/5312 5612
/5212 5512 Sherry Netherland Hotel
1st 584s, May 15 1948_
153
54,
2
60 Park P1 (Newark) 68, '37
8512
616 Madison Ave 1516 iis'38
61 B'way Bldg let 53is. 1950
General 75, 1945
14712 50,
2
Syracuse Hotel (Syracuse)
1st 61ze. Oct 23 1940
67 2
,
68
if - Textile Bldg 1st 65. 1958_
Trinity EtIdge Corp—
let 53is, 1939
51
146
53
___ 2 Park Ave Bldg let 45. 1941
Walbridge Bldg (Buffalo)
023 93
1st files. Oct 19 1938
5
1s
13812 4012 Westinghouse Bldg—
let tee & leasehold 85. '39
82
82
e
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Telephone and Telegraph Stocks
Amer
Alden lot 65, Jan 1 1941____
Broadmoor. The, let 65. 'Al
B'way Barclay let 63. 1941.
Certificates of depoelt____
B'way & 41st Street
1st leasehold 6345, 1944_
B'way Motors Bldg 65 1948_
Chanin Bldg Inc As 1945-Chefiebrough Bldg 1st 6e,'48
Chrysler Bldg let Os, 1948__
Court & Remsen St Off Bldg
1st 61, Apr 28 1940
Dories, The, lit 6s, 194L....
Eastern Ambassador Hotels
1947
let & ref 5
Equitable Off Bldg deb 56'52
50 Bway Bldg 151 35, Inc '46
500 Fifth Avenue
45, 1949 stamped
502 Park Avenue let 65. 1941
526 & Madlson Off Bldg
65, Nov 1 1947
Film Center Bldg list Cie. '43
40 Wall St Corp 88, 195842 B'way 1st es. 1939
1400 Broadway Bldg
s stamped, 1948___
151
Fox Theatre & Off Bldg—
let 612s, Oct 1 1941
Fuller Bldg deb Os, 1544.,.,...
545 uestamped 1949
Graybar Bldg 55, 1946
Harriman Bldg let (3.5. 1951_
Hearst Brisbane Prop (15 '42
Hotel Lexington let 65, 1943
Hotel St George let 53(5,'43
Certificates of deposit
_
Keith-Albee Bldg (New
Rochelle) let 65. 1936____
Lefoourt Empire Bldg—
34e, June 15 1941___
let 5
Letcourt :Manhattan Bldg
1st 531s, stamped, 1941__
1st 4-5s extended to 1948_
Lewis Morris Apt Bldg—
ism 0125, Apr 15 1937
Lincoln Bldg Inc 530. 1963
Loew's Theatre Realty Corp
let 65. 1947
London Terrace Apte 8e, '40
Ludwig Bauman—
let 68 (Bklyn). 1942
let 61-is (L I), 1938
Bid
Ask
Journal of Comm 6 lie 1937 71
70
Merchants Refrig tis._ _1937 100
Home Ownere' Loan Corp
Ilia
Aug 15 1936 100.28 101
Aug IS 1937 102.4 102.8
111s
2s
Aug 15 1938 102.16 1022)
1 14s.._
June 15 1939 100.15 100.19
Nati Radiator 55
1946 f39
41
N Y Shipbldg 5e
1946 96
No. Amer Berra° 6;45_1944 188
92
-Otis Steel 135 cafe
1961 98 101
Pierce Butler & P6 14e_1942 /13
15
Scoville Mfg 53ie
1945 10f1 107
St'd.Tex.Prod.1516
as.'42 /13
1412
Struthers Wells Titus6 3-4s'43 80
___
Willys-Overland let 634533 /60
Witherbee Sherman 60.1944 115
Woodward Iron Is __.._1952 /51
Mackubin Legg &Co.
Redwood & South Sc.., Baltimore. Md.
BANKERS—Est. 1899
BId
Ask
129,2 3112
651s 66,4
/29
303
4
/3112 34
101
143
134
151
143
4512
343
4
52
4512
j3012
115
76
6512
46
171
1812
78
6712
48
13-90
47
40
45
50
55
/403 5112
4
f36, 3812
2
/2212 2412
/2212 25
126
/5312
/1912
/3812
9
ii 2
14014
13
28
150
/41
43
56
98
58
/281
31
52
Members
New York Stock Exchange
Baltimore Stock Exchange
Washington Stock Exchange
Associate Member N. Y.Curb Exch.
Baltimore—Plaza 9260
New York—Andrews 3-6630
Philadelphia—Pennypacker 8300
A.T. AT.Teletype—Bait. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid .4sk
Nat'l Union Mtge Corp—
51
Series A 2-6s, 1954
67
Series B 2-50. 1954
Potomac Bond Corp (all
68
issues) 2-5s, 1953
42
4312 Potomac Consol Deb Corp
3912 4112
67
2-60, 1953
40
42 Potomac Deb Corp 2-6s. '53 3912 4112
Potomac Franklin Deb Co
3912 4112
52
2-13s. 1953
150
Potomac Maryland Deben54
ture Corp 2-6s, 1953
75
Potomac Realty Atlantic
/2512 2712
Debenture Corp 2-6s, 1953 3912 4112
Realty Bond A Mortgage
42
40
/28
30
deb 2-65, 1953
Union Mtge Co. 60, 1937-47 14015 4212
52
/25
Union Mtge Co 53-45 & 6s '37 /50
27
/50
52
69
Universal 51tge Co (3s
3912 4112
Bid
Allied Mtge Cos. Inc.—
All series. 2-5s, 1953
Arundel Bond Corp 2-50,'53
Arundel Deb Corp 2-6a, 1953
Associated Mtge Cos, Inc—
Debenture 2-6s, 1953.....
Cont!Inv 13d Corp 2-5s,'53
.
Cont'l Inv Deb Corp 2-6s '53
Home Mtge Co 5345 & 6s,
1934-43
Mortgage Bond Co of Md.
Inc 2-50, 1953
Nat'l Bondholders part ars
(Central Funding series).
Nat'l Bondhcoders part ars
(Mtge Guarantee series) _ _
Nat'l Bondholders part ctfs
(Mtge Security series)- - Nat Consol lid Corp 2-5s,'53
Nat Deben Corp 2-68, 1953_
As5
72
73
51
• No par value.
a Interchangeable.
c Registered coupon (serial).
/ Flat price
il Coupon.
r Basis price.
z Ex-dividend.
WI When issued.
y Now listed on New York Curb Exchange.
•• Transferred to the investing companies under the heading of Investment
Banking Corp.
t Now listed on New York Stock Exchange.
Quotations per 100 gold rouble bond eaulvalent to 77.4234 grams of pure gold.
ft!
Financial Chronicle
4154
Dec. 28 1935
4
Quotations on Over-the-Counter Securities -Friday Dec. 27-Continued
German and Foreign Unlisted Dollar Bonds
Alt
590
12712 29
Anbalt 71 to 1948
J2612 2810
Antioquia 8%. 1946
17 15
Bank of Colombia. 7%.'47
17
Bank of Colombia. 7%.'48 115
Barrauquilla 8s35-40-46-49 /1112 13
/3114 3214
Bavaria 64s to 1945
Bavarian Palatinate Cons
124
2512
Cit. 7% to 1945
1312
Bogota (Colombia) 634,'47 /12
812
/612
Bolivia 6%,1940
2812
Brandenburg Elec. 6s, 1953 f27
5914 5934
Brazil funding 5%. '31-'51
-___
Brazil funding scrip
160
British Hungarian Bank
55
52
716.. 1962
Brown Coal Ind. Corp
42
f38
63411. 1953
38
/36
Buenos Aires scrip
Wain 6s_1940 /92
95
Burmeister,
Call (Colombia) 7%. 1947 174
814
914
Callao (Peru) 734%. 1949 /814
412
Ceara (Brazil) 8%, 1947.. /212
City Savings Bank, 13.4,1a
/43
46
peel, 7s, 1953
67
Columbia scrip issue of '3: /63
/40
43
issue of 1934
96
44
Coats Rica funding 5%,'51
Costa Rica Pao. Ry 7348
.49 /1612 18
38
42
Se. 1949
Dortmund Mun Util 68.'48 131
3212
Duesseldorf 7s to 1945- _
/2712 2812
Duisburg 7% to 1948_____ 12712 2812
East Prussian Pr. 68, 1953_ /2714 2812
European Mortgage & Investment 74s. 1966__... f40
44
Frankfurt 7s to 1945
/29
3012
_
155
French Govt. 5.540. 1937
152
French Nat. Mall SS.8a.'52 148
German AU Cable 7s. 194t /32
35
German Building & Landbank 634%. 1948
33
f30
German defaulted coupons
/58
July to Dec 1933
Jan to June 1934
/40
July '34 to Dec '35___
f2714 2814
German scrip
8
1712
/25-35 ___,
ierman called bonds
German Dawes Coupons
/73
4
81 1
10-15-34 Stamped
April 15 1935_
1612
/1531
German young Coupon,
.
12-1-34 Stamped
/1012 11
June 1 1935
/1213 13
Guatemala 8s 1948
/24
90
95
Haiti 6% 1953
Hanover Harz Water Wks
6%. 1957
/261* 28
Housing & Real Imp 7s,'46 /32
3412
45
Hungarian Cent Mut 7s.'37 /42
Ask
Bid
Hungarian Discount lc Ex
42
change Bank 7s, 1963___ 133
Hungarian defaulted (MUDS /30-55
Hungarian Hal Bk 7341.'32 /40
3612 371,
Jugoslavia 5s, 1956
/43-54
Coupons
130
Koholyt 6348. 1943
89
84
Land M Bk, Warsaw 88.'41
38
Leipzig Oland Pr.630,'46 /32
Leipzig Trade Fair 7e. 1953 /3112 3312
Luneberg Power, Light &
34
131
Water 7%.1948
35
Mannheim & Patel 7s, 1941 132
30
/29
Munich 76 to 1945
Munk)Bk, Hessen, 7s10'45 12712 2812
Municipal Gm & Elec Corp
32
Recklinghausen. 71. 1947 130
Nasssu I andbank 63.4*. '38 /3112 33
71
68
(A & B)
634s 1946-1947
,
Natl. >fust Panama 6.14%
64
1998-1949
Nat Central Savings Bk of
51
Hungary 74s. 1982._ 151
National Hungarian & Ind
52
/49
Mtge.7%. 194
8
Oberpfalz Elec. 7%,1946._ /2612 2812
Oldenburg-Free State 7%
12712 29
to 1945
65
./63
Panama 5% scrip
Porto Alegre 7%. 1968__._ I121z 1312
Protestant Church (Ger2812
/27
many), 78. 1946
42
.
Prov Bk Weasphalla 61,'33 139
35
Prov Bk Westphalia 631. 38 /33
'
38
Rhine Weetph Eleo 7%,'36 /35
Rio de Janeiro 6%. 1933_ /1212 14
29
Rom Cath Church 6348,'46 /27
2812
R C Church Welfare 7a,'46 /27
Saarbruecken M Bk 68.'47 /25
16/25
Salvador 7%, 1957
25
Salvador 7% elf of dep '67 /21
25
123
Salvador 4% scrip
Santa Catharine (Bruit).
11312 1512
8%. 1947
165
Santa Fe scrip
9,2
Santander (Colom) 7s. 1946
14
Sao Paulo (Brazil) Os. 1943 /13
36
Saxon State Mtge. 6a. 1947 f32
3612 38
Serbian 5s. 1953
j43-51
Serbian coupons
Slem & Halake deb Itta. 2930 f250 i66f35
75 1940
12812 2913
Stettin Pub 11111 7s, 1946
Stinnes 7s unstamped_1936 60
/54
7s unstamped 1946
95
90
Tucuman City 7s. 1951_ _ _
98
Tucuman Prov. 78. 1950.. 95
105
100
rucuman Scrip
3112
/29
Vesten Eleo Ry 78. 1947
Wurtemberg 711 to 1945.... f3114 32,4
tSoviet Government Bonds
Ask
Bid
Bid I Ask
Union of Soviet Soe Repub
Union of Soviet Soo Repub
7% gold rouble_ ___19431 87.28 91.011 10% gold rouble___19421 87.281 ----
Insurance Companies
Par
AetnaCasualty & Surety AO
10
Aetna Fire
10
Aetna Life
25
Agricultural
10
American Alliance
6
American Equitable
10
American Home
American of Newark____214
American Re-Insurance _ _10
10
American Reserve
25
American Surety
Automobile
10
Baltimore Amer
234
25
Bankers & Shippers
100
Boston
5
Camden Fire
10
Carolina
_10
City of New York
Connecticut General Life_ 10
6
Continental Casualty
Eagle Fire
23-4
Employers Re-Insurance_10
Exeesa
10
Federal
Fidelity & Deposit of Md_20
Fire Assn of PhIladelphia_10
Firemen's of Newark
6
Franklin Fire
6
1
General Alliance
10
Georgia Home
6
Glens Falls Fire
Globe & Republic _ ......6
Globe & Rutgers Fire__ 15
15
2nd preferred_
5
Great American
1
Great Amer Indemnity
10
Halifax Fire
Hamilton Fire----------10
Hanover Fire
lb
10
Harmonla
Hartford Fire
10
Hartford Steam Boiler.. _10
Home
5
Par
Bid 9sk
Home Fire Security
105 108
10
10
5614 5814 Homestead Fire
4
333 353 Importers & Exp. of N Y..5
4
79
81 Ins Cool North America.10
2712 29
Knickerbocker
6
3414 Lincoln Fire
a
31
14
Maryland CasuaRY
I
11
25
1514 163 Mass Bonding & Ins
4
6412 6612 Merchan3aFIreAssurcom234
3134 333 Merch & Mfrs Fire Newark _6
4
5312 5512 National CasualtY
10
10
39111 413 National Fire
4
2
810 912 National Liberty
National Union Fire
20
101 104
New Amsterdam Cas
5
690 700
New Brunswick Fire
23
25
10
New England Fire
30
32
10
2734 2914 New Hampshire Fire. ___10
New Jersey
4012 42
20
2312 2512 New York Fire
5
418 5
Northern
12.50
40
North River
2.50
38
1412 1612 Northwestern National. 25
91
Pacific Fire
25
87
84
86 Phoenix
10
7612 7912 Preferred Accident
6
.
12
13, .
2 ProvIdence-Washing ton _10
10
3212 3.112 Rochester American
1814 193 Rossia
4
a
25
27 St Paul Fire & Marine__ 26
3912 4112 Seaboard Fire & Marine__ _5
161 4 1814 Seaboard Sur,ty
10
4312 4712 Security New Haven....10
70
75 Southern Fire
10
2912 31 Springfield Fire & Martne_23
0
_ Stuyvesant
_5
193 2114 Sun Life Assurance
4 _100
10
20 Travelers
100
3812 4012 (J S Fidelity & Guar Co_ _2
4
283 3014 US Fire
4
82
84
U S Guarantee
10
75
Westchester Fire
73
2.50
3834 403t
Ask
Bid
612 712
4
2714 283
9
7
4
x7412 753
133 1534
4
714
6
8
318 33
52
50
58
54
12
10
173 'Ni
4
7412 7612
1112
10
147 150
1212 1312
3412 3512
20
18
4714 4814
4
4914 513
24
21
109 113
263 2814
4
141 144
130 134
99 101
161 18
4114 431 1
22
133 151 i
4
197 200
113 1334
4
21
19
4
393 403
4
27
25
142 145
610 8 4
,
410 440
601 611
1410 1512
5412 5612
89
86
39
37
Chain Store Stocks
Par
Boback (H C) corn
•
100
7% preferred
Diamond Shoe Drat
100
Edison Bros Stores pref_100
Fishman(M H)Stores___•
Preferred
100
10
Kress (ES II)6% Dref
Lerner Stores prof
100
100
Lord & Taylor
100
1st preferred 8%
100
2nd preferred 8%
Ask
Bid
Par Bid Ask
51, 61, Melville Shoe prat
100 110 2 11212
,
26
Miller (I) & Sons prat__ _100 23
4012 47
MockJuds&Voelarger p1100 9312
100 104
112Murphy( 1 C)8% pref _100
:
0
1312 lily Reeves (Daniel) pref
100 100
Schiff Co preferred
100 108
95
2018
1112 1212 United Cigar Storee 6% pref. 19
10612 110
6% pref Mfg
1812 195s
___ U S Stores preferred____100
4
200
2
108
_
118
For footnotes see page 4153.
Specialists in all
Investment Company Securities
DISTRIBUTORS GROUP, Incorporated
63 Wall Street, New York
BOwling Green 9-1420
Kneeland & Co.
-Western Trading Correspondent
Investing Companies
Par Bid A sk
Administered Fund
• 15.06 16.38
1.74 1.91
Urinated Fund Inc coin_
113 125
8
8
Amens Holding Corp ____•
1
1.12 1.22
Amer Business Shares
Amer & Continental Coro_
101 1 1034
Viler General Equities Inc. 1.03 1.14
tmer Insurance Stock Corps
312 414
253
8 612
tssoc Standard Oil Shares_2
3ancamerica-Blair Corp___1 5*
.50 .75
3ancshares, Ltd part she 50c
tankers Nati Invest corp_•
414 43
4
• 4.20
3asio Industry Shares
1
.40 .60
3ritish Type Invest A
1
1612 173
4
3ullock Fund Ltd
1 3.75 4.15
Danadian Inv Fund Ltd
50
Dentral Nat Corp class A... 44
•
312 5
Class B
3entury Trust Shares
• 27.55 29.62
3ommercial Natl Corp
312 414
liorporate Trust Shares- 2.50 ___
2.38
Series AA
2.38 ___
Accumulative series
2.89
Series AA mod
2.89
Series ACC r MI
34
Drum & Foster Ins com._10 32
8% preferred
100 1.13 ___
3912 42
Common B shares__ ..10
100 1.08 ___
7% Preferred
DumulatIve Trust Shares__• 5.14 ___
Deposited Bank She ser A__
Deposited Insur She A___
Diversified Trustee She B__
C
D
Dividend Shares...
25e
Equit Invest Corp (Mass).5
e,Quity Corp (Iv pref
1
71delity Fund Inc
•
('lye-year Fixed Tr Shares__
?iced Trust Share. A
•
B
•
l'undamental Investors Inc
l'undamental Tr Shares A__
Shares B
3roup SecuritiesAgricultural shares
Automobile shares
Building shares
Chemical shares
Food shares
Merchandise shares
Mining shares
Petroleum shares
RR Equipment shares _
Steel shares
Tobacco shares.....
luardian Invest Trust _._•
Common
luron Holding corp
ncorporated Investors____•
nveetors Fund of Amer ___.
2.56 2.85
4.23 4.70
914 __
3.95 4.30
6.10 6.75
1.56 1.68
27.14 29.16
38
34
48.27 51.98
48.27 51.98
10.86
9.03
2.54 2.79
5.36 5.88
8.09 ___
1.63 1.86
1.43 1.58
1.71 1.88
1.43 1.58
1.12 1.24
1.20 1.33
1.38 1.52
1.14 1.26
1.00 1.16
1.37 1.51
1.35 1.59
2112 2412
114
13
4
.46 .62
20.38 21.91
.98 1.07
Par
Invest. Co. of Amer oom_10
•
7% preferred
Investors Fund C
Investment Trust of N Y.*
Investm't Banking Corp's
Bancamerica Blair Corp_
First Boston Corp
Major Shares Corp
•
Maryland Fund Inc com____
I
Mass Investors Trust
1
Mutual Invest Trust
Ask
pia
37
40
37
87.34 89.10
57 -8
558
Vs
543 557s
8
2-s 17.63 19.06
24.02 26.11
1.47 1.61
4.19 4.29
Nation Wide Securttles___1
1.64 1.72
Voting trust certificates__
N Y Bank Trust Shares....
35
8 -- 8012 8434
No Amer Band Trust ctfs_
No Amer Trust Shares. 1953 2.34
Series 1955
3.05
3.01
Series 1956
3.05
Series 1958
100 x47
55
Northern Securities
Pacific Southern Invest pt.' 4112 43
Claes A
• 1112 1312
•
114
Class B
13
4
.95 1.06
Plymouth Fund Inc al A_10e
Quarterly Inc Shares..„25c 1.47 1.61
Heureeentative Trust Shares 11.07 11.57
Republic Investors Fund__5 3.33 3.55
.45 .55
Royalties Management.___
Selected Amer Shares Inc.. 1.44 1.57
3.18
Selected American Shares__
Selected Cumulative She... 8.27
4.36
Selected Income Shares____
• 18.45 19.62
Spencer Trask Fund
Standard Amer Trust Shares 3.45 3.70
•
.83 .90
Standard Utilities Inc
• 87.26 93.81)
State Street Inv Corp
3.54
Super Corp of Am Tr She A
2.47
AA
3.74
B
2.49
BB
6.95
'3
6.97
D
1.56 1.71
10
Supervised Shares
4.10 4.40
Trust Fund Shares
2.62
Trustee Standard Invest 0._
2.57
D
6.48
Trustee Standard 011 Shs A
5.61
B
Trusteed Amer Bank She B. 1.10 1.22
1.31 1.48
Trusteed Industry Shares__
1.60 1.79
Trusteed N Y Bank Shares.
United Gold Equities (Can)
2.47 2.74
1
Standard Shares
1712 18
US Elea Lt & Pow Shares A
2.66 2.76
B
1.02 1.10
Voting trust etre
Un NY Bank Trust C $ -.
4
412
(In N Y Tr Shs ser F
2
212
16.63 18.26
Wellington Fund
Short Term Securities
Bid
Appalachian Pr 75 1936_
Armour & Co 43.45 1939____
Atlantic Refg Co Be 1937._
B &0 RR See 434* 19315....
Beech Creek RR lat 4e 1936_
Bethlehem Steel 55 1936....
Buffalo Gen Elec 5s____1937
Buffalo Koch & Pitts 5s 1937
Calif Gas & Elec 58 1937...
Caro Clincht & Ohio Se 1938
Ches ,k Ohio RR let Ss 1939_
Chic Gas Lt & Coke 1st 5.37
Columbus Power lot Se 1936
Consum Gas(Chic) lat 58 36
Crane Co 58 1940
Crucible Steel(Am)5s 1940_
CumOTO Tel & Tel 180 5.'37
Dayton Lighting Co 5s 1937
Duluth & Iron Range 58 '37
Edison El Ilium Co Boston
58 April DS 1936
Erie & Pgh RR gen 3345 1940
Glidden Co 534e 1939
Or Frank Ry Can (gu) 6e 36
Great Northern Ry 75 1936_
Hood Rubber 7s
1936
HoustonBeltdtTermRy5s'37
Illinois Central RR 6343 1930
Illinois Steel 434s 1940
Jones & Laughlin SU is 1939
Kansas Elea Pow 1st 6s 1937
Laclede Gas Light 5s 1939._
Lake Erie & West 5s___1937
Long Island Ltg 158 5s 1938_
Long Island RR Se 1937....
Gen ts June 1 1938
Louisville & Nash InJf 4/1'40
Midvale Steel & Ord 5a 1938
Montana Cent fly 80_1937
1937
let 5s
Bid
AA
10312 1037
8
104 10412
10534 10814
933 9414
4
101 18 1015
8
102116 102314
101 10458
104 1043
8
107 10712
108 109
11112 112
10475 1051 1
10034 10118
1023 10314
4
1037 10414
8
1023 1023
8
4
10414 1045
8
1041: 10514
107 10714
10114
10512 10614
103 104
8
1033 1033
s
1027 10318
s
1043 105
4
4
1033 1043
4
1021* 10231
108 109
10612 107
106 1063
4
4
1013 1013
8
102 10212
100 2
,
98
9912
104 10134
107, 108
2
1005
8
104 1043
8
1023 10314
4
Morris & Co 181 494* 1939..
Nash Flo & Sheffd Ry 58 '37
N Y Chic & St List 481937.
New York Tel let 414s 1939_
Nor American Lt & Power
Egi April 11936
Nor fly of Calif 5a 1938 _ _
Ohio River RR lot 5s__1936
General 59
1937
Pacific
& Tel 55 1937___
Penn-Mary Steel fa 1937_ _ _
Pennsylvania Co 3.10 1937_
Pennsylvania RR 834e 1938_
Phila & Reading C & 14s 37
Potomac Eleo Power 5.9 1036
Roth & L Out Water 5a 1938
St Joseph Ry L II & P 5137
St Paul Mln & Man
Montana Ext 48
1937
Scranton Electric 55 1937...
Skelly 011 Co 53
-Ss
South & North Ala RR 5938
1 3
5 9
Sou Pao Branch Ry Os 1937_
TerminalRR(StLou)4 kka'39
Trumbull Steel 6s 1940
US Rubber 634s Mat 1 1937
614e March 1 1938
6345 March 1 1939
634s March 1 1940
Virginia Midland Ry 5s 1936
Ward Baking Co let Os 1937
Washington Wat Pow 5s '39
Western Mass Co.48 1939_.
W N Y& Pa RR lat 5s 1937
Western Union Tel 634* 1936
54 Jan. 1 1938
Willmar ac Sioux Falls
38
RA-Sn
0414
0312
01
103
4
Ask
1043
4
105
10112
11114
0012 1011s
4
08 1083
0112 102
4
01 1013
0414 1043
5
037 1043
s
8
025
8
30038 106 8
023 1033
4
4
02,4
01 1022
1033 1038
5
0312
0512
013
4
0214
06
10
023
4
0218
0314
04
0512
0014
06
1014
03
04
03
06
lot
10812
1023
8
1023
4
1063
4
11112
10314
103
101
105
10614
101
10612
11111
1033
4
104,
2
103 4
,
106,4
063 10712
4
Federal Intermediate Credit Bank Debentures
Bid
F I C 1 Yie Jan.
r.30%,
I C 154e Feb. 15 1936_ r.35%
15036.]F
F IC 130 Mar. 16 1936
1
%35 3'.
F I C 13.45 Apr, 15 1936_ r.40%
F I C 134s June 15 1936_ r.40%
Ask
Bid
F IC 134s July 15 1938.. r.50%
FIG 194s Aug. 15 1936_- r.50%
F IC 13.4e Sept. 15 1938. r.55%
F I C1 kis Nov. 15 1036_ r.(10%
Ftc 1.14s Dec. 15 1936._ r.60%
,
.4ek
Volume 141
Financial Chronicle
4155
•
Quotations on Over-the-Counter Securities
Friday Dec. 27-Concluded
GARLOCK PACKING COMPANY
Quotations and Analysis
ROBINSON, MILLER & CO.
Telephone
HAnover 2-1282 52 William Street, N.Y.
NTeletyp 5
y 1.9
. 1
A COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
Bristol & Willett
Industrial Stocks
BO list
73
4 814
25
7312 76
32 35
315 325
8
8
19 22
1312 15
62 66
418 412
4812
46
912 1112
53 543
4
21z
33
4
97 100
251 2712
123 128
110 114
56's 59
38 3912
412 612
13'i 1512
45 4612
45 4612
4114 4314
1061
56 59
4512 4812
118
52 56
97 100
49 53
17 20
64 66
103 105
1
4
23
8
67
8
3414
92
4714
3
30
26
9
138
412
3
815
3614
_
5012
5
33
28
12
Pot
Kildun Mining Corp
I
King Royalty con)
•
88 preferred
10(1
Kinner Airplane & Motor 1
Lawrence Port Cement_ _101
Macfadden Publica'ne corn t
Preferred
•
Mallison H R Inc com
•
Preferred
10()
Merck & Co Ina tom
1
6% preferred
100
National Casket
•
•
Preferred
Nat Paper & Type pro!..100
New Haven Clock pref.
.100
North Amer Match Corp...*
Northwestern Yeast--100
Norwich Pharmacal
5
Ohio Loather
•
Oldetyme Distillers
1
Pathe Film 7% pref
•
•
Publication Corp corn
87 let preferred
100
Remington Arms corn
•
Rockwood & Co
•
Preferred
100
Soovill Mtg
.35
Singer Manufacturing
100
Standard Cap & Beal
6
Standard Screw
100
Taylor Milling Corp
•
Taylor Whar I & S com
•
•
Trio° Products Corp
Tubize Chatillon cum Of _101
Upexcelled Mfg Co. -.10
fin Piece Dye Wks pfd _100
Il S Finishing gird
100
Warren, Northam
83 cony pref
•
Welch Grape Juice pref-100
West Va Pulp & Pap corn..'
Preferred
100
White(38)Dental Mfg.--20
White Rock Min Spring
37 let preferred
100
Wilcox-Gibbs corn
ao
Worcester Salt
100
Young (J 13) Co corn....100
7% preferred
100
8..2 4*6
Vs
2
17
20
97 102
7
(1
18
20
234 384
3234 343
4
3
4
Li
45
8 53
4
3712 3912
11312 11512
52
10912 -15
86
4512 4813
90 93
3434 363
4
20
22
51s 53
4
98 100
37 39
101
312 112
20 25
77 81
313 3212
4
325 330
33 35
117
1812 20
8
9
4012 4112
96
2112 318
1014 1114
412 6
43 47
99
1614 173- 4
10112 10312
15
16
99 102
20 23
58
110 114
118
For footnotes see page 4153.
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Bank of France
Banque de Paris et Des Pays Ban
Banque de l'Union Parisienne_
Canadian Pacific
Canal de Suez
Cie Distr. d'Electricitle..
as Generale d'Electricitie
Cie Generale Tranaatlitntlaue
Citroen B
Comptoir Nationale d'Escompte
Coty S A
Courrieree
Credit Commercial de France
Credit Lyonnais'
Eaux Lyonnais)
Energie Electrique du Nord
Energie Electrique du Littoral
Kuhlmann
L'Alr Liquide
Lyon (P L M)
Nord Ry
Orleans R7
Pathe Capital
Pechiney_.
Rentes, Perpetual 3%
Rentes 4%,1917
Rentes 4%,1918
Rentes 44%.1932 A
Rentes 44%.1933 B
Rents)5%,1920
Royal Dutch
Saint Gobain C & 0
Schneider & Cie
Societe Francalse Ford
Societe Generale Fonciere
Societe Lyonnalee
Societe Marseillaise
Tubite Artificial Silk pref
Union d'Electricitle
Wason-Lits
Dec. 21 Dec. 23
Francs Francs
9,350 9,300
978
976
452
451
174
18,005 17,800
1,032
1.040
1,338 1,340
17
17
77
79
916
917
79
78
232
233
550
550
1,660
1,650
2.250
470
472
705
700
556
559
859
860
805
819
1,020
1,009
399
410
24
24
1,195 1,205
71.40
71.40
73.80 73.90
73.80 74.00
80.60 80.75
79.10 79.40
101.50 101.50
2,150
1.669
1,675
1,520
1,525
52
28
28
2,255
2,250
540
540
71
70
516
512
40
40
Closing prices of representative stocks as received by cable each
day of the past week
Dec. Dec. Dec. Dec. Dec. Dec.
26
27
23
24
25
21
Per cent of Pa
Allgemeine Elektrizitaeta-Geseaschaft
35
35
35
Berliner Handels-Greelischaft t6%)
114
114
114
Berliner Kraft U. Licht (8%i
134
134 134
Commerz-und Prlvat-Bank A Gi
84
84
84
Deesauer Gas (7%)
118
117 117
Deutsche Bank end Disconto-Geselbahaft_ 82
83
83
Deutsche Etch)."(4%)
105
104
105
123
Deutsche Reich/Media (German R78 01 7%) 123
123
Dresdner Bank
Hon- Holt- Holt- 83
83
83
Fsrbenindustrie 1(1 (7%)
day day
148
day 148
148
(6%)124
Gesfuerel
124
130
Hamburg Electric Werke (8%)
130
129
130
15
Rapes
15
15
Manneemant, Roebren
78
79
78
16
Nordeutach ii Lloyd
16
16
Retensbant (8%1
177
177 177
Rbelnlsche Rraunkolde (8%1
208
208 216
Salscieurth (74%)
jai
Siemens k lial•ke 7%)
165
165
CURRENT
Established 1920
Members New York Security Dealers' Association
115 Broadway, N. Y.
Tel. BArclay 7-0700
Pas
Amer Air Lines Inc v t 0._.
American Arch $1
•
American Book 54
100
American Hard Rubber__50
American Hard ware......25
Amer Maize Products
•
American Manufacturing100
Preferred
100
American Republics core...*
Andian National Corp....*
Art Metal Construction.. 10
Beneficial Indust Loan lId_•
Bowman-Biltmore Hotels_ •
_100
lst preferred....
Brunswick Balks Collander
Co 7% pref
100
Canadian Celanese com-•
Preferred
100
Carnation Co $7 prof __.ion
Carrier Corp 7% pref
100
Climax Molybdenum Co new
Columbia Raking coin_
81.00 cum pro
Columbia Broadcasting al A •
•
CIeesB
Crowell Pub Co corn
•
100
87 nreferred.
Dentist's Supply Co of N Y.
Diatapnone Corp
•
Preferred
100
Dixon (Jos) Crucible--.100
Dochier Die Cast pref
•
Preferred
50
Douglas Shoe preferred_100
Draper Corp
•
Driver-Harris firer
100
First Boston Corp
10
Flour Mille of America..._•
Foundation Co-Foreign she
American shares
Gab (Robert) Co corn__(.)
Preferred
()
0
Gen Fireproofing 87 pf-100
Golden Cycle Corp
10
Graton & Knight corn....'
Preferred
100
Great Northern Paper- 25
Herring-Ball-Mary Elafe_100
The Berlin Stock Exchange
NOTICES
_Real estate bonds have increased in value more than 100% during the
past 35 months, according to a stiatistical study of 200 eastern issues by
Amott, Baker & Co., Inc. of New York. Each issue originally was outstanding in an amount of 8500,000 or more. Similar increases have been
plotted in studies of issues secured by middle-western properties.
On a year-to-year basis, the study of eastern real estate bonds shows
gains of 17.6% in 1933: 33.6% in 1934, and 31.3% in the 11 months ending
Nov. 30 of this year.
Comparison of real estate bond statistics with those compiled for industrial
and other types of securities indicates that investors in the former type were
finding grounds for optimism even before the upward action of general
issues, said a statement by Harry R. Amott, President of Amott, Baker
& Co., Inc. Such an indication, Mr. Amott said, bears out the statement
of economic authorities that real estate activities appear to anticipate those
of other lines of economic and financial endeavor. The Building Trades
Employers Association has pointed out, for example, that the rise and
fall of building permit applications show much the same characteristics as
the stock market price curve, the changes taking place, however, in advance of market variations.
Pointing out that the present average price of real estate securities per
$1.000 face value, was $386 at the close of November as against $187 at the
end of 1932, Mr. Amott said such increases augured well for the investment
situation as a whole.
"It must be remembered, however," he continued, "that no index is
Infallible particularly when it is to be interpreted as a forecast of things to
come. The possibilities of either credit or monetary inflation are too great
to be dismissed lightly, nor should the investor fail to take into account
the fact that 1936 is a Presidential campaign year. In spite of the favorable
aspects of current conditions, investment to-day calls, as always, for the
exercise of judgment and discrimination in the selection of specific issues."
-With no further Canadian government, provincial or municipal financing scheduled between now and the end of the month, complete figures for
the year 1935. compiled by Wood, Gundy & Co., Ltd.,show a total volume
of $876,383,368, the largest for any year since 1931. compared with $633,501,978 and 5528.745,279" respectively for 1934 and 1933. Of the total
financing for 1935. $116.000,000 was sold in the United States, the largest
amount marketed in this country in any of the past five years. and comparing with $50,000,000 and $60,000.000 respectively in 1934 and 1933.
The total sold here was made up of $76.000,000 of Canadian government
% bonds and two $20,000,000 bank credits arranged in New
10
-year
York, which will be refunded on Jan. 2 1936 by an issue of 540.000.000 of
3
-year 2% notes, the sale of which was announced this week. The total for
1935 consisted of $672,700,000 for account of the Canadian government,
$142,952,400 for the provinces, and the balance, $40,730,968, for mull&
palities.
For the month of December total financing amounted to $33.593.993, the
largest item being $20,000,000 of Canadian government treasury bills maturing in three months, sold at an average discount basis of 1.249%. The
total for the month was all sold in Canada.
-Announcement is made of the formation of R. H. Johnson & Co.,
members New York Curb Exchange, consisting of the following members:
Rupert H. Johnson, John J. Horrigan, A. D. A. Crawford, Hugh French
and T. Reid Rankin, member New York Curb Exchange. The firm will
take over the business conducted under the name of R. H. Johnson & Co.,
Inc.,for the past eight years,and will have offices at 70 Wall St., New York.
Dec. 24 Dec. 25 Dec. 26 Dec. 27
Francs Francs Francs Francs
9.300
9,500
9,300
990
1,003
Ci7members of the New York Stock Exchange, announce
457
460
172
173
174 that Ashley Egard Pidgeon will be admitted to the firm as a general part17,800
18,000 18.000 ner, effective Jan. 2. Mr. Pidgeon, who has been with the firm since it was
1,043
_
1,050
organized in 1932, was formerly a member of the firm of Banning, Conklin
1,350
1,350
1,340 & Pidgeon. Before that he was
Vice-President and sales manager of Poor's
17
17
Publishing Co. for a number of years.
77
77
920
918
James Talcott, Inc., textile and general factors, in their Factor's
79
80
--643
233
Almanac for 1936, issued to-day, list a large number of important dates in
234
554
559
the history of commerce and finance, particularly in the 'United States.
1,660
1,670
1,660 The illustrations are adapted from drawings by George
Cruikshank, made
2,240
2,260
2.250
473
about 100 years ago.
480
702
• 705
The following have Joined the sales organization of Lord, Abbott &
563
569
870 Holt
-880
880 Co., Inc.: George W. West, formerly of Edward B. Smith & Co.; Joseph
818 day
808
Fetter, formerly of H. L. Doherty & Co.; William J. Festger, formerly of
1,018
1,015
the staff of the New York"Times"; George H.Creesy and C.Leslie Watson.
403
401
404
23
23
Taylor, Bates & Co., announce the admission of L. Stuart Wing, here
1,219
1,236
72.00
82.40 7
-1775 tofore a special partner, as a general partner in their firm. William C.
74.40
74.70 74.25 Cooke has retired from the firm.
74.40
75.00 74.20
-Mark S. Riche and Gabriel Cohen have formed the firm of M.S. Riche
81.25
81.75 81.30
79.90
80.30 79.80 & Co. to transact a general business in investment securities with offices
102.30
102.75 101.75 at 29 Broadway, New York.
2,150
2.160 2,180
Thomas J. Reilly, formerly with E. A. Pierce & Co. is now connected
1,659
1,670
1,525
1,530
with the trading department of J. Arthur Warner & Co. in their New
53
53
York office.
28
28
2,241
2,263
-Holt, Rose & Troster, 74 Trinity Place, New York, are distributing
540
541
their current edition of"Facts and Figures."
71
73
Henry G. Rolston & Co. announce that Herman Edward Bruckner has
523
522
41
40
become associated with their firm.
4156
Financial Chronicle
Dec. 28 1935
General Corporation and Investment News
-MISCELLANEOUS
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
e ri4-4
might be proposed. Extended hearings were held. The modified plan
Power & Paper Co. Ltd.-Liguidator
was arrived at as a resu't of negotiations and it is felt meets the views of
E.S. McPherson has been appointed liquidator to succeed F.0 arkson.
all parties.
-V.140, p. 4060.
The reorganization committee and the independent bondholders' committee believe that the plan is fair and recommend its acceptance by all
Administrative & Research Corp.-Semi-Annval Dis- bondholders.
-The principal assets of the company consist of three residential
Properties
tributionshotels, designed to furnish inexpensive living quarters for single men and
The corporation announced the following semi-annual distributions
women, located in N. . City at 38th St. and Madison Ave., 39th St.,
payable Dec. 31 to shareholders of the following investment trusts:
east of Lexington Ave., and 57th St. and Lexington Ave.
Per Share
The total number of rooms in the three buildings is in excess of 1,200, in
$.051040
Corporate trust shares, accumulative series (modified)
addition to space presently rented to various clubs. The 1935 assessed
.051040
Corporate trust shares, series AA (modified)
valuation for the land and three buildings aggregates $3,940,000, which
.057452
Corporate trust shares, accumulative series
represents a reduction from a total assessed valuation of $5,140,000 in 1932.
057490
Corporate trust shares, series AA
In addition, the company leases two small buildings which are operated in
.052500
Corporate trust shares, original series
conjunction with the 57th Street property, and one small building whcih
.182200
Fixed trust shares, original series
is operated in conjunction with the 38th Street property.
158600
Fixed trust shares, series B
-The following table shows (a) operating profits after the
Earnings
.078757
Fixed trust oil shares
payment of all direct operating expenses, including insurance, maintenance
.072880
Basic industry shares
and repairs, (b) N. Y. City real estate taxes and other tax expense (except
Federal taxes and penalty mt. on real estate taxes) accruing against the
Coupons for all trusts are payable by The Chase National Bank of the
-V. 141, p. 2874.
company,and (c) the balance of operating profits available for int., financial
City of New York, trustee.
charges, amortization and depreciation.
Ry.-Earnings.Akron Canton & Youngstown
1931
1933
1934
1929
1927
Year1932
1933
1934
$641,614 $591,999 $308,909 $109,305 $133.825
Operating profit
1935
November$114,041
$112,178
$128,219
$177,863
a Rea, estate, &c., tax
Gross from railway
28.921
120,473
125,215
132.089
148.772
35,160
115,219
30,230
expense
55,628
Net from railway
6,913
8,610
459,910
160,137 def11,168
15,632
526,394
21,227
32,322
b Balance
Net after rents
From Jan 1
taxes in arrears. b Avallab.e for interest,
a Other than 10% interest on
1,447,849
1,468,826
1,572.199
1,807,444
Gross from railway
amortization and depreciation.
449,009
519.687
528.890
587,038
Net from railway
The decline of the earnings since 1930 is attributable in part to the fact
210,056
250,227
294,932
341.926
Net after rents
that the percentage of occupancy of its properties fell with the rising curve
-V. 141, p. 3682.
of unemployment.during the depression years, and in part to the fact that
the rates for the accommodations afforded by the properties had to be
Alabama Great Southern RR.-Earnings.drastically reduced to meet competition, resulting principally from the
1932
1934
1933
1935
decline of all real estate rentals.
November$338,101
$407,375
$368,467
-Provision is made in the plan for the subordination of the
$469.694
New Loans
Gross from railway
59,675
74,182
56,079
101,276
bonds to new mortgages of not more than $842,000. Allerton Properties
Net from railway
18,729
25,766
37.210
39,956
Is to provide $92,000 toward this aggregate sum, and has obtained a comNet after rents
.
mitment from two individuals for an additional $80,000, or a total of
From Jan. 13,796,580
4,507.254
4,126,521
4.830,643
Gross from railway
$172,000 which is to be loaned to the company on a 4% cumulative income
212,027
871,443
970,080
796,916
Net from railway
mortgage. It is contemplated that the balance of $670.000, to the extent
528,920 def213.856
566.029
353,233
that the board of directors deem it advisable to borrow, will be raised on
Net after rents
-V. 141, p. 3682.
new mortgages, having priority over the bonds and over the $172,000 mtge.
The reorganization committee heretofore obtained commitments (which
Alabama Power Co.-Earnings-have now expired) for first mortgagee of $250,000 on the 57th Street property and $125,000 on the 39th Street property. It is believed that, upon
DN. Subsidiary of Commonwealth Sc Southern Corp.]
consummation of the plan, such commitments can be renewed or new
1935-12 Mos.-1934
r"Period End. Nov. 30- 1935-M0,11h-1934
commitments obtained on no leas favorable terms. The terms and condi$1,451,018 $1.363,2130 $16.540.487 $15,402,476
Gross earnings
tions of all mortgages having priority over the bonds (other than the 4%
6,653,658
569,787
7,388,999
668,999
Operating expenses
Income mortgage) will be subject to the approval of the board of directors
4,700,221
391,149
411,363
4,936,753
Fixed charges
or the voting trustees.
1.168,978
res.
116,175
97,845
1,355,770
Prov. for retirem't
Control ofStock of the Company after Reorganization-The plan provides for
2,342.186
Divs. on pref. stock_ _ _ _
195,178
195,182
2,342.156
a reclassification of the stock of the company into equal amounts of class A
-year
stock and class B stock. All of the stock will be placed under 10
$537,431
$109.315
$516,809
$59,303
Balance
voting trust agreements. Voting trust certificates for all the class A stock
-V. 141, p.3526.
will be delivered to the bondholders, and voting trust certificates for all
-To File Registration Statement the class B stock will be delivered to the holder of the present outstanding
• Allen Industries, Inc.
stock.
on Common Stock Offering
The class A stock and the class B stock are to have identical rights and
Privileges, including the right to vote cumulatively for the election of
The company announced Dec. 21 that it would shortly file with the
directors, except that the class A stock shall have the right to elect all
Securities and Exchange Commission a registration statement covering
members but one of the board of directors at all times until the aggregate
certain shares of new $1 par value common stock, of which 198,000 shares
principal amount of the bonds outstanding shall be reduced to $3.000.000,
are now outstanding following a recent three-for-one split-up. The comand thereafter whenever any cumulative interest thereon shall be in arrears.
pany. shortly after the registration becomes effective, proposes to make
Voting Trustees-George T. Purves, Lloyd S. Gilmour, Bradford M.
an offering of 39,600 shares of the new common stock to shareholders,
Couch, Chester H. Tipton, Henry Brady, Errol Kerr.
which will be underwritten by F. Eberstadt & Co., Inc.
proposal, stockholders will be granted the right of purchasing
Under this
Capitalization of the Company, Including Taxes (as of June 30 1935)
one share of the new common stock, at a price of $13.75, for each five
Real estate taxes (with Interest thereon to June 30 1935):
shares now held. It is contemplated that the underwriters will make a
$342,039
38th Street property
public offering of any shares not subscribed for by stockholders.
110,649
39th Street property
i-Trading in the new stock commenced last week on the Cleveland Stock
229.845
57th Street property
where the old shares were previously listed.
Exchange,
23,532
Equipment notes payable
I Company produces cotton and felt materials for the automobile industry
3,996,000
sinking fund gold loan certificates
First mortgage 5
-V. 141, p. 3682.
and for domestic purposes.
769,230
Accrued interest Jan. 1 1932 to June 30 1935
100,000
r
Unsecured note
-Reorganization
--Allerton New York Corp.
21,000
Accrued interest Jan. 1 1932 to June 30 1935
The plan of reorganization, dated Oct. 21 1935, propos1 by the corpora10,000 shs.
Stock (no par value)
tion pursuant to Section 77-B of the Bankruptcy Act as been adopted
Claims and Securities Affected by the Plan
and approved by the reorganization committee. The plan is a modification
of the original plan dated June 25 1935. and has also the approval of the
The following securities of and claims against the company are affected
independent bondholders' committee.
by the plan: (1) Bonds (and interest warrants); (2) unsecured note;
kiThe plan has been found to oe fair, equitable and feasible by Martin C.
(3) stock.
Ansorge, special master appointed by the United States District Court for
The following securities and claims are not affected by the plan:
the Southern District of New York. Federal Judge Murray Hulburt on
(a) New York City real estate taxes (except to the extent that the plan
Dec. 18 approved the report of the special master.
may furnish money for the payment thereof) and Interest thereon;(b) equipThe reorganization committee consists of George T. Purves, Chairman
ment notes; (c) various claims.
(Graham, Parsons & Co.), New York; Edward 0. Bostock (Pitcairn Co.),
Capitalization of Company after Reorganization
Philadelphia; Henry E. Bothfeid (trustee), Boston; Edward H. Crandall
It is contemplated that it will not be necessary to organize a new corpora(Mayfair House Corp.). New 1 ork; Edward C. Delafield (Vice-Pres., City
tion for the purpose of carrying out the plan, and that pursuant to the
Lloyd S. Gilmour (Eastman, Dillon
Bank Farmers Trust Co.), New York;
Provisions of Section 77-B of the Bankruptcy Act, company will be con& Co.). New York. with Cravath, de Gersdorff, Swaine & Wool, Counsel.
tinued in possession of its properties free and clear of all claims or liens
15 Broad St., New York. and W. P. Armstrong Jr., Sec • 48 Wall St.,
except such as are to remain undisturbed or be modified,created or assumed
New York.
under the plan. Company will have the following capitalization, including
The independent bondholders' committee consists of Chester H. Tipton,
taxes, after giving effect to the new loans.
Martin Nathanson,(Blackwell
Chairman (C. H. Tipton & Co.), New York:
Prior mortgagee on 57th and 39th Street properties (reflecting
Bros.), New York: George A. Rogers Sec.(George A. Rogers & Co.. Inc.),
$375,000
amount of expired commitments)
New 'York, and William L. Walter (Walter & Samuels, Inc.), New 1 ork,
172,000
4% income mortgage (on all properties)
with Marshall, Bratter & Seligson, Counsel. 150 Broadway, New Iork.
(Amount not determinable)
Real estate taxes.:
0.• As of Oct. 15 1935 there had been deposited with the reorganization
$23,532
undisturbed in the reorganization
more than 72% of the
Equipment notes
committee $2,903,500 of the bonds, representing
3,996.000
Bonds
$3.996,000 bonds now outstanding.
50,000
-On July 1 1932, company failed to pay semiIncome note
History of Proceedings
3.996 shs.
Common stock-Class A
annual interest, having already defaulted in the payment of real estate taxes
3.996 shs.
Class B
and in sinking fund requirements of the bonds. After these faults the
reorganization committee gave careful consideration to the possibility of
lc It is assumed that the amount of new first mortgages on the 39th and
reorganization. It came to the conclusion that reorganization on a basis
57th Street properties will be sufficient to discharge N. Y. City real estate
which would adequately protect the bondholders was then impracticable,
taxes on those properties. The amount of such taxes which will remain
largely because of inability to secure new money, and that resort to foreon the 38th Street property are not determinable because of several variable
closure proceedings would not be advantageous. •
factors that are involved.
In this situation the reorganization committee sought to protect the inTreatment of Existing Debt and Securities Under Plan
terests of the bondholders by arranging to participate in the direction and
-Accrued and unpaid New York
(1) New York City Real Estate Taxes
management of the properties pending formulation of a satisfactory plan
estate taxes and interest thereon are not affected by the plan,
between
City real
of reorganization. In Aug. 1932, an agreement was entered into
except as the plan provides a means of obtaining new money by which such
the reorganization committee and Mlerton Properties Corp., as sole stocktaxes may be paid in whole or in part. To the extent that such taxes are
holder, pursuant to which Messrs. Purves, Crandall and Gilmour of the
not paid off upon consummation of the plan, such taxes will continue to
reorganization committee were elected to three of the seven places on the
be a lien against the respective properties prior to the lien of any mortgage
board of directors of the company and were designated three of the five
thereon.
members of its executive committee. The members of the reorganization
-The notes given by the company to secure the pay(2) Equipment Notes
committee have been serving on the board of directors and executive comment of the balance of the purchase prices of the Diesel electric generating
mittee with°it compensation, except for customary fees for attendance at
Street property and the oil-burning heating plants in the
Plant in the 38th
meetings and except that Mr. Crandall has been paid $2,500 for special
38th Street and 57th Street properties, all of which were purchased on
professional services in connection with the reorganization and operation of
conditional bills of sale during the years 1933 and 1934, are not affected
the restaurant departments of the properties.
by the plan, but are to remain undisturbed.
On May 13 1935. the company filed in the U. S. District Court for the
-Voting trust certificates for all of the class A stock of
(3) Bondholders
of New York a petition for reorganization under Section
Southern District
the company will be delivered to the holders of the bonds. There will
77-B of the Bankruptcy Act. Company remained in possession of its assets
thus be delivered a voting trust certificate for one share of class A stock
and no trustee has been appointed.
on account of each bond in the principal amount of $1,000 and a voting
On June 26 1935 company submitted to the court the original plan of
trust certificate for half share of the class A stock on account of each bond
reorganization. Objections to certain features of the plan were made by
in the principal amount of $500.
Chairman of the independent bondholders conunittee
Chester II. Tipton.
The Item of the mortgage securing the bonds will be subordinated to
and others. The Court appointed Martin C. Ansorge as special master
(a) the lien of one or more prior mortgages which may be created on any or
to pass upon the fairness of the plan and any modifications thereof which
Volume 141
Financial Chronicle
4157
all of the properties of the company, for not to
practice whereby the purchaser in a majority of cases thas paid a deposit
time outstanding on all of the properties, and exceed $670,000 at any one
for
against his purchase.
at any one time outstanding on any one property, not to exceed $350,000
and (b) the lien of the
"The purchase is warehoused and the corporation retains the warehouse
4% income mortgage for $172,000 on all of such properties,
receipts as security for the balance of the purchase price. This balance is
Interest will be payable at the rate of6% per
evidenced by open account, or, as is the case in the substantial majority of
only out of the net income available therefor. annum from Jan. 1 1936, but
Such interest
transactions, by short-term notes subject to renewal upon payment of a
annual basis for the years 1936 and 1937 and a semi-annual shall be on an
basis thereafter,
further deposit by the purchaser.
payable March 1 and Sept. 1. Such interest shall
be cumulative at the
"The market value of the collateral securing both the open accounts
rate of 1% for the year 1936;2% for each of the years 1937 to
and the notes is presently substantially in excess of the unpaid balance of
3% for each of the years 1941 to 1945, inclusive; and 4% 1940,inclusive;
the purchase price. As the purchaser withdraws whisky any balance
years 1946 to 1954, inclusive, and at the rate of 6% per for each of the
annum for 1955.
due on the merchandise withdrawn is paid.
(4) Unsecured Note
-The holder of the
"Profits from these sales are subject to Federal income tax in the current
receive therefor an unsecured 4% income unsecured note of $100,000 is to
note in the principal amount of
year, and a tax reserve has been set up to cover such taxes. The esti$50.000, ranking for interest from Jan. 1 1945. and maturing July
1 1955,
mated unrealized profit has been reduced accordingly to provide for this
but payable only after the bonds shall have been paid
in full,
tax in computing this $600,000 reserve, which also provides for any loss
(5) Other Claims
-The claim of a former holder
due to cancellations, allowances or decrease in market value of the security."
a predecessor company, for dividends declared on of preferred stock and of
such stock but not paid
-V. 141, p. 423.
in the amount of $6,437, is contested, and no specific provision
un
.
is made for
such claim. If such claim shall be established as
valid or if. with the. -approval of the court, the same shall be compromised
American Cast Iron Pipe Co.
-$6 Accumulated Dividend r-Z-........
, such claim may be
discharged either (a) by delivery to the hold
The directors have declared a dividend of $6 per share on account of .•
holder
amount (not exceeding the face amount of suchthereof of a note for such
accumulations on the 6% cumulative preferred stock, par $100. payable
approve (any such note to be identical, exceptclaim) as the Court shall
Jan. 2 to holders of record Dec. 20. Dividends of $3 per share were paid
as to amount, with the
income note provided for in the plan), or (b) by payment
on July 1 and Jan. 2 1935 and on July 2 1934, and $1.50 per share were
in cash to such
s
creditor of such part of the amount thereof as the
di tributed on April 19 43 n. Jan. 3 1933. Regular semi-annual divip. a5
34 8 d
court
The following claims are not affected by the plan: (1) shall approve.
dends of $3 per share were paid up to and incl. July 1 1932.
Any claims of the
U.S. of America or of the State of New York;
Accumulations after the payment of the Jan. 2 dividend will amount to
(2) workmen's compensation
claims;(3) current liabilities incurred in the conduct
-V.
$3 per share.
company prior to the institution of the reorganizatio of the business of the
now unpaid in the amount of $2,055;(4) obligations n proceeding, which are ---American Credit Indemnity Co., N. Y.
of the company incurred
-Pays Extra Div.
during the reorganization proceedings.
The company paid an extra dividend of $1 per share on the common
To the extent that such claims have not
stock, par $10, on Dec. 23 to holders of record Dec. 19. An extra dividend
subject to any defenses they are to be paid been paid and are valid and not
in cash upon the consummation
of 25 cents per share in addition to the
quarterly dividend of like
of the plan.
amount was paid on Nov. 1 and May 11 1 5 r An extra of 50 cents was
. 1 1a
3 3.
(6) Common Stock-Company will
distributed on Dec. 24 1934 and a stock dividend of 25% was paid on
7.992 shares divided into 3,996 shareshave an authorized capital stock of
of class
May 29 1934.-V. 141, p. 2726.
class B stock, all of which shall be common A stock and 3,996 shares of
stock (no par). All of the......__
3,906 shares of class A stock will be delivered
to the voting trustees and
American Gas & Power Co.
-Removed from Unlisted
voting trust certificates will be lased to the
of one share for each $1.000 of bonds held.holders of the bonds at the rate
-01...- :./.
Trading
All of the 3,996 shares of class B stock will likewise
be delivered to the
The cew York Curb Exchan4has removed from unlisted trading
voting trustees and voting trust'
privileg the 6% debentures, due ec. 1 1939, and the 6% debentures.
All ton Properties, holder of all of certificates therefor will be issued to
the common stock of the company,
due May 1 1953.-V. 140, P. 4386.
upon receipt by the company of the $172,000
to
income mortgage, provided that such $172,000 be loaned to it on the 4%
American General Corp.
is
-Conversion Feature Approved
the execution and delivery of the supplemental paid within 30 days after
agreement modify"the
agreement under which the bondsf
soectrso
Director
New Dior this
r de l
bonds were issued.
-V. 141. p. 422
company (recently formed as a consolidation of the
Alliance Insurance Co.,•I hiladelphia-Extra
va ous United Founders units) at special meeting held on Dec.20
directors have declared an extra dividend of 25 cents Dividend
proposal to make the preferred stock convertible into common at the rate
per share toil
addition to a regular semi-annual dividend of
aprovedTh
oftwo shares of common for each preferred share.
a
$1.50 per share on the capital
stock, par $10, tooth payable Dec.30 to holders
Leland Rex Robinson was elected a director.
-V.141. P. 3526.
of record Dec. 28.-V. 137,
P. 4531.
-Allied Products Corp.
-Stock Offered-F. A. Brewer &
Co. Inc. Chicago, recently offered 15,000 shares of
common
stoc'k at i12.50 per share.
•
American-Hawaiian Steamship Co.
-Earnings---
(Including Wholly-owned Subsidiary Williams Steamship Corp.]
Period End. Nov. 30- 1935
-Month
-1934
1935-11 Mos.-1934
Operating earnings
$1,195.159 $1,160,730 $11.121,363 $9,166,124
°per. & gen. expenses- - 1.089.708
1,026,585 10,747,548
8.638,230
The stock offered consists of shares that had
Burnham Trading Corp. and stock that had formerly been held by the
Net profit from oper-- $105.451
1134.144
$373.815
$527.894
struction Finance Corporation, together with been owned by the Reconthat of
Other income
3.731
5,000
37,137
59.186
holders and does not represent new financing on the some former stockAn analysis, dated Dec. 10, Issued by the bankers part of the company.
affords the following:
Profit before deprec. &
History-Present company, Incorporated in
1928, is an outgrowth of
income tax_
Federal
109,182
139,145
410,952
587,081
businesses established between 1910 and 1917.
Provision for depreciat'n
56.573
52,810
628.599
582.865
have been liquidated, remain the divisions of Of these, several of which
Non-recurring items..
50,680 def474.811
765
and the Victor Peninsular Co. Company ownsRichard Bros. Die Works
four plants, two of which
are in Detroit and two in Hillsdale, Mich.
The four plants are modern
Net profit before Fedintconstruction, having floor space of approximatel
y 180,000 square feet,
oral income taxes.
$87,100 def$166.966 def$470.595
$52.609
with 27 acres of ground owned outright by the
es
.
.
s -V 141.p. 3527.
Os Corporation is one of the leading designers company.
and builders of high-grade
sheet metal dies, and also manufactures the most
American Ice Co.
-Preferred Dividend _.‘-ct--______
complete line of standard
Interchangeable accessories applicable to the sheet
metal die industry,
The directors have declared a dividend of 50 cents per share on the
including the well known patented R. B.
interchangeable punches and dies.
61 non-cumulative preferred stock. par $100, payable Jan. 25 to holders
The company also manufactures a complete
line of
a record Jan. 6. A like payment was made on Oct. 25 last. Previously
products, including standard and special cap-scr cold-headed products,
ews, &c.
regular quarterly dividends of $1.50 per share were distributed. The coinCapitalization--Capitalization outstanding
consists of 64,200 shares class
pany had been paying dividends at the rate of $6 per share annually for
A/convertible stock (par $25). and 75,050
shares
-V. 141, p. 2876.
the past 18 years.
The class A stock, on which the dividend rate of common stock ($10 par),
is
vertible share for share into common stock and $1.75 per annum, is conAmerican Power & Light Co.(& Subs.)
is callable at $37.50 per
-Earnings---Dividends are now being paid on
[The stockholders on Nov. 15 approved the class A stock.
Period End. Nov. 30-- 1935-3 Mos.-1934
1935-12 Mos.-1934
a
which holders of the old $3.50 class A stock,plan of recapitalization under
Subsidiaries
on which there were accrued
dividends of $15.75. received $2 in cash
Operating revenues
;436241:816438
and
vertible stock (Par $25). There were 42,8001 shares of new class A con°per, exps.. incl taxes-$ 0
5 5
11
2 :831.43 $19 3 5 7 $ 2 07 , 2 $ 9
5
5 5 ,034 12 7
315 1 :0
0 0 15 5 4 2 7 9 6 3
.
of
standing for which 64.200 shares of the new classthe old class A shares out•
A stock were issued. The
company has 75,050 shares of common stock
Net revs,from oper--$10.263.885 $9.342.11 $40.S137
8
8
3
2
64
32? $35. 8N2
64,200 shares of this stock was authorized inoutstanding. An additional
Other income (net)
84.826
order to permit conversion
of the new class A stock.]
Earnings
-The books a the company show net earnings, after
Gross corporate Inc-- -$10.348,711 $9,410,892 140,388.053 *3%27 419
*36.256.410
9:5 0
6
all charges,
including Federal taxes for the 10 months period
Int.to public & other deending Oct. 31, as being
$176,000. It is estimated that company will
4,053,072
4,126,050 16,392,915 16,543.389
report a net for the current
year, after all charges, of $225,000. After
to construct
Cr592
provision for the class A dividends on the basis of this estimate, there would
perty
property retirement and
be $1.50 a share available
for the common stock.
depletion res. approp_ 1,596,402
5,976.309
1,449,767
5.570.053
Market-Company has stated its intention
the common stock on one of the recognized to make application to list
Balance$4,700,905 $3.835,667 $18,019,417 *14.152.537
exchanges. The class A convertible stock is now listed on the Chicago
Pref. diva, to public (full
Stock Exchange.
div. require. applic. to
Condensed Balance Sheet Sept. 30 1935
respect. per'ds whether
[Adjusted to capital changes effective Nov. 15
7.168.993
earned or unearned)..1,792,586
7.165,512
1,791.770
1935]
.
P AssetsPortion applic, to min'ty
Liabilities
Cash
interests
25.346
17.557
85,860
75,563
3575,913 Accounts payable
$72,548
Cash deposit contract
100,000 Accruals
53,010
Notes fir BMW.rec, less reserves 270,932 Federal
Net equity of Amer.
Income tax reserve_
15,191
Inventories
Pow. & Lt. Co. In
515,921 Contingent accounts payable_
804
Value of life insurance
income of subs
$2,882,973 $2,026,340 $10,764,564 $6,911,462
10,818 Class A cony, stock ($25 par)- 1,605.000
Contracts receivable
77,554 Common stock (310 par)
Amer.Pow,& Lt.Co.
750,500
Land contract receivable
3,753 Surplus (capital and earned).- 534,804
Net equity of Am. Pow.
Net value fixed assets
1,428,958
& Lt. Co.in income of
Other as.,ets
28,491
subs.(asshown above) 2,882.973
2,026,340 10,764,564
6,911,462
Prepaid taxes, insurance, See
21,116
Other Income
11,312
30,878
54.267
5.109
Total
$3,031,455
Total
Total income
$2,888,082 $2,037,652 *10,795,442 $6,965.729
$3,031,455
-V.141. P. 3526.
Expenses, Incl. taxes.. _
264,382
48,925
190.717
60.045
Int. to public and other
Altorfer Brothers Co.
-Accumulated Dividend-4
3,025.171
732,716
3.104.086
777,332
40
The directors have declared a dividend of $1 per
share
accumulations on the $3 cum. cony, preferred stock, no par on account of
Balance carried to conJan. 15 to holders of record Jan. 1. A similar payment was value, payable
solidated earned surmade on Nov. 1.
Aug. 1 and April 15 1935. this latter being the first
plus
$2,106,441 $1,200,275 $7,505,889 $3,670,926
distribution on this
issue since Jan. 30 1932 when a regular quarterly
Notation-All intercompany transactions have been eliminated from the
dividend of 75 cents
was paid.
above statement. Interest and preferred dividend deductions of sub*Accruals after the payment of the Jan. 1 dividend will
sidiaries represent full requirements for the respective periods (whether
amount to $8
per share.
-V. 141, p. 2427.
paid or not paid) on securities held by the public. The "portion applicable
to minority interests" is the calculated portion of the balance of Income
-A-merican Can Co.
-$1 Extra
available for minority holdings by the public of common stock of subThe directors have declared an extra dividend of
sidiaries. Minority interests have not been charged with deficits where
per share
to a regular quarterly dividend of like amount on the commonin addition
income accounts of subsidiaries have so resulted. The "net equity of
stock, par
$25, both payable Feb. 15 to holders of record Jan. 24. Extra distributions
American l'ower & Light Co. in income of subsidiaries" includes interest
of $1 per share were also made on Feb. 15 1935, Nov. 16 1931 and
and preferred dividends paid or earned on securities held, plus the proporNov. 15
1930.-V. 141. p. 3682.
tion of earnings which accrued to common stocks held by American Power &
Light Co., less losses where income accounts of individual
American Commercial Alcohol „
Forp. (& Subs.)- resulted in deficits for the respective pariods.-V. 141. p. subsidiaries have
3850.
Earnings-
Mos. Ended Sept. 301935
1934
Net income after expenses, interest, depreciation,
Federal income tax and other charges
$809,280 $1,109,373
Shares capital stock outstanding
260 901
262,000
Earnings per share
Sid°
$4.23
x After providing for taxes of $130,186.
The report sent to stockholders states:
PPI "An appropriation of $600.000 was made for reserve for estimated unrealized profits on sales subject to deferred delivery. This reserve is
applicable entirely to sales of bulk merchandise, in conformity with a trade
American Telephone & Telegraph Co.
-Decision on
Tcletypeuniter Rates
The Federal Communications Commission on Dec. 23 announced it had
found unjust and unlawful tariffs filed by the company, proposing to postpone until Jan. 1 1937, the effective date of a $30 minimum monthly guarantee in connection with installation of teletypewriter exchange equipment.
The Commission authorized the A. T. & T. to refile tariffs making the
effective date of the guarantee April 1 1936. It stipulated, however, that
before April 1 the company must file with the FCC substitute schedules
covering rates on teletypewriter exchange equipment.
-V. 141, p. 4009.
4158
Financial Chronicle
American Type Founders Co.
-Jersey City Plant SoldFederal Judge Guy L. Fake at Newark on Dec. 23 approved the sale of
the Jersey City plant of the company to the Arvey Corp., Inc.,for $250,000.
Application for approval was made by the reorganization trustees, who
set forth that the company's business would be consolidated in its Elizabeth
pjant. George R.Beach,Special Master,filed a report approving the sale.
V. 141, p. 4009.
-Weekly Output
American Water Works & Electric Co.
Dec. 28 1935
sum to $8,000,000.
The tax bill for this year was 3416,000, figured on the
basis of $32 per $1,000 of valuation, and the $5,000,000 reduction in
valuation would cut the bill from $416.000 to $256,000, a reduction of
$160,000 in taxes.
The Amoskeag paid its taxes on Aug. 1 under protest. It was paid
at that time to obtain the 2% discount. In paying its 1935 taxes, the
Amoskeag filed a petition with the Board of Assessors for a $5,000,000
abatement in valuation, and on Aug. 29 the corporation was notified that
the request had been disallowed.
The Amoskeag seeks the abatement on the grounds that the present
assessments are 'illegal, excessive, disproportionate and unjust."
A few weeks ago Frederick C. Dumaine, Treasurer of the Amoskeag, and
city officials reached an agreement for a basis on which the 1936 taxes would
be compiled as one of the steps toward the reopening of the mills, now
closed for almost four months. The agreement was that the taxes would
be figured so that the Amoskeag would compete with all other mills in the
country so far as taxes are concerned. No mention was made relative to an
adjustment of the 1935 taxes, however.
-V. 141, p. 22 7.
Output of electric energy for the week ended Dec. 21 1935 totaled 45.349,000 kwh., an increase of 18.7% over the output of 38.198.000 kwh.
hours for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
1931
Week Ended1934
1932
1935
1933
42,434,000 33.317,000 30.030,000 28,720,000 29,454,000
Nov.30
Dec. 7
44,253,000 35,563,000 32,793,1.00 29,113,000 31,238,000
„„„..,.
Dec. 14
r- i--Dec. 21
45.349,000 38,198,000 33,687,000 28,894,000 27.438.000----Anheuser-Busch, Inc.
-Stock Dividend
-V.141, p. 4009.
The company announced on Dec.26 that stockholders of record of Dec.24
would receive a dividend of 1-20 share of Borden Co. for each share of
-Date PostponedAmerican Writing Paper Co., Inc.
Anheuser-Busch held. The Borden Co. stock was received several years
Sitting in the absence of Federal Judge McLellan, Judge Sweeney has
ago as payment for the brewing company's ice cream plants.
continued until Jan. 13, hearing on appointment of a trustee and possible
In January 1933, one Borden share was given for each five shares of
submission of a reorganization plan of the company.
Anheuser-Busch held, and in Dec. 1933, one share of Borden for each
.
20 shares of Anheuser-Busch.-V. 141, p. 4009.
Government OrderThe co_npany was recently awarded a government order amounting to
Ann Arbor RR.
-Earnings.
31100.000 for 1,685,000 pounds of mimeograph and book paper, mostly the
November1935
1932
1933
former.
-V. 141, P. 3217.
$249,472
'
Gross from railway
3364,067
$272,400
193
4
$254,141
Net from railway
74,113
50.267
58,037
53,583
Amoskeag Co.
-Declares Usual DividendsNet after rents-17,347
37,357
30,426
19,570
The directors of the company, investment holding concern, which has a
From Jan. 1
substantial investment in the .Amoskeag Manufacturing Co., which has
Gross from railway
3.630,624
3,052,006
2,750,713
2,904,906
filed a petition in Federal Court for permission to reorganize under Section
Net from railway
836.828
684,172
431,716
565,527
77-B of the Bankruptcy Act, declared dividends on Dec. 26 for 1936 similar
Net after rents
44,333
463,568
345,428
209,109
to
se paid foryears.
-V. 141, p. 3527.
The board ordered two common dividends, one of 50 cents, payable
Jan. 6 to holders of record Dec. 28, and the other of 75 cents. payable
Associated Gas & Electric C . Wail, Outp4July 2 to holders of record June 20. Directors also declared two regular
Continuing its record output,
fecent weeks, Associated Gas &
semi-annual dividends of $2.50 each on the preferred stock, payable on
Electric System for the week ended Dec 14 reports net electric output of
the same dates as the common disbursements.
69.810,090 units (kwh.), which is 12.3% above last year's figure. ImThe Amoskeag Co. is not an operating organization, its entire income
prove.nent was general throughout the territory served, including the
coming from investments. As of June 30 last, the company owned 90,181
newly acquired- Virginia Public Service Co. and Eastern Shore Public
shares ofcommon stock of the Amoskeag Manufacturing Co.and $3,597,300
Service Co. -- "
bonds
of its 6% bonds. In addition, it held $11.865,721 on other stocks and
Rate Cuts have prevented gross revenues from showing similar improveof various companies.
-V. 141, p. 2428.
me
ile higher operating costs and taxes have combined to result in
•
lo
income in some instances.
Amoskeag Manufacturing Co., Manchester, N. H.Files Petition to Reorg. Under Section 77-B of Bankruptcy Act-
The company, said to be the largest single cotton textile unit of its kind
in the world on Dec. 24, filed a petition in the U. S. District Court at
Boston, for reorganization under Section 77-B of the Federal Bankruptcy
Act.
Over the signature of Frederick C. Dumalne, Treasurer, the company
stated that it was insolvent, that manufacturing operations could no
longer continue on a satisfactory basis and that it is for the best interest
of its creditors that the Court authorize its reorganization,
The petition filed currently with action in the New Hampshire courts
seeking a reduction of the company's assessed valuation from nearly $13,000.000 down to around $8,000,000, declares that "reorganization at the
present time will leave the company sufficient assets and ample credit for
possible future operation."
The principal indebtedness listed in a statement by the company is $11,379,000 in outstanding 6% debenture bonds due in 1948.
In a letter to the security holders the management stated that the company "anticipates that if it is allowed to commence operations again it will
do so only in that portion of the plan which can be economically operated
and that the balance of the plant or machinery not so needed will be disposed of as purchasers can be secured.
"Such anticipated revision of facilities will not seriously impair maximum
production of which the plant is now capable."
A balance sheet as of June 30 1934, accompanying the petition discloses
the corporation's liabilities and assets at the same figures, $25,986,838.
The petition recites that during the year 1934 the corporation operated
at a loss of $1,008,459. and that the loss incurred so far this year amounted
to $668,528.
A schedule in the papers shows that in 1930 the operating loss was
$1,345,389; in 1931, $782,667; and in 1932. $1,210,226; but in 1933 the
enterprise was operated at a profit of $31,443.
Continuing, the petition read:
"Manufacturing operations can, therefore, no longer be continued on a
satisfactory basis. Further payments of interest on the bonds and all
payments in full to creditors would constitute a preference inequitable to
all other creditors who may not be paid in full; and if continued much
longer payments of interest out of capital would reduce the net quick assets
below 50% of the par value of outstanding bonds, thereby constituting a
default by the company under the bond indenture.
"In the event of any default under the indenture securing the bonds 25%
of the bondholders are entitled to cause the trustee for the bondholders to
institute such action at law or in equity as may be necessary or proper for
the collection of the sums due and unpaid on the bonds including the appointment of a receiver. Such action would result In enormous loss in values,
would in the opinion of the trustees, reduce the recovery to the bondholders, would destroy any future equity that might accrue to shareholders
and would deprive the company of the means of continuing its operations."
The letter further asserted that the "history of the business from Jan. 1
1906 to June 301935. a period of 29li years was one of profitable operations.
The total earnings for these years were in excess of $50,000,000 and over
$23,000,000 was distributed during this period in cash dividends to shareholders."
The petition is filed by the operating Amoskeag Unit. There is in addition
the holding company, Amoskeag Co., which is not a party to the Federal
court proceedings.
Amoskeag Co. owns $3,597,300 of the 6% bonds of Amoskeag Mfg. Co.,
and 90,181 common shares of the latter. In the year ended June 30 1935,
44% of the holding company's income-3215.000 out of $489,000
-was
derived from interest on its holdings of Amoskeag Mfg. Co.'s bonds.
Amoskeag Co. itself has outstanding 80,000 shares of $4.50 cumulative
preferred stock and 90,181 shares of common.
The income account of Amoskeag Mfg. Co. for six months showed gross
sales of $10,347.414.
Noteholders' Committee FormedHolders of the gold notes of which $11,379.000 are outstanding, have
caused the creation of a protective committee to safeguard their interests
during proceedings for reorganization of the company. Among members of
the committee, which is seeking authorizations to act in behalf of institutional and private holders, are:
Fred A. Powdrell, President of Dartmouth Mills, New Bedford, Mass.,
formerly Treasurer of Montgomery Ward, W. T. Grant Co. and formerly
President of McLellan Stores Co.
Nathan D. Prince, formerly President of Hartford Connecticut Trust
Co., director of Powdrell & Alexander, President of Windham County
National Bank, Danielson, Conn.
Ernest Jones, Providence, President of Jones, Gardner & Beale, cotton
merchants.
Louis Atherton, senior partner of Schirmer, Atherton & Co., of Boston,
members of New York Stock Exchange.
Additions to the committee will be announced soon.
The law firms of Nutter, McClennan & Fish, of Boston, and Javits &
Javits, of New York City, have been retained as counsel.
The committee proposes to take part in the proceedings at hearings for
the appointment of trustees on Jan. 20, to insure adequate management of
the property.
William B. Sleigh Jr.. of 161 Devenshire Street, Boston, has been named
temporary Secretary of the committee.
Seeks Reduction in Taxes-
any Will Fight Attempts to Declare It Insolven
e following statement was issued by the company Dec. :
Accounts thus far published give a misleading impression of what actually
took place at the adjourned hearing before Judge Julian W. Mack on
Dec. 23, in the petition of certain creditors to have the Associated Gas &
Electric Co. placed under the custody of the U. S. District Court pursuant
to the provisions of Section 77-B of the Bankruptcy law.
The hearing was in connection with the matter of determining the claim
of certain petitioners that the company is insolvent. This the company
is vigorously contesting. At the hearing there appeared representatives of
the U. S. District Attorney for the Southern District of New York and of
.1
the Attorney-General of the United States.
Francis H. Horan, head of the civil division of the U. S. Attorney's
office, asked to be permitted to appear as amicus curiae-friend of the
Court
-which was granted.
Mr. Horan stated:
It is claimed that there are more than 300,000 holders of the corpora-4
tion's securities, including a large number of debenture holders.
"The interest of this large number of holders of securities is recognized
to be of primary importance, and the Commissioner of Internal Revenue
and his representative here desire to avoid the necessity for taking any
summary action with respect to distraint against the assets of the company
if some other legal means can be found which will provide for the governhi ,
ment's large interest in the matter.
"The size of the company and the intricacy of its corporate structure
that any solution of its problems will require the assistance of every
suggest
party with an interest. At this stage it is recognized that it is desirable
to keep the assets of the corporation intact and the government can be of
service in the consideration of any problem in this respect."
4
..1
Charles M. Travis, counsel for the Associated Gas & Electric Co., expressed satisfaction at the government's desire to co-operate in the matter,
Out he did not state, as was published, that the company was conternplating filing a voluntary petition in bankruptcy. The exact opposite is the
lating
as it has no such intention.
The management, after being duly advised by its experts, is convinced
that the company is not insolvent and that to admit Insolvency in the
Present proceeding would be a breach of trust to the security holders. The
company will therefore continue to contest vigorously all efforts to have it
declared insolvent in the present 77-B proceeding.
The statement made by Mr. Horan carried reference to the intricacy
of the company's corporate structure. Any such intricacy no longer exists,
as most of the intervening companies to which reference was presumably
made have been dissolved, merged or Otherwise disposed of,
Further simplification of its corporate structure is under way and will be
rapidly expedited as soon as approval can be secured for certain mergers,
consolidations and transfers which are now pending before the New 1( ork
State Public Service Commission, the Pennsylvania Public Service Commission and the Federal Power Commission in Washington.
Hearing Continued in Bankruptcy Proceedings
Hearing of the petition to have the company reorganized under Section
77-B of the Bankruptcy Act, before Judge J. W. Mack in U. S. District
Court on Dec.23, was adjourned until Jan.3 at the request of both sides.
Other Tax Liens Filed Against Affiliates
New tax liens totaling $3,142,543 were filed in Federal Court Dec. 20
against John I. Mange, a director of Associated Gas & Electric and three
companies affiliated with the system.
The liens against Mange cover the years 1933, 1931, 1930 and 1929, and
total $221,544.
The largest single lien, $2,159.886. was filed against the General Public
Utilities Corp. The suits were flied by Collector James J. Hoey.
Two liens for 1933, totaling $586.453, were filed against the National
Public Utility Investing Corp., and four liens totaling $174,750 were filed
against the n.iblic Utility Investing Corp. covering the years 1929, 1931.
1932 and 1933.
Consolidated Statement of Earnings and Expenses of Properties Irrespective
of Dates of Acluisition
-IncreaseAmount
%
12 Mos. End. Oct. 314
19359 4
1 4
$84,649,323 $81,737,022 $2,902,301
Electric
,'
Gas
12.550.951„
3,169,525 x243,078 x8
Ice
2.926,447
4,510 4,852,265
4.856,775
Transportation
8.047 -1,381,032
1,372,985
Hea er
Watting
x18,125 xl
1,250,345
1,232,220
Total gross operating rev_ _ _ -$107,596,748 $104,525,220 53,071,528
52,738,126 3,502.491
T
Operating exp., maint., &c.--- 56,240,617
298,488
10,723,013
11,021,501
3
7
3
$40,334,630 $41,064.081 x$729,451
Net operating revenue
Provision for retirements (re608.421
9,054,581
9,663,002
newals and replacements)_ __ _
x2
7
$30,671,628 $32,009,500 x$1337,872 x4
Operating income
x Decrease.
-This statement excludes New England Gas & Electric Association
Note
141, p. 4010, 3851.
(and its subsidiaries), which is not a subsidiary -V.
The company filed a petition in the Hillsborough County(N.H.)suPericr
-Time for
s, North Adams, Mass.
int--W
Arnold
Court, Dec.23,against the City of Manchester for an abatement of $5,000,xtendedFiling Pla
000 in the assessed valuation of its properties for 1935.
filing a plan for rg?ganization by the company has been
The time fór
The Board of Assessors appraised the corporation's properties at $13,extended to March 31. Company has been operating at a substantial
080,000 for this year and the Amoskeag seeks to have the court reduce this
Volume 141
Financial Chronicle
profit in the past three months, and greater improvement is expected, according to Harry N. Guterman, recently appointed special agent for the
company by the Federal Court.
-V. 141, P. 3527.
Atchison Topeka & Santa Fe gy. System-Earnings
Includes Atchison Topelga & Santa Fe Ry.; Gulf Colorado & Santa
Fe By.; Panhandle & Santa Fe Ry.
Period End. Nov. 30- 1935
-Month--1934
1935-11 Mos.-1934
Railway oper. revenues_$12,722,865 $10,350,51811123.881,853$118,353,252
Railway oper. expenses_ 9,735,342
8,664,964 99,608,285 93,162,470
Railway tax accruals-915,486
758.873
9,633,666
9,881.937
Other debits
Cr90,£300
27,261
83,343
439,992
Net ry. over. income_ $2,162,836
$899.419 $14,556,558 $14,868.850
Average miles operated13,259
13,300
13,287
13,320
-V. 141, p. 3528.
Atlantic Coast Line 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. 3528.
1935
1934
1933
1932
$2,923,011 $3,111.170 $2,901.772 82.631.311
425,834
659,540
503,973
247,925
286,227
508,359
382,501
76,504
35,760,545 36,152,688 34,649.999 33.986.413
6,421.796
7,888,026
7,997.862 4,205.953
2,258,418
3,784.826
3,736.899
437,833
----Atlantic Ice & Coal Co.
-Accumulated Dividend
The directors have
declared a dividend of $2.50
accumulations on the 7347 cumulative preferred per share on account of
0
stock, par $100, Payable
Jan. 1 to holders of record Dec. 20. A similar payment was made on
July 1
and
On July!
. n.
4 and Jan. 1 1933,
was disiributeci; prior to which the company paid regular 82 per share
semi-annual
dividends of $3.75 per share.
Following the Jan. 1 payment accruals on this issue will
amount to
$12.50 per share.
-V. 140, p. 4387.
" Atlantic Steel Co.
---Dividend Again Doubled
The directors have declared a dividend of $4 per share on
the common
stock,
4159
Purpose
-Proceeds will be used to pay off tank car obligations, certain
creditors, claims and accounts, except current accounts, certain taxes due
and payable, receivers obligations, real estate mortgage on office building.
costs and expenses of the reorganization, and furnish additional working
capital, under the plan of reorganization.
Earnings-Consolidated earnings of the Atlas Pipeline Co. Inc., and the
Spat tan Refining Co. Inc. for the period from the organilati mof these
companies in 1931 through 1934. after allowance for taxes, averaged over
$623,000 per annum, available for interest. &c. and depreciation. After
depreciation this average was over 8322.000 per annum. For the 14
-year
period from 1921 to 1934 incl., the consolidated earnings of the Atlas Pipeline Co., Inc., and Spartan Refining Co., Inc. and the earnings of the
predecessor company, the Shreveport-El Dorado Pipeline Co., Inc. after
allowance for taxes averaged over $470,000 per annum,available for interest,
&c. and depreciation. After.depreciation this average was over $218,000
per annum. During the first 10 years of this peel d the operations of the
enterprise were on a much smaller scale than for the years 1931 to 1934.
The Gyro cracking plant was completed and put in commercial operation
only a comparatively short time before the receivership. As a consequence
the foregoing earnings do not reflect, except for the short peni -4:1 of operation
mentioned, the economies and earning possibilities of such plant.
During the period of receivership from Nov. 22 1934 to Oct. 31 1935. the
receivers transported oil at a small percentage of the pipeline capacity and
with the refinery closed, the earnings amounted to $97,000 after operating
costs and receivers' compensation, but before allowance for depreciation
and taxes.
The maximum annual interest charges on the new 1st mtge. bonds are
•
360,000.
Pro-Forma Balance Sheet as of Oct. 28 1935
stets
Liabilities
Cash
8215,472 Accounts payable
834,470
ACCOUntS receivable
32.631 1st mtge.6% s.t. cony. bonds_ 1.000.000
Inventories
258.263 Gen.mtge.6% s. t. conv.bonds 1,312,000
Invests. In & advs. to subs_
152.196 Deterred liabilities
47,992
Miscellaneous investments_
6.616 Due subsidiaries
27.569
Prepaid dc deterred items
19,309 Reserve for contingencies
75,000
Plant and equipment
4.446,607 Capital stock (par $10)
2.688,000
Bond discount and expense_- 323,000 Paid-in surplus
269,063
Tote
m al
$5,454,094
$5.454,094
Total
corporation will shortly enter into a contract with the Gyro Process
Co.for the privilege of using the Gyro process under which the corporation
will agree to pay over a period of about 334 years, the total amount of
509,000. as paid-up royalty, in monthly installments, beginning on
Atlas Acceptance Corp.
\... . tn _.1 1936. The total payments in 1936 will amount to 8134.700.
s .L:
.
-Initial Pref. Dividend
The directors have declared an initial quarterly
Brief Outline of Reorganization Plan of Aug. 26 1935
share on the 5% cumulative preferred stock, par dividend of $1.25 per
$100. payable Jan. 2 to
[Atlas Pipeline Co., Inc. and Spartan Refining Co.. Inc.]
holders of record Dec. 20.-V. 137, p. 4701.
Pipeline Co., Inc., was incorp. March 2 1931 in Louisiana. On
Atlas
Atlas Pipe. Line Co., nc.-Successor Company
same date, March 2 1931, Spartan Refining Co., Inc., was incorp. in
See Atlas Pipe Line Corp below.-V. 141, p. 1587.
Louisiana. All of the 50.000 shares of latter are owned by Atlas Pipeline
Co., Icn .
Atlas Pipeline Corp.
March 18 1931, Spartan Refining Co., Inc., acquired by purchase all
-Bonds Offezed-Boenning & Co.,
of the properties, assets and franchises of the Shreveport-El Dorado PipeChandler & Co., Inc., Philadelphia, and Bond &
Goodman. line Co.. Inc. and assumed the $968,000 1st (closed) mtge. cony. 7% sink.
Inc., New York are offering at 96 , and interest to yield fund bonds due April 1 1935. Of these bonds there were still outstanding
6
1935.
over 6.45% to maturity $1,000,000 a 1st (closed) mortgage $600,000 on Aug. 26 Atlas Pipeline Co., Inc., and Spartan
In November 1935
Refining Co.,
6% sinking fund convertible bonds.
Inc., were placed in receivership. E. R. Ratcliff and R. T. Moore, receivers.
These bonds are to be issued under a plan of reorganization
of Atlas
New Securities and Terms of Exchange of New for Old
Pipeline Co.. Inc.. debtor, and Spartan Refining Co., Inc.,
debtor subsidiary,filed in the U.S. District Court for the Western District of
New company will create $1.000,000 1st mtge. bonds, $1,312,000 gen.
in proceedings for reorganization of corporation in bankruptcy, Louisiana
bonds and 500.000 shares of capital stock.
mtge.
such plan
having been approved by the Court on Aug. 31 1935, and
The $.1,000,000 1st mtge. bonds will be sold to a banking syndicate at 88
Nov. 2 1935, as being fair, feasible, and in compliance with confirmed on
and int. to furnish the cash required by the plan and working capital for the
the provisions
of Section 77B of the Bankruptcy Act.
new company. The syndicate proposes to sell the bonds at retail to the
Bonds are dated Nov. 1 1935; maturing Nov. 1
public at 9634 and this syndicate will receive 18,800 shares of the common
payable M.& N. at First Trust Co. of Philadelphia,1945. Prin. and int.
stock of the new company as additional compensation.
trustee.
in such coin or currency of the United States of America as Philadelphia,
The $1,312,000 of gen. mtge. bonds will be used for the following two
at the time of
payment is legal tender for public and private debts.
purposes: $600,000 will be exchanged par for par for $600,000 Shreveport..
Interest payable
without deduction of the normal Federal income tax not
ElDorado Pipeline Co.. Inc., 1st (closed) mtge. cony.7% sink,fund bonds.
exceeding 2%•
Pa. personal property tax not exceeding 5 mills, Maryland securities
which fell due April 11935. and $712.000 of the gen. mtge. bonds and $500
tax
not exceeding 4)4 mills, and Mass. income tax at present
in cash will be delivered to the Alco Products, Inc., in full and final settlerates, refunded.
Red, on any int. date on 4 weeks published notice in whole
ment for the new Gyro Process cracking plant constructed by them, and of
or in part at
10234 during first year of life, premium decreasing h of 1% each
all differences between Atlas Pipeline Co., Inc., and that company.
year
thereafter.
The holders of the 500,000 shares of stock of the Atlas Pipeline Co.. Inc..
will receive one share of the stock of the new company for each two shares of
Data from Letter of E. R. Ratcliff, Who Will Be
President of
Atlas Pipeline Co., Inc. This will require 250,000 shares of the stock of the
New Company
new company. The remaining 250,000 shares of stock of the new company
Company-Atlas Pipeline Corp. is to be organized in
will be used as follows: (a) 231,200 shares will be used to provide for the
acquire all of the properties and assets formerly owned Delaware. and will
conversion of the 1st mtge. bonds (requiring 100,000 shares) but for the
by the Atlas Pipeline Co., Inc. and the Spartan Refining Co., Inc., together with
conversion of the gen. mtge. bonds (requiring 131,200 shares) and (b) the
the new
modern Gyro cracking plant recently constructed by Alco
remaining 18,800 shares will go to the banking syndicate as additional comProducts, Inc.,
a subsidiary of American Locomotive Co.
pensation.
There are two 8
-inch pipelines, one constructed in 1931 connecting
All creditors of the Atlas Pipeline Co., Inc., and of Spartan Refining Co.,
the
refinery in Shreveport. La.. with the tank farm and modern
-El Dorado Pipeline Co., Inc..
Inc.. other than the holders of the Shreveport
pumping
at Longview. Texas, adjacent to the East Texas oil fields, this line station
bonds will be paid in full in cash. The holders of the $225,000 receivers'
having a
capacity of40,000 barrels daily; the other,constructed in 1921.runs
certificates issued by E. R. Ratcliff and R. T. Moore. co-receivers, under
from the
Shreveport plant to refineries in El Dorado, Ark. The total
authority of the First District Court, Caddo Parish and all other creditors
length
main pipelines is approximately 150 miles. In addition, there is a of these
-V. 141. p. 1587.
of such receivers, will be paid in cash.
gathering lines extending from the tank
system of
farm at Longview to the
areas of the East Texas field, these gathering lines consisting producing
Austin, Nichols & Co.
-Cent Dividend
-50
of about 55
miles of6
-inch and 61 miles of 4-inch pipe with various
The directors have declared a dividend of 50 cents per share on accoun
The refinery at Shreveport has daily through-putfield pumping units.
of accumulations on the $3 cumulative prior A stock, no par value, payable
capacity of 12.000
Texas crude oil and is located on a site of 183
barrels of East
Feb. 1 to holders of record Jan. 15. A similar payment was made on Nov. 1
the city limits of Shreveport. This refinery has adequate acres, adjoining
and Aug. 1 last and compares with $1.25 per share paid in each of the four
railroad connections. The new cracking plant, adjoining the refinery and
preceding quarters, $1 on May 1 1934; 75 cents on Feb. 1 1934, and 25
operated in
connection therewith is hignly efficient and produces a superior
cents per share each quarter from Nov. 1 1932 to and incl. Nov. 1 1933.
grade of
high octane rating gasoline.
Dividends on the issue became cumulative at the rate of $5 per share
points on the pipelines and at the refinery is
Located at
steel
per annum commencing with the quarterly dividend paid Feb. 1 1934.
capacity for crude and refined products of 2,700,000 barrels. storage tank
Accruals after the Feb. 1 1936 payments will amount to $3 per share.
In
to the field pumping capacity there are8 pumping stations located addition
-V. 141. p. 210g.
at various
points along the main pipelines.
Company will possess 249 tank cars used in the distribution of
-Earnings
Aviation Corp. of Del. A Subs.)
its products.
will own all of the capital stock of the Sparco
Company
Gasoline
Period End. &pt. 30- 1935-3 M35.-1934
1935-9 Ms.
-1934
which has a system of retail filling stations and tank wagon Co., Inc..
Net loss after depreciain the City of Shreveport, La., and surrounding towns and distribution
territocy. all
tion and expenses_ _ _ _ $150,723
8567,123 4346,131 y$1,711,757
of the stock of the Spartan Oil Co., and a large majority interest
in the stack
x Including profit of $77,381 of subsidiary being liquidated. y Including
of S arco 707 Tire Co.
profit on sale of securities of $26,656 and profit on sale of flying equipment
anagement-Officers and directors of the new company
of 364,180.-V. 141. p. 1267.
Ratcliff (Pres.); B. H. Gray (Vice-Pres.), Shreveport, La.;are: E. R
. .L
Chrisman (Sec.), Philadelphia, Pa.; J. W. Olvey, El Dorado, William °
Ark.;
-Resumes Common Dividends
J. Williams, Frederick C. -Rummel, Philadelphia; Joseph Davis, NewAlbert --Baldwin Co.
The directors have declared a dividend of 20 cents per share on the
York:
B. F. Connolly, Treasurer, Shreveport. La.
common stock, payable Dec. 29 to holders of record Dec. 26. This will be
0. Security-The 81.000,000 bonds will be secured by a direct first
lien on
the first distribution to be made on this issue since October 1929 when a
all the fixed assets of the company, and by deposit with the
trustee
dividend of 3734 cents was paid.
-V. 140, p. 4388.
entire capital stock of the Sparco Gasoline Co., Inc. The tank cars of the
owned
by the company will be pledged with the trastee for the further
Baltimore & Ohio RR.-Earnings.security of
this issue insofar as it is legally possible. These properties were
appraised
in 1934 at a depreciated value in excess of $5,000,000.
November1932
1935
Equity-113nds will be followed by an issue of $1 312.000 g
Gross from railway
193433
$11.985,182 $10.306.319 111119
.183.325 89,744,717
mortgage6% sinking fund cony, bonds due 1950,together witb an
Net from railway
2,826,023
2,713,441
authorized
issue of 500.000 shares of common stock (par $10) per share, of
Net after rents
1.539,349
1,882,585
1,602.913
1,596.589
268,800 shares will be issued pursuant to the plan or reorganization which,
From Jan. 1
and the
balance reserved for the conversion of the two issues of bonds.
Gross from railway
130,089,245 125,013,504 121,750,319 116.019.088
Conversion-Each 81,000 principal amount of the bonds will be
Net fro.n railway
33,564.386 33,508,648 39.105,326 31,407,376
Net after rents
ble at any time up to and including the 10th day prior to maturity orconverti22.315,194 21.902.818 27,222,678 20.131,811
-V. 141, P. 3528.
tion into 100 shares of the common stock of the corporation. redempSinking Fund-Indenture will provide for a sinking fund of 8100.000
Bangor & Aroostook RR.
-Collateral
per
annum for redemption, operating semi-annually after the first
The Old Colony Trust Co as trustee under the consolidated refunding
the further provision that it shall operate the first year if and to year, with
the extent
mortgage dated July 1 1901, has notified the New York Stock Exchange
earned.
that, at the close of business Dec. 12 1935. it held the following bonds as
In addition, there will be a slaking fund for equal retirement of
these
collateral: Bangor & Aroostook RR. Co. 1st mtge. St. John River exten1st mtge. bonds and the general mtge, bonds, to consist of 50% of the net
sion 30-year 6% gold bonds, due Aug. 1 1939, $1,528.000; Bangor & Aroosearnings of the company, after all charges. including depreciatinonand
took RR. Co. 1st mtge Washburn extension 30-year 57 gold bonds, due
obsolescence as more fully defined in the indenture.
Aug. 1 1939. 81,453,000, and Bangor & Aroostook RR. Co. 1st Intge.
All bonds redeemed through the sinking fund are to be canceled.
Medford extension 30-year 5% gold bonds, due May 1 1937, 3981.000.
Interest Fund-Indenture will provide for an interest fund to be set
apart
Earnings for November and Year to Date
and maintained by the company in the hands of the trustee in addition to
regular interest payments, equivalent to one year's interest on the
-Month-1934
Period End. Nov. 30- 1935
1935-11 Mos.-1934
outstanding, by payment to the trustee for four interest periods, a bond
$458.138
Gross earnings
sum
$624,771 85.588.012 85.684.614
equal to one-half the interest then payable, subject to the provision that for
131,408
232,240
Net operating income
1,477.086
1,579,235
the first two interest dates this shall be payable only if and to the extent
Surplus after charges
73,225
165,214
815,628
899.648
earned, as earnings are defined in the indenture.
-V.141. p. 4011.
no par value, payable Dec. 31 to holders of
compares with $2 paid on Oct. 1 last, and Si per record Dec. 21. This
share previously distributed each three months.
-V. 141, p. 1926.
4160
Financial Chronicle
'''''••••,Bayuk Cigars, Inc.
4,
-To Redeem Scrip
he company has announced that on and after Dec. 23 1935, Guaranty
Trust Co., 140 Broadway, New York, will redeem scrip certificates for
common treasury stock, upon presentation thereof for cancellation. The
amount of this payment will be 50.581 for each 1-100 of a share of common
treasury stock represented by scrip certificates.
-V. 141, p. 3068.
Belvedere Hotel Co. of Baltimore-Reorganization Plan
Dec. 28 1935
unconditional assignment of 457 shares of 2d pref. stock of the Jefferson
Realty Corp.
To Charles H. Consolvo, an unconditional release of any and all indebtedness due by him to the debtor. and Charles H. Consolvo shall release
the debtor and the trustees from any and all claims which he rntart have
against them, except his right to receive the benefits of this amended plan
with respect to the shares of stock of the debtor held by him.
-V. 141.
P. 2430.
The committee for the general mtge.gold bonds has adopted and pproved
Bethlehem Steel Co.
-Protests Bond Payment in Gold
a plan of reorganization and a copy of the plan was on Dec. 4 1
filed
The company on Dec. 23 at Philadelphia contested the enforceability
with Safe Deposit & Trust Co. of Baltimore, the depositary of the comof the so-called "option clauses" in its $50,000,000 1st lien & ref. mtge.
mittee.
bonds under which holders of the securities claim the right to cash their
The plan represents, in committee's opinion, the most favorable result
interest coupons at London or Amsterdam at a monetary rate higher than
obtainable for the holders of the general mortgage gold bonds. The plan
New York.
has also been adopted and approved by the Committee representing a subThe company claims the option clause is not enforceable if the amount
stantial amount of first mortgage gold bonds of the company.
to be paid abroad exceeds $25 in American money at New York and that
The company was organized in Delaware. On Aug. 23 1933, the Circuit
any excess in either the face of the bond or the interest rate is "not a valid
,
Court No. 2 of Baltimore City appointed receivers, who continued to
obligation of the company.'
operate the property and business until the appointment of temporary
This is its position in defending suits filed against it last November by the
trustees by the U. S. District Court for the District of Maryland. On
N. V. Anglo-Continentals Trust Maatschappli of Rotterdam and Mondiale
Oct. 4 1935, a committee, representing certain holders of general mortgage
Handels-und Verwaltungen A. G. of the principality of Lichenstein, who
gold bonds, filed a petition in toe District Court for the purpose of effecting
sued for the payment of their semi-annual interest at the rate of 62.25
a reorganization under Section 77-B of the Bankruptcy Act. William B.
guilders. which were equivalent to $25 in gold at New York when the bonds
Fallon and S. Page Nelson were appointed trustees by order of court.
were issued. May 1 1912, but which had a value of $42.12 when the coupons
The income derived from the operation of the business was insufficient
were presented Nov. 1 1934. To support its contention that interest is
to pay operating expenses, taxes and interest on the bonded Indebtedness
payable on the basis of American devalued currency, the company cites the
The Hotel Belvedere, the principal asset, is in need of renovation and
"trading with the enemy Act," which was passed during the World War,
repair. Additional cash should be provided for this purpose, for working
the Gold R3serve Act of 1934, and Joint Resolution No. 10 of the last
capital, to pay the outstanding obligations of the receivers, to pay the
Congress for the establishment of "uniform value to the coins and currency
costs and expenses of organizing the new company and the issuance of
of the United States."
-V. 140, p. 3885.
its securities and the costs and expenses of these proceedings.
The receivers as of Oct. 22 1935, have creditors as follows:
------Bethlehem Steel Corp.
-Consolidates Three Units
Receivers' certificates, $25,000: and current indebtedness for labor,
Consolidation of three wholly owned operating subsidiaries of the corpomaterials, food, supplies, water, utility services, &c., in the amount of
ration was announced on Dec. 23 by President Eugene G. Grace. The
$10,240.
subsidiaries are the McClintock-Marshall Corp., the Pacific Coast Steel
The debtor has creditors and shareholding interests as follows:
Corp. and the Kalman Steel Corp.
First mortgage gold bonds, $456,500 with interest accrued at rate of
The change, effective on Jan. 1, will result in the transfer of all business
6% per annum,from March 1 1933:
heretofore conducted by these subsidiaries to another operating subsidiary,
First mortgage gold bonds of Annex Construction Co. of Baltimore City,
Bethlehem Steel Co. which is wholly owned by Bethlehem Steel Corp.
payment of which has been assumed by the debtor. $52,000 with interest
McClintock-Marshall Corp., fabricator of structural steel, was acquired
accrued at rate of 6% per annum,from March 1 1933.
In Oct. 1930 for 240,000 shares of Bethlehem common stock and consideraGeneral mortgage gold bonds, $264.000 (treasury bond deducted) with
tions totaling $20,200,000 additional. The Pacific Coast Steel Corp. was
Interest accrued at rate of 6% per annum,from Jan. 1 1933.
acquired in 1930.
Notes payable to Union Trust Co. of Md., $130,079, secured by 3,167
Mr. Grace said the purpose of the consolidation was to simplify the
shares of second preferred stock and 5,959 shares of common stock of
corporate structure and expedite the conduct of the business.
-V. 141,
Jefferson Realty Corp. and 500 shares of capital stock of debtor.
P. 2878.
Notes payable to Jefferson Realty Corp., $29,803, secured by 457 shares
of second preferred stock of Jefferson Realty Corp.
-Earnings
Biltmore Hats, Ltd.
Unsecured accounts payable, including officers' salaries and other
1934
1933
Years End. Nos.30-1935
1932
miscellaneous items, $34,865, of which $1,900 shown as due the Charles G.
Net earns,after deprec_ _
$94,204
$72,755
$48,180
$45,071
Steward Machine Co. is disputed.
6,192
15.150
10,347
Prov.for income taxes__
4,377
Capital stock,5,000 shares (par 8100),of which 1,378 shares are owned by
Charles H. Consolvo and 3,463 shares are owned by Monticello Realty Co..
$62,408
$41,988
Netincome
879,054
$40,694
and 159 shares are owned by sundry others. Substantially all of thecom77,633
55.331
Previous surplus
__
107,629
35,265
mon stock of Monticello Realty Co. is owned by Charles H. Consolvo.
952
Bad debts recovered_
984
Amended Plan of Reorganization
It is proposed that the business of the debtor be reorganized pursuant
to the Section 77-B substantially as follows:
A new corporation will be organized in Maryland, under the name
Belvedere Hotel Corp., with the following capitalization and funded indebtedness:
1st mtge. maturing in 10 years. bearing int, at rate of 5% per
annum, with provision for payment of $5,000 semi-annually,
new company to have the right to make additional payments
on account of principal on any int. date, provided new company is not In default in payment of int. on the 2d mtge.
bonds
$300,000
General mtge. bonds maturing in 20 years, bearing int. at rate
of 5% per annum accounting from March 1 1936, payable
semi-annually if earned, but which interest shall be cumulative; a sinking fund of 815,000 per annum (accounting from
March 11936). if earned,shall be provided for the purchase or
redemption of these bonds at not exceeding par and int.,
which sinking fund payment shall likewise be cumulative;
secured by a second mortgage
600,030
Preferred stock (par $10). dividends at rate of 5% per annum,
payable semi-annually and cumulative from and after March
1 1939
314,160
Common stock (par 81). to have full voting rights, but to be
placed in a voting trust for ten years consisting of three voting
trustees, two to be selected by the committee representing
the 1st mtge. bonds of the debtor and the 1st mtge, gold
bonds of Annex Construction Co. and one to be selected by
the committee representing the general mtge bonds
240,000
The new company shall receive and acceptfrom the debtor all of the assets
of the debtor, free and clear of any claims, except such liabilities as are specifically assumed by the new company,including the corporate name, goodwill and all other tangible and intangible assets, except the following assets,
which shall he retained and disposed of by the trustees or their successors:
.5,947 shares of 2d pref. stock and 5,959 shares of common stock of
Jefferson Realty Corp.
Note of Monticello Realty Co.. of Norfolk, Va., of $76,764. dated
Jan. 1 1935, and payable Dec. 31 1939 without int.
Note of Charles H. Consolvo of $50,000. dated Jan. 311926. and payable
on demand and account receivable due to the debtor by Charles H. Consolvo in the amount of 8139,936.
Distribution of Securities
The funds, general mortgage bonds, shares of preferred stock, voting
trust certificates for shares of common stock and other property in the
hands of the trustees on consummation of the transfer of the properties to
the new company, shall be applied and distributed to the several parties
interested therein in the following manner:
To payment of holders of the receivers' certificates issued by the receivers
of the full amount of the principal and interest of their certificates in cash.
To the payment of the full amount of the unpaid balance of all other
indebtedness owing by receivers in cash.
To the holders of first mortgage gold bonds, gen. mtge. bonds of new
company in the amount of $118 for each $100 ofsuch first mtge. gold bonds,
and common stock (v. t. c.) of the new company at the rate of 20 shares
for each $100 of general mortgage bonds of the new company.
To the holders of 1st mtge. gold bonds of Annex Construction Co., gen.
mtge. bonds of the new company, $118 for each $100 of such 1st mtge.
gold bonds, and common stock (v. t. c.) of the new company, at the rate
of 20 shares for each $100 of gen. mtge. bonds of the new company.
To the holders of gen. mtge. gold bonds, $119 of preferred stock of the
new company, for each $100 of gen. mtge. gold bonds, and common stock
(v. t. c.) of the new company at the rate of 15 shares for each $100 of such
preferred stock.
in full payment and satisfaction of the
To Union Trust Co. of
Md..
Interest accrued and unpaid on the notes of the debtor held by it, voting
trust certificates representing 12,483 shares of the common stock of the
new company, plus any shares of such common stock which may not otherwise be distributed under this amended plan.
To the unsecured creditors, whose claims may be admitted or allowed.
voting trust certificates representing common stock of the new company
at the rate of one share of common stock for each $1 in amount of their
respective claims, the new company to have the option to pay in cash
claims of less than $10 and to make cash adjustment for odd cents under $1.
To the stockholders of the debtor, voting trust certificates representing
common stock of the new company at the rate offive shares ofsuch common
stock for each share ofstock of the debtor respectively held by them.
To Union Trust Co. of Md., in full payment and satisfaction of the
principal amount of the notes of the debtor held by it, the absolute and
unconditional assigrunent of 5,490 shares of 2d. pref, stock and 5,959
shares of common stock of Jefferson Realty Corp.
To Jefferson Realty Corp. in full payment and satisfaction of the
principal and interest due on 'etre note held by It and of any and all other
claims which it might have against the debtor, the absolute and unconditional assignment of the note of the Monticello Realty Co., of Norfolk
Va., in the principal amount of $76,764, dated Jan. 1 1935, and payable
Dec. 31 193, without interest, such assignment to be without recourse to
the debtor, the trustees or to the new company, and also the absolute and
$186,683
820
15,783
30.000
$140,041
1,096
16,874
10,000
4,444
2,478
2,230
Balance, surplus
Earns, per sh. on 20,000
shs, com. stk.(no par)
$140,080
$107,629
$77,633
$55,332
Assets
Cash
Accts. receivable_ _
Inventories
Cash surr. val, of
life insurance...Dd., bldgs., plant,
mach. & equip't
Deterred charges. _
Investments
$98,271
643
17,517
$76,943
518
18,865
Total surplus
Additional tax prior year
Preferred dividends_ _
Common dividends
Prov. for redemptions of
pref.stock
$3.22
$1.10
$2.05
Balance Sheet Nov. 30
LiabIttiles1934
1935
1935
$39,323
$66,974 Accts. pay. & accrued charges _ 816,750
159,852
138,400
120,409 Collector of cus159.325
22
toms (sales tax) _
3,677
3.860
3,280 Dividends payable
Res. for dep. of
83,547
229,433
203,273 fixed assets_ _
15,151.
408
1,343 Res.for Income tax
4,311
16,341 Preferred stock _. 209,500
85,475
x Common stock._
182,180
y Surplus
$0.98
1034
58,856
547
4,071
64,008
10,347
232.600
85,475
144,117
$598,311 $550,021
Total
5596,311 $550.021
Total
x Represented by 20,000 no par shares. y Of which $140,080 earned
surplus in 1935 ($107,629 in 1934) and $42,100 is capital surplus in 1935
and $36,487 In 1934.-V. 139, p. 4121.
Black & Decker
Listicnd Registration
o
Manufacturing
Co.
-Admitted to
Th New York Curb Exchange as admitted to listing and registration
.-V. 141, p. 4011.
the co
n capital stock, no
-Stock Offering
Bliss & Laughlin, Inc.
In connection with the offering of 50,000 shares capital stock (Par $5)
at $16.50 per share by Paul H.Davis & Co.and Kalman & Co.,a prospectus,
dated Dec. 12, states that the offering is not from unissued shares of the
company but from shares issued and outstanding and severally owned by
certain stockholders and sold to the principal underwriters. There will,
therefore, be no proceeds to the company.
-Company was first started in 1891 by S. E. Bliss
History and Business
and John E. Laughlin, as co-partners. Company was organized in Delaware on Dec. 24 1919, to take over the physical assets and business (except
certain bonds and cash) of a corporation by the same name organized in
Illinois, which predecessor corporation had succeeded to the original business.
Business consists of the manufacture and sale of a complete line of cold
finished bar steel products ranging from small diameters in drawn wire to
large diameters in turned and polished shafting, and including in addition,
cold drawn bars in all required sizes and shapes, standard and special.
drawn and ground bars in the smaller sizes, and turned and ground bars
In the larger sizes, all as demanded by the consuming trade and in the
required chemical grades of steel. Products are sold to a diversified consuming trade including among the larger users the automobile manufacturers
and parts makers, the implement manufacturers, the machinery manufacturers, the screw machine products manufacturers, the electric motor
and generator manufacturers, the domestic and household appliance manufacturers, and the jobbing trade which accounts for a substantial volume
of the final distribution of the product.
The original and western plant and principal executive offices are located
In Harvey, Ill. The buildings cover an area of approximately 33 acres.
and consist of several connected main buildings constructed in separate
units or sections from 1922 to 1935.
The company's eastern plant located in Buffalo, N. Y. was constructed
as a single unit and put in operation in April 1929 and houses the eastern
office of the company. The buildings cover approximately two acres in
area.
Capitalization-The capitalization, as of Sept. 30 1935, consisted of
100,000 shares of capital stock (no par), of which 50.560 shares were outstanding. By a recapitalization on Nov. 18 1935, the authorized capital
stock was changed and is now as follows:
Outstanding
Authori!ed
151,680 shs.
Capital stock (par $5)
300,000 shs.
The funded debt consists of an issue of first mortgage 20-year sinking
fund gold bonds, series A. of which 81,000,000 were originally issued, and
$779,500 are now outstanding not including $15,000 held in the treasury.
Option Agreement-Pursuant to an option agreement entered into between the company and its president under date of Nov. 20 1935. 10.000
shares of the capital stock (par $5) are subject to options to purchase from
the company, at $20 per share, over a period of five years, expiring Dec. 31
1940.
Underwriters
-The principal underwriters and the respective amounts
severally underwritten are as follows:
Paul II, Davis & Co., Chicago, 111.. 25,000 shares; Kalman & Co., St.
Paul. Minn., 25,000 shares.
Financial Chronicle
Volume 141
Income Account for Staled Periods
9 Mos. End.
Year Ended Dec. 31
Sept. 30 '35
1933
1932
1934
Gross sales, less freight.
discounts, &c
$1,321,310 $3,016,873 $4,057.510 $4,264,960
Cost of goods sold
2,231,655
3,399,286
1,005,332
3.072,935
Expenses, incl. maint.,
522,544
depreciation, &c_ _ _
393,458
466,125
598,672
Operating profit
Other income
loss377,478
28.432
$319,093
26,730
3385,902
30,805
$343,130
22,813
Net profit
loss$49.047
Interest, &c., expenses_ _
57,915
l'rov. for Fed. inc. tax.
$345,823
56.899
39,051
$416.707
55,760
52.781
8365,943
38,784
45,000
5249.873
3308.167
$282,159
Net profit
Assets
Cash and cash items
Accounts receivable
Inventories
Other current assets
Fixed assets
Deterred charges
loss$106.963
Balance Sheet Sept. 30 1935
Liabilities
$464,794 Accounts payable
496,541 Accrued payroll
705,031 Tax liability
39,734 Accrued Interest
1,056,757 Other current liabilities
44,447 Funded debt
Capital stock
Earned surplus
$291,373
43,086
87,106
11,918
25,636
779,500
511,200
1,057,484
4161
Quested that we keep them advised of the situation. We have no connection with either the original issuers of the security or any bank acting
as trustee or depositary for any of the mortgage issues, nor are we interested
in the management of this building for ourselves. We are opposed to any
plan reducing the payment of interest on the 1st mtge. bonds, which will
give these bonds a low market avlue, thereby allowing bonds to be retired
at prices well below their face value and creating a greater equity in the
property for the benefit of the junior interest through sacrifice of the
first mortgage bondholders' position.
We are now engaged in drafting a reorganization plan, details of which
are being discussed with large holders of the bonds, including banks having
bonds in their trust accounts and investment dealers who retailed the
-V. 141, p. 1088.
securities to their customers who now hold them.
-Admitted to Listing and
'"Brown Fence & Wire Co.
Registiation
Theew YorE Curb Excha* has admitted to listing and registration
r, and the class B common stock, no par.
the class A preferred stock, no
-v.141. p. 4012.
Bruck Silk Mills, Ltd.
-New Directors
Paul Hutchison and L. S. Lee have been elected directors. At a special
meeting the stockholders approved revision of the by-laws increasing the
number of directors to 11 from 9. Mr. Lee has been named Vice-President
and General Manager.
-V. 141. p. 3852.
-Initial Common Divet---e.
"(F.) Burkhart Manufacturing Co.
$2,807,303
The directors have declared an initial dividend of 75 cents per share
on the common stock, no par value, payable Jan. 2 to holders of record
Dec. 21.-V. 141, p. 1927.
Month of November1935
1934
Total receipts
$2,055,019 $2,043,782
Operating expenses
1,449,113
1.412,409
Federal. State and municipal tax accruals
123,881
80.754
Rent for leased roads
103,363
103,352
Subway, tunnel and rapid transit line rentals....
234,360
233,080
Interest on bonds and notes
319,740
320,551
Miscellaneous items
7,839
5,864
Federal Judge Robert A. Inch, in the U. S. District Court for the Eastern
District of New York. on Dec. 20 denied an application by James C. Van
Siclen and C. Walter Randall, as receivers for the company for additional
compensation.
For the period during which the applicants acted as receivers (April 1
-Nov. 16 1934) and for their service for the last 21 months, as trustees
1933
under Section 77-B of the Bankruptcy Act, the two have already been paid
5157.000 from company funds. They now seek "additional compensation"
-V.141. p.3853.
of 380.000.or $237,000 for the 30 months of their services.
Total
-V.141, p.3852.
$2,807,303
Total
Bush Terminal Co.
-Additional Fees Denied
-
Boston Elevated Ry.-Earnings-
Excess of cost of service over receipts
-V. 141, p. 3528.
$183.278
$112,229
Brazilian Traction, Light & Power Co., Ltd.
-Earnings
-Earnings
Byrndun Corp.
Earnings for 9 Months Ended Sept. 30 1935
Net loss after expenses, interest, loss on investments in subs.
deductions
and other
-V.138, p. 1234.
$151.401
Period End. Nov. 30- 1935
-Month-1934
1935-11 Mos.-1934
Gross earns,from oper-- $2,463,194 32,723,356 $27.832.574 $27,983,934
Operating expenses
1.200,172
1,241,375 12,938.569 13,329,848 ---California-Oregon Power Co.-Accum.
The directors have declared dividends of 8734 cents per share on the 7%
Net earnings
$1,263,022 $1,481,981 $14,894,005 $14,654.086
cum. pref. stock, par $100: 75 cents per share on the 6% cum. pref. stock
-V.141, p. 3372.
par 3100. and 75 cents per share on the 6% cum. pref. stock, series of 1927.
Similar disJan. 15 to holders of record Dec.
par $100,
Broadway Motors Building Corp. (General Motors tributions all payable on the respective issues in each of 31. nine preceding
were made
the
Building) New York-Present Status Outlined
quarters. prior to which paymmts were made at the regular quarterly
-V. 141. p. 3853.
rates.
Property Management, Inc., in a letter dated Dec. 26, summarizing
the important facts in connection with the building, states in part:
-Acquires Ratcliff Mine
Campbell California Mining Co.
The 1st mtge.leasehold bonds are secured by a mortgage on the leasehold
R. Potter Campbell, Inc., New York, managers of the Campbell Mining
and the 25-story office building erected in 1926, located on the entire block
Syndicate, announce that this group has acquired the Rateliff Mine located
bounded by Braodway, Eighth Ave., 57th St. and 58th St., New York,
in the Panamint Range. Inyo County, California. A new company has
and known as 1775 Broadway. or "General Motors Building." The
been incorporated to take over and operate the property, known as the
building has a rentable floor space of over 500,000 square feet. The lease
Campbell California Mining Co. The officers are R. l'otter Campbell.
on the land will expire in 2004. The annual ground rent charges are
-Tress.
Pres.: Donald W. Salisbury. Vice-Pros.; Anton G. Hardy, Sec.
$240,000 until Jan. :31 1941, and 5260,000 per year thereafter.
In addition to the foregoing, the following are directors: Irving W.
The original issue of $6.000,000 bonds, of which 34.764,500 is now
Bonbright, Irving W. Bonbright Jr.. Wilkie Bustaby. John C. Higgins,
outstanding, was sold to the general public at 9934 early in 1926 by P. W.
Graham Sumner, and Orlando B. Willcox.
WNW
Chapman & Co., New
A second mortgage for $2,000,000 was
It was announced that adequate capital has been made available by the
made on Feb. 1 1928 to Bank of United States as trustee. This mortgage
York'
group and that no securities in the new company are to be offered.
has since been reduced to $1.892,000. There was a third mortgage for
Geo. W. Worthington, until recently manager of the Plumbago Mine
$2.000,000 made on Feb. 1 1929. $1,350,000 principal amount of this
located at Allegheny. Calif,. has been appointed manager and placed in
third mortgage was pledged as collateral to secure an issue of 31,350,000
charge of operations at the mine.
three-year coll. trust 6% gold notes of 1775 Broadway Corp., issued in
July 1929.
-Plans Capital Readiustments
Neither the second nor the third mortgage bonds were ever sold to the •"-'Canada Wire & Cable Co.
Stockholders at a special meeting to be held on Dec. 30. will be asked to
general public. Subsequent to the issue of the 1st mtge. bonds in 1926
approve a special by-law which provides for a readjustment of the book
by the Broadway Motors Corp., original owner of the leasehold, the equity
values of certain capital assets in accordance with an appraisal made by
in the leasehold was sold to Midtown Motors Corp., which company
officials of the company in conjunction with independent appraisers. This
gave back to the original owners the $2,000,000 second mortgage. The
will necessitate a corresponding reduction in the amount represented by the
major part of the second mortgage was acquired by the Bank of United
outstanding no par value shares of the company, but will not result in any
States. The Midtown Motors Corp. was an instrumentality of Samuel
reduction in the number of such shares outstanding, nor in the actual value
Keller Jacobs, a real estate operator and a director of the Manufacturers
of the assets of the company or of its shares.
Trust Co. Subsequent to the issue of the second mortgage, the equity
H. H. Horsfall, President, stated: "The write-down of the value of the
in the leasehold was resold to the Hoffman Building Corp., and the third
depreciable assets would have the effect of permitting smaller amounts to
mortgage of $2,000.000 taken back by Midtown as a purchase money
be provided each year out of earnings to cover depreciation, thus leaving a
mortgage. $1.350,000 of this third mortgage, plus 5.000 shares of Manurester proportion ofearnings available for distribution by way of dividends:.
facturers Trust Co. stock, was used as collateral to secure the 6% collateral
note issue of 1775 Broadway Corp. above referred to. 1775 Broadway
Earnings for the Nine Months Ended Sept. 30 1935
Corp. was organized by Mr. Jacobs and the Manufacturers Trust Co.
Net income after depreciation,income taxes and other charges-- $134,668
for the purpose of bringing out this note issue and the proceeds of the
Earnings per share on 30,000 shares 6 A % preferred stock
$4.49
Issue were used to repay borrowings by Mr. Jacobs and his real estate
-V. 141, p. 587.
companies front the Manufacturers 'Trust Co.
The Manufacturers Trust Co. was the trustee of this note issue and upon
Canadian National Lines in New England.
-Earnings.
foreclosure of the third mortgage on Oct 29 1934,the equity in the leaiehold
.
Norentlier1935
1933
1934
1932
was purchased by the Manufacturers Trust Co. as trustee for the noteGross from railway
$67,362
394,728
$83,743
566.207
holders,in accordance with an arrangement with the protective committee
def29,56.3
def32,570
Net from railway
def37,720
def23.057
for the noteholders of 1775 Broadway Corp.. consisting of Charles F.
Net after rents
def84,648
def78,488 def70,855
de178.215
Noyes, Chairman, L. L. Clark, and W. T. Hunter. Title was taken in
From Jan 1
the name of a wholly-owned subsidiary of the Mahufacturers Trust Co.,
1,094,257
967,347
Gross from railway
1.037,803
960,234
organized for that purpose. Acting likewise under an arrangement •‘; ith
def243,246 def236,852 def182,634 def219,872
Net from railway
the Noyes conunittee, the Manufacturers Trust Co. purchased the entire
Net after rents
de1776,437 de8762.293 def725,058 def833,940
outstanding issue of the 2d mtge. bonds of $1,892.000 at a cost of only
-V. 141, p. 3685.
$177,000. The successor trustees of the second mortgage are an officer
and an employee of the Manufacturers Trust Co.
Canadian National Rys.-EarningsThus, disregarding legal technicalities, there are at present only
Earnings of System for Third Week of December
interest in the property with conflicting claims: The holders of the two
1st
1935
Increase
1934
mtge bonds unorganized and widely scattered, and the former third
Gross earnings
$3,490,836 53.085.551
3405,285
mortgage interests who, acting through the Noyes committee and the
-V. 141. p. 4012.
Manufacturers Trust Co., have acquired the equity in the leasehold, wiped
out the third mortgage and arranged for the purchase of the entire outCanadian Pacific Ry.-Earningsstanding second mortgage at less than 10 cents on the dollar.
Earnings of System for Third Week of December
Management of the Property-The protective committee for the note•
1935
Increase
1934
holders of 1775 Broadway Corp. representing the third mortgage interests
Grow earnings
$2.653,000 $2,534,000
3119,000
was formed in 1931 under the Chairmanship of Charles F. Noyes. With
-V. 141. p. 4012.
the consent of the second mortgage interests, the committee arranged
for the operation of the building by Charles F. Noyes & Co., Inc., and that
'-earreras, Ltd.
-Final Dividends 4-0-4
-------•
-i
company has continued to manage the property under the stipervision
and
A final dividend of 95 cents per share was paid on the American depositary
control of the Noyes committee. As previously stated, the Noyes committee has since been successful in acquiring the equity of the leasehold.
receipts for ordinary registered class A shares, and one of 11 cents per share
in wiping out the third mortgage and in arranging for the buying up of
was paid on the class B shares, on Dec. 27 to holders of record Dec. 11.the entire second mortgage at a fraction of its face value.
V. 141, p. 4012.
Upon the default of the first mortgage and the filing of the petition
for reorganization under the Bankruptcy Act by Broadway Motors Corp -Carriers & General Corp.
-Debentures Sold-An issue
the debtor under the first mortgage, an agreement was inunediately enterea
-year 5% debentures (with non-detachable
of $2,000,000 15
Into between Broadway Motors Corp. and the Charles F. Noyes Co ,
warrants for the purchase of common stock) was offered
ratified by the Court, providing for the continued management of th'e
building by the Noyes company, that company receving a commission
Dec. 19 at 99.50 and int. by Calvin Bullock, New York.
of
2% upon all rents collected, plus a commission upon all leases other than
The issue has been sold. A prospectus dated Dec. 19 afrenewals.
The property thus is, in effect,continuing to be managed by the Chairman
forded the following:
of the noteholders' conunittee now representing the merged Interests of
History and Business
-Company was incorp. Aug.6 1929 in Maryland as
the equity, the third and the second mortgage, who would be benefited
International Carriers, Ltd. .Name changed to present title Nov. 19 1935.
by any reduction in the interest and principal payment of the 1st mtge.
Company is engaged in the investment of its funds in securities. The
bonds as well as by any depreciation in their market value.
policy of the company has been and at present is to engage primarily in
First Mortgage Holders' Protection Needed
-We believe the foregoing
holding securities for investment. Prior to Nov. 30 1935. the company's
summary of the situation shows the compelling necessity for independent
certificate of incorporation required the company to invest principally in
organized and aggressive action by the first mortgage bondholders
securities of railroads and motor vehicle, water and air carriers and corUnless the present bondholders keep themselves fully advised of the facts
porations engaged in any allied or affiliated business or industry. Accordand act collectively, it will be all too easy for interests adverse to them
ingly, the investments of the company have been primarily in the securities
large blocks of the 1st mtge. bonds at low prices front uninformed
to buy up
of railroads and corporations owning railroad securities. In addition, relholders, and thus make more difficult the consummation of any plan that
atively small amounts have been invested in securities of issuers engaged
Is fair to the remaining holders.
in allied or affiliated businesses, including the business of manufacturing.
We represent the holders of substantial blocks of the 1st mtge. bonds.
selling, leasing or otherwise dealing in supplies or other articles used in
and holders of approximately $700,000 par value of the bonds have reconnection with the foregoing.
12
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Volume 141
Financial Chronicle
outstanding series A purchase warrants as extended to June 30 1937,
making the total amount applied for 473,226 shares (v. t. c.) common
stock (no par)
.-V. 141, p. 3531.
Csigumbua & Xenia RR.
-Paid Extra Dividend
The company paid an extra dividend of 5 cents per share in addition to
the regular quarterly dividend of $1 per share on the capital stock, par $50.
on Dec. 10 to holders of record Nov. 25. Similar payments were made in
December of each of the four preceding years. The above payment brought
the total amount of dividends distributed during the year up to $4.25 per
share the same as paid in the four preceding years.
-%T. 137. P. 3839.
Columbus & Greenville Ry.-Earnings.r-NovemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 141. p. 3687.
1935
$104,455
30,935
24,245
891,034
74,013
47,605
, 1933
1934
$93,435
$109,335
16.172
31,879
10,590
24,513
801,420
31,767
7,483
757,981
115,751
108,350
1932
$69,053
4,264
4,097
685,967
def56,571
def52,285
Commonwealth & Southern Corp.(& Subs.)
-Earns
-
4163
Consolidated Gas Utilities Corp.
-New Securities Ready
See Consolidated Gas Utilities Co. above.
Earnings for Month of November
1935
1934
Gross earnings
$233,537
$169.345
Operating expenses
88.431
80.272
Net operating income
145.105
89,072
For the 12 months ended Nov. 30 1935 net operating income was
$1,111,735, against $977,734 for same period of 1934.-V. 141. p. 3857.
Consumers Power Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Period End, Nov. 30- 1935
-Month-1934
1935-12 Mos.-1934
Gross earnings
$2,711,297 $2.370,630 $30,152,036 $28,466.469
Operating expenses
1,330,325
1.179,231 14.622.266 13,246,929
Fixed charges
425,261
390,192
4,925.796
4,668,686
Prov.for retirem.reserve
237.500
237,500
2,850,000
2.844.500
Divs, on pref. stock
350,658
350.454
4,207,865
4,186,490
Balance
$367,551
$213,252 $3,546,108 $3,519,863
-V.141, p.3532.
Continental Can Co., Inc.
-Christmas Distribution
-
The company will make a special Christmas distribution to each of its
Period End. Nov. 30- 1935
-Month-1934
1935-12 Mos.-1934
more than 13,000 regular factory and salaried employees, involving an
Gross earnings
$10,731,461 $9.768,405 $120368,554 $114562,788
expenditure of approximately $250.000, according to an announcement
Operating expenses
5,438,200
4,900,886 60,605.8.57 56.738.076
made on Dec. 19 by 0. C. Huffman, President of the company.
Fixed charges
-V. 141.
3,447,4443,333,50539,864.113
p.3858.
Prov. for retirm. reserve
832,185
813,609 10:398,770
9.724,493
Dividends on pref. stock
749,745
749,733
8,996,882
8,996,686
"Continental Gin Co., Inc.
-Accumulated Dividend-,(-e
Balance
$263.884
def$29,330
$51,230 def$760,582
Electric Output
Electric output of the system for the month of November was 572,643,108 kwh. as compared with 476,782,346 kwh. for November 1934,
an increase of*20.11%. For the 11 months ended Nov. 30 1935 the output
was 5,813,915,723 kwh. as compared with 5.241,242,118 kwh. for the
corresponding period in 1934, an Increase of 10.93%. Total output for
the year ended Nov. 30 1935 was 6.309.295,482 kwh., as compared with
5,682,642,927 kwh.for the year ended Nov.30 1934,an increase of 11.03%.
November Gas Output
Gas ouput of the system for the month of November was 1.022,722,600
cubic feet, as compared with 847.958.100 cubic feet for November 1934,
an increase of 20.61%. For the 11 months ended Nov.30 1935 the output
was 9.972,648,300 cubic feet, as compared with 9,031.797.000 cubic feet
for the corresponding period in 1934,an Increase of 10.40%.-V.141, p.3531
Connecticut Light & Power Co.
-Earnings
12 Months Ended Nov. 301935
1934
Gross operating revenue
$17,544,659 $16,764,44.3
Net available for dividends & other corp. purposes 4,552,242 4.719.144
Balance available for common stock & other corp.
purposes
3,734.787 3,897,824
Earned per share
$3.25
$3 9
-V. 141, p. 3375.
'
4
„.
Consolidated Gas Utilities Co.-Plan Coirsumni'atedr
4
New Securities Ready-
In connection with the reornization of the company holders of first
mortgage and collateral 6% gold bonds, series A, due June 11943; certificates o deposit representing first mortgage and collateral 6%, gold bonds,
series A, due June 1 1943; subscription receipts issued by Manufacturers
Trust Co., depositary, representing 6;i 7 convertible gold debentures,
0
series A, due June 1 1943;6i% convertible gold debentures, series A,due
June 1 1943; certificates of deposit representing 6; % convertible gold
,
i
debentures, series A, due June 1 1943; class A stock; class B stock (other
than stock deposited under voting trust agreement dated June 1 1928),
and voting trust certificates for class B stock issued under voting trust
agreement dated June 1 1928, are being notified by Consolidated Gas
Utilities Corp. that the reorganization has been consummated, and the new
securities which are issuable under the plan, are now ready for delivery.
Holders ofcertificates of deposit representing fivst mortgage and collateral
6% gold bonds, series A., due June 1 1943 s ould present them to Pennsylvania Co.for Insurances on Lives and Grant
unities, Philadelphia,
and holders of all other securitieS should present sa e to Manufacturers
Trust Co., corporate trust department, New York.- . 141, p. 3857.
Corer Corp.4
-America-Listing
The ew York Stock xchangkathaorizeciithe listing of 653,750
ail t
shares
pital stock (par $20) to
rsu
to plan of recapitalization approved by the stockholders Dec. 16
Acquires Sefton Fibre Can Co.
-
The directors have declared a dividand of $3 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Dec. 24 to holders of record Dec. 19. This compares with 75 cents paid
on Oct. 1, July 1. April 1 and Jan. 2 1935, prior to which regular quarterly
payments of $1.50 per share were made.
The current payment clears up all averages as of Oct. 1 1935.-V. 141.
.
-More Time for Claims
P. 21o3 tinental Oil Co.(Me.)
C1 n
The time for proving claims to the remaining assets of the company' has
been extended to June I 1936, by the Supreme Judicial Court of Maine.
according to Charles D. Booth, liquidating trustee for the company.
•
Claims accompanied by stock certificates, originally were to have been
presented by March 1 1935. On Nov. 15 1934, the Maine court ordered
the liquidating trustee to distribute the remaining assets of the Continental
Oil Co.(Maine) consisting of capital stock of Continental Oil Co. (Del.) on
the basis of 6-10 of a share of stock of the Delaware company for each share
of the Maine company and 3-10 of a share of stock of the Delaware company
for each share of stock of the Mutual 011 Co., the Elk Basin Consolidated
Petroleum Co. and Elk Basin Petroleum Co. Any final fiactional shares
deliverable will not be distributed but will be purchased by the
company at the rate of $18 per share less cost of transfer taxes. Delaware
In June 1929, the Marland Oil Co. purchased all of the properties of the
Continental Oil Co. Me.). Subsequently, the name of the Marland Oil
Co. was changed to the Continental Oil Co. (Del.).
-V. 139, p. 3323.
Continental Public Service Co.
...."-10% Stock Dividend
The directors have declared a stock dividend of 10% on the no par
class A stock, payable in class A stock on Jan. 15 to holders of record
Dec. 30. A stock dividend of 5% was rid on July 15 and Jan. 15 last
and in January and June of 1934 and 19.-V. 140. P.4230..
`•---Continental Steel Corp.
-To Offer Bonds and Stock
-
The company has filed a registration application with the Securities and
Exchange Commission under the Securities Act of 1933 covering $1,500,000
% sinking fund debentures, due 1946. and 25,000 shares of common
stock, no par value.
The company has entered into an underwriting agreement with Harris,
Hall & Co. on Nov. 29 under which the underwriters agreed to purchase
all of the debentures at 97%. They, in turn, have an arrangement with
F. S. Moseley & Co. under which the latter agrees to purchase $750,000 of
the debentures at 97 13%•
'The company, also on Nov. 29 1935, entered into an agreement with
Conrad, Bruce & Co. under which the latter agrees to purchase 25.000
shares of common stock at $40 per share. Conrad, Bruce & Co. proposes
to offer the common stock to the public at the market price on the Chicago Stock Exchange.
The company states that proceeds from the sale of the debentures will be
used to redeem on April 151936.at par.$620,000 4% notes and on March 31
1936, at par. $154,100 5% notes. It also Is planned to redeem on Jan. 15
1936, at 102,$365,5006% first mortgage bonds of Kokomo Steel & Wire Co.
The balance of the proceeds as well as those from sale of the stock will be
used for improvement and rehabilitation of plants and properties of the
company and for working capital-V. 141. p. 75.
The name of Sefton National Fibre Can Co., Ltd., has been changed to
"
-Crane Co.
-$1 Preferred Dividend
Sefton Fiore Can Co., effective Jan. 1 1936. Container Corp. of America
The directors have declared a dividend Of $1 per share on account of
has acquired controlling interest in the above mentioned newly-reorganized
company.
accumulations on the 7% cumulative preferred stock, par $100, payable
A. J. Baumgardt, for many years Comptroller of the Container Corp.,
Jan. 25 to holders of record Jan. 10. A similar payment was made on
will be President, and Arthur It. Grace will continue as Vice-President of
Oct. 25, July 10 and April 25 last. This latter payment was the first made
the Can company. Both sales and operations will continue to be handled
on the preferred stock since March 15 1932 when a regular quarterly dividend
from the main office of the Sefton Fibre Can Co. at St. Louis.
UL $1.75 per share was paid.
-V. 141, p. 2114.
-(V. 141, p.
4013)•
---Creole Petroleum Corp.
Earnings for Period from Jan. 1 to Oct. 31 1935
-Initial Dividend
Net profit from sales after deducting cost of sales incl. raw maThedirectors have declared an initial dividend of 20 cents per share on
terials, labor and overhead (excl. of depreciation) and selling
the capital stock, no par value, payable Dec.31 to holders of record Dec.28.
and administrative expense (excl. of bad debts)
-V.141. p. 1092.
$2,673,460
Provision for depreciation
952,277
Cudahy Packing Co.
-Annual Report
Net profit from operations
$1.721,182
E. A. Cudahy. Chairman of the Board, says in part:
Rent, c _
50.782
The net earnings of $1.211,073 for the year ended Nov. 2 1935. while
Provision for bad debts
77,905
somewhat disappointing, are not at all discouraging in view of the unusual
Purchase discounts, rental and Interest earned, &c
Cr75,941
conditions under which we had to operate during the past year. The
Interest on first mortgage bonds
174,305
Increase in sales from $151,400,000 in 1934 to $180.218,000 in 1935 was
Interest on debentures
177.919
due entirely to higher prices and not to greater tonnage. In fact, the total
Amortization of bond discount and expense
40.625
weight of live stock purchased by us last year was over 17% below that of
Other interest. &c
26,619
the preceding year.
Provision for Federal income taxes
171,733
The earnings of the company in great measure are dependent on
ful supply of live stock. Unfortunately, the devastating drought a plentiNet profit for period carried to surplus
of 1934,
$1.077,233
following the Initiation of the government corn-hog adjustment program,
Capital surplus at Dec. 31 1934
1,922,498
further reduced the available supply of animals to the lowest figure in 50
Earned surplus at Dec. 31 1934
def268,142
years. Some of our largest plants, under normal conditions the best
Dividends paid on preferred stock
190,039
earning units of our business, are located in the rich agricultural Midwestern States and it was these States that suffered most severely
Net surplus balance at Oct. 31 1934
$2,541,550
drought. The shortage in hogs particularly affected our business, from the
for while
Consolidated Balance Sheet
the number killed at U. S. Government inspected plants as reported by the
Oct. 31 '35 Dcc. 31 '34
Bureau of Animal Industry of the Department of Agriculture for our
Oct. 31 '35 Dec. 31'34
fiscal
Asses
Liabilitiesyear 1935 was 35% under that of the precedig year, the number killed at
5
Cash on hand and
Accounta payable. 637,394
some of our larger plants declined approximately 50%. Our overhead
662,192
1,213,227
820,912 Accr. int., wages,
in banks
expenses could not be reduced in the same ratio, nor could the
expenses of
Customers' notes &
taxes, &o
our distributing branches be reduced in proportion to their curtailed supply.
455,827
304,602
accts. rec.(net). 1,755,708 1.112.478 Due plant Improv_
While it seems fairly certain that high live stock and
326,164
2,471.414 2,489,422 Provision tor Fed.
inventories
continue through the greater part of the coming year. Imeat prices will
am inclined to
Other receivables 3,
Income taxes._ 208,609
think that the worst is over, and that before the close of
195,000
1936
investmls-cost
:33,021 Sinking fund re65.388
look for larger live stock receipts and more satisfactory markets. we may
17.806,812 17,603.403
:Plant & equlp
quirements, eice- 279,000
The officers, taking into consideration the present low interest
201,500
rates and
Deferred charges
423.362
487.155 Funded debt
bearing in mind that our 53% gold debentures would become
7,842.060 7.783.500
due on
Goodwill & patents
1 Res. for coating
1
Oct. 1 1937. decided to refinance the company, and on Sept. 1 1935, after
129,118
81,623
Other assets
136,840 Res. for year-end
obtaining the necessary approval of the shareholders, issued
and disposed
y Treasui y BLOCK
93,750
93,750
adlustmenta
of, on terms favorable to the company, $20,000,000 first mortgage
167,458
sinking
Cum. pref. stock- 1,174,400 1,174,400
fund bonds, 3 Ji %. due Sept. 1 1955. and $5,000,000
sinking
2d series 7% pref.
fund 4% debentures, due Sept. 1 1950. The proceeds convertibleto
were used
retire
sinking fund 534
stock
32,200
debentures due Oct. 1 1937, outstanding to the
gold
32.200
amount of $10.407,400. and 5% first mortgage gold bonds due
Class A common._ 7,471,100 7.471,100
Dec. 11946.
z Class B common 2,890,945 2,890,945
outstanding to the amount of $6,421,200. The balance, after
expenses, discount on the new issues and premiums on the old defraying
Capital surplus... 1,922.499 1,922,499
issues, was
Earned surplus.... 619.052 def268.142
used to reduce current bank indebtedness. The new financing
should
result not only in a substantial saving of interest over the life of the
new
23,829.663 22,777,582
Total
Issues but has further strengthened the company's sound financial
Total
23,829.663 22,777,582
structure.
The item of United States processing tax. $3.224,618, shown on
x After reserve for depreciation of $6,741,328 in 1935 and $5,789,049 in
the
balance sheet as a current liability, represents the amount of
1934. y Represented by 5,625 shares of class A and 14,637 shares of class B.
processing
tax unpaid but fully secured to Nov. 2 1935. Recently we obtained
Represented by 582,389 no-par shares.
-V. 141, p. 4013.
an
injunction from the Federal Court restraining the government from
enforcing
4164
Financial Chronicle
Dec. 28 1935
collectionof processing taxes, and the above amount has been placed on ---benver & Salt Lake Ry.-Bonds Authorized
deposit in Chicago banks to the order of the Court. As to what the decision
The lntersatate Commerce Commission on Dec. 19 authorized the
Supreme Court will be in regard to the constitutionality of processing
of the
company to issue not exceeding $2.500,000 of series A 4% 1st mtge. bonds
taxes is still problematical. In any event, should the decision be unfavorto refund a like amount of 1st mtge. 6% gold bonds, series A; $1,500,00
able, we have in our accounting fully provided for the obligation.
thereof to be sold at not less than par and the proceeds applied to the
The substantial increase in the value of fixed assets is clue mainly to
redemption of the 6% bonds.
the inclusion of the properties of the American Salt Corp., one of our subThe report of the Commission says in part:
sidiaries, which hitherto has been carried as an investment.
The applicant has outstanding $2,500,000 of first-mortgage 6% gold
During the year large sums were expended in the maintenance and
bonds, series A, dated Jan. 1 1927. The applicant will exercise the right
improvement of our plants; they are in first class physical condition and
reserved to it to redeem the entire issue at 105 and interest, on Jan. 11936.
equipped with the latest mechanical devices used in the packing industry.
The funds required for this purpose will be provided, to the extent of $1,000,000, from the applicant's treasury, and the remainder, temporarily,
through loans which the applicant expects to procure from Denver banks
Comparative Consolidated Income Statement
upon its unsecured short-term notes.
Nov. 2 '35 Oct. 27 '34 Oct. 28 '33 Oct. 29 '32
To refund the 6% bonds the applicant proposes to issue, pursuant
Years Ended
to its first mortgage. $2,500,000 of series A. 4% first-mortgage bonds.
180.218,129 151.390,723 124.278,387 133.313.687
Total sales
They will be issued as coupon bonds, registerable as to principal. Jan.
67,157.771 71,203.955
1175.370,365 i76,345,168
Paid for live stock
1 1936. in the denomination of 31,000, and as fully registered bonds
169.731,390 52.970,323 59,101,512
Mfg.,selling, &c., exp_ f
dated as of the day of issue, in denominations of $1,000 and $5,000. will
bear interest at the rate of 4% per annum, payable semi-annually on Jan. 1
3,008,220
4.150.293
5,314,165
4.847,764
Net income
and July 1, will be redeemable, at the option of the applicant, on any
265.409
89.550
123,710
35,023
Miscellaneous income_ _ _
interest date at 101 and interest, and will mature Jan. 1 1950. The applicant proposes to sell $1.500,000 of the new bonds at par and to hold the
3,273.629
4.239,843
5,437,875
Total income
4.882,787
remaining $1.000,000 in its treasury subject to our further order. It has
1,036,239
1,036,610
1.481,344
1.553.106
Depreciation
offered the new bonds to the holders of its 6% bonds for subscription at par,
Taxes (other than income
to the extent of one half their present holdings, and will sell such of the
& processing)
657,905
$1.500,000 not taken by them to Garrett-Bromfiled & Co. of Denver, Colo.
Bad debts charges off,
The proceeds of the sales will be applied to the payment of the bank loans
173.931
less recoveries
-V.141, p. 4013.
or to the redemption of the6% bonds, as the case may be.
Int.(inci amortization of
1,251,405
1,137,264
1.144.389
disc, on funded debt)_ 1.194,774
Deposited Insurance Shares Series B-Offering
Contribution to pension
Bank & Insurance Shares, Inc. is offering, by means of a prospectus,
150.000
trust_
series B trust certificates, par value $1 per trust share, of Deposited Insur5.319
Miscell. other charges_
ance Shares, a trust created July 1 1935, to provide a composite investment
0
8 .6(35
-- 252,203
414,000
80.932
Reserve for Federal taxes
with fiduciary service in a group of stocks of leading insurance companies.
274,561
Special p. &I. debits_
The shares are priced at the market and are authenticated and counterEarnings applicable to
signed by the Pennsylvania Co. for Insurances on Lives & Granting An11,066
interest
minority
nuities, trustee for the shares.
Each Deposited Insurance Share series B represents a four-thousandth
905,985
1,813,766
1,968.262
1,211,073
Net profits
interest in a unit consisting of a portfolio of stocks of 16 leading American
120,000
120,000
120,000
120,000
First pref. div.(6%)_ 458,535
insurance companies and accumulated income. The portfolio includes
458,535
458.535
458,535
Second pref. div.(7%) stocks of Aetna Insurance Co., American Surety Co. of N. Y., Continental
1,116,262(7501519353
1,168.746
Common ,cliv. (5%).,.,.... 1.168.746
Insurance Co. Fidelity & Deposit Co. of Md., Fidelity-Phenix Fire Insurance Co., Franklin Fire Insurance Co., Great American Insurance Co.,
118.969 def1,191,903
220,981
der536,208
Balance
Hanover Fire Insurance Co., Hartford Fire Insurance Co., Home Insurance
9.026,116
9,533,903
9.456,396
Total profit & loss sum_ 8,927.072
Co., Insurance Co. of North America, National Fire Insurance Co. of
Shares of common stock
Hartford, North River Insurance Co.Phoenix Insurance Co., Providence
467.489
467,489
467,489
467.489
outstanding (par $50)Washington Insurance Co. and United States Fire Insurance Co.
$0.70
$2.64
$2.97
$1.35
Earns.per sh.on com.stk.
Series B, consisting of 20,000,000 shares, of which none is at present
outstanding, is closely similar to the series A issue, of which over 4,000.000
Consolidated Balance Sheet
shares have been disposed of through a nation-wide group of investment
[Consolidating all who ly owned subsidiaries]
banking houses.
Nov.235 Oa.27'34
Nov.2'35 Oct. 27 '34
In addition to semi-annual cash distributions made on Feb. 1 and Aug. 1
Liabilities
3
out of cash dividends on the underlying stocks in trust, stock distributions
Assets5,933,344 5..549,012 Notes payable_ _ 4,958,000 10,949,500
of 2X% semi-annually are made.
Cash
934,600
Accounts receiv_ .._ 8,589,235 8,552,343 Accounts payable_ 797,899
Detroit & Mackinac Ry.-October Earnings
3,224,618 1,329,853
23,566 Processing tax_
19,257
Notes receivable
21,361,083 21,000,446 Due officers and
Inventory
1935-10 Mos.-1934
-Month-1934
1935
Period End. Oct.31993,382
1,037,841
employees
73,024
Due from employ's
$535,573
$540,804
$73,412
Total oper.revenues.....$81,235
Bond and note int.
Special deps. under
437.038
456,516
50.091
47,319
Total oper. expenses_ _
173,236
85,960
accrued
State compensaCr22,994
11,770
2,406
1,742
Taxes & uncollectible-30,000 Reserve for Federal
30,000
tion acts
21,681
13,826
1,666
4.097
Equipment rents
447,092
tax
167,155
Investments in and
Sk.fund payments,
advs. to MM.
$107.703
$50,837
$19.249
Net ry. oper. income_
6
$28E7
current
237,500
companies:
3,062
2,188
175
Other income
580,582 Per, money mtge.
Stocks
due Nov. 1 1936
32,000
140,000
Advances
$110,765
353,025
319,424
Total income..
$28.313
289,267
569,937 Pref. divs. payable
Other investments 584,218
1.225
281
Miscell. deductions
:31,081,445 35,892,513 Sinking fund 5y4%
Fixed assets
100.009
98,466
9,992
Fixed charges
9,948
10,602,500
debentures
Old Dutch Cleanser
advertis'g invest 750.000
750.000 1st. M.sk.Id. bds.
$9.531
39,432 loss$45,722
Net income
$18,365
due Sept.1 1955.19.825,000
Royalty int., goodCony. sic. fd. 4%
Balance Sheet Items at End of October
110,168
will &c
debs. due Sept. 1
1934
1935
insurance
Prepaid
Liability Items
1934
Asset Items1935
1950
4,937,500
147,725
186,058
and interest_ _ _ _
Cash
$237,580 $149,601 Loans & bills pay. $250,000 $250,000
5% lst mtge, gold
Bond and note dis120 Traffic & car-serv.
Special deposits..
80
6,421,200
bonds, 1946_
372,152
1,441,104
38,079
51,940
count
bats, payable_ _
Traffic & car-serv.
178,000
Purch, money mtge 107,500
Stationery & adv.
bats, receivable_
7.758 Audited accts. &
3,606
Minority Mt, in
50.672
171,091
46,483
wages payable__
inventories
Net bale. receivle
173,796
91,705 subs. co.
1,409
7,061
106,767
Mlscell. accts. pay.
Deferred charges
from agents &
2,000,000 2,000,000
.
110,120
6% Pref stock _ _
14,743 Int. mat'd unpaid_ 228,744
1.5,500
conductors
49,733
00
49.954
7% Pref.stock.._ _ 6,550,500 6.550,5
18,283 Unmet. int. word
23,722
Miscell. accts. rec.
Commonstock($50
4,113
15,651
142,824 Other curr. 'labs_ _
Mails & supplies_ 178,969
23,374,450 23,374,450
Par)
136
403
Other curr. assets_
Capital surplus_ 1,720,414 1,713,528
Tot. curr. Rabe_ 5648,149 3505,810
7,206,659 7,742,867
Earned surplus
Tax liability, govt.
taxes
Total
76,436,792 73,699,979
76,436,792 73,699,979
Other than U. S.
Total
17,370
36,527
Gov't
Total cur. assets $459,860 $333,465
x Real estate, buildings, machinery. &c., appraised value at Oct. 30
1915 (date of reorganization) plus subsequent additions at cost-Packing
-V.141, p.3533,
other manufacturing plants, $32.564,945: sales branches, 36.693,281:
and
Detroit Street Rys.-Earnings-car and refrigerator line. 53,340,993: farm and mineral lands, $1,709,187:
total. $44,308,406; less reserve for depreciation, 37,226,962.-V. 141.
1935-12 Mtn -1934
-Month--1934
Perior End. Nov. 30- 1935
P. 1930.
$1,468.268 $1,193,454 316,935,346 $16,026,147
Operating revenues
873,607 12,551,088 12,419,824
1,073.445
Operating expenses
-Earnings.
860,378
71,953
860,924
70,120
Delaware & Hudson RR.
Taxes assing. to opus.-1933
1932
1934
1935
November
$247,893 $3.523,879 $2,745,397
$324.701
Operating income_ - _
31,828,169 31.834,834 $1,967,197 $1,801,299
Gross from railway
2.844
32,650
40,294
2,487
Non-oper. income
8,437
270,920
99.183
128.018
Net from railway
def43,319
210,068
54,945
42,037
Net after rents
$250,738 $3,556,530 $2,785,692
$327,189
Gross income
From Jan 1
1,848,375
152,327
1,884.984
152,121
Deductions
20.958.311 21,361,641 20,294,977 21,343,595
Gross from railway
936.677
1,717,860
1,910.824
2,180,057
Net from railway
3900.708
$98,410 31.708,154
$175,067
Net income
def15,395
882,152
1,285,833
1,283,879
Net after rents
-V. 141. p. 3376.
-V. 141, p. 3072, 3688.
-Earnings.
Delaware Lackawanna & Western RR.
NovemberGross from railway
Net from railway
Net after rents
Form Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, P. 3533.
1932
1933
1934
1935
33,683,617 33,462.199 33.650,522 $3,709,924
780,736
672.187
685,517
772.956
277,894
347,879
272.673
430,363
40,827,265 41,028.205 39.734,961 42,777.440
8,017,482 8,668,124
8,433,798
6,830,892
3,576,849
3,195,629
2,994,952 4,216,415
-RFC Asks Court
Denver & Rio Grande Western RR.
to Give It Right to Sell Salt Lake Bonds and Stock Pledged for
Loans
-Earnings.
Detroit & Toledo Shore Line RR.
November
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141. P. 3533-
1935
$321.333
194,478
106.980
1934
3230,008
117,567
52,999
1933
3201,527
89,454
26,792
1932
$219,525
121,940
61.521
3,188,730
1,720,069
900.278
2,670,017
1.385,325
663,442
2,323,071
1,141,045
465,645
2,046,513
914.682
294,101
-Cent
-15
"Dictograph Products Inc.
----
a dividend of 15 cents per share on the comThe directors have declared '
f
&
'
.15W ? 4eWl ie qrd ir 6 Dis 11nt
paymentmd:se
g oi8"payabl t: Jan.1g931erauarrlydivisd C 1) t irs
was distributed.
-V. 140. p. 4232.
The Reconstruction Finance Corporation has filed in Federal Court in
-New Vice-President
Dome Mines, Ltd.
Denver a petition requesting the court that if an injunction is issued against
J. H. Stove]. formerly Assistant General Manager, has been appointed
sale by the RFC of securities pledged for loans extended to the Denver &
-V. 141, p. 3859.
First Vice-President and General Manager.
Grande Western RR. that the court specifically exempt from the
Rio
injunction $1,266.000 Denver Sc Salt Lake Ry. inc. mtge. 6% bonds and
-To Discontinue Line
Durham Hosiery Mills
49.540 shares of the Denver & Salt Lake Ry. no oar stock.
At a special meeting of the preferred and common A stockholders held on
The move by the RFC indicates its intention if sustained in its applicaof the board that
Dec. 19. the stockholders accepted the recommendation
tion to sell the Denver & Salt Lake bonds. In all probability it would
the company permanently discontinue the manufac ure of I dies' cheap
not offer for sale the Denver & Salt Lake stock, but if the court approved
-V. 141, p. 3688.
seamless cotton hosiery.
its plea its bargaining position in a reorganization of the Denver & Rio
Grande Western would be improved.
-Cent Dividend
-50
-represents controlling interest of the Denver & Salt Lake. * -Dwight Mfg. Co.
The stock
The directors have declared a dividend of 50 cents per share on the
which is an important part of the short route between Denver and San
capital stock, par $12.50, payable Dec. 31 to holders of record Dec. 30.
Francisco.
This will be the first dividend paid on this issue since Jan. 25 1935, when
The RFC's petition is the second move of its kind made by tho governa similar payment was made. In addition a special distribution of $3.60
ment agency in requesting a court to give the RFO the right to sell railroad
pledged with it for loans of a road which later went bankrupt,
Per share was made from capital and surplus the early part of this year.
securities
-V. 141, p. 747.
the securities not being involved in a reorganization of the property. The
first move was an application by the RFC for permission to have the right
C-4
-Initial Pref. Dividend-g- . /
Eagle-Picher Lead Co.
to sell Union Pacific preferred stock and New York Central bonds pledged
The directors have declared an initial dividend of $1.50 per share on the
by the Chicago & North Western as part of the collateral for RFC loans to
new 6% cumul. pref. stock, par $100, payable Dec. 31 to holders of record
-V. 141, p. 4013.
("Wall Street Journal").
that road
Volume 141
Financial Chronicle
Dec. 28. No dividends have been paid on the 6% non-cumul. pref. for
which the present issue recently was exchanged, since January 1931. The
current payment is for the September quarter.
-V. 141, p. 3859.
Eastern Massachusetts Street Ry.-EarningsPeriod End. Nov. 30
Railway oper. revenues_
Railway oper. expenses..
Taxes
1935
-Month-1934
1935-11 Mos.-1934
$502.089
$471.117 $5.807.120 $5.754,787
336,921
346.340
3,870,005
3,937,902
29,780
19,691
319.810
270.794
Balance
Other income
$135,388
8.086
$143,474
----European Mortgage t Investment Corp.
-Hearing on
Reorganization Plan-4--•• '
The reorganization committee (Whitney it Shepardson is Chairman).
in
$105,086 $1,617,305 $1,546,091
11,421
101,620
116,424
Gross corp. income,_.
Interest on funded debt,
rents, &c
Deprec. & equalization-
$116,507 $1.718,925 31.662,515
65,148
99,964
68.165
95,603
726,363
1,182.237
761,956
1.176.250
$21,638
Net loss
-V. 141, p. 3534.
347.261
$189,675
$275,691
Eastern Utilities Associates(& Subs.)
-Earnings
[Inter-Company Items Eliminated]
Period End. Oct. 31
- 1935
-Month-1934
1935-12 Mos.-1934
Gross earnings
$725,438
$686,327 $8,446,575 $8,105,391
Operation
348,672
322,294
4,086,137
3,790.058
Maintenance
29,299
26,765
343,254
288,694
Retire, reserve accruals_
60,416
60,416
725,000
725,000
Taxes (incl. inc. taxes)..
86,597
80,397
1,008,311
967.034
Int. and amortization__ _
51,334
46,654
562,757
566,103
Balance
$149,117
$149,798 $1,721,115 $1,768,499
Pref. diva. deductions B. V. G.& E. Co
77.652
77.652
Pref. diva, deduct. the P. G. Co. of N. J
a47,855
49,500
Applicable to minority interest
30,121
56.507
Applicable to E.U.A
$1,565,486 $1.584,84
a Amount applicable to this period.
-V. 141, p. 3859.
Ebasco Services Inc.
-Weekly Input
-
For the week ended Dec. 19 1935, the kilowatt-hour system input
of the
client operating companies which are subsidiaries of American
Light Co., Electric Power & Light Corp. and National Power & Power &
Light Co..
as compared with the corresponding week during 1934, was as follows:
-Increase-Client Operating Subs. of1935
1934
Amount
P. C.
American Power & Light Co_ - 93,853,000 86.836,000
7,017,000
8.1
Electric Power & Light Corp- 42,780,000 37,119,000
5,661.000
15.3
National Power & Light Co.. 69,118,000 78,436,000 x9,318,000
x11.9
x Decrease.
-V. 141, p. 4014.
Edison Electric Illuminating Co. of Boston-Earnings
Period End. Nov. 30- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$2,724,164 32,654.732 $29,967,357 $29,719.894
Operating expenses
1,111,917
1,000,544 12,853,089 12,048,845
Depreciation
288,333
243,333
3,415,000
2,949,583
Uncollectible revenue__ _
10,000
20,000
213,000
260,324
Taxes accrued
473,700
503,000
5.489,717
5.478.403
Net operating income_
3840,214
$887.855 $7,996,551 38,982,739
Non-operating income
13,277
22,598
228,009
178,361
Gross income
3853,491
$910,453 $8,224,560 $9,161,100
Miscellaneous rents_ _
7,614
5,818
82,865
78.933
Interest and discount...
259,563
274.539
3.064.613
3,938,332
Income balance
$586,314
$630,096 35,077,082 35.143,835
-V. 141. P. 3689.
Edmonton Street Ry.-EarningsPeriod End. Nov. 30Operating revenues
Operating expenses
Fixed charges
Renewals
Surplus
-V. 141, p.3534.
1935
-Month-1934
364,546
355,640
46.154
42,149
5.536
6,158
7.000
4,000
$5,856
33,332
1935-11 Mos.-1934
3598.606
$559,657
461,094
445.136
61,669
67,743
49,000
32,000
326,842
$14,778
Eisler Electric Corp.
-Earnings-Earnings for 9 Months Ended Sept. 30 1935
$33,644
$0.10
' ---Electric Controller & Mfg. Co.
...
"
-$1 Extra Divi.ef-
The directors have declared an extra dividend of $1 per
share
common stock, no par value, payable Jan. 2 to holders of record bri the
The regular quarterly dividend of 50 cents per share which Dec. 26.
had been
previously declared is likewise payable on Jan. 2. See also V.
141, p. 1272.
Ely & Walker Dry Goods Co.
-No Extra Dividend
The directors announced that no extra common dividend will be
declared
this year. An extra of 50 cents was paid on Jan. 15 1935 and a
special
dividend of $1 per share was distributed on Jan. 15 1934.
The regular quarterly dividend of 25 cents per share was paid on
Nov.30
last.
-V. 140, p. 474.
--Enamel Products Co.
-Extra Dividend-4 - -e-E
1
4
The directors have declared an extra dividend of 10 cents per
share on
the common stock, no par value, payable Dec. 13 to holders of record
The regular quarterly dividend of 10 cents per share is not due untilDec.24
Jan. 15
1936. See also V. 139, p. 2202.
Entwistle Mfg. Co.
-Earnings
-
Total
32.155.908
Total
After depreciation of 31,039,026.-V. 134, p. 3281.
1934
395.848
5375,000
19.172
91.668
320,000
334,300
1,015,787
32,155,908
-Earnings.
Erie RR.
NovemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 141, p. 4014.
(Including Chicago & Erie RR.]
1935
1934
1933
1932
36,459.942 35,572,447 35,847,055 35,644.420
1,990,466
1,359,170
1,630,059
1,293,719
1,225,594
641.200
1,135.670
642,414
68,920,257 69,474,735 66,498,690 67,837,609
18,649,742 19.359.096 19,245,358 16.633.654
11,858.039 11.909,735 11.763,671
7,988,147
Equitable Fire Insurance Co. (Charleston, S. C.)
Extra and Special Extra Dividend
The directors have declared an extra v dead of 50 cents per share in
addition to a regular semi-annual dividend of $2.50 per share on the common stock, par $50, both payable Jan. 2 to holders of record Dec. 30.
Similar distributions were made in each of the five preceding six-months
periods.
a notice to holders of the company's securities Dec. 27 announced that
the plan of reorganization (V. 140. p. 3213) under Section 77-B of the
Bankruptcy Act, proposed by the committee and the corporation, has now
been accepted by more than two-thirds of the series 0 bonds, of which
$3,239,500 are outstanding, and by more than 56% of the series B bonds,
outstanding in the amount of $984,500, and by the stockholders. A hearing
on the confirmation of the plan has been fixed by the District Court for
Jan. 23, at the U. S. Court House, New York.
The committee proposes at the hearing to request confirmation of the
plan for the series C bonds and also for the series B bonds, if pending the
hearing the requisite two-thirds acceptance of series B bonds is received.
Holders who have not already acted are urged to deposit their bonds
promptly with J. Henry Schroder Trust Co., New York, depositary, or
Old Colony Trust Co., Boston, sub-depositary.
In the event acceptances from two-thirds of the series
are not received, the committee states that it is consideringB bondholders
requesting the
court to take steps to permit the foreclosure of the series B bond collateral
(Hungarian Pfandbriefe guaranteed by certain Hungarian banks and
deposited pengoes) under the terms of the indenture securing the bonds.
In the opinion of the committee, non-assenting bondholders would not be
likely to realize as much on their investment through foreclosure as through
carrying out the plan since the price which might be obtained upon the
sale of the underlying collateral in a block, might not reflect full value since
the market for Hungarian Pfandbriefe and peng.oes is a restricted one.
Other members of the committee are Philip C. Jesup and
Partridge. Sullivan & Cromwell is counsel to the committee. Hugh R.
-V. 140.
p.3213.
Fall River Gas Works Co.
-Earnings
Period End. Nov. 30- 1935
-Month-1934
Operating revenues
$71,837
$74,647
Operation
38,428
38,658
Maintenance
5,900
6,313
Taxes
12,625
13,490
1935-12 Mos.-1934
$876,314
3893,222
464,123
441,596
60,408
65,438
159,368
160.636
Net oper.revenues
Non.oper. inc,-net.
$14,882
$16.184
3192,412
126
$225,550
51
Balance
Retire, reserve accruals_
Interesr charges
$14,882
5,000
1,154
$16,184
5,000
1,187
$192.539
60,000
12.357
$225,602
60.000
16,263
$8,727
39,998
3120.182
S149.339
Net income
.-V. 141. P. 3377.
Fansteel Metallurgical Corp.
-To Sell Stock-Dividend
Rate on Pref. Stock Reduced to $5 per Share
At a special meeting of stockholders held in New York Dec. 21 authority
was given to sell 20.000 shares of common stock accompanied by a like
number of stock purchase warrants of which 10,000 shares and warrants
will be acquired by Hallgarten & Co. and the other 10,000 shares and
warrants by International Mining Corp.
Action was also taken to reduce the preferred stock dividend rate from
$7 per share to $5 per share and to make such dividends non-cumulative.
The directors have declared a dividend on the preferred stock of $5
per share payable during 1936 in quarterly instalments of $1.25 each.
The certificate of incorporation was amended to give effect to the program submitted by the management. It is understood that 99% of the outstanding preferred and more than 89% of the outstanding common stockholders were represented at the meeting and voted in favor of the sale of the
stock and warrants referred to above, the amendments to the certificate
of incorporation and all other acts recommended by the management and
the board of directors. There were no opposing votes.
Melvin L. Emerich of Chicago, a partner of Hallgarten & Co.and William
Blair Baggaley. Vice-President of the International Mining Corp. have been
elected to the board of directors.
Fansteel Metallurgical Corp. produces rare metals for industrial purposes
and is best known for its "Tantalum" and "Tantalum Carbide" products.
Initial Preferred Div.
The directors have declared an initial quarterly dividend of$1.25 per share
on the $5 cumul. pref. stock, no par value, payable March 31 to holders of
record March 14.-V. 141. p. 3860.
.
-----Farnir Bearing Co.
-Larger Dividend46
-
Net profit after depreciation, interest, Federal taxes and other
charges
Earnings per share on 319.777 no par shares capital stock
-V. 141. p. 4014.
Years Ended Sept. 301935
Net inc. after exps., deprec.. taxes & other chive...
5789
Balance Sheet Sept. 30 1935
Assets
Liabilities
Cash in banks
374,977 Notes payable
Due from selling agents
199,297 Accounts payable
Other accounts receivable
13,214 Accrued liabilities
Inventories
664.884 Common capital stock
Plant account at cost
x1,194,363 Preferred stock
Deferred charges
9,170 Surplus
4165
The directors have also declared a special extra dividend of Si per share
on the common stock, which was paid on Dec. 23 to holders of record
Dec. 12.-V."140. p. 4398.
The directors have declared a dividend of Si per share on the co
stock, par $25, payable Dec. 31 to holders of record Dec. 23. This compares with 75 cents per share previously distributed each three months.
In addition an extra dividend of $1 per share was paid on Sept. 30 last.
V. 141. p. 2116.
Fidelio Brewery, Inc.
-Earnings
Years Ended Sept. 30-Gross profit on sales after deducting Federal and
State beer taxes
Other income
tal income
Expenses
Loss on 3.2 labels, &c
Other deductions
Depreciation
Provision for loss on containers
1935
1934
$693,412
9,819
$464,271
7,520
$703,231
830.501
3471,791
717,556
10,355
12,800
100.029 See x
30.405
Net loss for year
$270,504 x$256,119
x Included in the above loss is depreciation amounting to 3121.135.
Balance Sheet Sept. 30
Assets1935
1934
Liabilities-193.5
1934
Cash on hand and
Notes payable
in banks
$155,595
353,171
Bank
$75,000
Accts. roe.
-trade
Other
342,000
50,000
(less reserve)___ 234,759
218,983 Accounts payable.. 189,464
107,305
Accts.ree.-miscell
1,973
2,488 Customers' credit
Inventories
111,556
102,207
balances
3,339
2,046
Other assets
32,204
39,148 Accrd.wages,taxes,
Negs,boxes.bottles,
interest, &c____
38,051
27,238
.kc
298.034
390,852 Res. for Fed. InReal estate and
income tax
6.119
equipment
1,198,125 1.233,481 Customers'dep.on
Outside real estate
12,000
x12.000
kegs, boxes and
Prepaid expenses,
bottles in trade
supplies, d‘c._._
52.222
32,432
net (partly curr.)
48.971
50.527
Mortgage payable_ 27.5,000
Cap.stk.(par 31)- 1,177.604 1.177.604
Capital surplus..__ 783,108
763.105
Deficit
441,067
174,182
Total
52,096,469 32,084,764
Total
32.096.469 S2.084,764
x After deducting mortgage payable at time of acquisition thereof ($18,(100 due Aug.13 1933.$14,000 due Dec.21933)of 332,000.-V. 139. p.3964.
""---First Nat' nal,Corp. of Portland (Ore.)
-Accumulated
The directors have declared a dividend of 25 cents per share
of accumulations on the $2 cum. and partic.•class A stock, noon account
par value,
payable Jan. 15 to holders of record Dec. 26. A similar dividend
was
paid in each of the 13 preceding quarters, prior to which regular quarterly
dividends of 50 cents were distributed.
-V. 141. ro• 1933.
."
---Florida Power Corp. Merier-Apprered--
The Federal Power Commission on Dec. 23
its(pproval of
merger and consolidation of-the facilities of announdedFlo la Power the-she-West
Co.
and the- Oeklawaha Power Co. with the Florida Power Corp. under terms
of the new Federal Power Act.
..t.e. c -,, --,1...#--,,,
i .1 1-
Financial Chronicle
4166
In announcing the FPC's approval, Chairman Frank R. McNinick said
the merger was in line with the Commission's policy to encourage simplification of the corporate structures of utility operating companies when the
facts show that a consolidation is in the public interest.
Under the terms of the merger the facilities of the West Florida and
Ocklawaha companies will be operated in the name of the Florida Power
Corp.
-V. 141, p. 2887.
Florida East Coast Ry.-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. 3535.
1935
$582,420
85,666
14,689
6.956,783
909,747
def262,468
1934
$623,285
101,993
37,856
1933
$498,592
15,687
def82,198
General American Transportation Corp.
-Submits Bid
for Pressed Steel Car Co.
-See latter company below.
7 745 V. 141., p. 3690.
.
def14,667
-Smaller Dividend-L'eC--1
-6.137,143 ----General Development Co.
1932
$456,251
6,932,777
6,039,087
912,416
1.347,627 1.003,686
159,933 def218,693 def373,762
Florsheim Shoe Co.
-Earnings
-Years End. Oct.31Gross profit
Operating expenses
Operating profit
Other income
$800,494
122.145
87,000
Net profit
Preferred dividends_
Common dividends
$591,349
See x
398,761
General Indemnity Corp. of America-Creditors' Div. -1.-c<N)
$
321. -422
2
361,952
Superintendent of Insurance Louis H. Pink is paying a second dividend
of approximately $135.000 to 5.100 creditors of the corporation. Policyholder creditors will receive 12% of the gross amount of their claims, this
$586,811 1°68540,530
with the 40% first dividend paid in April 1935, making total payments of
205,910
153,773
52% to them so far.
149.779
Non-policyholder creditors will receive a second 10% dividend. Their
first dividend, also paid last April, amounted to 10%.
$433,038 def$396,219
Additional dividends will be paid to both classes of creditors after liquidation of slow assets still in the hands of the Superintendent and upon
termination of litigation involving disputed claims where preferences ar
Nil
$1.22
sought.
-V. 140. p. 3042.
$656,151
210.815
43,000
$402,336
x28,797
$784,515
135,204
62,500
Profit
$373,539
$192,588
Earns, per share on 236,293 shs. class A stock
$1.48
$1.01
(no par)
Earns, per sh. on 327,414 shs. class B stock
Nil
(no par)
$0.74
$0.50
$0.61
x Preferred stock retired as at Feb. 20 1934.
Balance Sheet Oct. 31
1934
1934
1935
1935
Assets-1,327,834 1.555,013 Liabilities
Cash
121,658
Marketable seours. 1.742,400 1.748,200 Accts. payable__ 117,695
Accrued payrolls,
Accts. & notes re2.170.747 1,957,093 commissions, &c
73,678
ceivable, &o
4861:759555
87,300
Mdse. inventory 1,739,669 1,550,663 Federal income tax
mV., advs.. &c
1.128.386 1,156.374 Accrued real est. &
pers'i prop. tax_
112,713
71,277
Cos.cap.stk.purch.
35,283 Res. for Mill. cos.
42,937
for resale to empl
103,337
797,596 losses
50,519
766,232
c Capital assets
14,973 a Class A stock
1,181,465 1,181,465
14,149
Deferred charges
b Class B stock
1,637.070 1.637,070
Surplus
5.713,350 5,530,241
Total
8,932,354 8,815,195
8,932,354 8.815,195
Total
a 236,293 shares (no par). b 327.414 shares (no par). c After depreciation reserves of $790,357 in 1935 and $820,449 in 1934.-V. 141, p.3378.
-Earnings
Fonda Johnstown & Gloversville RR.
Period End. Nov.30Operating revenues
Operating expenses
Tax accruals
1935-11 Mos.-1934
1935-Month-1934
$556,651
$43,425
$43,497
$520.190
466,904
43,942
478.368
43,668
31,437
2,500
2,856
27,519
Operating income_ _ -Other income
def$3,016
764
def$3.027
def1,049
$14,302
3,208
$58,309
20,496
Gross income
Deductions
def$2,252
14,423
def$4,077
7,572
$17,511
156.889
$78,806
153.992
$16,675
$11,649
$139,377
$75,186
Foundation Co., New Yorkr-Earnings-Period End.Sept. 30- 1935-3 Mos.-1934
Net loss after expenses,
$18,257
$22,566
taxes, &c
-V. 141, p. 1594.
1935-9 Mos.-1934
$447,009
$56.419
-Merger
Fulton Fuel & Light Co.
-V. 75. P. 796.
See Niagara Hudson Power Corp. below.
-Merger
Fulton Light, Heat & Power Co.
-V. 134. p. 2521.
See Niagara Hudson Power Corp. below.
-Central Indiana Coal
Galesburg & Great Eastern RR.
Co. Has Option on Road
Options to purcha these road have been taken by the Central Indiana Coa
for
Co. according to press dispatches from Gale4burg, Ill. The road runs
10 miles from Victoria to Waiaga, in Knox County. The coal company's
option is said to be for purchase at par value of $41,000 and that $26 a share
had been paid down.
--Earnings
Galveston Electric Co.
-Month-1934
1935-12 Mos.-1934
Period End. Nov.30- 1935
$235,405
Operating revenues
Operation
Maintenance
Taxes
Net oper. revenues--V.141. p. 3536.
$17.986
12,817
2,566
1.306
$17.69312,976
2.710
1,642
$221,736
158,947
31.987
17,669
161,450
34,041
18.505
$1,296
$363
$13,131
$21,407
Galveston-Houston Electric Ry.-EarningsPeriod End. Nov.30Operating revenues
Operation
Maintenance
Taxes
Net oper. revenues_ __
Inc.from other sources_
Balance
Interest (public)
Net deficit
-V.141, p. 3536.
-Month-1934
1935
1935-12 M03.-1934
$227,344
$17,705
$15,639
$209,554
124.599
9,705
10,505
125,857
45,469
3.458
4,293
41,518
18,657
1.611
1,084
17,037
$591
5,108
$2,095
5,108
$25,141
92
$38,618
def$4,517
def53,013
$25,233
61,300
$38,618
61,300
$36.066
$22,681
-Earnings
Gameweli Co.(& Subs.)
1935-6 Mos.,-1934
Period End. Nov. 30- 1935-3 Mos.-1934
$68.820
$110,925
$32,661
$11,360
Operating loss
18.123
35.791
39,912
23.406
Other income
$7,251 1083575,134
$12.046 1°88550.697
profit
'Total
l
51,823
25.865
51.661
24.717
Depreciation
•
$76,563
$444,410 $126,957
$12.672
'Net loss
-V.141, p. 2116.
-Contract Signed
Gatineau Power Co.
-year power conThe Ontario Hydro Commission has approved two 10
tracts, one with the Gatineau Power Co. and the other with MacLarenQuebec Power Co.
Under the contract with Gatineau, the latter reserves for the Ontario
Commission 260,000 h. p. at $1.75 per h. p. The Hydro, however, under-
The directors have declared a dividend of 20 cents per share on the
common stock, par $20, payable Dec. 30 to holders of record Dec. 26.
This compares with 50 cents paid on Nov. 25 last, 25 cents paid op Dec. 31
1934 and 50 cents paid on Nov. 1 1934. This latter was the first payment
made since June 30 1930 when a semi-annual dividend of 25 cents per share
was distributed.
-V. 141, p. 3226.
1932
1934
1933
1935
$2,229,078 $1,929.689 52.056,117 $1,704,340 -General Fireproofing Co.
-Resumes Common Dividends
1,591,862
1,576,227
1,402,624
1,484.734
The directors have declared a dividend of 10 cents per share on the
common stock, payable Jan. 2 to holders of record Dec. 21. This payment
$112,477
$479,890
$744,344
$527,065
will be the first made on the common stock since Jan. 2 1932 when a quar208,945
304.625
56,150
129.086
terly dividend of 25 cents per share was distributed.
-V.'140, p. 4398.
Total income
Other charges
Federal taxes
Net deficit
-V.141. p. 3226.
Dec. 28 1935
takes to take Immediately 100.000 h. p. at $12.50 per h. p. and the balance
when required. As soon as the full 260,0110
p. is taken, the reservation
charge will disappear.
The agreement with the MacLaren-Quebec company covers a reservation of 60,000 h. p. at $1.75 per h. p., of which 40,000 h. p. is to be taken
immediately at $12.50 per h. p.
These contracts supersede contracts recently canceled by the Ontario
government.
-V. 141. P. 2588.
General Household Utilities Co.
--K4
-/1
HoldersJudge Philip L. Sullivan on Dec.24 authorized submission to stockholders
of a plan for reorganization of the company and set Jan. 30 for a hearing.
The plan, filed by the company,provides for a new company with
$600,000 in 1st mtge. notes, $2,000,000 in 5% cony, preference stock, and
500,000 shares of common stock (no par).
General creditors would receive preference stock and holders of outstanding stock would receive new common.
The Reconstruction Finance Corporation, the company's statement
said, has agreed to take the $600,000 in mortgage notes in exchange for
a loan of equal amount, and to establish a revolving fund.
The plan contemplates retention of William C. Grunow as President
of the new company, but the RFC would appoint an Executive VicePresident to have charge of the company's finances until the mortgage
notes are paid.
-V. 141, p. 4015.
-New Fisher Body Plant
General Motors Corp.
The Fisher Body division of this corporation will start soon the construction of a plant at Grand Rapids. Mich., for the production of dies
and body stampings for various passenger cars made by General Motors,
It was announced on Dec. 20 by Edward F. Fisher, General Manager of
the division. The cost of the project when completed probably will be in
excess of $7,000.000, it was said.
Construction will start soon after Jan. 1 and the plant will begin operation early in March. By the time the plant is completed in the Summer it
is expected that the employees will number 1,000. Eventually there will
be between 1,800 and 2.000 workers.
Pays Christmas Bonus to All Employees
Alfred P. Sloan Jr., President of the company, issued a statement on
Dec. 23 which read in part as follows:
"It is my privilege and pleasure to announce to the organization that
there has been authorized 'An Appreciation Fund' of approximately
$5,000,000. This fund will be distributed throughout the domestic divisions and subsidiaries, the day before Christmas. Every worker, every
member of the staff, except those eligible for the corporation's bonus fund,
will participate, providing they were in the service of the corporation on
July 1 1935 and have continued In the service to this date. The amount to
be distributed to each such individual will be $25."-V. 141, P. 4015.
-Earnings
General Public Utilities Inc.(& Subs.)
l935
-Month-l934
1935-12 Mos.-1934
$392,094
$366,335 $4,554,534 $4,425,941
Period End. Nov.30Gross oper. revenues..__
Operating expenses
242,573
230,099
Net oper. income_ _ _ _
Non-operating income__
$149,521
1,009
$136,235
424
Total
$150,530
Exps. & taxes of Gen.
Pub. Mils., Inc.(excl.
G.P.U. Inc. operat'ns)
8.193
Charges of subs. cos......
_34,226
Fixed chgs.of G.P.U.,Inc
72,597
Divs. on G. P. U., Inc.
$5 preferred stock_ __ _
3,242
Balance available for
corn. stk. & surplus_
-V.141, p. 3691.
$32,269
2.907.977
2,784.046
$1,646,556 $1,641,894
28,354
17,286
$136,660 $1,674.911
$1,659,181
2,508
46,876
72.966
47,804
440,287
873,400
36,312
426,119
875,602
3,242
38,910
38,910
$11,066
$274,509
$282,236
-EarningsGeorgia & Florida RR.
PeriodGross earnings
-V.141, p. 4015.
-Second Week ofDec- -Jan. 1 to Dec. 141934
1935
1934
1935
$18,875 $1,052,660 $993,631
$19,400
-Earnings
Georgia Power Co.
(A Subsidiary of Commonwealth & Southern Corp.]
-Month-1934
1935-12 Mos.-1934
Period End. Nov. 30- 1935
$2,139,002 $1,933,409 $23,469,676 $22,075,400
Gross earnings
941,073 11,159,532 10,707,643
1.005,738
Operating expenses
510,212 6,265,601
525,828
Fixed charges
110,000
125,000
1,410,000
1,320,000
Prov. for retirem't res..
245,873
2.950.462
Divs. on pref. stock_ _ _ _
245,870
2,950.485
Balance
$236,565
$126,249 $1,684,079
$969,558
1935
$169,403
27,413
15.133
1934
$137,506
def1,940
def3,064
1933
$122,302
def8,508
def10,848
1932
$140,346
32,303
28,308
1,757,462
182.805
36,539
1,699.748
126.278
52,695
10503,503
153,992
def12.309
1,741.449
265,224
156,117
-v. 141. D. 3536.
Georgia Southern & Florida Ry.-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. 3536.
-,.Glidden Co.-Listin
‘
---.'
New York Stock Exchanged:ttWsorized he listing of 46,000 additional
s
f common stock (no par) on officj3,Vnotice of issuance pursuant to
an offer to officers and key employees,niaklng the total amount applied
for 800,000 shares of common stock.
The directors at a meeting held April 18 1935 authorized the issuance of
46,000 shares of the common stock to officers and key employees at $22
per share when the registration statement to be filed with the Securties
and Exchange Commission, had become effective and more than two-thirds
of the common stockholders of record at the close of business July 3 1935
had waived their pre-emptive rights thereto. The registration statement
was made effective by the SEC on June 21 1935 and more than two-thirds
Financial Chronicle
Volume 141
4167
of the common stockholders of record July 3 1935 have waived their preemptive rights to the 46,000 shares of common stock by signing written
consents. The 46,000 shares of stock were allotted to officers and key
employees by the executive committee on Aug. 10 and the allotment and
the sale of the stock at $22 per share payable in cash was approved by the
directors on Dec. 2. The Executive committee was also authorized to
make such arrangements with employees as to the terms of payment not
exceeding one year as the executive committee deemed to be for the best
interests of the company. The directors authorized the executive committee to make delivery of the stock as soon as the formalities of listing the
stock with the New York Stock Exchange had been completed, but not
prior to Jan. 11936.
The net proceeds to be received by the company from the sale of the
46,000 shares of common stock in the amount of $1,012,000 are to be
used for the purpose of improving the working capital position of the company by partial payment of bank indebtedness incurred in part for financing plant additions.
Consolidated Operating Statement for 11 Months Ended Sept. 30 1935
Gross sales leas discounts, returns and allowances and processing
taxes
$34,816,964
Cost of sales
26.706,001
Gross profit on sales
$8,110.962
Other income
220.076
Gross profit
$8,331,039
Selling, administrative and general expense
4,995.485
Other deductions net
290,217
Interest paid
227,282
Depreciation
479.394
Federal income taxes
319,000
Net profit
82,019,660
Preferred dividends
455,000
Common dividends
1.081,523
Number of shares of common stock outstanding
753.769
Earnings per share
$2.12
Condensed Consolidated Balance Sheet Sept. 30 1935
Assets
Liabilities
Cash
$1,350,202 Notes payable, banks
$1,300,000
Customers' notes & accts. rec. 3,711.843 Accts. payable, trade, &c
799,319
Inventories
9,052,586 Processing taxes, Federal_ _
307.334
Other current assets
40,743 Unpaid wages & compensat'n
157,359
Inv.in sub. & MM.cos
2,024,575 Accrued liabilities, &c
745,912
Other investments
59.163 Other current liabilities
48,646
Cash value of life insurance__
334,149 514% gold notes, 1939
3,259,000
Deposits in closed bks.,less res
79.342 1st mtge. es of subs
97,200
Miscell. notes & accts., &c__
70,836 Reserve for contingencies__ _
122,100
Fixed assets
11,307,943 7% prior preference stock... 6,500,000
Good-will. patents, &c
2,796,134 Common stock (no par)
3,768,845
Deferred assets
879,786 Surplus paid in and for capital
surplus
9,869,273
Earned surplus
4,732,315
Total
831,707.308
Total
$31,707,304
-V.141. p. 4015.
into 10
-year contracts for supplies of newsprint, 100.000 class B preference
shares.
-V. 141, p. 4016.
----Globe & Rutgers Fire Insurance Co.
-Declares Divi •
dend of $6.15 on 2d Pref. Shares
-
110.350
11,328
6,889
Great Northern Ry.-RFC Offer Accepted
The stockholders have accepted the offer of the Reconstruction Finance
Corporation to absorb the surplus of a pending $100,000,000 bond issue
carrying 4% interest.
W. P. Kenney, President of the railroad, said the saving in interest
and underwriting costa would aggregate $30,000.000 for the 10
-year maturing period.
The refinancing move, in which Jesse Jones, Chairman of the RFC.
underbid the 5% offer of bankers, was launched when stockholders acceded
to Federal stipulations for issuance of the bonds.
The stockholders also authorized directors to change the $100 par value
preferred stock to issues without par value. Officials said this would increase the stock authorization from 2.500,000 to 5.000,000 shares to insure
convertibility of the bonds.
The directors were also authorized to offer the new bonds first to the
stockholders and secondly to the public.
Completion of the plan, which calls for the refunding of $105,850,000 of
77 bonds Maturing July 1 next, now awaits only the acceptance of the
RFC offer by the railroad's directors and approval by the Interstate Commerce Commission. See also V. 141, p. 4016.
Earnings for November and Year to Date
November1932
1933
1934
1935
Gross from railway
$6,680,465 $5.828,318 $5,119,639 $4.847,706
Net from railway
1,501,898
1,902,403
2,423.543
1,429,000
Net after rents
766,838
832,180
1,233,678
1,810,712
From Jan, 1
Gross from railway
75,838,266 65,660,466 57.496,718 51,493,471
Net from railway
9.199,511
29,668,821 20,633,123 19,222.405
Net after rents
867,898
21,961,548 12,897,342 10,980,190
-V. 141, p. 4016.
Green Bay & Western RR.
-October Earnings
Period. End. Oct. 311915-10 Mos.-1934
1935
-Month-1934
Total oper. rev
$115.172 $1,179,878
$917,831
$135.835
94.242
8.57.835
918.365
Total operating expenses
98,221
Taxes and uncollectible_
52.172
70,168
4,082
7,020
Equipment rents
54,282
8,131
15,567
1,938
Net ry. over. income..
Other income
Total income
Miscell. deductions
Fixed charges
Net income
Asset Items
Cash
Special deposits_ _
Traffic & car-serv.
balances, reale_
Net bal. rec. from
agt.s.& conduars
Miscell. accts. rec.
Materials and supp
Other curr. assets.
$22,463
Dr318
$14,910
1,632
$137,063
16,726
def$7,743
19.928
22,145
16.542
2
2
153,789
50
353
12,185
50
71
$16,540
$22,143
$153,386
Balance Sheet Items at End of October
- 1935
1935
Liabitily Items
1934
3399,356 8237,990 Loans & bilis pay. $50,000
41.377 Traffic & car-serv47,385
36,643
ice bals. payable
56,875 Audited accts. and
55.997
wages payable_ 134,966
9,531
15,871 Miscell. accts. pay
23,309
5,661
36,444 Int. matured unpd.
45,113
295,966 Other current Us324,723
bilities
4.453
176
534
$12,064
1934
$25,037
The directors have declared a dividend of $6.15 a share on the 2d pref,
stock of the company payable on March 1 to holders of record Feb. 14.
5,108
This constitutes a dividend at the rate of $5 a share annually from Dec. 6
1934 to February 1936. The full dividend is payable, however, only on
Total current liastock issued prlior to March 1 1935. Dividends accrue only from March 1
bilities
8241,254 8158,712
or Sept. 1 preceding the date of issue of such stock in respect of 21I pref.
Tax liability-U.S.
stock originally limited subsequent to Feb. 28 1933, and the dividend paygovernment
9.095
1,197
able to holders of stock so issued will be adjusted accordingly.
Other than U.S.
In a letter to holders of the 2d pref. stock, Fred A. Hubbard, President,
government_ _ Cr2,465
Cr8,453
TOL curr. assets $896,417 8684,699
says:
-1r, 141. p. 3691.
"The payment of the above dividends, though not earned from current
insurance operations, is made possible, in large part, by salvages realized s-25
-Cent Extra Dividend
TH. L.) Green Co., Inc.
in respect of reserves set up for rehabilitation. Under the circumstances,
The directors have declared an extra dividend of 25 cents per share in
the board of directors feels that the holders of 2d pref. stock, which was
addition to a regular quarterly dividend of like amount on the common
Issued originally to creditors of the company, are entitled to receive this
stock, par $1. both payable Feb. 1 to holders of record Jan. 15.-V.141,
dividend. The directors feel it incumbent upon them to advise the holders
p. 4016.
of 2d pref. stock that, while it is the present policy of the board of directors
to pay dividends on the 2d pref. stock from time to time out of such funds `--Guarantee Co. of North America-Extra Dividend
as may be available therefor under the provisions of law and the company's
The directors have declared an extra dividend of $2.50 per share in
charter, in the nature of things the payment of this dividend must not be
addition to the usual quarterly dividend of $1.50 per share on the common
construed as an indication that the 2d pref.stock Is on a permanent dividend
stock. par $50. payable in Canadian funds on Jan. 15 to holders of record
basis.
Dec. 31. Similar distributions have been made each quarter since and
"At this time I think it appropriate to say to stockholders that subIncluding Jan. 16 1933. Non-residents of Canada are subject to a 5% tax.
stantial progress has been made by the company during the year. The
-V. 141. p. 2277.
building up of the company's business is continuing to go forward. The
co-operation of the company's stockholders in securing additional business
-Earnings.
Gulf & Ship Island RR.
for the company will be greatly appreciated.
-V. 141, p. 2435.
1932
1933
November
1935
---`Goodall Worsted Co., Sanford, Me.
177,801
$80,613
$95,780
19 4
E83,704
-Plans $1,000,000 Gross from railway
defSlO
defl.340
974
Net from railway
5.145
New Issue
def16,404
def28,748
Net after rents
def23.772
def17.759
The stockholders on Dec. 27 authorized the issuance of, $1,000,000
From Jan. 1
434% 10-year debentures. Company asked authorization of a $2,500.000
47 1
956: 19
1 29
979.436
1.052,135
1,173,402
Gross from railway
issue, but with only $1,000,000 to be issued at this time. The purpose of
140,188
125.128
Net from railway
170.000
the issue is to provide for expansion and conversion of certain short-term
Net after rents
84,967 def153,202 def156.076 def255.616
indebtedness into a longterm debt.
-V. 141, p. 3691.
-V. 141, p. 4016.
Granby Consolidated Mining, Smelting & Power Co.," Gulf States Steel Co.
-Resumes Preferred Dividends
Ltd.
-May Liquidate
The directors have declared a dividend of $3.50 per share on account of
Notice has been sent to shareholders of an extraordinary meeting to be
held on Jan. 24, to consider and possibly pass a special resolution that the
company be wound up voluntarily.
The directors recommended passage of the resolution to wind up the
company's affairs. If this special resolution is passed, a further resolution
will be proposed appointing liquidator or liquidators to act in winding up
company'sthe
ff
As of Oct. 23 it was estimated the ultimate liquidating value of Granby
would be about $15 a share. Granby has sold the Anyox, B. C., properties,
the Allenby properties have been inactive since 1930, and there are no
other holdings.
-V. 141. 13. 3
691.
Grand Trunk Western RR.-Earnings.November1935
1934
1933
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Not after rents
-V. 141, P• 3691.
1932
$1.878.981 $1.102,957 $1,127,608 $1.040,462
515,816
def58,487
15.279
def16,223
288,148 def184,172 def148.947 def214,597
18,954,000 15,847,828 13,828,468 12,801.670
3,737,393
2,133,269
1.125,848
55,843
1,626,668
314,464 def839.517 df1,990,991
--Great Lakes Engineering Works-Pays Extra Dividend
--
The company paid an extra dividend of 40 cents per share on the common
stock, par $10, on Dec. 20 to holders of record Dec. 14. An extra dividend
of 5 cents per share in addition to the regular-quarterly dividend of 10 cents
was paid on Nov. 1 last, and in eacti-of the five\ receding quarters. An
extra of 50 cents was paid on Dec 18 1934.-V.-41, p. 2117.
-Sale
Great Lakes Paper Cof, Ltd.
proved
-
Hall of Toronto
Justice J. A. McEvoyat 4sgo
,4n Dec. 21 announced
his anuroval of sale of th property, assets and idrtakings of the cornnewsprint mill
Fo t William, Ont., to
pany,which operates a
Gefaell and Lynn E. Aldrich.
Joh
Tita..decision was given upon an appljaat.Ton of the National Trust Co..
-fecuring an issue of $10.000,000 of
tee under the mortgage
Ltd., as
.
bonds of the cOmpanyThe offer, which has been accepted, provides for the transfer of the property of Great Lakes Paper Co., Ltd., by Grefaell and Aldrich to a new company. This new company will be known as Upper Lakes Paper Co., and
will issue to bondholders $6,000,000 5% first mortgage 20
-year sinking
fund bonds, and 100,000 class A preference shares (no par) and bearing a
fixed cumulative dividend of $2 a share.
The company is to issue to the bondholders and liquidator of Great
Lakes 100,000 common shares and to a trustee for publishers who enter
accumulations on the 7% cumulative preferred stock, par $100, payable
Jan. 15 to holders of record Dec. 31. This will be the first payment made
on the preferred stock since April 1 1931 when a regu,ar quarterly dividend
-V. 141, p. 2588.
of $1.75 per share was distributed.
-Dividend Increased
& Cooley Co.
The directors have declared a dividend of $1.50 per share on the common
stock, par $25, both payable Jan. 1 to holders of record Dec. 23. This
compares with dividends of $1.1254 per share paid each three months
previously. In addition an extra dividend of $1.50 was paid on Sept. 30
-V. 141, p. 2117.
last.
Hat Corp. of America (& Subs.)
-Earnings
Years Ended Oct. 31-1935
Net sales
$8.389,671
Costs and expenses
7,408,091
1933
1934
$7.293,388 $5,744,951
5.405,052
6,489,953
Operating profit
Other income (net)
$981,580
10.758
$803,435
9,397
$339,899
6.166
Total income
Depreciation
Federal taxes
$992,338
89,948
123.000
$812,832
94,781
100.000
$346,065
93,887
30,000
Net profit
$779.390
$618,051
$222,178
Accumulated Dividend
The directors have declared a dividend of $1.62 Jiper share, the regular
quarterly rate, and a further dividend of $6.25 per share in order to reduce
accumulations, on the 6 yi% cumulative preferred stock, par $100. both
payable Feb. 1 to holders of record Jan. 10. Dividends amounting to
$2.62% per share were paid on Nov. 1. Aug. 1. May 1 and Feb. 1 1935,
these latter being the first payments to be made on this issue since Oct. 1
1930. when the present stock was exchanged for the old Cavanagh-Dobbs
preferred stock.
Accumulations on the above issue after the Feb. 1 payments will amount
to $6 per share, the stock dividends having become cumulative beginning
May 1 1932-V. 141, Izi• 2117.
Hercules Motors Corp.
-Earnings
Period End. Sept. 30- 1935-3 Mos.-1934
Net prof. after taxes &
charges
$50,888
$104,315
Earns, per sh.on 310.100
no par sh, cap. stock_
$0.16
$0.33
-V. 141, p. 3862.
1935-9 Mos.-1934
$349,830
$144,722
$1.12
$0.46
4168
Financial Chronicle
Harvard Brewing Co. (Del.)(& Subs.)
-Earnings
Years End.Sept. 30Net sales
Cost ofgoods sold
1935
$1,947,670
927,996
1934
$998,988
472,856
Gross profit
Selling & delivery expenses
General & administrative expenses
$1.019.674
464,012
108.626
$526,132
349,186
74,511
Profit from operations
Other income credits
$447,035
20.821
$102.434
16,594
Gross income
Income charges
$467,857
178.216
$119.029
63.292
Net income for the year
Surplus at beginning of the year
Surplus credit
8289.640
41,782
2,346
$55,736
Dr13,953
Surplus at end of the year
$41,782
$333,770
Shares capital stock outstanding
499,605
527,739
Earnings per share
$0.11
$0.55
Consolidated Balance Sheet
AssetsSept.30'35 Oct. 31 '34 TAabIffliesSent.30 35 Oct. 31 '34
.
Cash
$31,254 Notes and accept$57,081
Notes Sc trade acances payable__ $48,448
$27,367
ceptance rec.__ _
1,281
Accounts payable.
159,071
98,204
Accts. rec., trade
Beverage tax pay_
11,726
14,410
-lees res. for
Dep.on containers
56,835
50,426
doubtful accts._ 105,887
138,889 Accruals
15,580
80,014
Fed, rev. stamps
Notes pay, not due
on hand
3,379
2,615 within 1 year_
6.336
Inventories
173,873 Ital. for Fed. Inc.
233,687
Vendors'containers
tax not pay.
returnable
92
2,676
541 within one year.
Due from °Misers
First mtge. payat employees_
433 I able, due Dec.12
Dep.with pub.serv.
1936
215,000
215,000
corps
225
225 • Capital stock
525,805
527,739
x Land, bldgs., maPaid-in surplus__ _ 257,000
257,000
chinery & equip_ 1,040,320
937,329 Earned surplus.- 333,770
58,577
Uncompleted construct. job orders
1,942
22,171
Trade-marks
832
800
Deterred charges_
70,096
50,377
Total
61,625,011 $1.335,775 Total
$1,025,011 $1.335.775
x After reserve for depreciation of $11SiG43 in 1935 and $58.169 in 1934.
y Represented by shares having a $1 par va e.
-V. 140. P. 3718.
*---Freir
aules Powder Co.-Listin
Th
ew York Stock Exchange boa authorized he listing of 96,194 shares
of cu
tive preferred stock ($100 par) bearitira dividend rate of 7% per
annum until Nov. 15 1936 and. 6% per annum thereafter, in substitution.
share for share, for its presently issued 7% cumulative preferred stock
($100 par). See V. 141, p. 3862, 4017.
----Hershey Chocolate Corp.
-Extra Distribution
The directors have declared an extra dividend of$1 per share in addition
to the usual quarterly dividend of like amount on the cony, preference
stock, no par value, and the regular quarterly dividend of 75 cents per share
on the common stock, no par value, all payable Feb. 15 to holders of record
Jan. 25. Under the provisions of the articles of incorporation, before any
dividends may be declared and paid on the common stock in any year, an
extra dividend of $1 per share must be declared, set aside and paid on the
convertible preference stock.
An extra distribution of $1 per share was made on the preference stock
on Feb. 15 1930, 1931, 1932, 1933. 1934 and 1935.-V. 141. p. 3229.
Hoboken Manufacturer's RR.
-Note Application
-
The company, controlled by Seatrain Lines, Inc., has asked the Interstate Commerce Commission for permission to issue a $300,000 6% note to
Seatrain Lines to enable it to pay at maturity on Dec. 311935, 5214.600
note to the Hoboken Land & Improvement Co. and to extend a note of
880.000 already held by Seatrain Lines also due Dec. 31 1935.-V. 137.
p.4696.
Holyoke Water Power Co.
-Wins Contract
The electric light comevi.ssion of Chicopee. Mass., has awarded to the
company the contract to furnish electric energy for general distribution in
the city during a 15
-year period beginning Aug. 1 1935. By a substantially
lower bid the Holyoke firm will thus displace the service given the city
by the Turners Fall Power & Electric Co. for 22 years. The successful
bidder will pay the cost of building the necessary transmission lines from
the east side of the Connecticut River to the Chicopee electric light station.
The company's offer was a rate of 11% mills per kilowatt-hour for the
first 200 kwh. and 10 mills per hilowatt-hour for all thereafter, with the
added inducement of a rebate of $40.000 on next year's bill. As against
its present contract rate of 14 mills, the Turners Falls Co. offered a rate
of 13 mills for the first 100 hilowatt-hour. 12 mills for the next 100, and
10 mills for all thereafter.
-V.141, p. 2890.
'"Home Telephon, & Telegraph Co., Fort Wayne, Ind.
-Extra Dividend-we -4
-6 -E-The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, par $50, both payable Jan. 2 to holders of record Dec. 27.
See also V. 140, p. 2009.
Honolulu Rapid Transit Co., Ltd.
-Earnings
-Period End. Nov. 30Gross rev,from transp._
Operating expenses
-Month-1934
1935
$74.268
$77.685
49,878
52.123
Net rev, from transp_
Rev.other than transp_ _
$25,561
2,626
$21,389
$297,607
2.13626,731
$242,522
21,415
Net rev,from opeens _
Deductions
$28,188
17,545
$26,526
14,213
$324,338
208,867
$263,938
160,009
Net revenue
-V.141. p. 3537.
510,643
$12,313
$115,471
$103,929
1935-11 Mos.-1934
$855.633
$776,588
558,026
534,065
Houston Electric Co.-Earning8r Period End. Nov. 30
- 1935-Month-1934
Operating revenues
Operation
Maintenance
Taxes
Int. & amort. (public)
Net income
-V. 141. p. 3537.
$184.079
88,967
25,895
17,589
18,302
$33,324
1935-12 2lfos.-1934
$177,517 82,129,799 $2,152,187
90.486
1,071,582
1,080,372
25.978
301.438
312,588
16,819
215,891
217.741
21,209
261,982
240.099
$23,023
8291.998
$288,292
Hudson & Manhattan RR.
-Earnings
--Month-1934
Period End, Nov. 30- 1935
1935-11 Mos.-1934
$661,975 87.009,880 $7,196.593
Gross oper. revenue_ __ _ $639,019
375.802 4,285,431
383.755
Oper. exp. & taxes
4,232,691
1 Operating income.....
Non-operating income--
$255,263
24.332
$286,172 $2.724,448 $2,963,901
24,696
262,376
278.083
r* Gross income
Inc. chargs., inc. int. on
.adj. inc. bonds at 5%_
$279.596
$310,869 $2,986,825 $3,241,984
314,600
315,678
3,463,426
3,464,633
F.2.2.118.__
a
Hooker Electrochemical Co.
-31.50 Preferred Dividend
C-----'
Deficit
-V. 141. P. 3537.
$35.004
$4,809
8476,600
The directors have declared a dividend of $1.50 per share on thet
cum. pref. stock, par $100, payable Dec. 31, to holdersof record Dec. 7.
Dec. 28 1935
Similar distributions were made on Sept. 30, June 29 and April 20 last,
Dec.31,Sept.29, June 30, March 23 1934 and on Nov. 29 and Dec.301933.
Following the Dec. 31 payment, accruals on the pref. stock will amount
to $9 per share.
-V.141, p. 1933.
Illinois Central RR.
-Additional Loan of $7,444,667,
Making Total $25,000,000, All at 4%, Proposed by RFC
Jesse H.Jones, chairman of the Reconstruction Finance Corporation. has
offered to increase the Illinois Central's debt to that agency by $7,444,667
to $25,000,600 and to make the entire loan at 4%.
Mr. Jones's offer was made in a letter to L. A. Downs. president of the
road in reply to a request that the RFC assist the road in meeting an $8,000,000 issue of6 % gold notes due next July 1.
The road previously had obtained from both the Interstate Commerce
Commission and the RFC approval of an extension of loans totaling
$7,778,000 due early this month. The road also had asked authority from
the Commission for Public Works Administration and other financing to
expand and renovate its equipment. Approval by the ICC of Mr. Jones's
offer is a prerequisite to its establishment.
The text of Mr. Jones's letter to Mr. Downs follows:
We have your letter of the 19th stating that you have an $8,000,000 6
issue of secured gold notes maturing July 1 1936, which you would like this
corporation to assist you in meeting.
Subject to prior approval by the ICC, we will, on July 1 1936, Increase
your present loans to us. which now aggregate $17.555.333, to $25.000,000.
taking in additional security the $3,3,820,000 of Illinois Central RR. and
Chicago St. Louis & New Orleans RR. joint first-refunding 54 of 1936.
series A: and the 88,225,000 of Illinois Central RR. refunding mortgage 4s
of 1955, having, as you say, a present quoted market of approximately
.
$9,000,000
We note from your letter that the quoted and appraised value of the
collateral now held to secure your indebtedness to us of $17,555,333 is
approximately $41.700.000. This, added to the additional collateral above
referred to, provides an approximate quoted and (or) appraised market value
of something over $50,000,000 to secure the $25,000,000.
With prior approval by the ICC we would consider making the entire
$25.000,000 due July 1 1941, at an interest rate of 4%.
This additional 57,444.667 will be available to you upon the above conditions, but should you be able to arrange private financing on approximately as good as basis it will be satisfactory to this corporation for you to
do so.
Your statement that you have ample cash working balances and reserves
to meet your interest payments the first part of next year is noted with
interest, as also the fact that while you will not quite earn your charges
for 1935. your cash will be increased.
We are also glad to have information from you that you have reduced
your debts as of Nos, 30 1935. more than $2.500,000 since 1929, and your
annual interest charges approximately $500.000.
Equipment Trust Certificates
The Interstate Commerce Commission on Dec. 18 modified its order of
March 27 1934 as modified Jan. 23 1935 so as to (a) authorize the company
to assume obligation and liability, as guarantor, in respect of not exceeding
815,000,000 equipment
-trust certificates, series Q. to be issued by the
Pennsylvania Co. for Insurances on Live & Granting Annuities, as trustee;
and (b) permit the certificates to be amended by the applicant's waiving
the right of redemption: the certificates to be sold at par In connection with
the financing of maintenance and equipment.
The report of the Commission says in part:
Our order of March 27 1934 as modified by supplemental order of Jan. 23
1935 authorized the company to assume obligation and liability, as guarantor, in respect of not exceeding $12,000,000 equipment-trust certificates,
series Q. The proceeds of the certificates, which were to be sold at par to
the United States of America, were to be used to purchase the equipment
and tq provide for the maintenace approved by our certificate of Jan. 12
1934 as modified March 13 and Dec. 15 1934.
The equipment trust certificates, as well as the agreement under which
they were to be issued, provide that they shall be subject to redemption,
at the option of the applicant, as a whole, or in part in the inverse order of
their maturity, on any dividend date, at par and accrued dividends.
By supplemental application.-filed on Nov. 27 1935, the applicant requests further modifications as to permit it (1) to assume obligation and
liability in respect of an additional $3,000,000 of series Q certificates together with the $12,000,000 previously authorized, (2) to apply to purposes
other than those heretofore approved a part of the proceeds of the series Q
certificates already issued, and (3) to waive the redemption right described
above.
The government, by the Federal Emergency Administrator of Public
Works, has requested that the applicant waive the redemption privilege
contained in the certificates and in the equipment trust agreement.
Certificates to the amount of $200,000 matured on Aug. 1 1935 and have
been paid. The remainder, $14,800,000, will mature as follows: $100,000
on Feb. 11936; $200,000 on Aug. 1 1936: $600.000 on Feb. 1 and Aug. 1
1937: $650,000 on Feb. 1 and Aug. 1 1938: $950,000 on Feb. 1 and Aug. 1
in each of the years 1939 to 1943, incl., and $2.500,000 on Feb. 1 1944.
Earnings of System
November1935
1932
1933
1934
Gross from railway
$8,505,740 87,494,991 $7,186.456 $7,124,037
Net from railway ......
1,965,305
1,855,495
1,918.712 1.768,237
Net after rents _____ - 1.107,020
952,038 1,319,476
1,064,178
From Jan. 1
Gross from railway
88,951,806 83.289.499 80,143,321 82,227,775
Net from railway
18.855.636 21,104,968 23,253,987 20,863.597
Net after rents
*10.555.789 11.779,900 14.546.586 11.342,980
•Includes $3,058,180 Public Works Administration expenditures made
In 1934.
Earnings of Company Only
November1933
1934
1935
1932
Gross from railway
87.182.794 $6.322.674 86,077.324 $6,093,474
Net from railway
1.429,461
1,361,724
1,557,996
1,495,593
Net after rents
834.806
774,074
1,121,299
939.657
From Jan. 1
Gross from railway
77.347.188 72,345,407 69.331.290 71.417.857
Net from railway
15,830.909 18,169,123 19,686,813 18.148,346
Net after rents
9,635,382 11.077.914 13,408,507 11,111,872
-V.141,9. 4017.
Illinois Terminal Co.-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. 3537.
1935
$482,289
189.092
138,029
1934
$408.910
129,624
94,941
1933
3392.756
117.765
62,22i
1932
$370,850
88,878
39.696
4,824,131
1,565,625
1,088,035
4.489,280
1.343,250
878,302
4,360,738
1.417.262
796,508
4,181,011
1,097,553
543,560
Ilseder Steel Corp.
-Not to Register
The Committee on Stock List of the New York Stock Exchange has
received note from the corporation that no application for permanent
registration will be made for the 6% bonds,series of 1928, due Aug. 11948.
tinder the rules and regulations of the Securities and Exchange Commission, the period of exemption of these securities will expire March 31
1936.-V. 140, p. 1488.
Interborough Rapid Transit Co.
-Earnings-
-
Thomas E. Murray Jr., receiver, in his monthly report for November
Says in part:
Traffic
-The Subway Division during the month of November carried
69,315.006 passengers, an increase of 726,324, or 1.06% as compared with
November 1934. 'Traffic on all lines of the division showed Improvement
over November of last year, ranging from .32% on Lexington Avenue Line
to 4.64% on the Pelham Bay Park Line.
The Manahattan Division during November carried 18.445,260 passengers. a gain of 348.412, or 1.93% as compared with November 1934. All
lines showed improvement ranging from .22% on the Ninth Avenue Line to
3.65% on the Second Avenue Line. Since the beginning of the fiscal year
on July 1, not only has the division shown an improvement in traffic every
month, but each line has recorded an Increase every month with the exception of the Second Avenue Line, which showed losses in July and August.
Subway Division Operations
Period End. Nov. 30- 1935
-Month-1934
1935-5 Mos.-1934
Gross operating revenue_ $3,778,312 $3,723.703 317,366.004 $17,192,536
Operating expenses
2.101,676
2,114.847 10,679.003 10.617.533
Net operating revenue $1,676,635 $1,608,856 $6,687.001 $6,575,002
Taxes
148,044
686,237
90,406
423.513
Income from operation
$1,528,591 $1,518,449 $6,000,764 $6,151,488
Current rent deductions_
218,707
218.707 1.093,538
1,093.538
Balance
$1,309.883 $1,299,742 $4,907,226 *5,057.950
Used for purchase of assets of Enterprise
Dr31,218
Cr35,674
Dr4,287
Cr63.016
Bal.-City & company $1,345,558
Payable to City under
Contract No. 3
Gross inc.from oper
Fixed charges
Net incomefrom oper_
Non-operating income
4169
Financial Chronicle
Volume 141
31.268,523
$4,902,938 $5,120,967
*1.345,558 $1,268.523 $4,902,938 $5.120,967
867,440
4.337,202 4,258,775
842,425
$478,117
3.996
$426.098
726
Balance
8565.736
18.849
$862.191
6,353
$482.114
$426,825
*584.585
*868.545
Manhattan Division Operations
Period End. Nov. 30- 1935
-Month-1934
1935-5 Mos.-1934
Gross operating revenue $1,017,653 $1,005,472 $4,977,001 $4.931,917
Operating expenses
853,562
829,409
4,349.765
4.190,257
Net operating revenue $164,090
$627,236
$176.063
$741,660
Rent. of jointly operated
lines: Queensboro line
4,892
4,928
24.374
23,741
Lexington Avenue line
3.844
3.877
19.416
19.416
White Plains Road line
3,444
3,030
17,252
15,162
Other rent items
6,466
32,852
6.781
34,398
Bal. of net oper. rev.- $145,442
$157.445
$533.339
$648.941
Rate of Payment on 7% Notes
'The Bankers Trust Co. as trustee for the 7%
There is also a growing tendency among machine tool makers to specify
nickel steels of fairly high alloy content, according to Mr. Stanley. Steady
development in the air-conditioning and refrigeration field has also offered
an expanding market for nickel alloy iron castings, and leading canneries
and food manufacturing plants in the United States continue to expand the
use of monel metal equipment.
Production of electrical resistance wires, 60 to 80% nickel, has increased
during the past year, and at the same time the use of heat resistant alloys
expanded in industries whose processes include high temperatures and
corrosive conditions.
The radio industry continues as a large market for rolled nickel, Mr.
Stanley said and the development of the all steel radio tube is increasing
this consumption. In the automobile field nickel continued in large
demand and increasing production in this field should increase this nickel
consumption. Continued increase in the use of Diesel engines together
with advances in their design also contributed to the consumption of nickel.
Furthermore, the public works programs of the Federal Government in
the last year stimulated the use of large tonnages of nickel alloys for permanent installations in dams, tunnels, bridges, &c., and for parts of excavating
machines and other equipment used on these projects. Nickel bearing
alloys were also benefited by increased building activity throughout the
country.
-V. 141, p. 3693.
Interstate Department Stores, Inc.
-Sales-Month ofFebruary
March
April
May
June
x July
August
September
October
November
1934
1935
*1.098.592 *1,113.812
1,832.987
1.582,921
1,742.597
1.828.774
1.805.752
1,752,994
1,768,679
1.711.266
1.115,507
1.204,722
1.396492
1.442,778
1.544.329
1.463.181
1.934,907
2,077,810
1,760,838
1.997,820
1933
*902,342
1.127.467
1.561.488
1,529,215
1,657.448
1.204.500
1,394.011
1,483,648
1,687.579
1.520,700
x Ten months
*16.148.677 $16,025,279 $14.071.077
x Approximated.
-Above sales include company's own departments, but exclude
Note
groceries and leased departments.
-V. 141, p. 3380. 2590.
Iowa Electric Light & Power Co.-Pref. Divs. t.--e-L--2
notes, has determined
that the Jan. 1 payment Will be at the rate of $43 per $1,000 bond. PayThe directors have declared dividends on account of accumulations of
ment depends upon receipt from the Interborough of interest on the Inter871 cents per share on the 7% cum. pref. stock, series A; 8131 cents per
borough 55 pledged as collateral, which interest the Federal Court on Dec.3
share on the 63.4% cum. pref. stock, series B. and 75 cents per share on the
ordered the receiver to pay. The last four semi-annual payments havekeen
6% cum. pref. stock,series C,ail of $100 par value, and all payable Jan. 20
atjthe $43 rate.
-V. 141. p. 4017.
t
• cholders of record Dec. 31. Similar distributions were made on Oct. 21.
s
all1
- 40-1c ,,. , y 2G and March 20 last, Dec. 20 and June 15 1934, prior to which no diviInternational Cement Corp.-Listinq of Bonds and Stock'." ends had been paid since June 30 1932, when regular quarterly distribu! t
of $1.75 per share on the 7% pref,, *1.6234 per share on the 6)4%
The New York Stock Exchange has authorized the listing of t12.000,0001
pref.and $1.50 per share on the6% pref.stock were made.
-V.141, p.;280. /
10-year 4% convertible debentures. due Nov. 1 1945, and 162,903 additional shares of common stock (no par), on official notice of issuance, upon
---Johnson Publishing Co.
-Accumulated Dividend--e-e- r. (..-.
conversion of the debentures, making the total amount applied for 983.657 shares.-V. 141, p. 3692.
The directors have declared a dividend of $8 per share on account of
accumulations on the 8% cumulative preferred stock, par SM. The
'
--International Match Corp.
-5% Disbursed on Account dividend will be distributed as follows: $4 per share will be paid on
Jan. 1 to holders of record Dec. 21;$2 per share to be disbursed on April 1
of Debentures-1936. and $2 to be paid on July 11936. These will be the first dividends
PoDistribution of approximately *5.000.000 as a 5% dividend on the
paid on the issue since July 1 1933, when a regular quarterly dividend
debentures of the corporation was made Dec. 20 by the Irving Trust Co.
of $2 per share was distributed.
as trustee in bankruptcy. The payment was made pursuant to an order
Accumulations after the payment of the July 1 dividend will amount
Issued on Nov. 25 by Oscar W, Ehrhorn, referee in bankruptcy.
-V. 137, p. 2644.
to $16 per share.
ilea Originally,$100,000,000 in cash was paid by the public for the debenture
Issues. in connection with which this dividend is being distributed. The
Johnston National Storage, Ltd.
-Earnings
major part of this total, it is estimated, was supplied by American investors.
Earnings for the Year Ended July 31 1935
Prior to the collapse of the so-called "empire" of Ivar Kreuger and the
bankruptcy of the International Match, this total was reduced by sinking*18.039
Profit from operations
fund redemption to *96,400.500.
Depreciation
18,667
While the Irving Trust Co. will pay the dividend on the total amount
1.600
Provision for income taxes
of debenture claims allowed, many of the individual debenture holders
who have deposited their securities with the two debenture-holders' com$2,228
Net loss
mittees will obtain their dividends from other sources. About 15.000
Balance Sheet July 31 1935
checks were mailed to investors throughout the world, as well as to the
LiabilitIesAssets
committees.
$11,629 Accounts payable
$25,986
Cash on hand and in bank_ _ _
Cash available in the bankrupt estate amounted to only $9,870.91 in
37,249 Accrued charges
9,493
Accounts receiv.-leqs reserve
April 1932, when the Irving Trust Co. took up Its role as trustee. Since
Supplies on hand and prepaid
1st mtge. 5% bonds, due Jan.
that time sufficient cash has been realized by the trustee to warrant the
expenses
1 1960
228,600
12,186
recommending and approval of the 5% dividend on the outstanding dex237,924
Ordinary shares
Investment in and advances
bentures and the accumulated interest thereon.
17,217 Deficit
14,306
to affiliated company
h.The trustee's administration, to date, has resulted in an accumulation of
Equipment
125,538
cash which at present amounts to approximately $15,000,000, on $4.000.000
Land and buildings
222,848
of which the ownership is in dispute. The balance of $11,000,000, from
Organization and bond issue
which the dividend was paid, was realized through the trustee's operation
expenses, unamortized_
11,027
of 30 match factories in Europe and Asia, the collection of interest on
50,000
Good-will and agencies
foreign government bonds and other obligations, and the sales of assorted
assets. The principal asset was $21.000,000 of 6% German external loan
Total
$487,697
Total
$487,697
bonds of 1930 which were sold for $6.300.000. These were acquired in a
settlement with various Swedish banks. Ivar Kreuger had deposited these
x Represented by 12,506 no par shares.
securities with the Swedish banks as collateral for loans to himself and
Note
-The entire issue of 7% cumulative preferred shares was called,
certain of his companies.
canceled, and exchanged for 5% first mortgage bonds as per refunding plan
The rest of the cash, after the payment of the dividend, is being held
dated June 7 1935.
asra reserve pending the settlement of unadjusted claims, which amount
to about $65,000,000, and which have been made against thexstrb_y
Jones & Laughlin Steel Corp.
-Special Meeting
e
,..._
associated Kreuger companies.
-V. 141. p. 3693.
The stockholders will hold a special meeting on Feb. 14 to consider increasing the indebtedness of the corporation in the amount of *100.000,000
International Milling Co.(Del.)
and to issue a mortgage in said sum on all of the properties of the corporation
-Initial Pref. Dip,,,,
The directors have declared an initial quarterly dividend of $145 per
and certain of its subsidiaries. See also V. 141, p. 4018.
share on the 5% cum. red. s. C. 1st preferred stock, par $100, payable
(Geo. E.) Keith Co.-Consol. Balance Sheet Oct. 31Jan. 15 to holders of record Jan. 4.-V. 141, p. 3693.
1935
Assets1934
1934
1935
International Nickel Co. of Canada, Ltd.
1st pref. stock_ _ __35,000,000 $5,000,000
x Land. bldgs., ma-Record
chin'y & equip__$1,778,380 $1,929,383 y Coin.stk. & sur- 1,351,376 1,241,357
Consumption of Nickel Indicated for 1935
Virdwill, Walkover
Cap. & sur. owned
Statistics for the first ten months of 1935 indicate that the current year's
59,192
by mgrs., &c___
600,000
68,181
trade-mark, &e_ 500.000
business will be the largest in the history of the nickel industry, according
622,342 Loans payable_ _ _ 148,293
190,093
Cash
672,692
to R. C. Stanley, President of the company.
U. S. Treas. bds
100.000 Accts. pay., mugs,
150,000
YoWithin those ten months, world consumption of nickel in all forms totaled
Notes receivable. _
37,591
41,071
res. for taxes &
133,300,000 pounds as against 112.481,600 pounds in first ten months of
513,812
950,816
397,846
Awls receivable
992,948
pref. diva
the previous peak year, 1929, and 102.780.000 pounds in the like 1934
1,672,058 1,605,506 1st pref. treasury
Inventory
period.
Dr1,119,700 Dr916,800
Life insurance____ 108,166
99,357 stock
Although this further increase in consumption undoubtedly reflects a
Prepd. Ins. & exps.
29,448
19,857
tendency among certain world powers to strengthen their metal reserves,
Sundry Investmls
8,210
15,825
Mr. Stanley stated that an analysis of world nickel consumption definitely
shows that the great bulk of the metal continued to move directly into
Total
35,952,972 $5,980,678
$5,952,972 $5,980,678
Total
established peace-time needs. Reports from all centers indicate a general
x After depreciation of $2,142,425 in 1935 and $2,187,150 in 1934.
restocking of bins and replacement of obsolete equipment.
y Represented by 40.496 shares of no par value (stated value of $5 per
310A general trend has been noticed in the various fields of industry to
share).
-V. 141. p. 2892.
specify better grades of materials in the machinery and equipment now
being ordered for replacement purposes.
Kenmore Hall (145 East 23d St. Corp.)
-Payment
"It would seem that business as a whole is turning from a psychology of
Funds are now available to holders ofthe 1st mtge. 6% gold bond cerlaissez faire to a policy of forward planning, Mr. Stanley stated.
We
tificates, due July 1 1934, and July 1 1935, in the sums of $36.000 and
see this change time and again in the specification of nickel alloys in fields
$39,500 respectively.
where simple metals previously had been customary and for further improveBonds may be presented at any time to Continental Bank & Trust Co.,
ment in application already standardized on alloys. The durable goods
New York, and will receive interest to the date of such presentation, except
industries,for example, toward which we looked forward in 1934 have shown
that interest will cease to accrue on Jan. 1 1936.-V. 125. p. 2155.
Increased activity in 1935."
0. Mr. Stanley emphasized the progress made by the stainless steels and
(P. T.) Legare Co., Ltd.
-Bondholders' Committee Inother nickel alloys during the past year in the food and chemical industries
vestigating Discrepancies in Accounts
as resistants to corrosion and, in the transportation field, eliminating rust
deterioration and decreasing deadweight.
Holders of the 6% first mortgage bonds are informed that in the first six
"The progress made by the stainless steels during recent years when most
months of receivership operating charges were earned, with the exception
steel production was seriously curtailed, inspires confidence in the future of
of the cost of management supplied by the trustee in bankruptcy.
these alloys," Mr. Stanley declared. "In this future our industry has an
In a letter being forwarded to bondholders, the bondholders' committee,
important participating interest because of the nickel content in stainheaded by D. I. McLeod, is outspoken regarding condition of the company
less steel."
at the time of receivership. No indication is given as to amount bondEqually significant, Mr. Stanley continued, is the growing interest in
holders may recover from the receivership.
alloy cast rirons in which the consumption of nickel is increasing rapidly.
Assets available to the bondholders total $2,251.490, except for $142.961
The iron foundries offer the nickel industry a field potentially as Important
held as security by other creditors. Included in these assets are accounts
asithose of the structural and stainless steels.
receivable of $673,132 on which no provision for bad debts has been made.
I. The tonnage of nickel used as nickel anodes for electro-deposition during
Inventory is shown at approximate cost, while land and buildings are carried
the first nine months of 1935 increased substantially over the corresponding
at municipal assessed values which is well under the value shown on the
1934 period, Mr. Stanley stated, lie also pointed out that monel metal,
company's books, but which is probably higher than the prices that could
a nickel-copper alloy, now offers a combination making for a high strength
be secured at forced sales.
corrosion resisting metal and that nickel-bearing aluminum alloys are
The committee is investigating substantial differences between the
gaining greater recognition.
balance sheet certified by the company's auditors at the end of 1934 and
Financial Chronicle
4170
the statement of assets and liabilities prepared by the trustee in bankruptcy. Two years' arrears of taxes, totaling $111,288, has been paid off
out of funds deposited with the Royal Trust Co.. which has received $136,000 accruing from sale of former subsidiaries and other interests.
Bondholders are informed that they may withdraw their bonds from
deposit with the Royal Trust Co. if they wish to do so. There are $839,500
of series A bonds and $150,000 of series B bonds outstanding, both Part of
a 6% first mortgage issue. Interest accrued is $36,452 in addition, but the
trustee holds $9,740 in cash for the bondholders.
Included in the letter to bondholders is the approximate statement of
affairs as of April 4 1935. which was issued by G. S. Currie, trustee in
bankruptcy, last September. See V. 141, p. 2892.
Lehigh & Hudson River Ry.-Larger Dividend
Lehigh & New England RR.
-Earnings.1935
$244,727
28,874
30,616
3.153,262
773,994
769,507
1932
1933
1934
$269,667
$247,365
$261,955
18.020,71,219
68,775
55,731
20,211
3,193,376
751,415
678,274
2,784,414
665,517
626,403
3,015,291
731,480
710,891
Lehigh Valley 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. 3863.
1932
1933
1934
1935
$3,332,152 $3,101,493 83,188.790 $3,073,091
575,444
566,383
614,682
677,261
341,16
283,921
401,607
349,404
36,922.784 36.550,712 34,997.599 35,399,717
7,403,835 6,299,428
7,661.032 8,056,474
2,680,523
4.596,726
3.816.507
4,232,137
Libbey-Owens-Ford
Budget Plan
-
Glass Co.
-New
or not the public good would be served by removal of the elevated structure.
-V. 141, p.3232.
Manila Gas Corp.
-Earnings
Income Account Year Ended June 30 1935
Gross revenues
Operating expenses and taxes
$719,308
303,596
Net earnings
Interest and other income charges
Provision for retirements
$415.712
89.639
102,568
et income
The directors have declared a dividend of $1.50 per share on the capital
stock, par $100, payable Dec. 31 to holders of record Dec. 19. This
compares with regular quarterly dividends of $1 per share previously
distributed.
-V.141, p. 3539.
NovemberGrass from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.141, P. 3539-
Dec. 28 1935
Modernization
The company announced that it has completed a new time-payment plan
for residential modernization and commercial installation projects.
It is known as the Libbey-Owens-Ford Modernization Budget Payment
Plan, and is designed to take advantage of the liberal provisions of the
National Housing Act. Among its attractive features are endorsement
without recourse, 100% payment, low discount charges and payments as
low as $4.12 per month. Amounts to be financed cannot be less than
$70. Applications for loans should be made through Libbey-Owens-Ford
distributors, located in principal cities throughout the country.
On commercial instalations, a 20% down payment is required, with up
to 24 months to pay the balance. Amounts to be financed cannot exceed
850.000.
No down payment is required on residential modernization. The largest
amount to be financed must not exceed $2,000, and 36 months is the
maximum for time payments. Special terms on large contracts can be
arranged by application to the First Bancredit Corp.
-V. 141, p. 4018.
Loft, Inc.
-Earnings
1935-9 Mos.-1934
Period End. Sept. 30- 1935-3 Mos.-1934
Net sales
$2,703,182 $2,811,154 88,687,883 $9,124,007
Net loss after deprec.,
55,698
amortiz., taxes, &c__ _
235,183
65,321
328.388
-V. 141, p. 2741.
-New Director
Louisville & Nashville RR.
Menefee Wirgrnan, has been elected a director to succeed the late AttiIla
Cox.
-V. 141, P. 3695.
$223.504
Balance Sheet June 30 1935
Liabilities
Assets
$5,316,333 Bonds
-6% due July 1 1946_ _$1,077,000
Plant and franchises
5,318
28.018 Accounts payable
Cash
607
127.993 Consumers' deposits
Accounts receivable
14,782
Accrued taxes
Merchandise, materials and
3,897
170,914 Miscellaneous liabilities
sup19164
111,510
237 Payable to parent company_
Special and sinking fund deps_
1,248,315
6,692 Retirement reserve
Deferred debits items
12,143
Reserve for uncoil. receivable_
44,967
Other reserves
Common stock (15,000 shares
750,000
01 100 pesos par)
1,858,419
Capital surplus
523,228
Earned surplus
$5,650,189
85,650,189 Total
Total
Note
-1n the above statements. Ph lippine pasos have been converted at
-V. 126, p. 3449.
the rate of two pesos to the dollar.
-Organized
Marine Airlines, Inc.
-passenger Sikorsky
This company has been formed for operation of 23
amphibian planes between the waterfronts of New York City and Boston.
It is planned to make the trip in about one hour and 15 minutes, with oneway rate of $13.95 and a 10% reduction on round trips.
Marine Airlines, Inc.. applied for registration with the Securities and
Exchange Commission on Dec. 13 in connection with its plan to sell an
Issue of 165,000 shares. This is scheduled for Jan. 2.
David Van Alstyne, Jr.. of Van Alstyne, Noel & Co., Inc., which will
underwrite the issue, stated that so far the company has received unsolicited subscriptions for about 40% of the issue. The offering price will
3
be 9%. He also stated that the airline has agreed to seek registration on a
recognized exchange at tho request of the underwriters after the airline has
begun operations.
James M. Eaton, President, stated that delivery of the new planes is
expected next June or July, which wound permit inauguration of service in
mid-July.
The three new planes will cost $118,000 each, which it is said, would
leave approximately $200.000 working capital for the company to begin
Its operations.
The Boston landing site in the harbor is within three minutes of South
Station, Boston, it is said, while the New York terminal will be 23d St.
and the East River. Lease already has been signed for landing privileges
with the State of Massachusetts, it was stated.
The planes to be used in the service will carry 23 passengers and a crew
of three. They are of the type known as Sikorsky 8-43, powered with twin
wasps of 750 horsepower each. Amphibians will be used because tDePartment of Commerce regulations require that planes which fly a i arge
Portion of their route over land be equipped for landing at emergency airports.
Directors of the new lines include: James M.Eaton; Nicholas S. Ludington, of Ludington Airlines; Laurence M. Marks, of Laurence M. Marks &
Co. and also a Governor of the New York Stock Exchange; Benglamin B.
McAlpin, Jr.; J. Brooks B. Parker: Richard Reeve. Treasurer of the company;David Van Alstyne, Jr.,and Allen Walker. ("Wall Street Journal.")
-Transfer Agent
Masonite Corp.
Bank,
The Harris
"Lyons
-.Magnus, Inc.
-Accumulated Dividend- 24---''
41 ----transfer agent Trust & Savingsstock. Chicago, Ill., has been appointed
-V. 141, p. 3695.
the common
for
The directors have declared a dividend of 50 cents per share on account
-Cent Dividend
-27
of accumulations on the $1.50 cum. and partic. class A stock, no par ---Massachusetts Investors Trust
value, payable Dec. 31 to holders of record Dec. 23. A dividend of 25
cents was paid on Dec. 31 1934 and 37)-5 cents were distributed each
quarter from Dec. 31 1932 to Sept. 30 1934 inclusive. Prior to Dec. 31
1932 no dividends were paid since July 1 1930, when a regular quarterly
-V. 141. p. 1443.
payment of 37)i cents per share was made.
MacLaren Quebec Power Co.
-Government Contract
-V. 139. p. 3967.
See Gatineau Power Co. above.
-Earnings-Menasco Mfg. Co.
-Net SalesMcKesson & Robbins, Inc.
MonthJanuary
February
March
April
May
June
July
August
September
October
November
December
1935
810,532.634
10.071,119
10.917.744
10.973.631
10.610.668
10,190,927
10.307.383
10.675,533
10.956.245
12,207,098
11,644,473
The directors have declared a dividend of 27 cents per share, payable
Jan. 20 to holders of record Dec. 31. This payment compares with 20 cents
Paid on Oct. 21; 19 cents on July 20,21 cents on April 20 1935. 24 cents paid
on Dec. 311934, 19 cents per share paid on Sept. 29 and June 30 1934, 21
cents per share paid on March 31 1934 and Dec. 30 1933, 19 cents per share
on Sept. 30 and June 30 1933, and 20 cents per share on March 31 1933.
-V. 141, p. 2894.
Earnings for the Four Months Ended Oct. 311035
1933
Net loss after all charges
S8.598.303
-V. 141. p. 2282.
7.650,743
7.742,201
-Accumulated Div.4.13,620
1-47,5.39.051 %----11erchants Refrigerating Co.
8,545.505
The directors have declared a dividend of $1 per share on account of
the $7 cumulative preferred stock, no par value, payable
accumulations on
8.798,986
Feb. 1 to holders of record Jan. 24. A like payment was made on Nov. 1
8,178.903
8.629,646
and Aug. 1 last, prior to which regular quarterly dividends of $1.75 per
share were distributed.
9.316.223
9.217.882
Accruals after the payment of the current dividend will amount to $2.25
9,201.8.30
-V. 141, p. 2742.
Per share.
11.541.781
1934
811.549.832
9.753.342
11.585.545
9.928.061
9.975.412
9.811.048
8.598.161
9,869.635
9,989.528
11,236.658
10.752.8.34
11,402,575
-SEC Data Tell Deal by Van Sweringens
Mid-America Corp.
-Reports on Holdings Explain Mid-America's Transactions
in Alleghany Securities
McLellan Stores Co.
-82 Preferred Dividend, New York "Times" Dec. 24 had the following:
he
Total.
-V. 141, p. 3866.
S124.452.631
S104.981.03
4
The directors have declared a dividend of $2 per share on the 6% cumulative preferred stock, par $100. payaale Feb. 1 to holders of record Jan. 24.
The company issued the following statement in connection with the
above dividend:
-Resolved, that conditional upon consummation on or before Jan. 24
1936 of the plan of recapitalization of the company as approved by stockholders at the meeting held Nov. 20 1935, a dividend of $2 a share for the
four months period commencing Oct. 1 1935 be declared on the 30,000
shares of new 6% preferred stock to be outstanding upon the consummation of such plan.'
This marks resumption of dividends by the company, the last previous
payment on the old preferred having been in April 1932.-V. 141, p. 3695
Magnin & Co.
-Dividend Increased
The directors have declared a dividend of 18%; cents per share on the
common stock, no par value, payable Jan. 15 to holders of record Dec. 31.
This compares with 12)i cents paid on Oct. 15. July 15 and April 15 last.
and 10 cents paid each quarter from Jan. 15 1934 to and including Jan. 15
1935. Prior to Jan. 15 1934 no dividends were paid since April 15 1932
when a regular quarterly payment of 1214 cents was made.
-V.140, p. 2011.
-Merger--Malone Light & Power Co.
-V. 141, p. 926.
See Niagara Hudson Power Corp. below.
-Pays Five-Cent Extra Div.-Managed Investments ,Inc.
The company paid an extra dividend of five cents per share on the
common stock, no par value, on Dec. 23 to holders of record Dec. 17. A
similar extra was paid on Feb. 15 1934. The regular quarterly dividend
-V.138. P. 1240.
offive cents per share was paid on Nov. 15 last.
Manhattan Ry.-"El" Demolition Unopposed-
-$1 Extra Dividend- - -s,
11 e2
Middlesex Products Corp.
-
The directors of both Interborough Rapid Transit Co. and Manhattan
Ry. on Dec. 19 agreed not to oppose demolition of the Sixth Avenue elevated, under such conditions as Federal Judge Mack may approve in respect of the Interborough receiver.
Judge Mack has postponed until Dec. 30 the hearing of the Transit
Commission's views on New York City's petition for permission to proceed
toward condemnation of the Sixth Avenue Elevated line.
Judge Mack has said that, unless dissuaded by John J. Curtin, special
counsel to the Transit Commission, he will grant the city's request. Then
the city's first step would be to ask the Transit Commission to rule whether
Transactions by which the Mid-America Corp., a holding company for
the Van Sweringen interests, took over securities of the Alleghany Corp.,
held by the Vaness Co. and Vested Shares. Inc., also Van Sweringen concerns, when the securities were placed on the auction block in New York
City on Sept. 30. were shown Dec. 23 in reports of transactions in securities
of officers and directors and principal stockholders of corporations. The
data were made public by the Securities and Exchange Commission, with
which the reports had been filed.
George A. Ball of Muncie, Ind., who backed the Van Sweringens in the
,
transactions, was listed, as of Oct. 1. as holding no securities directly as
a beneficial owner, but as an indirect owner, disclaiming beneficial interest
and not disclosing the proportion of ownership, as holding the following
Alleghany Corp. securities through the Mid-America Corp.: Common,
2,064,492 shares; 5% cumulative preferred, ex-warrants, 3,950; $40
preferred, with warrants. 5.600; $30 preferred, with warrants, 25,000:
certificates of deposit for convertible bonds of 1950. $456,000.
The Mid-America Corp. also was listed as the beneficial owner on Oct:1
of 40,393 shares of common stock of the Cleveland Railway, which bad been
sold by the Vaness Co.
In the record of sales disclosure was made of the additional disposal of
629,132 common shares of Alleghany Corp. by the Vaness Co. and of the
disposal of 1,435.360 shares by Vested Shares, Inc., these two items equaling
the common holdings reported by Mid-America Corp. on Oct. 1. The
report aiso recorded the sales by these holding companies of other securities
of Aileghany Corp. acquired by Mid-America.
Reports of holdings for October also listed the Alleghany Corp. as the
holder on Oct. 16 of the following securities of Missouri Pacific: Common,
522,900 shares: preferred, 194.100 shares; 5%% convertible bonds of 1949.
$11,152,000.-V. 141. p. 2400.
The directors of this company (formerly the Reversible Collar -Co.)
have declared an extra dividend of $1 per share in addition to a regular
quarterly dividend of like amount on the common stock, both payable
Jan.2 to holders of record Dec. 17. A similar extra was paid on Jan.2 1935.
-SEC Application
Middle West Corp.
The corporation has filed a declaration under the Public Utility Holding
Company Act of 1935 covering the issuance of 3.310,757 shares of common
stock pursuant to a plan of reorganization of its predecessor, Middle,West
Utilities Co. The declaration includes scrip certificates for fractions of
Financial Chronicle
Volume 141
these shares and stock purchaselwarrants forT310,757 shares, together with
scrip for fractional warrants.
The securities are to be issued in exchange fro the outstanding securities
and obligations of the predecessor company, according to the terms of the
reorganization plan approved by the U. S. District Court for the Northern
District of Illinois, Eastern Division, in proceedings under Section 77-B
of the Bankryptcy Act.
Opportunity for public hearing before the Commission on the declaration
will be given at the offices of the SEC, Washington.
The Commission also announced a hearing at the same time on the
application of the corporation seeking the Commission's approval of a
plan to form a cot poration under the name of Middle West Service Co.
and to acquire the securities of that company.
-V. 141. p. 4019.
Middle West Utilities Co.
-New Securities to be Exchanged
Jan. 20
Daniel C. Green, Trustee, in a notice to the holders of serial convertible
gold notes and shares of preferred and common stock of the company,
and certificates of deposit therefor, states:
"The plan of reorganization, dated Sept. 24 1934. as amended, was confirmed by order of Court dated Nov. 27 1935. On or after Jan. 20 1936.
you may participate in said plan of reorganization in the following manner:
"(a) Holders of gold notes, whether or not they have filed claims, and
holders of certificates of deposit for such gold notes may obtain their allotment of stock of Middle West Corp. by surrendering for cancellation to
First National Bank, Chicago, transfer agent of Middle West Corp., such
gold notes or certificates of deposit held by them with June 1 1932, and
all subsequent interest coupons attached. Each holder of $1,000 gold
note or equivalent certificate of deposit will receive in exchange 32 whole
shares ofcapital stock of Middle West Corp.and scrip for 6-100ths of a share.
'(b) Holders of preferred or common stock or certificates of
therefor may obtain their allotment of stock and stock purchase deposit
in Middle West Corp. by surrendering for cancellation to First warrants
National
Bank, Chicago, transfer agent of Middle West Corp., such
preferred or common stock or certificates of deposit therefor.certificates of
holder
of outstanding prefered stock or certificates of deposit thereforEachreceive
will
for each four shares of preferred stock held by him, one share of capital
stock of Middle West Corp. and one warrant to purchase one additional
share of stock thereof.
"Each holder of outstanding common stock or certificates of deposit
therefor will receive for each 100 shares of common stock held by
him,
one share of capital stock of Middle West Corp.and one warrant to
one additional share of stock thereof. Scrip will be issued for all purchase
fractions
of a share of stock and for all fractions of a warrant."
-V. 141, p. 3867.
Minneapolis St. Paul & Sault Ste. Marie
Ry.-Earnings
[Excludes Wisconsin Central Ry.]
Period End. Nov.30- 1935
-Month-1934
1935-11 Mos.-1934
Total revenues...... $1,210,378 $1.036,470 $12,418,766
$11.689.778
Total expenses
934,230
879,036 10,586.053
9,913.682
Taxes & uncoil. ry. rev.74,893
37,125
793.978
776.218
Hire of equipment
Cr3,765
5,983
4,989
Cr39.377
.Rental of terminals
14,633
21,193
180,350
189,328
Net after rents
Other income, net
Int. on funned debt_ _- -
$190,386
55.925
445,060
Net deficit
-V.141. p. 3696.
$310,598
$93,132
55,404
428,455
$853.393
596,271
4,938,465
$849,927
748,774
4,735,141
$390.728 $4.681,342 $4.631,987
Missouri-Kansas-Texas Lines-Earnings
-Period End. Nov.30- 1935-Month-1934
1935-11 Mos.-1934
Operating revenues
62,561,737 $2,014,219 $24,916,953 $24,351.454
Operating expenses
1,771.297
1.699,427 19,807.630 18,821.269
Available for interest_ - _
555,303
82,140
1,851,257
2.083.040
Fixed interest charges- _
346,913
350,117
3.872,373
3,845.141
Interest on adjust. bonds
56.573
56,573
622,305
622,305
Net income
$151,816 def$324.550df$2,643.421 df$2,384.406
-V.141, e. 4019.
C.) Murphy Co.
-Stock Offered-Subscription certificates in respect of an issue of 40,000 shares of 5% cum.
pref. stock were offered at $100 per share Dec. 23 by Lazard
Freres & Co.; Lehman Brothers; Bluth & Co., Inc., and
Burr & Co., Inc. At least 28,000 shares of the 40,000
shares. have been purchased or reserved for purchase by
holders of 8% cum. pref. stock of the company, pursuant
to the prior opportunity afforded to them.
In addition to the above offering, the common stockholders of record Feb. 19 will be given the privilege to subscribe to 15,000 shares of common stock at $30 per share
(see below). This issue has not been underwritten.
A prospectus dated Dec. 17 affords the following:
`
----- G4
(
The 5% cumulative preferred stock is part of 50,000
ized (par $100). Preferred as to dividends and as to shares to be authorassets to the extent
of the redemption price in voluntary liquidation
involuntary liquidation, in each case with accrued and $100 per share in
dividends. Dividends
payable quarterly, cumulative from Jan. 2 1936. Redeemable on
any dry.
date in whole or in part upon at least one month's
notice at
share on or before Jan. 2 1939; $105 per share thereafter and $107.50 per
on or before
Jan. 2 1949: and $103 per share after Jan. 2 1949. No voting rights
except
for limited purposes. No pre-emptive rights.
Exempt from Pennsylvania
personal property taxes.
Company has agreed to make application in due course for the
listingaa
registration of the 5% cumulative preferred stock on the New York St
Exchange and proposes to make similar application with
respect to the
common stock.
5% Cumulative Preferred Stock (and Subscription Certifit
ales in resped thereof)
The directors have declared the regular quarterly
dividend of $2 per
share on the 8% cumul. pref. stock payable Jan. 2 to
holders of record
Dec. 21.
It is the intention of the company to call for redemption,
on
Feb. 3 1936, all outstanding shares of 8% cumul. pref. stock or prior to
given on or prior to Jan. 2, and to deposit on Jan. 2 a sum equal by a notice
redemption price ($110 per share) with Peoples City Bank, to the total
McKeesport,
Pa.,as redemption agent, to be used for such redemption. The
redemption
price will become available immediately on Jan. 2, the company
its right to defer payment until Feb. 3 1936. Any holder of old waiving
stock who desires to receive the redemption price in cash, may preferred
surrendering to the redemption agent his certificates for old do so by
preferred
stock. The dividend payable Jan. 2 will be covered by a separate
check
to holders of record Dec. 21.
Funds for the redemption of the old preferred stock, together with
funds will be obtained from the sale of subscription certificates in other
respect
of 40,000 shares. Subscription certificates are being issued, by
tion of the directors, because there is not sufficient time prior authorizato Jan. 2
for the taking of the corporate proceedings required for the issuance
of
the new preferred stock.
Prior Offering to Holders of 8% Cumulative Preferred Stock
Company wishes to provide an opportunity for holders of old
stock to retain a stock interest in the company. Accordingly, it is preferred
provided
in the underwriting agreement that the underwriters shall notify all holders
of the old preferred stock that they have a prior opportunity to purchase
subscription certificates at the rate of 11 shares of new preferred stock for
10 shares of old preferred stock at $100 per share. The prior opportunity
to purchase subscription certificates may be exercised to purchase subscription certificates for the largest number of full shares which can be
purchased with the proceeds of redemption, or for a lesser number of full
shares, at $100 per share.
Subscription certificates in respect of shares of new preferred stock will
be exchangeable for certificates of new preferred stock when the new
preferred stock is authorized, on such date not earlier than Feb. 3 nor later
4171
than April 2. as the company may determine, at!the office:of the transfer
agent, Bankers Trust Co., New York.
Common Stock Split-upgand Offering
The company proposes, by amendment to its articles of incorporation,rto
increase its presently authorized common stock to 500,000 shares (no par)
and to issue (without changing the stated value of the common stock) and
distribute to the holders of common stock of record on Feb. 19, two shares
of common stock in addition to each share of such stock outstandingLen
such date.
The company further proposes to offer to the holders of common stock
of record on Feb. 19. the privilege, for a period of 45 days commencing on
Feb. 191936 and ending on April 3.to subscribe,at $30 per share, to an additional 15,000 shares of common stock, subject to the becoming effective of
the amendment, in the ratio of one such share for each 30 shares which
will be outstanding after the issuance and distribution of the two additional
shares. To the extent that such shares are not subscribed they will,be
subject to issuance and disposition by the company in the same manner as
any other authorized but unissued common stock.
Application of Proceeds
-It is estimated that the net proceeds of the sale
of the preferred stock will amount to approximately from $3,823,290 to
$3,881,040 after deducting compensation of the underwriters and other
expenses. Of these net proceeds, $3,300.000 will be applied to the redemption, on or before Feb. 3 1936, of the entire outstanding 30.000 shares of
8% cumulative preferred stock at 11110 per share.
The remainder of such net proceeds, together with the entire 'proceeds
of the sale of the common stock (which it is estimated will be $438,515
after deduction of expenses), has not been definitely allocated. HOB
contemplated, however, that approximately $147,000 may be advanced to
Mack Realty Co.. wholly owned subsidiary, to be used by it to retire current
obligations; and approximately $600.000 may be used for the acquisition
(title, if acquired, will be acquired by Mack Realty Co. with Itioneys which
may be advanced by the company), construction and (or) equipment of
new stores and the remodeling and enlargement of existing stores, including
any working capital required therefor. The balance will be added to
working capital.
History & Business
-Company was incorp. in Pennsylvania Dec. 31
1919. Company is a corporation resulting from the merger and consolidation, effective on the preceding date, of G. C. Murphy Co. and Callahan
Stores Co., corporations organized in Pennsylvania on Feb. 17 1906 and
Nov. 26 1919. respectively. Company has one subsidiary, Mack Realty
Co., which was incorp. in Pennsylvana Jan. 2 1919 and is wholly owned.
Company is engaged in what is commonly known as the limited price
variety chain store business. It operates a chain of 189 retail stores in
the United States, which sell a general line of merchandise at prices principally from 5 cents to $I, although some merchandise is sold both below
and somewhat above this range. Among the types of merchandise sold
are candy, toilet goods, hosiery, men's, boys' and ladies' wear and other
dry goods, notions, stationery, toys, electrical supplies, fountain specialties,
hardware, and various household products. Restaurants are operated at
23 stores.
Mack Realty Co., which does a real estate business, is engaged primarily
in owning, except in one case, and leasing to the company, the land and
buildings at 35 store locations and at the company's warehouse in McKeesport, Pa. Mack Realty Co. also owns other properties, not material in
Importance, which are not used in the business of the company.
Sales-Bales for the five years ended Dec. 31 1934 and for the 9 months
ended Sept. 30 1935 and Sept. 30 1934. respectively, are shown below:
1930, $17,498,023; 1931,$19,238,362; 1932, $18,532.012; 1933, $21,884,789;
1934. $28,001.014; 1935 (9 mos.). $20,799,240; 1934 (9 moo.), $18,610,537.
CapitaThation-Giving effect to the proposed redemption of the 8%
cumulative preferred stock,the proposed authorization ofthe5% cumulative
preferred stock and the issue and sale of 40.000 shares thereof; and the
proposed increase in the authorized amount of common stock and the
Issue of 314,876 additional shares thereof, including the 15,000 shares
offered, the consolidated term indebtedness and capitalization of the company and its subsidiary would be as follows as at Sept. 30 1935:
Outstanding
Authorized
x$1,872,498
Consolidated term indebtedness
50.000 she. 401:00 she.
5% cumulative preferred stock (par $100)•
500,000 she. 464,814 shs.
Common stock (no par)
x The consolidated term Indebtedness is as follows: (1) G. C. Murphy
Co. serial notes payable to banks (a) Union Trust Co. of Pittsburgh,
$125,000, due Dec. 31 1935, with int. at 15i %; $125.000 Dec. 31 1936,
with int. at 2%;$125.000 Dec. 31 1937, with int. at 25476 $125.000 Dec.
31 1938, with int. at 3.%; (b) Bank of the Manhattan Co.. New York,
$125.000. due Dec. 31 1935, with int. at 1.36%; $125,000 Dec. 31 1936,
$125,000 Dec.
with int. at 2%;$125,000 Dec. 31 1937, with int. at 2%;
. (2) Installment loans for improvements to
31 1938, with int. at 2
leased properties (a) Harry Davis, Pittsburgh, Pa., due in quarterly installments to March 311952,with int. at 534 %,$155,144;(b) Maurice Kaufman,
agent, Wheeling, W. Va., due in semi-annual Installments to Nov. 1 1943,
with int. at 6%. $16,425; (c) Matilda D. Kessler, Seymour, Incl., due in
monthly installments to July 1 1941, without interest. $7,583; (d) Marcus
M. Marks, Alma T. Marks and Louise M. Goldberg, Erie, Pa., due in
installments every four months to April 27 1942, with int. at 6%.$11,600:
total. 81,190.752; less amount included in current liabilities. S261.054:
balance, $929,697; Mack Realty Co.,$942.800;consolidated term indebtedness. $1,872,498.
Underwriters
-The names of each principal underwriter of the 5%
cumulative preferred stock and subscription certificates in respect thereor,
and the respective amounts underwritten are as follows:
14.000 shs.
Lazard Freres & Co., Inc., New York
10,000 she.
Lehman Brothers, New 'York
10.000 she.
Blyth & Co., Inc., New York
6,000 shs.
Burr & Co., Inc., New York
Consolidated Income Account (Company and Wholly Owned Subsidiaries)
Years Ended Dec.31-9 Mos.End.
1934
Sept. 30 '35
1932
1933
Gross sales, less returns
and allowances
$18,532,012 $21,884,789 $28,001,014 $20.799.240
Cost of goods sold & exp. 17,676,091 20,128,125 25,557,601 19,325,091
Gross income
Other income
$855,921 $1,756,664 $2,443,412 $1,474,150
29,450
34,631
37,992
45,744
Total income
Income deductions
Federal income taxes__ _
Penna.income taxes-
$901.665 $1,794,656 $2,478,044 $1,503.599
172,718
194,177
211,568
163,286
178.200
308,840
102,737
253,652
36,700
Net income
Previous earned surplus_
$635,641 $1.346,826 $1,957,635 $1.115,982
3,493,979
4.971.713
2,471,313
2,627,053
Total surplus
Charge to surplus
Preferred dividendsCommon dividends
Balance. surplus
_
$3,106,954 $3,973,879 $5,451,614 $6,087,695
372.078
180.000
240.000
240,000
240,000
179,926
239,901
239,901
239,901
$2,627,054 $3.493,979 $4,971,713 $5,355,691
Consolidated Balance Sheet as at Sept. 30 1935
AssetsLiabilities
Cash
61,750,901 Serial notes payable to banks__ 6300,200
Accts. receivable, trade
113.553
54,803 Notes payable
Merchandise Inventories
2,259,712
5,559,284 Accts. payable, trade
Value of life insurance
23,061 Federal Income tax 1934
78,587
Miscall. accts. receivable
11,881 Dividend on preferred stock__
60.000
Store supplies, est, at cost
493,852
41,608 Accrued liabilities
Fixed assets
7,986,857 Prov.for Fed.& State Inc. tax. 214,900
Deferred charges
142,112 Due officer, incl. int. accrued..
69,521
Other assets
234,754 Term indebtedness due within
year
107,154
Purchase money, &c
144,000
Term indebtedness
1,872,498
Capital stock and surplus:
3,000,000
8% Preferred stock
Common stock (149,938 shs.) 1,196,914
Paid-in surplus
538,674
Earned surplus
5,355,691
Total
-V. 141, p. 3869.
v15.805,259
Total
$15,805,259
4172
Financial Chronicle
Missouri Pacific RR.
-Baldwin Resigns as Trustee
L. W. Baldwin. President of the road, has resigned as co-trustee of the
properties. Mr. Baldwin had been co-trustee with Guy A. Thompson since
June 1933.
Federal Judge B. C. Faris, after accepting Mr. Baldwin's resignation,
appointed Mr. Thompson sole trustee. Mr. Thompson in turn has
appointed Mr. Baldwin chief operating officer.
The court recently recommended to the trustees of"MOP" that they sue
Terminal Shares to recover funds already paid by the road on the purchase
agreement with the terminal company. If the trustees should sue as the
court recommends they might also have to bring into court certain directors
of the terminal company. Since Mr. Baldwin was a director of the latter
company, as trustee of MOP he was placed in the position of deciding
whether he should sue himself.
In a letter to Judge Faris, explaining his resignation, Mr. Baldwin states:
"In the matter of Terminal Shares contracts referred to in the opinion
numbered 41 of your honorable court, filed on Nov. 15 1935, Your Honor
authorized the trustees to employ Messrs. Frank and Green as counsel to
determine what action should be taken. Messrs. Frank and Green have
decided that suits should be brought against various parties and the petitions
they have prepared are in many respects at variance with and directly contradict my position in the hearings before Special Master Honorable Marion
C. Early. Under these circumstances it is manifestly impossible for me
as a trustee to take a position contracry to the evidence I have already given.
I feel, therefore, it is incumbent upon me in fairness to you to tender my
resignation as a trustee. I do this with a great deal of regret because of
the extremely pleasant relations I have had both with you and with my
co-trustee, Mr. Guy A. Thompson."
Mr. Baldwin was President of the Missouri Pacific when the contracts
were entered into, and made the agreement with 0. P. Van Sweringen.
acting for the sellers of the properties, under which the Missouri Pacific
agreed to buy them.
-V.141. p. 4019.
Nashville Chattanooga & St. Louis Ry.-Earnings.r- NovemberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.141. p. 3698.
1934
19.13
1932
1935
$1.068.019 $1,013.747 $1,014,478 ,, $910,794
75,912
152,849
90,704
72,068
47,792
108.618 ,
42,840
12,057
11,291,517 11,767,763 11.429,338 10.469,004
1.105,476
1.611,653
1.530.732 1.093,638
484,462
932,905
926,791
565,637
'-Nassau-Suffolk Bond & Mtge. Guarantee Co.
Bankruptcy Trustees Appointed
A motion by the State Superintendent of Banks to dismiss the petition
of the company for reorganization under the Federal bankruptcy laws was
denied Dec. 20 in Brooklyn by Federal Judge Robert A. Inch.
km/Judge Inch confirmed Theodore N. Rtpson, Francis B. Hamlin and Fred
D. Wood as trustees. They were appointed temporarily when the petition
was first heard.
-V. 140. P. 150.
National Bondholders Corp.
-Distributions
r'The board of directors has approved cash distributions aggregating
approximately $600,000 on 28 different series of its participation certificates,
according to announcement made by C. E. O'Neil, President. The distributions are payable to approximately 4,400 holders of record Jan. 2. Previous distributions aggregating about $4.000,000 make the total payments
to certificate holders approximately $4.600,000 to date.
Principal Distributions Authorized Dec. 20 1935 Payable to Holders of Record
Jan, 2 1936
% of Desig% of DesigSeriesrutted Principal Seriesnoted Principal
Empire Bond A series
9
Mortgage Guarantee AB series 5
B series
3
AC series
3
C series
3
AD series
3
Federal Home A series
6
AG.series
3
B series
4
Mortgage Security A series-- 3
C series
7
Mich-2 series
7
D series
8
National Reserve C B series__
7
F series
4
Title Investment A series_
7
Instalment Mortgage A series 7
B series
25
B series
5
Union Mortgage AN series_ _ _
3
C series
3
F series
5
D series
5
G series
3
Investors Mortgage A series.._
5
H series
3
Mortgage Guarantee A series_
4
3
AA series
-V.141. p. 3387.
National Power & Light Co.(& Subs.)
-Earnings
Period End.Nov.30- 1935-3 Mos.-1934
1935-12 Mos.-1934
Subsidiaries
Operating revenues
$18,214.478 $18,127.190 $71,813,225 $71,576,111
Oper.exps.,incl. taxes
10,101.532 9.896,330 39,545,224 38,872,873
Net revs, from oper- $8,112,946 $8,230,860 $32,268,001 $32,703,238
125,884
Other income (net)
22,909
7.478
29,853
Gross corporate
$8,120,424 $8.260,713 $32,290,910 $32,829,102
Int.to public & oth.dec- 3,118,439 3,215.680 12,456,666 12,859,402
Cr9,845
Int.charged to constr.-Dr254
Cr4.684
Cr24.853
Prop,retire. res. approp. 1,583,542 1,519.731
6.304,648 5,662,405
Balance
83,423,127 $3.525,048 $13,554,449 $14,317,140
Pref. divs. to public (full
div. requires. applic.
to respective periods
whether earned or un6.063,396
1,515.852 1.515,853 6,063,401
earned)
Balance
$1,907,275 $2,009,195 $7,491,048 18,253,744
Portion applic. to min.
21,798
4,772
interests
2,666
12,070
Net equity of Nat.
Pow. & Lt. Co. in
Inc. ofsubs
$1,904,609 $2.004.423 $7,478,978 $8,231,946
Nat.Power et Lt. Co.
Net equity of Nat. Pow.
& Lt. Co. in income of
subs.(asshown above) $1,904,609 $2,004,423 $7,478,978 $8,231,946
87,690
15,922
61,741
6,142
Other income
Total income
$1,910,751 $2.020,345 $7,540,719 58,319,636
172.174
77.028
Expenses, incl. taxes__
31.976
183,165
1,356,092
340,490 1,355,935
Int. to pub.& oth. deds340.686
Bal. carried to consol.
$1,538,089 $1,602,827 86,001,619 86.791,370
earned surplus
Note-All inter-company transactions have been eliminated from the
above statement. Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public. The "portion applicable to minority
interests" is the calculated portion of the balance of income available for
minority holdings by the public of common stock of subsidiaries. Minority
interests have not been charged with deficits where income accounts ofsubs.
have so resulted. The "net equity of National Power & Light Co. in income
of subsidiaries" includes interest and preferred dividends paid or earned
on securities held, plus the proportion of earnings which accrued to common
stocks held by National Power & Light Co. less losses where income
accounts ofindividual subsidiaries have resulted in deficits for the respective
'
-V. 141, p. 3869.
periods.
Pressure Cooker Co.
-Stock Offered-Public
offering of 40,000 shares of common stock will be made
shortly by Barney Johnson & Co. at $12.50,per share.
The stock represents part of a total capitalization of 100.000 shares.
Application will be made to list the stock on the Chicago Stock Exchange.
The company was incorp. in 1905. Plant is located at Eau Claire, Wis.
Company is engaged in the manufacture and sale of pressure cookers,
Dec. 28 1935
aluminum ware and can sealers. Its sales are principally made to larger
merchandisers having national distribution.
Stock to be sold consists of two 20,000-share blocks, to be acquired from
E. R. Hamilton, President of the company, and Jason & Co., an affiliate
of the Continental Illinois National Bank & Trust Co. The list of stockholders shows Mr. Hamilton as owning 39.125 shares on Nov. 30, Earle
S. Welch as owning 20,000 shares and Carl Nelson as owner of 8,000 shares.
Net profit before provision for Federal and Wisconsin income taxes for
the ten months ended Oct. 31 of this year is reported as $149,172, equal to
$1.49 a share on the 100,000 shares of $2 par value capital stock.
National Rys. of Mexico-Earnings
-[Mexican Currency]
Period End. Oct. 31
-Month-1934
- 1935
1935-10 Mos.-1934
Railway oper. revenues.. 9,712,975 9,114,591 95,676.313 86.498,781
Railway oper. expenses_ 7,573,508 6,713,249 72,898,036 62,820.477
Tax accruals and uncollectible revenue
75
472
298.035
Other income
122,987
50,830
457.108
1,048,691
Deductions
377.412
223,201
3,247.949 2,597,747
Net operating income.. 1,884,967 2,228,970 20,578,546 21,239,609
Kilometers operated__-- 11,289.017 11,287.417 11,289.017 11,287.417
-V.141, p. 3544.
National
-Standard Co.(& Subs.)
-Earnings
Consolidated Income Account Yegr Ended Sept. 30 1935
Net operating profits for the year ended Sept. 30 1935. after
deducting provision for deprec. of plant and equip't $196,677
Other income, interest (net) and sundry receipts
$386,618
38.862
Total earnings
Losses on assets sold or scrapped
Provision for U. S. A., Canadian and English income taxes---Minority stockholders' interest in earnings of English subsidiary
$425,481
3,038
68,519
5,715
Net income
$348.208
Consolidated Surplus Account Year Ended Sept. 30 1935
Initial surplus
680,508
Earned surplus at Sept.30 1934
$1,308,585
Consolidated net income (as above)
348,208
Excess reserve set up in prior years to reduce the book value of
marketable bonds to market value-parent company
18,442
Total surplus
Divs. paid $2 per share, less dive. on stock held in treasury
Federal capital stock tax adjustment as at Sept. 30 1934
Earned surplus, as at Sept. 30 1035
$1,675,235
268,340
1,161
$1,405,734
Total surplus, as at Sept. 30 1935
$2.086 243
Earnings per share on 134,170 no par shares capital stock
Consolidated Balance Sheet Sept. 30 1935
Liabilities
Assets.
Cash in banks and on hand_ _ _ $509,924 Accts. payable & accrued exps. $120,617
Provision for U.S.A., Canadian
Marketable bonds (mkt. value
572,649 and English income taxes__ 101,927
approx. $576,600)
Customers notes & accts. reele 289,762 Minority Interests In English
21,628
35,417 subsidiary
Sundry accts. reale & claims
11,500,000
3,319 Capital stook
Employees' notes & accts. rocDr158,800
530,518 Treasury stock
Inventories
680,508
Initial surplus
Prepaid Insurance premiums &
1,405,734
33,859 Earned surplus
other expenses
98,037
Other investments
Property, plant & equipment 1,404,414
Patents, trade marks, prepaid
royalties and other deterred
charges, at cost, less amortia 194,213
1
Good-will
83,672,117
$3,672,117 Total
Total
x Represented by 150,000 no par shares.
National Theatre Corp.
-Fox Seeking Control
-V. 140, p. 2192.
See Twentieth Century-Fox Film Corp. below.
-Earnings
Nevada-California Electric Corp.(& Subs.)
1935-12 Mos.-1934
Period End. Nov.30- 1935-Month-1934
$361,024 $5.261,812 85,221,594
Gross oper. earnings... $387,457
2,820,282
208,153 2,564,006
150.870
Oper.& gen.exp.& taxes
Operating profits_ - Non-oper. earnings (net)
$236.587
4,062
8152.871 $2,697,806 $2,401,311
9,269
106,666
96,068
Total income
Interest
Depreciation
Disc.& exp. on sec.sold_
Profit arising from (Ilea.
obtained in retirement
of bonds and debs
Other miscall. additions
and deductions
$240,649
114,898
43.118
8,288
8162,140 82,804.472 $2,497,380
1,430,217
1,493,038
121,922
587,013
43,664
643,507
8,551
101,359
103,063
Surp. avail, for red.
of bonds, dirs., &c_
-V. 141. p.3869.
5,106
238,875
255,594
5,224
2,384
48.923
38,213
$69.119
def$9,277
$819.340
$531,646
New Jersey & New York 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. 3387.
1935
$58,976
def14,820
def31,815
1934
$63,471
def16,648
def36,725
1933
$70,896
def14,140
def30,964
1932
889,327
4,484
def20,543
761.741
864,954
702,478
1,011,407
def179,632 def171,823 def61,405
48,323
def385,976 def394,863 def309,509 def223,527
New Orleans & Northeastern 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. 3544.
1935
$212,365
55,947
' 14.208
2,156,362
570,042
173,608
1934
$191,555
51,801
9.551
1933
$169,207
44,130
def1,336
1932
$141.698
4,661
def40,787
1,781,071
2,027,305
1,827,855
311,582
477,836
49,169
51,710 def202,872 def404,770
New Orleans Texas & Mexico Ry. System-Earnings
Period End. Nov.30Operating revenues
Net ry. oper. income- --V. 141, p. 3699.
1935-11 Mos.-1934
1935
-Month-1934
$732,664 $8,893.474 $9,006,511
$838,316
193,342
6,150
836,442
12,673
-Earnings
(Geo. B.) Newton Coal Co.(& Subs.)
1934
1935
1933
Years Ended Oct. 31x$54,957
x$108,956
$58.079
Net loss after depreciation
x Depreciation amounted to $52,191 in 1935 and $56,113 in 1934.
In his remarks President Charles A. Johnson says: "During the year
we sold and delivered 454.200 tons of domestic and steam coal.
"The ratio of current assets to current liabilities at Oct. 311935, is 4.73
to 1. as compared with 4.30 to 1 a year ago.
"Although the tonnage sold during the past year represents an increase
over that of the previous year, competitive conditions have become further
Intensified and caused your company to operate at a reduced margin of
gross profit."
Consolidated surplus account is reported as follows: Undivided profits,
balance Nov. 1 1934, 8333,418, deduct loss for year ended Oct. 31 1935
Financial Chronicle
Volume 141
$108,956. balance Oct. 31 1935. $224,462, special surplus. first Preferred stock sinking fund, balance Oct. 31 1935. $136.535. total surplus $360,997.
-V. 129, p. 4150.
'
New York Athletic Club, N. Y. City-To Pay on Bonds
Federal Judge John C. Knox, who recently approved a plan of reorganization under Section 77-B of the Bankruptcy Law, authorized on
Dec. 23 the payment of $69.000 to holders of defaulted bonds. The sum
represents interest of 2% for the nine months prior to Dec. 1 last.
-V.141,
p. 3869.
New York Central RR.
-Asks Approval of PWA Loan
-
The company has asked the Interstate Commerce Commission to approve
a $2,593,000 Public Works Administration loan for expendittires the road
plans to make in connection with the purchase of 35,000 tons of steel rail
and the laying of the rail during 1936.
Of the total loan the road estimated that $1,276,125 would be used to
buy Its 1936 rail tonnage; $816,375 would be needed for the purchase of
track fastenings and other equipment for rail laying and $500,000 would
pay for the labor involved.
The application shows that the Central plans to lay In 1936 on its lines
In the United States approximately 5,000 more tons of rail than it did in
1935. The road estimated that It would lay 30.000 tons of rail on lines in
this country this year.
ee
The central asked permission of the ICC to issue $2,593,000 4% serial
collateral notes to be due between June 1 1937 and June 1 1944, to be sold
to the PWA In connection with the loan. It also asked permission to pledge
under the notes $4,646,000 principal amount of New York Central 5%
refuncllng and improvement mortgage series C bonds.
-V. 141. p. 3869.
New York Chicago & St. Louis RR.
-Judgments
Awarded in Noteholders Suit
Two Judgments totaling $45,981 have been granted against the
by Supreme Court Justice John L. Walsh in favor of holders of 3 company
-year gold
6% notes.
One judgment in favor of Arthur Ohlbaum was granted on Ohlbaum's
assertion that when payment on his 12 bonds came due on Oct. 1
year it was not forthcoming. The court awarded him $12,000 of this
covering
incipal. $360 for interest and $194 for court costs. A Judgment
3
for
427 covering $32,000 principal and $960 Interest was awarded William
Heitzberg, the holder of 32 $1,000 bonds purchased on Oct. 1 1932.
Deposits under the company's;Ian for extending the company's
for three years stand at about 77* of the $15,000,000 issue, with an notes
additional 7% promised for deposit, he plan provides for an extension of
the
maturity from Oct. 1.last, for three years.
g
Earnings for November and Year
November1935
1934
Gross from railway
52,915,718 $2,515,926
Net from railway
959.843
677,603
Net after rents
620,611
270.974
From Jan. 1
Gross from railway
31,252,583 30.533,088
from railway
Net
10,107,348
9.734,172
Net after rents
6,082.402 5,064.960
-V. 141, p. 3870.
to Date
1933
1932
$2.523,188 $2.285,171
716,072
625.539
371.485
273.116
28.188,327 26,917.883
9,180,254 6.399,660
4,807.175
1,872.615
New York New Haven & Hartford RR.
-Trustees'
Salaries
The Interstate Commerce Commission has fixed $30,000 as the
maximum
annual salary which Howard S. Palmer, President,may receive during
his
period of service as President and trustee of the road. The
Commission
fixed $12,500 a year as the salary of W.M.Daniels and James Lee
Loomis,
the two other trustees of the road.
The salary of W. W. Meyer, Counsel for the trustees, was
limited to
not more than $15,000 a year.
Authorized to Lease Land to Armour
-
Trustees were authorized by the Federal Court at New
to lease land at Boston to Armour Sr Co., on which the Haven on Dec. 23
packing
plans to construct buildings costing $310.000. The lease was company
sanctioned
obr Judreoge Carroll 0.Cncks . nallvtntageo u cog road. now
. ie m tr 3u ic i
:
gi te th
ine process
a
ng
and
$35,000.
Merger With Pennsylvania Urged
-
A suggestion that the Interstate Commerce Commission's present
gation of the road embrace considerations whether the company investiconsolidated with the Pennsylvania was on file Dec. 24 with should be
The investigation was ordered by the Commission recently on the ICC.
tion after the New Haven had gone into trusteeship. When Its own moinvestigators
have finished gathering preliminary data on the road's operation,
hearings
will be held.
In a letter to the Commission, William G.Cunningham of Jamaica
Maas., said he approved of the investigation and asked that one Plains,
of the
proposed hearings be held in Boston. Describing himself as a
holder of
the carrier's stocks and bonds, he added:
"As a result of the proposed investigation, the
able to solve the long-existing problem of the railroad Commission may be
as to the advisability
of the consolidation of the New Haven with the Pennsylvania.'
Such a move, the letter continued. is "advocated by many
persons in this section, who contend that the New Haven conservative
and therefore cannot survive as a class I road which will giveis a short hail
proper service
to the public."
Mr. Cunningham said that the financial difficulties of the
New Haven
have caused "great distress" among investors.
"Furthermore," he added. "the interest of the general public
England is directly concerned because of the large investments of in New
insurance companies and mutual savings banks in this railroad." the life
Replying to Mr.Cunningham's communication, Commissioner
Charles C.
Mahaffio, In charge of the Investigation, said "it is not yet
practicable" to
arrange definite hearings, but that consideration would be given to
holding
one or more of them In Boston.
Offers to Renew Collateralized Loans
-
The company has offered to renew its approximately
$17.000,000collateralized loans held by the banks on a 4% "interest to follow
basis.' Interest, It is understood, will be paid quarterly. Collateral consists
system securities. The Boston "News Bureau" Dec. 27 stated: mainly of
The banks carrying these loans could claim legal title to the
that bankruptcy proceedings have been brought and Interest collateral now
defaulted, but
they have decided to go along with the road and hold their
collateral,
receiving, as stated, 4% on these advances. We understand
present time these loans have been made and renewed on a that up to the
discount basis
but the now terms provide for "interest to follow."
Of the $17.000,000 loans, New York banks hold something
over S8,000,000, Boston banks around $7,500,000 with some other
extended by Springfield and Providence banks. By the smaller amounts
original order of
Federal Judge Carroll C. Hincks approving the New Haven
bankruptcy
petition, the banks were restrained temporarily from
otherwise disposing of the collateral for loans, but a selling, converting or
of the matter has been reached by the arrangement satisfactory settlement
under which the banks
will get interest on the advances.
Earnings for November and Year to Date
Period End. Nov. 30- 1935
-Month-1934
1935-11 Mos.-1934
Railway oper. revenues_ $6,036,497 $5,589,442 $64,786,264
Net rev. from ry. oper
1,531,289
1,351,883 17.070,597 563,509,240
15,102,715
oper. income _
Net ry.
614,084
404,474
7,587.847
5.115,599
*Net def. after charges $419.758
$649,543 $3,263,398 $5.027,585
*Before guarantees on separately operated properties.
-V. 141, p. 4020
New York Ontario 8c Western Ry.-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. 3870.
1935
$657.450
161.347
105,925
1934
$626,832
109.408
16,811
1933
$777,445
179,195
109.047
1932
$764.736
180,117
113.466
7,750,615
1,847,131
1.062,332
8.680,596
2,065.734
1,038,498
8,820,796
2.442.591
1,556.801
9.666,799
2,789,101
1.676.203
4173
New York Rys.
trin
w
on the propRCorp.-eAgumnt
proposed plan for eo
any under
zation f the co
Section 77-B of the Bankruptcy Ac
conclu
Dec. 20 in Federal
court in New York. Judge Henry W. G
case when
who took t
Judge Robert D. Patterson relinquished it earlier, reserved decision and
asked both sides to file briefs. Judge Goddard said he hoped to reach a
decision on the fairness and workability of the plan in the near future.
-V.
141, p.4020.
New York Susquehanna & Western RR.-Earnings.NovemberGross from railway
Net from railway
Net after rents
From Jan. 1Grossfrom railway
Net from railway
Net after rents
-v. 141. P. 3388.
1935
$267,563
71,736
26,695
1934
$243.771
14,726
def38,904
1933
$245,558
38,436
41,998
1932
$267,456
67,535
35,015
3,242.024
870,938
309,230
3,304,920
780,214
301,006
3.059,308
695,079
248.501
3.198.429
895.010
391,450
New York Title & Mortgage Co.
-Action for $6,000,000
The New York "Times" Dec. 23 had the following:
John Holley Clark Jr. and Thomas Keogh of counsel for the trustees for
the series Q certificate holders announced Dec. 22 that they had begun a
$6,000,000 damage action against the Bank of the Manhattan Co. They
said that the complaint was served on the defendant's attorneys on Saturday. and that the papers would be filed in the Superme Court, New York
County, Dec. 23.
The complaint charges that the damages were inflicted by the Bank of the
Manhattan Company while it owned 98)i% of the stock of the New York
Title & Mortgage Co. from Jan. 1 1930. to the early part of 1933. It
contends that the defendant dominated the Title company to such an
extent that the officers of the bank managed the affairs of the company and
that the officers of the company were "ciphers and dummies."
According to the complaint, the defendant was interested in the sale of
certificates and conducted sales campaigns, obtaining commissions on sales
made,and profiting by the declaration of dividends by the Title company
from profits made by the sale of certificates and the placing and servicing of
mortgages. It is also alleged that the bank caused the Title company to
violate its contract with the certificate holders in several particulars, and
that as a depositary it allowed the deposit of mortgages contrary to the
provisions of the deposit agreement and of the certificates.
The complaint asserts that there are upward of $10.200,000 in Series Q
certificates outstanding, held by 3,200 persons. The trustees are Armin H.
Mittlemann,Joseph D.Nunan Jr.,and Harry V.Hoyt,who were appointed
by Supreme Court Justice Alfred Frankenthaler.
Confirming the service of the complaint, Wilkie Bushby of the law firm
of Root, Clark, Buckner & Ballantine, attorneys for the Bank of the
Manhattan Company, said that a similar suit in the same matter brought
by Mr. Clark was dismissed by Supreme Court Justice Julius Miller last
-V. 141, p. 4020.
spring.
New York Westchester & Boston Ry.-Trustee AppointedClinton L. Bardo, Clementon, N. J., who recently retired as President
of the National Association of Manufacturers, was appointed on Dec. 24
by Judge Carroll C. Hincks of the U. S. District Court at New Haven, a
trustee of the road.
-V. 141, p. 4020.
Niagara Hudson Power Corp.
-Merger of Subsidiaries -€
4
et /
The corporation took a far-reaching step in the simplification of its
corporate structure, Dec. 23, by filing a petition with the New York P. S.
Commission for consent to consolidate ten operating utility companies.,
nine of which are subsidiaries of the corporation, into one company. The
new company will continue the name Northern New York Utilities, Inc.
If this petition is granted, the Niagara Hudson will have eliminated,
since its formation in 1929. 29 of 65 subsidiaries. Seven of the 29 subsidiaries eliminated were holding companies, and 21 operating companies.
If the proposed consolidation is effected, there will be savings which will
be reflected in revised electric rate schedules benefiting the consumer.
The ten companies affected in the petition all serving areas in central
and Northern New York are:
Old Forge Electric Corp.
Antwerp Light & Power Co.
Peoples Gas & Electric Co. of Oswego
Fulton Fuel & Light Co.
Fulton Light, Heat & Power Co.
St. Lawrence County Utilities, Inc.
St. Lawrence Valley Power Corp.
Malone Light & Power Co.
Northern New York Utilities, Inc. Norwood Electric Light & Power Co.
Alfred H. Schoellkopf, President of the Niagara Hudson, in announcing
the filing of the petition said: "While the simplification of the corporate
structure of the company,especially in the elimination of holding companies.
is in line with the Federal policy, the company since its formation in 1929
has been consistently eliminating subsidiaries where it was possible and
advantageous to the public interest to do so.
"Previous to 1935 17 subsidiaries were eliminated. The petition to-day
will carp forward this plan of revising the corporate structure of the
,
system.
The petition to the Public Service Commission stated in explaining the
request for the consolidation:
"Your Commission is familiar with the steps that have been taken in
the corporate simplification of the subsidiary companies of Niagara Hudson
Power Corp., one of your petitioners herein, including the elimination of
Intervening holding companies and the consolidation of operating companies.
where possible and in the public interest. The consolidation of the operating public utility companies proposed to be consolidated as herein provided is in furtherance of such general policy of corporate simplification.
"The elimination of the necessity for maintaining such separate records
and the economies resulting from the operation of the properties of the
constituent companies by the consolidated company will all be in the
public interest. It is proposed that the consolidated company will, immediately upon the consununation of such consolidation, file with your
Commission revised electric rate schedules for the territory now served
by the constituent companies, making such savings immediately available
to such consumers."
In the ten subsidiaries the only preferred stock outstanding in the hands
of the public is that of the Northern New York Utilities, Inc. The plan
provides for the exchange of this stock for preferred stock in the new corporation.
-V. 141. p. 3516.
t-f
Norfolk & Western Ry.-Earnings-Period End,Nov.30-- 1935
-Month-1934
1935-11 Mos.-1934
Railway oper. revenues- 47,559,738 $5,891,413 $71,115,627 $68.865,125
Net ry, oper.revenues-- 3.817,040
2,268,071 30.178,942 25,863,128
Net ry. oper. income__ 3,162.673
2.035,631 24,525.958 20,494.968
Other inc. items (bal.)_ 20,952
22,010
935.357
1.199,833
Gross Income
$3,183,625 $2,057,641 $25,461,316 $21.694,801
Int. on funded debt,,._
178,816
296,634
2.661,097
3.241,276
Net income
$3,004,808 $1,761,007 $22,800,219 $18.453,524
-V. 141. p. 4020.
North Central Gas Co.
-Operations
--
Charles A. MIMroe, President of the company, announced that "construction of the company's new 162 mile transmission line, extending
from Clayton, Wyo., to Bridgeport, Neb., was completed on Dec. 2 1935.
Use of this new transmission line will result in an annual net saving in operating expenses to the company of more than $45,000, most of which saving
will not commence to take effect until the company is relieved of the rental
of the line of the Stanoline Pipe Line Co., which cannot extend beyond May
31 1936.
"Sales of gas for domestic purposes, the source from which most of the
company's net earnings are derived,are increasing at an unusually favorable
rate," Mr. Munroe said. "The increase from this source for the 11 months
ended Nov.30 1935, amounted to 32% over the same period last year, and
for the month of November, 1935, the sales from this source increased 43%
over the month of November 1934.
"The industrial and sugar factory sales, for the year 1935. will be comparable with the 1934 sales for these purposes.
"There was connected to the company's system, as of Dec. 1 1935. 4,001
meters, an increase of 15% over the number of meters connected as of
Jan. 1 1935.
"The net earnings before depreciation, taxes and Interest, for the 11 mos.
ended Nov. 30 1935, whow an increase of 28% over the same 11 mos. of
1934."-V. 141, p. 3700.
4174
Dec. 28 1935
Financial Chronicle
-Washington, D. C., until 12 o'clock noon, Eastern standard time, on Jan.
9,for the purchase of all (but not less than all) of $30,800,000 Pennsylvania
-year secured 4% serial bonds. due $1,100,000 on Jan. 1 each year
RR. 30
from Jan. 1 1937 to Jan. 11964. both dates inclusive.
-year secured serial bonds are dated Jan. i 1934:
The $30,800.000 47 30
trustees: Fidelity-Philadelphia Trust Co., Philadelphia. These bonds
constitute part of an issue limited to $31,900,000, of which $1,100,000 will
Northern Alabama Ry.-Earnings--mature Jan. 1 1936. Coupons are payable on Jan. 1 and July 1. The
1932
19341933
proceeds of this issue of bonds were used to complete the electricfication
1935
November
$49,875
$45,285
of the company's line between New York and Washington. together with
$49,206
$44,270
Gross from railway
22.860
18,003
various yards and the Passaic, Princeton and South Amboy branches.
13,058
8,891
Net from railway
7,880
2,761
The bonds are not callable prior to maturity.
def2.665
4.201
Net after rents
The bonds are direct obligations of the Pennsylvania RR.and are secured
From Jan 1
440,402
484,534
497,745
by the deposit of the following collateral:
506,951
Gross from railway
114,709
186,528
165,506
Principal Amt.
169,238
Net from railway
Bondsdef80,764
def10,941
17,141
6,616
Net after rents
Pittsburgh, Cincinnati, Chicago & St. Louis RR. gen. mtge. 5%
$4,610,000
-V. 141, p. 3546.
gold bonds,series D,due Aug. 1 1981
New York Bay RR. 1st mtge.5% gold bonds, series A. due May
-Merger
Northern New York Utilities, Inc.
8.299,000
11982
Par Value
-V. 141. p. 3546.
See Niagara Hudson Power Corp. above.
Stock9.700 shares Pittsburgh, Fort Wayne and Chicago By.common
-No Preferred Dividend44- Natock(7% dividend per annum payable from rental under lease
,
,
----- Norwalk Tire 8,c Rubber Co.
$3,970.000
The directors have decided to omit the dividend on the 7% cum. pref.
RR)
stock, par $50. for the final quarter of 1935. A dividend of 50 cents was
70,890 shares Pittsburgh, Cincinnati, Chicago & St. Louis RR.
paid on Oct. 1 last, as against regular quarterly payments of 87% cents per
capital stock (5% dividend per annum payable from rental .
7.089,000
share previously.
-V. 141. P. 3547.
under lease to Pennsylvania RR
170,140 shares Western New York & Pennsylvania Ry. common
4
-S3 Dividend-1--t
-Nozzema Chemical Co.
---`
stock(6% dividend per annum payable from rental under lease
8,507,000
The directors have declared a dividend of $3 per share on the common
to Pennsylvania RR.)
stock, no par value, payable Jan.3 to holders of record Dec. 31. A dividend
The bonds are in definitive bearer form in denominations of $1,000
of $2 was paid on July 1 last: $3 on Jan'. 1935; $1 on July 7 1933, and
as to principal only.
each, with coupons attached. They are registerable
$2.50 per share on Jan. 10 1933 and July 11 1932.-V. 140, p. 324.
Earnings for Company only
-Earnings
1932
1933
Ohio Associated Telephone Co.
1934
1935
November$31,601,045 $26,536,891 $26,982,541 $26,139,739
Gross from railway
1935-11 Mos.-1934
-Month-1934
Period End. Nov.30- 1935
8,196,323
7,975.950
7,042.913
9,221,360
Net from railway
$557.171
$583.048
$51,943
Operating revenues
$55,447
4,708,444
5.004,463
9,530
6,528,962 4,414,831
Net after rents
6.571
871
621
Uncoil. oper. revenue_
From Jan. 1
325,467
344.810
30,044
30.391
Operating expenses
335,770,750 316,757,639 299,655,725 306,530,974
Gross from railway
65.877
38,596
1.6514,525
Operating taxes
96,372,627 88,180,999 92,085,265 84.585,821
Net from railway
$156.297
$193.071
16,503
$22,784
Net oper. income..
64,001,055 55,683,035 57,548,059 46,559,004
Net after rents
-V.141. p.3547.
Earnings of System
-Earnings
Ohio Edison Co.
'Excludes L. I. RR. and B. & E. RR.]
& Southern Corp.]
[A Subsidiary of Commonwealth
1935-11 Mos.-1934
Period End. Nov. 30- 1935-Month-1934
1935-12 Mos.-1934
-Month--1934
Period End. Nov.30- 1935
Railway oper. revenues_$31.672,969 $26,590,633$336.487.237$317,434,182
$1.399.206 $1,318,664 $15,819,716 $15,158,831
Gross earnings
Railway oper. expenses_ 22.462.267 18,992.425 240,126,288 227,014.332
6,918.703
7,143,881
603,167
628,870
Operating expenses
1,817,427 24,165,900 22,550,640
Railway tax accruals__ _ 1,947.600
3.877,591
3,867.290
131,789
324,881
340,848
136.161
Fixed charges
10,675
16,513
Uncollect. ry. revenues_
1,200,000
7,617,206
100,000 1.350,000
100,000
6,621,850
Prov. for retire. reserve_
626,073
566,523
Equipment rents
1,866.836
1.866,882
155,573
1,497,620
1,571.646
155,573
Divs. on pref. stock
116.273
170,204
Joint facility rents
$135,1 $1,591.661 $10,69
04
$173,913
Balance
Net ry. oper. income.. $6,509,862 165,027,760 $63,865,392 $58,622,595
-V.141, p. 3700.
For purpose of comparison, the amounts charged to operating expenses,
- beginning August 1934. account of the Railroad Retirement Act, later
-$3 Corn. Div,
----Old Colony Light & Power Associates
-V. 141, p. 4022.
declared unconstitutional, have been omitted.
The directors have declared a dividend of $3 per share on the comWon
stock, no par value, payable Jan. 6 to holders of record Dec. 19. This
--Earnings
Pelzer Mfg. Co.
compares with $1.50 paid on Oct. 5 and April 5 1935. 75 cents on July 5
51933
-and 50 cents per
)
x1934
y1935
1934, $3.50 on Jan. 5 1934, $1 per share on Oct. 5 1933
Years Ended Sept.30$4,376,336 $4,132,009 $3.837.758
.41
share on July 5 1933.-V. 141, p. 2286.
0_
i t
prtrm vvr.
gross sales
208.662
217,410
165,840
exps.
ductions from sales, incl. sell.
3,392,017
Omaha & Council Bluffs Street Ry.
,
3,955,484
oat ofsales and operating expenses_ _ 4,306,244
9,326
7
3,066
Cr6,256
The company will on Jan. 1 1936. through New York Trust Co., 100
Other charges less other credits
304,662
interest to holders ofcoupons dated July 1
304,662
280,125
Broadway, New York,pay 2% %
Depreciation charged
7.510
18,607
7,826
1935. and 2 % to the holders a coupons dated Jan. 1 1936, attached to its
Current interest
first consolidated mortgage 5% gold bonds pursuant to the third extension
$84,419
-V. 139, p. 773.
$367,219
agreement and supplemental indenture.
Net operating loss, after all charges $377,443
289,194
Unexpended depreciation
2
7
\- -North & Judd Mfg. Co.-Extraa Dividend-K :
f 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
stock, par $25, both payable Dec. 31 to holders of record Dec. 23.-V.
141, p. 1777.
6
-Preferred Stock Reduced
Outlet'Co.
Stockholders, at a special meeting held Dec. 20 voted to reduce the
authorized first preferred stock from $925,000 to $494.700 and the second
preferred stock from $300.000 to $250,000.-V. 141, p. 3547.
-To Reorganize
Oval Wood Dish Co.
--
A petition under Section 77-B of the Bankruptcy Act was filed in Utica
Dec.26 by three creditors with claims of $1.056 asking reorganization of.the
company. Assets were put at $1,821,693 and liabilities at $586.935. of
which $7,888 is owed to trade creditors.
Admitting inability to meet obligations, the company consented to
reorganization. Judge Frederick H. Bryant signed an order enabling it to
retain possession of the plant and continue normal business. Creditors will
-V. 120. p. 339.
meet on Jan. 18 In Malone.
-Minority Suit
Pacific Western Oil Corp.
H. H.Cotton, minority stockholder and represented by McAdoo, Neblett & Warner, has brought suit in Superior Court at Los Angeles, Calif..
seeking recovery by the company of funds invested in Tide Water Associated Oil Co., Pacific Western Oil Corp., Pacific Western Oil Co., George
F. Getty, Inc. George F. Getty Oil Co. and Minnehoma 011 Se Gas Co..
and officers arid directors are named. The complaint alleges diversion of
over $4,000,000 from Pacific Western ordinary needs to aid J. Paul Getty
in seeking control of Tide Water Associated Oil Co. and Mission Corp.,
the latter owner of a fifth interest in Tide Water Associated. The suit
-V.
demands liquidation of these holdings. ("Wall Street Journal.")
141. p. 3700.
-14
' -7 -Reorganization Plan-0 44173 Parker Young Co.
-
The company has filed a reorganization plan in the U. S. District Court
In Concord, N. H. Judge George H. Morris of Concord has directed that
bondholders and unsecured creditors vote on the plan by Jan. 20. The
vote will be followed by a hearing Jan. 28 at Concord.
The company offers to pay 35 cents on the dollar to those who desire cash,
payable within 10 days after the plan is approved by the court, while
bondholders who wish to stay with the company are offered that privilege
with a 50% reduction of the face value of their holdings and the receipt by
them of five shares of common stock for each $1,000 bond so reduced. The
bonded debt of the company was about $1,500,000 when it went into
-V. 127, p. 2972.
receivership.
----Park Lane Corp., N. Y. City-Seeks to Reorganize
The corporation, operator of the Park Lane Hotel, Park Avenue between
48th and 49th streets, N. Y. City, filed a petition in the U. S. District
Court Dec. 20 for permission to reorganize under Section 77-B of the
Bankrupcty Act.
The corporation listed liabilities of $4,903,677. The corporation, which
has a leasehold on the hotel, set forth also that it had not paid rent since
1931.-V. 137, p. 1777.
-Earnings--.
Pathe Film Corp.(& Subs.)
Earnings for the Seven Weeks Ended Oct. 4 1935
Gross sales and rentals
conunissions
Agents
Cost of sales and rentals
Depreciation of properties
Belling, administrative and general expenses
' Profit from operations
Non-operating income
$166.369
9.002
119.144
2,923
31,383
$3.916
4,828
r Profit before interest and provision for Federal income taxes__ _
Interest on notes and loans payable
Provision for Federal income taxes
g8.745
3,080
600
r Profit
Minority interest's share of the loss of a subsidiary company
$5.064
544
$5,608
Profit for the seven weeks ended Oct.5 1935
Note
' -No dividends were received from Du Pont Film Manufacturing
-V. 141, P. 3871.
covered by this statement.
Corp. during the period
-RFC to Sell $30,800,000 Secured
Pennsylvania RR.
Serial 4s-Rids Open Until Jan. 9
The Reconstruction Finance Corporation has announced that it will
receive sealed bids at the office of its Treasurer, 1825 H Street, N. W.,
$204,774
$367,219
Gain in net curr. assets from opera_ $377,443
x Including Tucapau Mills and Lisbon Spinning Co. y Excluding Lisbon
Spinning Co.
Consolidated Balance Sheet Sept. 30
1934
1935
1934
1935
$
$
Liabilities$
$
Assets690.000
144,259 Notes payable__
371.712
Cash
payable and
328,199 Accts.
Accts.rec.(less res.) 333,046
182,101
290,318
accruals
994,424 1,860,639
Inventories
59,428 Capital stock ($5
60,656
Prepaid items.-- 364,770
364,770
par value)
Est, realizable val.
10.485.256 11.780,952
Surplus
of all remaining
assets of Lisbon
Spinning Co.,except cash & inter
40,000
company recs.__
I Plant account-.._ 9,340.505 10,625,299
11,140,344 13.017,824
Total
11,140,344 13,017,824
Total
Y After reserve for depreciation of $2,765,558 in 1935 and $3,164.720
in 1934.-V. 139, p. 4134.
Peoples Gas & Electric Co. of Oswego-Merger
--V. 134, P. 3274.
See Niagara Hudson Power Corp. above.
Pere Marquette Ry.-Pays Back $1,000,000
The company has repaid to the Reconstruction Finance Corporation
$1.000,000 of its $3.000,000 RFC loan. The company is expected shortly
to file with the Interstate Commerce Commission an application for release
of some of the collateral pledged under the loan.
Earnings for November and Year to Date
1935-11 Mos.-1934
-Month-1934
Period End. Nov.30- 1935
$2.655,456 $1,873,153 $25,797.02,5 $22,650,033
Operating revenues
4,816,326
6,488,764
300,010
850.224
Net oper. revenues_ 2,489,785
4,181.983
52,117
577.132
Net ry. oper. income__ _
387.855
334.099
19,487
21.000
income _
Non-operating
$71,604 $4,516,082 $2,877,640
3.353.497
3.260,528
302,275
Growl income
Deductions
$598.132
291,442
Net income
-V. 141. p.3548.
$306.690 def$230,671
$1.255.553 def$475.857
Philadelphia Rapid Transit Co.-Underlier Paymerts
Invalid
The U. S. Circuit Court of Appeals at Philadelphia has held that two
payments totaling $1,300,000 made this year by company to its underliers
for "use and occupancy" of their property were improperly authorized by the
U. S. District Court.
The Circuit Court decision ruled the underliers are to receive no further
use and occupancy" compensation unless they furnish specific information
as to the character of the property P. R. T.is now using and the period for
which the "allowance" is sought.
Sale of Taxicab Subsidiaries Approved
The sale of four taxicab subsidiaries to E.S. Higgins for $298.000 in cash
has been approved by the U. S. Circuit Court of Appeals at Philadelphia.
V. 141, p. 4022.
-Delivery of New Secs.
Pierce, Butler & Pierce Mfg. Corp.
Creditors are advised that the new secur.ties (or, in certain instances,
cash payments in lieu of such securities) are ready for distribution In conformity with the provisions of the modified plan of reorganization dated
Aug. 1 1935.
These new securities are voting trust certificates for shares of common
stock (par $5) of the new Pierce Butler Radiator Corp. which, as provided
in the plan, has succeeded to the business and assets of the predecessor
corporation.
Such voting trust certificates and cash will be distributed upon the
following basis: (1) To holders of 1st mtge. bonds or certificates of
deposit evidencing the same: Voting trust certificates representing one
share of common stock for each $50 principal amount of said bonds.
(2) To holden; of 6% gold noble; or certificates of deposit evidencing the
same: Voting trust certificates representing one share of common stock
Volume 141
Financial Chronicle
for each $89.91 principal amount of said notes, plus cash equal
to 5%
of the amount by which the total principal amount of notes surrendered
by any holder exceeds the nearest lower multiple of $89.91.
(3) To holders of bonds secured by mortgage on the plant at Zanesville.
Ohio, formerly of Federal Radiator Co.: Voting trust certificates
senting one share of common stock for each $50 principal amount repreof the
renewal bonds of this issue.
Holders of the above described securities may obtain such voting
certificates and cash to which they are entitled by surrendering trust
such
securities to Chase National Bank, 11 Broad St., New York, distributing
agent for such voting trust certificates and cash.
4) To general creditors (other than those whose claims are of the preclasses): Whose claims have been allowed in the
the reorganization, there will be distributed voting trust proceedings for
certificates for
shares of common stock upon the basis of voting trust certificates representing one share of such common stock for each
$89.91 amount of such
claims as so allowed. plus cash equal to 5% of the amount by which
the
allowed total of each such claim exceeds the
lower
$89.91, or, if the allowed total of such claim nearest than multiple of
is less
$89.91. cash
equal to 5% of its total allowed amount, upon application
to Pierce Butler
Radiator Corp., 701 Nichols Ave., Syracuse, N. Y.
-V. 141, P. 2748.
ceág
Pierce Butler Radiator Corp.
-New
Securities
See Pierce, Butler & Pierce Mfg. Corp.
-V. 141, p. 2748.
Piedmont Fire Insurance Co.
-Capital Increase Voted
-
Directors of the Piedmont Fire Insurance Co.
at a meeting held on Dec. 20. Voted to increase of the Aetna Fire group,
the capital to S1.000,000.
This figure has stood at $500,000 since last
April.
increase, President W. Ross McCain said that it was In announcing the
in accordance with the
plan of the Aetna organization to provide an
adequate capital structure for
each of the subsidiary companies.
The new capital consists of 50,000 shares
at
voted, these were purchased outright by the $10.par value. As soon as
Mayflower Securities Co.,
which is the holding company for the Wocld
Fire
the Century Indemnity Co. and the Piedmont. & Marine Insurance Co..
The Mayflower is entirely
owned by the Aetna Insurance Co.
The Piedmont began business in 1895 as
a North Carolina fire insurance
organization, and until its purchase by the Aetna
in July 1930. its business
was exclusively confined to its home
shares of the Piedmont the companyState. When the Aetna acquired the
$1.121,000 and a surplus of $853,900. had a capital of $1130,000. assets of
In February 1931, the capital was increased
to 8200,000. where it remained until April of this year when it was
brought II
0.-V.
140, p. 983.
Pillsbury Flour Mills Co.
(D.-1isti of Common
,
)_t
,
i
ig
4175
Steel Car Co. whereby General American would put up $1.500.060 and
receive in return 300,000 shares of new ($5 par) 5% prior cumulative convertible preferred stock and 30,000 shares of new common stock. The
plan as written would give General American voting control of the company,
as each share of new preferred and common would have one vote.
This new preferred would be convertible share for share into new common
stock. Kuhn, Loeb & Co. would act as reorganization managers.
The plan further provides that each present debentureholder would
receive par and accrued interest in new bonds. Present preferred holders
would get one share of new common and 6-10ths share of a new $50 par 5%
second preferred, of which a total of 81,610 shares would be issued. This
second preferred would be convertible into three shares of common stock,
but still could aggregate only one vote per second preferred share for the
first three years.
Present common stockholders would receive one-fourth share of new
common.
Thus there would be a total of 300,000 shares of prior preferred, 81.610
shares of second preferred and 268,816 shares of common issued initially.
General American would control 330.000 votes against a total of 320,426
votes for other classes of stockholders.
The groups representing the preferred stockholders and bondholders are
reported to have vigorously opposed the new plan. Judge Gibson gave the
several parties until Dec. 28 to file briefs.
Amendments were offered to the Lehman Brothers preferred stockholders'
plan by making the new income debentures, which carry warrants to purchase 30 shares of new common at $5 per each $1,000 bond held, convertible
into 80 shares of new common and by increasing the subscription privilege
of present bondholders for new first mortgage bonds to $150 from $100 per
S1.000 bonds held.
-V. 141. P. 4023.
Radio Corp. of America-Suit for $15,000,000
-
The corporation on Dec. 23 was made defendant in a suit brought by
the Raytheon Manufacturing Co. of Mass., asking $15.000,000 for damages
allegedly sustained because of the control R. C. A. allegedly exercises over
radio tube patents. The suit charged violation of anti-trust laws.
The U. S. Supreme Court ruled that the corporation must stand trial in
the suit.
In defending the case, the corporation had produced licensed agreements
signed by Raytheon carrying releases from any suit law. Raytheon
contended the releases were signed under duress after its business had been
destroyed in 1928 by the alleged radio monopoly.
The Radio Corp. contended the case was improperly brought as a law
suit-V. 141, p. 3391.
Rath Packing Co.
-Earnings
--
Years EndedSto k
Nlv. 2 1935 Oct. 27 1934 Oct. 24 1933 01. 29 1932
The New York Stock Exchange has
$34,937.695425.733,725419,064.908 $20.755.623
Gross sales
shares of common stock (par $25) und authoRzed he listing of 549.225
he ter
Freight & exp., outward,
of the agreement of
merger.
returns & allowances_
See x
See x
See x
2.065,315
The company was organized in Delaware
Cost of sales, selling, deally merge the Pillsbury Flour Mills, Inc.. Sept. 25 1935 and will eventuand all subsidiaries per plan outlivery & adm. exps_- 34,660,345 24,662.937 18.142.740 18,033,023
lined in V. 141. p. 3083.
Deprec. & obsolescence_
148,240
175,352
202.497
131,958
Initial Consolidated Balance Sheet, Nov. 1 1935
Other Inc. & exp., incl.
Assetsinterest, &c.
30,901
15,306
Cr4,644
LiabtlUtesCash
Prov. for Fed.inc. tax.15,500
123,704
102,888
$1,322,153 Acceptances payable-banks- 12
67,158
$505:0
.54 02
Trade sects. rec. (less reserve) 2,589.699 Notes
0
payable-banks
Bill of lading drafts under colNet profit
$82,709
$756,427
$616,783
$402,812
Trade accounts payable
lection
875,856
Preferred dividends
166,848
148.558
147,8801
Not
1,167,407 Loans payable-officers and
Inventories
Common dividends_ _ - 300,000
400,000
400,0001 available
20,702,705
stockholders
Advances on grain purchases_
137,315
Earns. per sh.00 200.000
200,210 Accrued wages and other cornMisc. accts. rec. (less reserve)
abs.com.stk.(par $10)
$3.03
Nil
$2.34
$1.27
925,747
pensation
Prepaid expenses
89,204
193,165 Property taxes accrued
x Net sales after deducting returns and allowances.
Fixed plant
179.589
14.204,558 Bond interest accrued
Comparative ConsolidatedlBalance Sheet
Movable plant (less depreca_
24,735
362,018 Miscellaneous
Trade memberships, &c
368,901
Nov. 2'35 Oct. 27 '34
AssetsLiabilitiesNov. 2'35 Oct. 27'34
81,280 Reserve for processing tax.._
Disc, on bonds, less amortiz.
1.105,478
$773,988 $388,672 Notes payable____ $215,100 $983.500
Cash
242,870 Dividend payable
Organisation exp. deferred__
220.000
Vouchers and other
Cash dep.in escrow
14,903 Res. for Fed..4 State taxes
Hydraulic rights
350,000
accts. payable__
as coll. to surety
89,394
261,639
1 Funded debt due within year
Goodwill, trade-marks, &c._
Federal processing
bonds
50,000
1 (estimated)
270,000
taxes
Fed. Sur. Relief
2,451,399
937.788
Funded debt
4,677,000
Corp. and other
Res. for Fed. taxes
15,948
133,684
Res, for contingencies, &c800.000
183,481 Pref. diva. payable
.
govt. agencies..
74,060
Capital stock (par $25)
13,730,825
Receivables, less
7% cum. pref stk_ 2,117,300 2,117,300
Initial surplus
6,152,794
1,502,442 1,423,655 6% pref stock__
reserve
.
588,100
Total
Inventories
2,909,793 Common stock_
2,877,140
$42,006.498
2,000.000 2,000,000
Total
$42,006,498
Note
73.847 Earned surplus... 1,185,260 1,561,607
92,067
Other assets
-At Nov. 11935. the predecessor companies,
by suits filed in U. S.
District Courts, had obtained temporary
Paid in surplus_
510,000
Property. plant &
510,000
injunctions from the courts
equipment
3.822,528 3,462,068
restraining the Collectors of Internal Revenue
from collecting the processing
Deferred and other
tax on commodities processed during the
period from May 1 1935 to Sept.30
140,061
assets
34,358
1935, and amounts aggregating
paid into court or deposited in $4,058,553 representing such tax had been
banks
$9,152,501 $8,579,578
abide the final determination of said subject to the order of the court to
Total
$9,152,501 $48,579,578
Total
suits. A reserve of $1.105.478 has
been provided for the processing tax on
-17. 141. It 1944.
month of Oct. 1935 and subsequent to commodities processed during the
Nov. 1 1935. under orders
said temporary injunctions, this
extending
Reading Co.
-Earnings.
amount was deposited in banks
to the order of the court to abide final
determination of said suit. subjecct
November1934
1933
1935
1932
--Polygraphic Co.of America, Inc.
,
ross from railway
$4,126,658 $4,172,671 $4,105,609 $4,017,278
-Initial Commorti
tfil ....„,4et from railway
The directors have declared an initial
1,195,157
2,932.478
1.335,272
1,115,372
the common stock, no par value, payabledividend of five cents per shareria
Net after rents
1,179,936
970,543
1,075.705
998.621
Jan.7 to holders of record Dec. 1.
rs
-V. 136. P. 2257.
From Jan. 1
Gross from railway
46,781,592 48,707.454 45.315.585 47,422,400
- Postal Telegraph & Cable Corp.
Net from railway
-Co-Trustee Named
13,929,927 14,932.236 15.057.313 11,661.101
- -. .T
General George S. Gibbs, President of the corporation
Neafer .872.
11,133,346 11.773,322 12.480,132 10,101.670
, was appointed on
Dec. 24 by Federal Judge Alfred C. Come as
with former Governor Alfred E. Smith in the a temporary trustee to serve
under Section 77-B of the Bankruptcy Act. reorganization of the company Thlever Copper
-Special Meet
e
ec Brass Inc.
Judge Coxe appointed Mr. Smith
temporary trustee on Dec. 10 and
The stockholders will hold a special meeting on Dec. 30 to dOlisider the
reserved decision on the appointmenasof
t
Mr. Gibbs until all parties concreation of a first mortgage on the properties and assets of e corporation
cerned could confer with Mr. Smith and obtain
his views At the hearing
in the aggregate amount of $9,200,000 nd to call for redemption the first
Dec. 24, all parties, except the so-called
Stewart bondholders conunittee,
mortgage 6% sinking fund series
bonds at 10736% plus accrued
favored the appointment of Mr. Gibbs to
serve
interest.-V. 141. p. 4023.
opposition from the Stewart group was based on with Mr. Smith. The
the fact that Mr. Gibbs
was identified with International Telephone
& Telegraph, which owns
e ersible Collar Co.
-e448-C
-N
the common stock of Postal.
all
me ot-this-eerapsny was recently changed to Middlesex Products
Judge Coxe set Jan. 23 for hearings to name
permanent trustees.
. 139. p. 4135.
In appointing General Gibbs, Judge Coxe stated:
"I think it would be
unwise to change the operating management
at
ichardson Co.
-Doubles Dividend
Indications are that Judge Coxe will make boththis time.'
General Gibbs and former
The directors have declared a dividend of 80 cents per share on the
Governor Smith permanent trustees, which will insure
the present manageno-par common stock, payable Dec. 28 to holders of record Dec. 21. This
ment in operation of the properties.
compares with 40 cents paid on Dec. 28 1934: 20 cents on Dec. 22 1933,and
After Benjamin A. Javits, counsel for the Stewart
5 cents per share paid on Dec. 30 1932,Vils latter payment being the first
the appointment of General Gibbs, Lansing P. Reed, group, had opposed
of counsel for Intermade since Nov. 15 1930, when a regular quarterly dividend of 40 cents
national Telephone & Telegrapn, stated that the
per share was distributed.
-V. 140. p. 325.
Gibbs "was important to uphold the morale of theappointment of General
Eustace Soligman, counsel to the Lehman whole staff.(H. W.) Rickel & Co.
bondholders committee,
-Earnings
representing $23,000.000 in bonds, urged the appointment of
General Gibbs,
Judge Coxe stated that former Governor Smith
3 Months Ended Nor.30
1935
1934
that General Gibbs be selected as the other trustee. had expressed a desire
Net income after taxes and charges
$56.793
$23,255
Earnings per share on 325,000 shares
$0.07
$0.17
Earnings for 9 Months Ended Sept. 30
-V. 141, p. 3392.
1935
1934
1933
1932
Earnings
$21,047,016 $21,334,767 $20.702,765
Richfield Oil Co. of Calif.(& Subs.)
$21,267,841
Oper. gen. exps., taxes,
and depreciation
'
x20,377,463 x20,257,997 19,715.835 2
Consolidated Statement of Earnings for Stated Periods
Gen. int. and charges of
0.492.845
assoc. companies
Jan. 1 '35 to Jan.15'31to
208,977
220,377
248,647
Period Ended168.707
Int. on coll. trust 5%
June 30'35 June 30'35
Profit ofthe Western cos. before depie.deprec.,loss
gold bonds
1,902.752
1,907.673
1.880.362
on abandoned properties, &c
1.839,412
$906.379 $12,539,034
Depletion on producing properties
Net loss
514,985 9,077,882
$1,442,176 $1,051,280 $1,142.079
Depreciation on other properties
$1,233.123
1,207.122 11,278,564
x The provision for depreciation for the nine months ended
Loss on properties abandoned or sold
Sept. 30 1935
1.063,007
9.866
amounted to $1,393,495, as compared with $1,385,125 in
1934.
0. Note-Gross earnings for the nine months ended Sept. 30
Loss
1934
$825,595 $8,880,419
a profit of $266,363 on retirement of a portion of the capital stock included
Operating profit of Richfield Oil Corp. of N. Y. to
of Commercial Pacific Cable Co., 25% of which is owned by
April 30 1935(date ofsale
-May 14 1935)
31.410loss2,577,368
a subsidiary of the Postal Telegraph & Cable Corp. Mackay Companies,
Int. accrued from Jan. 15 1931 on obligations of
Interest on the outstanding bonds and debenture stock for
Richfield Oil Co. of Calif. & Pan American
the period
subsequent to Jan. 1 1935 has been accrued but not paid -V.
Petroleum Co.:
141, p.3871,
Pan American Pete. Co.bonds(to Mar.4 1932)_
Pressed Steel Car Co.
-General American Transport
637.154
Purchase money obligations
14,864
234,995
Corp. Submits Bid for Company-Lehman Plan Revised ation
Income from forfeited leases
819.108
Discount on Pan American Pete. Co.bonds purch'd
The General American' Transportation Corp. has submitted
Cr172.785
to the
Federal District Court at Pittsburgh a plan of reorganization for
Pressed
Loss for the period
$809.049 $12,976,259
Financial Chronicle
' 4176
Consolidated Balance Sheet June 30
1934
1935
Assets$36,212,831 $43,945,728
a Capital assets
27,992
38,265
Sinking and released property funds
39,785
23,492
Other special funds and deposits
44,975
Impounded funds
2.336,628 3,217.422
Invests. in and advances to controlled cos
664,556
668.549
b Miscall.invests., ds long-term receivables
230,189
Claim for refund of Federal income tax
1
c Officers and employees
4.537,248 4,154,763
Cash
276,566
266,571
d Notes receivable
2,270.620
1,911.663
e Customers' accounts receivable
17,072
26,321
Officers and employees
258,796
265.886
F Miscellaneous accounts receivable
5,964,684 7,799,193
Inventories
988,189
874,111
Materials and supplies
418.955
Other current assets
1,281,285
1,249,508
Deferred charges
$54.794,714
Total
Liabilities
1st mtge.coll, trust sink,fund gold bonds,series A,
$24,981,000
6% convertible
-year cony.
Pan American Pete. Co. 1st mtge. 15
9,145,400
6% sinking fund gold bonds
1,255,000
Mortgages on head office building
211,250
Purchase money and drilling obligation
62,421
Notes payable
Purchase money & drilling obligations maturing
144,343
within one year
21,236,450
Accounts payable,accrued taxes,&c
992,538
Accrued interest on bonds
1,183,148
Due to controlled company
Reserve re lease litigation vs. U.S. Govt.
38,352
Deferred credits
9.997,500
7% preferred stock
51.531.439
g Common stock
65,984,130
Deficit
$65.217,134
$24,981,000
9,145,400
1,322,500
955,445
45,080
1,257,276
21,829.187
992,538
1.246.205
9,253,053
111,418
9,997.500
51,531,439
67.450,909
Dec. 28 1935
organization under the amended bankruptcy law on the ground that the
Southern Pacific could remove the necessity for such a step.
Daniel Upthegrove, President, testified on Dec. 23 that the Southern
Pacific's withdrawal of financial support had forced his railroad to file,a
petition for reorganization under the amended Bankruptcy Law.
He said he told the road's directors on Dec. 12, the day the petition was
filed, that the Cotton Belt had completely exhausted its collateral and.
without Southern Pacific's support, could not obtain additional financing.
The Reconstruction Finance Corporation and two banks had declined to
extend loans due Dec. 1, Mr. Upthegrove testified, in denying the contentions of three bondholders that the obligations had been extended.
Hale Holden, Chairman of the board of the Southern Pacific, told him,
Mr. Upthegrove said, that it no longer would lend its credit or advance cash
to the Cotton Belt.
Mr. Upthegrove was the first witness at a hearing opened by Federal
Judge Charles B. Davis at the request of three bondholders that the railroad prove its "good faith" and sustain the material allegations of its petition for reorganization under the amended Bankruptcy Act.
The hearing originally was intended for appointment of trustees in bankruptcy to manage the road, but its character was changed when the bondholders filed responses asking for dismissal of the road's petition.
Judge Davis asked for suggestions for trustees, should such appointments
be made. Those proposed were Daniel Upthegrove, President of the Cotton Belt; Toni K. Smith, President of the Boatmen's Bank of St. Louis;
John S. Leahy. a St. Louis lawyer, and Arnold G. Stifel, a St. Louis stock
and bond broker. Mr. Smith was proposed by counsel for the RFC.
Earnings of System
1935-11 Mos.-1934
-Month-1934
Period End,Nov.30
- 1935
Railway oper. revenues- $1,365,563 $1,088,180 $14,318,233 $13.163.733
4,507,166 4,083.107
438,995
Net rev, from ry oper_ _
302.331
1,949.124
138.452
274.482
2,293,825
Net ry. oper. income--81,759
25,432
5,344
69,907
Non-operating income-Gross income
Deductions
Net income
$279,827
279,488
$163,885 $2,363,733 $2,030,883
2,908,044
280,718 2,904,845
$338 def$116,832 def$541,111 def$877.160
-Third Week of Dec.- -Jan.1 to Dec.211934
1935
1934
1935
$256,010 515,299,370 $13,853,793
$365,500
Gross earnings
$54,794,714 $65,217,134
Total
-V. 141, p. 4024.
a After depreciation and depletion of$19,501,943 in 1935 and $17,890,634
In 1934. b After reserve of$125,875 in 1935 and $160,826 in 1934. c After .." -Sanford Mills
-$1 Dividend
-reserve of 5620.587. d After reserve of $106,011 in 1935 and $221.292 in
The directors have declared a dividend of $1 per share on the common
1934. a After reserves of $315,894 in 1935 and $369,693 in 1934. f After
stock, no par value, payable Dec. 24 to holders of record Dec. 16. Similar
reserves of $84,954 in 1935 and $260,657 in 1934. g Represented by
payments were made on Aug. 31 and Jan. 18 1935. July 15 1934, and Jan.
-V. 141. p. 4023.
2,061,257 no par shares.
15 1934. On Sept. 1 1933 50 cents was distributed while on Jan. 15 1932 a
-V. 141, p. 1284.
dividend of 25 cents per share was paid.
Richmond Fredericksburg & Potomac RR. Earnings.
Seaboard Air Line Ry.-Earnings.1934
1933
1935
1932
November$453,708
$435,992
$494.913
$409,165
Gross from railway
1932
1933
1934
1935
November43,949
68.917
66,507
64,149
Net from railway
$2,852,969 $2,758,295 $2,672,603 $2,404,118
Gross from railway
def2,074
14,467
20,902
13.372
Net after rents
214,649
476,365
335,579
Net from railway
From Jan. 1
3,239
• 281,322
113,221
39,221
Net after rents
5,551,482 5,402,298 5.756,665
5.884,509
Gross from railway
From Jan. 1
944,166
931.790
1,172,102
1,181,051
Net from railway
30,826.135 30,897,832 28,763,236 28.087,406
Gross from railway
311,791
284,806
405,441
404,078
Net after rents
2,975,246
5,170,125
4,563,557
Net from railway
-V.141. p.3549.
80,802
1.387,805 2,284,162
1.329.169
Net after rents
-V.141, p. 3550.
-To Reorganize
--Robert Treat Hotel Co., Newark, N. J.
--.t
-Extra Div.
-- Securities Investment Co. of St. Louis
The company has filed in Federal court, Newark, N.J. a petition to re- --eZ,......_
.
The directors have declared an extra dividend of 75 cents per share in
organize under Section 77-B of the Bankruptcy Act. Federal Judge Guy L.
addition to the regular quarterly dividend of 50 cents per share on the
Fake permitted the filing and authorized the company to continue to operate
Dec.
no-par common stock, both payable Jan. 21 to holders of record while20.
further order,
the hotel until
on
An extra of 25 cents was paid on July 1, last. and Jan. 2 1935,
The petition stated that neirtiations are under way for a loan of $200.000
Dec. 31 1934 a special dividend of 50 cents per share waslistributed.
from the Reconstruction Finance Corporation to the proposed new
-V.140, p. 4415.
ration.
sets are listed at $1,992,433, principally the building and land at 48
'
-Extra Dividend-i 4---e-- L"---Shasta Water Co.
and 50 Park Place, Newark. Liabilities are put at $1.580.517, of which -The directors have declared an extra dividend of 40 cents per share In
$1.128,500 is in outstanding first mortgage bonds and $298,945 In unpaid
addition to the regular quarterly dividend of like amount on the common
interest on the issue.
stock, no par value, both payable Jan. 2 to holders of record Dec. 24.
In the first 11 months of 1935 there was a net operating loss of $62,533,
-V. 140. p. 4415.
Similar payments were made on July I, last.
the petition states, as against $93,973 in the same period last year.
of common stock, 1,100 ate in a voting trust ownedby
Of 1.500 shares
-7'o Refund Preferred Stock
'`...Sherwin-Williams Co.
'
-V. 141, p. 4023.
the United Hotels Co. of America. (Del.).
The company announced on Dec. 21 that it will refund its present 6%
-Merger
issue, but will not enlist the aid of underwriters
St. Lawrence County Utilities, Inc.
preferred stock with a 5%
-V.140, p. 3907.
izaa trking firm. It plans to complete the deal within its own organor tio
See Niagara Hudson Power Corp. above.
c°rff
-Merger
St. Lawrence Valley Power Corp.
-V. 119. p. 464.
See Niagara Hudson Power Corp. above.
-St. Louis
-San Francisco Ry. System-Earnings
1935-11 Mos.-1934
Period End. Nov. 30- 1935-Month-1934
$3,681:740 $3,172,563 $38,841,592 $38,792,660
Operating revenue
3,065,602 a34,683.369 32,900,671
3,223,469
Operating expenses
164,401 def163,916
2,308,470
1,037.136
Net ry. open income
31,036
13,439
278.205
408,751
Other income
•Total income
Deductions
$177,841 def$132,880 S1,315,342 52,717,221
5,784
75,219
68,397
5.515
The new 5% stock will not be registered with the Securities and Exchange
Commission. There is around $14,500,000 of the 6% preferred outstanding, the bulk of which is held in Ohio. Preferred stockholders are being
advised they may send in their stock and receive in exchange the new 5%
issue which is identical with the 6% present preferred in every respect
except the dividend rate. It is not necessary for stockholders to vote on
the issuance, as the new stock is merely a part of that authorized some
time ago. The plan is being worked in the proposed fashion in order to
save the underwriting expense.
Those shares of preferred stock not exchanged for the new issue will
be
called.The company has a total authorized issue of preferred stock of$40,000,000
and originally put out 515.000.000 of 7% in 1920. That stock was later
refunded with the present 6% issue in 1927.-V. 141, p: 3084.
$138.664 51.240,122 $2,648,824
Bal. avail.for int., &c. 5172.325
-Pays Extra Dividend
to Nov. 36 1§73 .-----Smith Agricultural Chemical Co.
a
- MaintenanCe of way and stiuctures for pericir
includes charges of $138,781 levee district assessments pertaining to a prior
The company paid an extra dividend of $2.50 per Share on the common
period, and 8241,801 expense resulting from flood damages. Other expenses
stock, no par value, on Nov. 16 to holders of record Nov. 14. The regular
for period Jan. 1 to Nov. 30 1935 includes credit of $361,271 for reversal
-V.
1uarter 02ividend of 12% cents per share was paid on Nov. 1 last.
q41,r y d5
.14
of accrued company contribution under the Railroad Retirement Act, for
period Aug. 1 to Dec. 311934. Nov. 1934 included charge of $70,947 and
-Earnings-V.141, p.4023.
period Jan. 1 to Nov.30 1934,$292,088 for such accruals.
Soundview Pulp Co.
Earningsfor 11 Months Ended Nor.30 1935
-To Cut Capital & Reduce Directorate
'
St.'Regis Paper Co.
5236,036
Net Income before income taxes
Stockholders at their annual meeting to be held on Jan. 8 will act on
V. 141, p. 3550.
a proposed reduction in the authorized capital stock, a reduction in par
value of common shares to $5 from $10. and a reduction in number of
-Earnings
Southern Pacific Lines
directors to 10 from 18
1935-11 Mos.-1934
Period End. Nov. 30- 1935-Monih--1934
Commenting upon the proposed changes, R. K.Ferguson, President,says:
$11.855.8755149,399.1025137,446,546
Railway oper. revenues_$14,376.204
"Upon taking the necessary proceedings for reducing the capital stock
8,864,219 113,242,052 104,796,277
Railway oper. expenses_ 10,448.723
and reducing the par value of the common shares, the corporation will
929,221 11,349,022 11.393.254
714,536
Railway tax accruals__
have an authorized capital stock of $47,500,000, consisting of 100,000
40,292
3,71532,526
-3,344
Uncollec. ry. revenues._
shares of $100 par preferred stock, of which 44,283 shares are now out5,640,987
410.439 6.383,266
506,094
Equipment rents
standing, and 7,500.000 shares of $5 par common stock, of which 4,125,000
164.229
9,746
270,369
9.025
Joint facility rents
shares are now outstanding. The reduction in the par value of the issued
shares of common stock will reduce the issued capital of the corporation
Net ry. oper. income
In the amount of $20,625,000.
depr.
*After.& retirem. $2,719,219 $1,638,534 $18,228,004 $15,305,366
"In the event the stockholders approve the reduction in the capital
2.242,551 25.252,530 22.353,832
*Before depr.& retirem 3.375.814
stock and in the par value of the shares of common stock, a plan will be
-V.141. p. 3703.
carried out which provides for a reduction lh investment in stocks of sub •
* Relates to maintenance of equipment.
sidiaries on the books of the corporation and for other adjustments. If
Southern Ry.-Earnings.
the recommendation of the management are adopted in full, the carrying
out of this plan further provide.; for reductions to nominal amounts of
1932
1934
1933
- 1935
Novembercertain intangible assets (patents and good-will) on the books of the cor$7.428,062 56,509,165 $6,068.103 $5.887.359
Gross from railway
poration and subsidiaries.
1,106,883
1,570,296
1,464,534
2,274,309
from railway
Net
"As of Dec. 31-1934 the amount of such intangibles on the consolidated
575,026
934.281
-848,133
1,550,348
Net after -rents
balance sheet was approximately 516.330,000.
'
,
From Jan. 1"The adjustments to be made on the books of the corporation will apply
75,619,084 71,749,625 70,212,078 66,940,365
Gr088 from railway
first against earned surplus (amounting .to approximately $3.909,000
Net from railway-_,.-- 19,580,259 17.588,795 20,623,767 10,324,987
at Dec. 31 1934) and thereafter against the capital surplus as increased
3.043.860
12.498,759 10,634,756 13,607,650
Net after rents
by the proposed reduction in the stated capital of the corporation.
-Third Week of Dec.- -Jan. 1 to Dec. 14reuction-of capital stock as proposed, no distribution
"Pursuant to the
1934
1935
1934
1935
Period-V. 141,p. 1606.
of assets will be made."
$2.342,117 $2,119.350$105,539,642 599,275,657
Gross earnings
Southwestern RR.--tOfficial of Road Testifies
-V. 141, p. 4025.
St. Louis
Southern Pacific's Control Brought More Traffic
--Amended Plan of ReorganizaSouthern United Gas Co.
F, W. Green, a Vice-President, testified Dec. 24 before U. S. District
tion Further AmeudedJudge C. B. Davis at St. Louis that control of the company by the Southern
The reorganization committee (W. W. Turner, Chairman) in notice to
Pacific had been "beneficial" and had increased its volume of traffic.
security holders states:
His testimony was in contradiction of the contention of counsel for
"Since the amended plan of reorganization, dated July 5 1934 (V. 139.
three bondholders that the Southern Pacific, owner of 87% of the Cotton
committee the cornp. 2063, 4137) was promulgated by the reorganizationof all erorganization
failed to influence traffic to the Cotton
Belt's stock, "had deliberately
pony has accumulated sufficient cash to take care
Belt."
expenses and to provide an adequate working capital position. Accordingly,
bondholders, headed by Walter E. Meyer of New York, once
The three
no new money will be borrowed as contemplated by the plan and the 1st
a director of the Cotton Belt, were resisting the railroad's petition for re-
szE-1
Financial Chronicle
Volume 141
--
4177
lien sinking fund 6% bonds, series A, proposed to be issued in the amount
to make application for listing of the stock on the New York Stock Exchange
of $100,000,.will not be issued.
or Curb Exchange.
• The plan provided for an underwriter who was willing to underwrite these
In addition to the regular cumulative dividend of$2.75 per share annually,
bonds to provide for the payment of reorganization expenses and provide
the new participating preference stock will be entitled to participate in the
anjadequate working capital position, provided the $100.000 of bonds were
excess of 18% of the corporation's net earnings for each calendar year over
not subscribed for by the bondholders. This underwriting arrangement is
the cumulative dividends upon this issue.
-V. 141. p. 3703.
taken from the plan. The rights accorded the bondholders to subscribe
to the series A bonds will be withdrawn from the plan for no such bonds will
Tennessee Electric Power Co.
-Earnings---be issued.
Under the plan 50% of the common stock went to the bondholders and
[A Subsidiary of Commonwealth & Southern Corp.)
50% of the stock was given to the subscribers to the $100,000 1st lien sinking
Period End. Nov. 30- 1935
-Month-1934
1935-12 Mos.-1934
fund 6% bonds. series A, which will not now be issued, and to provide
Gross earnings
$1.174,364 $1,003,724 813,266.924 $12.355.946
control of the company staying in the hands of the bondholders the bondOperating expenses
539,170
678,429
7,335,778
6.532,899
holders were to be given certain voting rights as bondholders. These rights
Fixed charges
222,144
221,376
2,680,270
2,642,475
will be withdrawn and there will be given to the bondholders all of the comProv. for retirem't res
105,000
105,000
1,260.000
1,260,000
mon stock originally provided for them under the plan; that is. 48.422;4
Divs. on pref. stock_ _
129,231
129.325
1,550.935
1,551.998
shares; and 20,000 shares will be given to the underwriter who stood ready
.6
to/urnish, what, at the time the plan was promulgated, was believed to be
Balance
$40,326
$439.940
88.084
$368.573
funds necessary to consummate the reorganization and provide the company
Merger Approved
with adequate working capital.
The amended "The amended plan is, accordingly, amended as follows:
Application of the Toccoa Electric Power Co.for the sale of all its property
"(1) There is stricken from the plan all reference to an undewriter.
and facilities to Tennessee Electric Power Co. was approved by the Federal
"(2) No 1st lieu sinking fund 6% bonds, series A, will be issued. (This
Power Commission Dec. 20. after a hearing before Chairman Frank It.
reduces by 8100,004.• the amount of 1st lien bonds to be outstanding.)
McNinch and Commissioners Claude L. Draper and Clyde L. Seavey.
"(3) The subscripdon rights accorded the bondholders to subscribe to
Chairman McNinch announced the decision and directed that the neces1st Hen sinking fund 6% bonds, series A,is withorawn. (Cash not being
sary.order,be issued. It was shown th It the merger would have no adverse
needed such bonds will not be issued.)
effect upon stockholders or consumers and would probably result in econo"(4) The bonds, deliverable to the bondholders under the plan,
mies in management.
be entitled to vote. (Under the amended plan, to the end that will not
control
The Toccoa properties are in`Georgia and are now operated by Tennessee
might stay in the hands of bondholders should the underwriter underwrite
Electric Power Co.,affiliate of Commonwealth & Southern.
-V.141, p.3704.
the 1st lien sinking fund 6% bonds,series A.and acquire the stock provided
to go with these bonds under the plan, the bonds for a period of five years
Texas Corp.
-Holdings of Indian Refining Stock
were to be accorded the right to vote for the election of the directors of the
The company announces that of a total of 1,270,207 shares of common
company in the ratio of five votes for each 8100 in principal amount of such
stock of Indian Refining Co. outstanding it has acquired and holds at
new bonds.)
present time 1.154.647 shares.
-V. 141, p. 3394.
"(5) 20.000 shares of common stock will be delivered to the underwriter
described in the amended plan, as compensation for his having underwritten
-Earnings
Texas & Pacific RR.
the series A bonds.
This amendment makes no change in what the bondholders will receive.
-Month--1934
Period End. Nor. 30- 1935
1935-11 Mos.-1934
They will receive exactly the same securities outlined in the amended plan
Operating revenues
$2,121,031 $1,900.880 $21,371.550 820,501.179
and the only effect upon the bondholders by these amendments is as above
Operating expenses
1,353,189 14,602,550 13.793.586
1.368.839
set forth, namely, the 1st line bonds they will receive will not have
69,500
Railway tax accruals..
111,000
1,157.000
1.146,953
the
voting privilege and no right to subscribe to series A 1st lien bonds or comUncoil. ry.revenues
3,406
1.479
11.854
11,293
mon stock will be accorded them.
-V. 141. p. 2598.
‘ it
s
lat
90,494
aipment rents (two
1.035,865
93,353
1.116,913
73,209
tfacility rents(net)6,979
6,994
89.861
Southwest Consolidated Gas Utilities Co.
-Initial v.
A
The directors have declared an initial dividend of $3.50 per share on
Netry.oper.income-- $537,454
$379,224 $4,491,072 $4.342,573
common stock, payable Dec. 30 to holders of record Dec. 26.-V. the/
36,701
Other income
73,884
430.031
439,147
140.
p.326.
Southwestern Associated Telephone Co.
-Earnings
-
Period End. Nov. 30Operating revenues
Operating expenses
Operating taxes
Net operating income..
-V.141, p. 3550.
1935
-Month-1934
$77,208
$65,872
46.842
41,679
4.100
- 4.778
826,266
819.415
1935-11 Mos.-1934
$772,113
$709.118
499.883
452,109
47,144
53.158
$225.086
$203,851
Spartan Refining Co.
-Successor Company
See Atlas Pipe Line Corp. above.
-V.141, p. 1608.
4:Le&
'Springfield Fire & Marine Insurance Co.
-Extra
The directors
Total income
Miscellaneous deductions
Fixed charges
$574,155 . $453.108 $4,291,103 $4,781.720
3.719
57,344
6,579
60.112
334.428
342.299
3.728,255 3.782.248
Net income
-V. 141, p. 3394.
$233,148
$107,090 $1,035.504
8939.360
-Reduces Capital
Thomson Houston Co.
-Shareholders have approved a reduction in the company's capital from
440,000,000 francs to 220.000,000 francs. This was done by writing off
depreciation and the company's interest in its subsidiary Alsthom which
recently reduced its capital from 500,000,000 francs to 200.000,000 francs.
Neither company has paid dividends for the past several years.
-V. 136.
p. 3178.
have declared an extra dividend of 25 cents
addition to the regular quarterly dividend of$1.12 per share on per share lin "
-25
-Cent Special Common
Ttde W er A sociated Oil Co.
-stock, both payable Jan. 3 to holders of record Dec. 23.-V. the common
141. p. 3551
Dividend
The directors-on Dec. 20 declared a special dividend of 25 cents per
Standard Gas & Electric Co.
-Weekly Output
shareion the common stock, no par value, payable Jan. 15 to holders of
Electric output for the week ended Dec.21 1935,totaled 95.965,879
record Jan. 3. This will be the first dividend to be paid on this issue since
an increase of 7.2% compared with the corresponding week last kwh.,
year.
- Feb. 16 1931 when 30 cents per share was distributed.
-V. 141. P. 3087.
V. 141, p. 4026.
Staten Island Rapid Transit Ry.-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. 3551.
$118,713
def10,365
def53,700
1933
$138,058
23,273
def9,460
1932
8139,438
30.352
def622
1,373,650
1,538,603
def58.731
208,296
def466.637 def176,738
1.567,284
352,695
20,912
1.654.779
370.235
ef98
$122,000
def4,751
def36.933
- -Special Dividend-Z- 4
Tidewater Oil Co.
The directors have declared a special dividend of 85 cents per share on
holders of record Dec. 30.
the no-par common stock, payable Dec. 31 to
Previous dividend disbursements were as follows: 50 cents on Sept. 30;
30 cents on June 29: 35 cents on March 30 1935; 75 cents on Oct 8 1934;
50 cents on March 31 1934: $1 on Dec. 23 1933, and 25 cents per share paid
each quarter from March 31 1932 to Dec. 31 1932 inclusive.
Announcement of the current dividend action was accompanied by a
statement thatithis dividend will include the anticipated quarterly dividend scheduledjor thefirst quarter of the year 1936.-V. 141, p. 3087.
• • ' Title Insurance Co. of Minnesota-Larger Dividend-wte0
State Street Investment Corp.
-Larger Dividend-A- ---......„The directors have declared a semi-annual dividend of $1.50 Per share
47
The directors
have declared a quarterly dividend or5trt•en
itt: share
on the common stock, payable Jan. 15 to holders of record
Dec. .
compares with dividends of 40 cents per share previously distributed his
three months.
--V. 141,,p. 2598.
('Hugo) Stinnesj
corp.-Removed from Unlisted Trading-A
T/if New York CurV/Exch n
as removed from unlisted trading priii.
loges sth•-10-year 7% gold no
.
.
.
, due Oct. 1 1936 (unstamped).--V.
141.
(Hugo) Stinnes Industries, Inc.
-Removed from Unlisted Trading-o; ‘..
2
on the capital stock, payable Jan.2 to holders ofrecord Dec.20. A dividend
-T.134. p. 2741.
of 81 per share was paid on July 1 last.
-Pays LiquidatTranscontinental Air Transport, Inc.
ing Dividend
The company paid a liquidating dividend of 25 cents per share on Dec. 20
to holders of record Dec. 9.-V. 141, p. 450.
-New Directors
Transcontinental & Western Air, Inc.
Harold E. Talbott Jr., and Marco Hellman have been elected directors
to succeed Fred G. Donner. and H. M. Hogan, the latter two formerly
The (New York Curb Exchankas removed from -u
having represented the General Motors' interest in the company which
nlisted
privileges the 20
-year 7% sinkin
MIS sold to Robert Lehman and Floyd Odium. This change follows a pred gold debentures, due Oct.trading
1 1946
(unstamped).-V. 141. p. 3086.
VIOUB one in which Roland Palmed° of Lehman Bros. was elected a director
-V. 141. P.3876.
DivA--'to succeed John L. Pratt. also of General Motors.
,i(i L.
Suburban Electric Securities Co.
-Accumulated
The directors have declared a dividend of
of accumulations on the 84 cumul. 2d Fret50 cents per share on secant
stock. no par
Jan. 2 to holders of record Dec. 23. A s miler paymt was value, pajable
en
made on et. 1
and July 1, last,
Accruals after the payment of the current dividend will
amount to
•
•
•
. P. aJ44.
Superheater Co.
-Options Extended
-
The New York Stock Exchange has received notice
that options granted to employees for conunon stock, from the company
as
lished, have been extended as follOws: Number of shares, heretofore pubDec. 15 1935; price. $16 per -share; extended to June 220;termination,
15 1936.-V. 141.
p.3876.
•--- ,Syracutm Lighting Co., Inc.
-:-Bonds Called
The Chase National
Bank of the City of New York
first and.reftuiding mortgage gold bonds 5I4% seriesis notifying holders of
due
have been drawn by lot for redemption on Feb. 1 1936, 1954, that there
$29,500
amount of these bonds. The bonds will be redeemed at their principal
amount with a premium of 5% together with accrued interest principal
.
demption date and should be presented to the corporate trust to the reof the Chase National Bank, 11 Broad Street, for payment department
on or after
Feb. 1.-V. 141, p.3239.
.
(James) Talcott, Inc.
-To Increase Capital Stock from
$3,500,000 to $6,000,000
-New Issue of $1,500,000 Participating Preferred Stock to Be Sold to Public
In connection with its plans to undertake its first public financing,
the
company, one of the oldest factoring concerns in the country, has
called
a special meeting of stockholders for Jan. 2 to approve an increase
in
its capital stock from 83,500,000 to 86,000,000. The proposal, as
outlined
In a notice being sent to stockholders by J. Frederick
Talcott,
calls for an increase in the number of authorized shares from President,
35,000 to
120,000 and a reduction in their par value from $100 to $50 each.
The now capitalization will consist of 50,000 shares of preferred
18,500 shares of class A stock, and 51,500 shares of class B stock. stock,
provided that the preferred stock-may be issued in series from time to It is
time,
of which the first series will consist-of 30,000 shares of 534% participating
preference stock, of the aggregate par value of $1,500,000, an
offering
of which will be made by F. Eberstadt & Co., Inc.
The corporation proposes to file a registration statement covering the
issuance of this stock with the Securities and Exchange Commission and
-Admitted to Listing and
Tung-Sol Lamp Works, Inc.
Registration
The New York Curb Exchange has admitted to listing and registration
the new common stock, $1 par, and the new 80-cent dividend cony. pref.
stock no par. The new stocks were issued on the followin basis: One
share of new common stock, in exchange for each one share of old common
stock, no par, and three shares of new 80
-cent dividend pref. stock and
three-fourths of a share of new common stock, In exchange for each one
share of old $3 pref. stock.
-V. 141. p. 4027.
-Negotiating for
Twentieth Century-Fox Film Corp.
National Theatres Corp.•
Reports that the company is negotiating for the purchase of Chase
National Bank holdings of National Theatres Corp. were confirmed Dec. 23
by Joseph M. Schenck, Chairman.
Mr. Schenck declined to reveal the actual cash consideration involved,
but it is estimated at 815.000.000 to $20,000,000. The chairman corolained
that 20th Century-Fox Film Corp. already owns 42% of National Theatres
Corp. which operates among its subsidiaries the Fox-West Coast chain of
155 tlieatres in California, Arizona and Montana. The pending deal would
transfer to the producing company the remaining 58% now in the hands of
Chase National Bank.
-V. 141, P. 2908.
Union Pacific System-Earnings
[Excluding St.Joseph & Grand Island Ry.]
Period End. Nov. 30- 1935
-Month-1934
1935-11 Mos.-1934
Railway oper. revenues112,040,397 $9.652,390 $118,586,636 $110,812,266
• Railway oper. expenses_ 8,073,110
6,900.800 85.716,748 76.654.670
Railway tax accruals_
678,094
830,653
9.348,578 10,316.961
Uncoil. ry. revenues____
..3,500
2,690
42.750
12.576
Equipment rents
698,900
746,710
6,372,425
6.445.333
Joint facility rents
47.326
43,436
474,188
413.286
Net income
-V. 141. p. 4027.
82,539,467 $1,128,101 $16,631,947 $16.969,440
Union Stock Yard & Transit Co,of Chicago
-/CC in
Decision Holds Company Common Carrier.Subject to Law
The Interstate Commerce Commission,in a decision made public Dec. 18,
held the company to be a "common carrier subject to the provisions of the
Interstate Conunerce Act." •
4178
The Commission ordered the company to suspend proposed cancellation
the
of its tariffs naming charges for loading and unloading live stock in was
Union Stock Yards in Chicago. Cancellation of proposed schedules
planned by Jan. 18 1936.
The transit company filed notice with the Commission June 19 last that
it intended to cancel its tariffs schedules and added that "no tariffs of this
company will hereafter be filed with the ICC."
At hearings which followed, the Commission said "practically all railroad carriers transporting live stock to Chicago" opposed the proposed
cancancellation. The decision listed 10 major railroads as opposing the
cellation.
from the maCommissioner Balthasar H. Meyer vigorously dissented
and
ri:PF. Chairman Hugh M. Tate and Commissioners Clyde Atchison
imam E. Lee did not participate in the decision.
"If the conclusions set forth in this report are sound, this Commission has
jurisdiction over every stockyard in the United States." Mr. Meyer said.
lam not persuaded that Congress has given us such jurisdiction.
"I had supposed that the Department of Agriculture had been given
jurisdiction over all charges for stockyard servides, and that the fact that
loading and unloading live stock are transportation services within the
meaning of the Act does not make every agent who performs such services a
common carrier by railroad subject to the Act.
"If it is thought that this Commission should have jurisdiction over all
services and charges of all stockyards, whether common carriers or not, we
should ask Congress rather than the Supreme Court to bestow that jurisdiction upon us, Mr. Meyer said.
The majority decision pointed out that the Union Stock Yard & Transit
Co. "contends that it is not now and has not been since 1922 a common
carrier subject to the Act, and that, therefore, it is not required to file
tariffs with us."
The issue, the Commission said, is whether or not the transit company is
a common carrier subject to provisions of the Act. In reply theaCommission quoted numerous court decisions holding the company to be common carrier.
The United States Supreme Court was quoted as ruling in the case of
the United States vs. Union Stock Yards and the Chidago Junction Ry.Co.,
in 1912:
"They are common carriers because they are made such by the terms of
in that
their charters, hold themselves out as such and constantly act systems
capacity, and because they are so treated by the great railroad
which use them."
The decision was based partially upon a provision enacted into the
Interstate Commerce Act in 1920. The provision reads: stock in carload
"Transportation wholly by the railroad of ordinary live
lots destined to or received at public stock yards shall include all necessary services of unloading and reloading en route. delivery at public stock
yards or inbound shipments into suitable pens, and receipt and loading at
such yards of outbound shipments, without extra charge therefor to the
or
shipper,consignee or owner,except in cases where the unloadingtryreloading
an interen route is at the request of shipper or consignee or owner,or to
mediate market, to comply with quarantine regulations."
the operation of approximately 300 miles of
The Commission held that
trackage in Chicago by the transit company is "an inseparable part of
railroad transportation.' The transit company's contention that it performs
the services of loading and unloading as the agent of the line haul carriers.
and therefore is not a common carrier itself, "is shown to be without merit
by numerous decisions of the Supreme Court." the Commission said.
t
-Earnings
United Artists Theatre Circuit, Inc.
Years Ended Aug. 31x Net income
Interest
Deprec. of theatre buildings and equipment
Amortization of theatre leaseholds, lease and longterm debt readjustment expense, and excess of
investment in subsidiaries over book values_ _ _ Provision for Federal income taxes
1935
$328,446
87.332
237,203
1934
$247,964
91,821
215.820
45,204
17,107
67,025
1126,702
$58.400
Net loss
x Including share of undistributed profits or losses of affiliated companies
ess than 100% owned,$10,342 net loss in 1935 and 184,482 net loss in 1934.
Consolidated Balance Sheet Aug. 31
1934
1935
Assets
$364,156
$221,540
Cash
13,377
13,377
escrow for payment of real estate taxes_- Cash in
40,053
30,089
Accts. & notes receiv. & accrued int., less reserves
56,676
Due from affiliated companies
177,520
202,622
Cash surrender value of life insurance polides---42,184
56,465
Investment securities
advances and expenses in connection with
Deposits,
purchase of class A capital stock of Metropolitan
717,842
Playhouses, Inc
6,022,369 6,597,203
Theatre investments
408,802
391,158
Unamort.excess ofinvestsinsubsid.over book vals.
213.333
191,333
Lease rent deposit
Unamortized portion of lease and long-term debt
84,729
70,907
readjustment expense
61,352
59,905
Other deferred charges
$8,034,285 $8,002.714
Total
1934
1935
Liabilities-$201.535
$335,027
Accounts and notes payable and accrued interest
77,698
8.5,331
Real estate taxes due or accrued
76,720
72,988
Long-term debt items due within one year
38,128
to affiliated companies
Due
1.954,330 y2,132,918
Long-term debt
196,713
,&c
197,213
Deferred credit arising from release of rent guar.
3,027,400 3,193.700
75' cum. cony. pref. stock
2.323,867 2.123.427
x Common stock and surplus
$8,034,285 18,002,714
Total
x Represented by 500,000 no par shares. y Consists of$964.700 1st mtge.
63% sinking fund leasehold bonds of Chicago United Artists Theatre
Corp., 1292,000 1st mtge. 6% sinking fund bonds of Boulevard Theatre
Co.. Inc., $287,000 1st mtge. 6h% bonds of the Granada Co.. and
-V. 139. P• 4138.
1410.630 real estate mortgage notes, &c.
--Weekly Output
United Gas Improvement Co.
Dec. 21 '35 Dec. 14'35 Dec. 22'34
Week EndedElectric output of system (kwh.)____ 87,249,389 84,782,837 78,044.035
-V.141, p. 4028.
United Milk Products Co.-II4itial Common Dividend
Extra Preferred Dividend
The directors have declar an initial dividend of 25 cents per share on the
2 to holders of record Dec. 27.
new no-par common stock, payable Jan.dividend of 25 cents per share in
The directors also declared an extra
on the
addition to the regular quarterly dividend of 75 cents per share holders $3
of
partic. preferred stock, no par value, both payable Jan. 2 to
p. 1609.
record Dec. 27.-V. 141.
-Out of Receivership
United Paperboard Co.
Vice-Chancellor Henry T. Kays of New Jersey has signed.an order reconveying to the company the assets of that company,finding that debtors
have been paid or provided for. The order is effective Dec. 2 . The
company went into receivership in 1932.-V. 141, p. 290.
-Accumulated Div.
United States Cold Storage Coro.
The directors have declared a dividend of 11 per share on account of
cumulations on the 7% cum. class A preferred stock, par $100, payable
with $1.75 paid on
Jan. 2 to holders of record Dec. 27. This compares this latter being the
Oct. 1 and July 1 last, and $3.50 paid on Jan. 2 1935.
Oct. 1 1932 when a regular quarfirst distribution made on this issue since
-V. 141. p. 2130.
terly payment of $1.75 per share was made.
-Appointments
United States Steel Corp.
The company has announced that effective Jan. 1 H. L. Austin, CompAssistant
troller since 1931 and former Assistant Comptroller, is appointed
who
to the Chairman of the Finance Committee. Edward R. Stettinius,
that date.
also takes office on
Effective Jan. 1 A. W. Vogt, Senior Assistant Comptroller, has been
-V. 141. p. 4028.
elected to succeed Mr. Austin as Comptroller.
Dec. 28 1935
Financial Chronicle
--Earnings
United Merchants & Manufacturers, Inc.
1933
1934
1935
Years Ended July 31$2,147,097
11.907,837
Operating profit
Depreciation reserves
Collateral trust note interest
11,348.588
362,063
213,606
499,832
236,475
458,650
243,240
1772.919 11,171,530 11,445,207
Profit
557 079
557,079
600.000
Shares common stock (Par 11)
4.51
$2.01
$1.28
Earnings per share
Consolidated Balance Sheet July 31
1934
1935
1934
1935
Liabilities
Assets
Notes pay. to bks_ 3,067,000 3,490,000
Cash in banks and
990,991 Fund. dent Instalon hand
1,058,877
ments maturing
Trade account &
199,000
30,000
prior to July 31_
notes receivable 4,303,698 3,801,966
Trade accept. pay.
Sundry amts. &
43,100 (secured by trust
notes receivable d35,862
622,165
436,279
7,320,631 8,407,118 receipts)
inventories
4
33,881
78.637 Trade notes and
Deterred accts. rec
847.600
accounts pay__ _ 1,098,640
Accts. & notes rec.
.q
Acced wages, tax
due after July 31
494.822
425,590
&c
1935 (sec. by
Process tax payable 104,358
minority stock of
Fed. it
Res. for
certain subs. stk.
200,176
Dom,income tax 213,344
of parent co. it
61,907
62,822
298,115 Sundry reserves
other stock) _ -__ 235,697
4,496,219 4,679.219
Funded debt
Adv.to empl.(sec.
MM.Int. in cap. it
by stk of parent
203,552 surplus of subs__ 2,143,904 2,258,159
203,775
company)
941,000
Preferred stock__
Sinking fund assets
c Common stock__ 6,000,000 5,570,790
($130,000 bds. of
Cap. Burnt. arising
Langley Mills at
through readrt
par and sinking
130,916 of capital stock_ 8511,790 1,071,542
130,916
fund cash)
Earn. surpl. since
Inv. In it advs. to
Aug. 1 1932____ 3,435,718 2,612,530
Argentine sub_ 963,831
150,885
329.159
Investments
247,291
176.327
Treasury securities
Land, bides. &
e6,952,768 68,415,254
machinery
281,081
280,239
Deferred charges
1
1
Goodwill
22,025,663 23,048,910
Total
22,025,663 23.048.910
Total
b After
a Arising through exchange of preferred stock for common stock. depreciareserve for
reserve appropriated for revaluation of 13,500,000 and
tion of $3,778,211. c Par value 11 (stated value $10). d Accounts only.
After reserve appropriated for revaluation at July 31 1932. of $3,433.008.
readjustment of
capital surplus as at July 31 1934 arising throughless amount used capital
during
stock transferred of 11.071,542: total, 14,504,550,
depreciation of
Year, $126.721: balance, $4.377,828, and after reserve for
140, p. 1677.
13,999.543.-V.
-Earnings
United States Sugar Corp.(& Subs.)
1933
1934
1935
Years Ended June 30d
h i s-sale of sugar f. o. b.
s
Netproce:ise
$2.606,109 $1,223,456 $1,907,206
sugar
1.827,350
996,735
2.0.58.854
Cost of sugar sold
$79.856
$226,721
$547,255
Net profit on operations
def8,201
130,119
def88,906
Other income-net
171.656
1356.840
$458,349
Total net income
300,999
11,991
8,579
Interest on bonds
26,792
112,225
109,846
Other interest
31.099
Provision for Federal income tax_ _ _ _
$232,62.5 loss$256,136
1308.825
Balance, surplus
Note
-Previous years'statements adjusted for comparative purposes.
Comparative Consolidated Balance Sheet June 30
1934
1935
LtabtlUtes1934
1935
Assets$121,117 $121,757 Notes payable due
Cash
within one year $300,767 $263,696
2,478
Receivables-net - 301.116
51,924
Cure. accts. pay__ 119,894
Invs. and advs.110,630
162,356 Accr. taxes, Int..4c 143,939
drain. dist.-net 279,129
Y960,396 Prov. for Fed. Inc.
Inventories-sugar
31,099
tax
127,617
108,122
Matta.&suppl.
Advs. from SavanGrowing cane and
nah Sugar lie273,906
cane plantings__ 249,682
1,084,665
fining Corp_
Exps. crop in pro182,178 C. S. Mott, special
cess of growth__ 182,062
550,000
214,155
account
Invs. In it advs. to
4,000
786,081 Mtges. payable_
Clewiston Co.. __ 791,353
Mtges. payable
Other investments,
18,000
18,000
not assumed
7,739
9,356
advances, &c___
96,720
7,994
3,085,281 3,016,403 Serial equip. notes
Land
38,700
35,900
Series B bonds__
x IlIdgs., math. &
111,800
-net 2,300,139 2,479,959 Series C bonds__ 105,300
equipment
14,502 Reserve for cane
1,617
Unexpired Maur_
40,000
25,000
field insurance_
75,000
43,375
Res. for conting_ _
Res. for pref. stk.
diva.-paym. of
which has been
32,983
deferred
658,350
659,650
Preferred stock.. _
Common stock_ _ 1,492,164 1.391,969
Capital surplus..... 3,686,293 3,411,293
232,624
Earned surplus......508,466
87,428,977 $8,135,372
Total
$7,428.977 88,135,372
Total
x Depreciation reserve deducted in determining net amount of buildings,
machinery and equipment as above.$2,023.445 in 1935: 11,805.098 in 1934.
y Market value at June 30 1934, 11.131.992.-V. 139 p. 14 0.
-Third Liquidatino Dividend
----Nice Co.
The company paid its third liquidating dividend, amounting to $1 per
of same
holders
share, on the common stock, par 12b. on Dec. 24 to paid on of recordlast and
Oct. 31
date. A liquidating dividend of ta per share was
one of $4 per share on June 26 1935.-V. 141, p. 2911.
-Officers Ousted
Virginia-Carolina Chemical Corp.
New Directors
a quorum of all
The stockholders at a meeting held Dec. 23 mustered
classes of stock and proceeded to achieve the objectives set forth in the call
for the special meeting. They removed eight directors representing prior
the annual meeting on Oct. 9,
preference stock who had been chosen atby-law so that directors may be
elected their successors, and amended a
majority rather than a two-thirds vote.
removed by a
The eight new directors met directors representing the junior shareGibson, President, and
holders, accepted the resignations of F. Swift the former management
Gustavus Ober Jr., Vice-President. and restored
headed by A. L. Ivey, President and Counsel: M.H.Purvis, Vice-President;
H. E. Perry, Treasurer, and other officials.
calling on
BY unanimous vote the stockholders adopted a resolution
eorge S. Kemp and five associates not to challenge in the courts, "their
their successors by the prior preference stockremoval and the election of
holders at this special meeting."
This resolution expressed the "earnest hope and desire that the former
directors will recognize the unfavorable results which a prolongation of the
conditions mentioned will entail, and that each of them will resolveato
promote the interests of the corporation by cheerfully recognizing and
resnecting the wishes of the stockholders so expressed.
The resolution directed Secretary P. C. Smith to send an attested copy
of the preambles and resolution to Mr.Gibson, Leon M. Nelson, Mr. Kemp,
W. S. Battle Jr. J. F. Henderson and C. M. Collier.
Two other former directors, W.H.Slaughter and Alexander Cameron Jr..
announced their resignations last week.
Mr. Ober presided at the meeting, at which the group of preference stockholders led by Wymond Cabell, Joseph A. Dart and J. Luther Moon polled
Volume 141
Financial Chronicle
4179
a vote of 24,626 shares, or 171 more than two-thirds of that stock out:
-CJ
Warren Foundry & Pipe Corp.
-25
-Cent Dividend
standing. The 6% preference and common shareholders, voting together
The directors have declared a dividend of 25 cents per share on the comas a class, mustered 370,216 votes. The combined voting strength was
mon stock, no par value, payable Feb. 1 to holders of record Jan. 15.
395,013 shares, or 29,138 shares in excess of a quorum.
A similar payment was made on Nov. 1 last, and compares with 50 cents
The eight men chosen by prior preference shareholders to represent them
paid each three months from Aug. 1 1934 to and incl. Aug. 11935. and each
on the board of directors are: Mr. Dart, Mr. Ivey, Thomas Branch Scott,
quarter from Jan. 2 1930 to and incl. Oct. 1 1931. On Jan. 2 1932 a diviMr. Moon, Mr. Cabell, B. B.Munford. Alexander Berger and J. Randolph
dend of 30 cents per share was distributed. No payments were made from
Tucker.
April 2 1932 to May 11934,Inclusive.
-V. 141, p.2132.
At the conclusion of the board session, Mr. Ivey, as spokesman at the
board's request, announced "the restoration of the whole organization, as
-Wayne Pump Co.
-Bonds Called
far as it is possible, to what it was on Oct. 9 1935.-V. 141, p.3877.
A total of 5125,000 5% convertible debenture bonds, due Dec. 1 1954,
has been called for redemption on Feb. 1 next at 100 and interest. PayUniversal Cooler Corp.
-Earnings
-ment will be made at the Manufacturers Trust Co.. 45 Beaver St., New
Earnings for the Year Ended Sept. 30 1935
York City.
-V. 141, p. 1458.
Net sales
$3,962,330
Cost ofgoods sold (including deprec.in the amount of$36,922)
West Coast Oil Co.
-Pays Extra Pref. Dividend
3,561,492
Selling, administrative,&c.(incl. deprec.in the amt of$3,850)
The company paid an extra dividend of $3 per share, in addition to the
329.038
regular quarterly dividend of $1 per share, on the preferred stock on Dec.
Operating profit
27 to holders of record Dec. 23.-V. 141. p. 2295.
$71,799
' Other deduct ons (net)
23.503
Provision for Federal income tax
Western Maryland Ry.-Earnings814
Period End. Nov. 30- 1935
-Month-1934
1935-11 Mos.-1934
Net profit
Operating revenues
$1,268,625 $1,157,239 $13,511,419 $12.740,440
347,481
Capital surplus Oct. 1 1934
Net operating revenue
445,084
219.586
359.472
4,094,642
4,039,254
Profit and loss, deficit, Oct. 1 1934
Net ry. oper. income__ _
387,484
157.779
325.965
3.665,004
3.730,287
Other income •
3,168
12,019
73,170
106,915
Surplus, Sept. 30 1935_
$109.288
Earningsper share on 66,178 shares (no par) class A stock
Gross income
$390,652
$337,984 63,738,174 13,837,202
$0.72
Fixed charges
266,592
271,796
2,920.521
2,966,692
Balance Sheet Sept. 30 1935
Assets
Liabilities
Net income
$124,060
566.188
5817.653
5870,510
Cash on hand and on deposit._ $58,913 Note payable to bank
$1,000
Customers' contracts, notes and
-Second Week ofDec.- -Jan.1 to Dec.14Accounts payable for purchases,
Iliaccounts receivable, &c
Periodx157.024
1935
1934
1935
1934
expenses, pay rolls, &c
57,889
Inventories
Gross earnings(est.)---- $322.100
330,444 Accrued taxes, interest, &c
$273.711 $14.108,836 $13,287,862
16,635
Investment in capital stock of
-V. 141, p. 3877.
Principal payments on land conUniversal Cooler Co. of Can.,
tract & mortgages due within
Western United Corp.
-Votes to Liquidate
Ltd
57,921
one year
10,380
Real estate not used in operations
The stockholders on Dec. 23 voted to dissolve the company and to trade
Provision for Federal Inc. tax_
524
dvas appraised by G. W. .1.
two shares of its 6X% stock for one in its principal subsidiary, the Western
Land contract and mtges payable 26,737
Linton and Jas. E. Scott
United Gas & Electric Co., an operating company. Holders of the pre42,500 Long-term note payable-due
Other real est. not used in °peens 56,848
ferred stock had voted previously in favor of the program.
Jan. 22 1937
200,000
Officers' note receivable
The Public Service Subsidiary Co. and Commonwealth Subsidiary Co.
125 Reserve for service warranty
15,000
Employees' & mb3oell. accounts _
have filed applications under the Public Utility Holding Company Act
2,313 Deferred income
9,301
Machinery, equip., &o. (at cost)Y190,176 Class A stock
seeking the approval of the Securities and Exchange Commission of the
y330,890
Patents and good-will
acquisition of securities of Western United Gas & Electric Co.
42,001 Class 13 stock
z206,386
DIsct.on title-retaining contracts 7,160 Surplus
Public Service Subsidiary_ proposes to acquire 66.666 2-3 shares of the
109.268
Impts.to leased prop.,less snort. 15,442
common stock of Western United Gas & Electric Co. and, as an incident
Unexpired insurance premiums,
thereto, $273,000 6% first mortgage collateral of Natural Gas Pipe Line
prepaid taxes, &c
Co. of America and 427.33 shares of common stock of Natural Gas Invest23,144
ment Co.
Total
Commonwealth Subsidiary proposes to acquire 133,333 1-3 shares of
$984,013
Total
5944 013
common stock of Western United Gas & Electric Co. Compare also V.
x After allowance for doubtful accounts of $20,000. y Representeeh
141, P. 3
66,178 no par shares. z Represented by 206,386 no par shares.
877.
-V. 138.
p.4479.
Western United Gas & Electric Co.-Ffolding Company
i
---Virginian Ry.-New Preferred Stock--14:- •--f-- ; ',2-(----A<. Dissolved-See Western United Corp. above.
,
•,;
-V. 141, p.
The coTany has been authorized b the Interstate C :11 Com3878.
mission to exchange its. outstanding
,
6% preferred& shares for an
equal amo nt of nod; 6% preferred shares. The exchanke", t
mpany
Wheeling & Lake Erie Ry.-Earnings.said in a recent application to the ICC, was to permit it to include in the
November1935
indenture of the new preferred stock certain clauses not included in the
1934
1933
1932
Gross from railway
$1,144,605
present outstanding shares.
$822,577
$738,319
-V. 141. p. 3705.
$768.878
Net from railway
343,138
194,831
48,962
230,612
Wabash Ry.-Earnings.Net after rents
277,321
130,119
der2.892
127.035
From Jan. 1
November1935
1934
1933
1932
Gross from railway
12,240,038 10;308,688
9,821.593
7,789,120
Gross from railway
$3,525,776 $3,011,887 52.952,711 $3.054,587
Net from railway
3.132.51.9
2,415,662
2,725.900
1,834,463
Net from railway
978.768
768,150
755,642
863,890
Net after rents
2,244,236
1.417.084
1,590,035
670,666
Net after rents
563,345
398,974
296,038
319,505
-V. 141, p. 3707.
From Jan. 1
Gross from railway
37,744.754 35,135,475 33,305.304 34,748,714 '-'Wh..eeling Steel Corp. New-Mortgage otertNet from railway
9,127,743
8.952,059
7,723,445
6,310.527
Th stockholders have approved..a proposal to create a new mortgage
islet after rents
4.372.821
3,923,796
2.233,478
180,065
bonds may be issued, partly to refund 625,000,000
under rhThh
387s.0
-mV. 141. p. 3552.
$35,000,ng
bards now outstandi
V. 141, p.
'Waldorf System, Inc.
-I2 -Cent Extra Dividend-i
P The directors have declared an extra dividend of 1254 cents per share on
.
the common stock, no par value, payable Jan. 10 to holders of record
Jan. 4. A similar dividend was distributed on Dec. 20 and Oct. 1. last, as
against 20 cents paid on Dec 31 1934; 25 cents per share on April 1 and
Jan. 3 1933; and 37li cents per share paid each-qnrter from April 11 1927
to and including Oct. 1 1932.-V. 141. p.3396.
Walworth Co.
-Listing of Boods and tock-
"Wickwire Spencer Steel Co.
-$6,838,000 Bid for Plant
A cash offer of $6,838,000 for the assets of the company was filed in Federal Court at Buffalo Dec. 20 at a hearing on a reorganization for the company. Judge John ICnight previously rejected an offer of about $5,000,000
made by the Schatzkin-Loewi Corp.
The creditors asked adjournment of the hearing for a week to prepare an
alternative plan to embody a higher cash offer, but the motion was denied.
Judge Knight has already approved a reorganization plan, and the hearing Dec. 20 was called for discussion of a notice informing creditors of the
details.
-V. 141. P. 3553•
WilliaMsport Wire Rope Co.
-Earnings
Period Ended Nor. 30 1935Month
11 Mos.
Netincome after expenses & other charges
$25,182
$301.454
-V.141, P. 3553•
The New York Stock Exchange has'authorized he listing of(1) $7,141,000
20-year 1st mtge. 4% bonds, due A 1 1 19
fficial notice of issuance in
exc ange for outstanding first mtge. sinki
nd 6% gold bonds, series A,
due Oct. 1 1935, pursuant to plan of reorganization. proposed by thecompany and filed on May 10 1935, in the U. S. District Court; (2 $836,600
20
-year 6% debentures, due April 11955. upon official notice of issuance in
exchange for outstanding 10
-year sinking fund 6li% gold
series A, due Oct. 1 1935; and (3) 923,490 additional shares debentures.
of common
-Earnings
Wilson-Jones Co.
stock (voting) on official notice of issuance, pursuant to the plan of
reorganization.
Months Ended Nov. 30
1935
1934
The first mortgage 4% bonds, due April 1 1955, and the 6% debentures,
Net
5979.117
5835.978
due April 1 1955 were authorized by stockholders Nov. 18 1935.
Net profit after charges & Federal taxes
90,185
49.729
The stockholders on Nov. 18 1936, authorized the issuance of 923.490
Earnings per share on 136.140 shares capital stock_
$0.66
$0.36
sharesof the common stock (no par) pursuant to the plan of reorganization.
-V.141. P. 3397.
as follows:
(a) 158,880 shares of common stock to the holders of the 19.860 shares"
-Votes Financial Reorganirrtion---Winnipeg Electric Co.
of
cumulative preferred stock and in place of the preferred stock in the ratio
Plans for the financial reorganization of the company were adopted at a
of 8 shares of common stock for each share of preferred stock,
special general meeting at Winnipeg on Dec. 23. The agreement was
(b) 499,870 shares of common stock to the holders of the company's
sanctioned by company bondholders and preferred shareholders and agreed
first mortgage bonds due Oct. 1 1945, outstanding in principal amount of
to by shareholders of Northwestern Power Co. and Manitoba Power Co.
$7.141,000 in the ratio of 70 shares of common stock for each $1,000 bonds,
subsidiaries.
each such holder to receive at the same time for the bond held
Edward Anderson, President of the company and chairman of the special
which
interest accumulated and upaid to April 1 1935. was $150 on(upon$1,000
meeting, announced that approximately 60% of the outstanding stock of
bond) a new bond for the same aggregate principal amount each as of
dated
the company was represented in person or by proxy.
April 1 1935, due April 1 1955, and bearing interest from April 1 1935, at
Two ballots were taken, there being a small minority against both the
the rate of 4% per annum.
adoption of the plan and against the resolution confirming the by-law
(c) 217,490 shares of common stock to holders of the company's debenpassed by the directors. The vote in favor of both showed 1.057 common
tures due Oct. 1 1935, outstanding in principal amount of $1,673.000 in
shareholders. representing in person or by proxy 146,320 shares, and 4.384
ratio of 130 shares of common stock for each $1,000 of
preferred shareholders, representing 23,988 shares in person or by proxy.
such holders to receive at same time for the debenture helddebentures, each
(upon which the
The vote against the plan's adoption was one shareholder of common
interest accumulated and unpaid to April 1 1935, was $162.50 on each
stock representing 100 shares and 31 preferred shareholders in person or by
$1,000 debenture) a new debenture for one-half of the aggregate principal
proxy representing 422 preferred shares.
-V. 141, p. 3707.
amount held, dated as of April 11935, due April 1 1955, and bearing int.
from April 1 1935, at the rate of 6% per annum.
Wisconsin Central Ry.-Earai gs(d) 47,250 shares of common stock to the holders of the preferred stock of
-Month-1934
which there are outstanding 2.250 shares (par $100), as consideration
Period End. Nov.30- 1935
1935-11 M03.-1934
Total revenues
$833,342
the transfer and delivery o said shares to the company in the ratio for
$718.312 $9,605.281 $9.068,512
shares of such common stock for each share of such preferred stock. of 21
Total expenses
682,787
580,622 7,319.125
6,851,242
.
Holders of common stock retain their present holdings.
Taxes & uncoil.ry.rev_
52,543 Cr114,835
368,215
471.844
78,231
It is proposed that the company shall have authorized and outstanding
Hire of equipment
62,886
799.038
767.711
Rental of terminals
40.136
upon completion of the plan, the following securities:
40.269
457.549
502,601
Authorized
Outstanding
Net after rents
Dr$20,356
5149.369
5661,352
$475,112
-year 4% lst mtge. bonds, due April 1 1955
20
$7.141,000
$7,141,000
Other income-net
37.168
32,074
372.028
316,771
20
-year 6°7 debentures, due April 1 1955--836.500
836,500
Int. on funded debt_ _-154,693
155,323
1.730,542
1.710.825
Common stock (no par value)
To be retained by present corn.stockholders
(357.860
Net deficit
$212.217
$38,029 $1,441.218 $1.552.485
To be issued to 1st mtge. bondholders_ __ _
1499.870
-V.141. p.3553.
To be issued to debentureholders
.i x1,400,000 shs
1217,490
To be issued to preferred stockholders_ __ _
158.880
Wisconsin Investment Co.
-Liquidating Value
To be issued to holder of the 7% cum. pref.
The company reports that the liquidating value ofits common
stock of Walworth Alabama Co
l 47.250 Dec. 1 1935, was $3.84 per share comparing with $3.64 a share stock as of
on Nov. 1
x The balance 118.65 abs. will be reserved for future issue when, as and if
and $2.78 a share on July 1. The liquidating calue on Jan. 1 1935 was
authorized by vote of the stockholders of the reorganized company, includ52.41.-V. 141, p. 3242.
lug if so authorized the issue of shares to executives or employees. If the
outstanding stock purchase warrants are not rejected, 40.740 of the aboves
"Woodward & Lathrop Co.
----Extra Dividend
-o(-----shares will be available for issue to the holders a such warrants in case they
The directors have declared an extra dividend of 55 cents per share in
exercise their rights. Such warrants will expire on Jan. 1 1936, and the
addition to the regular quarterly dividend of 30 cents per share on the
purchase price for shares purchased thereunder is now $28.71 per share and
common stock, par $10. both payable Dec. 28 to holders of record Dec. 21.
upon completion of the plan will be not less than $10 per share.
-V. 141,
An extra dividend of 25 cents was paid on Sept. 27 and on June 27 1936.
p.3241.
-V. 141. P. 1954.
Financial Chronicle
4180
Dec. 28 1935
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Dec. 27, 1935
Coffee futures on the 21st inst. closed unchanged, with
trading quiet in Santos contracts. Sales were 1,250 bags.
Rio contracts ended 1 higher to 3 lower with transactions of
250 bags. Rio de Janeiro futures were unchanged and the
open-market exchange rate remained at 18.02 milreis to the
dollar. On the 23d inst. futures closed with Santos contracts up 1 to 5 points, with transactions of 9,500 bags. Rio
contracts ended unchanged to 2 higher with sales of 1,000
bags. Six transferable notices issued against the Santos
Dec. were soon stopped. Rio de Janeiro futures were 25 to
50 reis lower, while the open-market exchange rate, for the
third day, remained at 18.02 milreis to the dollar. Cost
and freight offers from Brazil were unchanged to 15 points
higher with Santos Bourbon 3-5s at from 7.85 to 8.100.
Havre futures were 1J4 to 1% francs higher. On the 24th
inst. futures closed 3 to 5 points lower for Santos contracts,
with sales of 11,000 bags. Rio contracts closed 3 to 5 points
lower with transactions of 6,750 bags. One Santos notice
was issued. To-day is the last trading day for spot Dec.
in both Rio and Santos contracts. Rio de Janeiro futures
were 25 to 50 reis lower, while the open-market exchange
rate was 20 reis better at 18 milreis, even, to the dollar.
Cost and freight offers from Brazil were naturally light,
but some received were about 15 points higher with Santos
4s at Sc.
On the 26th inst. futures closed 2 to 3c. lower on Santos
contracts, with total transactions 7,000 bags. Rio contracts
closed 4 points lower with sales of 4,750 bags. Rio de
Janeiro futures were irregular at 25 reis higher to 25 reis
lower. Cost and freight offers from Brazil were about
unchanged with Santos 3-5s at from 8.00 to 8.05c. Havre
futures were % francs higher to 13% francs lower. To-day
3
futures closed 7 to 9 points higher on Santos contracts, and
4 points higher on Rio. Sales totalled 105 contracts, of
which 79 contracts were Santos. Actual coffee was more
active. Local spot prices were about Mc. higher. Santos
4s were at 83'c. and Rio 7s at 63/2c.
Rio coffee prices closed as follows:
March
May
July
4.66 ISeptember
4.79 December
4.90
Santos coffee prices closed as follows:
March
May
July
7.91 September
7.96 December
8.00
5.00
4.56
8.06
7.78
Cocoa futures on the 21st inst. were featureless, prices
closing unchanged. New York warehouse stocks showed
a decrease of 3,095 bags. Reports from the Gold Coast
were that marketing had come to a standstill and farmers
were celebrating the holiday season. Transactions in the
local market were 20 lots, or,268 tons. Closing: March,
4.88; May, 3.96. On the 23d inst. futures closed 2 to 3
points higher. Local traders and Wall Street were noted on
the buying side. Foreign offerings were scarce. Local
transactions were 98 lots, or 1,313 tons. Closing: Jan.,
4.80; March, 4.91; May, 4.99; Sept., 5.16. On the 24th
inst. futures closed 3 points lower in all positions. The
London market was also steady. New York warehouse
stocks continued to dwindle, showing a reduction of 1,000
bags for the day. Volume of transactions for the day
totaled 16 lots, or 214 tons. Closing: May,4.96; Sept., 5.13.
On the 26th inst. futures declined 1 to 3 points in New
York. The London market was closed. Local sales totalled
72 lots, or 965 tons. Closing: Jan., 4.74c.; Mar., 4.87c.;
Sept., 5.11c. To-day futures advanced 2 to 5 points on
short covering and other buying owing to political disturbances in Venezuela. Closing: Jan. at 4.79c.; Mar.,
4.89c.; May, 4.97c.; July, 5.05c.; Sept., 5.14c.
Sugar futures on the 21st inst. closed unchanged to
1 point higher, with transactions 150 tons. Trading was
confined almost entirely to January and March contracts,
which sold at 2.09 cents. In the raw market refiners were
believed willing to pay 3.15 cents for duty frees or 5 higher
than recent offers. Duty free sellers were firm at 3.20 to
3.30c. According to the Sugar Institute, United States
cane refiners melted 50,000 long tons of raw sugar during
the week ended Dec. 14, while deliveries were 50,000 long
tons of refined as compared with 65,000 tons a year ago.
On the 23d inst. futures closed unchanged to 1 point
higher. Swithhing operations in January in anticipation of
first notice day Thursday, accounted for a large measure of
the day's transactions. In the raw market the dullness
continued with the deadlock unbroken. Refiners would
pay 3.10e. for duty frees and possibly 3.15e. Holders were
asking 3.25c. The prospective Supreme Court decision is
acting as a restraint, and until the uncertainties in this
connection are cleared, no real deals in Cuban raws are
expected to be consummated. In the refined market local
refiners reduced prices 10 points to 4.90e. for prompt business, but retained "list" prices at 5.300.
On the 24th inst. futures closed 1 to 2 points higher with
sales of 1,200 tons. It was last notice and trading day for
spot December. Five notices were issued and sales were
made at 2.31, 2.38 and 2.370., the final price being 10 higher
than Monday's closing bid. In the raw market dullness
prevailed. The market was nominally 3.100. bid, offered
at from 3.20 to 3.25c. for duty free sugars. In London the
market was Md. lower to 34d. higher.
On the 26th inst. futures closed 3 to 5 points higher with
transactions amounting to 2,450 tons. Buying was moderate
and came principally from Cuban producing interests.
Offerings were light. No January notices were issued yesterday, which was first notice day for this delivery. There
was a sale yesterday for the first time in two weeks, in the
raw sugar market. Operators took 11,000 bags Puerto
Rims, clearing January 8th and 4,600 tons clearing first
half of January, at 3.20c., up 10 points. Nothing was
offered under 3.250. following the sales. Refined sugars
remained locally at 4.900. for immediate shipment. To-day
futures advanced sharply and ended with net gains of 3 to
6 points. The break in the spot market deadlock stimulated demand. Cuban and commission houses were buying.
The London market continued its upward trend. Trading
was active with sales totalling 513 contracts.
Prices were as follows:
July2.25 January
2.17 May
March
2.29 November
September
2.18
2.20
2.33
Lard futures on the 21st inst. closed unchanged to 5 points
higher. Volume of trade very light. Hogs were slightly
easier and prices at the close were mostly 100. lower. The
top price at Chicago was $9.55. Receipts at the principal
Western markets were light and totaled 15,400, against
24,900 for the same day last year. European demand for
lard continues slow.
On the 23d inst. futures closed unchanged to 3 points
higher. The strength in hogs had a rather wholesome effect
on prices, and notwithstanding the bearishly construed pig
report from the government,the close was steady at the above
mentioned range. The government report indicated a tall
crop of 20,272,000 pigs, which compares with 15,342,000 for
the fall crop of 1934. The total hog crop for 1935 was
50,674,000, against 52,923,000 in 1934. Hog prices closed
15 to 30e. higher at Chicago, the top price was $9.75 and
• the bulk of sales ranged from $9.45 to $9.70. Total receipts
for the Western run were 64,500, against 42,800 same day
a year ago.
On the 24th inst. futures closed firm with gains of 7 to
10 points. This strength was attributed to the favorable
action of the hog and grain markets. However, the volume
of trade was comparatively light. Hog receipts at the
principal Western markets were below expectations, and as
a result of the falling off in receipts, prices at Chicago advanced 35c. to a top price of $10.10. Total receipts for the
Western run were 38,800 head.
On the 26th inst. futures closed 7 to 15 points lower, with
trading comparatively light. A slow cash demand for lard
was reported and with nothing of a stimulating character in
the news, there was no real interest on the buying side.
Hog prices at the close were unchanged to 100. higher on the
lightweights and 106. to 15e. lower on the heavies. The top
price at Chicago was $10.20 and most of the sales ranged
from $9.75 to $10.10. Receipts at the principal western
markets were moderately heavy and totaled 57,200 against
60,700 for the same day last year. To-day prices closed 8 to
20 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
11.87 11.90 12.00
December11.90 11.82
Roll- 11.87 11.72
11.95
11.82 11.85
January
day 11.92 11.75
11.97
12.07
11.95
May
11.92 11.72
11.92 11.95 12.02
July
Pork weaker; mess, $36.37; family, $36.37 nominal; fat
backs, $29.37 to $37.37. Beef steady; mess nominal;
packer nominal;family, $22 to $23 nominal; extra India mess
nominal. Cut meats quiet; pickled hams, picnics, loose
/
c.a.f., 4 to 6 lbs., 173%c.; 6 to 8 lbs., 1658c.; 8 to 10 lbs.,
/
16c.; skinned loose e.a.f., 14 to 16 lbs., 223 tc.; 18 to 20 lbs.,
4
200.; 22 to 24 lbs., 173 c.; pickled bellies, clear, f.o.b. N. Y.
dry cured 6 to 8 lbs., 243%e.;8 to 12 lbs., 240.; bellies, clear,
dry salted, boxed, N. Y., 14 to 20 lbs., 20443.; 20 to 30 lbs.,
A
203 c. Butter, creamery, firsts to higher than extra and
4
premium 323 to 353e. Cheese, state-whole milk, held,
1934 specials 22 to 23c.; held, 1935fancy,20 to 203.c. Eggs,
mixed colors, checks to special packs, 20 to 30e.
Oils-Linseed was dull but the price held at 9.4c. This
figure however could probably be shaded a few points. The
demand for Argentine seed here PM very small owing to the
-China wood, tanks,
highness of the price. Quotations:
Jan., 140.; Feb., 133.c.; Mar.forward, 12.2 to 12.5c.; drums,
Volume 141
Financial Chronicle
spot, 14 to 143,c. Cocoanut, Manila tanks, Jan.
-June,
4Mc.;coast, Dec.,43(c. Corn, crude, tanks, Western mills,
103o. Olive, denatured, spot, Spanish, 78 to 8043.; shipment, 75 to 78c. Soya bean, tanks, Western, Nov.
-Dec.,
8 to 83c.; C. L. drums, 9.6c.; L. C. L. 10c. Edible, 76
degrees, 103 0. Lard, prime, 14Xc.; extra strained winter
/
t
1334i. Cod, Newfoundland nominal; Norweigan yellow,
38%c. Turpentine, 503, to 55e. Rosin, $5.15 to $6.95.
Cottonseed Oil sales, including switches, 60 contracts.
Crude, S. E., 93,c. Prices closed as follows:
December
January
February
March
11.00
10.59
10.50
10.53
11.15
10.58
10.65
10.54
April
May
June
July
10.54@l0.58
18:8116:65
10.53 10.54
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures on the 21st inst. closed with gains of 3to 6
points. Transactions were 750 tons. London closed quiet
with prices unchanged to 1-16d. higher. Singapore closed
dull with prices off 1-32 to 1-16d. Closing: Dec. 13.22;
Jan., 13.26; March, 13.45; May, 13.61; July, 13.77; Sept.,
'
13.90. On the 23d inst. futures closed 1 to 5 points lower
with transactions of 720 tons. Spot ribbed smoked sheets
in New York remained unchanged at 13.25. During the day
20 tons were tendered for delivery against December contracts, bringing the total so far this month to 7,430 tons.
London closed dull, with prices unchanged to 1-16d. lower.
Singapore doted quiet, prices showing advances of 1-32d. to
1.16d. Closing: Dec., 13.21; Jan., 13.25; March, 13.44;
May, 13.60; July, 13.73; Sept., 13.85. On the 24th inst.
futures closed 1 to 2 points up. Sales were 220 tons. The
price of spot ribbed smoked sheets in New York remained
unchanged at 13.25. The London and Singapore rubber
markets closed steady and quiet, with prices virtually unchanged. Closing: Jan., 13.26; March, 13.45; May, 13.61;
July, 13.75; Sept. 13.86.
On the 26th inst. futures closed 7 to 9 points higher.
'
Sales totaled 530 tons. Spot ribbed smoked sheets in New
York advanced to 13.31 as against 13.25 on Tuesday.
London Singapore rubber markets were closed. Closing:
Jan., 13.34; Mar., 13.52; May, 13.68; July, 13.81; Sept.,
13.95. To-day prices futures after early weakness, became
steadier later and ended unchanged to 3 points lower. London was unchanged. Here Jan. ended at 13.33c.•
Mar.,
13.5004 May at 13.650.; July at 13.79c.; Sept. 13.95c.
'
Hide futures on the 21st inst. were exceptionally strong,
opening with an advance of 9 to 14 points, excepting
which showed a decline of 10 points. However, at theDec,
close
prices showed gains of 18 to 20 points. Transactions totaled
1,080,000 pounds. Certificated stocks of hides in warehouses licensed by the Exchange remained unchanged at
959,426 hides in storage at the close of business Saturday.
Closing: Dec., 11.65; March, 11.90; June;12.24;Sept., 12.55;
Dec., 12.85. On the 23d inst. futures closed 15 to 18 points
lower, with transactions totaling 2,760,000 pounds. Sales
of 30,000 light native cow hides were made Monday
Swift, according to posted trade reports, at 1134 centsby
a
pound, up 3d-cent from last previous transaction. This was
before the news filtered through concerning the government's
action in connection with its stocks of hides. The State of
Michigan has been delegated by the United States
for bids on 50,000 hides and 50,000 calf and kid to ask
Trade feels that this may prove the forerunner of otherskins.
sales.
Right now trade estimates are that Uncle Sam holds 1,500,000 hides and 600,000 calf and kid skins. These considerations undoubtedly played a part in the declines registered
above. Closing: Dec., 11.50; March, 11.75; June,
12.06;
Sept., 12.37; Dec., 12.67. On the 24th inst. futures closed
steady at 4 to 9 points lower. Sales totaled 680,000 pounds.
Certificated stocks of hides licensed warehouses
unchanged at 956,508 hides in storage at the close ofremained
business.
Closing: Dec., 11.46; Mar., 11.66; June, 12.00; Sept., 12.32;
Dec., 12.62.
On the 26th inst. futures closed 23 to 25 points higher.
with transactions totaling 1,680,000 lbs. Trading ceased at
noon in the Dec.contract. To-day 40,000 lbs. were tendered
against that delivery, making a total for the life
contract of 7,320,000 lbs. Closing: Mar., 11.91; of the
June,
12.23; Sept., 12.55; Dec., 12.85. To-day prices closed 2 to
3 points higher on sales of 27 contracts. Spot hides amounting to 28,200, were reported sold at advances of about W
Sales of branded cows were made at 113jc. Mar. ended.ic.
at
11.94e.; June at 12.25.; Sept. at 12.57c.
Ocean Freights were dull owing to the holidays.
Charters Included-Coal
-Baltimore, Jan., to Buenos Aires,
10c.
Sugar -Jan., United Kingdom-Continent, ex Santo
Cuba,15s.; Cuba to United Kingdom-Continent,188.. a Domingo. 19s.• ex
new high. Team-North Atlantic Jan.. redelivery United Kingdom-Continent, 31.873.
-The coal output shows a decline. Total production
Coal
bituminous coal during the week ended Dec. 14 is estimated
at 8,193,000 net tons, a decrease of 85,000 tons or 1% from
the output of the previous week. The daily average production declined 1,366,000 tons for the week ended Dec. 14,
as compared with 1,380,000 tons during the previous week.
Production during the corresponding week of last year
amounted to 8,144,000 tons.
Copper for domestic delivery was quiet at 9Yic. The
European price considered, 8.70e. The market was under
the influence of the holidays here and abroad.
4181
Tin was very dull owing to the holidays here and abroad.
Spot sales recently were made at 48%c. American deliveries
in December it is estimated will total 5,000 to 6,000 tons.
Lead was in good demand and firm at 4.50 to 4.55e.
New York and 4.35e. East St. Louis.
Zinc buying was very small at 4.85c. East St. Louis.
London was weaker.
Steel-Owing to the usual shut down at this time of year
for inventory and repairs, steel operations were estimated at
49.5% of capacity by the American Iron & Steel Institute.
This represents a drop of 5.1 points from the previous week
and compares with a rate of 34.6% of capacity during the
corresponding week of last year. The earlier predictions of
continued broadening demand after the turn of the year,have
every indication of materializing. It is estimated that
activities of the mills will reach at least 60% of capacity
during February. Production of steel for recent rail and
equipment purchases of the railways should begin early next
month. Structural steel output is expected to receive a great
impetusfrom the many great projects about to get underway.
Steel fabricators expect a substantial increase in new private
building projects during the first quarter of 1936. Another
powerful stimulus to the trade will be the steel orders for the
public works program during this period, since 88% of the
Government's projects were under contract as of Dec. 15.
The automobile industry is expected to continue a heavy
buyer for the next two months at least.
Pig Iron was quiet but firm. Much interest is being
shown in first quarter business. Consumers are not buying
very liberally but their inquiries are larger. Consumers have
so completely specified for fourth quarter contracts that it
is doubted if more than 1 per cent of fourth quarter contracts will actually be delivered in January. It has been
the usual practice to allow consumers to postpone fourth
quarter contracts until January at old prices, which are $1.00
per ton under new quotations. Foundry No. 2 plain, East,
ern Pennsylvania, Buffalo, Chicago and Valley, $19.50;
Birmingham, $14.50; Cleveland, $20.50. Basic Valley,
$19.00; Eastern Pennsylvania, $20.00; malleable, Eastern
Pennsylvania, $20; Buffalo, $20.
Wool was firm on a moderate demand. Boston wired a
government report on Dec.25 saying:"Prices tended stronger
on an unexpected increase in turnover of wool. Most of
the demand was on 64s and finer territory wools. Large
quantities of average to short French combing 64s and
finer territory wools moved at 77 to 80c. scoured basis in
original bags. Good French combing staple of similar grade
was sold in original bags at 82 to 83c. scoured basis." Another
government report from Boston on Dec. 26 said: "A few
small lots of Ohio and similar fleeces were included in the
recent trade in wool on the Boston market. Strictly combing 58s, 60s, half blood, brought 33 to 340. in the grease,
and strictly combing 56s, three-eighths blood, was sold
mostly at 38 to 39e. The bulk of the sales, however, were
comprised of the finer grades of territory wools. Average
to good French combing 64s and finer territory wools were
sold in original bags at mostly 80 to 810. scoured basis."
Silk-On the 23d inst. futures closed 3 to 6 points above
last Friday's finals. Transactions totaled 660 bales. Crack
double extra in the spot market advanced 534 cent.to $1.98 M
During the day 10 bales were tendered for delivery against
December contracts. Closing: Dec., 1.95%; Jan., 1.90;
Feb., 1.903/; March, 1.91; April, 1.903/2; May, 1.91; June,
1.893,4; July, 1.893/2. On the 24th inst.futures closed steady
at 1 to 3 cents lower. Sales were 110 bales. The price of
crack double extra in the spot market declined 13/ cents to
$1.97. The Yokohama Bourse closed 6 to 8 points decline,
while the price of Grade D in the outside market declined
23/yen to 8773/2 yen per bale. Yen exchange was unchanged
at 283/8. Closing: Dec., 1.923/2; Jan., 1.89; Feb., 1.8934;
March, 1.893/2; April, 1.89; May, 1.89; June, 1.883,4; July,
1.88%.
On the 26th inst. futures closed unchanged to lc. advance,
with the exception of May, which was Mc. lower. Sales
amounted to 190 bales. Crack double extra in the spot
market declined 3/43. to $1.963/2. During the day 140 bales
were tendered for delivery against December contracts.
This ,was the last day for tenders, and the total for the
month stands at 250 bales. Closing: July, 1.893,4; Jan.,
1.89; Feb., 1.893,4; Mar., 1.8934; Apr., 1.893/2; May, 1.89;
June, 1.89; Aug., 1.89. To-day prices closed ended Mc.
lower to lc. higher with sales of 51 contracts. The Yokahoma
Bourse was unchanged to 5 points higher. Grade D silk
outside fell 73,4 yen to 8.6734 yen a bale. Here January
closed at $1.8934; Feb. at $1.9034; Mar. at $1.8934; Apr. at
$1.89 and May,July and Aug. at $1.893,4.
COTTON
Friday Night, Dec. 27 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
158,812 bales, against 188,143 bales last week and 177,455
bales the previous week, making the total receipts since
Aug. 1 1935 5,252,772 bales, against 3,187,821 bales for the
same period of 1934, showing an increase since Aug. 1 1935
of 2,064,951 bales.
Financial Chronicle
4182
Receipts at-
Tues.
Mon.
Sal.
Galveston
Texas City
Houston
Corpus Christi
New Orleans__ -Mobile
Pensacola
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
Baltimore
Wed.
7.744
---5,807
----
9,620 14.909
85
51
7.056 8.910
944
611
6
329
312
243
302
____
____
14
8
25
118
8,830
438
5,053
654
2,468
509
162
____
94
325
Thurs.
---665
---950
----
100
____
-------
____
2
29
7,875 50,129
553
553
20,164 61,267
107 1,346
8,869 35,695
117 3,276
2,474
75 1,325
888 1,595
303
303
142
24
497
---210
210
25,154 32,505 35.663 13,551 12,754 39,185 158,812
Totals this week_
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
This Since Aug
1 1934
Week
This Since Aug
1 1935
Week
Galveston
Texas City
Houston
.
Corpus Christi _.
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles.. _ - Wilmington
Norfolk
Newport News_
New York
Boston
Baltimore
Philadelphia
Stock
1934
1935
Receipts to
Dec. 27
1935
1934
50,129 1,252,453 25,023
1,161
43.181
553
61,267 1,332,439 17.786
1,346 255.377 1,764
___ _
31.162
35,695 1,297.776 26.525
724,325
58,923
897.925
265,493
4,467
719,789
821,375 631,131
30.614
18,541
699.835 1,062,081
77,597
58.717
24,730
2,729
634,187 750,279
1,325
319,474
134,337
3,531
279.452
3.341
932
94
966
162.459
21.606
4,347
198.699
109,003
15.504
4,347
124,083
1,595
303
142
497
191,920
55,063
16,430
28,097
3,587
779
589
730
108.552
63,489
6,251
99,534
459
113,931
53,522
13,043
38,792
48,414
25,891
22,381
34,522
70,780
38,266
25,551
29,494
210
12,080
1,273
19.326
4,845
157
1,575
38,415
5,594
2,585
3,276
2,474
158.812 5.252.772 84.550 3.187.821 2.782.281 3.018.053
Totals
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
Newport News
All others___
50,129
61,267
35,695
3.276
1 325
25,023
17.786
26,525
3,341
966
53,878
42,122
40,051
2,567
879
44,093
48,031
59,674
11.282
1,711
52.905
57,298
70,962
6.187
12,292
25,785
41.728
27,946
9,801
7,044
1,595
142
497
3,587
589
730
1,547
600
936
2,974
2.155
1.050
1,156
872
514
3,419
687
1,496
4,886
6,003
8,793
11,618
16.454
4,471
Total this wk.
158,812
84.550
150,873
182,588
218,440
122,377
Receipts at-
Since Ana. 1 _ _ 5.252.772 3.187.821 5.368.875 5.751.196 6.181.369 6.809.283
The exports for the week ending this evening reach a total
of 178,825 bales, of which 16,638 were to Great Britain,
24,593 to France, 21,792 to Germany, 4,037 to Italy,
89,894 to Japan, and 21,871 to other destinations. In
the corresponding week last year total exports were 56,771
bales. For the season to date aggregate exports have been
3,340,870 bales, against 2,353,347 bales in the same period
of the previous season. Below are the exports for the week:
Week Ended
Dec. 27 1935
Exports from
Galveston
Houston
Beaumont
New Orleans_ _
Lake Charles_ _
Pensacola,,fec. _
Savannah
San Francisco_ _
Total
Total 1934
Total 1933
Exported to
Great
Britain France
5,254
Germany
TotaL
China
Other
Total
4,037 89,894
21,871 178,825
6.837 2,112 12,312 21,217
5,033 17,527 5,481 27,716
9,435 56,771
8,874 24,898 138.351
834 14,116
1,363 36,563
1,840 10,308
.577
ao
16,638 24,593 21,792
4,858
46.822
Japan
28,907
5,979 12,344
459
1,897
3,458
From
Aug. 1 1935 to
i GerGreat
Dec. 27 1935
- Britain France] many
Exportsfrom
Galveston...-Houston
Corpus Christi_
Texas City
Beaumont _ _ _
New Orleans.,.,
Lake Charles.._
Mobile
Jacksonville_
Pensacola, dmSavannah
Charleston_ _
Wilmington_ _ _
Norfolk
Gulfport
New York_ _ _
Boston
Philadelphia.
Los Angeles..,.,
Ban Francisco_
Seattle
Italy
8,275 41,939
6,193 63,664
160
140
6,161 36,612
703
244
2,474
3,458
858 29,815
7,585 5,875
4,205 15,340
86,721 87,586
131,902 87,834
52,283 50,393
----I
__-686
,
142,035 180,481
,
.
74,559 18,9441,368
68,099 1,753
__ -83,906
_
131,046
.-i931 "ii5
731
110
732
55
1,111
___
49
6,463 1,756
80
158
Exported to
Italy
I
Japan I China' Other ] Total
'
86,718 39,574 220,853 3,996 129,287 654,735
122,200 60,645 269,264 8,043167,805 847,693
400 42,086 247,445
26,883 16.315 69,085
2,952
__ __I
-_-,
745
470
7,200
----- --------474
150
-.5983 754,260
-iii 55,537 151,
90
____ 11,980. 31,101
__
4,911 2,782
,
31,209 14,963 29 a21 __-_ 16,944 185,941
1,728
50,
____
308
,
2 665 11,624 -- 1,757 120,006
30,37
____ 5,668 131,385
8,800
1,351
31,6
____
____ 6,694 160,006
22,266 ---2,102
2,102 .
iii
6,049
(
-. 3
5_
3,243
1,161
____'
......,
4
____ 1,656 5,548
320 2,iio
4,712
__.. 2,826
720 ._io
____ 2,324; 2,679
_
2
77
____ 2,355i 115,829
5,703 .._._ 98,8L2
____ 1,903, 58,175
---------66,034
165
169,
791,436 439,299 460,440197.709 910,893 18,614522,479 3340,870
Total 1934...,..363,834217,229 220,236224,042 910,456 52,015365,5352353,347
744.244502.356 787,503374,165 972,974 133,941 538,0074053,191
Total 1933_ -night also
In addition to above exports, our telegrams to
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Total
Fri.
Dec. 27 at
---- 11,008
6.621 14.421 10,204
Dec. 28 1935
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports
6,700 12,400
14,339 11.058
3.747 11.101
1,000
2;ffi
Germany
Other CoastForeign wise
5,400 40,000
1.029 32,204
7,896 12,450
--• -
Leaving
Stock
Total
3,000 67,500
58,630
42,957
1,000
7jehi
sr.§gg
4,928
1,189
753,875
641,205
591 230
197,699
48,414
163.571
34.522
182,790
Total 1935.- 28,657 35.748 14,325 89,582 10,763 178,975 2,603,306
700 114,513 2,903,540
Total 1934_.- 22,077 5,734 4,492 81,510
Total 1933.... 17.022 14,091 22,169 93,987 6.500 153,769 3,890,827
Speculation in cotton for future delivery showed very
little life. It was a holiday market.
On the 21st inst. prices rose sharply and closed 4 to 20
points higher. The feature of the trading and the market's
chief stimulus, was the buying in December which sent the
price for that month up $1 per bale, and to a premium of 107
points over October. The December position expires at
noon Tuesday, and in view of this fact many traders were
anxious to get out of their commitments on the short side.
This urgent demand, coupled with the fact that offerings
were light, advanced prices to the figures above referred to.
There was quite active trade price fixing in the January
option, which will take the place of December when that
position expires Tuesday. On the 23d inst. prices closed very
irregular witti December up 7 points and the rest of the list
-holiday atmosphere preunchanged to 9 points lower. Pre
vailed and trading was comparatively dull. There was,
however, considerable evening up in the December position.
also quite a bit of switching. It was reported that about
100,00 bales of March were sold by houses that sometimes
trade for government agencies. Exports to date are more
than 900,000 bales above the corresponding period last year,
and estimates are that they will exceed the million mark
before the year is out. As a result of readjustments the
December position now shows a premium of 123 points over
the October delivery. On the 24th inst. prices closed 10
points off for December, trading in which ceased at noon.
The rest of the list with the exception of January, closed 2
to 4 points up. January showed a decline of 3 points at the
close. The pre-holiday spirit prevailed and trading was
comparatively light. Evening up operations in December
a
played a prominent part in the trading this month showing
decline of 17 points in the early session. The buying of
March was also a feature, and these purchases seemed to
steady the list. Average price of middling, as reflected in
the 10 designated spot markets Tuesday, was 11.67 cents.
On the 26th inst. prices closed at about the low of the day,
or with net declines of 6 to 9 points. With the foreign mar-
kets still closed for the holidays and nothing in the news to
cause any unusual stir, trading'here was extremely quiet, the
holiday mood apparently prevailing everywhere. To-day was
first notice day for January contracts, but no notices were
issued, which to many reflects a strong spot situation. Southern spot markets, as officially reported, were 5 to 10 points
lower, with middling quotations ranging from 11.25 to 11.85c.,
compared with 11.51c.
To-day prices closed unchanged to 2 points up, after registering highs of 4 to 8 points. The foreign markets opened
to-day after a two-day holiday, and their early favorable
showing stimulated prices here.
The official quotation'for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Dec. 21 Is Dec. 2712.05 12.05 12.00 Hol. 11.90 11.90
Middling upland
-The highest, lowest and closing prices at
Futures
New York for the past week have been as follows:
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday Thursday
Dec. 26
Dec. 25
Dec.(1935)
Range_ 11.59 11.76 11.79-11.86 11.66-11.80
11.83
Closing_ 11.76Jan.(1938)
Range._ 11.56-11.65 11.60-11.71 11.53-11.61
Closing_ 11.62-11.65 11.83 -11.60Feb.Range
11.46n
Closing. 11.45n
11.46n
ifarchRange- 11.25-11.30 11.28-11.351.1.25-11.34
11.28-11.30 11.32-11.33
Closing_ 11.2841017Range
11.25n
11.21n
Closing_ 11.21n
tray
Range.. 11.10-11.15 11.14-11.18 11.10-11.19 HOLT11.17-11.18 DAY.
Closing_ 11.13-11.14 11.14-tune
Range
11.07n
Closing_ 11.05n
11.04n
Nig-Range- 10.93-11.97 10.93-11.01 10.90-10.97
Closing. 10.98 ---- 10.94 ---- 10.97 ---4ug.Range__
10.85n
10.83n
Closing. 10.87n
gept.Range
Closing_ 10.78n
10.73n
10.72n
Range- 10.67-10.75 10.60-10.72 10.85-10.63
10.62-10.63
Closing. 10.69-10.70 10.60Range....
Closing.
Closing_
)ec.Range _
Closing_
is Nominal.
Friday
Dec. 27
1
1
11.51-11.64 11.50-11.59
11.51 -- 11.51 -11.38n
11.384
11.25-11.35 11.24-11.33
11.25-11.26 11.25 -11.18n
11.18n
11.14-11.21 11.10-11.18
11.11n
11.11-11.12
11.02n
11.02n
10.91-11.01 10.90-10.98
10.91-10.02 10.9310.79n
10.80n
10.87n
10.67/
10.58-10.66 10.55-10.83
10.56-10.58 10.55-10.56
10.56n
10.551
10.61-10.61 10.80-10.60
10.561
10.56n
Financial Chronicle
Volume 141
4183
Range for future prices at New York for week ending
Dec. 27 1935 and since trading began on each option:
Moremerzt to Dec. 27 1935
Towns
Option for
Dec. 1935__
Jan. 1936__
Feb. 1936
Mar. 1936
Apr. 1936
May 1936
June 1936_
July 1936
Aug. 1936
Sept. 1936
Oct. 1936._
Nov. 1936
Dec. 1936
Range for Week
Range Since Beginning of Option
Week
11.59 Dec. 21 11.86 Dec. 23 10.05
11.50 Dec. 27 11.71 Dec. 23 10.35
10.10
11.24 Dec. 27 11.35 Dec. 23 10.16
10.51
11.10 Dec. 21 11.21 Dec. 26 10.33
10.58
10.90 Dec. 24 11.01 Dec. 23 10.41
10.61
10.42
10.55 Dec. 24 10.75 Dec. 21 10.50
Mar. 18 1935
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. 16 1935 11.45
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
10.60 Dec. 27 10.61 Dee. 26 10.60 Dec. 27 1935 10.61 Dec. 26 1935
New York Quotations for 32 Years
The quotations for middling upland at New York on
Dec. 27 for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
Receipts
11.90c.
12.75c.
10.30c.
5.95c.
6.40c.
9.80c.
17.40c.
20.65c.
1927
1926
1925
1924
1923
1922
1921
1920
20.15c.
13.00c.
19.80c.
24.80c.
37.50c.
26.75c.
19.20c.
15.00c.
1919
1918
1917
1916
1915
1914
1913
1912
39.25c. 1911
32.30c. 1910
31.75c. 1909
17.35c. 1908
12.35c. 1907
7.65c. 1906
12.60c. 1905
13.10c. 1904
9.50c.
14.95c.
15.75c.
9.30c.
11.80c.
10.55c.
11.95c.
7.35c.
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed
Futures
Market
Closed
SALES
Spot
Contr'ct Total
•Saturday___ Steady, 15 pts. adv. Steady
Monday _ _ _ Quiet, unchanged__ Steady
Tuesday _ _ _ Quiet,5 pts. dec.._
Steady
Wednesday_
HOLI DAY.
Thursday _- Quiet. 10 pts. dec. _ _ Barely steady_ _
Friday
Steady, unchanged Steady
Total week.
Since Aug. 1
35.171
1935
bales. 583,000
95,000
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
678,000
212,000
187.000
16,000
42,000
75.000
9,000
2,000
4.700 39.871
1934
860,000
74,000
1933
886,000
119,000
1932
765.000
118,000
934.000 1,005,000
320,000 613,000
157,000 284,000
31,000
29,000
80,000
90,000
54,000 136,000
15,000
11,000
8,000
8,000
883,000
513.000
263.000
20.000
75.000
97.000
Total Continental stocks
543,000 665,000 1.171,000 968,000
Total European stocks
1,221,000 1,599,000 2,176,000 1,851,000
India cotton afloat for Europe... 75,000
93,000
59.000
46,000
American cotton afloat for Europe 480.000 218,000
Egypt,Brazil Ac.,sillfor Europe 157,000 154,000 346.000 414.000
97.000
84.000
Stock in Alexandria. Egypt
320,000 339,000 446,000 567,000
Stock in Bombay. India
417,000 475,000 665,000 538,000
Stock in U. S. ports
2,782,281 3,018,053
Stock in U. S. interior towns_ _....2.382.257 1,911,138 4,044,596 4.808,932
2,188,745 2,213.374
U. S. exports to-day
46,934
11,748
37,960
30,039
Total visible supply
7.881,472 7,818.939 10060,291 10552.345
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales. 304,000 244,000 484,000 422.000
Manchester stock
71,000
45,000
64,000
72.000
Bremen stock
158,000 271,000
. Havre stock
172,000 134,000
Other Continental stock
94.000 109,000 1.090,000
American afloat for Europe
480,000 218,000 346,000 918.000
414,000
U. S. ports stock
2,782,281 3,018,053 4,044,596 4,808.932
U. S. interior stock
2,382,257 1,911,138 2,188,745 2,213.374
U.S. exports to-day
46,934
11,748
37.950
30,039
Total American
6.490,472 5,961,939 8,255,241 8,878.345
East Indian. Braxil.
Liverpool stock
279,000 616.000 402,000 343,000
Manchester stock
24,000
29,000
55.000
46,009
Bremen stock
54.000
49,000
Havre stock
15,000
23,000
Other Continental stock
50,000
79.000
81,000
50.000
Indian afloat for Europe
75,000
93,000
59,000
46,000
Egypt, Brazil, &c., afloat
157.000 154,000
97,000
84,000
Stock In Alexandria, Egypt
320.000 339.000 446.000 567,000
Stock in Bombay, India
417,000 475,000 665.000 538.000
Total East India. &c
1.391,000 1,857,000 1,805,000 1.674.000
Total American
6390.472 5,961,939 8,255,241 8,878.345
Total visible supply
7,881,472 7,818,939 10060,241 10552.345
Middling uplands, Liverpool..
6.41d.
7.20d.
5.33d.
5.29d.
Middling uplands, New York
11.90c. 12.85c. 10.30c.
6.10c.
Egypt, good Sakel, Liverpool-. 9.89d.
9.54d.
8.39d.
8.37d.
Broach,fine, Liverpool
5.81d.
5.99d.
4.161.
5.01d.
Tinnevelly, good, Liverpool
6.28d.
6.75d.
4.85d.
5.14d.
Continental imports for past week have been 140,000 bales.
The above figures for 1935 show an increase over last
week of 67,523 bales, a gain of 62,533 bales over 1934, a
decrease of 2,178,769 bales from 1933, and a decrease of
2,670,873 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:
Miss.Clarksdale
Columbus-Greenwood-Jackson
Natchez _--Vicksburg-Yazoo City-Mo., St. LouisN.C..Gensboro
Oklahoma
15 towns *__S.C., Greenville
Tenn..1demphis
Texas, Abilene_
Austin
Brenham.._
Dallas
Paris
Season
223 57.170i
42 14,7161
70 77,492
36 53,3821
4,600 102.2601
1,156 25,5141
183 34.6771
758 29,0291
409
8,658
4,072 131.281
2,328 25,591
1,795 99,283
3,438 29,565
52 24,017
425 65,407
9,919 199,829
1,018 151,167
500 23,039
47,124
131
14,346
610
244 70,447
843 105,007
____
38 542
726 157,606
428 51,629
8,665
23
252 28,009
76 37,383
7,382 94,939
98,
3,098
1
31,468 291,654
2,607 91,051
60,2091.229.919
1,238 44,527
17,341
149
11,087
182
1,293 40,989
1.133 31,611
12 10,501
4.5
77
259 21,841
703 75.843
Stocks
Dec.
27
3811 38,845
2 12,062
1371 72,294
1.757 71.824
7,002105,306
1,365 24,609
407 23,316
956 21.755
158 2,343
5,383 109,542
1,260 22,898
3,231 72,540
2,338 22,735
268 18,421
750 70,369
1,690174,078
1.144151.913
500 22,050
107 45,010
75 26,184
753 33.652
2,244 39,320
75 26,89
1,515 04,301
892 32,260
315 5,024
661 13,365
1,253 25,899
7,386
159
2511 3,100
MO0E7714111 to Dec. 28 1934
, Ship; ments
Season I Week
Receipts
Week
18,316
255
7.210
131
22,2571
11
107 42.518
3,152 110,2831
288 26.930,
258 41,985
161
27,750
29 27,91
907 68.265
132
16,6
1,047 69,002
259 24.047
4,4
8
105 12,
964 55,71
1,357
80,043
500 17,100
11.52
69
525
16,728
285 55,990
982 107,835
19,115
__1:073 118,832
137 22,957
87
3.433
503 16.926
1
28,020
4,648 94,781
171
1,480
Stocks
Dec.
28
311 8,202
639 6,059
455 25,047
344 48.138
1,327 100.681
461 26,239
1,47C 29,171
473 23,721)
39 26,142
1,071 51,929
154 15.657
2,564 42.981
152 14,372
46 8,401
275 48,008
3,279128,126
1,010140,028
400 13,911
58 27,413
200 20,788
480 31,835
2,841 64,151
200 19,510
3.719 74,604
258 23,045
57 5,675
7
11,075
708 26.025
4,748 1,870
9 17,899
19.385182,633 9,217 211.543 5,9. 128.757
2.734 62,087 2,546 68,679 3,952 76,292
58.292 717.477 29,753 937,6351 25.67
7.348
841 3,244
283 20.998 ---- 7,286
119 3,278
347 19,7421
421 5,985
202 4.547
187 14.1451
564 5,174
1,641 13,110 2,012 40.9661 1,292 14.001
1,036 16,272
603 32,9811
7 15,896
Robstown-_.
109 1,704
8
6.6741
63 1,644
291
657
San Antonio_
1
14,399
. 3,457
456 13.580
Texarkana
33.
25,3821
173 20.432
1,575 11,595 1,529 51.8761 1.913 14.666
Waco
Total. 56 townsl4l.16713,779,794,15O.7ii,
. .
.
•Includes the combined totals of 15 towns in Oklahoma.
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.
Dec. 27Stock at Liverpool
Stock at Manchester
Ala., Blrming'm
Eufaula
Montgomery.
Selma
Ark., Blythville
Forest CityHelena
Hope
Jonesboro- -Little Rock_ Newport- Pine Bluff..
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Shipments
Week
The above totals show that the interior stocks have
increased during the week 10,456 bales and are to-night
471,119 bales more than at the same period last year. The
receipts at all the towns have been 76,045 bales more than
the same week last year.
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
1935----Since
Aug. 1
95.013
40.819
195
523
7,358
86,287
3,995
40,815 300.704
Dec. 27ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1934
Since
Week Aug. 1
4,748 104.859
1,654
51,977
Week
7.386
1,120
53.839
Total gross overland
Deduct Shipments
Overland t.o N.Y., Boston, &c--- 210
259
Between interior towns
7,207
Inland, &c.,from South
909
4,369
7.000
8.675
86,434
283,547
530,376
18.680
535.492
12,138
4.418
114.988
1,273
379
3,032
19,326
6,602
128,639
7.676
131,544
4.684
154,567
Leaving total net overland •_ _ _46.163
398,832
13,996
380,925
Total to be deducted
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 46,163 bales, against 13,996 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 17,907 bales.
1935----•
Since
In Sight and Spinners'
Aug. 1
Week
Takings
Receipts at ports to Dec. 27
158,812 5,252,772
398,832
Net overland to Dec. 27
46,163
Southern consumption to Dec.27A00.000 2.105,000
934
Since
Week
Aug. 1
84,550 3.187.821
13,996
380,925
90,000 1,880.000
304,975 7.756,604 188,546 5,448,746
Total marketed
Interior stocks in excess
10,456 1,257,919
*4,028
758,401
Excess of Southern mill takings
over consumption to Dec. 1_ -548.893
------123.257
Came into sight during week
Total in sight Dec. 27
315,431
____ 9,563,416
North. spinn's takings to Dec. 27- 24,452
.. 7
"
"Decrease.
184.518
---- 6,330,404
565.349
6.458
501,996
Movement into sight in previous years:
Week1933-Dec. 29
1932
-Dec. 30
1931-Jan. 1
Bales 1 Since Aug.1254,280 1933
267,887 1932
329,014 1931
Bales
9.083,693
9,192,354
10,267.153
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
• Week Ended
Dec. 27
Galveston
New Orleans
Mobile
Savannah
Norfolk
Montgomery--Augusta
Memphis
Houston
Little Rock _ _ _ _
Dallas
Fort Worth_
Closing Quotations for Middling Cotton on
Saturday Monday Tuesday
11.68
11.73
11.53
11.78
11.90
11.45
11.88
11.55
11.75
11.43
11.28
11.28
11.68
11.77
11.53
11.78
11.90
11.45
11.89
11.55
11.75
11.43
11.29
11.29
11.72
11.77
11.57
11.83
11.90
11.47
11.92
11.55
11.75
11.48
11.32
11.32
Wed'day Thursday Friday
HOLIDAY.
11.62
11.75
11.50
11.76
11.85
11.40
11.85
11.50
11.70
11.41
11.25
11.25
11.62
11.73
11.50
11.78
11.85
11.40
11.85
11.50
11.70
11.40
11.24
11.24
Dec. 28 1935
Financial Chronicle
4184
-The closing quotations
New Orleans Contract Market
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Dec. 21
Monday
Dec. 23
Tuesday
Dec. 24
Wednesday Thursday
Dec. 26
Dec. 25
Iir iaay
Dec. 27
Dec.(1935) 11.60 Bid. 11.62
11.51 Bid. 11.54
11.5711.59Jan.(1936) 11.57Feb.- ___
11.25-11.28 11.2:
March____ 11.28-11.29 11.27-11.28 11.28April
11.01
11.1211.1411.1311.13May
HOLI
June
10.91
10.94- DAY. 10.91July
10.95 -10.93August
September
,
10.55 Bid. 10.5
10.61
10.58- October _ _ 10.88November
bid
10.55 Bid. 10.51
10.54aDecember_
Tone
Sts ady.
Quiet.
Quiet.
Steady.
Spot
Quiet.
Rarely stdv Ste ady.
Steady.
Steady.
Steady.
Options
Liverpool Cotton Association Establishes New Futures
-To Become Operative Jan. 2-A new futures
Contract
contract has been adopted by the Liverpool Cotton Association, Liverpool, England, which will become operative
Jan. 2. The new contract will provide for the first time a
futures market at Liverpool for other than North American
or United States-cotton,it was stated in Liverpool (United
Press) adviees of Dec. 26, which went on to say:
While South American cottons frequently have been bought on the
sample spot market for delivery at some future date, there was no legitimate futures market which provided hedging facilities.
The change was a direct outgrowth of the United States cotton policy
the past two seasons which attempted to fix the world price for American
cotton, through a loan to farmers, above the world market price for comparative staples.
Exports from the United States last season fell sharply as a result. Recently, however, British imports of American cotton have risen sharply
as result of the United States government's new bounty policy which
allows American staple to compete in foreign markets.
In the New York "Journal of Commerce" of Dec. 27,
the following was said 'regarding the new contract:
The new international futures contract of the Liverpool Cotton Association does not displace the present American futures contract against
which only North American grown cotton is deliverable. When Liverpool
first discussed a new contract, it was thought for a time it might take the
place of the American contract.
However, the American has been allowed to stand, and the international contract has been set up as a supplementary arrangement to protect Liverpool and other cotton interests in the event the United States
continues its policy of restricting American crops and so fostering increased production abroad. Price fixing resorted to via the 12c. loan
here last year was the chief cause of this move, and this has since given
way to this year's system permitting free marketing of cotton with the
government paying the farmer a bonus.
The international contract, according to reports in the trade here yesterday, will permit the delivery of sawginned cotton grown in the United
States. South and Central America, Mexico, Russia, Africa and Australia.
If It Is not less than %-inch staple that is at least equal in value to low
middling with staple of not less than /A -inch, good character, grown in
the United States, Argentina or Brazil, whichever is cheapest on the day
the cotton is tendered, and in addition is not below the grade oflow middling,
or that,irrespective of value, is not lower in grade than strict low middling.
"'While the International contract is not expected immediately to interfere
with the marketing of American cotton, it is felt in the trade It might
tend to displace the American contract in the event the government here
continues to limit crops and returns to loans above the value of the staple.
Cotton Ginned from Crop of 1935 Prior to Dec. 13
The Census report issued on Dec. 20, compiled from the
individual returns of the ginners, shows 9,757,680 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1935 prior to Den. 13, compared with 9,173,295 bales from the crop of 1934 and
12,356,276 bales from the crop of 1933. Below is the report
in full:
REPORT ON COTTON GINNING
Number of bales of cotton ginned from the growth of 1935 prior to Dec. 13 1935,
and comparative statistics to the corresponding date in 1934 and 1933
Running Bales (Counting Round as Half Bales
and Excluding Linters)
State
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Meidco
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1935
1934
1,025.827
102,083
782,457
190.533
26,447
1.036,580
539,841
1,219,954
162,388
56.737
555.176
436,346
720.538
300.805
2,570,898
24,787
6.305
931,186
88.915
830,872
232,290
24,156
963.600
470,929
1,115,000
211,947
81,373
612.795
298,197
667.516
387,708
2,212,325
31,336
13,150
1933
947,243
68,932
994,414
175,428
24,074
1,084,652
467.688
1,126.458
222.437
79,881
675,798
1,195.208
718,096
417.252
4,115,603
33,013
12,121
*12.356,276
*9,173,295
*9,757.680
*United States
•Includes 94,346 bales of he crop of 1935 ginned prior to Aug 1 which was
counted in the supply for the season of 1934-35, compared with 99,787 and 171,254
bales of the crops of 1934 and 1933.
The statistics In this report include 238,547 round bales for 1935; 174,569
for 1934 and 569,182 for 1933. Included in the above are 13,557 bales of
American-Egyptian for 1935; 11,079 for 1934; and 6,280 for 1933.
The statistics for 1935 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Dec. 1 is 9,359,389
bales.
CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
UNITED STATES
Cotton consumed during the month of November 1935 amounted to
507,836 bales. Cotton on hand in consuming establishments on Nov. 30,
was 1,346.127 bales, and in public storages and at compresses 8,629.812
bales. The number of active consuming cotton spindles for the month
was 23,193,734. The total imports for the month of November 1935,
were 7,403 bales and the exports of domestic cotton, excluding linters,
were 1,134,874 bales.
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
as compiled from various sources. was 22.869.000 bales, counting
In 1934,
American in running bales and foreign bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters In the United States) for the
year ending July 31 1935, was 25,283,000 bales. The total number of
spinning cotton spindles, both active and idle, Is about 154,000,000.
China Cotton Crop in 1935 to Be 20% Below Year
Ago, According to Report Received by Bureau of
Agricultural Economics-The 1935 cotton crop in China
will be about 20% less than the 3,125,000 bales of 478 pounds
each produced last year, according to a radiogram recently
received by the Bureau of Agricultural Economics, United
States Department of Agriculture, from Acting Agricultural
Commissioner F. J. Rossiter in Shanghai. This would mean
a crop of approximately 2,500,000 bales. An announcement
by the Bureau Dec. 19, said, continuing:
It is estimated that the area planted this year was 7.060.000 acres but
that about 1,962,000 acres were abandoned because of dry weather in
North China at planting time and because of July floods in the Yangtze
Valley. Last year 6.827,000 acres were planted. Average production in
North and South China was 2,269.000 bales from 5,484.000 acres during
the five years ended with the 1933-34 season.
Present prices for both Chinese and foreign cotton are the highest in
several years. Many mills are reported to be operating at a loss since the
demand for yarn and piece goods has not been sufficient to raise prices in
line with those for raw cotton. Unsettled political conditions in North
China have been a factor in the reduced demand for yarn and piece goods.
Should the present disparity between yarn and cotton prices continue
several mills will reduce operations, according to Mr. Rosslter.
Due to the prevailing high prices for cotton and to the high prices for
yarn and piece goods,in which Chinese currency inflation has been a factor,
it is believed that total consumption of cotton this season will fall below
the 2.225,000 bales estimated late in September. At that time it was
estimated that the 1935-36 mill consumption would take 1,800.000 bales
of Chinese cotton. 250.000 bales of American. 150,000 bales of Indian, and
25.000 bales of Egyptian. It is believed now that consumption of foreign
cotton will be lower than at first estimated whereas that of Chinese cotton
will be considerably larger. November arrivals of new crop Chinese cotton
In Shanghai were heavy.
China's 1934-35 consumption of raw cotton is estimated at 2,235,000
bales of which 1.863.000 bales represented native growths, 210,000 bales
American, 135.000 bales Indian, and 27,000 balessundries, mostly Egyptian.
The tendency in recent years, aided by a duty on cotton and stimulated by
higher prices for imported cotton, has been towards the utilization of a
larger percentage of Chinese cotton. However, it has been necessary to
import considerable foreign cotton for the manufacture of the finer yarns.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that most of the picking which
remains to be done is in the northwestern quarter. Weather
over the cotton region generally is too cold to encourage any
kind of work in the fields. However, present weather conditions are putting soil in good shape for plowing, and if
too much rain does not fall, this work will be fairly general
in January.
Rainfall
Thermometer
Rain
0.44 in. high 64 low 39 mean 52
1 day
Texas
-Galveston
high 64 low 20 mean 42
dry
Amarillo
2 days 0.40 in. high 66 low 32 mean 49
Austin
0.12 in. high 60 low 24 mean 42
1 day
Abilene
3 days 1.52 in. high 74 low 38 mean 56
Brownsville
0.12 In. high 64 low 40 mean 52
1 day
Corpus Christi
2 days 0.13 in. high 60 low 30 mean 45
Dallas
4 days 0.41 in. high 70 low 32 mean 51
Del Rio
high 58 low 30 mean 44
dry
El Paso
1 day 0.58 in. high 68 low 34 mean 51
Houston
1 day 0.32 in. high 62 low 22 mean 42
Palestine
3 days 0.27 in. high 70 low 30 mean 50
San Antonio
high 60 low 14 mean 37
dry
Oklahoma-Oklahoma City.._
high 52 low 18 Mean 35
dry
Arkansas
-Fort Smith
high 48 low 18 mean 33
dry
Rock
Little
dry
high 66 low 28 mean 47
-New Orleans.--Louisiana
3 days 0.28 in. high 62 low 23 mean 43
Shreveport
high 60 low 18 mean 39
dry
-Meridian
Mississippi
Vicksburghigh 58 low 22 mean 40
8
1 day g7 in. high 63 low 27 mean 40
Alabama-Mobile
1 day 0.01 in. high 54 low 14 mean 34
Birmingham
1 day 0.12 in. high 56 low 20 mean 38
Montgomery
1 day 0.36 in. high 56 low 24 mean 40
Florida-Acksonville
ea
1 day 0.24 in. high 72 low 36 mean 54
Miami
1 day 0.18 in. high 58 low 24 mean 41
Pensacola
1.60 in. high 62 low 30 mean 46
1 day
Tampa
1 day 0.75 in. high 54 low 24 mean 39
Georgia-Savannah
1 day 0.01 in. high 46 low 12 mean 29
Atlanta
1 day 0.26 in. high 44 low 18 mean 31
Augusta
1 day 0.14 in. high 50 low 18 mean 34
Macon
South Carolina Charleston_2 days 0.65 in. high 47 low 22 mean 35
0.04 in. high 36 low 4 mean 20
North Carolina-Asheville...1 day
0.14 In. high 36 low 14 mean 25
1 day
Charlotte
day 0.46 In. high 36 low 10 mean 23
Raleigh
0.78 in. high 44 low 18 mean 31
WilmIngton
1 day
1 day 0.02 in. high 46 low 13 mean 29
Tennessee- emphis
1 day 0.02 in. high 40 low 10 mean 25
Chattanooga
high 42 low 10 mean 26
dry
Nashville
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
Above zero of gaugeAbove
Ave zero of gauge..
Above zero of gauge_
Above zoro of gauge_
Above zero of gauge..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Dec. 27 1935
Peet
2.8
14.2
9.8
9.6
15.2
Dec. 28 1934
Peet
2.3
7.4
9.6
6.8
9.1
Receipts from the Plantations-The following table
iOicates the actual movement each week from the plants,
tons. 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
Ends
Receipts at Ports
1935
1934
1933
1
Stocks at Interior Towns 1Receiptsfrom Plantations
1935
1934
1933
1 1935
1934
1933
Sept.
20.._ 265,021 230,070328,745 L414,60411.339,176 1.231.5021405,544 842.678496,088
27._ 336,89 237.2051406,64 1,610,222 322,4641,446,194,532,51 344,223,541,732
Oct.
4_ 326,252 244,448401,837 1.784,489 1.547.57 1,502,7651500,519 345,8281538,013
11__ 387,060 240.603378.7 1.990,723 1,640,09 1,644,128 593,294 337.159 531,616
18.... 372,945208,983376,859 2,132.3451,735,609 1,785,278514,586 300,444 504,550
25._ 405,1641232,059,348,46 2,220,7511.829,198 1,881,910493.570325,648445,096
Nov.
I
I
1_ 372,149 201,9321313,111 2,253,100 1,882.22 1,986,737404,498 254,957417,938
8_ 363,686 148,501 275.658 2,287,554 1,922,254 2,081.239398,140 188,532 370.160
15__ 330,485 134,427257,126 2,316,783 1,963,293 2,151,371 359,714 175,466 327.258
22._ 271,993 133,525 285,7572,321,538 1,983,174 2,186,556 276,748 153,406 250,572
29__ 222.432 119.766,266.062 2.350.425 1.973.9662.198,290251,319 110,549277.796
Dec.6._ 258.9501104,0141218,332 2.358.2791,960.5562.207,139 266,804 90,6021227,181
13_ _ 177.455 109.945 177,899 2,369.180 1.934,215 2,203.417 188.356 83.604 174,177
20_ _ 188.143105.029 165.800 2.371.80111,915.166 2.195.903 190.764 85,980158.288
27__ 158.112 84,660160.873 2,382.25711,911,138 2.183.745169,258 80.522 143.715
Financial Chronicle
Volume 141
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1935 are 6,483,511 bales;
in 1934 were 3,939,609 bales and in 1933 were 6,304,767
bales. (2) That, although the receipts at the outports the
past week were 158,812 bales, the actual movement from
plantations was 169,268 bales, stock at interior towns
having increased 10,456 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
1935
Week
1934
Season
Week
Season
Visible supply Dec. 20
7,813,949
7.814,599
Visible supply Aug 1
4,295,259
6,879.719
American in sight to Dec. 27....
315,431 9,563,416
184,518 6,330,404
Bombay receipts to Dec. 26-38.000
550,000
32,000
461.000
Other India ship'ts to Dec. 26
207.000
17,000
232,000
Alexandria receipts to Dec. 25
48,000 1,133,600
60,000
914,200
Other supply to Dec. 25 5
6
11.000
195,000
13.000
238,000
Total supply
8,226,380 15,944,275 8.121,117 15,055,323
Deduct
Visible supply Dec. 27
7,881.472 7.881,472 7,818,939 7.818,939
Total takings to Dec. 27_a__ _
344.908 8,062.803
302.178 7.236,384
Of wnich American
239,908 5,860,203
197,178 5,063,184
Of which other
105.000 2,202.600
105.000 2,173.200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumptio
n by
Southern mills, 2,105,000 bales in 1935 and 1,880.000 bales in
1934
takings not being available
-and the aggregate amount taken by Northern
and foreign spinners, 5,957,803 bales in 1935 and 5,356,384 bales in
1934,
of which 3.755,203 bales and 3,183.184 bales American. b Estimated.
India Cotton Movement from All Ports
1935
Dec. 26
Receipts
-
1934
Week
38,000
Bombay
Exports
From
-
Since
Aug. 1
550.000 32.000
Week
For the Week
Since
Week lAug. 1
461.000 62.000
436.000
Since Aug. 1
&Oata Conn- !Jules&
&set'
meat China Total
Great I Conti- rayon cti
Britain I meld
China I
Bombay
1935
3,000 2,001) 13,000 18,000
1934
1,000 15,000 22,000 38.000
1933 al 5.000 2.000 2,000 9.000
Other Indl
1935
1934
17,000
17,000
1933
2,000
2.000
Total all
1935
1934
1933
1933
Since
Aug. 1
3,000 2,0011 13,000 18,000
1,000 32,000 22,000 55.000
5.000 4.000 2,000 11,000
Total
17,0001 101,000 290,000 408,000
,
15,000; 117,000 327,000 459.000
21,000, 144,000 101,000 266,000
78,0001 129,000
,
46,000, 186,000
55,000, 155,000
207,000
232,000
210,000
95,000, 230.000 290.000 615,000
61,000', 303,000 327,000 691,000
76.000' 299,000 101.000 476,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,000 bales. Exports from all India ports record a decrease
of 37,000 bales during the week, and since Aug. 1 show a
decrease of 76,000 bales.
Alexandria Receipts and Shipments
Alexandria, Egypt,
Dec. 25
1935
300,000
4.572.928
280,000
5.053.913
This Since
Week Aug. 1
Exports (Bales)-
1933
240,000
5,710,868
Receipts (cantars)This week
Since Aug. 1
1934
This Since
Week Aug. 1
This Since
Week Aug. 1
To Liverpool
To Manchester.&c
To Continent and India
To America
8,000 116,387
____ 62.693 9,000 152,932
9.000 75,546 7,000 62.557
---- 78,461
17.000 342,870 17,000 327,020 14.000262.718
3,000 18.695 2,000 15,877 2.000 31,989
Total exports
37.000 553 498 28.000468.147 28000 c90 inn
Note
-A cantar is 99 lbs. Egyptian bales weigh about 756
lba
This statement shows that the receipts for the week
ended Dec. 25 were
240,000 canters and the foreign shipments 37,000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in yarns
is
weak and in cloths is irregular, on account of the holidays.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison.
1935
323 Cop
Twist
d.
1934
8% Lbs. Shirt- Cotton
ings, Common Middrg
to Finest
Uprds
s. d.
Sept.20- 9H011
92
27........ 9h011
93
4.... 9%011% 95
IL.- 10 01154 95
18- 10 01131 95
25..... 10 4611% 96
Nov.1-- 10 0113 96
8____ 10 01131 100
15-- 1034011% 100
22.-- 10)S012 10 1
29-- 1034012 10 3
Deo.6--- 1034012 10 3
l3.__ 103(01134 102
20---- 1034(81134 100
97
1nua114i 100
5. d.
094
09 5
0 97
0 97
0 97
@100
@100
@102
010 2
010 2
010 5
010 5
@104
@102
et 10 2
d.
32s Cop
Twist
d.
84 Lbs. Shirt- Cotton
lags, Common +Vida,
to I;inest
Uprds
a. d.
a. d.
6.53 10)4011% 9 2 0 9 4
6.40 10X01134 9 1 0 9 3
6.59 10H01154 90 0 92
6.50 1030011H 90 0 92
6.40 10%011% 91 0 9 3
8.47 1034011,4 91 0 9 3
6.45 10 0114 91 0 9 3
6.47 10 011% 92 0 94
6.77 1034011% 9 2 0 9 4
6.77 10%011% 9 4 0 9 6
6.59 10X 011;4 9 4 0 9 6
13.67 lomolim 9 4 0 9 6
6.50 10401134 94 0 96
6.38 1034(811% 94 0 98
6.41 10V011 S4 9 4 0 911
d.
7.05
6.91
6.148
6.88
6.97
6.93
6.79
6.81
6.88
6.91
6.96
7.02
7.08
7.15
7_20
4185
Shipping News
-Shipments in detail:
Bales
GALVESTON-To Bremen
-Dec.23
-Lubeck. 2,848-- Dec.24- •
City of Joliet, 3,027
5.875
To Rotterdam-Dec. 24--Cardonia, 450
450
To Ghent
-Dec. 21-Louisiane, 1.203- Dec. 24-Cardonia,
1.329
2,532
To Antwerp
-Dec. 21-Louisiane, 145-- _Dec. 24-CardonLa,
311
456
To Copenhagen-Dec. 21-Trolleholm, 350
350
To Havre
-Dec. 21-Louisiane, 1,960---Dec. 24-Cardonia,
3.418
5.378
To Dunkirk
-Dec.21-Loulsiane, 1,898-- _Dec.24-Cardonia.
3092,207
To Venice
-Dec. 20
-Marina, 572
572
To Kobe
-Dec.24-Katsuragi Marti. 7.953
7,953
To Trieste
-Dec. 20
---Marina. 262
262
To Yokohama
-Dec.24-Katsuragi Mara,3,000
3.000
To Oslo
-Dec.21-Trolleholm, 131
131
To Osaka
-Dec.24-Katsuragi Maru,3,163
3,163
To Gdynia
-Dec. 21-1rollehoIm, 1,483---Dec. 24
.
-City of
Joliet. 58
1,541
To Barcelona-Dec. 21
-Mar Blanco, 1,974
1,974
To Gothenburg-Dec. 21-Trolleholm, 761
761
To Languayra-Dec. 14-Genevie Lykes,80
80
To Liverpool
-Dec.20
-Patrician, 4.142
4,142
To Manchester
-Dec. 20
-Patrician, 1.112
1,112
HOUSTON-To Bremen
-Dec.24-Porta,4,230-- _Dec. 21
-City
of Joliet, 7.273; Luebeck, 3.837
15.340
To Venice
-Dec. 21-Maria, 928
928
To Trieste
-Dec.21-Maria,435
435
To Gdynia
-Dec.21
-City of Joliet, 1,071
1,071
To Reval-Dec. 21
-City of Joliet, 50--:Dec. 26-Burgerdyk.
68
68
To Japan
-Dec. 26-Katsuragi Maru. 4,703--Dec. 20Allnbank, 16,992_ - Dec. 26
--Medan, 14,868
36.563
To Australia-Dec. 22-Katsuragi Maru,42
42
To Ghent
-Dec. 19-Cardonia, 1.588
-Dec.26-Burgerdyk,
384
1972,
To Antwerp
-Dec. 19-Cardonla, 39---Dec. 26-Burgerdyk,
3
42
To Havre
-Dec. 19-Cardonia, 4.205
4,205
To Rotterdam-Dec. 19-Cardonia, 638.
-Dec. 26-Burgerdyk, 1,016
1,654
To Barcelona-Dec. 19
-Mar Blanco, 1.344
1.344
NEW ORLEANS
-To Genoa
-Dec. 20-Montello, 1.790
Dec. 21-Aquarius. 50
1,840
To Oporto
-Dec.23-SapInero, 624
624
To Japan-Dec. 20
-Hindenburg, 9,808_ _ _Dec. 18-Katsurage Maru,500
10,308
To Port Barrios
-Dec. 11-5&etapan. 200
200
To Havana
-Dec.14-TIvires, 100..-Dec.21-Metapan,100_
200
To Liverpool
-Dec.23-DavisIon,4,942
4.942
To Marsailles-Dec. 21-Aquarius, 1,318_Dec. 23-Arsa,
945
2,263
To Manchester-Dec. 23-Davision, 1.037
1,037
To Barcelona-Dec.21-Aquarius,90
90
To Antwerp
-Dec. 20
-San Pedro, 33___Dec. 18-Meanticut,
50
83
To Havre
-Dec.20
-San Pedro,1,792-Dec.18-Meanticut,
7.727
9,519
To Dunkirk-Dec.20
-San Pedro,562
562
To Gdynia
-Dec.20-Tapeka, 1,850
1,850
To Ghent
-Dec.18-Meanticut,2,388
2.388
To Rotterdam-Dec. 18-Meanticut,706
706
LAKE CHARLES
-To Ghent
-Dec.23
-Florida,244
244
To Havre
-Dec.23
-Florida,125
125
To Dunkirk
-Dec.23-Floride, 334
334
SAVANNAH-To Liverpool
-Dec.23-Saccarappa,1,508
1,508
To Manchester-Dec.23-Saccarappa, 1,950
1.950
SAN FRANCISCO
-To Great Britain 7-50
50
To Japan 7-28.907
28.907
To India 7-858
858
BEAUMONT-To Barcelona-Dec.16-Syros,60
60
To Ghent
-Dec.16-Syros, 100
100
PENSACOLA, &c.
-To Liverpool
-Dec. 13
-West Kyska, 6Dec.10
-West Kyska, 1.891
1,897
To Hamburg
-Dec.20-Antinous,577
577
178.825
Cotton Freights
High StandDensity ard
Liverpool .30e. .450. Trieste
Manohester.30o. .450.
Flume
Antwerp .30o. .45o. Barcelona
Havre
.27o. .42o.
Japan
Rotterdam 30o
45o.
Shanghai
Genoa
.450.
60o.
Bombay z
Oslo
.46o.
61o.
Bremen
Stockholm .42o.
570.
Hamburg
*Rate Is open. 'Only small lots.
High
Density
.60c.
.30.3.
•
•
•
.50o.
.300.
.32o.
StandHigh Standard
Density ard
.650. Piraeus
.85o. 1 00
.450. Salonica
.85o. 1 00
•
Venice
.500. .650.
• Copenhag'n.42c. .570
•
Naples
.4043. .550.
650. Leghorn
.400
55c
.450. Gothenteg .420
570
.47o.
Liverpool-Imports, stocks, &c., for past week:
Dec. (3
Dec. 13
50,000
62,000
493,000 499,000
229,000 238,000
80,000
51.000
3,000
4.000
264,000 271,000
178,000
159,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 20
Dec. 27
52,000
32,000
553,000 583,000
290,000 304.000
84,000
48.000
3,000
1.000
373,000 237.000
155,000
126.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Tuesday
Market, 1
12:15
P. M.
A fair
business
doing.
Quiet.
Quiet,
Wednesday Thursday
Quiet.
311(1.1Jpi'da
6.426.
6.45d,
6.404.
Maroc{ Quiet,
Quiet but
(Inlet,
Market
1 to 2 pta. 2 to 3 pie. stdy.. 1 to
-paned
advance. advance. 2 pta. dec.
Market. { Quiet. Barely stdy Quiet but
4
1 to 2 pta. 2 to 4 pta. stdy., 3 pta
P. M.
advance, advance,
decline.
Friday
6.416.
HOLIDAY.
HOLTDAY.
Q't butst'y
1 to 2 Ina.
advance.
Qu't undi.
to 1 pt.
decline.
Prices of futures at Liverpool for each day are given below:
Dec. 21
to
Dec. 27
Sat.
Mon.
Tues.
Thurs.
Wed.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
December (1935) 6.19 __ __ 6.23 __ 6.20 d.
_
6.20
January (1936).... 6.21 6.26 6.24 __ __ 6.21
iii 6.21
March
6.21 6.26 6.24 __ __ 6.21
6.22 6.20
May
6.16 6.21 6.19 __ __ 6.16
6.17 6.16
July
6.12 6.17 6.14 ____ 6.11 HOLT6.12 8.11
HOLIOctober
5.93 5.98 5.95 __ __ 5.92 DAY.
DAY.
5.93 5.91
December
5.88 __ __ 5.90 __ __ 5.87
__ -- 5.87
January (1936)- 5.88 -- __ 5.90 __ __ 5.87
__ -- 5.87
March
5.87 __ __ 5.89 __ __ 5.86
__ - 5.86
May
5.8 - __ 5.87 __ __ 5.84
July
5.8 -- -- 5.85 -- -- 5.82
-- -- 5.82
Financial Chronicle
4186
Dec. 28 1935
BREADSTUFFS
Friday Night, Dec. 27th, 1935
Flour demand continued on a hand-to-mouth basis, but
prices recently held firm.
Wheat
-On the 21st inst. prices closed firm at A to 3%_
cent advance. In contrast to tae distant deliveries, there
was considerable activity in the December delivery as a
result of evening up on the part of shorts and switching
operations. The Government acreage report failed to cause
much of a stir, despite indicated possibilities of a 1936 winter
wheat crop of record proportions. On the 23d inst. prices
closed 13% higher for December, while the later months
closed A to A-cent lower. The feature of the rather dull
trading was the remarkable strength shown in the December
position, which advanced to a premium of 43% cents over
May, the widest difference so far this season. The deferred
months did not share in this strength, however, as reflected
in the fractional losses shown above. It is expected the
markets will continue dull until after the holidays. On
the 24th inst. prices closed with Dec. up lc.; May, X decline,
and July, % decline. The strength in the current month
was due to short covering. On this gain of 1 cent, Dec.
showed a premium over May of 6 cents. In the deferred
positions there was comparatively little interest, and on
moderate amount of selling, prices eased. This latter selling
was composed largely of switching operations.
On the 26th inst. prices closed 1%c. up on December, with
/
the other deliveries 34c. up. The unusual strength in December delivery was the outstanding feature. In this advance of
1.1
hc. December showed a premium of 7c. over May, which
is almost unprecedented at this time of year. Only 10,000
bushels were scheduled for delivery to-morrow on December
contracts, although the total of unsettled dealings is figured
at 3,935,000 bushels. Under the recently-adopted rules, no
more open trades in the nearby can be made after to-morrow.
This means that shorts must close their commitments by
then or face demand for the actual grain. Evidence seems
to point to a tight position for remaining shorts.
To-day prices closed with declines of 3%c. in December,
1c. Wild fluctuations
2
.vith the other deliveries off % to /
marked the close of December delivery, prices fluctuating
within a range of 6%c.a bushel. Throughout most of the day
December maintained most remarkable strength, but collapsed toward the close and registered a net decline of 3%
points. The open interest in wheat was 113,745,000 bushels,
and in corn, 22,768.000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
115% 117% 118% Hol. 119% 113
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
106% 103%
103 104 105%
December
99% Holt- 99% 99%
May
9931 99
day 89% 89
90% 89% 89
July
Season's LOW and When Made
Season's High and When Made I
September _ _ _ _102% Apr. 16 1934 I September ____ 78% July 6 1935
81
July 6 1935
December
9734 July 31 isas December
88% Aug. 19 1935
98% Aug. 1 1935 May
May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
84%
8534 85
84%
December
88% 88% 88% Holt- Holt- 87%
May
89% 88% 88% day day 88%
July
to M;
Corn prices on the 21st inst. closed with gains of
cents. There was nothing in the news to encourage any real
i
cent lower
activity. On the 23d inst. prices closed X to
with trading dull. There was nothing of importance in the
news, and as with the other grains, no real activity is expected to develop until after the holidays. The government
pig survey showed an increase of 30.6% over the number
saved in the fall of 1934, a factor which may have quite a
little influence on the corn marketlater on. On the 24th inst.
cent lower. Trading was quiet.
prices closed A to
Cash interests were small buyers of December against sales
of May at around 134 cents difference. Carlot spot corn
prices were quoted M to 132 cents lower, while the basis was
M to 1 cent lower. Reports received indicated a stronger
disposition among farmers to pledge corn for government
loans.
4
3
On the 26th inst. prices closed with losses of 3f to I/ c. on
the nearby positions, with the July option unchanged. Prices
eased with a moderate degree of pressure, there being no
incentive to support the market. To-day prices closed irregu3
4c.
lar, 1c. off to / up, this irregularity due to evening-up
operations, especially in the December delivery.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
81% 81
No.2 yellow
80% Hol. 80% 79%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
581 58% 58
58
52
December
597 59% 59$ Holl- 59% 5334
May
61
61
60
July
day 80% 53%
Season's Low and When Made
Season's High and When Made
September __-- 8431 Jan. 5 1935 September ---- 6734 Mar.25 1935
June 6 1935 December
60% June 1 1935
December
65
88% July 29 1935 May
56
Aug. 13 1935
May
-On the 21st inst. prices closed virtually unchanged
Oats
with trading very quiet. On the 23d inst. prices closed unchanged to A cent lower, with trading quiet. On the 24th
3
inst. prices closed unchanged to % off. Very little of interest in trading or news.
On the 26th inst. prices closed steady, with the list up %c.
Trading was moderate and without feature. To-day prices
closed unchanged to %c. lower.
Spring pate..high protein $8.15
Spring patents
7.85
Clears,first spring
7.20
Soft wiiter straights.. _ - 6.15
Hard wiater straights- 7.60
Hard winter patents_...... 7.75
Hard winter clears
6.75
FLOUR
8.45 Rye flour patents
25.805.80
8.10 Seminola, bbl., Nos. 1-3- 8.70(58.90
7.50 Oats, good
2. 0
6.45 Corn flour
2.10
7.85 Barley goods
Coarse
2.85
8.00
Fancy pearl.Nos.2.48c7 4.00(44.75
7.00
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
:
of the last three years:
Receipts as
-
Flour
Wheat
Oats
Corn
Rye
Barley
lbs. bush. lbs. bush.
bbls.1901bs. bush. 60 lbs.bush. 56 lbs.bush. 32 lbs. bush.56Ibs. bush.48Ibs.
10,000 21 6.000
143,000 1.574,000
262,000
142,000
Chicago
234,000
330,000 142.000 41 3,000
983,000
Minneapolis
136.000 (3,000
3,000
120,000
136.000
84.000
Duluth
4,000
4.000
91,000
9,000 61 2,000
Milwaukee_
17,000
1.000
74,000
74.000
74,000
67,000
Toledo
1 6,000
33.000
5,000
26,000
15,000
Detroit
35,000
797,000
34,000
9,000
Indianapolis
217,000
475,000
102,000
98,000
I 3,000
St. Louis -303.000
18,000
10,000
72,000
1 8,000
30,000
Peoria
498,000
27,000
636,000
16.000
Kansas CRY
CRY-100.000
201.000
828,000
Omaha
48,000
77,000
146,000
St. Joseph.
171,000
9,000
Wichita
8.000
138,000
2,000
31,000
6.0001
Sioux City.
695,000
113,000
146.000
19.000
I 1.000
Buffalo
303,000 2.707.000 6,008.000
Total wk.193
325,000 1.842,000 3,238,000
Same wk.193
Same wk.1933 275.000 3.332,000 3,801.000
Since Aug.1
7,867,000235.965,000
7,867,000235.965,000 64,148.000
1935
7.625.000 137,301.000 113,676,000
1934
'7051 1100125 Rill; 1111111114 222 11116
• '
1933
1,257,000
1,119,0001
679,000
414,000 1,71 9,000
181.000 1,11 3,000
78.000 81 1.000
85,264,00013.1l1,00050,11
85,264,00013.1l1,00050,11 8,000
29,343.000 8.578.00039.4: 9,000
4L72f2IWS 7 251 11(1119A 21
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 21 1935, follow:
Receipts at-
Flour
Wheat
Corn
I
Oats
Rye
Barley
01.1.198tbs. bush. 60 lb .hush. 58 lbs.'bush. 32 tbs.lbush.56l5s.bush.48lbs.
01.1.198tbs.bush. :
tbs.lbush.56l5s.bush.48lbs.
779.000
1
York-.
New York-. 137,000
2,000
10,0001
2,000
54.000
40,000,
33.000
Philadelphia _
10.0001
7,000
5,000
12,000
93,000
Baltimore__
18,000
7.0001
48.000
4,000
27,000
27,000,
New Orleans *
33.000
Galveston.
2,000
80,000
Bt. John
8,000
224.000
Bt. John West
10,000
57,000
20,000
Boston
238,000
2,000
10,000
Halifax
120,000
5.000
-0
04 1,588.1 i 1
Tot. wk. 1935 247,0
87,000
57.000
68,000
77,000
70.049,11. 15.488.000 17.258,000 4,769,000 4,858,000
SinceJan 1 '35 12.918.
'3512.918.
195,000
Week 1934._
39201 i
210,000 1,475,
85.000
3,000
since Jan 1 '3413.252,000 87,114,''' 9,205.000 10.912.
3.081,000 3.205,000
* Receipts do not include grain passing through New Orleans for foreign porta
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Dec. 21 1935, are shown in the annexed
statement:
Financial Chronicle
Exports from-
Wheat
Corn
Flour
Oats
Rye
Barley
1 ,
New York
St. John West
Halifax
St. John
Bushles
Bushels Barrels Bushels
Bushels Bushels
530,000
2,260
224,000
8,000
10,000
57.000
120,000
10,000
5,000
80.000
- - - - - lie Total week 1935__
954,000
15,000 ..
20,260
57,000
Same week 1934_ _ _
532.000
1.000
28.380
10.000
The destination of these exports for the week and since
July 1 1935 is as below:
Flour
Exports for Week
and Since
Week
Since
July 1 toDec. 21 July 1
1935
1935
Wheat
Week
Dec. 31
1935
Since
July 1
1935
Corn
Week
Dec. 21
1935
Barrels
Barrels Bushels
P 1
Bushels
Bushels
United Kingdom_ 15,260 1,330,073
912,000 27.626.000
Continent
259,498
40,000 17,108,000
So.& Cent. Amer_
42,000
3,000
324,000
West Indies
5:000
73,000
Brit.No.Am. Cols.
____
7,000
Other countries__
. ____
93,555
1,000
61,000
Total 1935
Total 1934
20,266 1,805,126
28.380 1.898.153
954,000 45,119,000
532.000 45.863.000
1.000
Since
July 1
1935
Bushels
43,000
2,000
45,000
6.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 21, were as follows:
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
5,000
116.000
31,000
122.000
196.000
437,000
15,000
20,000
27,000
48.000
174.000
58,000
830,000
77,000
26,000
204,000
6.000
1,497.000
90,000
41,000
103.000
1,000
31,000
85.000
63,000
2,000
590,000
59.000
2,131,000
97,000
451,000
6,000
10,000
1,292,000
62,000
14,000
2,427,000
1,314,000
152,000
977.000
14.000
75,000
12,600.000
232,000 2,289,000
186.000
196,000
4,544,000
629,000 4.822.000
110,000 1.094,000
360,000
393.000
526,000 • 18,000
68,000
2,121,000
479.000
679,000
154,000
150.000
1,862.000
817,000
647.000
1,000
38,000
85,000
8,250.000 2,261,000 6,114.000 2,800,000
486.000
525.000
232.000
562.000
47,000
1,094,000
42,000
561.000
55,000 1,827.000
220,000
13.767,000
170,000 13.497,000 2,673,000 6.583,000
5,055,000
64,000 7,515,000
894,000 1,759,000
145.000
8,000
11,000
7,000
75,000
7,029,000
604,000 1,648.000 1.110,000 1,626.000
4,888,000
1.206,000
170,000 1,720.000
Total Dee 21 1935__72,507.000 6,719.000 42.266,000 9,083.000 15,801,000
Total Dec 14 1935- _73,286,000 5.814,000 42,748,000 9,198,000 15,873,000
Total Dec. 22 1934__86,086,000 41,681,000 21,987,000 12,524,000 14.510,000
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,
54,000; total, 54,000 bushels, against 1,561,000 bushels in 1934. Wheat
-New
York, 2,671,000 bushels; N. Y. afloat, 1.077,000; Philadelphia, 808,000; Baltimore,
852.000; Buffalo, 9,314,000; Buffalo afloat, 11.946,000; Duluth, 967,000; Erie,
2.376,000; Boston, 100,000; Chicago afloat. 115,000; Chicago, 206,000: total,
31,332,000 bushels, against 22,971.000 bushels in 1934.
United States
Boston
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
" afloat
Minneapolis
Duluth
Detroit
Buffalo
' afloat
Wheat
CanadianBushels
Montreal
8,919,000
Ft. William & Port Arthur37,504,000
Other Canadian and Other
Water Points
81,604,000
Corn
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
629,000
113,000
694.000
2,121,000 3,047,000 2,368,000
3,197,000
298,000
Total Dec 21 1935„...128,027,000
5.947,000 3.458,000
Total Dec. 14 1935_128,704,000
5.982,000 3.442,000
Total Dec. 22 1934_120,923,000
7,134,000 3.242,000
Summary
American
72,507,000 6,719,000 42,266.000 9,083,000
Canadian
128,027,000
5,947,000 3,458.000
837,000
3.899,000
3,806,000
5,961,000
15,801,000
3,899.000
.
Agricultural bepartment's keport on A.
Creage
Wheat and Rye Sown for 1936 Crop
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 20 its report
showing the acreage and condition of winter wheat and rye
for the crop of 1936 as follows:
Winter Wheat
-The acreage of winter wheat sown in the611=5
for harvest in 1936 is estimated by the Crop Reporting Board of the United
States Department of Agriculture to have been 47,529.000 acres. This is
6.7% above the 1934 fall sown acreage of 44,530.000 acres and 5.7% more
than the 5
-year (1927-1931) average of 44,969,000 acres. As compared with
1934 seedings, the 1935 fall sown acreage of wheat has been increased in all
of the important winter wheat States except Washington. Heavily
increased seedings are also estimated in the States of Minnesota, South
Dakota, Montana, Wyoming, and Colorado.
The condition of winter wheat on Dec. 1 was reported at 78.2% of normal
compared with 77.8% on the same date a year ago and the 10
-year average
(1923-1932) condition of 82.4.
Conditions have been favorable for fall growth in the States east of the
Mississippi River. With the exception of the area in eastern Kansas and
Nebraska, most of the important winter wheat territory west of the Mississippi River was seeded under dry soil conditions. The outlook in the dry
areas has been somewhat improved by late fall rains. The condition of the
crop on Dec. 1 indicates that abandonment during the winter will be somewhat above average Abandonment of 1934 seeded acreage was 30.4%
compared with 21.3 of the 1933 seedings and the average for the 10 years
(1922-1931) of 12.6V.
Based on past relationships, an abandonment from 1935 seedings of
between 15 and 20% is indicated. A yield per acre below average is also
indicated by the condition. Past relationships of Dec. 1 condition to yield
and corollary weather studies indicate a crop for harvest in 1936 of about
530,000,000 bushels compared with 433.447.000 bushels in 1935 and the
5
-year (1928-1932) average of 618,186.000 bushels.
-Rye acreage sown for all purposes in the fall of 1935 is estimated at
Rye
6.336.000 acres. This Is 2.9% above the 6,159.000 acres sown in the fall
of 1934. A substantial increase in the acreage seeded to rye in the area west
of the Missouri River is offset in part by reduced seedings in the Eastern
and Southern areas of the United States. The increased seeding of rye in
Western areas this fall has resulted from more favorable moisture conditions at seeding time than in 1934 when drought reduced seedings below
the average. In the Eastern area farmers seeded fewer acres than in the
fall of 1934 when a pasture and feed shortage encouraged the planting of
rye for livestock feed. Ordinarily only about 60% of the seeded acreage of
rye is harvested for grain, the remainder being utilized for hay, pasture, or
turned under as a soil improvement crop.
The condition of rye on Dec. 1 is reported at only 69.1% of normal as
compared with 80.4% of normal on Dec. 1 1934. 69.9% on Dec. 1 1933. and
-year (1923-1932) average of 84.9%. A shortage of rainfall In the
the 10
Western areas subsequent to seeding is reflected in the Dec. 1 condition.
The Crop Reporting Board of the United States Department of Agriculture makes the following report of winter wheat and rye acreage seeded
and condition from data furnished by crop correspondents,field statisticians,
and co-operating State agencies. .A revision of these data will be made
when complete Federal census data become available, and will be published
prior to July 1 1936.
Fall Seedings
•
Crop and Year of Seeding
Wheat
Exports
-
North Amer.
BlackSea
Argentina
Australia.
India
0th. countr's
h.
Total
Week 1
Dec. 20
1935
Since
July 1
1935
Corn
1
Since
July 2
1934
Week
Dec. 20
1935
Since
July 1
1935
Since
Aar 2
1934
Bushels f Bus;
- Bushels
aels I
Bushels
Bushels
Bushels
3,076,000, 75,282,000 90.502.000
1.000
14,000
1,120,000 30.266,000 4,040,000
77.000 4,936,000 9,627,000
921,000 49,949.000 87,355,000 5,878,000151,031,000 110,868.000
1,684,000 43,432,000, 48,730,000
784,006 16,272.0001 19,86400 1,140,000 26,368,000 21.144,000
.
7,585,006215,457,000 250,819,000 7,095,000182,336,000 141,653,000
Argentine Wheat Crop Estimated Below Recent
Years
-Forecast of Ministry of Agriculture Places
Production at 140,362,000 Bushels
-The first official
estimate of the Argentine wheat crop was issued on Dec. 21
by the Ministry of Agriculture, it was stated in a special
cablegram from Buenos Aires, Dec. 22 to the New York
"Times," which said that the estimate forecasts total production of 3,820,000 metric tons, equivalent to 140,362,000
bushels. The advices noted:
The government's official estimate shows this year's crop to be the
worst one in many years. with expected wheat production of only 58%
of the average crop for the last five years.
The following is also from the cablegram advices of Dec.22:
The government's crop estimates indicate that Argentina will have only
64,000.000 bushels of wheat for export in 1936, compared with 143.000.000
exported to date this year. Argentina exported 172.000.000 bushels of
wheat in 1934 and 142,000,000 in 1933.
Percent
of Acreage
Seeded the
Previous
FaU
Acres
Condition
Dec. 1
Percent
Winter Wheat
82.4
10 year average 1923-1932
5 year average 1927-1931
44.969,000
41,879,000
7- .3
4
1933
44.530,000
106.3
1934
77.8
47.529,000
78.2
106.7
1935
Rye (for all purposes)
10-year average 1923-1932
84.9
5,037,000
1933
69.9
6,159,000
80.4
122.3
1934
6.336.000
69.1
102.9
1935
Winter Wheat
-The abandonment of 1934 seedings was 30.4% of the
acreage sown; of the 1933 seedings was 21.3%, and the average for 10 years
1922-1931 was 12.6%.
Rye
-The estimates for rye relate to the total acreage sown for all purposes, including an allowance for spring rye.
WINTER WHEAT
Total Dec. 21 1935_200.534.000 6,719.000 48,213,000 12.541.000 19,700,000
Total Dec 14 1935-201,990.000 5,814,000 48,730,000 12,640.000 19.679.000
Total Dec. 22 1934_207.009,000 41,681.000 29.121,000 15,766,000 20,471.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Dec. 20, and since July 1 1935 and July 2 1934, are
shown in the following:
4187
Since the amulet exports to Brazil and other South American republics
average 36,000,000 bushels, it is probable that only about 26,000.000
bushels of Argentine wheat will enter the European markets in the coming
year.
On Dec. 19 there was still on hand available for export 19,052,000 bushels
of old wheat, indicating total stocks for next year of 159,414,000 bushels.
Domestic consumption and seed requirements take up around 95,500,000
bushels every year, leaving an exportable balance of 63,914,000.
Condition Dec. 1
Acreage Seeded
Stale
New York - --New Jersey -- PennsylvaniaOhio
Indiana
Illinois
Michigan
Minneapolis
Iowa
Missouri
South DakotaNebraska
Kansas
Delaware
Maryland
Virgirda
West VirginiaNorth Carolina
South Carolina
Georgia
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington.-Oregon
California
Autumn Autumn Autumn Autumn Avge.
of
1923of
of
of
1927-31 1933
32
1935
1934
1,000 1,000
1.000
Acres
Acres
Acres
239
274
281
53
50
57
982
903
910
1,820
1,782
1,860
1,781
1,837
1,873
2.212
1,924
1,885
768
825
819
36
35
22
204
198
123
379
342
368
1,677
1,550
1.969
168
303
167
3,687
3,063
3,333
13,255 12,082 13,058
84
99
86
469
395
416
623
590
613
113
146
146
359
445
465
57
87
99
55
87
100
274
338
343
294
336
382
3
8
8
26
38
58
4.68.5
4.338
4,726
3,883
4,087
4,469
846
788
849
527
683
555
180
180
228
1.545
1,205
919
417
344
370
25
51
38
193
170
171
3
2
2
1,324
1,040
1,274
869
748
756
725
681
734
United States 44,969
41,879
44,530
0.e0b007-100
Wr+.8.-.014 qt440-. .41510100 WqR
ON.4g0t.g...1t5
004.00000Q 0.P. 0 Q0 OON000 00
ON
405-.W1.0.4....4OW.M00.0WW0.0OWWWW0oPOOw000
0 0 00
Volume 141
47.529
%
88
89
86
1933
1934
1935
85
84
87
90
%
88
86
84
83
83
85
8.5
87
89
84
82
86
79
90
84
83
84
84
79
81
86
84
83
82
79
82
85
87
86
78
84
93
87
91
79
86
85
83
83
49
75
64
86
80
72
78
75
74
74
80
74
70
81
75
66
80
72
63
67
60
96
64
90
91
82
79
% %
93
90
92
99
88
93
81
89
85
84
85
92
89
89
87
91
90
79
92
88
7
8
93
75
5
3
79
.
74
71
6
_1
It8
95
86
.
9
7
84
09
84
88
88
84
73
79
78
80
83
82
82
83
77
76
87
75
76
71
55
70
82
64
89
75
50
70
37
77
71
69
91
98
83
69
95
89
91
55
89
70
81
81
82.4
74.3
77.8
85
88
83
78.2
4188
Financial Chronicle
•
THE DRY GOODS TRADE
RYE
Condition Dec. 1
Acreage Seeded
State
Autumn Autumn Autumn Average
1923of
of
of
1933
1934
1935
1932
1,000
Acres
57
76
149
121
206
120
221
364
606
102
43
990
597
455
60
12
33
100
18
165
24
39
75
60
15
6
88
8
42
67
3
35
80
United States 5.037
1,000
Acres
51
72
134
152
301
169
280
419
635
206
229
1,153
588
725
181
10
32
94
18
152
27
41
67
57
24
7
88
10
45
78
5
32
77
6,159
8.11..WW..MNINIA.CNOWOOMOC.COMONC.ONt..WWW.,
.
.tVoNce..WN vt.MWVM.NW.MNMOWN
..WM MW
N..M
New York _-_New Jersey
Pennsylvania- Ohio
Indiana
Illinois
Michigan
Wisconsin
Minneapolis...
Iowa
Missouri
North Dakota_
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina_
Georgia
Kentucky
Tennessee
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
Utah
Washington__ _
Oregon
6.336
1933
1934
1935
%
89
90
86
88
88
90
87
90
87
91
87
80
83
88
85
91
86
85
84
86
81
85
88
85
81
82
84
88
87
80
83
80
88
%
87
85
84
83
85
86
84
87
78
83
83
55
49
67
72
84
82
72
78
76
68
77
80
75
70
66
78
80
66
67
65
86
86
%
92
90
89
82
87
93
89
93
86
92
87
61
79
81
82
90
87
86
85
86
73
82
82
83
79
60
73
88
51
36
63
92
93
%
90
92
91
90
86
90
85
87
76
88
81
56
50
66
88
6
95
88
87
87
76
81
83
83
81
68
66
77
68
77
83
60
84
84.9
69.9
80.4
69. 1
a Estimates for rye relate to the total acreage sown for all purposes, including an
allowance for spring rye.
Weather Report for the Week Ended Dec. 26—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 26,follows:
At the beginning of the week a moderate depression was central over the
western Lake region, attended by more or less snow in that area and to
the eastward, with light falls as far south as Asheville, N. C. High pressure persisted over the more western States during the entire week with
relatively low temperatures, reaching zero from time to time in some Rocky
Mountain districts.
An unusual feature of the week's weather was the heavy snowfall in the
interior of the Southeast and in the South Atlantic States near the close
of the week. On the morning of the 22d a moderate depression was central
over the northeastern Gulf of Mexico and moved thence rapidly northeastward off the south Atlantic coast during the following 24 hours. It
resulted in considerable snow northward to Virginia, the falls reaching
2 to 4/inches as far south as South Carolina.
The week, in general, was characterized by subnormal temperatures
with freezing weather, as shown by Chart I, extending well into the Florida
Peninsula, and a hard freeze to the southern portions of the east Gulf
States. In the East temperatures of zero occurred as far south as southwestern Virginia and in West Virginia. Farther west the zero line reached
northern Indiana, north-central Illinois, and extreme southeastern Iowa.
In the Central-Northern States the minima for the week were 20 degrees or
-order stations being 22
more below zero, the lowest reported from first
degrees below at Devils Lake, N. Dak., on the 20th. Subzero weather
occurred also in some central Rocky Mountain sections, while the temperature as far south as Chattanooga, Tenn., reached a low of 14 degrees
above zero.
Chart I shows the departure of temperature from normal for the week,
as a whole, and indicates marked contrasts in temperature conditions in
different parts of the country. In general, the Eastern States, westward to
the Mississippi Valley, had an abnormally cold week with the greatest
minus departures from normal temperatures occurring in the south Atlantic
area. From Virginia southward the weekly mean temperatures were from
10 degrees to as much as 15 degrees below normal, while between the
Appalachian Mountains and the Mississippi River they were about 10
degrees below.
To the west of this cold area, covering a north-south belt extending from
eastern Montana and western North Dakota southward, temperatures
averaged considerably about normal, especially in eastern Montana, where
the plus departures amounted to as much as 10 degrees. Farther west over
the Great Basin appeared another area of abnormal cold, the average temperatures running as low as 10 degrees subnormal in some sections.
Chart II shows that precipitation for the week, in general was light.
Moderate amounts occurred in the Middle and South Atlantic and Gulf
States and also in the upper Mississippi and Ohio Valleys and the Great
Lakes: otherwise there was very little precipitation, with most stations
from the Great Plains westward reporting inappreciable amounts.
The abnormally cold weather in Eastern States, especially in the Southeast, was not largely damaging, except in Florida. There was some harm
to winter-truck crops over an extensive area extending from eastern
Virginia southward and also in some Gulf sections, but damage there was
not heavy. However, in Florida winter vegetables and truck crops made
no growth, because of the cold weather, and frost caused extensive damage
throughout the State. Citrus escaped material harm: this crop is light,
but of good quality. Also, in Pacific coast sections, especially California,
heavy to killing frost retarded growth in most places and some damage
resulted to celery. Considerable orchard heating was necessary to protect
citrus fruits in this State, but only some damage to lemons was reported;
citrus are mostly good.
The cold weather was hard on livestock in the Great Basin of the West
and in Eastern States, but mild temperatures in most of the Great Plains
were favorable. Because of continued deficient rainfall in the Pacific
Northwest, some hauling of stock-water is
seasonal work on farms in the
The week was generally unfavorable fornecessary'
East, except that extensive butchering was accomplished in the Southeast
under favorable temperature conditions. Considerable plowing is also
reported in the southern Great Plains area, though in Kansas the soil is
too wet in the east and too dry in the west for this work. Moisture is
needed in western portions of Kansas and Oklahoma and adjoining sections
to the westward, and also in central and southern California and the
interior of the Pacific Northwest, as well as the northwestern Plains.
Conditions were favorable for drying and cribbing corn in Missouri, but
little progress in husking was reported in the Ohio Valley, In Kansas
husking is only one-half to three-fourths done, but in the eastern Ohio
Valley and Atlantic States cribbing has been largely accomplished.
In Oklahoma the week was favorable for outdoor work and picking the
remnants of the cotton crop made good progress, with this work now
practically completed. It was too cold for picking in Arkansas and little
was accomplished, with considerable cotton still out in central and eastern
lowlands.
Small Grains—No apparent injury by cold weather is reported to grains
in the eastern wheat belt and the Atlantic States: a good snow cover in
many sections, including the eastern Ohio Valley, is considered beneficial.
Wheat, in general, continued in satisfactory condition in most main-producing. areas of the interior and Eastern States. In eastern Kansas there
is sufficient moisture to carry the crop well through the winter, but in
many western localities it is barely sufficient for present needs. In Texas
and Oklahoma grain crops are mostly in fair to good condition, but more
moisture would be beneficial in the northwest portion of the latter State.
In eastern Washington the ground is frozen, with wheat dormant and without snow cover. A chart indicates the extent and depth of the snow cover
in different sections of the emmtrY at the close of the w.sek.
Dec. 28 1935
New York, Friday Night, Dec. 27 1935.
Retail trade during the early part of the period under review experienced the usual pre-holiday rush, with weather
conditions favoring a large attendance in the stores. While
no exact figures as to this year's Christmas business are as
yet available, it is anticipated that for the country as a
whole sales will show gratifying increases, with the South
and Southwest likely to reveal the best results. In the local
area a certain spottiness in the sales volume was reported,
with some firms making a very satisfactory showing while
others were unable to better last year's figures. Since the
elimination of the sales tax in New Jersey, renewed complaints have been heard about the adverse effects of the
tax on local retail establishments.
Trading in the wholesale dry goods markets continued in
its seasonal lull, with business confined to a few last-minute
fill-in orders for gift merchandise and to some additional
buying for January sales and cruise and resort requirements.
Prices held very steady, however, although some distress
offerings of moderate size came to light, with the usual
slight concessions under regular quotations. While retailers'
inventories are generally believed to require early replenishment, no active buying movement can be anticipated until
the pending Supreme Court decisions on the validity of the
AAA have been rendered and have found their proper reflection in the level of prices. Business in silk goods was
fairly active, with a better demand developing for Spring
print crepes. Prices ruled slightly firmer and it was taken
for granted that the recent increase in dyeing and finishing
charges would cause a corresponding markup in fabric prices.
Trading in rayon yarns was somewhat unsettled by the
recent advance in prices announced by some major producers,
pending definite action by the largest factor in the viscose
field. While shipments held up well, little buying developed
at the higher quotations, inasmuch as many large users had
anticipated their nearby requirements. For those counts,
however, which were not affected by the recent change in
prices, the demand continued quite active.
Domestic Cotton Goods—Trading in gray cloths continued in its previous lull, partly due to seasonal and holiday
influences, mainly, however, because of the continued uncertainty pending the decision of the Supreme Court on the
constitutionality of the AAA. Although a new sales clause
protecting buyers and sellers against possible measures of
Congress in the event that the Supreme Court invalidates
the processing taxes, was considered helpful in restoring
confidence, no revival of important buying was anticipated
until at least after the turn of the year. Notwithstanding
the paucity of sales, prices held firm, once more reflecting
the sound statistical position of most mills and the virtual
absence of the usual year end distress offerings. Continued
strength was shown in sateens, with slight advances being
announced for some numbers. Moderate activity also developed in drills, and tobacco cloths moved in fair volume,
with indications of a further small advance in quotations.
Business in fine goods continued dull. While the price
structure in general held steady, there were signs of weakness in some constructions and a few sales at slight concessions were reported. Closing prices in print cloths were
%
%
as follows: 39-inch 80's, 85 c.; 39-inch 72-76's, 83c.;
-inch 64-60's, 6%+:3.; 383/2-inch
39
-inch 68-72's, 73'e.; 38Y2
60-48's, 5%c. to 53/2c.
Woolen Goods—Trading in men's wear fabrics was at a
virtual standstill, chiefly due to holiday influences. While
the industry as a whole still has sufficient orders on hand
to continue active operations for months to come, a number
of mills was reported to gradually run out of contracts on
individual looms. However, an early resumption of buying
by clothing manufacturers is expected, for the purpose of
replenishing spring requirements on suitings and top coatings,
while the new fall lines are also scheduled to be opened soon
after the turn of the year. 1936 lines of mackinaws and
snow fabrics shown during the week, revealed price advances
4
of 10 to 153 over last year. Reports from retail clothing
centres reflected the dullness usual during the last stages of
the holiday season. Business in women's wear goods was
fairly active, with retailers reporting a continued brisk demand for cruise and resort wear lines.
Foreign Dry Goods—Trading in linens was seasonally
duly although a few last-minute fill-in orders for gift items
continued to come into the market. While the outlook for
cruise and resort wear is regarded as vey promising, reports
from foreign primary centres reflect some disappointment
over the slow absorption of dress linens by the American
market. In line with lower Calcutta cables, burlap prices
continued their receding trend although the volume of
trading was negligible. Domestically lightweights were
quoted at 4.250... heavies at 5.60c.
Financial Chronicle
Volume 111
4189
State and City Department
MUNICIPAL BONDS
Specialists in
Dealer Markets
Illinois & Missouri Bonds
WM. !. MERICKA & CO.
INCORPORATED
STIFEL, NICOLAUS & CO., Inc.
105W.Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION
Report on Power Plant Allotments—The following is the text
of a statement (Press Release No. 1771) just made public
by the above-named Federal body:
Six allotments for municipal power plant construction were
announced by Public Works Administrator Harold L.
Ickes, the loans and grants for the six projects totaling
$1,538,345.
These allotments were made from the old appropriations
for public works construction. Grants are on the basis of
30% of the cost of labor and materials used in construction.
Loans bear 4% interest.
Allotments were announced to-day for the following
projects:
Seaford. Del.—Grant of $50,200 for a complete new electric generating
plant and distribution system.
Iola, Kans.—Loan and grant of $280,600 for improvements to the
municipal plant comprising new steam generating equipment, a dam to
Impound condenser cooling water and repairs to the distribution system.
Mandan, N.Dak.—Loan and grant of 1336,000 for a complete new steam
,
generating plant and a distribution system.
Marshall. Mo.—Loan and grant of $158,545 for improvements to the
municipal power plant and distribution system.
is-Petersburg, Ill.—Loan and grant of $140,000 for a new power plant and
distribution system.
Grand Forks, N.Dak.—Loan and grant of$573,000 for a new power plant
and distribution system.
g:
Two Allotments Announced for Municipal Utilities—
P'Approval of two allotments, one to Detroit, Mich. and the other to
,
Brewton, Ala., totaling $289,900, was announced on Dec. 21 by Public
Works Administrator Harold L. Ickes.
Detroit was awarded a grant of $238,100 for extensions and improvements
of its municipal electric distribution sytsem. This is to cover 30% of the
cost of labor and materials, the city producing the balance of the $818,181
required. No loan was requested.
pet2'he project calls for the construction of approximately eight miles of
-volt overhead lines; four miles of underground conduit: 15 miles of
24.000
cable, one sub-station, and miscellaneous equipment.
ia3The application was made for the public lighting commission of Detroit,
an organization charged with building a municipal electrical system to
serve all the city's power requirements. Due to the rapid growth of the
city and the purchase by the city of the street railway system, the electric
lines were steadily extended up to 1931. In that year the common council
appropriated an additional $1,000,000 for this purpose, but due to financial
distress, the program could not be carried out. The present grant of
$238,900 helps make this long needed improvement possible.
lo Brewton, wishing to build a Butane-air gas plant and distribution system,
was awarded a loan and grant of $51,800. This grant will also be 30% of
the cost of labor and materials, and the loan will be at 4% interest.
oBoth of these allotments were made from ,the old public works
appropriation.
PO
News Items
Dudes Tint Bids.
CLEVELAND
J
DIRECT
WIRE
rOne Wall Sliest
II NEW YORK
range on this plateau represented 2% points in the dollar price of a bond—
the difference between 3.08% and 3.25%.
6. On to-day's graph,the money trend has just turned downward, having
reached practically the zero mark. It is possible, therefore, that the year
1935should be listed under the year 1897 instead of 1899, but this, of course,
Is all merely conjecture.
Municipal Finance Legislation-1935 Digest Published—
The 1935 laws affecting municipal fiscal affairs have been
compiled by Irving Tenner of the Municipal Finance Officers'
Association, Chicago, Ill. The pamphlet presents a birds-eye
view of the enactments dealing with problems of municipal
finance of the 47 State legislatures which met this year.
The pamphlet first gives a general picture of legislative trends, and then
presents paragraph-digests of laws. The variety of problems with which
the legislatures have had to deal is shown by the chapter heads of the
pamphlet: Taxes and Special Assessment; Debt;Tax, Debt and Expenditure
Limitation and Control; New Sources of Revenue; Accounting and Budgeting: Municipal Pensions; and Depositories.
The devices which the legislators are using to improve the fiscal machinery
of local government are here presented in review. The additional burdens
put upon that machinery by the depression have made it creak loudly.
The picture drawn In this compilation is largely that oflegislative mechanics
clambering over and under the old mill, tightening up a bolt here, oiling
it there, strengthening a weak member, patching everywhere. Only occasionally is there legislative recognition that modern equipment is needed;
the Kansas "cash basis" law is an outstanding example.
Several States are continuing a policy of leniency with tax delinquents
to induce them to pay up. Others seem to have learned that such a policy
discourages the faithful taxpayers, and are abandoning it, The impression
given by this survey is that of improvisation, rather than consistent policy.
The legislation of 1935 reflects the impact upon local government of
the depression-born undertakings of the Federal government. The grist of
statutes includes many made necessary by the activities of RFC, PWA,
FDIC. and the amendment to the Bankruptcy Act affecting municipal
debt.
New York State—Rules Promulgated on New Unincorporated Business Income Tax—The following is the text of a
statement issued at Albany on Dec. 27 by the State Department of Taxation and Finance:
Rules and regulations designed to govern the administration of New
York State's new unincorporated business income tax were promulgated
to-day by the State Tax Commission and should be ready for general distribution before Jan. 1.
The new tax which was enacted at the last session of the Legislature
imposes a levy of 4% on the net income of unincorporated businesses
carried on here by residents or non-residents. Ir is imposed as a temporary
emergency measure and affects incomes for the calendar year 1935, or a
fiscal year ending in 1936.
The law parallels the tax imposed upon business corporations, except
that the rate is lower and supplements the personal income tax. In a
foreword to the regulations, the Commission points out that such a levy
has been recommended by a committee of the National Tax Association,
the Committee on Taxation of the New York Bar Association, the New
York Joint Legislative Committee on Taxation and Retrenchment and the
Commission for the Revision of the Tax Laws.
Heretofore it has been calimed, the Commission says, that an unjust
discrimination has been shown in favor of unincorporated business as
against the incorporated competitors.
The statement emphasizes the fact that New York is a pioneer In this new
tax field, and that "the aim has been to present liberal and reasonable
interpretations which take into account and recognize the peculiarities of
great variety of businesses, and at the same time, inconvenience those
affected by the tax as little as may be."
Illinois—O/d Age Pension Bill Approved by Legislature—
Ohio—Governor Approves State "Use" Tax Bill—The
The State old age pension bill was approved by both the
House and the Senate on Dec. 18 and was sent to Governor "use" tax bill, levying a 3% tax on commodities and tangible
Henry Homer for approval. The bill, conforming to the property purchased outside Ohio and used, consumed or
views of the State administration, was passed by the Senate stored in the State, was signed on Dec. 23 by Governor
by a vote of 45 to 1, according to Springfield advices. In Davey, to become effective on Jan. 1, according to a United
the form in which the bill was presented to the Governor, a Press dispatch from Columbus on the 23rd.
The State Tax Commission estimated the tax would
maximum pension of $1 a day is provided, of which equal
portions are to be paid by the State and Federal govern- produce a $1,000,000 a year in revenue and reduce purchases
ments. It is said that further consideration will be given to made outside the State to escape the 3% sales tax.
Tax Limitation Proposal Assailed Before Municipal
companion bills when the Legislature reconvenes on Jan. 7.
Massachusetts—Additions to Legal List—The State Bond Club—Tax limitation as proposed for New York
Rank Commission has added to the list of securities legal for State would create chaos in State, county and municipal
investment by savings banks in Massachusetts, the South- finance, and would simply transfer the tax burden from one
western Bell Telephone Co., first and refunding 3s, set of taxes to another while adding to or creating budget
deficits, according to former State Senator Seabury C.
Series B, 1964.
Mastick, chairman of the New York
Commission on
Municipal Bond Graphs Show Current Peak Prices— Revision of Tax Laws, who addressedStateMunicipal Bond
the
Accompanying their customary holiday greeting two graphs Club of New York at the Bankers' Club on Friday, Dec. 20.
have been prepared by Darby & Co.of 1 Wall St., New York,
Senator Mastick declared the only solution to the tax situation that could
which offer a comparison of the present municipal bond be seen at this time is for a control of local government expenditures by a
board
various services pert
market and the market as it was following the depression of formedwhich would hold down expenditures for themandatory budget soby these local governments. He suggested a
up against possible revenues and reorganization of all local governments
1896. Darby & Co.comment on their graphs as follows:
outside of New York City
1. No index of municipal prices we have ever seen has carried prices back
of 1901 on a monthly basis. In fact, most indices from 1901-1912 show only
yearly or quarterly figures.
2. Previous high peak has always been considered 3.10% in February
1901. Our study shows this to be corrected to 3.08% (which is insignificant)
and that this figure, namely 3.08%, was reached four times before, in July.
August, and September 1899 and December 1900.
3. No big break, therefore, in municipal prices seems evident in the near
future. It would seem that bonds would probably stay on a long plateau
first, and then ease down slowly.
4. The comparative charts present an interesting picture. The chart for
current prices is graphed on a different scale than the old chart in order to
show a proper relationship between the volume of municipal bonds outstanding in 1935 and the earlier period from 1896 on.
5. After money became redundant due to the inactivity caused by the
depression of 1896, as business revived money stiffened considerably, yet
municipal prices moved up for several years and then entered upon their
long 4% year plateau. Based on a 20-year average life _bond, the trading
as a means of attaining desired tax reform in
New York State.
John S. Linen, head of the Municipal Bond Department of the Chase
National Bank. who preceded Senator Mastick in the discussion, had pointed
to the ''aggresive and well organized support by certain interests" for the tax
limitation proposal, "with the result that such legislation will probably be
under active consideration by many of our State legislative bodies when
they are sailed into session.' It is the present intention, he said, of the
State Tax Limitation Committee representing the Real Estate Association
of the State of New York to sponsor at the next session of the New York
legislature a constitutional amendment. Strong support is being given the
legislation also by the National Association of Real Estate Boards. He told
of the effect such legislation would have on the credit and borrowing power
of local governments, noting that "if mandatory costs are responsible for
excessive taxation, the proper procedure is to attack the question directly
rather than undermine the structure upon which a good government and
credit is built."
Senator Mastick,who said that the Commission for Revision of the State's
Laws was working unselfishly and without political partisanship to bring
Dec. 28 1935
Financial Chronicle
4190
about constructive tax reforms, quoted from studies to show that New
York City, Buffalo, Rochester and Albany would face substantial deficits
if the tax limitation proposition were adopted in any of the forms now being
advanced. The New York City deficit would be $117,000,000, while in
Rochester the deficit would be $5,560,000. Albany would have a deficit in
its debt service of $1,644,047 per year.
It was the effect of these figures, Senator Mastick pointed out, which
caused the shiftfrom the 2% overall tax to the proposal for the raising of new
revenues and the inclusion offuture debt services.
The Albany tax levy would be raised $800.000 over the tax levy for 1935
and in Buffalo toe levy would be raised from $21,000,000 to $29,000,000
on the basis of the 1935 figures. In New York the tax levy would be in,
creased from 1450.000.000 to approximately $525,000,000. while in Rochester
the tax levy would be increased from 117.000.000 to $19,500,000. limitaIt was these figures, Senator Mastick said, which caused the tax
tion advocates to "stop, look and listen" on the second proposition, as the
result of which they dropped to 14% for New I ork City and 134% for
the rest of the State and the counties.
"Our Commission has made a study of the shifting position of the advocates of these tax limitation proposals and hasfound that they are absolutely
impractical," asserted Senator Mastick. "We have now tried to reform our
the
ideas to meet the second proposition and we have not yet got down to else
14% and 14% propositions because maybe we will get something
before we get to them."
He declared that the spreading of the tax burden was not a reduction in
taxes,and that this fact had been lost sight of by advocates of tax limitation.
as
He pointed to the assumption of certain services by government such for
the reasons
education, recreation, conservation and hospitalization as considering the
opinion that,
steadily increasing budgets and essayed the
humanizing tendencies of government, the solution to tax problems must
come through scientific control of tax moneys. The sales tax would only
take up whatever savings taxpayers would achieve through any reduction
in real property taxes, and until those who want most to have tax limitation
became able to understand its effect on government services and their own
pocketbooks the proposed legislation should give way to a plan for revamping local government and according control of local government finances to
a qualified board.
Present sources of revenue had been drawn upon to a point where they
could not fairly be increased any further, he added.
Reconstruction Finance Corporation—Report on Loans
Made for Drainage and Levee Purposes—The following statement was issued by the above Corporation on Dec. 11:
Loans for refinancing a levee district in Arkansas; a canal and reservoir
refinancing
company in Colorado, and a drainage district in Florida, and company in
and rehabilitating a water company in California and a canal
have been authorized by the Reconstruction
Idaho. aggregating $597,500,
Finance Corporation. This makes a total to date of $117,044.393.55
authorized under the provisions of Section 36 of the Emergency Farm
Mortgage Act of 1933, as amended.
The districts and companies are:
$26,500
Clarendon Levee District of Clarendon, Monroe County, Ark—
Louden Extension Canal & Reservoir Co., Latimer County,
29,000
Colo
402,500
North St. Lucie River Drainage Dist., St. Lucie County,
Atascadero Mutual Water Co., San Luis Obispo
$79,500
County, Calif.—Reflnancing
129,500
50.000
Rehabilitation
North Extension Canal Co., Ltd.. Bannock County.
$7,700
Idaho—Refinancing
10,000
2.300
Rehabilitation
The refunding loans are based on deposit of 100% of the outstanding
is
indebtedness. If less than 100% is deposited, the amount authorized
automatically decreased.
Additional Report on Loans—The following statement
(P-1199) was made public by the above Corporation on
Dec. 24:
Loans for refinancing two drainage districts in Arkansas, one drainage
district in Florida. and a water control and improvement district In Texas.
aggregating $755,500, have been authorized by the Reconstruction Finance
Corporation. This makes a total to date of $117,082,938.49 authorized
under the provisions of Section 36 of the Emergency Farm Mortgage Act
of 1933, as amended.
The districts are.
115,500
Hog Tush Drainage District, Lee County, Arkansas
134.500
Ross Drainage District, Clark County. Arkansas
31,000
Pinellas Park Drainage District, Pinellas County, Florida
La Feria Water Control and Improvement District Cameron County574,500
Texas
No.3,Cameron County,
The refunding loans are based on deposit of 100% of the outstanding
indebtedness. If less than 100% is deposited, the amounts authorized are
automatically decreased.
Loans authorized to the following districts have been rescinded:
Princeton-Codora-Glenn Irrigation Dist., Colusa County, Calif__$1C7.500
41,000
Drainage District No.8, Crittenden County. Arkansas
51,000
Drainage District No. 1, Henderson County, Illinois
United States—The Municipal Debt Load in I.835—
A report had just been compiled by Dr. Frederick L. Bird,
of the Municipal Service Department of Dun and Bradstreet,
Inc., on the municipal debt burden of cities having over
50,000 population. According to this survey it would appear
that the present debt burden of American cities is now quite
high enough for reasonable safety and any general increase
would only rdean gambling with an uncertain future.
Emphasizing the composite item of city, school, county and
special district debt, which the taxpayers of each city must
carry, as the only true measure of the local public debt
level, the study presents the combined figures for each community.
The average com&unity debt of the 190 cities given is
shown to be $109 per capita. The lack of any generally sound
borrowing standards, however, is indicated by debts ranging
from a low of $23 per capita to a high of $845 per capita.
Nineteen cities have debts of less than $50 per capita, and
the same number have debts in excess of $200 per capita.
OFFERINGS WANTED
Arkansas—IllInols—MIssourl—Oklahoma
MUNICIPAL BONDS
FRANCIS, lEIRO. & CO.
ESTABLISHED 1877
Inveshnent Securities
Fourth and Olive Streets
ST.LOUIS
Bond Proposals and Negotiations
ALABAMA
JEFFERSON COUNTY (P. 0. Birmingham), Ala.—WARRANT
SALE—A $98,500 issue of refunding road warrants is reported to have been
Birpurchased on Dec. 20 by a group composed of Ward, Sterne & Co. of Co.
Marx &
mingham, the Equitable Securities Corp. of Nashville, and to 101.09.
a premium of $1,075, equal
of Birmingham, as 44s, paying
ALABAMA
Municipal Bonds
EQUITABLE
Corporation
Securities
Nashville
New York
Memphis
Knoxville
Chattanooga
Birmingham
ALABAMA
MOBILE COUNTY (P. 0. Mobile) Ala.—BOND SALE—A $30,000
issue of 44% semi-ann. school bonds is reported to have been purchased
by the Merchants National Bank of Mobile. at a price of 100.01.
MONTGOMERY, Ala.—BOND OFFERING—Sealed bids will be
received until noon on Jan. 7, by W. L. Jackson City Clerk, for the purchase of an issue of $1,296,000 5% coupon funding bonds. Dated Jan. 1
1936. Due on Jan. 1 as follows: $30,000, 1939; $31,000, 1940 $35.000,
1941; $36.000, 1942; 137,000, 1943; 138,000, 1944; 139,000, 1945 $40.000,
1946; $41,000, 1947:142,000. 1948; $43,000, 1949; $44.000, 1950 $45,000,
1951; $46,000, 1952; $47,000, 1953; $48.000. 1954; $49,000, 1955 150,000.
1956; $51,000. 1957; $52.000, 1958: $53,000, 1959; $54,000. 1960; $55.00
1961;$56,000, 1962; $57.000, 1963: 158.000, 1964;$59,000. 1965, and $60,000 in 1966. Prin. and int. (J. & J.) payable in lawful money at the Central
Hanover Bank & Trust Co. in New York City. The approving opinion of
Reed, Hoyt & Washburn of New York, will be furnished the purchaser.
These bonds will not be sold below par. They were approved at the election
held on Dec. 9. A certified check for 2% of the amount of bonds bid for,
payable to the city, is required.
ARKANSAS BONDS
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS, MO.
ARKANSAS
State St Municipal Bonds
WALTON, SULLIVAN •Si CO.
LITTLE ROCK, ARK.
ST. LOUIS, MO.
ARKANSAS
BLYTHEVILLE, Ark.—BONDS SOLD—It Is reported that the $38,000
park improvement bonds originally offered on Nov.21,the sale of which was
postponed—v. 141, p. 3410—were sold on Dec. 20 to M. W. Elkins & Co.
of Little Rock as 6s. Dated Dec. 1 1935. Due from March 1 1939 to
LITTLE ROCK, Ark.—PWA ALLOTMENT ANNOUNCED—The
following is the text of a statement (Press Release No. 1774) made public
by the Public Works Administration on Dec. 22:
"Allotment of a loan and grant of $7.074,500 to Little Rock, Ark.,for a
new water system was announced to-day by Public Works Administrator
Harold L. Ickes. The new system, which will be supplied from a source
outside the city, will furnish the citizens of Little Rock with a much better
quality of water than is now available to them.
"The allotment announced to-day was made from the old appropriations
for public works construction. The grant, as was the case with all allotments made from the old appropriations, will be for 30% of the cost of
labor and materials used in construction. The loan will bear 4% interest.
"The PWA offer of the loan and grant has been given Mayor R. E.
Overman who will return to Little Rock on Monday."
CALIFORNIA
ALAMEDA COUNTY (P. 0. Oakland), Calif.—BOND SALE—The
$35,000 issue of Amador Valley Joint Union High School District bonds
offered for sale on Dec. 10—V. 141. p. 3563—was purchased by the Bankamerica Co. of San Francsico, as 3Ms, paying a premium of $515, equal to
101.47, according to the Clerk of the Board of County Supervisors.
KERN COUNTY SCHOOL DISTRICT (P. 0. Bakersfield), Calif.—
BOND SALE—The issue of $150.000 Taft Union High School District bonds
offered on Dec. 23—V. 141, p. 3890—was awarded to the American Trust
Co. of San Francisco, at par plus a premium of $876, equal to 100.584.
The successful bid provided that $90.000 bonds maturing in 1938, 1937
% interest and $60,000 coming due in 1939 and 1940
and 1938 boar
making the net interest cost to the district about 1.46% annually.
Bonds will mature 130.000 yearly on Dec. 2from 1936 to 1940. incl. Blyth
& Co. of San Francisco was the next best bidder, offering a premium of
$762 for 1k..
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P. 0.
Bakersfield), Calif.—BONDS DEFEATED—At the election held on
Dec.6--V. 141, P. 3563—the voters defeated the proposal ot issue $200,000
in bonds for school building by a margin of 33 votes.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.—BOND OFFERING—Sealed bids will be received until 2 p. m. on Dec. 30. by L. E.
Lampton, County Clerk, for the purchase of a $22,000 issue of Saugus
School District bonds. Interest rate is not to exceed 5%, payable J. & .1.
Denom. 11.000. Dated Jan. 1 1936. Due $1,000 from Jan. 1 1937 to
1958, incl. Prin. and int. payable at the County Treasury. Bids must
be for at least par and accrued interest. Bids will be received for all or
any portion of said bonds, the bonds desired to be specified. A certified
check for 3%, payable to the Chairman of the Board of Supervisors, must
accompany the bid.
LOS ANGELES CITY SCHOOL DISTRICTS, Calif.—BOND OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p. m.
Jan. 8 for the purchase of the following school district bonds, which wilt
bear no more than 5% interest:
$2,000,000 Los Angeles City School District bonds. Due Jan. 1 1961.
2,000,000 Los Angeles City High School District bonds. Due Jan. 1 1961.
Dated Jan, 1 1936. Certified check for 3% required.
LOS ANGELES COUNTY SCHOOL DISTRICT(P.O. Los Angeles),
Calif.—BOND OFFERING—L.E.Lampton, Clerk of the Board of County
Supervisors, will receive bids until 2 p. m. Dec. 30 for the purchase of
$195,000 bonds of Glendale Junior College District. Interest not to exceed
5%. Dated Jan. 1 1936. Denom. $1,000. Due Jan. 1 1961. Cert.
check for 3%.required.
MILL VALLEY, Calif.—BOND SALE DETAILS—It is stated by the
City Clerk that the $30,000 city hall bonds purchased by Heller, Bruce &
Co. of San Francisco, as reported recently—V. 141, p. 3891—were sold on
Dec. 3 for a premium of $11.60, equal to 100.036, for $14,000 as 4s and
$16,000 as 24s. Denom.$1,000. Dated Dec. 1 1935. Duo from Dec. 1
1936 to 1965, optional after three years. Int. payable J. & D.
REDONDO BEACH, Calif.—BONDS DEFEATED—At an election
held on Dec. 13 the voters are said to have defeated the proposed issuance
of $300,000 in yacht harbor bonds, the issue failing to receive the required.
majority.
Financial Chronicle
Volume 141
REEFE-SUNSET UNION SCHOOL DISTRICT,Kings County,Calif.
-BOND ELECTION
-An election will be held on Jan. 14 for the purpose
of voting on the question of issuing $60,000 school building bonds.
SACRAMENTO CITY JUNIOR COLLEGE DISTRICT (P. O.
Sacramento), Calif.
-BOND SALE
-The $271.000 issue of school bonds
offered for sale on Dec. 23-V. 141, p. 3891-was awarded to a group composed of Dean Witter & Co. and Blyth & Co., both of San Francisco, and
associates, 'laying a price of 100.102, a basis of about 2.83% on the bonds
divided as follows: $61,000 as 4s, maturing on Nov. 1 as follows: $7,000,
1936 to 1939; $8,000. 1940 to 1942, and $9,000 in 1943; the remaining
$210,000 as 2%s. maturing on Nov. 1 as follows: $9,000. 1944 and
1945: $10,000, 1946 to 1948; $11,000. 1949 and 1950: $12,000. 1951 and
1952: $13,000, 1953 and 1954: $14,000, 1955 and 1956; $15.000, 1957 and
1958, and $16,000 in 1959 and 1960.
BONDS OFFERED FOR INVESTMENT
-The successful bidders reoffered the above bonds for public subscription at prices to yield from
0.75% to 2.85%, according to maturity.
SAN FRANCISCO, Calif.
-BOND OFFERING TO BEPOSTPONED
In connection with the postponement of the offering of
sewer bonds which was scheduled for Dec. 23-V. 141, $391,000 44%
p. 4044-J. S.
Dunnigan, Clerk of the Board of Supervisors, wires us that the City
torney will recommend postponement of the sale of $391,000 bonds Attwo weeks in order to permit Thomson. Wood & Hoffman to review for
the
proceedings and that this recommendation will have to be and probably
will be approved by the Board of Supervisors.
SHASTA COUNTY (P. O. Redding), Calif.
-BOND
Errol A. Yank, Clerk of the Board of County Supervisors, OFFERING
receive bids
until 2 p. m. Dec. 27 for the purchase of $50,000 4% bondswillthe Redding
of
Grammar School District. Denom. $1,000.
SUISUN, Calif.
-BOND OFFERING
-A. N. Trainor, City
receiving bids until 8 p. m. Dec. 30 for the purchase of $22,000 Clerk, is
4% water
works bonds. Denom. $1,000. Certified checks for 5%
required.
SUSANVILLE, Calif.
-BONDS DEFEATED
-On Dec. 7 the voters
rejected a proposal to issue $75,000 municipal power plant
bonds.
TULARE COUNTY (P. O. Visalia), Calif.
-BOND SALE
-The $17,000 issue of 4% semi-annual school bonds offered for sale on
Dec. 23V. 141, p. 4044-was awarded to Donnellan & Co. of San
Francisco. paying a premium of $68, equal to 100.40, a basis of about
3.95%. Due $1.000
from Dec.2 1937 to 1953, inclusive.
• COLORADO
BOONE SCHOOL DISTRICT, Colo.
-BOND SALE
$34,000
% refunding bonds has been sold to Sullivan & -An issue of
Co. of Denver.
CRAIG HIGH SCHOOL DISTRICT (P. O. Craig)
Colo.
-BOND
SALE DETAILS
-In connection with the sale of the $15.000 school bonds,
reported in these columns last October-V.141. p. 2466-it is now
reported
that the bonds bear 3;1% interest,
due in
to Bosworth, Chanute, LoughridgeareCo. of 10 years, and were sold at par
&
Denver.
DOUGLAS COUNTY HIGH SCHOOL DISTRICT
(P. 0. Castle
Rock), Colo.
-BONDS SOLD SUBJECT TO
-The district
has sold, subject to approval at an election toELECTION
be held in
issue of $35,000 school bonds to the J. K. Mullen Investment February, an
Co.of Denver.
FOUNTAIN, Colo.
-BONDS AUTHORIZED
-An
passed providing for the issuance of $93,500 water ordinance has been
refunding bonds to
retire outstanding obligations as follows: $48,000
5% refunding bonds,
dated April 1 1923; $20,000 5.50% water extension
1924; $13,000 57. refunding water bonds dated Jan. bonds dated Oct. 1
1 1933: $12,500 6%
refunding water bonds dated Nov. 1 1933. A. M. Sayers
is Town Clerk.
KIT CARSON COUNTY CONSOLIDATED
SCHOOL DISTRICT
NO. 1 (P. 0. Burlington), Colo.
-BOND
at an election to be held soon, the District has SALE-Subject to approval
sold $45,000 refunding bonds
to Donald F. Brown & Co. of Denver.
-'
0TERO COUNTY (P. 0. La Junta) Colo.
-WARRANT CALL
-The
County Treasurer is said to be calling for payment
school district and county warrants. Int, ceased on at his office various
on Dec. 4, and shall cease on the county warrants on the school warrants
Jan. 3.
PROWERS COUNTY SCHOOL DISTRICT NO. 14
(P. O. Lamar),
Colo.
-PRE
-ELECTION SALE
-Subject to approval at an election to be
held in the near future, the District has sold
$28,500 3Yi `Z refunding bonds
to the International Trust Co., Boettcher & Co., and Gray
B. Gray, Inc..
of Denver, at par.
WELD COUNTY SCHOOL DISTRICT NO. 66 (P. 0.
Greeley),
Colo.
-BOND CALL
-The following bonds are said to be scheduled for
payment on Jan. 1, at the office of the J. K. Mullen Investment
Co. of
Denver: Nos. 13 to 20. dated April 1 1917, and Nos. 1 to
50, dated Jan. 1
1921.
CONNECTICUT
HARTFORD, Conn.
-FINANCIAL
-In connection
with the offering on Dec. 30 of $350,000 STATEMENT
1% coupon refunding bonds
V. 141. p.4044
-we give the following:
Debt Statement Dec. 16 1935
City term bonds:general obligations payable from sinking fund_
City serial bonds: general obligations payable from curr. revenue $3,050,000
9,467.000
School District term bonds: general obligations payable
from
sinking fund
School District serial bonds: general obligations payable from 2,087:000
current revenue
4.577,000
Total general obligation bonds
Water bonds: assumed by Metropolitan District- - - ----- $19,181,000
- 3,175.000
Temporary indebtedness
None
Gross indebtedness
$22,356,000
Legal deductions: Self-liquidating water bonds
$3,175.000
City sinking fund
2,167.367
School District sinking funds
1,159,260
6,501,627
Net indebtedness
Available borrowing capacity
$15,854,373
5,940,284
Statutory debt limit
Debt Summary
$21,794,657
Per Capita
Net city debt as of Dec. 16 1935
$15,854,373.00
$9&64
Overlapping debt: Hartford County as
of April 1 1935(no bds.issued since)$1,492.000
City of Hartford's share
$661,552.30
4.03
Metropolitan District as of Dec. 31
1934(no bonds issued since)
7,037,000
Less self-liquidating water bonds-- _ 5.037,000
City of Hartford's share
$2.000,000
1.801.200.00
10.97
$18,317,125.80
3111.64
Population: 1930 Federal Census, 164,072.
State of Connecticut is understood to have no funded debt.
Grand List of 1934 (Fiscal Year 1935-36)
Real estate
$313,950.217 $313,950,217
Tangible personal property
41,113.973
Total grand list for city tax assessment
$355.064,190
Tax exempt real estate
80,828.940 80,828,940
Total value real estate
$394,779,157
Total value for debt limitation
$435,893.130
Debt limit (Public Acts 1931. Section 50A)5% of$435.893,130-$21.794,
657.
-BONDSALE
NEW BRITAIN, Conn.
-The following two issues of 2%
coupon bonds offered on Dec.26-V. 141, p.4044
-were awarded to Putnam
& Co. of Hartford at 101.558, a basis a about 1.60%:
4191
$45,000 funding sewer bonds, first series. Due $5,000 on July 1 from 1936
to 1944, incl.
35,000 sewer fund bonds, 14th series, fifth issue. Due $5,000 on July 1
from 1936 to 1942, inel.
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.
R. L. Day & Co., the second high bidders, offered 101.19.
Other bids were as follows:
BidderRate Bid
Estabrook & Co
100.853
First National Bank of Boston
100.792
R. F. Griggs Co
100.766
F. S. Moseley & Co
100.567
Bancamerica-Blair Corp
100.536
Newton, Abbe & Co
100.401
Roy T. H. Barnes & Co
100.317
Burr dr Co
100.297
J. & W. Seligman & Co
100.12
Phelps, Fenn & Co
100 033
Halsey, Stuart & Co., Inc
99.777
WATERBURY, Conn.
-BOND OFFERING-John P. Fitzmaurice,
City Clerk, will receive sealed bids until 8 p. m.on Jan.3 for the purchase of
$900,000 coupon or registered bonds, divided as follows:
$500,000 series of 1936 funding bonds. Due Jan. 15 EIS follows: $10,000
from 1937 to 1946 incl. and $40,000 from 1947 to 1956 incl.
400,000 series of 1936 street and general improvement bonds. Due Jan. 15
as follows: $10,000 from 1937 to 1946 incl. and $15.000 from
1947 to 1966 incl.
Each issue is dated Jan. 15 1936. Rate of interest to be named by the
bidder, in a multiple of ).1 of 1%. Principal and interest payable at the
First National Bank of Boston. This institution will supervise the preparation of the bonds and certify as to the genuineness of the signatures
of the officials and the seal impressed thereon. A certified check for 1%
of the bonds bid, for payable to the order of the City Treasurer, must
accompany each proposal. The approving opinion of Storey, Thorndike.
Palmer & Dodge of Boston will be furnished the successful bidder.
DELAWARE
MILFORD, Del.
-BONDS VOTED
-On Dec. 12 the residents of Milford voted, 5.778 "for" to 238 "against," in favor of the issuance of $138.000 impt. bonds.
FLORIDA BONDS
PIERZE-BIESE CORPORATION
Tampa
JACKSONVILLE
Orlando
Miami
FLORIDA
BROWARD COUNTY (P 0. Fort Lauderdale), Fla.
-PLAN FOR
REFUNDING $15.000,000 BONDS ADOPTED-Establishing what is
thought to be a new low record for cost of Florida municipal refunding. the
Broward County Bondowners' Association has adopted a program calling
for the refunding of about $15,000,000 par value of obligations which have
been in default for an average of about five years. The refunding cost
will not exceed 13
5% of the par value of the bonds exchanged, of which
,
the taxing bodies themselves will pay 1% and the bondholders 34 of 1%•
Thisis thought to be a new low in costs of a refunding operation for a Florida
municipality. The refunding plan calls for an exchange of present outstanding securities on a par for par basis, with a reduction in interest rates.
Initial interest rates on the new refunding bonds are fixed at 2 and 234%.
and increase gradually to the interest rates paid by the old bonds. The
refunding plan represents more than a year of negotiation by the Association, which is composed entirely of the actual owners of the bonds. Welsh
& Green, Inc. of Chicago, municipal counsel, have acted as administrative
agent for the Association in effecting the program.
Broward County includes such important Florida winter resort cities as
Fort Lauderdale and Hollywood, and the five taxing bodies participating
in the program are the Broward County and Road and Bridge Districts,
Broward County School Districts, Broward County Port Authority, City
of Fort Lauderdale and City of Hollywood. The refunding plan provides
for the issuance of 30- to 40
-year term bonds, with sinking funds established
in amounts sufficient to retire principal at or before maturity. According
to Robert M. Hart, Secretary of the Association, substitution of the term
sinking fund bonds for the old serial bonds as provided in the plan will
eliminate the danger of default because of excessive principal maturities
in the earlier years.
The affairs of the Association are being supervised by the actual owners
of large amounts of bonds, who include Charles E. Harrington, Chairman,
Woman's Benefit Association, Port Huron, Mich.; John G. Getz, Jr.,
Detroit; Richard P. Lyman, Jr., R. E. Olds Co.. Lansing. Mich.; H. W.
Pitkin, Yeomen Mutual Life Insurance Co., Des Moines, Iowa; Hugh
Richmond, Brotherhood of Locomotive Firemen and Enginemen, Cleveland, Ohio; Earle R. Stiles, Supreme Forest Woodmen Circle, Omaha,
Neb., and James C. Tucker, Royal Union Fund, Des Moines, Iowa.
DUVAL COUNTY SCHOOL DISTRICTS (P. 0. Jacksonville), Fla.
-BONDS VOTED
-At the election held on Dec. 17-V. 141, p. 3411
the voters approved the issuance of $105,000 in bonds, divided as follows:
$25,000 School District No. 2, and $80,000 School District No. 5 bonds.
BONDS DEFEATED
-At the same time the voters defeated the proposed issuance of the $1,750,000 in School District No. 1 bonds.
HILLSBOROUGH COUNTY CONSOLIDATED SPECIAL TAX
SCHOOL DISTRICT NO. 3(P. 0. Tampa), Fla.
-BOND OFFERING
J. S. Robinson, Chairman of the County Board of Public Instruction, will
receive bids until 11 a. m. Jan. 15 for the purchase of $22,000 4% coupon
school bonds. Denom.$1,000. Dated Dec.! 1935. Prin. and semi-ann.
int.(June 1 and Dec. 1) payable at the Exchange National Bank in Tampa.
Due $1,000 yearly on Dec. 1 from 1937 to 1958.inclusive.
INDIAN RIVER COUNTY (P.O. Vero Beach) Fla.
-BONDS VOTED
-At an election held recently the voters are said to have approved the
Issuance of $45,500 in court house bonds, to secure a Public Works:Administration loan.
NORTH ST. LUCIE RIVER DRAINAGE DISTRICT (P. 0. St.
Lucie), Fla.
-CONFIRMATION
-The District Secretary confirms the
report given In these columns recently that a loan of $402,500 for refinancing was authorized by the Reconstruction Finance Corporation, and he goes
on to say that no further action in the matter has been taken because
the
district has not receive a definite commitment from the bondholders'
protective committee on the proposal.
TAMPA, Fla.
-NOTE SALE AUTHORIZED-The Board of
are said to have passed a resolution at a meeting held recently, Aldermen
authorizing
the sale of $110,000 in revenue anticipation notes.
GEORGIA
BALL GROUND, Ga.---BONDS SOLD
-It is stated by the Town Clerk
that the $15,000 49' semi-ann, water works bonds offered for sale without
success on Dec.6-V. 141. p. 3891-have been sold to the Citizens Bank of
Ball Ground, for a premium of $500, equal to 103.33, a basis of about
3.65%. Dated Jan. 11936. Due $1.000 from Jan. 1 1941 to 19151=1.
GLYNN COUNTY (P. 0. Brunswick), Ga.-BOND SALE
-The
$150,000 4% school improvement bonds offered on Dec. 11-V. 141, P.
3565
-were awarded to Johnson, Lane, Space & Co. of Savannah, and
others, for a premium of $8,430, equal to 105.62.
LUMPKIN, Gs.
-BOND OFFERING-Sealed bids will beret
until 11 a. m. on Dec. 30. by E. J. Tucker, City Clerk-Treasurer, for the
purchase of a $20,000 issue of434% coupon sewerage system bonds. Denom
Financial Chronicle
4192
81.000. Dated Oct.1 1935. Prin.and int.(J.& J.) payable at a local bank.
A certified check for $500 must accompany the bid. Bonds mature annuaLly beginning Jan. 1 1937. These bonds may be registered as to principal only. if so desired.
LUMPKIN SCHOOL DISTRICT (P. 0. Lumpkin), Ga.-BOND
OFFERING-Sealed bids will be received until 1130 a. m. on Dec. 30. by
A. T. Fort, Secretary and Treasurer of the Board of Trustees, for the
purchase of a 325.000 issue of4M % school bonds. Denom.31,000. Dated
Oct. 1 1935. Due annually beginning Jan. 1 1937. Prin. and int.(J. & J.)
payable at the Farmers State Bank, Lumpkin. The bonds are coupon in
form, registerable as to principal only. These bonds have been legally
voted and validated, printed and executed, and are ready for delivery at
the time of the sale. These bonds are to be used in connection with a
Public Works Administration grant on the project. A certified check for
3500, payable to the above named official, must accompany the bid.
-Sealed bids will be received
SAVANNAH, Ga.-BOND OFFERING
until 4 p.m. on Dec. 30, by J. F. Sullivan, Clerk of the Council, for the
purchase offive issues of3% bonds aggregating $265,000. divided as follows:
350,000 street paving bonds. Due $2,000 from 1936 to 1960, incl.
55,000 water works and sewerage extension and improvement bonds.
Due $1,000 from 1936 to 1950, and $4,000 from 1951 to 1960,
all incl.
50,000 public library addition and Armstrong Junior College Auditorium
bonds. Due $2,000 from 1936 to 1960, incl.
35,000 airport improvement bonds. Due 51.000 from 1936 to 1950, and
$2,000, 1951 to 1960. all incl.
75,000 West Bay St. widening and paving bonds. Due $3,000 from 1936
to 1960, incl.
Denom. $1.000. Dated Dec. 16 1935. The bonds are registered as to
principal with the City Treasurer. Interest in coupon form, with principal
and interest payable at the City Treasurer's office or at its agency in New
York City. The alpproving opinion of Clay, Dillon & Vandewater of
New York, will be furnished. A certified check for $10,000, payable to
the order of the Mayor and Aldermen, must accompany the bid.
IDAHO
-The village of McCammon will
-BOND ELECTION
McCAMMON, Ida.
hold an election on Dec.31 to vote on a $30,700 bond issue for water system
Wells is City Clerk.
Improvements. Franklin
PIONEER IRRIGATION DISTRICT (P. 0. Caldwell) Ida.-BONb
-A $34,700 issue of 6% semi-ann. refunding bonds was offered for
SALE
sale on Dec. 24 and was awarded to Sudler, Wegener & Co. of Boise. Pairing
a premium of $605, equal to 101.74, a basis of about 5.62%. Dated Jan. 1
11136. Due on Jan. 1 as follows: 34.000, 1943; 32.500, 1944, and 328.200
in 1946.
ILLINOIS
-BOND OFFERING-Sealed bids addressed to
BROOKPORT, Ill.
John Taylor, City Clerk, will be received until Jan. 7 for the purchase of
$7,500 5% refunding bonds.
-The
-BOND SALE
CHAMPAIGN COUNTY (P. 0. Urbana), 111.
Mississippi Valley Trust Co. of St. Louis has been awarded an issue of
$40,000 court house bonds as 2Ms. at a price of 100.24.
-REFUNDING PLAN AUCOOK COUNTY (P. 0. Chicago), 111.
-The Board of County Commissioners on Dec. 19 passed an
THORIZED
ordinance authorizing the issuance of refunding bonds. They also authorized immediate preparation of a refunding plan based on this ordinance
and expect shortly to ask for proposals to put this plan into effect.
Briefly, the ordinance provides for the issuance of:
Series A refunding bonds to be given in exchange for all bonds now
outstanding which mature after June 2 1936. The new bonds will carry
the same coupon rates as those for which they are to be exchanged, will
be due Jan. 1 1956 and optional on and after the Jan. 1 following present
maturity dates.
Series B refunding bonds to be sold and the proceeds applied to payment
of all bonds now past due or becoming due on or before June 2 1936; or the
series B bonds may be exchanged for these bonds par for par. Series B
bonds will bear interset at the rate of 4%, will be due Jan. 1 1951 and
optional on and after Jan. 1 1946.
A similar plan is to be adopted for Cook County Forest Preserve District.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
III.
-BOND OFFERING-William J. Gormley, Secretary of Board of
Commissioners, will receive sealed bids until 10 a.m. on Dec. 27 for the
purchase of $470,000 series A 4% improvement bonds. Dated Jan. 1 1931.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
-It is announced that funds
111.
-INTEREST ARREARS TO BE PAID
are now available to pay all interest coupons which became due during the
year 1935 and which have not been previously paid.
-BOND OFFEREAST MOLINE SCHOOL DISTRICT NO. 37, 111.
ING-Anna R. Long, Secretary of the Board of Education, will receive
sealed bids until 7:30 p. m.on Jan.3for the purchase of $90.000 4% coupon
school bonds. Dated Jan. 1 1936. Denom. 31.000. Principal and interest
(J. & J.) payable at the District Treasurer's office. A certified check for
5200. payable to the order of the Treasurer, must accompany each proposal. Successful bidder to pay for printing of the bonds and legal opinion.
LaSALLE AND PERU TOWNSHIP SCHOOL DISTRICT NO. 120
-The $250,000 231% school bonds
-MATURITY
(P. 0. LaSalle), Ill.
sold to the Harris Trust dc Savings Bank of Chicago at a price of 101.07,
as previously noted in these columns, mature Dec. 1 as follows: $5,000,
1936 to 1938. incl.; $6,000, 1939 and 1940; $7,000. 1941 and 1942; $8,000,
1943 and 1944; 59,000, 1945 and 1946; $20.000 from 1947 to 1954, incl.
and $15,000 in 1955.
-The City Council recently
-BONDS AUTHORIZED
LINCOLN, III.
p liaiTed tordinance authorizing the issuance of $46,500 sewage disposal
ai
3onc
-The
-BOND SALE
MACOUP1N COUNTY (P. 0. Carlinville), Ill.
-were
587.750 3J.% funding bonds offered on Dec. 20-V. 141, p. 4045
awarded to Fernandes & Co. of Springfield. Paine, Webber & Co. of Chicago were second high bidders. Due serially from 1937 to 1946.
MORGAN COUNTY SCHOOL DISTRICT NO. 117 (P. 0. Jackson"
-BOND OFFERING-Sealed bids addressed to the Secretary or
111.
the Board of Education will be received until 4:30 p.m. on Dec. 28 for the
% coupon school bonds. Dated Dec. 1 1935.
purchase of $560003 to
Denom. $1,000. Due serially as follows: $7,000 from 1943 to 1946. incl.;
310.000 in 1947 and 1948 and $8,000 in 1949. Principal and interest
(J. & D.) payable at the Harris Trust & Savings Bank, Chicago. The
bonds are part of an authorized issue of $125,000 and will be approved as
to validity by Chapman & Cutler of Chicago. Proposals must be accompanied by a certified check for $2,000.
-BOND SALE
-The First National Bank of
MOUNT CrRMEL7 III.
Allendale has purchased an issue of $22,000 5% refuncUng bonds.
INDIANA
-BOND OFFERING-The Board of Trustees will
BUTLER, Ind.
receive sealed bids until 7 p. m. on Jan. 7 for the purchase of 515,000 4%
water works revenue bonds. Dated Jan. 1 1936. Denom. $500. Due
$500 Jan. 1 and July 1 from 1937 to 1951 incl. Principal and interest
(J. & J.) payable at the Kniseley National Bank, Butler. The bonds are
payable solely from municipal water plant revenues. Transcript of proceedings will be furnished prospective bidder and no objections as to the
validity of the Issue will be entertained after the opening of bids.
CEDAR CREEK SCHOOL TOWNSHIP (P. 0. Lowell), Ind.
BOND OFFERING--Vivien Hayden, Township Trustee, will receive bids
until 2:30 p. m. Jan. 14 for the purchase at not less than par of 550.0004%
school building bonds. Denom. $500. Dated Jan. 1 1936. Interest payable
Jan. 1 and July 1. Due 53,500 yearly on Jan. 1 from 1938 to 1949 incl.. and
$4,000 Jan. 1 1950 and 1951. Approving opinion of Matson, Ross, McCord
& Clifford. of Indianapolis, will be furnished to the purchaser.
-The $119,000
-BOND SALE
CLAY COUNTY (P. 0. Brazil), Ind.
-were awarded
hospital refunding bonds offered on Dec. 23-V. 141, p.3723
te the Harris Trust & Savings Bank of Chicago, as 234s, for a premium
Dec. 28 1935
of $331, equal to 100.278. The Riddell National Bank of Brazil offered
a $601 premium for 3s.
Other bids were as follows:
Premium
Int. Rate
Bidder$128
City Securities Corp
3
1,217
Union Trust Co
795
Brazil Trust Co
601
Riddell National Bank
790
3
Robinson & Co., Inc
455
Magnus & Co
331
-BOND OFFERING
CLINTON COUNTY (P. 0. Frankfort), Ind.
The County Auditor will receive bids until 10 a. m. Jan. 15 for the purchase
of $30,000 hospital refunding bonds.
-BOND
DELAWARE SCHOOL TOWNSHIP (P. 0. Napoleon), Ind.
OFFERING-George 0. Reckeweg, Trustee, will receive sealed bids until
2 p. m. on Jan. 10 for the purchase of 512,000 not to exceed 5% interest
school building bonds. Dated Dec. 1 1935. Denom. $500. Due as
follows: $1,000. Jan. 1 and $500 July 1 1938. and $500 Jan. 1 and July 1
from 1939 to 1949 incl. Rate of interest to be expressed in a multiple of
31 of 1%. Interest payable J. & J. Approving opinion of Matson, RCM.
McCord & Clifford of Indianapolis will be furnished the successful bidder.
No conditional bids will be considered.
-The $17,000 4%
-BOND SALE
DUNKIRK SCHOOL CITY, Ind.
coupon school building improvement bonds offered on Dec. 23-V. 141.
-were awarded to the City Securities Corp. of Indlaciaoplis at par
P. 3892
0
plus a premium of $175. equal to 101.02. a basis of about 3.757. Dated
Nov. 15 1935 and due as follows: $1,000, July 1 1938; 31,500, Jan. 1 and
July 1 from 1939 to 1943, incl., and $1,000, Jan. 1 1944. The First State
Bank of Dunkirk, only other bidder, offered par for the issue.
-BOND OFFERING
ELKHART COUNTY (P. 0. Goshen), Ind.
Frances Mahler, County Auditor, will receive bids until le) a. m. Jan. 15
for the purchase of $54,000 bonds. Denom. $600. Dated Jan. 15 1936.
Due 36,000 yearly on Nov. 15 from 1937 to 1945 incl. Certified check
for 3% of amount of bonds required.
Principal and M.& N. 15 interest will be payable at the County Treasurer's office and the approving opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder. No conditional bids will be considered and the bonds will be ready for delivery
on Jan. 26.
GEORGETOWN SCHOOL TOWNSHIP, Floyd County, Ind.
BOND OFFERING-Virgil Summers. Trustee, will receive sealed bids
until 10 a. m. (Central Standard Time) on Jan. 10 for the purchase of
$13.500 not to exceed 4% interest school building bonds. Dated Jan. 10
1936. Denom. $450. Due one bond each June 1 and Dec. 1 from 1937
to 1951 incl. Rate of Interest to be expressed by the bidder in a multiple
of 31 of 1%.
-BOND OFFER.GEORGETOWN TOWNSHIP, Floyd County, Ind.
ING-The Trustee and Advisory Board will receive bids until 10 a.m.
Jan. 16 for the purchase of $13,500 school building bonds.
-The
-BOND SALE
GREENE COUNTY (P. 0. Bloonafield), Ind.
two issues of bonds aggregating $45,000 offered on Dec. 21-V.141, p.3892
-were awarded as 4 Ms.at a price of par. to the Peoples Trust Co.of Linton.
The sale consisted of:
$25.000 series B advancement fund bonds of 1935. Due $1,000, June 1 and
Dec. 1 from 1937 to 1948 incl. and $1,000 June 1 1949.
20,000 series A hospital bonds of 1935. Due $500 on June 1 and Dec. 1
from 1937 to 1956 inclusive.
Each issue is dated Dec. 1 1935.
-BOND
JACKSON SCHOOL TOWNSHIP (P. 0. Napoleon), Ind.
OFFERING-Earl C. Hertenstein, Trustee, will receive sealed bids until
1 p. m. on Jan. 10 for the purchase of 312,000 not to exceed 5% interest
school building bonds. Dated Dec. 11935. Denom. $500. Due $1,000
Jan. 1 and 5500 July 1 1938. and $500 Jan. 1 and July 1 from 1939 to 1949
incl. Rate of interest to be expressed in a multiple of M of 1%. The
approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished the successful bidder. No conditional bids will be
considered.
-BOND
JACKSON SCHOOL TOWNSHIP (P. 0. Edgerton), Ind.
OFFERING-Ora F. Moore, Township Trustee, will receive bids until
1130 a. m. Jan. 11 for the purchase of $27,308.60 school bonds.
KANKAKEE SCHOOL TOWNSHIP, La Porte County, Ind.
BOND OFFERING-Charles A. Hunt, Trustee, will receive sealed bids
until 11 a. In. (Central Standard Time) on Jan. 11 for the purchase of
50,000 4% school building bonds. Dated Jan. 10 1936. One bond for
1,250. others $1,950 each. Due as follows: 51,250 July 10 1937; 31,950
July 10 and Dec. 10 from 1938 to 1949 incl.. and 31,950 July Hi 1950.
Principal and semi-annual interest payable at the La Porte Loan & Trust
Co., La Porte. A certified check for 5% of the issue must accompany
each bid.
-The $140,000 331% sewer bonds
-MATURITY
LAFAYETTE, Ind.
recently awarded to C. W. McNear & Co.of Chicago at a price of 100.822-mature $7,000 each Feb. 1 from 1938 to 1957 inclusive.
V. 141. p. 3892
I
MADISON TOWNSHIP SCHOOL DISTRICT (P. 0. Hoagland),
-The issue of $16.258 school bonds awarded to the
-PRICE PAID
Ind.
Central Security Co. of Fort Wayne,as previously noted in these columns.
was awarded as 331s at par plus a premium of $20, equal to 100.123, a
basis of about 3.23%. Dated Dec. 15 1935 and due semi-annually from
July 15 1937 to July 15 1950 inclusive.
-O. S. Simmons, Town Clerk,
-BOND OFFERING
PORTER, Ind.
will receive sealed bids until 8 p. in. on Jan. 7 for the purchase of $d,000
5% street improvement bonds. Dated Jan. 7 1936. Denom. $300.
Due $3300 Aug. 1 1937, $3300 Feb. 1 and Aug. 1 from 1938 to 1941 incl.,
and $300 Feb. 1 1942. Interest payable F. & A. A certified check for
$100 is required.
-The $29,175
-BOND SALE
RUSHVILLE SCHOOL CITY, Ind.
434% school building improvement bonds offered on Dec. 23-V. 141.
-were awarded to Robinson & Co., Inc. of Chicago at par plus a
p. 3723
premium of $1,515, equal to 105.19,a basis of about 3.58%. Dated Dec.20
1935 and due as follows: $1,175 July 15 1937; 51,000 Jan. 15 and July 15
from 1938 to 1941 incl.; $2,500 Jan. 15 and July 15 from 1942 to 1945 incl.
Other bids were as follows:
Premium
Bidder$1.248.69
Rushville National Bank
1,227.00
City Securities Corp
837.00
Farmers Trust Co., Rushville
-BOND OFFERING
-Alfred Hays, Town ClerkSCOTTSEURG, Ind.
Treasurer, will receive sealed bids until 9 a. in. on Jan. 17, for the purchase
4% school building construction bonds. Dated Jan. 1 1936.
of $19,000
Denom. $500. Due 3500 July 11937; $500 Jan. 1 and July 1 from 1938 to
1955, incl. and $500 Jan. 1 1956. Interest payable J. & J. A certified
check for 5% of the bid must accompany each proposal.
-BOND OFFERING-George
SCOTTSBURG SCHOOL TOWN, Ind.
E. Hougland, Secretary of the School Board, will receive sealed bids until
11 a. m. on Jan. 17, for the purchase of 570004% school building bonds.
Dated Jan. 11936. Denom. $350. Due $350 July 1 1937; $350 Jan. 1
and July 1 from 1938 to 1946,incl. and $350 Jan. 1 1947. Interest payable
J. & J. A certified check for 5% of the bid, payable to the order of the
School Board, must accompany each proposal.
STAFFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Marco), Ind.
-No bids were sutunitted for the issue of $18,000
-BONDS NOT SOLD
434% school bonds offered on Dec. 20-V. 141. p. 3723. Dated Nov. 15
and due semi-annually from 1937 to 1952, incl.
1935
-BOND
VIENNA SCHOOL TOWNSHIP (P. 0. Scottsburg). Ind.
OFFERING-Fred L. Everitt, Trustee, will receive sealed bids until
a. m. on Jan. 17, for the purchase of $13,000 4% school building bonds.
10
Dated Jan. 11936. Denom. $650. Due $650 July 1 1937; $650 Jan. 1 and
July 1 from 1938 to 1956, incl. and $650 Jan. 11957. A certified check for
5% of the bid, payable to the order of the Trustee, must accompany each
proposal.
-The City Clerk will receive
-BOND OFFERING
VINCENNES, Ind.
bids until 11 a. m. Jan. 18 for the purchase of 517.500 refunding bonds.
Denom. $500.
Financial Chronicle
Volume 141
WARSAW SCHOOL CITY (P. 0. Warsaw), Ind.
-BOND SALE
-were
The $47,000 4% school bonds offered on Dec. 23-V 141, p. 3893
awarded to the City Securities Corp. of Indianapolis. Dated Dec. 15 1935
and due Dec. 1 as follows: $2,000. 1938 to 1944, incl.; $3,000, 1945 to 1947,
incl. and $2,000 from 1948 to 1959, inclusive.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE
The $60,000 asylum construction bonds offered on Dec. 27-V. 141,
-were awarded to the Farmers Loan & Trust Co.as 35 for a premium
p.3893
of $198. equal to 100.33. a basis of about 2.94%. Dated Jan. 1 1936.
Due $3,000 June 1 and Dec.1 in each of the years from 1937 to 1946 incl.
IOWA
CALMAR SCHOOL DISTRICT (P. 0. Calmar), Iowa-BOND
OFFERING-It is stated by the District Secretary that he will receive bids
until Dec. 28, for the purchase of a $48,000 issue of school bonds. These
bonds were approved by the voters at an election held on Nov. 6.
CRESCO SCHOOL DISTRICT (P. 0. Cresco), Iowa
-CORRECTION
-We wish to point out that in our report of the sale of $20,000 school bonds
on Dec. 20 to the Cresco Union Savings Bank, gvien in these columns
recently, we incorrectly reported the premium paid as being $190, whereas
the sum actually paid was $590, equal to 100.85 on the 3% bonds.
ELDORA INDEPENDENT SCHOOL DISTRICT (P. 0. Eldora),
Iowa
-BOND SALE DETAILS
-The $50,000 issue of refunding school
building bonds purchased on Dec. 16 by the White-Phillips Corp. of
Davenport, as 2 Hs, as reported recently
-was awarded
-V. 141, P. 4046
for a premium of $62 (not $625), equal to 100.124, a basis of about 2.73%.
Coupon bonds dated Jan. 1 1936. Denom. $1,000. Due on Nov. 1 as
follows: $4,000, 1936 to 1945. and $5,000 in 1946 and 1947. Interest
payable Nov. 1.
FAIRFIELD, Iowa-BOND OFFERING--Mabyl V. Leber, Secretary
of the Board of Park Commissioners, will receive bids until 1:30 p. m.
Dec.30.for the purchase of $6,500 park bonds, to bear no more than 335%
interest. Interest payable semi-annually. Due serially from 1941 to 1953:
optional at par after five years. Opinion of counsel and printed bonds will
be furnished.
GRAETTINGER INDEPENDENT SCHOOL DISTRICT (P. 0.
GRAETTINGER), Iowa
-BOND SALE
-A $13,000 issue of refunding
bonds is reported to have been purchased by Jackley & Co. of Des Moines,
as 3s at par.
GRANT TOWNSHIP CONSOLIDATED SCHOOL DISTRICT (P.O.
Ledyard), Iowa-BOND SALE
-The $7,500 issue of school bonds offered
for sale on Dec. 18-V. 141. p. 3723
-was awarded to the White-Phillips
Co. of Davenport, as 331s, paying a premium of $21.00. equal to 100.28,
a basis of about 3.73%. Due from 1940 to 1948. The second highest bid
was a premium otter of $20, on 3.3is, tendered by Jackley & Co. of Des
Moines.
HOSPERS INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
OFFERING
-M. L. Vander Waal, Secretary of the Board of School Directors, will receive bids until 2 p.m. Jan. 2 for the purchase of $6,000
school building bonds.
JACKSON COUNTY (P. 0. Maquoketa), Iowa-BOND SALE
-A
$20,000 issue of bridge refunding bonds was sold recently to the WhitePhillips Co. of Davenport, as 234s, paying a premium of $56.00, equal to
100.28. It is stated that this sale has been confirmed by the County
Supervisors.
KEYSTONE, la.
-BOND OFFERING-Geo. Harder, Town Clerk, will
receive bids until 3.30 p.m., Jan.3 for the purchase of $8,000 sewer bonds.
MANSON INDEPENDENT SCHOOL DISTRICT, lowa-BOND
OFFERING POSTPONED-Offering of the $26.000 issue of school bonds
originally scheduled for Dec. 27-V. 141, p. 3893
-was postponed to
Dec. 31 at 2 Ir• m.
MARSHALL COUNTY (P.O. Marshalltown), Iowa-MATURITY
It is stated by the County Auditor that the $45,000 refunding bonds purchased by the White-Phillips Co. of Davenport, as 234s, as reported recently
-V. 141, p. 3893
-are due $15,000 from Nov. 1 1942 to 1944.
MONTEZUMA, Iowa-MATURITY
-It is stated by the Town Clerk
that the $9,000 5% semi-ann. water revenue bonds purchased at par by
Shaw, McDermott & Sparks, of Des Moines, as reported recently
-V.141,
p.4046
-are due $1,000 from 1936 to 1944 incl.
OSCEOLA, Ia.-BOND ELECTION
-An election has been called for
Jan. 6 for the purpose of voting on the question of issuing $27,000 water
main bonds.
PELLA INDEPENDENT SCHOOL DISTRICT (P. 0. Pella), Iowa
BOND SALE
-The $32.000 issue of high school reconstruction bonds
offered for sale on Dec. 23-V. 141, p. 4046
-was purchased jointly by the
Pella National Bank, and the Marion County State Bank of Pella.
ROCKWELL CITY INDEPENDENT SCHOOL DISTRICT, Iowa
-The $75,000 school building bonds offered on Dec. 23BOND SALE
-were awarded to the Polk-Peterson Co. of Des Moines 3s
V. 141, p. 4046
or a premium of $990.50, equal to 101.32.
SANBORN, la.
-BONDS VOTED
-By a vote of 440 to 208 residents
have approved a proposition to issue $90,000 municipal electric light plant
bonds.
SHEFFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Sheffield), Iowa-BOND OFFERING-Bids will be received by II. D. Africa,
Secretary of the Board of Directors, until 2 p.m. on Dec. 28, for the purchase of a $4,500 issue of school bonds, according to report.
SIGOURNEY, Iowa-BOND OFFERING
-H. F. Richardson, City
Clerk, will receive bids until 7:30 p. m. Dec. 30 for the purchase of $17,500
sewer outlet and purifying plant bonds.
SPIRIT LAKE CONSOLIDATED INDEPENDENT SCHOOL DIS-BOND OFFERING
TRICT, la.
-C. C. Cravatt. District secretary, will
receive bids until 2 p. m.,Jan. 2,for the purchase of $22,000 school building
bonds. Due serially from 1937 to 1945. incl.
STANHOPE, Iowa
-BOND OFFERING
-M. Eugene Fardal, Town
Clerk, will receive bids until 2 p. m. Dec. 30 for the purchase of $5,000
electric lighting bonds. Bonds and attorney's opinion will be furnished
by the town.
STUART INDEPENDENT SCHOOL DISTRICT, la.
-BOND ELEC-The Board of School Directors has called a special election for Jan.8
TION
to vote on the question of issuing $25.000 school building bonds.
KANSAS
CHANUTE SCHOOL DISTRICT, Kan.
-,BOND OFFERING
-L. H.
Petit, Clerk of the Board of Education, will receive bids until 7:30 p. in..
Jan 2 for the purchase of $55,000 school bonds. Certified check for 2%
of amount of bid, required.
CLAY COUNTY (P. 0. Clay Center), Kan.
-BOND SALE
-The
$57,000 issue of 2% coupon semi-annual bridge bonds offered for sale
-was awarded to Stern Bros. & Co. of Kansas
on Dec. 23-V. 141. p.4046
City. paying a premium of$590.52, equal to 101.03, a basis of about 1.60%.
Dated Dec. 1 1935. Due from Aug. 1 1936 to 1940.
-BOND SALE
HOISINGTON, Kan.
-An $80.850 issue of 334% waterworks improvement bonds has been purchased by the Ranson-Davidson
Co., Inc., of Wichita. Denom. $1,000. one for $850. Dated Dec. 1 1935.
Due on Dec. 1 as follows: $4,850 In 1936. and $4.000 from 1937 to 1955 incl.
Prin. and int. J. & D. payable at the State Treasurer's office in Topeka.
Legality approved by Long. Depew & Stanley of Wichita.
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
-BOND SALE
The $8,000 issue of 2g% semi-annual public work relief bonds offered for
-was awarded to the Columbian Security
sale on Dec. 20-V. 141, p. 3893
of Topeka, paying a premium of $8.80, equal to 100.11, a basis of
Corp.
about 2.23%. Dated Dec. 1 1935. Due from Dec. 1 1936 to 1945 incl.
MARSHALL COUNTY (P. 0. Marysville), Kan.
-BOND SALE
A block of $14.500 improvement bonds, bearing 2X% interest, has been
sold to Estes, Payne & Co. of Topeka.
MILTONVALE, Kan.
-BONDS AUTHORIZED
-An ordinance has
been Passed authorising the issuance of $32,000 refunding bonds. H. M.
Moss is City Clerk.
4193
SALINA, Kan.
-BOND SALE
-The City Commission has sold $39.000
2M %refunding bonds to the Brown-Crummer Investment Co.of Wichita.
SEDGWICK COUNTY (P. 0. Wichita), Kan.
-BOND SALE
-A
$40,000 issue of zg% coupon semi-annual work relief bonds was awarded
on Dec. 17 to the Brown-Criuruner Co. of Wichita, at a price of 100.350,
according to the Chairman of the County Commissioners. The second
highest bid was an offer of 100.223, submitted by Stern Bros. & Co. of
Kansas City, Mo.
WICHITA, Kan.
-The Brown-Crummer Investment
-BOND SALE
Co. of Wichita has purchased an issue of $40,000 234% public relief bonds
at a price of 100.35.
KENTUCKY
COVINGTON SCHOOL DISTRICT, Ky.-BOND SALE
-The $380,-were awarded
000 school bonds offered on Dec. 23-V. 141. p. 4046
to the Citizens National Bank of Covington as 35 for a premium of $4,446,
equal to 101.17, a basis of about 2.88°7, Dated Dec. 1 1935. Due yearly
on Jan. 1 as follows: $11,000. 1937 to 1945,• $12,000, 1946 to 1950; $15,000,
1951 to 1964, and $11,000, 1965. Other bidders were:
Name
Int. Rate Premium
Hill & Co
3
8224.20
Halsey, Stuart & Co
3
3,300.00
Fox, Einhorn & Co. and Brockhaus & Co
2,213.11
3
BancOhio Corp. and John Nuveen & Co
334% 1.102.00
Blyth & Co., J. D. Van looser & Co. and the Equitable
Securities Corp
33‘
1,040.00
C. W.McNear & Co
311.00
331
Almstedt Bros
334i 3.812.50
A. C. Allyn & Co.. Stifel, Nicolaus & Co.and Widmann,
Holzman & Katz
334% 2.111.00
Seasongood & Mayer
380.00
3
Middendorf & Co
3
2,000.00
Ansel, Goetz & Moerlein
None
3
Harris Trust & Savings Bank and Breed & Harrison
None
3%
Magnus & Co
4
None
First Cleveland Corp
None
4%
Charles A. Hinsch & Co.and Well, Roth & Irving Co-.... 4%
None
LOUISVILLE, Ky.-BOND ISSLANCE APPROVED
-At a meeting
held recently between city and Federal officials the issuance of $750,000
In bonds was approved, the funds to be devoted to Public Works Administration projects in connection with a program of civic improvement.
the cost of which is estimated at about $1,900,000.
BOND OFFERING
-It is said that sealed bids will be received until
Jan. 8, by John R. Lindsay, Director of Finance, for the purchase of a
$750,000 issue of sewer bonds. Interest rate is not to exceed 334%, payable
F.& A. Dated Feb. 1 1929. Due on Feb. 11969.
LOU IS I ANA
LOUISIANA, State of
-BOND SALE
-The $1.500,000 Issue of 434%
highway. series M bonds, offered for sale on Dec. 23-V. 141,11. 3413
was awarded to a syndicate composed of the Chase National Bank, the
Chemical Bank & Trust Co., Brown Harriman & Co., Inc., all of New
York, the National Bank of Commerce in New Orleans, the American
Bank & Trust Co.of New Orleans, the Robinson-Humphrey Co.of Atlanta.
,
W. Edward Brown & Co., Inc., and Lamar, Kingston & Labouisse, both
of New Orleans, paying a price of 107.11, a basis of about 3.86%. Dated
Dec. 15 1935. Due from Dec. 15 1939 to 1960 inclusive.
BONDS OFFERED FOR INVESTMENT
-The successful bidders reoffered the above bonds for general subscription at prices to yield from
2.76% to 3.85%, according to maturity.
MAINE
BRUNSWICK, Me.
-ISSUANCE OF SCHOOL BONDS INDEFINITE
-Writing under date of Dec. 23, Samuel L. Forsaith, Town Treasurer,
advises us as follows:
In reply to your recent request for information, would advise that the
several difficulties which the recently formed Brunswick School District
is facing makes it rather doubtful that an immediate offer for bonds in
connection with the proposed new school building will be made. 45%
of the cost up to $250,000 will be defrayed under the Works Progress
Administration so that the maximum that the town would have to raise
should not exceed 8137,500.
There is really nothing definite as to what can or may be done as to the
immediatefuture.
-NOTE SALE
PORTLAND, Me.
-An issue of $1,000,000 tax anticipation notes was awarded on Dec. 27 to the National Bank of Commerce of
Portland. and the National Shawmut Bank of Boston on a .40% discount
basis, plus a $3.25 premium. The First National Bank of Boston and the
First National Bank of Portland. second high bidders, offered to take the
notes on a .41% discount basis, plus a premium of $1.50. Notes will be
dated Jan. 2 1936 and will be payable Oct. 10 1936 at the First National
Bank of Boston in Boston.
-BOND SALE
-The $49.500 coupon high school bonds
WELLS, Me.
offered on Dec. 23-V. 141. p. 4047, were awarded jointly to Webster.
Kennedy & Co.. Inc. of Boston and Frederick M.Swan & Co. of Portland
as 3345, at a price of 101.627, a basis of about 3.08%. Dated Dec. 1 1935
and due Dec. 1 as follows: $2,000 from 1936 to 1959 incl. and $1,500 in
1960. Other bids were as follows:
Int.Rate
Rate Bid
Bidder334%111011:8
0 . 88
01 32
1
Arthur Perry & Co
334%
E. H. Rollins Sons
Dodge & Co
335
Bond & Goodwin
100.52
334
WESTBROOK, Me.
-The 860.000 coupon high school
-BOND SALE
bonds offered on Dec. 24 were awarded to Whiting, Weeks & Knowles of
Boston as 2Xs,at a price of 101.09. a basis of about 2.57%. Dated Dec. 1
1935 and due $5,000 on Dec. 1 from 1936 to 1947 incl.
Principal and interest(J.& D.) payable at the Merchants National Bank
of Boston. The approving opinion of Storey, Thorndike, Palmer & Dodge
Of Boston will be furnished the successful bidder.
MARYLAND
CUMBERLAND, Md.-BOND SALE
-The 850,_000 4% coupon city
hall annex improvement bonds offered on Dec. 23-V. 141. p. 4047
-were
awarded to Alex Brown & Sons of Baltimore at 113.1029, a basis of about
3.34%. Second high offer. 111.629, was received from W. W. Lanahan
& Co. of Baltimore. Dated Jan, 1 1936. Due Jan. 1 1956.
MASSACHUSETTS
CHELSEA,_
Mass.
-NOTE SALE
-The $200,000 revenue anticipation
notes, dated Dec. 26 1935 and maturing Aug. 20 1936Awhich were offered
on Dec. 26 have been awarded to Whiting, Weeks & Knowles of Boston on a
.58% discount basis. Other bids were as follows:
BidderDiscount
National Sbawmut Bank
0.625"
Faxon, Gade & Co
0.87%
LAWRENCE, Mass.
-BOND SALE
-The following three issues of
bonds were awarded on Dec. 23 to Blyth & Co., Inc., of Boston as 234s,
at a price of 100.851:
$22,000 Spicket River bridges loan bonds. Due yearly on Dec. 1 as follows:
ELMO, 1936 and 1937; $1,000, 1938 to 1955.
67,000 City Home dormitory building loan bonds. Due yearly on Dec. 1
as follows: $4,000, 1936 to 1942, and 83,000. 1943 to 1955.
A
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.
All of the bonds are dated Dec. 1 1935. Other bids were as follows:
Int. Rate
Rate Bid
Tyler, Buttrick & Co
2
100.65
Newton, Abbe & Co
2
100.511
Hornblower & Weeks
100.50
Halsey, Stuart & Co., Inc
100.65
Dec. 28 1935
Financial Chronicle
4194
-36,000,000 BOND ISSUE FAVORED
MASSACHUSETTS(State of)
Governor Curley has announced that he will ask the Legislature next
month to authorize a bond issue of $6,000,000 for construction of new State
buildings. He will also strive for abolition of the State tax, an annual
assessment levied by the Commonwealth on the cities and towns. Revenues
now obtained from that source would be made up by additional economies
and new taxes. These latter, the Governor said, would not include any
proposals for a sales tax.
-The $200,000 temporary
-TEMPORARY LOAN
MEDFORD, Mass.
loan notes, issued in anticipation of revenue, dated Dec. 26 1935 and maturing $100,000 on Sept. 15 and Oct. 15 1936, which were offered on Dec. 26
were awarded to Whiting, Weeks & Knowles of Boston on a .44% discount
basis. The First National Bank of Boston bid .46% discount.
Other bids were as follows:
Discount
Bidder0.47
Faxon, Gade & Co
0.47
National Shawmut Bank
0.53 0
Leavitt & Co
-NOTE OFFERING
NORFOLK COUNTY (P. 0. Dedham), Mass.
The County Commissioners will receive bids until 11 a. m. Dec. 31 for the
purchase at discount of $60,000 tuberculosis hospital nurses' home notes.
Denoms., one for $25,000, three for $10,000, and one for $5,000. Dated
Dec. 31 1935. Payable Dec. 31 1936 at the First National Bank of
Boston or at the Central Hanover Bank & Trust Co.of New York. Delivery
will be made on or about Jan. 2 at the First National Bank of Boston, in
Boston.
Said notes will be authenticated as to genuineness and validity by the
First National Bank of Boston, under advice of Ropes. Gray, Boyden &
Perkins, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
-TEMPORARY LOAN
NORFOLK COUNTY (P. 0. Dedham), Mass.
-The $25,000 tuberculosis hospital maintenance notes offered on Dec. 24
-were awarded to the First Boston Corp. at 0.08% dis-V. 141, p. 3725
count. Dated Dec. 24 1935 and due April 6 1936. Other bids were as
follows:
Discount
BidderDiscount
Bidder0.145%
Second National Bank_ ___ _0.11% First National Bank
0 570
.
Norfolk County Trust Co- _0.116% Whiting, Weeks & Knowles_ _0.153%
England Trust Co
Merchants National Bank-_ _0.13% New
0.145% Granite Trust Co., Quincy__ -0.18%
Jackson & Curtis
-NOTE SALE
-The $130,000 revenue anticipation-notes
SALEM, Mass.
-were awarded to the New England
offered on Dec. 27-V. 141. p. 4048
Trust Co. of Boston on a .164% discount basis. The Merchants National
Bank of Salem bid .24% discount. Notes are dated Dec. 27 1935 and will
mature Oct. 17 1936.
-Arthur Perry & Co. of Boston
-BOND SALE
WALTHAM, Mass.
were awarded an issue of $25.000 municipal relief bonds as 1 hs. at a Price
at 100.42, a basis of about 1.36%. Dated Dec. 1 1935 and due $5,000 each
Dec. 1 from 1936 to 1940 incl. Other bids were as follows:
Rate..2266
1
B
Int. Rate
Bidder0
1 X7
Whiting, Weeks & Knowles
1h
First National Bank
100.18
Faxon, Gade & Co
100.15
1
United States Trust Co
100.07
Merchants National Bank
100.07
1
R. L.Day & Co
100.24
2
Brown, Harriman & Co
1
-The $165,700 coupon bonds
-BOND SALE
WATERTOWN, Mass.
-were awarded as 2hs, at a price of
offered on Dec. 20-V. 141, p. 4048
to Whiting, Weeks & Knowles of Boston. The issues are as follows:
101.43.
$110,000 school bonds. Denom. $1,000. Due yearly on Dec. 1 as follows:
$8,000. 1936 to 1945, and 56.000, 1946 to 1950.
55,700 police station bonds. Denom. $1.000, except one for $700. Due
yearly on Dec. 1 as follows: $7.700, 1936; $7,000, 1937 to 1939;
15.000, 1940 to 1944, and 12,000, 1945.
All of the bonds are dated Dec. 1 1935. Unsuccessful bids appear herewith: For 23s
-H. C. Wainwright & Co., 101.301; Webster,Kennedy
&
101.019; Estabrook & Co., 100.72; First National Bank of Boston,
Co..
100.659; Newton, Abbe & Co.. 100.534,_• Tyler. Buttrick & Co., 100.52;
National Shawmut Bank, 100.541; R. L. Day & Co.. 100.39; Bancamerica
Blair Corp., 100.388; Blyth & Co., 100.146; Brown Harriman & Co.. 100
plus $778:.62. For 2hs-Hornblower & Weesk, 100.14, and Halsey,
Stuart & Co., 100 plus $754.
-The $150,000 revenue anticipa-NOTE SALE
WELLESLEY, Mass.
-were awarded to Tyler,
tion notes offered on Dec. 23-V. 141, p. 4048
Buttrick & Co. of Boston at 0.115% discount. Dated Dec. 23 1935 and
1936. Other bids were rePorted
due $50,000 March 1 and $100.000 April 1
as follows: Wellesley Trust Co.. 0.14%; Boston Safe Deposit & Trust,
0:
0.15% plus $2; Whiting Weeks & Knowles, 0.157 First National Bank
Newton, Abbe & Co.,0.21%; Wellesley National
of Boston,0.19% plus
Bank. 0.21%; E. H. Rollins & Sons, 0.21% for $50.000 maturity and
0.24% for the $1411,000, and Leavitt & Co., N. Y.,0.22% plus $1.50.
-The Merchants National
-TEMPORARY LOAN
WESTON, Mass.
Bank of Boston was awarded on Dec.20 an issue of $40,000 revenue anticipation notes at 0.16% discount. Due July 15 1936. Other bids were as
follows:
Discount
Bidder
0.173%
New England Trust Co
0.18
Boston Safe Deposit & Trust Co.(plus $1.25)
0.20
Second National Bank of Boston
0.25
West Newton Savings Bank
-The National Shawmut
-NOTE SALE
WEST SPRINGFIELD, Mass.
Bank of Boston has purchased $4.000 revenue notes at 0.10% disCount.
Due March 2 1936.
DETROIT, Mich.
-PLANS PURCHASE OF $900,000 BONDS
Tenders on offerings of city bonds in the amount of about $900,000 will
be received by W. J. Curran, City Controller, until 9 a. m. on Dec. 30.
Bids to indicate the rate of int., date of maturity, dollar value and the
yield on each offering. If callable bonds are offered at a premium where
the rate is 5% or better, the yield shall be computed to the first call date.
Where the rate is less than 5%. to the second call date. In the case of
bonds offered at a discount, yields are to be computed to the date of maturity. Non-callable bonds to be computed to the date of maturity.
-REFUNDING COMMITTEE COMPLETES AUDIT
DETROIT,Mich.
-A final audit of the books of the Bondholders Refunding Committee shows
the committee spent $873,084 in refunding all City of Detroit bonds, the
largest municipal bond refunding operation in history, W. Laud Brown,
Secretary, told the Council.
"The expense was only 0.3 of 1% of the par value of the bonds and
coupons refunded, which we believe is the most economical refunding operation in history," Mr. Brown said.
The committee was dissolved last September and remaining refunding
work is being handled by the Bankers Trust Co. of New York.
-The $138,000 coupon self-BOND SALE
GRAND HAVEN, Mich.
liquidating sewage revenue bonds offered on Dec. 26-V. 141, p. 4048of
were awarded to Stranahan, Harris & Co. of Toledo for a premium
that 832,000 bonds
$170.64, equal to 100.123. The purchasers stipulated
coming due in from 1937 to 1942 bear 4% interest; that $43,000 maturing
from 1943 to 1948 bear 3X %; and that the remaining $63,000 bonds bear
3 h %. Dated Nov. 151935.
GREENVILLE SCHOOL DISTRICT, Mich.-PWA MAY PUR0
-The $102,000 47 school bonds for which no bids were
CHASE ISSUE
-may be sold
received at the public offering on Dec. 9-V. 141, p. 3568
to the Public Works Administration.
-SEEKS REFUNDING
HOLLAND SCHOOL DISTRICT, Mich.
-The Board of Education has authorized the ways and means
STUDY
committee to investigate the possibility of reducing the annual int. on Its
bonded indebtedness, totaling $557,000. At the present average rate of
434%, total interest payments aggregate $25,000. With reduction of int.
rates to 3% by refunding of bonds, if possible, a saving of more than $9,000
would result.
-BANKS MAY INVEST IN STATE COLLEGE
MICHIGAN (State of)
-James F. Shepherd, Deputy Attorney-General, has reversed his
BONDS
the proposed bond issue of Michigan State College
opinion and ruled that
can be sold legally to State banks, according to report. This means that
$725,000 will become available for investment, of which $400,000 are in
refunding bonds of Mary Mayo Hall for Women,and $235,000 in new bonds
for the construction of another building.
-On
-BONDS VOTED
NEGAUNEE SCHOOL DISTRICT, Mich.
Dec. 19 the voters grave their approval to a proposal that the district issue
building bonds. The vote was 487 "for" to 32 "against."
$132,000 school
MINNESOTA
-BONDS VOTED-At an election held on
FERGUS FALLS, Minn.
Nov. 26, the proposition of issuing $90,000 sewage treatment plant bonds
carried by a vote of 882 to 179. B. M.Lein, is City Clerk.
-At
-BONDS VOTED
GROVE CITY SCHOOL DISTRICT, Minn.
an election held on Dec. 2 the proposition of issuing $25,000 school building
of the Board of Education.
bonds carried. J. A. Floren is Clerk
-BOND OFFERING-Sealed bids will be
LITTLE FALLS, Minn.
received until 9 p m. on Jan. 6 by Andrew Johnson, City Clerk, for the
is not to
purchase of a $25,000 issue of water utility bonds. Interest rate X of 1%
exceed 4%,payable J. & J. Rate of interest to be in multiples of $1,000.
$500 or
and must be the same for all of the bonds. Denom.
Dated Jan. 2 1936. Due $2,500 from Jan. 2 1938 to 1947 incl. Prin.
and int. payable in lawful money at such place as the purchaser may designate. Bonds will be prepared and furnished to purchaser, together with
legal approval of Junell, Fletcher, Dorsey. Driscoll & Barker of Minneapolis without charge. The bonds will be delivered at any bank in Minnamount
eapolis specified by purchaser. A certified check for 5% of the
bid is required.
-It is stated by the Clerk of
-BOND SALE
MONTGOMERY, Minn.
the School District that a $60,000 issue of school bonds was purchased
from
recently by the Citizens State Bank of Montgomery, as 2.608. /Due
1936 to 1948.
-BOND OFFERING-Harold F. Goodrich, City
ST. PAUL, Minn.
purchase at not
Comptroller, will receive bids until 10 a.m. Jan. 14 for the which will bear
less than par of $151.000 coupon public welfare bonds,
interest at a uniform rate named in the successful bid, in a multiple of
h% of 1-10%, but not to exceed 6%. Denom. $1.000. Dated ,Tan. 1
1936. Interest payable semi-annually. Due yearly on Jan. 1 as follows:
1941 and 1942;
$13,000, 1937 and 1938: $14.000. 1939 and 1940; $15.000, Certified check
$16,000 1943 and 1944: $17.000. 1945. and $18,000 1946.
Approvfor 2% of amount of bonds bid for, payable to the city, required.furnished
ing opinion of Thomson, Wood & Hoffman of New York, will be
•
-BOND OFFERING-Marcus Satory, City Clerk.
WABASHA, Minn.
will receive bids until 7.30 p.m.Jan.2for the purchase of$3,000 fire fighting
$300.
equipment bonds, to bear no more than 434% interest. Denom.at the
Principal and semi-annual interest (June 20 and Dec. 20) payable year
Bank, in Wabasha. Due $300 yearly beginning one
First National
after date of issue. Certified check for $250, payable to the City Treasurer.
required. Bonds to be delivered and paid for in Wabasha on Jan.6. City
will furnish blank bonds and approving legal opinion.
-BONDS VOTED
WEST ST. PAUL SCHOOL DISTRICT, Minn.
At an election held Dec. 11 the proposition of issuing $74.000 school building
bonds carried by a vote of639 to 149. Arthur C. Be rg is Clerk of the Board
of Education.
We Buy for Our Own Account
MICHIGAN MUNICIPALS
MISSISSIPPI MUNICIPALS
-Sold-Quoted
Bought
Cray,McFawn & Company
DETROIT
Telephone CHerry 6828
A. T. T. Tel. DET347
MICHIGAN
-BOND OFFERING-Fred C. Perry, City Clerk,
ANN ARBOR, Mich.
will receive sealed bids until 3 p. m.(Eastern Standard Time) on Dec. 30
of $100,000 sewage revenue bonds. Dated July 1 1934.
for the purchase
Denom. $1,000. Due July 1 as follows: $4,000 from 1937 to 1946 Incl.*
in 195d
56.000. 1947 to 1950 incl.; $8,000 in 1951 and 1952 and $10,000
and 1954. Proposals and acceptance thereof to be conditioned upon
Director, Federal
a release of the bonds by B. W. Thoron, Acting Financealso
to be subject
Emergency Administration of Public Works. Tenders
Detroit,
to approval of issue by Miller, Canfield, Paddock & Stone ofbid must
the expense of the bidder. A certified check for 2% of the
at
Bids will be opened by the Common Council
accompany each proposal.
at 7:30 p.m.on Dec. 30.
-BOND OFFERING-William J. Curran, City
DETROIT, Mich.
Controller, will receive sealed bids until 9:30 a. m.on Jan.7 for the purchase
of $5.108,000 not to exceed 434% interest coupon or registered series F
refunding bonds. The bonds are dated Feb. 11936. Denom.$1.000. Due
Feb. 1 as follows: $80,000. 1937 to 1941 incl.: $125,000, 1942 to 1945 incl.;
$128,000 in 1946 and 3240.000 from 1947 to 1963 incl. Rate of interest to
be expressed In a multiple of X of 1%. Principal and semi-annual interest
payable in lawful money of the United States at the current official bank
of the city in New York City or at the City Treasurer's office. A certified
check for 2% of the bonds, payable to the order of the city, is required.
Bids to be conditioned only on the favorable legal opinion of Thomson,
Wood & Hoffman of New York City.
Scharff&Jones
A. T.T. TEL. N. 0.180
....cowpoiRArEo
TELEPHONE RAYMOND 1180
'New Orleans
MISSISSIPPI
Municipal Bonds
EQUITABLE
Securities
New York
Chattanooga
Birmingham
Corporation
Nashville
Knoxville
Memphis
MISSISSIPPI
-BONDS VOTED-A proposal to issue $80,000 school
CANTON, Miss.
building bonds was approved by a veto of 501 to 111 at an election held
Dec. 10.
on
-BOND
LELAND SCHOOL DISTRICT (P. 0. Greenville), Miss.
-A $75,000 issue of school bonds is reported to have been purchased
SALE
4195
Financial Chronicle
Volume 141
by the Whitney Central National Bank of New Orleans, at a price of
100.53.
-In connection
MISSISSIPPI, State of-DETAILS ON BOND CALL
with the $2,000,000 State bonds that are being called for payment on
Jan. 15, it is reported by Greek L. Rice, Secretary of the State Bond Commission, that the $500,000 class A bonds, dated Aug. 1 1926, and maturing
on Aug. 1 1946, are payable at the National City Bank in New York, and
not the Hanover National Bank. as previously stated.
-BOND OFFERING-The Mayor and Board of AlderWESSON, Miss.
men will receive bids until Dec. 28 for the purchase of an issue of $160,000
waterworks refunding bonds.
MISSOURI
HOWELL COUNTY (P. 0. West Plains), Mo.-BOND OFFERING
Sealed bids will be received until 1:30 p. In. on Jan. 13 by A. S. Morris,
County Treasurer, for the purchase of a $50,000 issue of court house and
of 1%.
jail bonds. Bidders to name the rate of interest in multiples of
Denom. $1.000. Dated Jan. 15 1936. Due $5.000 from Feb. 1 1937 to
check for 1%. payable to the County Treasurer, must
1946 Incl. A certified
accompany the bid. (A preliminary report on this offering appeared in
-V. 141. p. 4049.)
these columns recently
JASPER COUNTY (P. 0. Carthage), Mo.-BOND SALE DETAILS
-In connection with the sale of the $187.000 funding bonds to the Prescott,
Wright, Snider Co. of Kansas City, reported in these columns recently
-it is stated that the bonds are dated Jan. 2 1936 and were
V. 141. p. 4049
sold as follows: $115,000 as 2%8,due from Feb. 1 1937 to 1941, and $111,000
-is, maturing from Feb. 1 1942 to 1946. Prin. and int. payable at the
as 23
First National Bank in Kansas City.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Mo.-BOND
-The $95,000 coupon refunding bonds offered on Dec. 24-V. 141.
SALE
-were awarded to the Mississippi Valley Trust Co. of St. Louis as
p. 4049
3s for a premium of $494, equal to 100.52, a basis of about 2.974%. The
Harris Trust & Savings Bank of Chicago was second high with an offer to
pay a premium of $370 for 3s. Dated Feb. 1 1936. Due 20 years after date.
SAVANNAH, Mo.-MATURITY-It is stated by the City Clerk that
the $62,000 sewer bonds purchased by the Commerce Trust Co. of Kansas
-are due on
-V. 141, p. 4049
City, as 3%8. at 100.16, as reported recently
Feb. 1 as follows: $1,000, 1937 and 1938; $2.000. 1939 to 1947; $6.000, 1948
and 1949, and $5,000, 1950 to 1955, giving a basis of about 3.73%.
WEBSTER GROVES SANITARY SEWER DISTRICT (P. 0. Webster Groves), Mo.-MATURITY-It is stated by the District Secretary
that the 3100.000 sewer bonds awarded to the Mississippi Valley Trust Co.
of St. Louis, in October, as 35, at a price of 101.006, as reported in these
-are due on Feb. 1 as folllows:
-V. 141, p. 2769
columns at that time
$4,000, 1937 to 1942;$5,000, 1943 to 1947;$6,000, 1948 to 1952,and $7,000,
1953 to 1955, giving a basis of about 2.88%.
MONTANA
-It is stated by
-BOND AND WARRANT CALL
BOZEMAN, Mont.
Walter Davis, Director of Finance, that the city is calling for payment on
Jan. 1, various outstanding special sidewalk and curb warrants, and special
improvement district bonds. Principal and interest payable in Bozeman.
Special sidewalk and curb warrants, and special improvement district
bonds previously called on Jan. 1, April 1, July 1, and Nov. 11935, have
not as yet been presented.
-BOND SALE
CARBON COUNTY (P. 0. Red Lodge), Mont.
-The
-were
$116,000 refunding bonds offered on Dec. 21-V. 141. p. 3896
awarded to the Wells-Dickey Co. of Minneapolis and Edward L. Burton
& Co. of Salt Lake City, and associates, as 4345, for a premium of $250.
equal to 100.215.
-BONDS NOT SOLD-The $11,000 issue of not to
LAUREL, Mont.
exceed 4% seml-ann. refunding bonds offered on Dec.3-V. 141. P. 3417
was not sold as no bids were received, according to the City Clark.
-BOND
SHEPHERD SCHOOL DISTRICT (P. 0. Billings), Mont.
-It is reported by the District Clerk that a $4,000 issue of 534%
SALE
semi-ann. school bonds has been purchased by the State of Montana.
NEBRASKA
CRETE, Neb.-BOND SALE POSTPONED-It is stated by the City
Clerk that the sale of the $33,137.15 issue of3% ssmi-ann.rafundinT bonds.
previously scheduled for Dec.23-V. 141, p. 4049-was postponed to Jan. 6,
Due on Jan. 2 1946, optional at any time after five years from date of issue.
DESHLER, Neb.-PRICE PAID-It is stated by the Village Clerk that
the $37,600 4% refunding bonds purchased by the First Trust Co. of
Lincoln. as reported recently
-were sold at par.
-V. 141. p. 4049
HASTINGS, Neb.-BOND CALL
-It is reported that a total of $20,000
4% paving bonds are being called for payment on Jan. 1 1936. Due on
Jan. 11951, optional on Jan. 11936.
NORTH PLATTE, Neb.-BONDS AUTHORIZED
-An ordinance is
said to have been passed recently by the City Council, authorizing the
issuance of $200,000 in refunding bonds.
SEWARD COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Milford),
-It is reported by the Secretary of the Board of EducaNeb.-BOND SALE
tion that the $16,000 4% semi-ann. high school bonds approved by the
voters at the election held on Aug. 2, have been sold.
NEVADA
ELKO, Nev.-BOND OFFERING DETAIL
-In connection with the
offering scheduled for Jan. 3, of the $27,000 not to exceed 5% semi-ann.
water works bonds, reported in these columns recently
-V. 141. P. 3896
it Is stated that the bonds mature $3,000 from Jan. 1 1937 to 1945. without
any optional privilege before maturity.
-The voters recently approved a proposal
MINA, Nev.-BONDS VOTED
to issue $36,000 bonds for the purpose of improving the waterworks system.
We Are Specialists in
MAINE-NEW HAMPSHIRE
-VERMONT
Municipal Issues
E. H. Rollins & Sons
Incorporated
200 Devonshire St., Boston, Mass.
NEW HAMPSHIRE
-BOND SALE
-The $50,000
DURHAM SCHOOL DISTRICT, N. H.
-were awarded
coupon school bonds offered on Dec. 21-V. 141, p. 3896
to Ballou, Adams & Whittemore, Inc., of Boston as 23.1s at a price of
101.067, a basis of about 2.59%. Dated Dec. 1 1935 and due $2.500
on Dec. 1 from 1936 to 1955 incl. Other bids were as follows:
Rate Bid
Int. Rate
Bidder2%%
100.63
Paine, Webber & Co
234%
100.398
B. H. Rollins & Sons
100.38
3%
National Shawmut Bank
3(%
100.39
Hornblower & Weeks
-BOND SALE
-The issue of $100,000 3%
MANCHESTER, N. H.
bonds offered on Dec. 26 was awarded to E. H. Rollins &
Improvement
Sons of Boston at 101.386, a basis of about 2.87%. Dated Dec. 1 1935.
Due $5,000 yearly on Dec. 1 from 1936 to 1955 incl.
The bonds will be prepared under the supervision of Amoskeag Trust
Co.. Manchester. The approving opinion of Ropes, Gray Boyden &
Perkins of Boston will be furnished the successful bidder.
-The $30,000 revenue
-TEMPORARY LOAN
PORTSMOUTH, N. H.
anticipation notes offered on Dec. 23 were awarded to the Second National
Due Feb. 18 1936.
Bank of Boston at 0.21% discount.
H. L. ALLEN & COMPANY
Municipal Bonds
New Jersey
Telephone RE dor 2-7333
A. T.& T. Teletype N. Y. 1-528
New York
100 Broadway
NEW JERSEY MUNICIPALS
Bought - Sold - Quoted
LOBDELL Et CO.
123 S. Broad St., Phila.
48 Wall St., New York
Kingsley 1030
HAnover 2-1720
A. T. & T.: NY 1-735
MUNICIPAL BONDS
New Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
Telephone: John 4-6364
57 WILLIAM STREET, N. Y.
A. T. & T.: N. Y. 1-730
Newark Tel.: Market 3-3124
NEW JERSEY MUNICIPALS
Colyer, Robinson s Company
INCORPORATED
1180 Raymond Blvd., Newark
New York Wire:
REctor 2-2055
MArket 3-1718
A. T. & T. Teletype
NWRK 24
NEW JERSEY
-INTEREST DISTRIBUTION ANNOUNCED
ATLANTIC CITY,N.J.
of Atlantic City will
-The protective committee for holders of bonds of bonds to depositors
distribute interest amounting to 1% of the principal
of record at the close of business Jan. 10 1936, the committee announces in
a letter being received by bondholders to-day. Checks will be mailed
Jan. 20.
the city on acThe distribution represents additional collections from to
the
count of 1935 interest. Additional collections amount will 1.3.4% of
be the third
face amount of bonds of depositors. The distribution on general bonds
a year. The committee has collected 334%
in less than
when this payment has
and 534% on water bonds represented by it and holders of general bonds
been made will have distributed 3% to depositing
holders of water bonds.
and 434% to depositing
Bondholders who have not made deposits can share in all three distributions by sending their bonds to the depositary. Bank of New York &
Trust Co., 48 Wall St., New York. bevore the close of business Jan. 10.
-The
-BOND ISSUE DETAILS
ATLANTIC HIGHLANDS, N. J.
offered for
$41,000 434% coupon or registered refunding bonds recently at prices to
Public investment by Leach Bros. & Co., Inc. of New York,
Yield from 3% to 4.25%, bear date of Aug. 11935, of $1.000 denoins. and
1937; 35.000. 1950:
mature Aug. 1 as follows: $2,000, 1936; 37,000.Principal and interest
$7,000 from 1951 to 1953, incl. and $6,000 in 1954.
Atlantic
(F. & A.) payable at the Atlantic Highlands National Bank. banks
Highlands. Legal investment, according to the bankers, for savings
State of New Jersey. Legality approved by Caldwell
and trust funds in the
cz Raymond of New York City.
, Financial Statement as Officially Reported May 31 1935
84.109.152
Assessed valuation
Total bonded debt (including this issue)
812.500
Less: Water debt
234,722
Net debt
Population 1920 census, 1.956; present population officially est.. 2.200.
This indebtedness does not include the debt of the school district or o
Other political subdivisions which have power to levy taxes on property
within the borough.
Tax Collections
Amount
% Collected
Uncollected
Amount of Levy as of_Dec. 1 1935 as of Dec.1 1935
Year of Levy
97.67%
33,636.48
3156,734.03
1932
98.78%
4.785.52
145,584.61
1933
93.93%
9.468.03
156.090.27
1934
72.80%
40,258.51
148,069.56
1935
Tax title liens owned by the borough as of Dec. 1 1935-397.587.89
These refunditnt bonds are issued under Chapter 77 of the Pamphlet
Laws of 1935 of the State of New Jersey (the Welber Bond Act) and the
bonds will constitute direct and general obligations of the entire borough
payable from unlimited ad valorem taxes levied upon all the taxable property
therein.
-BOND
BURLINGTON COUNTY (P. 0. Mount Holly), N. J.
OFFERING-Sealed bids will be received by the Clerk of the Board of
Chosen Freeholders until Jan. 23 for the purchase of $166.815 refunding
bonds.
-No bids were subCLIFFSIDE PARK, N. J.
-BONDS NOT SOLD
mitted for the $411,000 4Si% coupon or registered funding bonds offered on
3897. Dated June 1 1935. Denom. $1,000. Due
Dec. 23-V. 141, p.
June 1 as follows: 824.000 in 1940; 326.000, 1941; $27,000, 1942; 328.000.
1943; $30,000, 1944; $32,000, 1945; $33,000. 1946: $35,000, 1947; $37,000.
1948; $38.000. 1949; $41,000, 1950; $43,000 in 1951, and $17,000 in 1952.
TRENTON,N.J.-REVENUEBONDSOFFERED FOR INVESTMENT
-Halsey, Stuart & Co., Inc.; Hemphill. Noyes & Co.; Darby Sr Co., Inc.;
First Michigan Corp., and Schlater, Noyes & Gardner. Inc., are offering
% tax revenue bonds, due
at prices to yield 1.75 and 2% 31.000.000
June 15 and Dec. 15 1937. The bonds, In the opinion of the bankers, are
savings banks and trust funds in New Jersey. In
legal investment for
the opinion of counsel, the bonds are general obligations of the city, payable
from taxes which may be levied against all taxable property therein without
limitation as to rate or amount. Assessed valuation, 1935 figures, is
8177.421.666 and net bond debt $17,364.272.
-The following three issues of coupon
-BOND SALE
TRENTON, N. J.
-were awarded
or registered bonds offered on Dec. 23-V. 141, p. 3897
as 334s to a syndicate comprising Blyth & Co.; H. L. Allen & Co.; NIincsch,
Monell & Co.,and Yarnell & Co.for a price of 3903.532.77,equal to 100.059,
a basis of about 3.49%:
$356,000 water bonds. Due yearly on Dec. 1 as follows: 88.000, 1936
to 1955; $9,000, 1956 to 1959, and $10,000, 1960 to 1975.
4196
Financial Chrcnicle
311,000 street improvement bonds. Due yearly on Dec. 1 as follows:
$15,000, 1936 to 1944, and $16,000. 1945 to 1955.
236,000 public works bonds. Due yearly on Dec. 1 as follows: $13,000,
1936 to 1943: $16,000, 1944 to 1947, and $17,000, 1948 to 1951.
Denom.31,000. Dated Dec. 1 1935. Principal and semi-annual interest
(June 1 and Dec. 1) payable at the Broad Street National Bank in Trenton
or at the City Treasurer's office.
Second high bid vras offered by a syndicate headed by Graham. Parsons
& Co., a premium of $10,835 for 3,1s.
BONDS OFFERED FOR INVESTMENT
-Public offering of 3903.000
31i% water, street improvement and public works bonds is being made
by a.banking group comprising Blyth & Co., Inc.; H. L. Allen & Co.;
Minsch, Monell & Co., and Yarnall & Co. The bonds, which are due
Dec. 1 1936 to 1975, are priced to yield from 1 to 3
for maturities
up to 1959. at 9936 for maturities from 1960 to 1965 incl., and at 99 for
the remaining maturities. They are legal investment, in the opinion of
the bankers, for trust funds in New Jersey.
The City of Trenton reports an assessed valuation of $177,421,666 and
net bonded debt of $19,897,151.
FINANCIAL STATEMENT
Statement of Indebtedness as of Dec. 2 1935
Total outstanding bonds
320,073.610.00
Less water bonds
982,000.00
Sinking funds and bond cash account other than water
$19,091.610.00
1.804,755.45
Net bonded debt
Temporary improvement and relief notes
$17,286,854.55
77,416.94
Total net capital debt
$17,364,271.49
Bonds to be issued: Street improvement bonds„-$311,000
Public works bonds
236.000
547,000.00
Net debt including bonds to be Issued (less water)
317,911,271.49
Current Debt
19351ax anticipation notes
1933 tax revenue bonds
1934 tax revenue bonds
1933 tax revenue notes
1934Itax revenue notes
Emergency notes, park
Tax bonds to be issued-Tax revenue bonds of 1935
Total current debt including tax bonds to be issued
Bonded Indebtedness (Excluding Water Works)
Date'Amount
Dec. 31 1933
818,581,110.00
Dec. 31 193417.356.110.00
Dec. 2 1935
19,091.610.00
Trenton Water Works
Total outstanding water bonds
Less: Water sinking fund
Total net water debt
Bonds to be issued-Water improvement bonds
Net water debt Including bonds to be issued
$500,000.00
150.000.00
830,000.00
411.500.00
504,600.00
5.879.09
$2,401,979.09
1.000,000.00
$3,401,979.09
Sinking Fund
$2,545.611.97
2,022,075.78
1.749,065.70
$982,000.00
540.679.78
$441,320.22
356.000.00
8797,320.22
Statement of Trenton Water Works Debt and Sinking Fund
DateBonded Indebtedness
Sinking Fund
Dec. 31 1933
$604,041.07
8844.000.00
Dec. 31 1934
504.041.07
744,000.00
Dec. 2 1935
540,679.78
982,000.00
Tax Collections as of Nov. 30 1935
Uncollected
Uncollected
*Total
Taxes at End of Per
Per
at
YearLevy
Year of Levy
Cent Nov.30 1935 Cent
1931
38.142,542.61 32,241.469.91 27% $447,941.10 5
1932
7.740,114.84 2,852,632.96 36
749,710.50 9
1933
6.456,860.55 2,385,488.60 36V
952,738.83 14
1934
6.800.560.28 2,371,812.53 34% 1,522,786.15 22
1935
6.741,776.37
2,370,743.39 35 0
•Includes real, personal, poll, franchise, gross receipts and bank stock
tax. Also includes second class railroad tax payable Dec. 15.
Assessed Valuations
1933
1934
1935
Real
3165.546.745 $162,548,674 $158,629,091
Personal
20,452,000
18.792.575
19,85.3,675
Total assessed valuation
185,998.745 182.402.349 177.421,666
Total actual valuation
232,498.430 228,002.935 221,777,000
Miscellaneous
.
Incorporation of municipality, 1792. City has never defaulted on payment of bonds or interest at maturity. Population: Census 1930. 123.356:
present estimated population, 126.500. Tax rate per 81.000: 1930, 337.90;
es
1 $37.90: 1932. $37.20; 1933. 833.30; 1934. $36.00: 1935, $37.20.
Fiscal year. Jan. 1 to Dec. 31. inclusive. Form of government, CouncilManager. Budget totals: 1931. 38.670.810.95* 1932. $8.259,000.81,• 1933.
$6.919.400.44; 1934. $7,260,103.63; 1935. 37.356.443.14. (1933 budget
includes only one-half of city school appropriation.)
Principal and Interest Requirements on Funded debt
Year1936
1939
1938
1937
Principal
$723,556.90 $732,918 20 $755,666.85 $729,488.69
Interest
815.390.40 810.165.90 761.415.40 696,047.65
NEW MEXICO
ALBUQUERQUE, N. Mex.-BONDS DEFEATED
-It Is stated by the
City Clerk that at the election held on Oct. 8-V. 141, p. 2148-the voters
turned down the proposed issuance of $244.000 in bonds, divided as follows:
$222,000 civic auditorium, and $22,000 plrks and playgrounds.
ALBUQUERQUE SCHOOL DISTRICT (P. 0. Albuquerque) N.
Mex.-BONDS VOTED-The voters are reported to have approved recently
the issuance of 8330,000 in school expansion bonds
COLI-AX AND UNION COUNTIES SCHOOL DISTRICT NO. 39
(P. 0. Raton), N. Mex.-BOND OFFERING
-It is stated by F. A. Vigil,
County Treasurer, that he will receive sealed bids until 2 p. m. on Jan. 25,
for the purchase of a 319.500 issue of school bonds. Int. rate is not to
exceed 55', payable J & J. Denom. $500. Dated Jan. 1 1938. Due on
July as follows: $1,000. 1938 to 1952, and 81.500 from 195.3 to 1955. No
bonds will be sold for less than par and accrued int. Prin. and int, payable
at the State Treasurer's °MN,. or at a designated bank. A certified check
for 5%, payable to the County Treasurer, must accompany the bid.
$50,000
TOWN OF EASTCHESTER, N. Y.
T. A. N. 1;i% due Aug. 1 1938 at 10054
GORDON GRAVES aSk CO.
MEMBERS NEW YORK STOCK InCHANOR
40 WALL ST., N. Y.
Whitehall 4-5770
NEW YORK
ALDEN UNION FREE SCHOOL DISTRICT NO. 10 (P. 0. Alden),
-BOND SALE
-The $75,000 coupon bonds offered on Dec. 27N. Y.
-were awarded to the Manufacturers & Traders Trust Co.
V. 141, p. 4050
Dec. 28 1935
of Buffalo as 33.6s, at a price of 100.4197, a basis of about 3.47%. Dated
Jan. 1 1936 and due Jan. 1 as follows: $2,000 from 1937 to 1942, incl. and
33,900 from 1943 to 1963, incl. Other bids included these:
BidderRate Bid
Int, Rate
A. C.Allyn & Co.,
Inc100.33
Marine Mist Co
100.213
3
3
J. & W. Seligman & Co
100.15
3.75%
Financial Statement
The assessed valuation of the real property of the district subject to taxation according to the last preceding assessment roll (for year 1935-1936) is
31,207,123, and the total bonded debt of said district, including this issue
of $75,000.00 school bonds, Is 375,000.00. No deductions.
The population of said district is approximately 850.
The total 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 district.
A detailed report of essential facts will be submitted to any interested
bidder.
This district operates under, and said bonds are issued pursuant to. the
Education Law.
Tax Data
Fiscal YearLevy
1932-33
$9,205.90
1933-34
9,098.58
1934-35
9,836.20
Taxes uncollected for said years were reported to the County Treasurer
by the Board of Education and have been paid by the County Treasurer to
the Treasurer of the School District. Taxes levied for the current fiscal
year ending June 30 1936, amount to 39,691.08. Said taxes became delinquent Dec. 1 1935.
BINGHAMTON, N. Y.
-BONDS AUTHORIZED-The City Council
on Dec. 17 gave its approval to two bond issues aggregating $725,000.
Of this amount $525,000 is to finance the city's share of the cost of building
a new high school, while $200.000 is for relief.
-BOND OFFERING-Jerry C. Leary, Village
BRONXVILLE, N. Y.
Clerk, will receive bids until 3.40 p. m. Jan. 13 for the purchase at not
less than par of $55,000 coupon. registerable as to principal and interest,
street improvement bonds. Bidders are to name rate of interest bonds
will bear, in a multiple of yi% or 1-10%, but not to exceed 6%. Denom.
$1,000. Dated Jan. 1 1936. Principal and semi-annual interest (Jan. 1
and July 1) payable at the Gramatan National Bank & Trust
of
Bronxville. Due yearly on Jan. 1 as follows: 35,000 1937 to 1941; $4,000
Co.'
1942 to 1946. and $1,000 1947 to 1956. Certified check for $1.100, payable
to the village, required. Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished to the purchaser.
Financial Statement
The assessed valuation of real property subject to the taxing power of
the village as it appears on the last preceding village assessment roll is
$33.179.052.
The total contract indebtedness of the village, including the proposed
Issue of $55,000, is 31,366.508.41. Deducting $144,692.29 tax notes, no
water debt and $442,677.50 special assessments for sewers or paving levied
prior to May 22 1934, the net debt is $1,179.138.62.
The population of village (1930 Census) was 6,387.
The total debt above stated does not include the debt of any other
subdivision having power to levy taxes upon any or all property subject
to the taxing power of the village.
Tax Data
The total amount of village taxes levied for the preceding three fiscal
years was:
8705.649.9411934-35
1932-33
$644,819.73
609.900.001
1933-34
The amount of such taxes uncollected at the end of each of said fiscal
years was:
$66.318.0911934-35
1932-33
372,959.04
59,585.881
1933-34
The amount of such taxes uncollected as of the date of this notice Is:
32.388.4311934-35
1932-33
31,601.98
1,830.321
1933-34
The amount of taxes levied for the current fiscal year commencing March
1 1935. is $645.195.22 of which amount there has been collected to date
$424,401.37.
-BOND OFFERING-Willlam A. Eckert, City
BUFFALO, N. Y.
Comptroller, will receive bids until 10 a. m. Jan. 3 for the purchase at not
less than par of 31.500,000 coupon, registerable as to principal and interest,
work relief and home relief bonds. Bidders are to name rate of interest
bonds will bear, in a multiple of Si% or 1-10th, but not to exceed 6%.
Denom. $1,000. Dated Jan. 15 1936. Principal and semi-annual interest
(Jan. 15 and July 15) payable at the City Comptroller's office or at the
Central Hanover Bank & 'Trust Co.In New York, at holder's option. Due
Jan. 15 1946. Cert. check for $30,000. payable to the City Comptroller,
required. Delivery of bonds to be made at the City Comptroller's office
or at the Central Hanover Bank & Trust Co. in New York, on or about
Jan. 15. Approving opinion of Caldwell & Raymond of New York will be
furnished to the purchaser.
CHESTER UNION FREE SCHOOL DISTRICT NO.1(P.O. Chester)
-BOND OFFERING-Joseph Hughes, Clerk of the Board of EducaN. Y.
tion, will receive sealed bids until 2 p. m. on Jan. 3 for the purchase of
$31,000 not to exceed 4% interest coupon or registered school bonds.
Dated Jan. 1 1936. Denom. $1,000. Due Jan. 1 as follows: $2,000
from 1939 to 1941 Incl. and 31.000 from 1942 to 1966 incl. Rate of int.
to be expressed in a multiple of 34 or 1-10th of 1%. Principal and interest
.
(J. & J.) payable in lawful money of the United States at the Chester
National Bank, Chester, or at the Chase National Bank, New York, at
holders' option. A certified check for $620, payable to the order Of the
Board of Education, must accompany each proposal. Approving opinion
of Hawkins Delafield & Longfellow of New York will be furnished the
successful bidder.
CLYMER, HARMONY AND FRENCH CREEK CENTRAL SCHOOL
-BOND OFFERING-Ralph A.
DISTRICT NO. 1 (P. 0. Clymer), N. Y.
Thompson, Clerk of the Board of Education, will receive sealed bids
at the Clymer State Bank, Clymer, until noon (Eastern Standard Time)
on Dec. 30 for the purchase of $110,000 4% coupon or registered school
building bonds. Dated Dec. 1 1935. Denom. $1,000. Duo Dec. 1 as
follows: $3,000. 1938 to 1940 incl.• 34.000, 1941; $5,000, 1942 to 1946
'
incl.; 36,000, 1947 to 1951 incl., and 37.000 from 1952 to 1957 incl. Prin.
and hit. (J. & D.) payable in lawful money of the United States at the
Clymer State Bank, Clymer. A certified check for $2,200, payable to the
order of the Board of Education, must accompany each proposal. The
bonds are general obligations of the district, which was organized at a
special district meeting held on Oct. 211935.and are payable from unlimited
taxes. The bonds will be delivered at the main office of the Marine Trust
Co., Buffalo. The approving opinion of Thomson, Wood & Hoffman
of Now York will be furnished the successful bidder.
EDEN COMMON SCHOOL DISTRICT NO. 1 (P. 0. Eden Valley),
N. Y.
-BOND SALE
-The $25,000 coupon or registered school bonds
offered on Dec. 20-V. 141, p. 3898
-were awarded to J. & W. Seligman
az Co. of New York as 3.20s at par plus a premium of$12.50,equal to 100.05.
a basis of about 3.19%. Dated Nov. 1 1935 and due Nov. 1 as follows:
$1,000 from 1936 to 1942 incl. $1,200 from 1943 to 1947 incl., and $1,500
from 1948 to 1955 incl. Other bids were as follows:
BidderInt. Rate
Prem.
Peoples Bank of Hamburgh
$122.50
3.60
Manufacturers Sc Traders Trust Co
74.95
3.80%
Gertler & Co., Inc
3.80%
2.00
FULTON, N. Y.
-FINANCIAL STATEMENT
-The following statement has been issued by the city in connection with the offering on Jan. 3
of $60,000 not to exceed 5% interest refunding bonds:
Financial Statement
Assessed valuation of taxable real estate
$12,287,136.00
Total bonded debt (including this issue)
1,187,291.27
-Water supply bonds,included in above
Deductions
total
$228,000
Sinking fund for bonds other than water bonds
6,000
Bonds other than water bonds maturing in 1936.
provision for payment of which has been made in
budget
76,000
310.000.00
.4S
Net bonded debt
Floating debt
1;1
$877 1127
Volume 141
Financial Chronicle
Of the above total debt, bonds in the amount of $60,000 will be paid with
proceeds of this issue.
Tax Collection Record
Including City, State and County Taxes
Uncollected at
Uncollected as of
Levy
End of Fiscal Year Dec. 16 1935
Year$5,171.68
$674.299.02
$102,622.70
1932
12,749.21
619,676.03
54,425.91
1933
9,308.41
1934
659,904.19.
535,199.19
29,168.71
1935
(Unexpired)
The city is governed by a special charter. being Chapter 63 of the Laws
of 1902, and acts amendatory thereof and supplemental thereto.
Population of the city according to the Federal census of 1930, 12,462.
The foregoing statement of bonded debt does not include the debt of any
other subdivision having the power to levy taxes upon any or all of the
property subject to the taxing power of the city.
The city owns its own water supply system and after providing for the
payment of principal and interest of all water bonds and all operating
expenses of the water department as of the first day of December 1935.
there is now a surplus in the water fund of approximately $21,000 not
including water rents for the quarter ended Dec. 31 1935.
HEMPSTEAD CENTRAL HIGH SCHOOL DISTRICT NO. 3 (P. 0.
Bellmore), N. Y
.-BOND OFFERING-Sylvia U.Troncoso, District Clerk,
will receive sealed bids until 2 p.m. (Eastern Standard Time) on Jan. 8
for the purchase of $860,000 not to exceed 6% interest coupon or registered
school building construction bonds. Dated Dec. 1 1935. Denom. $1.000.
Due Dec. 1 as follows: $20,000. 1938 to 1945, incl.; $25,000, 1946 to 1950.
incl.; $30,000, 1951 to 1955, incl.; $40,000, 1956 to 1960, incl.* $45,000
from 1061 to 1965, incl. Bidder to name a single interest rate on all of the
'
bonds,expressed in a multiple of or 1-10th of 1%. Principal and interest
(J. & D. payable in lawful money of the United States at the Central
Hanover Bank & Trust Co., New York City. A certified check for $17.200,
payable to the order of the Board of Education, must accompany each proposal. The bonds are payable from unlimited ad valorem taxes and the
approving opinion of Hawkins, Delafield & Longfellow of New York will
be furnished the successful bidder.
Financial Statement
Assessed valuations, real property including special franchises__$25,394,842
Total bonded debt, including this issue
860,000
(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 district.)
Population approximately 15,000.
Central High School District No. 3, was established Nov. 1 1934, and
the first tax levy was made for the year 1935-1936 due Oct. 1 1935, in the
sum of $65,862.50 and is now in process of collection. The amount of
such taxes uncollected as of Dec. 16 1935, is the sum of $48.609.90.
District Overlapping Indebtedness of Central High School District No. 3.
Town of Hempstead, New York
School DistrictsDebt
Population
U. F. S. D. No. 4
-North Bellmore
$267,300
4,890
U. F. S. D. No. 7
-Bellmore
211.000
2,950
U. F. S. D. No. 25
-Merrick
326.000
3,925
U. F. S. D. No. 29
-North Merrick
85,000
2.884
Total
Fire Districts
Bellmore
North Bellmore
Merrick
North Merrick
.$889,300
Debt
$41,420
22,000
0
15.500
14.649
Total
$78,920
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 14 (P. 0.
Woodmere), N. Y.
-BOND OFFERING
-Clayton L. Seaman, District
Clerk, will receive sealed bids until 2 p. m. on Jan. 6 for the purchase of
$184,000 not to exceed 6% interest coupon or registered school bonds.
Dated Jan. 1 1930. Denom. $1,000. Due Jan. 1 as follows: $5,000.
1938 to 1945 incl.; $6,000. 1946 to 1948 incl., and $7,000 from 1949 to
1966 incl. Rate of interest to be expressed in a multiple of
of 1%.
Principal and interest (J. & J.) payable in lawful money of the United
States at the Fifth Avenue Bank, New York. The bonds are payable
from unlimited ad valorem taxes. A certified check for $3,680, payable
to the order of the district,is required. The approving opinion of Hawkins,
Delafieid & Longfellow of New York will be furnished the successful bidder.
ITHACA, N. Y.
-BOND SALE
-The $112,000 school bonds offered on
Dec. 27-V. 141, p. 3898
-were awarded to Halsey Stuart & Co. of New
York as 2(s for a premium of $431.20, equal to 100.385, a basis of about
2.21%. Dick & Merle-Smith of New York were second high bidders,
offering a premium of $389.60 for 2.40s. Dated Oct. 1 1935. Due yearly
on Oct. 1 as follows: $4,000. 1936 to 1939, and $6,000, 1940 to 1955, ind.
LARCHMONT, N. Y.
-BOND SALE
-The issue of $20,000 coupon
or registered water bonds offered on Dec.21-V. 141, p.3728
-was awarded
to George B. Gibbons & Co., Inc.. of New York as 2.80s at a price of
100.07, a basis of about 2.79%. Dated Jan. 1 1936 and due $4,000 on
July 1 from 1936 to 1940 incl. Other bids were as follows:
BidderInt. Rate
Rate Bid
Bacon, Stevenson & Co100.12
Roosevelt & Weigold
30
3.1
1
100.11
MONTGOMERY COUNTY (P. 0. Amsterdam), N. Y.
-BOND SALE
-The $180,000 coupon or registered bonds offered on Dec. 23-V. 141,_p.
-were awarded as 1.80s, at a price of 100.50, a basis of about 1.707.
4050
to the Farmers National Bank of Amsterdam. The sale consisted of:°
$110,000 road and bridge bonds. Due Feb. 1 as follows: $10,000, 1937
to 1940. Incl.; 115,000. 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. incl.
Each issue is dated Dec. 11935. Other bids were as follows:
d erInt. Rate
Rate Bid
Stranahan, Harris & Co
2V
100.29
Goldman, Sachs & Co
2
100.0961
Halsey, Stuart & Co., Inc
2e
0
100.085
George B. Gibbons & Co., Inc
2.10%
100.27
Roosevelt & Weigold
2.IOV
100.26
Edward B. Smith & Co
2.20V
100.377
Manufacturers & Traders Trust Co
2.25V
100.169
Bacon, Stevenson & Co
2.30
100.09
National Spraker Bank, Canajoharie
100.25
2.40%
MOREAU UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. South
Glens Falls), N. Y.
-BOND OFFERING-Ernest W. Cronquist. Clerk of
the Board of Education, will receive sealed bids until 2 p. m. on Jan. 6 for
interest coupon or registered school
the purchase of$25,000 not to exceed
building bonds. Dated Nov. 1 1935. Denom. $1,000. Due Nov. 1 as
follows: $3.000 in 1936 and $2,000 from 1937 to 1947 incl. Rate of int.
to be expressed in a multiple of Si or 1-10th of 1%. Prin. and int. M.& N.
payable at the Chase National Bank, N. 1. City. A certified check for
$500 is required. The approving opinion of Hawkins, Delafield & Longfellow of New York will be furnished the successful bidder.
r MONROE COUNTY (P. 0. Rochester), N. Y.
-SUES TO RECOVER
-The Board of Supervisors has authorized
TAX FUNDS PAID TO TOWNS
that suit be filed to recover about $2,000,000 from the Towns of Irondequoit,
Brighton and Pittsford, representing funds advanced to them by the county
for unpaid tax levies, according to report. The proceedings will also be
used as a basis to determine the validity of statutes directing such fepaymanta. The Town of Irondequoit, it is said, owes $1,072.258 and $35,601:
interest; Brighton, $930,365 and $28,311 interest, while the amount sought
from Pittsford is $44,844 and $2,726 in interest.
MOUNT MORRIS, N. Y.
-BOND SALE
-The $18,000 4% coupon
general obligation water bonds offered on Dec. 23-V. 141, p. 4050
-were
awarded to the Citizens Bank of Perry at 105.169, a basis of about 3.49%.
The Genesee River National Bank of Mount Morris bid 103.10. Dated
Nov. 15 1935. Due $1,000 yearly on Nov. 15 from 1939 to 1956, inclusive.
NEW ALBION UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE
Cattaraugus), N. Y.
-The issue of $50,000 coupon bonds
offered on Dec. 27-V. 141, p. 4051-were awarded to A. C. Allyn & Co.,
Inc. of New York as 3.30s. for a premium of $165.33, equal to 100.33, a
basis of about 3.28%. Dated Oct. 1 1935 and due Oct. 1 as follows:
4197
$1.000. 1936 to 1950, incl.: $2,000, 1951 to 1960,incl. and $3,000from 1961
to 1965, ind. Other bids were as follows:
Rate Bid
Int. Rate
Bidder100.025
% •
Leach Bros. Inc
100.15
3.70%
J. SC W.Seligman & Co
100.17
3.80%
George B. Gibbons Co.. Inc
0.80% INTEREST
-BORROWS $10,000,000 AT
NEW YORK, N. Y.
Comptroller Frank J. Taylor on Dec. 20 negotiated an exceptionally lowA group of New York City banks headed by the
cost loan of $10.000,000.
Chase National Bank purchased the issue of certificates of indebtedness.
due Feb. 20 1936, at an interest rate of 0.80%.
This financing by the city is for relief requirements, and the obligations are payable from the proceeds of the sales tax. The city is one of
the few large communities in the country that has adopted a pay-as-you-go
policy with respect to relief needs. No public offering of the certificates
is to be made, according to report.
-Frank J. Taylor, City CompNOTES CALLED FOR REDEMPTION
troller, has issued a call for redemption on or before Jan. 1 1936, at his
office in the Municipal Building, various blocks of outstanding 3% revenue
notes in the following amounts:
$12,076,000 of principal amount of the issue of Jan. 1 1935,due Jan. 1 1938.
6,377,000 of principal amount of the issue of July 1 1934, due July 1 1937.
Mr. Taylor has also called for redemption at the same time $5,000,000
revenue notes of the issue of Nov. 1 1933.
NORTH HEMPSTEAD, N. Y.-BELGRAVE SEWER DISTRICT
BONDS OFFERED FOR INVESTMENT-Public offering is being made by
Adams. McEntee & Co., Inc., of New York of $216,000 Town of North
Hempstead. N. Y., Belgrave Sewer District coupon 3Yi% bonds dated
Dec. 15 1935 and due December 1938 to 1959, incl., at prices yielding from
1.50% to 3.25%. These bonds, issued for the construction of a sewer system in the Belgrave Sewer District, are payable in the first instance from
a levy upon the property in the district, but if not paid from such a levy, all
the taxable property within the town is subject to the levy of ad valorem
taxes to pay said bonds and interest thereon, without limitation of rate or
amount. They are exempt,in the opinion of the bankers,from all present
New York State income taxes and from any present taxation in New York
State for town, county or municipal purposes.
-BOND ELECTION
-The City Council has
OGDENSBURG, N. Y.
voted to call a special election for Dec. 30 at which a proposition to issue
165,000 high school bonds will be submitted to a vote.
PERRY AND CASTILE UNION FREE SCHOOL DISTRICT NO. 6
.-BOND SALE
-The $27,500 coupon or registered
(P. 0. Perry), N. Y
school bonds offered on Dec. 23-V. 141, p. 4051-were awarded to the
Citizens Bank of Perry as 2145 at 100.397, a basis of about 2.43%. Dated
Dec. 1 1935 and due Dec. 1 as follows: $3,500 in 1937 and $3,000 from 1938
to 1945, inclusive.
-BOND OFFERING-Richard X. O'Connell,
PORT CHESTER, N. Y.
Village Clerk, will receive sealed bids until 2:30 p. m.on Jan. 3 for the purchase of $45.000 not to exceed 6% interest coupon or registered public
works bonds. Dated Jan. 1 1936. Due $15,000 on Jan. 1 from 1937 to
1939, incl. Bidder to name a single interest rate on all of the bonds, expressed in a multiple of 31; or 1-10th of 1%. Principal and interest (J.& J.)
payable in lawful money of the United States at the First National Bank &
Trust Co., Port Chester. A certified check for $900, payable to the order
of the village, must accompany each proposal. The approving opinion of
Reed, Hoyt & Washburn of New York will be furnished the successful
bidder.
laUEENSBURY UNION FREE SCHOOL DISTRICT NO. 1, N. Y.-Adams, McEntee & Co., Inc..
BoNDs OFFERED FOR INVESTMENT
of New York are offering a new issue of $188,000 Town of Queensbury.
Union Free School District No. 1 (City of Glens Falls School DisN. Y.,
trict) coupon 214% bonds dated Dec. 1 1935 and due Dec. 1 1938 to 1965.
incl. The bonds are priced to yield from 1.50% to 2.75%. They were issued to provide funds for the acquisition of a site and the construction and
equipment of a new school building and will be, in the opinion of counsel,
valid and legally binding obligations of Union Free School District No. 1
of the town, and said district has power and is obligated to levy ad valorem
taxes upon all the taxable property within the district for the payment of
the bonds and interest htereon, without limitation of rate or amount.
They are exempt from all present New York State income taxes, according
to the bankers, and from any present taxation In New York State for town,
county or municipal purposes.
SCIPIO, VENICE AND LEDYARD CENTRAL SCHOOL DISTRICT
-The $33,000 coupon or
-BOND SALE
NO. 4 (P. 0. Sherwood), N. Y.
registered school bonds offered on Dec. 23-V. 141, p.4051-were awarded
to J. & W. Seligman & Co. of New York as 3.30s, at par plus a premium of
$16.50, equal to 100.05, a basis of about 3.29%. Dated Dec. 1 1935 and
due June 1 as follows: $2,000 from 1938 to 1946 incl. and $2,500 from 1947
to 1952 incl. Other bids were as follows:
Premium
Int. Rate
Bidder$111.21
3.40
Marine Trust Co., Buffalo
98.90
3.40%
George D. B. Bonbright Co., Ithaca
69.30
3.40%
Allyn & Co., New York
A. C.
42.90
3.60
Bancamerica-Blair Corp., N. Y
Par
3.71
Merchants National Bank & Trust Co., Syracuse
100.00
4.00 0
The National Bank of Auburn
-BOND OFFERSHERRILL KENWOOD WATER DISTRICT, N. Y.
/NO-Vernon L. Allen. Secretary, will receive bids at auction at 10 a. m.
on Dec. 27 for the purchase of $4,193.21 414% registered bonds. Dated
July 1 1935. One bond for $838.65, others, $836.64. Due July 1 as
follows: $836.64 from 1940 to 1943 incl. and $838.65 in 1944. Interest
payable J.& J. A sinking fund will be established to provide for retirement
of the Bonds.
-BOND OFFERING-Catherine M. JackSTEWART MANOR, N. Y.
son, Clerk of Board of Trustees, will receive sealed bids until 3:45 p. m. on
Jan. 2 for the purchase of $27,500 4% coupon or registered bonds, divided
as follows:
$20,000 municipal building bonds. Denom. $1,000. Due $1,000 on Oct. 1
from 1936 to 1955 incl.
7,500 municipal building site bonds. One bond for $1,500, others $1,000
each. Due Oct. 1 as follows: $1,000 from 1936 to 1941 hid.. and
$1,500 in 1942.
Each issue is dated Oct. 1 1935. Principal and interest (A. & 0.) payable
at the Irving Trust Co., New York. Bids will also be considered for the
bonds to bear Interest at a rate lower than 4%, expressed in a multiple
of 14 of 1%. A certified check for 2% of the bonds bid for, payable to the
order of the Village Treasurer, is required. The approving opinion of
Thomson, Wood & Hoffman of New York will be furnished the successful
bidder.
-C. Schulmeister, City
TONAWANBA, N. Y.
-BOND OFFERING
Treasurer. will receive bids until 2 p.m. Jan. 6 for the purchase of $99,000
coupon elementary school bonds. Bidders are to name rate of interest,
in a multiple of 14 or 1-10%. Denom. $1,000. Dated Jan. 1 1936.
Principal and semi-annual interest (Jan. and July 1) payable at the Marine
Midland Trust Co.in New York. Due yearly on Jan. 1 as follows: $3,000,
1940; $5,000, 1941 and 1942: $7,000 ,1943 and 1944; $9,000, 1945 and 1946:
110,000, 1947. 1948 and 1949, and $12.000. 1950 and 1951. Certified
check for $1,000, payable to the city, required. Legality to be approved
by Thomson, Wood & Hoffman of New York.
Financial Statement
The assessed valuation of the property subject to the taxing power of
the city is $18,030,397.
The total bonded debt of the City of Tonawanda, including proposed
issue, is $2,102,800. The population of the City of Tonawanda (1930
Census) is 12,682. That the bonded debt of the City of Tonawanda 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.
Tax collection record:
Year 1932, amount collected, $398,190.13; amount uncollected, Dec. 31
1932, $110,109.87.
Year 1933, amount collected, $416,786.04; amount uncollected, Dec. 31
1933. $143,274.98.
Year 1934, amount collected, $442,670.31; amount uncollected Dec. 31
1934, $103,229.98.
Amount uncollected as follows: 1932, $47,588.40; 1933, $66,690.47:
1934, $72,353.74.
The 1935 taxes are collected in two instalments. Toe first collection was
April 1 and the second collection Aug. 1.
4198
Financial Chronicle
The amount collected to date is $389,266.46.
Amount uncollected, $97,035.30.
A detailed report of essential facts will be submitted to any interested
bidder. The City of Tonawanda operates under charter, being 357 of the
Laws of 1905, which became a law April 29 1905, and amendments thereto.
TROY, N. Y.
-BONDS AUTHORIZED
-The Common Council has
authorized a bond issue of $40,000 to settle a claim of the Belmar Contracting Co. for improvements in Freer Park.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-HIGHER
BUDGET FOR 1936
-The Board of Supervisors has adopted
gross
budget for 1936 of 310.671,263.50 over the objections of the a total
Westchester
County Taxpayers' Association and some Democratic members of the
board. The sum is an increase of $277,484.81 over the 1935 budget.
The tax equalization committee filed its proposed table for 1936 and
the new assessment rolls, which set ratables for 1936 at $1,701.173,225, a
decrease of 319.132.409 from the valuations of 1935. Yonkers was credited
with assessing property at 90% of its value; White Plains at 89%; New
Rochelle at 86% and Mount 'Vernon at 80%. The lowest rating,58%.was
given to the Town of Poundridge.
WHITESBORO, N. y.
-BOND SALE-The
general obligation
storm sewer bonds offered on Dec. 23-V. 141. 311,000
p. 4051-were awarded to
George D. B. Bonbright & Co. of Rochester as 3s, at par plus a premium of
$20.79, equal to 100.18, a basis of about 2.97%. Dated Jan. 1 1936 and due
31.000 on Jan. 1 from 1937 to 1947 incl.
Other bids were as follows:
BidderInt. Rate
Premium
J. dc W.Seligman & Co
$5.50
3.10%
Phillpson & Co
47.30
3.25%
E. IT. Rollins & Sons
26.40
3.75%
YONKERS, N. Y.-$250,000 REDUCTION IN 1936 BUDGET
-TAX
RATE 40 CENTS LOWER
-A reduction in the tax rate of 40 cents per
$1,000 of valuation and a $4,183,608 cut in assessed property valuation are
assured to the taxpayers of the city following approval by the Common
Council of a 3271.032 reduction in the city's tax budget for the coming
year, according to a statement issued Dec. 24 by
Loehr.
The new tax rate for 1936 is 333.569 per $1,000 Mayor Joseph F.
of assessed valuation as
compared with $33.969 in 1935.
The gross budget for 1936 has been confirmed at $14,877,958, the Mayor's
report stated, to compare with a 1935 gross budget of $14,485,009. The
1936 tax levy, however, at 310.803,966 represents a $271,032 cut under the
1935 levy of $11,074,998. This reduction was achieved, according to
Mayor Loehr, in face of a $246,627 increase in the appropriations for all
departmental expenditures over 1935 and a pay cut restoration of 2% for
3,000 city employees which will amount to 3340,000 during the coming
year. Total expenditures for all purposes including debt service and State
and county taxes represent an increase of $32.949 over 1935.
YONKERS, N. Y.
-FACTORY 'TILIPLOYMENT
TREND
Factory employment in the City of Yonkers. N. Y., ON UP
increased nearly
80% since April 1933. Figures checked by the New has State DepartYork
ment of Labor show that the index of Yonkers factory employment in
October this year rose to 60.3 from a depression low
33.8 in April 1933.
Actual Yonkers factory employment in October wasof
reported at 7,106 to
compare with a 3,983 figure for the 1933 month, a gain of 78.4% •
The largest gain has taken place in the past year, 2.014 new cases of
factory employment having been reported since October 1934.
actual
factory employment stood at 5,092, with the index at 43.2. when
Coincidentally, the number of cases on the dty's relief rolls has declined.
In Yonkers, there were 5.894 cases on the city's relief rolls at the end of
October 1934, whereas on Oct. 31 1935, the number had dropped to 4,647
(including all cases now transferred to the Federal Works Progress Administration), thereby taking 1,157 cases from the relief rolls. In April
1933,there were 5,751 cases on relief.
NORTH CAROLINA
EDGECOMBE COUNTY (P. 0. Tarboro), N. C.
-BONDS AUTHORI7ED-The County Commissioners have passed an ordinance providing for the issuance of $75,000 county home and tuberculosis hospital
bonds.
GFtANVILLE COUNTY (P. 0. 03dord), N. Caro.
-BONDS AUTHORITED-An ordinance has been passed by the Board of County Commissioners authorizing the issuance of $50,000 hospital bonds.
HEMP, N. C.
-BONDSSOLD TO P WA-It is reported that $106,0 4 0
(r"70
--semi-ann. water and sewer bonds have been purchased at par by the Public
Works Administration.
r MITCHELL COUNTY (P. 0. Bakersville) N. C.
-BONDS VOTED
At an election held on Dec. 21, the voters approved
In school building bonds, to be used in connectionthe issuance of $55. 00
with a Public Works
Administration grant.
I MOORESVILLE, N. C.
-BOND ELECTION CANCELED
-It is now
reported by the Town Treasurer that the notice carried in these columns
early in October, that an election would be held on Oct. 22 in order
on the issuance of $91.278.70 in various improvement bonds, was to vote
correct
at that time but the matter was later withdrawn.
ORANGE COUNTY (P. 0. Orange), N. C.
-BOND OFFERING
Sealed bids will be received until 11 am. on Dec. 31, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of an issue of $190,000 coupon school bonds. Interest
rate is not to exceed 4% payable M.& N. Rate to be stated in multiples
of y, of 1%. Denom. 31.000. Dated Nov. 1 1935. Due on Nov. 1 as
follows: 35,000. 1936 to 1940: 39.000, 1941 to 1945, and 312,000, 1946 to
1955. No bid may name more than two interest rates and each bid must
specify the amount of bonds of each rate. No bid of less than par and
accrued interest will be entertained. The bonds are registerable as to
principal only. Principal and interest payable in legal tender in New York
City. Delivery at place of purchaser's choice. The approving opinion of
Caldwell & Raymond of New York, will be furnished. A certified check
for 33,800, payable to the State Treasurer, must accompany the bid.
(A loan of 3260,000 has been approved by the Public Works Administration.)
SHELBY, N. C.
-BOND OFFERING NOT SCHEDULED-In connection with the 38.5.000 general improvement bonds that were approved
recently by the Local Government Commission
-V. 141, p. 4052
-it Is
stated by the City Clerk that the bonds have not been offered as yet.
STANLY COUNTY (P. 0. Albemarle), 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 $20,000 issue of coupon or registered refunding bonds.
Interest rate is not to exceed 6%. payable J. & D., stated in a multiple of
34 of 1%. Denom. $1,000. Dated Dec. 1 1935. Due on Dec. 1 as
follows: 31,000, 1936 and 1937, and 32.000, 1938 to 1946. No more than
two rates may be named for the bonds and each bid must specify the amount
of bonds ofeach rate. No bid for less than par. The bonds are registerable
as to principal only. Principal and interest payable in legal tender in
New York City. The approving opinion of Reed, Hoyt & Washburn of
New York, will be furnished. A certified check for 3400, payable to the
State Treasurer, must accompany the bid.
WAKE FOREST. N. C.
-BONDS SOLD BY P WA-A 338,000 issue of
4% semi-ann. water extension bonds was purchased at par by the Public
Works Administration, according to report.
WHITAKERS, N. C.
-BONDS SOLD TO PWA-It is reported that
$41,000 4% semi-ann. water and sewer bonds have been purchased at par
by the Public Works Administration.
NORTH DAKOTA
DEVILS LAKE, N. Dak.-BOND ISSUANCE NOT SCHEDULED
It is reported by the Secretary of the Board of Education that the 3175.000
school construction bonds approved by the voters on Dec. 5-V. 141, p.
3900
-have not been scheduled for sale as yet because approval has not been
received from the Public Works Administration on a grant of $148,000 for
the project.
DEVILS LAKE SCHOOL DISTRICT, N. Dak.-BONDS VOTED
At an election held on Dec. 5, the proposition of issuing $175,000 School
Building bonds carried by a vote of 1,646 to 167. Noel Thoralson is Clerk
of the Board of Education.
Dec. 28 1935
JAMESTOWN, N. Dak.-BONDS VOTED
-At an election on Dec. 13,
the proposition of issuing $46,000 Water Softening Plant bonds carried by
a vote of 909 to 427. A. R. Thompson is City Auditor.
MT. PLEASANT SCHOOL DISTRICT NO. 4 (P. 0. Rolla), N. Dak.
-CERTIFICATE SALE
-The $6,000 issue of certificates of indebtedness
offered for sale on Dec. 16-V. 141, p. 3730
-was awarded to a local
investor, as 6s at par. Dated Dec. 18 1935. Due on April 18 1937.
PLAZA, N. Dak.-BOND OFFERING
-C. A. Monson, Village Clerk,
will receive bids until 2 p. m., Jan. 10 for the purchase of 34,500 5% village
hall construction bonds. Certified check for 2%, required.
GRAND FORKS N. Dak.-BOND SALE
-The City Commission on
Dec. 21 awarded a $650,000 revenue bond issue for construction of a municipal electric plant and distribution system to V. W. Brewer & Co. of Minneapolis. The bonds will bear 5% interest and will mature in from three to
fifteen years.
OHIO MUNICIPALS
MITCHELL, HERRICK & CO.
CANTON
700 CUYAHOGA BUILDING, CLEVELAND
AKRON
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
BALTIC SCHOOL DISTRICT, Ohio-BOND SALE-An issue of
$19,250 school bonds has been sold to the State Teachers' Retirement
System.
CAMDEN, Ohio
-BOND OFFERING-Mark Keller, Village Clerk, will
receive bids until noon Dec. 26 for the purchase at not less than par of
$22,000 4% sanitary sewer system and disposal plant bonds. Denom.
$1,000. Dated Dec. 1 1935. Interest payable March 1 and Sept. 1.
Due $1,000 yearly on Sept. 1 from 1937 to 1958, incl. Certified check for
$100, Payable to the village. required.
CANTON, Ohio
-OTHER BIDS
-The 3100.000 poor relief bonds
awarded recently to Johnson, Kase & Co. of Cleveland, as 2s, at a price of
par plus a premium of $81, equal to 100.081, as previously reported in these
columns, were also bid for as follows:
BidderInt. Rate
Premium
Fox, Einhorn & Co
2
.45
$443.45
.
Seasongood & May
Mayer
Mitchell, Herrick & Co
2
163.00
First Cleveland Corp
2St
7251..0000
Prov. Savings Bank & Trust Co
23i 0,
BancOhio Securities Co
2M
530.00
Ryan, Sutherland & Co
%
142.00
Cobbey, Shively & Co
131.00
%
CLERMONT COUNTY (P. 0. Batavia), Ohio
-BOND OFFERING
Blythe Jones. Clerk of Board of County Commissioners, will receive bids
until noon Jan. 11 for the purchase at not less than par of 330,0006% poor
relief bonds. Principal and semi-annual interest (March 1 and Sept. 1)
payable at the County Treasurer's office. Due yearly on March I 89 follows:
3800, 1936: 33.000. 1937: $3,100, 1938: 33,300, 1939; 33,500, 1940; 33,700.
1941; 34,000. 1942: $4,200. 1943, and $4,400. 1944. Certified check for
2% of amount of bid, payable to the County Treasurer. required. Approving opinion of Peck, Shaffer & Williams of Cincinnati will be furnished
to the purchaser.
COAL GROVE,Ohio
-BOND OFFERING-Robert A. Gregory, Village
Clerk, will receive sealed bids until noon on Jan. 10 for the purcnase of
$20.000 4% bonds divided as follows:
$15.000 sanitary sewer bonds. Due $1,000 on Sept. 1 from 1941 to 1955.
inclusive.
5,000 street improvement bonds. Due $500 on Sept. 1 from 1937 to
1946, inclusive.
Each issue is dated Dec. 1 1935. Denoms. $1,000 and $500. Bids will
also be considered at interest rates other than 4%, expressed in a multiple
of ;.1 of 1%. Principal and interest(M.& S.) payable at the First National
Bank, Ironton. A certified check for 1% of the amount bid must accompany each proposal.
CONNEAUT, Ohio
-BOND SALE
-The $10,000 coupon Public
Works Administration projects bonds offered on Dec. 21-V. 141, p. 3730
were awarded to Paine, Webber & Co. of Cincinnati as 2Xs,for a premium
of $17.70, equal to 100.17, a basis of about 2.20%. Dated Dec. 5 1935 and
due $2,000 on Nov. 1 from 1937 to 1941 incl. Other bids were as follows:
BidderInt. Rate Premium
Ryan, Sutherland & Co
$32.00
Seasongood & Mayer
12.85
3%
Prudden & Co
7.00
3%
Cool. Stiver & Co
67.77
3(%
DELAWARE, Ohio
-H. R. Noise, City Auditor,
-BOND OFFERING
will receive bids until 2 p. m. Jan. 15 for the purchase at not leas than par
of $12,000 refunding bonds, which will bear no more than 6% interest.
Denom. $1,000. Dated Nov. 1 1935. Interest payable semi-annually. Due
$2,000 yearly on May 1 from 1938 to 1943, incl. Certified check for $120,
payable to the Board of Control of the city, required.
-BOND SALE
ELYRIA SCHOOL DISTRICT, Ohio
-The State
Teachers' Retirement System has purchased an issue of $42,000 school
hers'
bonds.
FAIRFIELD COUNTY (P. 0. Lancaster), Ohl -BOND OFFERING
-Edson Kindler, Clerk of the Board of County Commissioners, will receive bids until noon Jan. 10 for the purchase at. not less than par of $25.000
6% bridge reconstruction bonds. Denom. $1,000. Dated Oct. 1 1935.
Interest payable semi-annualy. Due $5,000 yearly on Oct. 1 from 1937
to 1941. incl. Certified check for 1% of amount of bonds bid for, payable
to the Board of County Commissioners, required.
FOREST RURAL SCHOOL DISTRICT (P. 0. Forest), Ohio
--P. E. Freed. Clerk of the Board of Education, will
BOND OFFERING
receive bids until noon Jan. 9 for the purchase of $55,000 school house
addition construction bonds, to bear 5% interest. Dated Sept. 1 1935.
Interest payable annually. Due $2,750 yearly on Oct. 1 from 1936 to 1955,
incl. Certified check for $5.500, payable to the district. required.
GEAUGA COUNTY (P. 0. Chardon), Ohio
-BOND OFFERING
Ethel L. Thrasher, County Auditor, will receive bids until 1 p. m. Jan. 11
for the purchase at not less than par of $19,300 6% emergency poor relief
Interest payable March 1 and Sept. 1. Due
bonds. Dated Nov. 1 1935.
yearly on March 1 as follows: $1.700. 1936; $1,800, 1837; 31.900. 1938:
32,000, 1939; 32.100. 1940: $2.200. 1941: $2,400, 1942: 32,500, 1943, and
32,700, 1944. Certified check for 3% of amount of bonds bid for, payable
to the County Treasurer, required.
GREENVILLE, Ohio
-BOND SALE
-The $59,500 sewage disposal
works construction bonds offered on Dec. 23-V. 141, p. 3730
-were
awarded to Hayden. Miller 3c Co. of Cleveland as 3s for a premium of
3226.10, equal to 100.38, a basis of about 2.96%. The next best bid wa,
;
received from Stranahan, Harris & Co. of Toledo, who offered a prec,c1m
of $717 for 3q5' bonds. Dated Oct. 15 1935. Due $1,700 each ,pc
months from April 15 1937 to April 15 1954, incl.
Other bids were as follows:
BidderInt, Rate Premium
Prudden & Co., Inc
3i
Ryan, Sutherland & Co
3
4
3352
467
.Z
Weil, Roth & Irving Co
3
685.00
National Bank of Greenville
Second
251.00
Seasongood & MaYer
121.85
Fox, Einhorn & Co
3
119.00
0
Farmers National Bank of Greenville
4
0 64
3..00
Peoples Savings Bank of Greenville
4 0
Noce-Cltizens Bank of Ansonia bid for two bonds, offering $3,500 ,
11. :0306
.
HARRISON, Ohio
-BOND OFFERING
-R. B. Means, Village Clerk,
will receive bids until 8 p. m. Jan. 16 for the purchase at not less than par
Volume 141
PORTSMOUTH, Ohio
-BOND SALE
-The $82,250 refunding bonds
offered on Dec. 27-V. 141, p. 3901-were awarded to Stranahan, Harris &
Co. of Toledo as 314s for a premium of $263.20, equal to 100.32, a basis of
about 3.72%. The BancOhIo Securities Co. of Columbus bid a $164 premium
for 3 Us. Dated Jan. 1 1936. Due yearly on Oct. 1 as follows: $10,250,
1944, and $12,000, 1945 to 1950.
PORTSMOUTH, Ohio
-OTHER BIDS
-Other bids for the $74,300
special assessment refunding bonds awarded to Stranahan, Harris & Co.
of Toledo as 3145 for a premium of $238.31, equal to 100.32, as previously
noted in these columns, were as follows:
BidderInt. Rate
Prem.
Gran & Co., Inc., with Fox, Einhorn & Co.; Nelson.
Browning & Co., and Bohmer Reinhart & Co., all
of Cincinnati, Ohio
4.00%
$460.66
Security-Central National Bank of Portsmouth
4.00%
288.77
The Portsmouth Banking Co
4.00%
Provident Savings Bank & Trust Co., with Well,
The
Roth & Irving, both of Cincinnati
4.25%
497.81
Seasongood & Mayer, with Chas. A. Misch & Co.;
and Van Lahr, Doll & Isphording, Inc.. all of
Cincinnati, Ohio
4.25%
149.95
-BOND SALE
PUTNAM COUNTY (P. 0. Ottawa), Ohio
-The $30,000 coupon poor relief bonds offered on Dec. 23-V. 141, p. 3730
-were
awarded to Prudden & Co. of Toledo as 2115, at par plus a premium of
Nov. 1 1935 and due
$189, equal to 100.63, a basis of about 2.10%.
serially on March 1 from 1936 to 1944 incl.
-BOND OFFERING
SANDUSKY, Ohio
-C. F. Broining, City Treasurer, will receive bids until noon Jan. 13 for the purchase of $27,000 4%
breakwater construction bonds. Denom. $1,000. Dated Feb. 1 1936.
Interest payable semi-annually. Due $3,000 yearly on Feb. 1 from 1938
to 1946 Ind. Cert, check for $500, payable to the city, required.
-W. H. Watson, Village Clerk,
-BOND OFFERING
SARDINIA, Ohio
will receive bids until noon Jan. 4 for the purchase at not less than par of
$1,375 514% improvement bonds. Denom. 26 for $50 and one for $75.
Dated Dec. 1 1935. Interest payable semi-annually. Due $50 each six
months from April 1 1937 to Oct. 11949: and $75 April 11950. Certified
check for $100, payable to the Village Treasurer, required.
4199
Financial Chronicle
of $5,000 5% coupon drainage sewer construction bonds. Denom. $500.
Dated Jan. 1 1936. Interest payable April land Oct. 1. Due $1,000 yearly
on Oct. 1 from 1937 to 1941, incl. Certified check for $100. payable to the
village, required.
-The
-BOND SALE
JACKSON COUNTY (P. 0. Jackson), Ohio
-were
$38,000 poor relief bonds offered on Dec. 19-V. 141, p. 3730
awarded to the First Cleveland Corp. of Cleveland as 21.45 for a premium
of $110.20, equal to 100.29, a basis of about 2.18%. Dated Nov.! 1935.
Due yearly on March 1 as follows: $3,300, 1936; $3,500, 1937; $3,700, 1938;
$3,900. 1939; $4,200. 1940; $4,400, 1941; $4,700, 1942; $5,000, 1943; and
$5.300, 1944. Other bidders were:
Int. Rate Premium
NamesNone
95
• Oak Hill Savings Bank
The Provident Savings Bank & Trust,$102.06
21.
23.00
Lowry Sweney Inc
78.85
Seasongood & Mayer
205.19
Cool Sliver & Co
234%
141.00
2. %
4
3
Prudden & Co
JOHNSTOWN, Ohio
-BOND OFFERING
-L. L. Egan, Village Clerk,
will receive bids until noon Jan. 11 for the purchase at not less than par of
$22,500 4% sanitary sewer and sewage disposal plant bonds. Denom.
$1,000 except one for $1,500. Dated April 1 1936. Interest payable
semi-annually. Due $1,500 April 1 1937, and $1,000 yearly on April 1
from 1938 to 1958, incl. Certified check for $500, payable to the Village
Treasurer, required.
KINGSTON, Ohio
-BOND OFFERING-Fred C. Lesure, Village
Clerk, will receive bids until noon Jan. 11 for the purchase of $15,000 5%
storm sewer bonds. Denom. $600. Dated Nov. 1 1935. Interest payable
semi-annually. Certified check for $150, payable to the village, required.
NELSONVILLE, Ohio-BOND SALE
-The $39,000 coupon bonds
offered on Dec. 26-V. 141, p. 3901
-were awarded to Fox, Einhorn &
Co., Inc., of Cincinnati as 48, for a premium of $51, equal to 100.13. The
sale consisted of $30,000 general obligation storm water sewer bonds and
$9,000 general obligation street improvement bonds. Dated Dec. 1 1935
and due serially beginning Dec. 11936. Other bids were as follows:
BidderInt. Rate
Premium
First Cleveland Corp
4X%
$62.40
Weil, Roth, Irving Co
12.80
434%
Seasongood & Mayer
5%
325.85
Middendorf & Co
434%
331.50
NEW LEXINGTON, Ohio
-BOND SALE
-An issue of $55.000 434%
first mortgage water revenue bonds has been awarded to Magnus & Co. of
Cincinnati. Denom. $1,000. Dated Jan. 1 1936. Principal and semiannual interest (Jan. 1 and July 1) payable in New York. Due yearly on
Jan. 1 as follows: $2,000, 1939 to 1949; and $3,000. 1950 to 1960.
NORTH BALTIMORE, Ohio-BOND ISSUE DETAILS
-Then 5.000
water works plant mortgage bonds sold recently to Slier, Carpenter &
Roose of Toledo
-V. 141, p. 3901-bear 4% interest and were issued at a
price of 97.30. Dated Jan. 10 1936 and due serially until 1966. Coupon
bonds of $1,000 denom. with interest payable in M.& S.
OAKWOOD, Ohio
-BOND SALE
-The $58,000 coupon grade crossing
elimination bonds offered on Dec. 23-V. 141, p. 3730
-were awarded to
Seasongood & Mayer of Cincinnati as 4145,at par plus a premium of$928.85.
equal to 101.601. Dated Oct. 1 1935 and due Oct. 1 as follows: $1,000,
1937; $2,000, 1938 to 1950 incl.: $1,000 in 1951 and $2,000 from 1952 to
1966 ind. Other bids were as follows:
BidderInt. Rate Rate Bid
Van Lahr, Doll & Isphording, Inc., Cincinnati
101.330
434%
The Provident Savings Bank & Trust Co., Cincinnati 414%
101.132
Bohmer-Reinhard & Co, Cincinnati, 0
414%
101.001
Fox, Einhorn & Co., Cincinnati,0
414%
100.631
Ryan, Sutherland & Co., Toledo,0
100.425
4)4%
PEMBERVILLE SCHOOL DISTRICT, Ohio
-BOND OFFERING
Ernest W. Heckman, Clerk of the Board of Education, will receive bids
until noon Jan. 4 for the purchase at not less than par of $66,000 4% coupon
high school bonds. Denominations 60 for $1,000 and 15 for $400. Dated
Jan. 1 1936. Interest payable March 1 and Sept. 1. Due $4,400 yearly
on Sept. 1 from 1937 to 1951, incl. Certified check for 5% of amount
of bonds bid for, payable to the Clerk of the Board of Education, required.
PORTSMOUTH, Ohio
-REFUNDING POLICY EXPLAINED
-In
connection with recent reports in these columns of offerings by the city of
$82,250 general tax refunding and $74,300 special assessment refunding
bonds, we quote as follows from a report bearing on the necessity of the refunding issued by James D. Williams, Director of the Department of
Finance and Audits:
"The refunding of the above issues by the City of Portsmouth is in continuance of a refunding program of a portion of its bond maturities. This
refunding program will permit a proper equalization of our maturities in
succeeding years, thereby making it possible to meet the maturity situation in proper proportion to the proceeds from tax collections. This program is in strict accordance with the provisions of the statutes pertaining
thereto, and in our opinion is the proper method which should be followed.
"Approximately 50% of the outstanding bonded indebtedness of the
city matures in the five-year period Jan. 1 1936 to Jan. 1 1941. Due to
this condition, the proceeds from the tax collections, while sufficient to
take care of current interest requirements, have not been sufficient to include
a definite plan of maturity payments.
"During the year 1935 bond maturities and interest requirements
amounted to $747.499.63. Of this amount, $4417,949.63 was paid from the
proceeds of tax collections and $329.550 from the proceeds of refunding
bond issues.
"During the year 1936 bond maturities and interest will amount to
$548,750 and $210,605.81. respectively, totaling $759,355.81. Our 1936
Program for meeting these maturity and interest requirements will be similar
to that followed during 1935. Our plan is as follows: All interest requirements will be met promptly on the due dates. Water works bond maturities will be paid as has been customary in former years; special assessment and general tax bond maturities will be paid as far as the proceeds from
our tax collections permit, the unprovided balance being taken care of
through nee- ssary refunding bond issues.
SIDNEY, Ohio
-BOND SALE
-The $4,000 3% fire department equip-were awarded to Prudden
ment bonds offered on Dec. 19-V.141, p.3730
& Co.of Toledofor a premium of34,equal to 100.10,a basis of about 2.97%•
The Citizens National Bank of Sidney was the only other bidder. Dated
Sept. 1 1935. Due $800 yearly on Sept. 1 from 1937 to 1941.
SPRINGFIELD CONSERVANCY DISTRICT (P. 0. Springfield),
Ohio
-BOND OFFERING-Ernest C.Janson, District Secretary-Treasurer
will receive bids until noon Jan. 13 for the purchase at not less than par of
$85,400 414% flood protection bonds. Denom. $1,000. except one for
$400. Dated Jan. 1 1936. Interest payable March 1 and Sept. 1. Due
$10,000 on March 1 and $11,000 on Sept. 1-in the years 1937, Z938 and
1939; and $10,000 on March 1 and $12,400 on Sept. 1 in 1940. Certified
check for 2% of amount of bonds bid for, payable to the District Treasurer,
required. Approving opinion of Squire, Sanders & Dempsey of Cleveland
will be furnished to the purchaser.
-John N. Edy, since
-APPOINTS CITY MANAGER
TOLEDO, Ohio
last May First Assistant Director of the United States Budget Bureau in
Washington, will become City Manager of Toledo Jan. 15, it was announced
Dec.24 by David 11. Goodwillie, Councilman-elect, in behalf of the Council.
Mr. Edy has had 12 years' experience as City Manager, his last post of
that nature being in Dallas, Texas. From 1923 to 1930 he was City Manager
of Berkeley, Calif., and served one year as City Manager of Flint, Mich.
His salary was announced as $12,000 a year. The City Manager-charter
plan was adopted in the fall election.
-An issue of $10,000 fire
-BOND SALE
UPPER SANDUSKY, Ohio
department imprvoement bonds offered on Dec. 16 was awarded to the
Citizens savings Bank of Upper Sandusky at 334% interest. Dated
Dec. 20 1935. Due $500 yearly on Dec. 20 from 1937 to 1956 inclusive.
-Wade M. Hart, City
WADSWORTH, Ohio
-BOND OFFERING
Auditor, will receive bids until Jan. 10 for the purchase of $30,000 4%
coupon municipal building, fire house, police station and jail construction
bonds. Denom. $1,000. Dated Dec. 1 1935. Interest payable June 1 and
Dec. 1. Due $1,000 yearly on Dec. 1 front 1936 to 1955 and $2,000 Yearly
on Dec. 1 from 1956 to 1960. Certified check for 1% of amount of bonds
bid for, payable to the city, required.
OKLAHOMA
-BOND
ANADARKO SCHOOL DISTRICT (P.O. Anadarko), Okla.
OFFERING-Sealed bids will be received until 7.30 p. m. on Dec. 30, by
Walter Morris. District Clerk, for the purchase of a $28,000 issue of school
bonds. These bonds were approved by the voters at an election held on
Dec. 17.
FAIRFAX, Okla.
-BOND OFFERING
-Mrs. H. L. Helton, Town
Clerk, will receive bids until 2 p. m. Dec. 31 for the purchase at not less
than par of $25,000 refunding bonds, which will bear interest at rate named
in the successful bid. Due $1,500 yearly beginning three years from date.
except that the last instalment shall amount to $1,000. Certified check
for 2% of amount of bid required.
PAWHUSKA, Okla.
-BOND SALE POSTPONED-It is stated by the
City Clerk that the sale of the $37,000 electric light bonds, previously
-was postponed. Name interest
scheduled fcr Dec. 21-V. 141, p. 4053
rate. Due $9,000 three years after date and $4,000 from 1939 to 1945, incl.
OREGON
-BOND OFFERING-Sealed bids will be received
ONTARIO, Ore.
until 8 p. m. on Jan.6 by F. P. Ryan. City Recorder, for tne purcnase of a
$30.000 issue of 414% refunding bonds. Denom. $1,000. Dated Jan. 1
1936. Due $3,000 from Jan. 1 1937 to 1946. incl. Principal and interest
(J. & J.) payable at the City Treasurer's office. The approving opinion of
Teal. Winfree, McCulloch, Shuler & Kelley of Portland will be furnished.
A certified check for $600 must accompany the bid.
-BONDS NOTT
Sorti
PORT OF COOS BAY (P.O. Marshfield), Ore.
-It is stated by the Secretary of the Board of Commissioners that the
$25.000 5% semi-ann. refunding bonds offered on Dec. 20-V. 141, p. 4053
-were not sold as there were no bids received.
It is said that the bonds will be sold privately or they may be exchanged
for the matured bonds. Dated Jan. 1 1936. Due on Jan. 1 1941.
-BOND ELECTION
PORT OF PORTLAND (P. 0. Portland), Ore.
-It is reported that an election is scheduled for Jan. 31 in order to vote on
the issuance of $300,000 in airport bonds.
-BOND OFFERING-Sealed bids will be received
S1LVERTON, Ore.
until 6 p. m.on Dec. 27 by George Cusiter, City Recorder, for the purchase
of an issue of $17.549.47 refunding bonds. Bidders to name the rate of
interest. Dated Jan. 11936. Due on Jan. 1 as follows: $1.500, 1937 to
1940; $1,549.47. 1941, and $2,000, 1942 to 1946. Prin. and int, payable
at the City Treasurer's office. A certified check for 5% must accompany
the bid.
-BOND ELECT- (
FWALLOWA COUNTY(P.O.Enterprise), Ore.
An election is said to be scheduled for Jan. 31 in order to vote on the issuance of $70.000 in funding bonds, to care for outstanding general fund
and road fund warrants, bearing dates prior to March 19 1935.
Commonwealth of
PENNSYLVANIA
Moncure Biddle & Co.
1520 Locust St., Philadelphia
PENNSYLVANIA
-BOND SALE
-The BancALTOONA SCHOOL DISTRICT, Pa.
america-Blair Corp. of New York was awarded an issue of $225.000 school
bonds as 31.15 at a price of 100.51, a basis of about 3.07%. Dated Feb. 1
1936 and due Feb. 1 as follows: $50,000 from 1937 to 1939 incl., and
$25,000 from 1940 to 1942 incl. The bonds were re-offered for public
investment at prices to yield from 2% to 3%, according to maturity, and
have all been sold. Legality approved by Townsend, Elliott & Munson
of Philadelphia.
-The Borough Council has
AMBRIDGE, Pa.
-BONDS AUTHORIZED
adopted an ordinance providing for the issuance of $110,000 coupon bonds.
BO YERTOWN SCHOOL DISTRICT, Pa.
-BOND SALE
-The $48.000 coupon re dsterable school bonds offered on Dec. 23-V. 141. p. 4054
were awarded to the National Bank & Trust Co. of Bovertown as 234s for a
premium of $480, equal to 101, a basis of about 2.69%. The nett bidder
was E. 11. Rollins & Sons of Philadelphia. offering a $480 premium for
314s. Dated Dec. 15 1035. Due yearly on Dec. 15 as follows: $1,000,
1936 to 1943, and $2,000, 1944 to 1963.
CHAMBERSBURG, Pa.
-BOND SALE
-On Dec. 17 an issue of $150.000 water line and refunding bonds was sold to four local banks for a premium of $40.
CONWAY,Pa.
-BOND SALE
-The $25,000 coupon power plant bonds
offered on Dec. 19-V. 141, p. 3902
-were awarded as 4s at a price of
par, to the State Employees' Retirement Board, the only bidder. Dated
Dec. 1 1935 and due Dec. 1 as foliows: $1,000 in 1937, 1941, 1942, 1944.
1946 to 1948 incl., and $3.000 from 1949 to 1964 incl.
DAUPHIN COUNTY (P. 0. Harrisburg), Pa.
-BOND SALE
The $120,000 coupon voting machine bonds offered on Dec. 20-V. 141,
p. 3573
-were awarded to Moncure Biddle & Co. of Philadelphia as 2s
for a premium of $1,083.60, equal to 100.903, a basis of about 1.83%•
Dated Dec. 1 1935 and due $12,000 each year from 1936 to 1945 incl.
Gertier & Co. of New York,second high bidder, offered 100.78 for 2s.
EXETER TOWNSHIP SCHOOL DISTRICT (P. 0. Birdsboro,
R. F. D. No. 2), Pa.
-BOND OFFERING-John T. Winterhalter, District
Secretary, will receive sealed bids until 7:30 p. m.on Jan. 17 for the purchase
of $50,000 214. 23-4. 3. 3 Si. 314. 334 or 4% coupon school bonds. Dated
Jan. 11936. Denom. $1,000. Due Jan. 1 as follows: $5,000 in 1941. 1946.
4200
Financial Chronicle
1951;$10,000 in 1956 and 1961 and $15,000 in 1966. Bonds numbered from
11 to 50 incl. are redeemable at district's option on any interest payment
date beginning Jan. 11946. The bonds are registerable as to principal only
and interest will be payable in J. & J. Bidder to name a single interest rate
on all of the bonds. A certified check for 2% of the bonds bid for, payable
to the order of the District Treasurer, must accompany each proposal.
Bonds will be sold subject to the favorable legal opinion of Townsend,
Elliott & Munson of Philadelphia and the receipt of a grant from the
Public Works Administration.
FOSTER TOWNSHIP SCHOOL DISTRICT (P. 0. Freeland), Pa.
-BOND SALE
-An issue of $66,000 school building bonds was awarded on
Dec. 14 to the Citizens Bank of Freeland for a premium of $50 over par.
GLENFIELD, Pa.
-BOND AWARD DEFERRED-Action on the
award of the $34,000 4% water works construction bonds offered on Dec.
23-V. 141, p. 3903
-has been deferred until Dec. 30. The bonds are
dated Aug. 1 1935 and mature Aug. I as follows: $1,000 from 193610 1951,
incl. and $2,000 from 1952 to 1960, incl.
LANSDALE SCHOOL DISTRICT, Pa.
-BOND SALE
-The $50,000
coupon school bonds offered on Dec. 23-V. 141, p. 3731-were awarded
as 231s to Yarnall & Co. of Philadelphia, at 100.60, a basis of about 2.18%.
Dated Jan. 1 1936. Due yearly on Jan. 1 as follows: $2,000, 1937 to 1941:
$3,000, 1942 to 1946, and $5,000, 1947 to 1951.
Financial Statement (Nov. 1 1935)
Population: 1930
-census-8,370
-estimated 8,650 for 1935.
Assessed valuation
$3.948,365.00
Note
-This valuation is estimated at 33 1-3% of actual value. Legal
basis of assessment is the fair market value of property which would be
realized at a public sale.
.Bonded debt
$261,000.00
Sinking fund cash
32,166.69
Net bonded debt
228,833.31
Back taxes and tax liens (detuctible by law in Penna.)
30,170.82
Net debt
198,662.49
Debt ratio (net debt to assessed value)
5.03%
Temporary loans
None
Bank deposits (all secured): General fund
$57,988.28
Sinking fund
32,166.69
$90,154.97
Tax Collections
Outstanding
Collected in
YearLevy
Mills
Yr. of Levy %
Nov. 1 1935
%
None
1932-33___- 30
$147,300.08 $127,263.06 86.3
- 1933-34_ --- 28
None
139,853.33 119,983.65 85.7
1934-35_ ..- _ 28
139,267.13 120,091.78 86.2
2,178.13
1.4%
1935-36_ ___ 28
137,824.24
78.141.60 (coll'ted 56.6% to Nov.1 '35)
l• Assessments are made in the fall preceding the year of levy and are
certified by the County Commissioners to the school district in May of
levy year, at which time the school district sets the tax rate. Taxes are
payable flat from July 1 through Oct. 1 and from Oct. 1 on with a 5%
penalty. Delinquent taxes are filed with the County Commissioners before
the first Monday of May following the levy year. When liens are reduced
to judgment the property may be sold. School district levies its own tax
and is independent of other taxing oodles.
All Taxes Levied on Real Estate for 1935-1936-Borough
12 mills
County
3 mills
School
28 mills
Total
43 mills
The School District of the Borough of Lansdale Is a third class school
district operating under the School Code of the Commonwealth of Pennsylvania, Act of May 18 1911, PL 309. the amendments thereof and the
supplements thereto. Under Section 537 thereof the tax levy is limited
to 25 mills, but school districts are permitted under Section 1210 to levy
a tax "to pay minimum salaries and increments of the teaching and supervisory staff:" even though this may result in a total tax levy exceeding 25
mills; such is the case in this district. The fiscal year is from July 1 to
July 1.
Comparative Income and Expense Statement
1932-33 VI 1933-34
1934-35
Income
$171,207.42 $165,620.24 $162,894.81
Expense
169,519.79 160,594.33 159,207.41
Surplus
$1,687.63
$5,025.91 033,687.40
School District Property
Value of school sites, buildings and property
$526,965.00
LANSDALE SCHOOL DISTRICT,Pa.
-OTHER BIDS
-The follQng
Is a list of the other bids submitted for the $50,000 school bonds awarded
to Yarnell & Co. of Philadelphia, as 23.1s, at a price of 100.60, a basis of
about 2.18%, as previously noted in these columns:
Rate Bid
Int. Rate
Halsey, Stuart & Co
100.5194
%
Blyth & Co
101.2378
231%
Hemphill, Noyes & Co100,907
Geo. E. Snyder & Co
100.567
2364
0
Dougherty, Corkran & Co
100.278
231%
Suplee, Yeatman & Co
101.33
231%
W.H. Newbold's Son Co
101.20
2Y'
L%
Bioren & Co
101.199
2,(%
E. H. Rollins & Sons
101.159
3%
Leach Bros
100.65
311%
LEHIGHTON, Pa.
-BOND SALE
-The 1625,000 331% coupon Public
Works Administration project bonds offered on Dec. 16-V. 141. p. 3574
were sold to local investors at a price of par. No other bid was received.
The bonds are dated Nov. 15 1935. Due in 25 years: redeemable on and
after Nov. 151937.
LIGONIER SCHOOL DISTRICT, Pa.
-BOND SALE
-The $20,000
school bonds offered on Dec. 11-V. 141, p. 3423
-were awarded as 45
to the First National Bank of Ligonier. Dated Jan. 1 1936 and due
Jan. 1 as follows: $2,000, 1940 to 1942 incl.; $1,000. 1943; $1,000 from
1945 to 1955 incl., and $2,000 in 1956.
LYKENS SCHOOL DISTRICT, Pa.
-BONDS VOTED
-At an election
held on Dec. 17 the residents voted 553 to 153 in favor of the issuance of
$25,000 school building bonds.
MOUNT PLEASANT,Pa.
-BOND SALE
-The issue of $30,000 coupon
bonds offered on Dec. 20-V. 141, p. 3903
-were awarded to Glover &
MacGregor of Pittsburgh, as 4s, at par plus a premium of $468, equal to
101.56, a basis of about 3.77%. Dated Dec. 1 1935 and due Doc. 1 as
follows: $4,000. 1937 to 1939, incl.; $3.000 in 1940, 1942. 1943 and in 1945;
$2,000 in 1946 from 1948 to 1951, incl.
PALMER TOWNSHIP SCHOOL DISTRICT (P. 0. Easton, R. D.
-BOND SALE
No. 3), Pa.
-The $15.000 4% coupon school bonds offered
-were awarded to Frank McCluskey, a local
on Dec. 23-V. 141, p. 3574
Judge, at par plus a premium of $450, equal to 103, a basis of about 3.61%•
Dated Dec. 1 1935 and due $1,000 on Dec. 1 from 1937 to 1951,
PITTSBURGH, Pa.
-TAX RATES ANNOUNCED-Mayor McNair
recently signed an ordinance continuing in 1936 the 1935 rate of 20.6 mills
on land and 10.3 mills on buildings.
PUNXSUTAWNEY SCHOOL DISTRICT Pa.-BOIVDOFFERING-W. W. Winslow, District Secretary, will receive bids until 8 p.m. Jan. 2
for the purchase of $95,000 coupon school bonds, which will bear interest
at rate named in the successful bids. Denom. $1,000. Dated Jan. 1
1936. Interest payable Jan. 1 and July 1. Due $7,000 Jan. 1 1939.
and $4,000 yearly on Jan. 1 from 1940 to 1961, incl. Certified check for
$1.000. required.
ROCKLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Rockland),
Pa.
-BOND OFFERING-Wade H. Bell. Secretary of the Board of School
Directors, will receive bids until 2 p.m. Jan. 2 for the purchase of $11,000
4% auditorium and gymnasium bonds. Denom. $1.000. Dated Dec. 1
1935. Interest payable June 1 and Dec. 1. Due $1,000 yearly on
Dec. 1 from 1937 to 1947, incl. Certified check for 5%. required.
-BONES VOTED
SPRING GROVE SCHOOL DISTRICT, Pa.
Voting 150 "for" to 12 "against," the residents of the District on Dec. 10
gave their approval to the proposed issuance of $30,000 school building
bonds.
Dec. 28 1935
PENNSYLVANIA, State of (P. 0. Harrtsburg)-BOND ISSL ES
APPROVED-Bond proceedings approved or forwarded by the Department
of Internal Affairs, Bureau of Municipal Affairs, during the period from
Dec. 9 to Dec. 16, cover the following issues:
Date
Municipality and Purpose
Approved
Amount
Lancaster City School City. Lancaster County
Acquiring site for and erecting and constructing
senior high school building, playground and athletic field, furnishing same
Dec. 9 $770,000.00
Dormont Borough, Allegheny County-Consteucting storm sewers and resurfacing public streets- Dec. 11
43,000.00
Ridley Township, Delaware County-Paying operating expenses
Dec. 11
60,000.00
Farrell, City of, Mercer County-Constructing
sewage disposal plant and sewerage system
Dec. 6
55,000.00
Economy Township School District, Beaver County
-Erecting, equipping and furnishing a high
school building
Dec. 9
25,000.00
Newville Borough School District, Cumberland
County-Erect an addition to high school; make
alterations to old building:equip and furnish same Dec. 9
20,000.00
Knox Borough School District, Clarion County
Construct an addition to school building
Dec 10.
7,300.00
East Donegal Township School District, Lancaster
County-Erect,furnish and equip a school bldg.. Dec. 10
33,000.00
Coudersport Borough School District, Potter
County-Erect, furnish and equip an addition
and gymnasium to primary school
Dec. 11
37,000.00
Logan Township School District, Blair County
Acquiring site for, erecting, equipping and furnishing a school building
Dec. 9
37,000.00
Kane Borough School District, McKean County
Constructing a library and gymnasium building
and making repairs to high school building
Dec. 9
64,000.00
South Fork Borough School District, Cambria
County-Constructing an addition to school
Dec. 9
building
25,000.00
Kennedy Township School District, Allegheny
County-Erecting, enlarging, equipping and
furnishing school buildings
Dec. 9
24,000.00
Lycoming County-Erect,equip and furnish "poor
Dec. 9 300,000.00
buildings"
Upper Merlon Township School District, Montgomery County-Construct an addition to conDec. 9
solidated school building and equip same
20,000.00
Lower Alsace Township School District, Bello
Dec. 9
County-Constructing an annex to school bldg
25.000.00
New Holland Borough, Lancaster County-Funding floating indebtedness, $17,500; refunding
Dec. 9
bonded indebtedness, 835,000
52,500.00
Milford Township School District, Juniata County
-Purchasing site for and erecting a joint high
Dec. 11
10,670.90
school building
-Erect,conBessemer Borough, Lawrence County
Dec. 12
45,000.00
struct and equip a water supply system
Fermanagh Township School District, Juniata
County-Purchasing site for and erect a joint
Dec. 12
9,393.00
high school building
Collingdale Borough School District, Delaware
Dec. 12
50.000.00
County-Construct a school building
Manheim Borough School District, Lancaster
County-Construct and equip additions to and
Dec. 12
alter high school building
10,000.00
Exeter Borough, Luzerne County-Constructing
Dec. 11
22,000.00
an addition to municipal building
Freeport Borough School District, Armstrong
County-Building and equipping an addition
Dec. 13
12,600.00
to school building
Exeter Borough School District, Luzerne County
Construct a new school building and addition to
Dec. 13
high school building; equip and furnish same_
56,000.00
Cresson Borough School District, Cambria County
25,000.00
Dec. 13
-Construct an addition to existing school bldg
Mifflin Borough School District, Juniata County
11,287.00
Purchase site for and erect a joint high school__ _ Dec. 13
East Norriton Township School District, Montgomery County-Purchase or acquire proper sites
for school buildings: erect, enlarge, equip or furDec. 13
55,000.00
nish school building; repair or rebuild buildings
Palmyra Borough School District, Lebanon County
-Purchase or acquire site for junior high school
building; pay damages thereby incurred: erect,
Dec. 13
143,000.00
equip and furnish building
-BOND SALE
TIONESTA, Pa.
-The $2,500 coupon bonds offered on
Dec. 20-V. 141, p. 3901
-were awarded as 430 to a local investment
organization at a price of 107.125. Dated Jan. 1 1935.
-BONDS SOLD TO
UPPER DARBY TOWNSHIP (P. 0. Darby), Pa.
-The Sinking Fund has purchased $285,000 funding
SINKING FUND
and $125,000 refunding bonds, according to James E. Malone, Township
Secretary.
Southern Municipal Bonds
McALISTER,SMITH 8t PATE,Inc.
NEW YORK
67 BROAD STREET
Telephone WIllteball 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
SOUTH CAROLINA
COLUMBIA,S. C.
-NOTE SALE
-A $300,000 issue of notes is reported
to have been purchased recently by McAlister, Smith & Pate, Inc., of
Greenville), and the First National Bank of Columbia, jointly, at 234%,
plus a premium of $140.
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), S. C.
BOND OFFERING-It is reported that sealed bids will be received until
Jan. 4, by W. F. Robertson, Chairman of the Board of Trustees, for the
purchase of a $75,000 issue of school bonds.
SOUTH DAKOTA
HURON INDEPENDENT SCHOOL DISTRICT (P. 0. Huron),
S. Dak.-PRICE PAID-It is stated by the District Clerk that the $60,000
school bonds purchased by the Farmers & Merchants Bank of Huron, as
reported recently-V. 141, p. 3733
-were sold as 334s at par.
McLAUGHLIN, S. Dak.-BONDS SOLD
-A $16,000 issue of 5%
semi-ann, refunding bonds is ronorted to have been sold to local purchasers at par. Dated Dec. 11935.
WAUBAY, S. Dak.-BOND OFFERING-Geo. A. Carlson, City Auditor, will receive bids until Jan. 6 for the purchase at not less than par of
$1,500 4% graveling bonds. Denom. $500. Dated Dec. 20 1935. Due
$500 on Dec. 20 for each of the years 1940, 1945 and 1950.
TENNESSEE
CHATTANOOGA, Tenn.
-BOND S ILE-The $677,000 4% public
Impt. bonds offered on Dec. 23-V. 141, p. 3901-were awarded to the
Hamilton National Bank of Chattanooga and associates for a premium
of $1,147.50. equal to 100.169, a basis of about 3.98%. The Equitable
Securities Co. of Nashville bid 98.50. Dated Dec. 11935. Duo on Dec. 1
as follows: $80,000, 1940: $30,000. 1942: 667,000, 1943; $150,000, 1944:
$100,000, 1946, 1947 and 1948, and $50,000, 1949.
Financial Chronicle
Volume 141
HAMBLEN COUNTY (P.O. Morristown),Tenn.
-BOND OFFERING
-It is stated that II. W. Long, Chairman of the County Court, will offer
for sale on Jan. 6 the following 3.q % semi-annual bonds aggregating
$70,000. divided as follows:
$40,000 county building bonds. Due $4,000 from 1937 to 1946 incl.
The bonds will be sold in strict accordance with Senate NW Bo. 6,
known as the "County Public Works Act of 1935" being enacted
by the 1935 session of the Legislature.
30,000 county building bonds. Due $3,000 from 1937 to 1946 incl.
These bonds will be sold in strict accordance with the Private
Acts of 1935, being known as the "House Bill No, 242, Chapter
No. 115, of the Private Acts of 1935," being enacted by the
Legislature in its 1935 session.
r Said bonds will be sold for the purpose of erecting and constructing a
new jail house; for the purpose of purchasing a site for and the erection of
a new poor house, and(or) poor farm; and for the purpose of repairing school
houses of the county.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
-BOND OFFERING-Sealed bids will be received until 2:30 p. m. on Jan. 9 by Will Cummings, County Judge, for the purchase of two issues of bonds aggregating
66,000, divided as follows:
55.000 public works, Silverdale Hospital. first series bonds. Due on
Jan. 1 as follows: 32,000. 1939 to 1964, and $3,000 In 1965.
11,000 public works, court house, bonds. Due $1.000 from Jan. 1 1939
to 1949, inclusive.
Interest rate is not to exceed 4%, payable J. &J. Denom. $1,000.
Dated Jan. 1 1936. Interest rate to be in a multiple of one-tenth or g of
1%. All bonds shall bear the same rate of interest, no split rates on any
single issue to be considered. All issues, however, are not required to bear
the same rate. A sale at par is required. Prin. and int. payable at the
National City Bank in New York. No proposal blanks will be furnished,
but the approving opinion of Caldwell & Raymond of New York will be
furnished. The bonds will be delivered in New York City or equivalent,
at the option of the holder, if bidder so states in bid, naming the point of
delivery. A certified check for 1% of the amount of bonds bid for.
payable to the county, is required.
LAUDERDALE COUNTY (P. 0. Ripley), Tenn.
-BOND OFFERING
-Sealed bids will be received until noon on Jan. 14 by W. W. Craig,
Chairman of the County Court, for the purchase of a $75,000 issue of
coupon court house bonds. Interest rate is not to exceed 5%. payable
J. & J. Denom. $1.000. Dated Jan, 11936. Due on Jan. 1 as follows:
$1,000, 1938 to 1943; $5,000. 1944; 511,000, 1945 to 1947, also 1953, and
310,00 in 1954 and 1955. These bonds are issued in compliance with the
County Public Works Act of 1935. A certified check for 5% of the amount
bid is required.
I
MURFREESBORO„ Tenn.
-BONDS
THORIZED-The City Council recently authorized the issuance of $40.000 bonds for construction of a
sewage disposal plant.
SPARTA, Tenn.
-BOND SALE
-The $65,000 4% water works bonds
offered on Dec. 21-V. 141, p. 3733
-were swanked to W. N. Estes & Co.
of Nashville for a premium of $375,equal to 100.577. Dated Dec. 15 1935.
Due on Dec. 15 from 1938 to 1955, incl. Thos. H.Temple & Co. of Nashville were second high bidders.
TULLAHOMA, Tenn.
-BONDS DEFEATED
-It is stated by the City
City Recorder that at an election held on Nov. 26, the voters defeated
the proptsed issuance of 352,000 in water and sewer system bonds.
TEXAS BONDS
Sought - Sold - Quoted
H. C. BURT ex COMPANY
Incorporated
Sterling Building
Houston, Texas
TEXAS
ABILENE Tex.
-REPORT ON PROGRESS OF BOND REFUNDING
PROGRAM-The following is the text of a statement made public on
Dec.16
by C. M. Cooley, City Treasurer:
"Last year proceedings were drafted and approved by the AttorneyGeneral of the State of Texas, refunding $289,000 of City of Abilene bonds,
maturing from May 1 1934 to April 30 1939. The bonds were printed and
approved by the Attorney-General and are 10
-year callable refunding
bonds, bearing interest at the same rate as the bonds for which they
been and are to be exchanged. All principal of bond maturities of all have
series
and issues of the City of Abilene from May 1 1934 to April 30
1939 are
affected.
"At the same time interest certificates were
maturities from May 1 1934 to April 30 1935.drawn covering the interest
certificates
and the interest maturities for that period haveThese interest paid.
already
The
interest maturities from May 1 1935 to April 30 1939 will beenbe
refunded,
and no interest certificates will be issued to cover same, not will
but
be paid
as duo. It is only the principal bond maturities that are
being refunded
from May 1 1935 through April 30 1939.
"The 42 bonds which matured during the first annual
period
refunding program have already been refunded and exchanged of this
for
new bonds, and the exchange consummated. The refunding plan and the
program contemplates that each year's maturities will
soon after Feb. 15 of each year as may be possible. be refunded on or as
"All bonds mataring from May 1 1935 to Feb. 15 1936 will,
therefore,
be refunded on or as soon after Feb. 15 1936 as may
bonds have already been printed and will be ready forbe possible. The
exchange on the
date mentioned, and this procedure will be followed each
year through
April 30 1939, unless conditions improve to an extent that
discontinuance of the refinancing program without prejudice will justify
to the part
which has already been effected.
"The new bonds are in the denomination of the old
bonds for which
they are to be exchanged, and provide on their face that
the
subrogated, and comes into all the rights and privileges of holder is
the holder
of the old bonds for which they will be exchanged.
"Adequate provision is made for payment of the refunding
bonds,
and their interest by the annual tax levying ordinance, and
the ordinance
authorizing the issuance of the refunding bonds.
"If on Feb. 15 1936 you hold bonds that have matured from
1935 to Feb. 15 1936, you will clip the coupons from same and April 30
to the Farmers & Merchants National Bank of Abilene, Tex., for mail them
payment,
and mall the matured bond or bonds to George II. Sheppard,
Comptroller of
Public Accounts, at Austin, Tex., and he will register and mail
to
an equal number of the refunding bends above described, canceling you
old bonds. Do not mail bonds to Comptroller before Feb. 15 1936. your
"If you hold City of Abilene bonds of any issue or series that
mature
or have matured from April 30 1935 to Feb. 15 1936, kindly indicate your
willingness to accept refunding bonds by filling in and returning to
us the
form at the bottom of this letter."
HIDALGO COUNTY (P. 0. Edinburg), Tex.
-BOND REFUNDING
PROGRAM ALMOST COMPLETED
-The following report is taken from
an Edinburg dispatch to the "Wall Street Journal" of Dec. 20:
signing of the 8,855 Hidalgo County refunding bonds,
"As soon as
represeating 58,855.000 of outstanding bonded indebtedness of seven county
road districts is completed by the county officials and the State Comptroller, the final chapter in the prolonged negotiations for adjusting the
county's indebtedness will have been finished. These refunding bonds will
be issued to the present holders of the original bonds at par, nut interest
rates have been reduced in an effort to improve the condition of the bonds
and enable the county to meet its payments for their retirement. Maturity
date for bond principal has been delayed 12 years or until 1947 and
Interest is to be paid until that time. The bonds mature from 1965 to only
1968.
depending upon their date of issuance.
"The only district whose Indebtedness will not be refinanced at this time
is District No.6. the McAllen District, the holders of the bonds not having
agreed to the proposal. A total of65% of the bondholders must consent to
the refinancing before it can be arranged.
"Federal Judge T. M. Kennerly validated the refunding proposal and
acts of the Hidalgo County Commissioners Court In arranging and accepting
4201
the proposal when presented to him in Federal Court at Brownsville last week.
Districts in which refunding was approved, along with their indebtedness,
are as follows:
"District No. 1, 33,837,000; District No. 2. 5819,000: District No. 3.
$650,000; District No.4. $225,000; District No.5,$790,000; District No.7.
$788.00,s, and District No. 8, $840.000.
"The new issue completes the large refinancing program for Hidalgo
County's indebtedness which was started nearly five years ago. The
,
county then owed around 820,000.000, much of which was in default.
Huge savings were effected in both principal and interest, when the county's
warrant indebtedness was refunded three years ago and about $4,000.000
In principal and interest lopped from the books. Other savings were made
In refinancing indebtedness of Hidalgo County Drainage District No, 1."
HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT (P. 0.
Highland Park), Tex.
-BOND SALE DETAILS
-The $275,000 issue of
senior high school building bonds purchased on Dec. 3 by a group composed of the Brown-Crummer Co.; Miller, Moore & Brown,Inc.. and Walker
Austin & Wegener, all of Dallas, as reported recently
-V. 141. p. 3905
are divided as follows:
$134,000 as 35, maturing as follows: 53.000, 1936 to 1941; $4,000, 1942 to
1946; 55,000, 1947 to 1950: 36,000 1951 to 1954: $7.000. 1955 to
1958, and 58.000, 1959 to 1961.
141,000 as 3%s, maturing as follows; 58,000. 1962: 59,000;1963 to 1965:
510.000 1966 to 1971: $11.000, 1972 and 1973. and 512.000, 1974
and 1975.
'
Legality to be approved by Chapman & Cutler of Chicago.
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston)
Tex.
-BOND OFFERING-It is reported that sealed bids will be received
until Jan. 15, by the Business Manager of the Board of Education, for the
purchase of $3,154,000 in school bonds. Due from Feb. I 1937 to 1965 incl..
KINGSVILLE, Tex.
-BOND OFFERING-Sealed bids will be received
until Jan. 20, by Carrie B. Sims, City Secretary, for the purchase of a
$40.000 issue of5% semi-ann.coupon water works and sewer revenue bonds.
Denom. $1,000. Dated Dec..1 1935. Due $2,000 from Dec. 1 1936 to 1955
incl. The bonds are secured by a first lien upon the net revenues of water
works and sewer departments, will be approved by the Attorney-General
and are independent of all tax bonds. Prin. and int. payable in Mngsville.
KRUM SCHOOL SCHOOL, Tex.
-BONDS SOLD-The District has
sold $336,300 school building bonds to the State Board of Education.
LAMB COUNTY (P. 0. Olton), Tex.
.
-BOND ELECTION
-At the
request of a list of petitioners the County Commissioners' Court has called
a special election to be held on Jan. 4 for the purpose of voting on the
question of issuing $60,000 road bonds.
LA POYNOR CONSOLIDATED SCHOOL DISTRICT, Tex.
-BOND
-An issue of 520,000 5% 30
SALE
-year school bonds has been sold to the
State Department of Education at par.
SAN ANTONIO,Tex.
-BOND SALE DETAILS
-We are now informed
that Lazard Freres & Co. Inc.. of New York, were joint purchasers with
Mahan, Dittmar & Co. of San Antonio, of the $3350,000 sewer,street, river,
'
bridge, airport and park improvement bonds awarded on Dec. 19 ALS 3.
and 3Ms. at a price of 100.039, a net interest cost of about 3.16%, as
reported in our issue of Dec. 21-V. 141, p. 4055. Due from Jan. 1 1937
to 1956.
BONDS OFFERED FOR INVESTMENT
-The successful bidders reoffered the above bonds on Dec. 23 for public subscription at prices to
yield from 0.85 to 3.00%. on the 3% bonds, and from 3.10 to 3.25% on
the 331% bonds. They are legal investment, in the opinion of the bankers,
for savings banks and trust funds in New York and Massachusetts.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT, Tex.
BOND SALE
-The $400,000 school bonds offered on Dec. 20 were awarded
to Fenner & Beane of New Orleans and associates as 31.is for a premium
of $606, equal to 100.1515, a basis of about 3.23%. Mahan, Dittmar
& Co. and associates offered a premium of $1,080, the bonds maturing
in the first 15 years to bear 3Yi% interest and the last 5 years 3%.
Dated Feb. 1 1936. Due $20,000 yearly from 1937 to 1956, inclusive.
We were informed later that the successful group was made up of Fenner
& Beane and Gertler & Co., both of New York, the Gregory-Eddleman
Co., Duquette, White & Co., both of Houston. Bain, Emerson & Co. of
San Antonio, and Bowman, Roche & Co. of Austin.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
Antonio) Tex.
-BOND CALL
-It is stated by R. S. Menefee, President
of the Board of Education, that the district has exercised its option and
will call for payment at par, at the National Bank of Commerce. of San
Antonio, on Feb. 1 1936, on which date interest shall cease. 5% school
bonds,dated Feb. 1 1916, due on Feb. 1 1956, and optional on Feb. 1 1936.
SAN PATRICIO COUNTY ROAD DISTRICT No. 1 (P. 0. Sinton),
-BOND ELECTION
Tex.
-The County Commissioners' Court has ordered
that a special election be held on Jan. 16 at which a proposal to issue 5200.000
road bonds will be submitted to a vote.
TERRELL COMMISSIONERS PRECINCT (P. O.Kaufman),Tex.
BONDS DEFEATED
-At an election held on Dec. 7 the voters failed to
give the required majority to a proposal to issue $75,000 in right-of-way
bonds.
WICHITA FALLS SCHOOL DISTRICT, Tex.
-BOND SALE
-The
$200,000 junior college bonds recently voted by the residents of the district
have been sold to the State of Texas at par.
UTAH
-BONDS AUTHORITED-An ordinance has been
EUREKA, Utah.
passed providinz for the issuance of 526,000 water works improvement
revenue bonds, denominations of $1,000, dated June 1 1935, interest at 4%.
VERMONT
MILTON, Vt.-BOND SALE
-The $30,000 coupon refunding bonds
-were awarded to the National Life
offered on Dec. 21-V. 141. p. 3905
Insurance Co. of Montpelier ,as 3s, at a price of par. Dated Jan .1 1936
and due 51.500 on Jan. 1 from 1937 to 1956. Incl. Other bids were as
follows:
BidderInt. Rate
Rate Bid
E. H. Rollins & Sons
100.35
35.1'%
Vermont Securities, Inc
100.26
33 %)
ST. ALBANS Vt.-BOND SALE
-The Burlington Savings Bank of
Burlington recently purchased an issue of $20.000 3 % public impt.
bonds at a price of par.
$17,000.00
COMMONWEALTH OF VIRGINIA Refunding 4s,
due July 1962 at 2.50',"„ basis & interest
F. W. CRAIGIE 4Sik COMPANY
Phone 3-9137
Richmond, Va.
A.T. T.Tel. Rich. V.83
VIRGINIA
BERRYVILLE, Va.-BONDS VOTED
-At an election held on Dec. 10
the voters, by 140 to 84, gave their approval to a proposal to issue $30.000
sewerage system and disposal plant bonds.
COVINGTON, Va.-BOND OFFERING-Sealed bids will be received
until 11 a. m.on Jan. 4, by J. S. Mathers, Town Manager,for the purchase
of a $69,000 issue of 4% semi-ann. street improvement bonds. Denom.
$1,000. Dated Oct. 11935. Due $3.000 annually until the entire issue Is
retired. The approving opinion of Thomson. Wood & Hoffman of New
York, will be furnished. A certified check for $1,000 must accompany the
bid. (An allotment in a like amount has been approved by the PWA.)
WISE COUNTY (P. 0. Wise), Va.-REPORT ON PROPOSED BOND
REFUNDING PLAN
-The following statement was issued on Dec. 23 by
the Informai Committee of Wise County Bondholders:
Financial Chronicle
4202
"To the Holders of Bonds of Wise County, Va., and of the Magisterial and
School Districts Therein
"Early in 1935, the Informal Committee of Wise County Bondholders
arranged with the Board of Supervisors to have sufficient funds available
to pay interest on coupons maturing during the year at the rate of 4%%
per annum. We have been informed that practically all bondholders have
sent in their coupons and have received such partial payments.
"The Informal Committee wishes to report that a refunding bill has been
drafted and presented to the officials of the Commonwealth of Virginia and
this bill will be introduced and recommended for passage as emergency
Imislation when the Legislature meets in January 1936. The committee
will have a complete refunding plan ready for submission to Wise County
as soon as the necessary legislation becomes effective. As soon as an agreement is reached with the county, the plan will be transmitted promptly to
all bondholders for their approval.
"Inasmuch as it will not be possible to consummate a refunding plan for
Wise County and its magisterial and school districts before July 1 1936, the
Informal Committee has again recommended to the Board of Supervisors of
Wise County that sufficient funds be deposited with the First National
Bank of Norton, Va., as paying agent, for a partial payment at the rate of
• % per annum, of interest maturing between Jan. 1 and June 30 1936.
"Bondholders who desire to collect funds available for the payment of
interest should forward their coupons, when due,to the First National Bank,
Norton, Va., accompanied by the enclosed letter of transmittal properly
filled out. In making payment of interest coupons we understand that the
bank will, if requested, return said coupons with a nominal charge to the
owners and will make a notation thereon of the fact that interest has been
paid to the extent of 4%% per annum. A similar notation will be made on
past due bonds which are forwarded for the collection of interest. If return
of coupons is not requested, the First National Bank will hold such coupons
in trust for the owners thereof."
WASH I NGTON
-BOND SALE
-The $3,600 general obligation bonds
CONNELL, Wash.
-were awarded to Hazel A. Long of
offered on Dec. 9-V. 141, p. 3734
Connell at par,as 6s. Denom.$400. Interest payable January and July.
LYNDON SCHOOL DISTRICT NO.309(P.O. Bellingham) Wash.
BOND SALE
-The $15,000 issue of school bonds offered for sale on Dec. 23
-V. 141, P. 3906
-was awarded to the Bellingham National Bank, of
Bellingham, as 4s, paying a premium of $613, equal-to 104.08. These
-year period.
bonds will mature serially over a 15
MASON COUNTY SCHOOL DISTRICT NO. 45 (P. 0. Shelton),
Wash.
-BOND SALE
-The $6,000 issue of school building bonds offered
-was purchased by the State of Washfor gale on Nov.25-V. 141.'13. 3270
ington as 4s at par. Coupon bonds dated Dec. 16 1935. Due on Dec. 16
1955, optional on any interest paying date after the first year. Interest
payable Dec. 16.
OKANOGAN COUNTY SCHOOL DISTRICTS (P. 0. Okanogan),
Wash.
-BOND SALE
-The two issues of school bonds aggregating $8,500,
offered for sale on Dec. 21-V. 141, p. 3734
-were purchased by the State
of Washington as 45 at par. The bonds are divided as follows:
$3.500 School District No. 102 bonds. Due over a 20-year period.
5,000 School District No. 103 bonds. Due over a period of 10 years.
PIERCE COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Tacoma),
Wash.
-BOND OFFERING-Paul Newman,County Treasurer, will receive
bids until 10:30 a. m. Jan. 4 for the purchase of $6,000 school district
bonds, to bear no more than 6% interest. Denom. $100, or any multiple
of $100, up to $1,000. Due in 12 annual installments, beginning two years
after date of issue. Cert. check for 5% of amount of bid, required.
SEATTLE, Wash.
-BOND CALL
-H. L. Collier, City Treasurer, is
reported to be calling for payment from Dec. 20 to Dec. 31, various local
improvement district bonds and coupons.
TACOMA, Wash.
-BONDS AUTHORI7ED-The City Council is said
to have passed an ordinance recently providing for the Issuance of $297,000
in pipe line bonds, to be used in connection with a Public Works Administration grant.
WEST VIRGINIA
FAIRMONT, W. Va.-BONDS SOLD
-The City Directors have disposed of an issue of $32,000 3%% waterworks bonds to Stephen Van Gilder
of Fairmont, for a premium of $845,60. equal to 102.642.
POINT PLEASANT INDEPENDENT SCHOOL DISTRICT (P. 0.
Point Pleasant) W. Va.-BOND CALL
-It is reported that school
bonds, dated Jan. 1 1917, bearing 5% interest, are being called for payment
at the Kanawha Valley Bank,in Charleston, on Jan. 1 1936, on which date
interest shall cease.
SISTERVILLE, W. Va.-BOND CALL
-Outstanding 5% paving
bonds, dated July 1 1913, have been called for payment at the Kanawha
Valley Bank,in Charleston, as of Jan. 11936. on which date int, will cease.
-BOND OFFERING CONTEMPLATED
WEST VIRGINIA, State of
It is stated that the State Treasurer will offer for sale during January an
issue of $1.000,000 road bonds. It is also reported that a like amount of
bonds will be sold by the State in the spring.
WISCONSIN
BELOIT, Wis.-BONDS DEFEATED
-At an election held on Dec. 17
the voters are said to have rejected a proposal to issue $135,000 In city
hall bonds.
-It is
KENOSHA COUNTY (P. 0. Kenosha), Wis.-BOND CALL
stated by John 0. Niederprim, County Clerk, that the county has exercised
its option and will call for payment at the County Treasurer's office, on Feb.
1, at par and accrued interest, all county bonds designated as poor relief
bonds, series of 1934, not heretofore paid and cancelled; such bonds being
numbers 41 to 400.
-An $85,000 issue of school conWAUKESHA, Wis.-BOND SALE
struction bonds is said to have been purchased privately on Dec. 19, by
the Bancamerica-Blair Corp., as 2 s, paying a premium of $914.50.
equal to 101.075. a basis of about 2.4 %. These are the bonds that were
offered on Dec. 7 but not sold because of a misunderstanding concerning
the rate of interest. Dated Nov. 1 1935. Due from Nov. 1 1939 to 1947.
BIG HORN COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Crowley),
Wyo.-BOND OFFERING-Elmer S. Eyre, District Clerk, will receive
bids until 8 p. m. Jan. 14 for the purchase of $12,000 funding bonds which
will bear no more than 4% interest. Denom. $1,000. Dated Jan. 11936.
Prin. and semi-ann. int. (Jan. 1 and July 1) payable at the County Treasurer's office. Certified check for 10% of amount of bid required.
Canadian Municipals
Information and Markets
BRAWLEY, CATHERS 4Sik CO.
ELGIN 6438
CANADA
-ADDITIONAL FEDERAL LOAN
ALBERTA (Province of)
-The
Dominion Government will lend another $3,000,000 to the Province for
agricultural and unemployment relief and for the current deficit to the end
of the fiscal year ending March 311936. This brings the total of the loan
to 56.250,030 out of $18,000,000, Premier Abehart requested.
-YEAR'S FINANCING HIGHEST SINCE
CANADA (Dominion of)
1931-With no further Canadian Government, Provincial or municipal
financing scheduled between now and the end of the month, complete
figures for the year 1935, compiled by Wood, Gundy & Co., Ltd., show a
total volume of $876,353,368, the largest for any year since 1931, compared
with $633,501,978 and $528,745,279 respectively for 1934 and 1933. Of the
total financing for 1935, $116,000,000 was sold in the United States, the
largest amount marketed in this country in any of the past five years, and
comparing with $50,000.000 and $60,000,000, respectively in 1934 and
1933. The total sold here was made up of $76,000,000 of Canadian government 10
-year 23 % bonds and two $20,000,000 bank Credits arranged in
New York, which will be refunded on Jan.2 1936, by an issue of $40,000,000
of three-year 2% notes. the sale of which was announced this week. The
total for 1935 consisted of $672.700,00C for account of the Canadian government, $142,952,400 for the Provinces, and the balance 540,730,968 for
municipalities.
For the month of December total financing amounted to 533,593,993, the
largest item being $20.000,000 of Canadian Treasury bills maturingllin
three months, sold at an average discount basis of 1.249%. The total for
the month was all sold in Canada.
-ISSUE OF $40,000,000 NOTES FILED
CANADA (Dominion of)
WITH SEC
-The Canadian government on Dec. 23 registered with the
Securities and Exchange Commission at Washington an issue of 540,000.000
2% notes, due Jan. 1 1939. The obligations. the Commission announced,
will be sold to a banking group at a price of 99.75 and accrued interest.
No public reoffering will be made, according to report. Proceeds of the
financing will be used by the Dominion to provide for the redemption of
$40,000,000 % notes payable in lawful money of the United States, and
maturing on Feb. 1 1936. This maturity comprises two issues of 520,000.000 each, dated Sept. 1 1935 and Dec. 11935. respectively. The underwriting group and the individual participations follow:
000
000,
$10,
Chase National Bank of the City of New York
50 ,000
.00
National City Bank of New York
5,000,000
Bankers Trust Co
2,000,000
Chemical Bank & Trust Co
2,000,000
Central Hanover Bank & Trust Co
1,000,000
New York Trust Co
9,000,000
Royal Bank of Canada
2,750,000
Bank of Montreal
2,000,000
Canadian Bank of Commerce
7 0:000
25500 0
Dominion Bank
Barclays Bank (Canada), Ltd
250,000
Bank of Toronto
The SEC announcement continued:
"According to the prospectus the net proceeds to be raised by the sale
of the notes, amounting to $39,900,000, together with cash from the Treasury of the Dominion of Canada, amounting to $100,000, are to be applied
to the payment or redemption of promissory notes now outstanding as
follows:
"$20,000,000. principal amount, of % of 1% promissory notes. payable
In lawful money of the United States of America. dated Sept. 1 1935 and
maturing Feb. 11936. issued to provide in part for the payment on Oct. 1
1935 of $23,740,000 Grand Trunk RR. Co. of Canada 20-year 7% sinking
fund debenture bonds dated Oct. 1 1920, due Oct. 1 1940, called for payment on Oct. 1 1935.
"520.000.000 principal amount of % of 1% promissory notes. payable In
lawful money of the United States of America. dated Dec. 1 1935, and maturing Feb. 11936.issued to provide in part for the payment on Dec. 1 1935
of 523,779,000 Canadian Northern Ry. Co. 20-year 7% sinking fund debentul llio nds dated Dec. 1 1920, due Dec. 11940, called for payment on
Dec re 935
.
"Interest on the notes will be payable semi-annually on Jan. 1 and
July 1. The principal of and interest on these notes will be free from deduction for all present and future taxes imposed by the government of
the Dominion of Canada except when the notes or coupons are beneficially
owned by any person residing in or ordinarily a resident of the Dominion.
The notes are to be issued in 5100.000 and 350,000 denominations, registered as to principal and interest, and may be exchanged on the request
of the registered owner for bearer coupon notes in the denomination of
$1,000 each. No sinking fund is provided under the terms of this issue
for the amortization or retirement of the notes."
Generally the fiscal data filed by the country were identical to those
given a short time ago, when the Dominion moved to register its securities
on the Stock Exchange. The statement showed direct floating debt,
as of Nov. 30. at 544,623,213, with funded debt $3,225,025,590. Total
public debt of Canada was listed at $3.450,142,955.
-The City Council
-PROPOSED BOND ISSUE
GLACE BAY, N. S.
plans to issue $25,000 paving bonds.
-VOTE ON TAX ASSESSMENT
NEW WESTMINSTER, B. C.
-The ratepayers will vote on Dec. 30 on a money by-law
PROPOSAL
of the Pacific Coast Terminals Ltd. properties
calling for fixed assessments
within the municipality, amounting to $378,000. for a period of 12 years.
The tax rate on the assessment will amount to $21,000, which will defray
the Interest on the $300,000 municipal guaranteed second mortgage of
the Terminal plant. The new owners, the Consolidated Mining dr Smelting Co., agree to improve and extend facilities when needed and to employ
city residents and to handle all the company's metal shipments through
residn
t
port.
-BONDS AUTHORIZED-Council
PORTAGE LA PRAIRIE, Man.
has passed a by-law providing for an issue of $30,000 bonds.
-The municipality has
AUTHORIZED
-BONDS
PORT ELGIN, N. B.
been authorized by the Provincial Government to issue $7.000 355%
years.
Paving bonds, due in 20
-CORRECTION OF LOCAL DEFAULTS
QUEBEC (Province of)
PLANNED-Meeting of creditors of St. Joseph d'Alma, St. Coeur de
Township, Quebec, has been deferred from Dec. 17 1935.
Marie, and Delisle
to Jan. 16 1936. The creditors met on Oct. 23, but adjourned the meeting
The proceeding exemplifies how a scheme for reorganization of finances of
defaulting municipalities is carried out in the Province of Quebec.
Creditors are considering a reorganization plan reducing interest rates
on the various bond issues to 2,3 and 4%,maturing in 30 years. On Oct. 23
1935, creditors appointed a board to investigate the financial position of
the various debtor municipal organizations concerned. It is expected
that their conclusions will be ready for presentation at the January meeting.
-PROPOSED BOND ISSUE-Issuance of $15,000
SHELBURNE, N. S.
bonds for street paving bonds Is contemplated by Council.
-The city is
TORONTO, Ont.-Ii1OFIE11 TAX RATE FORECAST
expected to have a record-breaking high tax rate in 1936. Overdraft of
5400.000 for 1935, plus maturities relief debentures, will be major factors,
according to report. Unemployment relief expenditures in 1935 will be
$3,600,000. compared with 53,200.000 in 1934. The increase is attributed
largely to Ontario government legislation.
-T. C. Douglas. Ltd. of Halifax pur-BOND SALE
TRURO, N. S.
cashed during November an issue of 526,000 31 % coupon or registered
bonds at a price of 100.02. Dated Dec. 1 1935. Denom. $1,000.
street
Due Dec. 11965. Interest payable J. & D. Denom. $1.000.
VANCOUVER, B. C.-CURRRNT TAX COLLECTIONS IMPROVE-.
Current tax collections to Nov. 30 were 58.755,581 out of a levy of 511,089,492. This compares with collections of 58,528.233 of a levy of $12,004,700 in the first 11 months of 1934. The increase was more than offset
by a decline in collections of arrears. Total revenue to Nov. 30 was $13,293,997, compared with 513.411.72410 the same date of 1934. Assessment
for 1936 totals 5318.482.684. compared with 5347.663,737 for 1935. This
is a reduction of 529.181,053. Since the budget provided for a deficit in
1935. the 1936 tax rate will have to be raised from 37.881 mills, or expenditures will have to be decreased.
WINDSOR, Ont.-DEBT PRINCIPAL OF ANNEXED UNITS TO BE
REDUCED-Mayor George Bennett, in a recent address, declared that
bondholders will get a "rude shock" when plans are presented for scaling
down the par value of bonds issued by the several municipalities now included in the greater City of Windsor. Mr. Bennett, according to report,
stated that bonds of the former City of Windsor and the City of East
Windsor will be scaled down 50%, while a cut of 25% would be made in the
face value of Windsor bonds. No mention was made of the bonds of Walker-its securities
villa, and it is not expected that a reduction in the par value of
A
wit) he made.
INCORPORATION ACT MAY BE AMENDED-The Act incorporating
the new city of Windsor, representing a consolidation into one unit of the
old city of Windsor and the municipalities of Walkerville, East Windsor
and Sandwich. may have to be amended to allow it to merge the four
municipal hydro-electric systems.
a
WYOMING
25 KING ST. WEST, TORONTO
Dec. 28 1935
@FedFRASER